NYC’s residential market started 2017 with $12.5 billion worth of sales — up 15 percent from 2016, according to a report from the Real Estate Board of New York (REBNY). The uncertainty of Q4 2016 amidst the presidential election and rising interest rates did not slow down the condo market. Instead, condo prices in Manhattan, Brooklyn and Queens soared to new records in Q1 2017 and pushed the city’s overall average sales price up to $1.02 million. In Manhattan, the ...Continue Reading → Share
The Belnord apartment building between Broadway and Amsterdam Avenue on 86th and 87th Streets will be getting a “very high-class Botox treatment” according to architect Robert A.M. Stern, who is behind the much hailed limestone building at 15 Central Park West and now tapped to design the rental-to-condo conversion of 95 apartments. Stern’s designs, which were approved by the city’s Landmarks Preservation Commission, include reconfiguring apartment layouts and adding amenities like a gym and central air.
Developer HFZ Capital ...Continue Reading → Share
Harlem has been undergoing a transformation but much of that has been focused westward while East Harlem’s remaking has been more anticipated than achieved. With the arrival of Second Avenue subway to the south and a brand new Whole Foods to the west, change is amiss in East Harlem.
In fact, there are already several large residential projects awaiting a green light and a 88-block rezoning that would allow for 30-story towers along Park, Lexington and Third Avenues is ...Continue Reading → Share
After consecutive months in the doldrums, the Miami-Dade real estate market showed some signs of revitalization in March. According to the latest monthly report by the Miami Association of Realtors, sales for single-family homes in Miami-Dade set a new record last month, jumping to 1,276 from 1,168 (or 9.2 percent) over March 2016. This tops the previous record for March of 1,242 homes sold in 2015.
The number of townhouse and condo sales also rose 2.3 percent year-to-year to ...Continue Reading → Share
Jason Barr, an urban economist at Rutgers University, created an interesting index that measures the price of Manhattan land from 1866 to 2013, using data on sales of vacant land. In the four decades following the Civil War, NYC emerged as the economic capital of the U.S. And as Barr’s index reveals, rapid business and population growth boosted the price of land and spurred the construction of the city’s first skyscrapers. And between 1900 and 1930, Manhattan land prices rose ...Continue Reading → Share
In 2016, there were 2,202 condos delivered in greater downtown Miami and based on what’s under construction for 2017, that number should rise to 3,456 delivered units — according to the Miami Downtown Development Authority. But looking ahead to 2018 and 2019, new product deliveries should fall to 2,846 and 1,960 respectively. That’s because not many projects are expected to break ground this year since many of the new condo and apartment projects currently proposed may have to wait till ...Continue Reading → Share