Students are heading this way again.
The past year we really missed a good influx of college grads looking for their first home in the Big Apple.
In the recent months we saw them coming back looking for the best deals within their price range.
As I mentioned in previous articles: rental buildings are scaling back on incentives for renters, and the market has definitely gotten stronger in the last two months.

On the residential sale side: prices have stabilized for about a year now.
Someone who is looking to buy a larger apartment with at least three bedrooms in sought after neighborhoods like the Upper West Side sometimes finds that there isn’t much inventory to choose from.
Many potential sellers are in fact still waiting to put properties on the market because they feel they wouldn’t get the price they wish for. Therefore in this market segment we are starting to see more competition on the buyer side and even bidding wars.

Meanwhile institutions like New York University are taking the opportunity to expand their real estate means given the lower cost of labor during the downturn. Data provided by NYU show us that the square footage available per student as of today is 160sf; it will go to 240sf after the planned 25 years expansion plan.

In terms of the commercial real estate (primarily office space): the first half of the current year has brought with it better signals than the same period of 2009.
According to CB Richard Ellis, the available space to be leased went from 14.1% in April 2010 to 13.9% in May 2010; while the leases volume in the first part of 2010 up until May was 9.4 million square feet versus 4.4 million square feet in the same 2009 period.

I would imagine you are dying to know where your favorite actor Will Ferrell bought an apartment. The answer is 345 West 13th Street for $4.2 million, so The Real Deal says.
Daniel Craig and his sweetheart producer closed on a one-bedroom penthouse duplex at 53 Warren Street for $1.78 million…again from public sources; do not think I give out information on my clients!

Regarding public projects: I must say Brooklyn Bridge Park, of which the first two stages are now completed, is marvelous. (http://www.brooklynbridgepark.org/)
Formerly the space consisted of abandoned piers. The New York City and NY State administrations did a terrific job in transforming the space in less than a year.
I have recently been there for a free Opera concert organized by the Metropolitan Opera: breathtaking scenery and unforgettable atmosphere.
Who wouldn’t invest in this City?

Architectural Note
The new condo at 15 Union Square West, designed by Perkins Eastman through its architects John Kellum and Eran Chan, is worth praise.
The 12-story glass structure displays a play of volumes in the upper level, the part with more architectural character, resulting in a pleasant balance.
Obviously services and amenities within the building are first rate since this is a luxury condo in one of the best neighborhoods in town. There is also a beautiful swimming pool built in a color variation from blue to red.

Michael Stoler, Real Estate Finance expert, writes on The Real Deal that his symposium, in which participated more than 25 banks and lenders, showed marked signs of a renewed confidence in the NYC lending world.
For example, Michael Sarkozi, a managing director at JPMorgan, let him know that until nine months ago the bank would have not considered financing for hotel portfolios and now it is actively looking to lend $2 billion for established and first class portfolios.
Some local banks like M&T have actually kept financing construction through the whole crisis, and they are now stepping up their efforts.
The biggest three development companies in the city (TF Cornerstone, Silverstein Properties and The Related Companies) built a total of 4500 apartment units between 2007 and 2010. This sheds light about the stability of this market.

This is it for today.
As always, I am available to answer any question regarding your next investment in the New York City Real Estate market.

Warm Regards,
Riccardo Ravasini