Pricing properties becomes more art than science in New York’s high-velocity market.

In November, large developer Extell Development pulled the condominium units at its new residential tower at One Riverside Park in New York off the market temporarily to adjust pricing. According to the developer, the price tags at the 35-story glass-and-limestone building were simply too low, and 70 of the property’s 219 units had flown off the shelf in the 10 days since the offering plan had been approved by ...

Manhattan: there is a visionary project planned for the far west side of 15th Street: Pier 57. The developer behind it, Young Woo, calls it SuperPier and describes it as a powerhouse for all creative people in one location.
In 2015, a multi-tiered, 560,000-square-foot retail complex is slated to open on the property.
To refresh your memory, Woo is the guy behind the iconic Sky Garage, a luxury condo in Chelsea where each unit comes with a personal ...

Since the late 1960s, Manhattan has seen an average of roughly 12,000 new development rental units hit the market each year, according to Columbia University’s Center for Urban Real Estate. But as data from the brokerage Citi Habitats shows, only 15,723 new development rentals units came on the market from 2008 to 2012.
The pipeline of new rentals is now beginning to recover from the recession. There are some 23,000 new development rental units slated to come on ...

In recent months I talked about new condominium developments being built. For example several luxury skyscrapers are coming up on 57th Street. But even adjusting for these new constructions, the market is still in need of new “inventory” – i.e. more apartments for sale.
Many experts say that it will likely be a few years before the city sees a noticeable uptick in the number of homes on the market.
Resales seem to be moving at a slower pace since ...

New York City real estate welcomed the latest massive apartment listing last month: a unit at the exclusive Midtown co-op River House hit the market for a whopping $130 million, becoming Manhattan’s priciest-ever residential listing.

The borough saw 3,837 closed sales in the third quarter, a dramatic 30 percent increase from 2,952 in the same period of last year, according to a market report released by Miller Samuel.
On the other end the average price of a Manhattan apartment in the third quarter was $1.43 million, a 0.7 percent decline from $1.44 million in the same quarter of last year, according to Miller Samuel’s report. The median price, meanwhile, dropped 2 percent year-over-year to $872,000, ...