We have officially reached the lowest level of inventory available since the year 2000. The appraisal company Miller Samuel reported that in the fourth quarter of 2012 there were only 4,749 units (condos and co-ops) available for sale.
Similarly the website StreetEasy showed that the number of listings available declined almost 14% from the last quarter of 2011 to the last quarter of 2012.
Needless to say, well priced apartments receive multiple offers after the first open house and end ...

a “small” deal says it all

Sales volume didn’t seem to decrease at the turn of the year. Data by company UrbanDigs show that as of January 1, 2013 there were 21% more pending sales (meaning sales that are about to close and for which a contract has been already signed) of Manhattan condominiums, co-ops and townhouses versus the same day last year. The area with the highest increase is Harlem/Morningside Heights with a jump of 117% year over year.
The ...

meals that matter
The Real Deal reports on the brokers’ favorite dining spots to meet clients and speak about big bucks. On the Upper East Side, the Metropolitan Club, founded by J.P. Morgan in 1891 at 1 East 60th Street, is a classic. No press, no photographers, no cell phones permitted; the privacy is almost total here. In midtown, the Four Seasons remains a hallmark and needs no introductions. Nearby at 60 East 55th Street, the Core Club has been ...

One World Trade Center is expected to start welcoming its first tenants by the end of 2013. Condé Nast is famously the largest one to have signed up already (it will be a total of 1.1 million square feet of leased space); roughly 5,000 employees of the company should move into the building by 2013. The tower is supposed to be completed shortly after. The media company is a fantastic addition to the commercial mix of the Financial District which ...

The market keeps showing its good health and more specifically at its two opposite ends: the entry level segment and the luxury segment.
The statistics are clear. According to Miller Samuel appraisal firm, the market share of studios and one bedrooms sold rose from 51% in the third quarter of 2010 to 55% in the third quarter of 2012. At the same time, three (or more) bedrooms sales went up from a share of 13% to 15%.
That means that ...

The Social Network
This month The Real Deal magazine reports on some of the most influential technology entrepreneurs’ NYC pads.
I found interesting how Sean Parker, Napster and Facebook cofounder, once reportedly described his character in the movie The Social Network (played by Justin Timberlake) as a “morally reprehensible human being”. The thing is that his bachelor pad called Bacchus House, bought in 2012 for $20 million and featuring an indoor pool, a private garage and an entire New York ...