When One57, the highly anticipated Extell development at 157 West 57th Street, is completed sometime next year, it will stand 1,005 feet tall with 90 stories – making this the tallest residential building. Sales began in November 2011 and about 60% of the units are sold to-date. Certainly the buzz around the building is not concerning the developer Gary Barnett. What does have him more than concerned is a possible gripe fest in the tower’s top 15 floors, where the ...

There aren’t many players in the NYC real estate industry who are complaining nowadays. The market has been steadily improving since the beginning of the year. According to the real estate data firm Urban Digs, there were 2,856 Manhattan homes under contract in the first eight months of the year, about 30% more than the same time in 2011. Also there were 5,292 active listings, or about 22 percent less than a year ago.
New developments brought to market recently ...

Actor David Duchovny, who is best known for his leading role in the “X Files” and who more recently starred in the Showtime series “Californication,” is in contract to purchase an apartment inside the Ardsley, an exclusive Central Park West co-op. The Ardsley, located at 92nd Street, has a mixed record when it comes to accepting celebrities. Barbra Streisand once had a penthouse there, but Mariah Carey was rejected by the board when she tried to buy Streisand’s apartment in ...

Midtown East Rezoning
The Department of City Planning has made public the new plan to rezone Midtown East. The proposal allows for office buildings of over 900 feet in height to be built in the vicinity of Grand Central Station; outside of this core area the limit will be 700 feet.
The 20 year plan, that has to be approved by the City Council, aims at adding a few state-of-the-art office towers in order for Midtown East to maintain its ...

The fundamentals of the NYC Real Estate market have been growing stronger for the past two years. The inventory (number of units available on the market) has been slowly shrinking and prices have started a new upward trend over the past 12 months.

Financing has become more feasible, even for buyers that cannot afford 20% in down payment. Lenders are now offering mortgages at very enticing low rates and the transactions activity is good.

The switch away from a buyer’s market is ...

Wall Street is convinced that your house is a better investment than you think. In the past six months, a number of investment firms, hedge funds, private equity partnerships and real estate investors have turned into ravenous buyers of single-family homes – and not just any homes… but foreclosures. Investment banks, who also want in on the action, are lining up financing options to continue the acquisitions. For instance: about a year ago, private equity powerhouse Blackstone Group wasn’t even ...