Do you remember Nouriel Roubini?
He is the famous pessimist-economist that correctly predicted the 2007-2009 crisis.
Well, he recently bought a $5.45 East Village condo. Who knew there even are apartments that pricey in that neighborhood?
Given he looks at the glass cup half empty, he must think the market is going up. Good to know!

One World Trade Center is halfway up. Mazel tov!

looking back at 2010
It’s not easy to interpret the 2010 residential sales market.
The beginning of the year saw a very good level of activity spurred by the tax credits that expired in May and, most importantly I believe, by the pent-up demand of those buyers that were looking to buy around the time Lehman Brothers collapsed and waited for better opportunities in 2009 and beginning 2010. After this period, demand stabilized and brought less exciting summer and fall months as activity slowed down a bit.
Yet a rebound happened towards the end of the year – according to the website UrbanDigs, there were 1,718 pending sales (or contracts signed) as of October 2nd while by December 22nd that number rose to 1,920.

Harlem keeps adding prestigious projects to its pedigree.
According to The Real Deal, ground has been broken at 125th St and Lenox Ave, the site that will be built into a brand new Hyatt Hotel, a 50,000 YMCA and 90,000 square feet of retail space.
The joint venture involves ex-Dallas Cowboy Emmitt Smith and Wharton Properties amongst other financing partners.

Another project worth remembering is the continuation of the High Line Park, whose first section in the Meatpacking area received much appreciation already.
This spring is set to open the leg from 20th St. to 30th St.

At 15 Central Park West, residents probably never heard of a world financial crisis.
What seems impossible at any other building becomes a reality here.
The Limestone God, as some call it, presents us with some remarkably profitable deals over the past year.
The three sales with the highest percentage gain for the seller include:

Unit 25-D: paid $5.99 million in December 2007 and sold last January for 13.73 million;
Unit 25-B: bought for $4.22 in May 2008 and sold at $8.5 million in June;
Unit 28-B: paid $5.7 million in April 2008 and sold for $11.39 million in September.

Besides these three ultra ridiculous cases, the 12 highest profitable sales averaged a return of 66% over one and half to two years – and these were roughly the time period that was supposed to be the bad years!

Morningside, a brief bio of the neighborhood.
For decades, Harlem wasn’t such a nice place as we know it today.
Some long time residents hesitated in crossing at night what has now become a lovely park which has received landmark status since 2008. Morningside has been designed by the same firm, Olmsted and Vaux, that created Central Park and Riverside Park.
Today the park boosts a rich floral and vegetation mix, which includes a 25-foot sequoia near 112th Street and a waterfall that descends into a pond.
The park is bounded to the north by 123rd St., to the south by 110th St., to the west by Morningside Drive and to the east by Manhattan Ave and Morningside Ave.
Morningside Ave and Manhattan Ave, along the eastern side are dominated by townhouses. A new 73-unit condo is now under construction at Morningside Ave and 121st Street. The building will have a media room, a gym and roof deck with private cabanas. The building is expected to be completed in January. Prices will range from $375,000 for a one-bedroom to $775,000 for a three-bedroom.
In recent years the blocks along Frederick Douglass Boulevard immediately north of 110th Street have sprouted new businesses and destinations; most notably Bier International, for which I personally pledge on the quality of sausage with sauerkrauts, bills itself as Harlem’s first beer garden.
Since 2005, a co-operative called Community Markets has run a seasonal market at 110th Street and Manhattan Avenue.
Mr. Taylor, an architect who has for two years lived at 54 Morningside Drive, tells the New York Times: “The park is so aptly named Morningside. You have got these spectacular sunrises every morning that come up over Harlem. You can be on the second floor or third floor and you feel like you are on the 15th.”

This is it for today, my Dear Friends.
I am always available to answer your questions and provide you with more information on your next real estate investment in the Big Apple.
I will be glad to get back to you.

Warm Regards,
Riccardo Ravasini