Manhattan Real Estate - nyc BLOG estate - New York City Real Estate

January - February Manhatan Market Snapshot

2010-03-11T09:02:00.008-05:00

According to market data from Corcoran Group real estate, condominium unit sales closed increased 9 percent month-over-month, according to Corcoran's monthly market snapshot, while co-op sales went up 23 percent during that same time period.

While co-op sales prices were able to hold steady with an approximately 5 percent increase between January and February, condo prices were 4 percent lower in February 2010 than they were in the previous month.

Manhattan listed available inventory is 32% below its peak during March 2009, and now totals almost 8,400 units. Available inventory increased 6% from December 2009.

From December 2008 to January 2010 the median price of all properties (condos and coops) increased 17% from $700,000 to $820,000. Since September 2009, median prices per square foot has increased 34% from $800 to $1,071.

Median price per square foot is now at the same level it was two years ago. The rebound in prices is partly due to increasing sales of large luxury and new developments.

Local Law 5-A: Tenant Screening Agency Disclosure

2010-03-03T09:13:00.004-05:00

Mayor Bloomberg Signs Legislation Requiring Realtors And Landlords To Disclose Contact Information For Tenant Screening Agency That Will Screen Rental Applicant

Introductory Number 5-A requires landlords, realtors, and others who rent residential properties to disclose the contact information of the tenant screening agency that they use to investigate potential tenants. Realtors and landlords often use tenant screening agencies to determine if a potential tenant has appeared frequently before housing court, but their determinations are not transparent; reports do not provide context on why the tenant appeared in court, and few tenants even know that such a report has been compiled.

"Introductory Number 5-A sheds light on this process. It requires that all rental applications contain contact information for the tenant screening agency that the landlord will use, as well as a disclosure of the rights afforded to potential tenants under State and Federal law. This information will also have to be posted in the offices of realtors and others who accept rental applications. This legislation will encourage tenants to exercise their rights to inspect their reports and ensure that the information contained therein is accurate

Build The Station: West 41st & Tenth

2010-02-28T20:28:00.015-05:00

As work proceeds on a $2-billion extension of the No. 7 subway line, which currently bypasses a station previously planned for West 41st Street and Tenth Avenue, the Real Estate Board of New York has brought together a coalition to restore the subway stop.

The group is seeking federal funds to give the 7 line two stops west of its current terminus at Times Square, and has launched a website,www.buildthestation.com, to help publicize the campaign.

Currently, the only station planned for the 7 extension is slated for 34th Street and Eleventh Avenue, near the Jacob K. Javits Convention Center. The West 41st stop was scrapped in 2008 after the Hudson Yards Development Corp. said the funding wasn’t there to build two stations.

The station is a shovel ready, green transportation infrastructure project that would take three years to complete.

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related posts:
First Phase of No. 7 Subway Extension Completed

Dec 22, 2009

nyc's first subway expansion in half a century

Feb 21, 2009

hudson yards development update

May 09, 2008 by Mitchell Hall

new deal for hudson yards

May 20, 2008 by Mitchell Hall

Grand Central Terminal

Chairman Appointed to NYC Rent Guidelines Board

2010-02-27T08:52:00.004-05:00

Mayor Bloomberg announced the appointment of Jonathan Kimmel as Chairman of the New York City Rent Guidelines Board. The Board is mandated to establish rent adjustments for the nearly one million dwelling units subject to the Rent Stabilization Law in New York City.

The Rent Guidelines Board consists of nine members appointed by the Mayor. Two members are appointed to represent tenant interests, two members are appointed to represent owner interests, and five members – including the chairperson – are appointed to represent the general public.

Kimmel has served as a member of the board representing the general public interest since 2006.

Loan on West 86th St. Townhouses on the Market

2010-02-24T11:00:00.013-05:00

iPhone photo: courtesy of Mitchell Hall

According to the Real Deal the $25.1 million first mortgage secured by three adjacent buildings at 272-276 West 86th Street is on the market.The loan was used to refinance 272 West 86th Street and aquire 274 and 276 West 86th Street, as well as fund tenant buyouts and pre-development costs at the properties. The pre-war walk up buildings are each 5 stories and have a combinred 18,645 square feet spread out over 30 units. The lot allows for 61,290 buildable square feet.

At the same time, community efforts are underway to Save the West 86th Street Townhouses. A petition to NYC Landmarks Preservation Commission was created by West End Preservation Society.

These four West 86th Street Gilbert townhouses are built in the French Neo-Renaissance style with delightful details worked into their stone facades. These buildings exhibit rounded bays running up three stories of the buildings, petite balconies, intricate floral swags atop the tall windows and mirror-image placement with respect to one another. This unique architectural design allows each of the four structures to be differentiated from the other yet at the same time exhibits a smooth, sensuous curve when viewing the four together. West 86th Street was once all townhouses from Central Park West to Riverside Drive. There are community efforts to designate all of West 86th Street a historic district.

sign the petition

Gov Wants to Impose Mortgage Tax on Co-ops

2010-02-10T12:31:00.006-05:00

Governor Patterson wants to impose the NY state mortgage recording tax on Coops. Coops have been exempt from the state mortgage tax because coops are not considered "Real Property" they have been considered personal property.

Prior to 1989 coops were exempt from transfer taxes. Until a few years ago coop sales were private and not in the public records.

Financing a coop is technically not a mortgage but a coop loan. Coop owners purchase shares in a corporation that owns the building. Coop shareholders have a proprietary lease.

Current mortgage tax on condos and houses are between 2% and 2.175% depending on the mortgage amount. Below $500,000 or above $500,000. All purchases above $1 million are also subject to a 1% mansion tax.

If this new tax is approved most of the revenue will go to NYC. It may have an adverse effect on the value and sale prices of coops.

If you've been thinking about buying a coop and need financing, Now Is the Time before this new mortgage recording tax for coops is implemented.

Click here to receive Manhattan coop listings by email.

NYC Property Taxes Will Increase July 1

2010-01-19T11:42:00.004-05:00

The Department of Finance released a tentative assessment for all residential and commercial properties for fiscal 2011, which begins July 1st.

While property values may have dropped, according to the city, the total market value of property in NYC, including new construction rose 0.12% to $796 billlion. NYC taxes properties based on assessed value. Assessed value can rise even if market value declines.

Market values for coops and condos rose 4.04% and assessed values increased 5.09%. NYC Coops and condos are valued as if they were rental properties that generate income. Property values lag two years. Fiscal 2011 assessment is based on 2008 data. The Finance department will publish final assessment values on May 25th. The final assessment will be used to calculate property taxes for fiscal year 2011.

For more information: nyc.gov/finance

NYC RECEIVING $20 MILLION IN STIMULUS FUNDS

2010-01-15T01:17:00.008-05:00

City Will Use Funds to Assist Homebuyers, Purchase and Renovate Foreclosed Units and Develop Vacant Sites

U.S. Department of Housing and Urban Development (HUD) has awarded more than $20 million in Recovery Act funding to the New York City Department of Housing Preservation and Development under HUD's Neighborhood Stabilization Program 2.

The grants were awarded competitively to applicants who developed the most innovative ideas to address the impact of the foreclosure crisis on local communities while demonstrating they have the capacity to be responsible stewards of taxpayer dollars. The City will use the funds to buy, renovate and resell foreclosed properties in the most-affected neighborhoods to low- and moderate-income families.

In addition to the award to HPD, two other New York City housing agencies received NSP funding in Round 2: Habitat for Humanity New York was awarded $10.5 million and Community Builders received an award of $5.5 million.

West-Park Church Designated a Landmark

2010-01-13T20:48:00.013-05:00

By unanimous vote of the NYC Landmarks Preservation Commission, West -Park Presbyterian Church has been designated a Landmark.

West-Park is located at 156 West 86th Street at Amsterdam Avenue on the Upper West Side of Manhattan.

Leopold Eidlitz was architect of original chapel in 1884. Henry F. Kilburn was the architect for the church addition in 1890.

Community preservationists have been trying to save the church for more than 20 years. The architecture is unique. Heavy round arches, Romanesque, red stone trimmed with brownstone. One of the most beautiful religious structures on the Upper West Side.

For more information contact: Landmark West

(iPhone photo courtesy of: Mitchell Hall)

Schwab House: Upper West Side Coop Goes Green

2010-01-10T14:31:00.008-05:00

Schwab House, a post war (built 1951) coop building located at 11 Riverside Drive has upgraded to a clean-burning natural gas combined heating and power (CHP) system, which will increase fuel efficiency and yield substantial savings for the building.

The $1.6 million CHP system installation was made possible through a $402,000 award from the New York State Energy Research and development authority (NYSERDA) as part of its shared savings program. CHP also known as cogeneration, is the simultaneous production of heat and power through a single process. It uses heat that would be wasted in conventional power generation to provide hot water and heat for parts of the building.

The newly installed unit is projected to save the building nearly $80,000 annually in utility costs and will decrease the amount of electricity demand by 30 percent.

Upper West Side NY State Assemblymember Linda B. Rosenthal assisted the building manager and board President by navigating the project through the approval process.

For more information about partnering with NYSERDA on energy efficiency projects on the Upper West Side contact Assemblymember Rosenthal's office at 212-873-6368 rosenthal@assembly.state.ny.us

Happy New Year! 2010 Manhattan Market Optimistic

2010-01-05T14:10:00.005-05:00

Sales activity picked up during the last quarter of 2009. The holidays are traditionally a slow period.

Sales increased in the fourth quarter over the third quarter. Most reports indicate sale prices in the fourth quarter of 2009 are down 10% from the 4th quarter of 2008.

Buyers are buying. Many people feel the market may have bottomed. Inventory is down. The extended buyers tax credit has helped. Not only are 1st time buyers eligible, the income cap has been raised helping more New Yorkers including existing home owners also eligible for a tax credit on home purchases up to $800,000. until the end of April.

Although banks are much stricter with lending, mortgage rates are still low for qualified buyers.

click here to view Corcoran Report 4Q2009

Please contact me if you are looking to buy or sell in Manhattan.

Merry Christmas! Happy New Year!

2009-12-24T17:27:00.007-05:00

The Museum of Natural History - Upper West Side, Manhattan

First Phase of No. 7 Subway Extension Completed

2009-12-22T21:51:00.008-05:00

New York City and the MTA announced the completion of the first phase of the Number 7 subway extension at the Hudson Yards in Manhattan.

The second of two tunnel boring machines has reached the southern wall of the 34th Street Station cavern after mining a combined 2,900 feet from their starting point at 26th Street under 11th Avenue.

The $2.1 billion project, funded by the City and managed by the MTA, will help transform the Hudson Yards vicinity into a vibrant 24-hour neighborhood, containing a mix of commercial, residential, retail, open space and recreational uses.

In January of 2005, the City Council approved the Bloomberg Administration's plan for re-zoning the Hudson Yards area, including the Eastern Rail Yards. Today, the City Council will vote on the plan for the Western Rail Yards, which would complete the public approvals process for the development of the area.

Tunneling will be completed in the Spring of 2010, when work will commence on station entrances and finishes, as well as support facilities such as ventilation and traction power substations.

The new service is scheduled to open December 2013. The extension will terminate at 34th Street and 11th Avenue connecting the far west side of Manhattan.

New York City Passes Green Legislation

2009-12-09T23:17:00.004-05:00

New York Becomes First American City to Begin a Comprehensive and Mandatory Effort to Reduce Emissions from Large Existing Buildings

Mayor Bloomberg and Council Speaker Christine Quinn today announced the passage of landmark legislation to reduce greenhouse gas emissions from existing government, commercial, and residential buildings in New York City.

The four bills passed today include:

Int. No. 564-A: Legislation that creates a New York City Energy Code that existing buildings will have to meet whenever they make renovations;
Int. No. 476-A: Legislation that requires large buildings owners to make an annual benchmark analysis of energy consumption so that owners, tenants, and potential tenants can compare buildings’ energy consumption;
Int. No. 973-A: Legislation that requires large commercial buildings (over 50,000 square feet) to upgrade their lighting and sub-meter tenant spaces over 10,000 square feet; and
Int. No. 967-A: Legislation that requires large private buildings to conduct energy audits once every decade and implement energy efficient maintenance practices. Also, all city-owned buildings over 10,000 sq ft will be required to conduct audits and complete energy retrofits that pay for themselves within 7-years.

Corcoran Launches iPhone App

2009-12-02T18:25:00.006-05:00

For the first time, Corcoran iPhone and iTouch users will be able to find Corcoran homes for sale or rent in Manhattan & Brooklyn, as well as finding open houses near them right now, all for FREE.

What the App Does

In the same way that you can search by price range, bedrooms and bathrooms on corcoran.com, iPhone app users will now be able to search for homes without having to be at their computer. You can browse or search for Corcoran properties in New York, Long Island’s East End and South Florida, and get detailed directions to each listing using the iPhone's built-in Google maps service.

How to Get the App

To download our new app, just visit corcoran.com/iphone and click the download button, or find it in the Apple iTunes store by searching for 'Corcoran', or click directly here.

Happy Thanksgiving

2009-11-26T11:35:00.004-05:00

Lower Prices and Buyer Demand

2009-11-12T20:34:00.012-05:00

The Corcoran Report Manhattan Market Snapshot
(survey of Corcoran's own signed contracts)

Manhattan listed available inventory has decreased 24% since its peak in March 2009 and is now just above 9,300 units. Available inventory is at its lowest level in almost two years. This number does not include “shadow”, or unlisted and unsold, new development units.

Prices are down sharply versus the peak about a year and a half ago. The median price of all properties (condos and co-ops) has decreased 22% from its peak in April 2008, falling from $972,500 to $755,000.

Median price per square foot experienced similar declines, falling 16% since May 2008, from $1,043 to $875. But since April 2009, prices have slowly increased by 5%, with the exception of small declines in August and September due to typical seasonality in the marketplace. The rebound in prices is due to increasing sales of large luxury and new development residences.

At the peak of the market in October 2007, 51% of deals were made at the asking price or above. In comparison, in October 2009 only 13% of deals were at or above the asking price. However, October 2009 is a slight improvement versus April 2009, when only 9% of deals were made at or above the asking price. Sellers’ expectations and buyers’ views on pricing are becoming more aligned.

Over the past year, sellers have become more realistic with their pricing which has closed the gap between the original listing price and last asking price. The largest price adjustments were for two bedroom and larger residences, with adjustments averaging between 9%-11% versus 15%-20% last October.

To view the the most recent Corcoran Report please visit:
corcoran.com/thecorcoranreport

Tax Credit Extended To Include More Home Buyers

2009-11-07T13:32:00.004-05:00

President Obama signed an extension for first time buyers and a new bill. The new bill includes an incentive for current home owners as well. The government will offer those buyers a credit of up to $6,500 as long as they've lived in their home for five of the past eight years.

The credit can only be claimed on primary residences purchased for less than $800,000 as long as they use the property as their primary residence for three or more years after the purchase. Buyers don't have to pay it back. Buyers can claim the credit on their 2009 taxes, even if the purchase was made in 2010 by filing an amended return.

Couples earning as much as $225,000 a year and individuals earning up to $125,000 would qualify. An increase from the current $75,000 limit for individuals and $150,000 for couples.

Loan Limit and Home Buyer Tax Credit Extended

2009-11-02T11:32:00.003-05:00

The House and Senate approved a continuing resolution including a provision to extend current FHA loan limits through next year.

The Senate announced they have agreed to an extension of the $8000 first-time home buyer tax credit through April 30, 2010. The tax credit was set to expire November 30, 2010.

The provision would keep in place current conforming loan limits of $625,000 ($729,750 in Manhattan and designated high-cost areas). Without approval from the Senate, those limits will expire December 31.

$8,000 Homebuyer Tax Credit May Be Extended

2009-10-21T11:43:00.010-04:00

Bloomberg News reports that Senate Banking Committe Chairman Christopher Dodd is pushing to extend and expand the $8000 home buyer tax credit that is scheduled to expire next month.

Senator Dodd from Connecticut and Senator Isakson from Georgia are urging colleagues to extend the credit through next June and expand it to all couples earning $300,000 or less.

The Mortgage Bankers, National Association of REALTORS and National Association of Homebuilders are all backing the extension.

30-Year Fixed Rate Still Below 5 Percent

2009-10-19T15:58:00.004-04:00

In its Primary Mortgage Market Survey for the week ending October 15, 2009, Freddie Mac reported that the 30-year fixed-rate mortgage (FRM) averaged 4.92 percent with an average 0.7 point, up from last week when it averaged 4.87 percent. In the Northeast, the 30-year FRM averaged 4.92 percent.

To read the entire Freddie Mac press release, click here.

NYC 2.0: User Friendly New York City

2009-10-05T10:50:00.009-04:00

New York City introduced a series of technology programs to transform the ways in which New Yorkers can interact with – and expect the delivery of services from – City government.

New York City, a pioneer in using technology to improve public services, and to make City government more accessible, accountable and efficient will now utilize existing social networks, expanding language access, and consolidating data centers.

They include providing a new iPhone application for New Yorkers to report issues and send photos to 311 with specific location details using GPS technology. New Yorkers can submit select quality-of-life complaints – with an option to attach pictures – to 311 via their iPhones.

The new, free iPhone app will streamline the process by allowing New Yorkers to report complaints to 311 using a program that identifies the user, determines the specific location of the condition reported using GPS technology, and allows easy uploads of photos.

This functionality will be expanded to other mobile phones, and enhanced so that any New Yorker can check the status of previously-reported issues.

The City has also recently moved 311 into the social networking space, with ‘311NYC’ now on Twitter. More content from 311 and NYC.gov will be distributed via social networking as 311 will start to receive feedback, questions and concerns from customers via Twitter.

The City will also help to develop neighborhood “wikis” – collaborative websites whose content can be edited by users – to share ideas for how technology could be leveraged to solve everyday problems faced by New Yorkers living and working in different communities across the city.

“MyNYC.gov,” a customized version of the City’s website NYC.gov based on users’ needs and preferences. MyNYC.gov will feature an optional, customized dashboard for quick and centralized access to information relevant to the user, with contact information automatically populating forms.

Washington Heights: Neighborhood Report

2009-10-04T09:14:00.032-04:00

Washington Heights is Manhattan's highest natural point (265 feet, in Bennett Park)

Washington Heights, which runs from 155th Street to Dyckman Street from river to river, is a bustling urban area with a busy commercial center.

Washington Heights is known for it's five and six-story prewar and post war apartment buildings including Lafayette Gardens at 330-40 Haven Avenue. Washington Heights has Art-Deco and Tudor-style coops, row houses, and post war brick buildings.

Great shopping and dining - there's everything from bodegas to bakeries to bars available along Broadway, St. Nicholas Avenue and 181st Street.

The area's easy access to transport - it's just 20 minutes to Penn Station on the 'A' train - are advantages as well.

In Colonial times, this was the country: the place where wealthy New Yorkers came to build private escapes. Manhattan's oldest house the Morris-Jumel mansion, which served as General Washington’s headquarters in the fall of 1776 still stands at 160th Street.

Today Washington Heights is a value neighborhood. It is a great neighborhood for folks who have been priced out of downtown yet it is still on the island.

Current prices range from $275,000 to $375,000 for 1 bedroom coops and condos. Two bedroom coops and condos range from $400,000 to $725,00. Some 3 and 4 bedroom apartments are in $1 million plus range.

Beautiful Fort Tryon Park includes the Cloisters, a museum of medieval buildings imported stone-by-stone by collectors. and breathtaking views of the George Washington Bridge and the Hudson River.

So take the A train up to 181st street in Washington Heights to enjoy a great residential neighborhood and an affordable apartment.

From the Hit Broadway Musical: In The Heights

Photos courtesy: Adina Greenberg, The Corcoran Group

Click here to receive available Washington Heights and Manhattan apartment listings.

Click here to sell your Manhattan apartment or to find out how much your home is worth in today's market.

Manhattan 3rd Quarter Corcoran Report

2009-10-02T11:49:00.014-04:00

Manhattan 3rd Quarter Corcoran Report

"Buyers have realized meaningful price reductions since last year". The 3rd quarter Corcoran Report analysis of the Manhattan housing market is now available.

The Corcoran Report, in collaboration with Property Shark, is the industry standard for measuring the pulse of the real estate market.

Median price came in at $799,000, down 18%, with price per square foot falling 14% to $1,012.

Latest Corcoran Report

"The Deadly Sins of Home Sellers"

2009-10-01T09:04:00.000-04:00

"What Seller's Should Not Do When Trying To Sell Their Home"

"The Deadly Sins of Home Sellers"
by Barbara Corcoran
(September 22nd on the Today Show)

Not Countering an Offer
Waiting for a Better Offer
Hanging around during an Open House
Limiting Hours for Showings
Leaving Closets a Mess
Not making Needed Repairs
Not getting rid of Clutter
Haggling over the Price of Personal items
Discounting the Broker's Fee
Removing the Furniture or not Staging a Property