While we are seeing a number of new things on the horizon, I did see three other notable properties in the last two weeks, 540 w 49th and 224 Mulberry, and 182 West 82nd Street. First, 540 w 49th Street. It has just hit the market, with two-bedrooms starting around $1400 per square foot. There
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Over the last few weeks I’ve been running to new development offices all over Manhattan, unveiling “unapologetically high” priced penthouses, and revisits of long lost loves. I’ll explain. I’ll also post again with some additional things I’ve seen. I’ve been keeping consistent contact on a monthly basis for my newsletter with you for about 3
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While the Second Avenue Subway seems to get most of the media’s attention, the extension of the 7 train, and the Hudson Yards is the largest development project in the history of New York. Stuyvesant Town and Peter Cooper Village created 11,000 units of housing- there will be over 20,000 units of housing created, 25
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For me, the marathon metaphor never gets old, perhaps because I’m always thinking about running them. After April’s Boston Marathon and the bombing, I’m excited to run a flat Chicago Marathon in two weeks. The biggest mistake that runners make in marathons is running too fast in the first half. I keep thinking about the
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The month has been busy in terms of new development properties hitting the market, delayed or stalled out projects from even 2007-2008 coming back to life (at higher prices), and yet… The total number of housing permits in Manhattan in 2013 stands at 1700 through nearly 3/4 of the year. The vast majority of the
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Onto the exciting and “if you have to ask” pricing of 737 Park! Harry Macklowe threw a special Brown Harris Stevens brokers event last night, thanking us for being the most active brokerage in the so-far $250mm in sales in the building. This is, technically a pre-war building, built in 1941, which Harry told us
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From Record Flooding to Record Pricing I hate to be the bearer of bad news, but based on what I’m seeing,there is not going to be much relief in the way of new inventory in September. I’ve covered much of the why in recent posts. For those up-sizing, there is very little to move to.
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Mortgage rates are at a two-year high, as the stock market sorts out how to deal with QE3 tapering. There is consensus about the direction of rates from the mortgage brokers I work with, anticipating rates on 30-yr fixed mortgages approaching 5% by year’s end. Most do not see rates over 5%, though. And importantly,
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Currently there are 4,538 units on the market as of August 2013, which is 4.2 months of inventory. In July 2012, there were 6,426 units on the market, which was 6.4 months of inventory. This represents a drop of inventory of approximately 34%. Here is it, in black and white. Not enough inventory, not by
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