One of the (very) early signs that new construction is about to start is that old buildings are being demolished. In New York City, the total number of demolition permits issued in all boroughs has been on an upward trend, although it’s a slow rise.
Archives For Manhattan Real Estate
Articles on Manhattan real estate. Read distressed properties stats, market trends, neighborhood spotlights and more.
Last year’s waves of sales at Williamsburg’s splashiest development The Edge crowned the building as the top selling NYC building for the second year in a row.
If in 2011 Dumbo took everyone by surprise, ranking 4th in the top 10 neighborhoods, in 2012 another Brooklyn neighborhood grabbed the spotlight. Boerum Hill climbed to 6th place with a median sale price of $950,000, surpassing well known upper class neighborhoods like the Upper East Side, West Village and ultimately Dumbo.
It’s hard to picture almost any US top-10 list without New York City somewhere in there. The most expensive US zip codes list compiled annually by Forbes Magazine makes no exception. In fact, Upper East Side’s 10065 heads their list this year, securing the coveted #1 for the first time.
But is 10065 indeed the most expensive zip code in New York City, let alone the entire country, as stated in Forbes? PropertyShark data shows it’s not even in the top 5.
As home sales and median sale prices across NYC have continued to inch up in Q3 2012, Brooklyn is pulling some aces from its sleeve–Manhattan Beach has secured the #4 place in the list of the most expensive NYC neighborhoods PropertyShark completed for this quarter. Median sale prices in Manhattan Beach have spiked at 143% over the previous quarter to an impressive $1,120,000, quite close to reaching a tie with #3 on the list, the Flatiron District ($1,175,000).
This is still almost half the average price home buyers are paying in Soho, Manhattan ($2,200,000), the most expensive NYC neighborhood for several quarters in a row, and still a far cry from #2 Tribeca ($1,974,800). Dumbo, on the other hand, the other top-favorite Brooklyn neighborhood, didn’t make it on this list this quarter.
Celebrities and the real estate sector usually make quite a hot pair. How hot? It depends if you are on the East Coast or West Coast, and if you prefer Hollywood to the business world.
At PropertyShark we were quite curious to see what names most people were running owner searches for, and the results show quite a discrepancy between the two coasts: Hollywood celebs made up most owner searches for the West Coast, while the East Coast seemed to be after more serious business, as people looked up property landlords mainly.
What do you think you might find at the high end of NYC’s residential market in Q2 2012? The answer might not be surprising– it’s mostly luxury co-ops in Manhattan, making up half of the top-10 priciest NYC homes sold in spring. What might surprise you instead is to find out that this quarter recorded the highest co-op sale Manhattan has ever seen–see it at #2.
The following list of luxury homes strengthens what was stated in this Wall Street Journal article, that there seems to be a ” growing confidence that New York luxury properties can provide a haven for wealth in a turbulent economy.”
As first reported by The Real Deal, PropertyShark has launched a while back a new business and retail mapping tool covering New York City. Currently, our map covers all Manhattan’s businesses and retail stores and will soon provide those interested with a fast visual grasp of NYC’s entire business landscape.
If before, brokers and real estate investors had to do their own wandering and digging in order to find out the commercial tenants of a particular building, or how an area looks like for their business client, with this tool we’re hoping to help those interested save serious time and effort in this sense.
NYC renters with “high aspirations” (literally!), we invite you to have a look at our chart of the week, featuring the tallest residential towers in each borough in NYC. Unfortunately, the limit is not really the sky, but somewhere around 870 feet or 76 floors high. In Manhattan, at least.
870 feet is how high NYC’s (and the world’s) tallest residential tower goes. 8 Spruce Street, the Manhattan tower designed by Frank Gehry, boasts 76 floors and 890 residential units to choose from. Just be reminded that the higher you want to go, the more money you’ll have to take out of your pockets for the view—at the end of last year, rents in Gehryland were going as high as $60,000/month.