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Condo Financing in NYC – Not Much Changed On the Top End

calin — Wed, 17 Aug 2011 15:08:23 +0000

A brief look at the largest residential mortgages handed out in 2011, as compared to a similar list compiled for the pre-crisis period, leaves one with the impression that today financing is as widely available for condo owners and buyers as it was several years ago. That is at least for buyers of high-end condo apartments in Manhattan.

The top two mortgages from 2011 were actually higher than the top two handed out in the pre-crisis period. However, the largest one, a $37.5 million mortgage filed for a penthouse at the Time Warner Center, was not secured for buying purposes. The apartment which occupies the entire 76th floor of the Time Warner Center was bought in 2003 for $42.25 million by Mexican-born financier David Martinez, according to the NY Times.

A $24 million mortgage used to finance the largest condo sale in Q1 2011, a $48 M buy at the Plaza, was the second largest handed out in 2011. According to Miller Samuel, cited by the NY Times, this was the highest price on record paid for a single condo unit in New York City.

Top 5 – 2011	Mortgage Amount	Lender
25 Columbus Circle #SPH76	$37,500,000	JP Morgan Chase Bank
768 Fifth Avenue #1207	$24,000,000	Bank of America
200 East 65 Street #49FF	$13,000,000	Brt Realty Trust
838 Fifth Avenue #1D	$10,500,000	CitiMortgage Inc.
768 Fifth Avenue #501	$8,100,000	JP Morgan Chase Bank
Top 5 – Pre-Crisis Period
15 Central Park West #PH42	$35,000,000	Bank of New York
15 Central Park West #1819A	$24,500,000	Mellon Trust of New England
15 Central Park West #1819C	$21,000,000	HSBC Mortgage Corp.
1 Charles Street #RSU16	$16,000,000	Bank of America
2000 Broadway #PH3AB	$15,000,000	Investec Bank (UK) Limited

No big suprises can be noted when analyzing the top banks that handed out large residential mortgages, of $1 million and above. The top is dominated by financial behemoths JP Morgan Chase Bank, Bank of America, Citi Group and Wells Fargo Bank. The only notable difference is First Republic Bank outpacing HSBC on fifth position, the former a much smaller financial institution compared to the later.

Time Warner Center - Largest Mortgage Secured for a Condo Apartment in 2011

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Top 3 priciest apartments listed for sale last week in Manhattan

laura — Thu, 08 Jul 2010 15:30:03 +0000

Here are top 3 properties in New York City with the highest asking price that hit the market in the past week. You can click on the photos for more listing details or click on the addresses for detailed property reports.

80 Columbus Circle #PH77B, Upper West Side, 10019

Condo
Beds: 4
Baths: 5.5
Asking price: $35,500,000

120 11 Avenue #PH6/7B, Chelsea, 10011

Condo
Beds: 3
Baths: 2.5
Asking price: $8,950,000

90 Riverside Drive #PHA, Upper West Side, 10024

Coop
Beds: 3
Baths: 3.5
Asking price: $7,750,000

Browse current Manhattan Apartments for Sale with PropertyShark.

(Note: PropertyShark.com is not involved in any way with the sale of these particular properties.)

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Fourth Quarter 2008 Manhattan Residential Sales

brian — Fri, 16 Jan 2009 21:16:16 +0000

In conjunction with the the Corcoran Group, PropertyShark.com recently released the Fourth Quarter 2008 Manhattan Residential Sales report.

(You can download the full report from http://propertyshark.com/mason/nyc/home_buyer_resources.html)

Key points taken from the report:

At least 40% fewer sales traded versus the same quarter a year ago. However, the median price still grew by 3% and average price per square foot grew by 5%, largely due to the new development market. The resale market saw median price fall 4% and average price per square foot remain the same.
In just a year, inventory has increased by nearly one-third. In December, inventory experienced a marginal decline as some for-sale units were pulled off the market by sellers. In response to the increased inventory, sellers were compelled to readjust their price expectations. (To see the inventory, you can browse a comprehensive list of Manhattan properties for sale at http://www.propertyshark.com/mason/RFS/listings.html)

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