TriBeCa Reigns as #1 Most Expensive NYC Neighborhood in Q3 2018, Despite 16% Y-o-Y Price Drop
Key takeaways: With a median exceeding $3.4M, TriBeCa reigns as the most expensive NYC neighborhood Garment District Skyrockets to #2 With 61% Y-o-Y Increase With a median of almost $3.1 million, SoHo lands the third spot in Q3 2018 Flatiron District prices see steepest drop year-over-year: 66% decrease With a median of $1.65 million, Brooklyn’s…
Spaces Takes 99K SF in Redesigned Art Deco Car Showroom
Coworking provider Spaces has recently signed a lease for 99,000 square feet of Manhattan office space at 787 11th Avenue. A former Packard car showroom, the building is currently undergoing major renovations and will soon house high-end offices as well. Originally designed by American architect Albert Kahn in 1929, the Art Deco building at 787…
NYC Foreclosures Continue to Decline in Q3
Key takeaways: With only 716 unique cases, NYC foreclosures decreased 17% Y-o-Y; Queens had the most properties headed to the auction block in Q3: 303; First time foreclosures in Brooklyn stagnated Y-o-Y, the borough seeing only a -1% change; Year-over-year, the Bronx saw a 43% drop in foreclosure activity; With only 22 homes headed to…
Foreclosure of the Week: Financial District Penthouse Up for Grabs at Auction
368-square-foot penthouse condo unit located in the Financial District goes to auction on October 10, with a lien of $451,098. The auction will take place at 2:15 PM at 60 Center Street, New York City. One of only a handful of Manhattan foreclosures, 20 West St #PH-F was purchased in May 2007 for $465,000. The…
citizenM Opens New, One-of-a-Kind Hotel in NYC’s Bowery
citizenM returns to NYC with a brand-new, 300-room hotel at 189 Bowery. Launched September 12, citizenM Bowery is not only home to a unique Museum of Street Art, but also boasts the title of the world’s largest modular hotel. Its counterpart, the 230-room citizenM Times Square, which opened in 2014, is the only other citizenM…
What Premium Are New Yorkers Paying to Live near Central Park?
Editor’s Note: For more recent data on the premiums paid for living near NYC parks, including Central Park, see: The Park Premium: Do You Pay Extra to Buy Next to Manhattan’s Largest Parks? Not only does Manhattan have some of the most expensive real estate across the entire nation, but in certain exclusive spots you…
Foreclosure of the Week: Philip Starck Condo Goes to Auction with $241K Lien
A 430-square-foot condo located in East Midtown’s Gramercy Park is scheduled for auction on October 3, 2018 with a lien of $241,024. The auction is scheduled for 2:00 PM at 60 Center Street, New York City. With a 13% drop in NYC lis pendens, and a 28% decrease in Manhattan foreclosures, a rare property is…
ICBC Inks Lease for 100K SF at 1185 Sixth Avenue
The Industrial and Commercial Bank of China has recently signed a lease at SL Green Realty Corp.’s 1185 Avenue of the Americas. China’s largest bank will occupy a little under 100,000 square feet of Midtown Manhattan office space at this new location. Financial details of the deal were not made available, but The Real Deal…
Co-op Housing Pros and Cons: What to Know Before Buying Into a Co-Operative
Thinking about co-op living? Learn how this ownership model works and whether its affordability and stability outweigh the rules and resale limits.
NYPD Close to Signing Lease for More Space at 375 Pearl Street
The New York Police Department is close to signing a lease for 106,000 square feet of Manhattan office space in the Verizon Building at 375 Pearl Street. City Hall will complete the deal after the Department of Citywide Administrative Services (DCAS) hosts a public hearing about it on September 8. The law enforcement agency will…
Top 10 Best-Selling Residential Buildings in NYC – H1 2018
Condo sales were lukewarm in the first half of 2018, as only 537 residential units traded in the top 10 best-selling buildings in New York City. By comparison, that’s 130 units short of the number sold in just one building last year. Only four buildings posted triple-digit median sale figures in Manhattan and one in…
Digital Advertisement Firm Undertone Signs Lease for New HQ at 1WTC
Undertone, a leader in digital marketing, announced it will be moving headquarters from its current location at 340 Madison Avenue to part of the 77th floor of One World Trade Center. The company has recently signed a seven-and-a-half-year lease for 25,550 square feet of Financial District office space. The move is expected to happen in…
Where Can You Buy a Home Under $500/SF in NYC?
There was a time when you could have bought a home anywhere in Brooklyn or Queens for $500 per square foot, and possibly in some parts of Manhattan too. Nowadays, only the Bronx and Staten Island offer homes in this price range in every neighborhood, with the rest of the boroughs having homes listed at…
Disney Acquires Building Rights at 4 Hudson Square Site for $650M
The Walt Disney Co. acquired development rights for 4 Hudson Square in a deal valued at $650million. Spanning a full city block, the area is currently occupied by 304 Hudson Street, 137 Varick Street and 30 Vandam Street. Â The three buildings are currently housing retail and office tenants. The Lower Manhattan campus is owned by…
TriBeCa, SoHo Still Most Expensive Neighborhoods in New York City, but DUMBO Gains Ground With 37% Price Increase
Key Takeaways: TriBeCa entrenched as #1 most expensive neighborhood in NYC, despite 26% Y-o-Y price drop With a $2.95 million median sale price, SoHo remains firmly in second place Brooklyn’s Homecrest sees sharpest median sale price increase at 80% At #3, DUMBO is Brooklyn’s priciest neighborhood The Upper East Side is NYC’s most active neighborhood…
Does NYC Still Have Room for Growth? A Study on Undeveloped Land in Major US CBDs
COMMERCIALCafé conducted a study looking at the amount of vacant land in 25 major U.S. downtowns. Using combined data sets from Property Shark, Yardi Matrix and other government records, they determined the amount of undeveloped land, construction projects that were completed in the past five years and future development pipelines in the urban cores of…
New York Dominates the Top 100 US Property Taxes in 2017
Now that this year’s tax filing season has passed, COMMERCIALCafé decided to put together the 2017 top 100 U.S. property taxes, as a follow up on their 2016 list, to see if any notable year-over-year differences in ranking, new entries or new contenders for the top spots would turn up. Just like last year, the…
What Do Luxury Apartments Rent for in the Top 30 Largest U.S. Cities?
The past few years have seen a spectacular increase in the number of luxury apartment buildings cropping up in major cities across the country. Apart from developers investing in high-end property for the sake of better returns, growth in the luxury apartment rental sector is also prompted by demand from newly emerging renter groups. From…
SL Green Gains Leasehold Interest in 2 Herald Square
SL Green, one of New York City’s largest commercial landlords has announced its successful bid for the leasehold interest at 2 Herald Square. The company has also agreed to enter a joint venture with an Israeli-based institutional investor. The owners did not disclose their bid amount. The 362,191-square-foot Midtown Manhattan office space was previously owned…
Was Buying an NYC Home a Good Investment During the Past Decade?
Buying a home is on almost everyone’s bucket list, but as soon as you find the perfect place, the all-too-familiar question pops up: is this investment worth it? Ever since the 2008 market crash, homebuyers think twice before spending their hard-earned money and savings on a down payment. Banks have also become more cautious and…
Want to stay on top of the real estate market?
Access comprehensive property data and ownership information with intuitive research tools.