Here’s Why Buying in Manhattan Won’t Get Easier Anytime Soon

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Tuesday, November 3, 2015, by Amy Plitt with Curbed NY

Despite the proliferation of new buildings and luxury condos throughout Manhattan, a new report by Crain’s reveals that the number of rental units on the island is astronomically higher than the number of units for sale. That’s not hyperbole: According to Crain’s, in Q1 of 2015, there were 850,000 apartments in Manhattan, but only 5,200—or 0.6 percent—were for sale; plus, 75 percent of the borough’s apartments are rental units. The piece breaks down why this is happening, and—spoiler!—the plethora of ultra-pricey apartments is playing a part in why inventory is so low, and prices are so high.

Because so few apartments are for sale at any given time, developers and landlords can charge a pretty penny for them—it’s that old rule of demand outpacing supply. The median sale price for a Manhattan apartment is close to topping $1 million, and it’s unlikely that it’ll go down anytime soon. But part of the problem is that it’s so expensive to build in Manhattan—from securing air rights to getting the materials to hiring construction crews—that it’s become difficult for developers to turn a profit. (“In 2014, the average cost of building an apartment was $585,370, three times what it was just seven years prior,” according to Crain’s.) That’s how the firms behind buildings like One57, 432 Park Avenue, or Central Park Tower are able to command such high prices—and they have the ultra-rich buyers who will shell out up to $100 million for an apartment.

But where does that leave those New Yorkers whose budgets are more modest? Sadly, they’re pretty much screwed: Even with Mayor de Blasio’s affordable housing push—which includes both sale and rental units—the number of cheaper apartments on the market isn’t likely to change anytime soon. And “the days of landlords converting waves of rental units into co-ops or condos have long passed,” according to Crain’s. Better start looking in the outer boroughs if you hope to buy in the city anytime soon—or stick with renting. (Not that it’s so simple to do that, especially when rental prices in Manhattan are rising fasterthan ever before.)
· Why are so few apartments for sale in Manhattan?

Los Angeles and Its Booming Creative Class Lures New Yorkers

By

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According to an article in The New York Times, the New York-Los Angeles rivalry is tipping in favor of The City of Angels as the metropolis enjoys a renaissance of culture, becoming irresistible for many a New Yorker. One young female, a former New Yorker and Los Angeles transplant believes she has found the best of her New York life, minus the migraines. “It’s like grown-up version of Williamsburg,” she says of the West Coast, “without the gray cloud.” Echo Park and Silver Lake towards the east hold a magnetic attraction for many creatives and the culturally attuned, with trendy restaurants, art galleries and chic hideouts popping up over the last few years. Los Angeles also displays rents that are generally less than that of the average prices in Brooklyn or Manhattan’s most trendy of neighborhoods.

In the past, Los Angeles has served as a punch line for New Yorkers, but now the snobbery has gone, even among trendsetters for whom The Big Apple is an identity. Moby, the techno pioneer who was raised and molded by New York life observed in an article published in The Guardian that Los Angeles is now where young artists “can really experiment…almost everyone else they know is trying new things and failing, too.” Not that Los Angeles is a place to go to fail, but it is a place that allows the freedom to be creative. “Many people say that there are more creative people; visual artists, musicians, writers, and filmmakers living in Los Angeles than there are in any other city in the world, and I feel it,” says Ms. Philbin, a former New Yorker and the director of theHammer Museum in Los Angeles

Strikingly more cosmopolitan in recent years, Los Angeles has experienced an exploding art scene with one source stating that approximately fifty new art galleries have opened since late 2013. Fashion has also traveled west as A-List runway shows turn-heads and entire neighborhoods undergo a haute-boho revival. Los Angeles is proving, even with its slower pace, that it is a strong competitor in the race for a combined level of culture and comfort. The city may not always appear as a natural fit immediately, but it’s familial and welcoming, with pockets that remind one of a bit of Europe or hint at New York. Los Angeles, with its own status codes, rhythms, and energy is a place to love and appreciate.

Read the full article at The New York Times

15 William St- The best buy in NYC

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You’re probably like most New Yorkers- You think you have to spend minimum of $3m to have a decent home in the city. But I have great news: There are still amazing homes that are in the affordable price range, and you won’t have to settle for less.

This sun-filled home, located in NYC’s financial district, has the modern style and building amenities to fit your lifestyle. I know what you’re thinking- the financial district is boring, not much going on, blah blah blah. Think again.This neighborhood has access to everything! You’re next door neighbor is TriBeCa, and you’re a quick walk to SoHo. The TriBeCa effect is in full swing: NoBu is moving to town, and prices at The Beeckman Residences are skyrocketing so fast you’ll think you’re in TriBeCa. At the Beeckman Residences, located in Financial District’s city hall/fulton area, average prices are $3.7m, with price per sq ft at $2350. Wow! That’s not even in TriBeCa, that’s in the Financial District.

Here is a Financial District steal that I found for you- and it is glamorous with the bells and whistles associated with luxury condo living.

The steal- 15 william street

Price: $1,640,000

Size: 2 bed | 2 bath | 1325 sq ft

Price per sq ft: $1237

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Renderings out for NYC’s Towering Downtown Residential Building

By Claire Moses
The 128-unit development will stand 1,356 feet tall

A first look is available for Michael Shvo’s 125 Greenwich Street — a development poised to become Downtown’s tallest residential skyscraper. Shvo now owns the $240 million condominium development, which was formerly known as 22 Thames. The deal closed last week.  Rafael Vinoly, who is the architect of record, designed the proposed 77-story condo tower, which will only be 12 feet shorter than One World Trade Center, according to YIMBY. This also means it’ll be the second tallest tower in downtown Manhattan. The building will include a total of 128 units, ten of which will be 5,300-square-foot, full-floor penthouses. A 10,600-square-foot duplex will occupy the top of the tower.

http://therealdeal.com/blog/2014/09/02/new-renderings-available-for-downtowns-tallest-resi-tower/

New York City’s Times Square Tower Listed; To Fetch $1.6 Billion

At the National Association of Real Estate Investment Trusts conference in Chicago, Boston Property Developers, the famous commercial real estate trust, announced it has listed the Times Square Tower in Manhattan, New York City. The company expects the building to sell for around $1.6 billion, according to several media reports.

“The 1.2 million-square-foot (111,000-square-meter) office building “is on the market as we speak,” Doug Linde, president of Boston Properties said during their presentation at the conference.

The Manhattan commercial property market is getting hotter by the day. Many trophy buildings have been listed in the last few days, including 100-104 Avenue and the Nymex Tower.

Boston Properties is looking to sell in order to make the most of the surging commercial property market of the area. Earlier, in a conference call with Bloomberg, the company had mentioned that it was considering selling assets worth at least $1 billion in 2013. The listing of the Times Square Tower is a part of the portfolio trimming.

“It’s a great time to get the value recognized for some of our assets. It makes sense at times to prune our portfolio.” Linde later said in an interview.

According to the New York Post, Adam Spies and Douglas Harmon of Eastdil Secured have been hired to market the building.

About Times Square Tower

The Times Square Tower, also known as the 7 Times Square, is one of the four commercial skyscrapers that were planned during the 1980’s as a part of the district’s revitalization plan. The 48- story tower was designed by David Childs of Skidmore, Owings and Merrill and developed by Boston Properties. The office building has affluent tenants like clothing retailer, Ann Taylor and law firms O’Melveny & Myers and Pryor Cashman. Retail rents for space in the building, as on Tuesday, was  around $1,500 per square feet.

Meanwhile, Boston Property has mapped a steady journey in the commercial property market. It is considered as one of the most valuable and trustworthy commercial real estate firms of the country. Even though the company plans on pruning its asset portfolio, it has clear objectives about which properties to part with and which, not to.

More recently, a couple of foreign investors purchased a minority stake in the famous General Motors Building in which Boston Properties holds 60 percent stake amounting to more than $2 billion. Apparently, the company has no plans to divest its share. The new owners of the property will remain passive investors while Boston Properties will continue managing the building.