NYC Real Estate News by Fernando Branco, Real Estate Broker, GRI, ABR, CNE - Fernando Branco Realty

212 West 18th Street According with the Wall Street Journal, Walker Tower’s crown jewel, otherwise known as Penthouse One, has closed for $50.9 million. The deal for the 5,955-square-foot, five-bedroom pad at 212 West 18th Street, which hit the market with a $55 million ask in September, sets a new record for the most expensive residential sale downtown. The unit went into contract less than a month after hitting the market. The largest downtown sale prior to Penthouse One’s closing was a penthouse unit at Zeckendorf brothers’ 18 Gramercy Park South, which sold for $42 million in August of last year.

Good Morning and Happy New Year! 2013 roared to a close, with the Manhattan residential real estate market setting sales volume records, rising by 30 percent in the fourth quarter. Inventory dwindled to its lowest rate in 14 years, with approximately 4100 listings available at the close of the year.   Observers agree that buyers both gained confidence in the economy and were spurred to action by the potential for continued rising interest rates. The median sales price for condos rose by a stunning 14.3 percent over 2012, reaching an all-time high of $1.32 million, according to  Crain’s New York Business . However, the condo median price increase was driven primarily by sharp rises for sales of luxury units, new developments, and larger units. In addition, foreign buyer interest continues to drive high-end condo sales.   High-end condo sales represent only about five percent of the market, however. Co-op sales, about 60 percent of the market, had a modest median price i

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