Fernando Branco, Principal Broker
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Fernando Branco Realty - 162 Huntington St, Brooklyn NY 11231
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The record-setting run came to an end last week when only 28 buyers penned contracts for luxury homes, according to the Olshan Report, which tracks the volume and value of Manhattan’s luxury contracts.
“We can’t cry,” said Donna Olshan, the report’s author. “It was a holiday week and all good things end at some point, but the market is still strong and we could be back to over 30 next week.”
Last week’s deals included 24 condos, two co-operatives and two townhouses.
But even with fewer transactions, last week’s sales volume by final asking price was $248 million, above the combined asking prices of last week’s homes that went into contract: $237 million across 33 deals.
The average discount from the original to the final asking price increased, however. Last week’s average discount was 9 percent, up from 5 percent the week before.
The most expensive deal was a ground floor duplex on the Upper East Side. The 4,705-square-foot condo at 109 East 79th Street has five bedrooms, 13-foot ceilings and a 1,096-square-foot garden. The property was last asking $17.5 million. The buyer is from the tristate area, according to Olshan’s report.
The second priciest was a sprawling penthouse at 30 Riverside Boulevard, also known as Two Waterline Square, that was asking $17.25 million. The 4,694-square-foot pad has four bedrooms and a 1,763-square-foot terrace. The condo is one of the most expensive units in the three-building Waterline Square complex.
April Market Reports: 3 Important Takeaways to Share With Your Clients May 30, 2019 OVER 1,000 MANHATTAN HOMES ENTERED CONTRACT IN APRIL. According to the StreetEasy April 2019 Market Reports, the New York City sales market may be strengthening. This news comes after months of weakening prices across the city, rising share of price cuts and growing days on market. Read on for three takeaways from our most recent report that will offer you and your seller encouraging signs. Nearly 1,200 Homes Entered Contract in Manhattan This April The context: The number of pending sales in Manhattan rose by 26.6% year-over-year to 1,193 in April. That marks an annual increase of more than 250 and the most homes to enter contract since 2015. Upper Manhattan saw a lot of contact activity with pending sales doubling to 132 from 66 the year before. Washington Heights and Central Harlem led the charge with 53 and 29 homes entering contract, up by 104% and 53%, respectively. The takeaway: M
A design revolution in New York City is taking place, as the Chelsea neighborhood transforms from a derelict wasteland to a thriving nexus of art and architecture. The Hotel Americano, the first U.S. outpost of the splashy Mexican hotel chain Grupo Habita, recently materialized on Manhattan’s West 27th Street. It’s situated between 10th and 11th Avenues, at the northern frontier of the Chelsea art district, in the middle of a block best known for its cacophonous, warehouse-scale nightclubs. Why, you might wonder, would anyone want to build a hotel here? But the unpromising appearance of the location is part of the allure. “It’s gritty,” says owner Carlos Couturier, “and I like that grittiness. It feels like what the Meatpacking District was ten years ago. Very authentic.” Yes, Way-West-27th is authentic—some of the nearest residents are in a cluster of city-owned housing projects—but here, as elsewhere in Manhattan, grit is an endangered species. Just down the block from the
Legal Line Question of the Week - REBNY Transfer Taxes and Grossed up Consideration I represent the prospective purchaser of a new construction condominium unit. In speaking with the sales office for the sponsor, I was informed that my purchaser is responsible for paying both the New York City and New York State transfer taxes. I thought that the obligation to pay transfer taxes was the r esponsibility of the seller. Can you please explain? Generally, when real property (or a co-op apartment) is sold in New York City, the seller is responsible for paying both the New York State and New York City transfer taxes. In residential real estate transactions where the purchase price is greater than $500,000, the New York City transfer tax equals 1.425% of the purchase price (and where the purchase price is $500,000 or below, the New York City transfer tax is 1% of the purchase price). The New York State transfer tax is .4% of the purchase price. New Yo