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

A Super Strong First Quarter: Manhattan Residential Real Estate Soars Again! Manhattan condo and co-op prices are finally seeing the impact of chronically low residential inventory, and a shift toward luxury in new development. The average sales price for a Manhattan apartment jumped by a shocking 30.9 percent year over year, according to a quarterly report compiled by appraisal firm Miller Samuel. The average price per square foot increased by 23.6 percent year over year, to $1,363 in the first quarter of the year. Rising prices can be attributed to the ongoing Manhattan inventory crisis, which has seen fewer than 5,000 apartments on the market at any given time over five consecutive quarters. Also contributing is a general upward pressure on new development pricing as the result of an overheated market for land. Competition between developers trying to secure new Manhattan sites has sent land prices above $800 per square foot in some instances, meaning ...

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 ...

Housing Market Rebounds, Helping Buyers and Sellers

New York City’s residential sale market broke new ground last quarter.  City-wide sales reached a six year-high in sales values in the third quarter according to REBNY’s NYC Residential Sales Report.  Released in the middle of October, REBNY’s Residential Sales Report is the most comprehensive quarterly review of recorded transactions available and includes data from all five boroughs.  The City saw impressive increases in part because increased competition and limited inventory encouraged buyers to act briskly and decisively.  Mortgage rates near historical lows and climbing residential rents added to the attractiveness of home ownership at the moment. The total value of all home sales in the five boroughs was $11.3 billion in the third quarter, up over thirty percent from both last quarter and third quarter last year.  The average sales price rose three percent from last quarter to $806,000, while the median sales price increased four percent to $515,000....

Legal Line Question of the Week Rent Stabilized Leases When can a Landlord (hereinafter the “Landlord or “Owner”) refuse to  renew the lease of a rent stabilized tenant (the “Tenant”) who lives in a  rent stabilized apartment (the “Apartment”)?  Furthermore, under what  circumstances can an Apartment be “deregulated”? Generally, an Owner may refuse to renew a rent stabilized Tenant’s l ease in the following circumstances, and only upon providing the Tenant  with the required prior written notice: (i) where the Owner wants to take  over the Apartment for his/her (or a member of the Owner’s “immediate  family”) personal use and occupancy as a primary residence; (ii) where  the Apartment is not occupied by the Tenant as their primary residence;  or (iii)  where the Owner takes the Apartment off the rental market or  demolishes the building. Notwithstanding the foregoing, an Owner cannot  evict a Tenant fro...