CityRealty

Featured Story

affordable housing, CityRealty, Features

hdfc apartment

A two-bedroom in the East Village asking just $695,000

While perusing hundreds of real estate listings you come across one that seems almost too good to be true: it’s in a prime neighborhood, there are two real bedrooms and two real bathrooms, and it’s selling for well under a half million. While you may be pinching yourself over the price tag, rest assured that it’s not a typo. However, it’s probably also not a run-of-the-mill apartment, but rather, an HDFC (Housing Development Fund Corporation) unit. While these listings are totally legit, they also demand careful consideration before committing to a purchase.

THE PROS AND CONS OF BUYING AN HDFC APARTMENT…

Featured Story

CityRealty, Features, Interiors, real estate trends

Cindy Gallop’s infamous “Black Apartment” received a virtual renovation after spending an extended period on the the market. The home eventually sold for $4.5M. Images ©MWSTUDIO

New York City’s real estate market may move fast, but the same can’t be said for every property that’s up for sale. Smart sellers know that in order to be competitive, you’ve got to put your best space forward, and that means no mounds clothing stuffed into corners, no grit and grime in the bathroom, and definitely no dark or blurry iPhone snaps populating a listing. While we all know about the benefits of physical staging, virtual renovations, or altering listing photos to show furnishings and other aesthetic choices not actually in the unit, have also become an important instrument for many sellers and their agents. Keep reading to find out why looks matter and how the tools of the digital age can help you command a premium when it comes time to close.

READ MORE HERE…

Featured Story

CityRealty, Features, holidays, infographic, real estate trends

ireland vs. nyc

Get out your green, because in honor of St. Patrick’s Day we’re putting a twist on the classic real estate comparison conundrum pinning some of the coolest Irish castles currently up for sale against a few New York castles (a.k.a. really expensive condos). Hit the jump to see what’s available in the $2 to $12 million range, and then cast a vote for whether you’d rather having a sprawling 700-year-old stone castle with 380 acres of land in Ireland, or a comfy four-bedroom penthouse at The Brompton in Yorkville. And if you’re not into castles or condos, we’ve also figured out how many pints of Guinness you can get for the median price of an apartment…

Which would you pick?

Featured Story

Architecture, CityRealty, Features, Financial District, History

one chase manhattan plaza 1961

This large, boxy skyscraper at 28 Liberty Street may not be ornate or even as attractive as some of the simple glass towers we see sprouting up on the city’s side streets, but One Chase Manhattan Plaza’s architectural significance is profound. Erected in 1960, the building is accredited with bringing forth a downtown renaissance that paved the way for Battery Park City and the World Trade Center. But more than that, when it was finished, the 60-story tower shook up the Lower Manhattan skyline, introducing a stoic, flat-roofed and unabashedly modern construction into a scene that was considered the most romantic and famous in the world.

READ MORE ABOUT THE ICONIC TOWER HERE…

Featured Story

City Living, CityRealty, Features, real estate trends

real estate movies

When we see New York real estate on film, living situations usually err on the side of grossly unrealistic—think freelance writer Carrie Bradshaw’s apartment with walk-in closet on “Sex and the City,” or Monica Gellar’s massive two-bedroom in Greenwich Village on “Friends.” But while there are plenty of eye rolls to go around for said and similar programming, thankfully there are also several recent cinematic depictions that are much more relatable and representative of the city’s housing woes. Ahead we review and rank three major motion pictures—”Love Is Strange,” “Tiny Furniture,” and “5 Flights Up”—on our very own real estate and housing reality index.

MORE ON ALL THREE FILMS THIS WAY…

Featured Story

CityRealty, Features, infographic, Starchitecture

432 Park Avenue, DBOX, Macklowe Properties, Vinoly, Deborah Berke (52)

Closings at Macklowe Properties/CIM Group‘s Billionaires’ Row blockbuster 432 Park Avenue officially commenced just eight days into the new year, and now that enough time has gone by for these sales to be re-listed as rentals, CityRealty has put together an informative infographic that takes a look at the numbers at New York City’s tallest and most expensive residential building. There’s a lot of fun and fascinating info to be found ahead, but one of the most surprising facts? Of the 141 units available, only 13 have sold to date.

See the full infographic here

Featured Story

CityRealty, Features, real estate trends

Buying and renting in the city can pose a challenge even for long-time New Yorkers, but for foreign nationals without citizenship or the right credit history, opportunity can quickly turn into an impossibility. But not all hope is lost for internationals looking to invest in a home stateside—one just needs to be educated on the buying process. Ahead we’ll take a look at common obstacles faced by foreign buyers in several different housing scenarios, including going up against a co-op board, and why condos attract the most overseas buyers.

MORE ON BUYING AND RENTING IN NYC AS A FOREIGNER…

Featured Story

CityRealty, Features, NYC Guides, Policy, real estate trends, stuff you should know, Urban Design

Stuff You Should Know: How Air Rights Work

By Diane Pham, Thu, March 3, 2016

ONE57 tower new york christian de portzamparc

Image of One57 © Wade Zimmerman courtesy of Agence Christian de Portzamparc (ACDP)

“For whoever owns the soil, it is theirs up to Heaven and down to Hell.”

Most folks outside the architecture and real estate industries are likely to believe that putting up a new skyscraper is simply about finding an empty lot to build up. However, those in the know understand that it takes much more than a stretch of space and a good engineer to lock in neck-craning heights. So, how do developers squeeze ever more building onto small lots? Two words: air rights.

Ahead we will go through the history of air rights in New York City and how imaginative but completely lawful interpretations of zoning laws have opened up the city skyline to crazy tall towers like One57 and 432 Park (“You can be really creative the way you snake your way around the block,” says Thomas Kearns, Partner at Olshan Law Firm). We’ll also find out just how much owners of Manhattan’s precious air space can squeeze out of developers that want to build big.

LEARN MORE ABOUT AIR RIGHTS IN NYC…

 

Featured Story

CityRealty, Features, real estate trends

donald trump, president trump, tax plan

Trump may have swept the southern states on Super Tuesday, but in true blue New York City and other regions with liberal leanings, the presidential candidate remains as polarizing as ever. As such, since announcing his run last year, Trump has been dumped by everyone from NBC (he was axed as the host of “Celebrity Apprentice” after making inflammatory remarks about Mexican immigrants) to a small beans Dubai retailer which took Trump-emblazoned products of their shelves. But while Trump’s brand may be seeing a downturn globally, we wonder: Are his real estate interests in New York also feeling the heat? CityRealty decided to dig a little bit deeper to find out if the Republican frontrunner’s empire (or “empire” depending how you look at it) would really be damaged by his political rhetoric.

WHY TRUMP’S BRAND IS NOT HIS REAL ESTATE BUSINESS, THIS WAY…

CityRealty, infographic, real estate trends

“For the second year in a row, Manhattan real estate prices soared, setting new records. For the first time, the median price for an apartment—including both co-ops and condos—was above $1 million.” This is according to CityRealty‘s newly released Year-End Manhattan Market Report, which puts the median price at $1.1 million, 13 percent higher than last year and 60 percent higher than 2005. Additionally, the average apartment sales price ($1.9 million), the average condo price ($2.6 million), and the average co-op price ($1.4 million) all broke 2014’s records by $100,000.

See the report’s infographic this way

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.