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.
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.
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.
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.
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.
“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.
While it seems like every block in the city is host to a construction site throwing up some luxury condo building or pricey rentals, not all of these developments are created equal. Following up on their last infographic which rounded up the city’s top five most expensive new developments, the data gurus over at CityRealty have culled an even more extensive list which pinpoints the 12 priciest structures going up right now. While the number of zeros that follow their combined $20,000,000,000 sellout will make your head hurt, what’s even more mind-boggling is that these 12 buildings alone will count for nearly HALF of the money that’ll be generated by the 200+ condo projects underway in Manhattan.
Six months may not seem like a long time, but a lot can happen in the Manhattan building market in 180 days, which is why CityRealty has released its new CR100 report, “an index comprised of the top 100 condominium buildings in Manhattan.” The data tracks the performance of these buildings through the second and third quarters of 2015, and, not surprisingly, One57 has come out on top. The Billionaires’ Row powerhouse has surpassed long-time leader 15 Central Park West as the most expensive condo on the island, coming in at $6,010 per square foot over the past 12 months, as compared to 15 CPW’s $5,726. It also steals the spotlight for the majority of the last six months’ most expensive sales.
It’s projected that over the next five years, new development sales in Manhattan condos will total $27.6-$33.6+ billion, but this sky-high figure is heavily skewed by prices in just five buildings. These luxury towers will account for one-third of the total projection. Three of the buildings — 432 Park, 220 Central Park South, and 550 Madison Avenue (the former Sony Building) — are located on billionaires’ row and are expected to bring in a whopping $8 billion. The Greenwich Lane and 10 Madison Square West will also likely bring in close to $1.5 billion each. Along with this boost from the upper end of the market comes a trend where fewer units are selling, but prices are shooting up.
15 Central Park West has held strong as the most expensive condo building in New York City for the last two quarters, according to CityRealty. But while perusing their latest report we were led to their dynamic CR100 building list which reveals that…. wait for it… One57 is, as we speak, the most expensive building in the city.
With an average closing price of $6,703 per square foot, this building boasts a per-square-foot premium of $286 per square foot over its predecessor, 15CPW. Units currently up for grabs also top the charts at an incredible $6,719 per square foot.