real estate trends

Central Park South, real estate trends, Recent Sales

220 Central Park South. Photo by Jim.henderson (cropped) via Wikimedia Commons.

Billionaire Daniel Och has sold his penthouse at 220 Central Park South for an astounding $190 million, nearly double the amount he paid for the home in 2019. As first reported by the Wall Street Journal, the sale marks one of the most expensive deals ever in New York. The buyer has not been disclosed.

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Manhattan, Policy, real estate trends

Photo by Daniel Lee on Unsplash

New York City real estate made a major comeback to close out 2021, experts say. According to a new report from Compass, condo and co-op sales volume hit $7 billion in the last quarter of the year, the highest of any fourth quarter on record. More than 3,400 apartments were sold in this quarter, between October 1 and December 31, up 79 percent from the previous year and the highest total in a Q4 since 2013. After Covid crippled much of the market in 2020, 2021 saw an impressive turnaround in Manhattan, particularly with the sales of luxury properties, new development condos, and townhouses.

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City Living, Manhattan, real estate trends

Photo by Jason Krieger on Unsplash

New York City Comptroller Scott Stringer’s office released a report this week revealing the impact the Covid-19 pandemic had on the city’s population. The numbers show that net residential migration out of NYC tripled during 2020–and residents of the city’s wealthiest neighborhoods were the ones most likely to move out. But those numbers appear to be reversing to a pre-pandemic level: Since July 2021, the city has gained an estimated 6,332 residents, and outward-bound migration has actually been lower than it was in 2019.

Who left, and where did they go?

New Jersey, real estate trends

Courtesy of 99 Hudson

The tallest residential building in the state of New Jersey has set another record. A penthouse at 99 Hudson Street has sold for $4,438,500, becoming the priciest condo closing in Jersey City. The deal surpasses the previous record of $3,900,000 set six months ago by…99 Hudson. The record-breaking apartment sits on the 76th floor of the 79-story waterfront tower and measures 2,500 square feet.

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Manhattan, real estate trends

Manhattan apartment sales hit a 32-year high

By Devin Gannon, Wed, October 6, 2021

Photo by Jason Krieger on Unsplash

More apartments sold in Manhattan in the third quarter of 2021 than at any point during the last 30+ years of tracking, a new real estate market report says. According to a Douglas Elliman report published this week, there were 4,523 closed co-op and condos sales in the quarter, more than triple the same period last year and 76.5 percent higher than the same time in 2019. Even more indicative of the market turnaround following Covid-19, this quarter passed the previous sales record of 3,939 reported in the second quarter of 2007. And in its own market report, The Corcoran Group found sales volume in Manhattan topped $9.5 billion, the highest quarterly volume total ever recorded. This passes the previous record of $8.54 billion set in the second quarter of 2019.

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Brooklyn Heights, real estate trends, Recent Sales

Photo by Jason Puma

Assuming the condo at Brooklyn Heights’ Quay Tower closes for its $10,650,000 asking price, it’ll become Brooklyn’s priciest condo sale of the year. This is not the first record-setter for the luxury waterfront tower. In April 2020, a penthouse closed for $20,301,000, making it the borough’s most expensive residential sale ever at the time. (It was outdone by a $25.5 million Brooklyn Heights townhouse sale in January of this year, but it’s still the borough’s biggest condo sale.) The latest sale is for a 4,544-square-foot, four-bedroom unit with amazing skyline and harbor views.

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Hudson Square, real estate trends

Renderings courtesy of COOKFOX Architects

Google will buy the Manhattan office building it currently leases for $2.1 billion next year. The tech giant announced on Tuesday plans to purchase St. John’s Terminal at 550 Washington Street in Hudson Square during the first quarter of 2022. Google already leases the former freight terminal, which is currently undergoing a major renovation and addition as part of the company’s new 1.7 million-square-foot campus in the neighborhood. As the Wall Street Journal first reported, the deal marks the priciest sale of a single office building in the United States since the start of the pandemic, as well as one of the most expensive ever recorded.

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affordable housing, Design, New Jersey, real estate trends

All photos courtesy of Common

Jersey City was recently ranked the 17th-best city in the nation for young professionals, which isn’t surprising considering it’s a 10-minute PATH ride to lower Manhattan and has seen a true artistic renaissance unfold over the last decade. But that doesn’t mean it’s an affordable place for young professionals to live, which is where the new 122-unit micro-apartment property Nest comes in.

Located at 190 Academy Street in Journal Square, the property is overseen by innovative multifamily property manager Common and was developed by KSNY and Strategic Properties. The fully-furnished studio apartments start at just $1,277/month and, in the creative spirit of Jersey City, are showing that affordability doesn’t mean you have to sacrifice good design. (And just wait ’til you see the amenities.)

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Celebrities, Central Park South, real estate trends, Recent Sales

220 Central Park South as seen in May 2020. Photo by Jim.henderson (cropped) via Wikimedia Commons.

As was first reported by the Wall Street Journal in June, a buyer shelled out $157,500,000 for two units at 220 Central Park South. Property records showed the $82.5 million purchase of the 60th-floor unit and the $75 million purchase of the 61st-floor unit, both made using an LLC. But CNBC has now revealed that the buyer is billionaire Joe Tsai, Alibaba co-founder and owner of the Brooklyn Nets. The sale is the second biggest in New York City history and the third-largest ever in the U.S. The number-one spot occurred at the same Billionaires’ Row tower, with billionaire Ken Griffin’s $238 million purchase in early 2019.  Read more

Central Park South, Cool Listings, real estate trends

Photo by Sebastiandoe5 via Wikimedia Commons

An $88 million profit? That’s what the current owner of the 96th-floor penthouse at supertall tower 432 Park Avenue is hoping to achieve. As the New York Times first reported, billionaire Saudi real estate developer Fawaz Alhokair has listed his apartment at the 1,400-foot-tall condo for $169 million, double what he paid for it in 2016. If it fetches the asking price, it would become the second most expensive home ever sold in New York City and would set a record with its $20,500 per square foot price tag.

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