real estate trends

Central Park South, real estate trends, Technology

Photo via Wally Gobetz/Flickr

Cryptocurrencies make the wild west look tame. Yet despite their volatility, they’re becoming more of a presence in NYC real estate. Five days ago, when we reported on the first Bitcoin closings in Manhattan, the value of Bitcoin was $8,592. It is currently $7,999. According to a CNBC report, Chimera, a group of foreign investors interested in buying the Plaza Hotel, is considering offering partial payment for the transaction in a new cryptocurrency. Chimera has proposed the creation of the “Plaza Token,” an asset-backed securitized token, to raise more than $375 million. They are being advised about this initial coin offering by a company called Securitize. “This would give cryptocurrency investors the chance to diversify into luxury real estate and receive certain concessions inside the Plaza Hotel,” CNBC reports.

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affordable housing, real estate trends

Nearly 250,000 NYC rental apartments sit vacant

By Emily Nonko, Mon, March 26, 2018

Early numbers from the Census Bureau’s Housing and Vacancy Survey show that the number of unoccupied apartments throughout New York City has grown significantly over the past three years–a whopping 35 percent to 65,406 apartments since 2014, when the last survey was taken. As the Daily News puts it, “Today, 247,977 units — more than 11% of all rental apartments in New York City — sit either empty or scarcely occupied, even as many New Yorkers struggle to find an apartment they can afford.” One reason for the growing vacancy rates, as the article states, is the city’s high rent, which has risen twice as fast as inflation.

Here’s a breakdown of vacancy rates

real estate trends, Technology

Bitcoin hits the NYC real estate market for the first time

By Michelle Colman, Thu, March 22, 2018

389 East 89th Street © Evan Joseph and an image of Bitcoin via Pexels

Yesterday, the New York Post reported that real estate developer Ben Shaoul of Magnum Real Estate Group has two units under Bitcoin contract at 389 East 89th Street–the first condos to use the payment method in NYC. One unit is a 624-square-foot studio that was asking $875,000, and the second is a 989-square-foot one-bedroom plus den that was asking $1.48 million. And according to Brick Underground, there are already a few very entrepreneurial landlords Brooklyn accepting Bitcoin for rent payment.

What does the future of Bitcoin and real estate look like?

CityRealty, real estate trends

Trump’s NYC properties no longer considered ‘luxury’

By Michelle Colman, Tue, March 13, 2018

Trump International via Wiki Commons; Donald Trump via Gage Skidmore/Flickr

According to a new CityRealty report, President Trump is spreading fake news. Trump claims his branded luxury residential condominium and towers are more valuable than his competitors. In fact, the numbers tell a different story. In the past 10 years (2007-2017), Trumps’ properties’ average price per square foot has only risen 15% (from $1,529 to $1,741) compared to Manhattan luxury condominiums which have risen 56% (from $1,994 to $3,105) and all Manhattan properties which have risen 51% (from $1,237 to $1,864).

What might be even more upsetting to the Trump Organization is that based on the prices condos in his buildings sell for, they are no longer categorized as luxury properties but as “middle-of-the-road investments in the wider world of the Manhattan condo market.”

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Featured Story

Features, real estate trends

27 East 79th Street townhouse, courtesy of Adellco

Space in New York City always comes at a premium–even Manhattan air rights cost more per square foot than the nation’s average home prices. Townhomes have long been seen as status symbols in NYC real estate. But despite being coveted properties, traditional townhomes require upkeep and maintenance that condominium owners do not have to deal with. In an effort to attract buyers and eliminate the hassles associated with traditional townhouse living, many NYC developers are building the “townhouse 2.0,” fully modernized new construction townhomes with access to all the services and amenities of a condominium building–the best of both worlds. Ahead, 6sqft has rounded up some of the best examples of townhomes 2.0 in New York City.

See them all here

hudson yards, real estate trends

55 Hudson Yards, KPF, Manhattan Offices, Related, Oxford

55 Hudson Yards

Developers have long tried to lure buyers and renters with lists of spectacular amenities and high-end art collections, but Hudson Yards developers’ Related Companies and Oxford Properties Group have something no other New York City developer is offering– a medical clinic for people who live and work in their buildings. According to the New York Times, Related asked buyers what they considered an “ideal” place to live. Jeff T. Blau, Related’s chief executive and a board member at Mount Sinai, said, “They were saying they like having their doctors around the corner, and when we thought about it we realized there were no doctors around the corner because this neighborhood didn’t exist before.”

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affordable housing, real estate trends

Is New York City housing getting more affordable?

By Michelle Cohen, Thu, March 8, 2018

NYC affordable housing

Image: Wikipedia

According to a recent article by the Wall Street Journal, New York City housing may, in fact, be consuming less of our hard-earned dollars. Housing costs are responsible for an increasingly smaller chunk of New Yorkers’ monthly budget, a new U.S. Census Bureau survey shows. The survey, conducted every three years, points to a record amount of new housing and a rental vacancy rate that’s the third-highest since the survey first began in 1965. The Census Bureau survey found that the number of housing units had increased by 117,000 since 2011, a number that includes over 35,000 more rental apartments and 15,000 condos due to arrive in 2018 and 2019.

Really?

Featured Story

Art, Features, real estate trends

180 East 88th Street living room, via March Made for DDG

The architect Morris Adjmi looks to trends in art, more than in architecture, to inspire his work. “Art is more stimulating to me than the latest trends in architecture. Art is visceral and topical, it is much more immediate and it allows you to get into the zeitgeist of the time. In art, we see what is happening now, in architecture it takes a few years to show up.” More and more architects, developers, designers, and brokers believe in the powerful relationship between art and real estate. So much so, it is now understood that art sells real estate and real estate sells art.

James Cavello, owner of Westwood Gallery, curated an art exhibit at 212 Fifth Avenue’s $73.8 million “Crown” penthouse with a multimillion-dollar collection of art, with works by Warhol, Rauschenberg, Cy Twombly, Robert Indiana, Charles Hinman, and Douglas Kirkland. On the relationship between art and real estate, Cavello says, “We share the same similar high net worth clients so developers and brokers look to individuals like me and my company to propose alternatives to staging the areas with furniture and drapes and, instead, work with the light and space and utilize the art as staging.”

The Sotheby’s team behind 212 Fifth added that having Westwood Gallery stage art in the three-story, 10,000-square-foot unit, “Helped generate powerful awareness for Westwood Gallery with a level of visibility that is often unattainable for a stand-alone gallery.” Clearly, art and real estate have a very symbiotic relationship.

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Midtown East, Policy, real estate trends

St Patrick’s Cathedral via Wikimedia

Editor’s Note: The owners of 405 Park Avenue are set to buy the development rights from St. Patrick’s Cathedral, the Real Deal reports. MRP Realty and Deutsche Bank Asset Management will add four floors and 205,000 square feet of office space to their existing building.

JPMorgan Chase and Mayor Bill de Blasio announced last week plans for the first project under the city’s Midtown East rezoning: a 70-story tower to replace its old offices at the same Park Avenue site. And with the Archdiocese of New York this week reaching a tentative deal to sell 30,000 square feet of development rights from St. Patrick’s Cathedral, the second project under the new rezoning could quickly follow. According to Crain’s, if the sale happens the Archdiocese could pick up at least $7.2 million in air rights.

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Manhattan, Midtown, real estate trends

432 park, 432 park avenue, rafael vinoly, 432 park lighting design

432 Park Avenue via CIM Group/Macklowe Properties

The buyer of One57’s $100 million penthouse was unveiled as Michael Dell last week, finally solving the mystery of which billionaire set New York City’s record for the most expensive home ever sold. The reveal sparked CityRealty’s interest in finding out where other costly buildings fall in comparison. Unsurprisingly, Midtown’s One57 and 432 Park make up 12 out of the city’s 20 priciest homes ever sold with single units going for $100.47 million and $91.5 million, respectively. While those two buildings on Billionaires’ Row easily take the top three spots, 15 Central Park West ranks fourth, with its $88 million penthouse sold in 2012.

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