Via Wiki Commons
Amazon’s decision to divide its second headquarters between Long Island City and Arlington, Virginia was confirmed on Tuesday, bringing with it questions about how the neighborhoods will withstand the influx of 25,000 new workers each. According to a new study from RENTCafé, LIC already has an occupancy rate of 98.2% and about 15,400 units currently either under construction or in a planning phase, so Amazon’s announcement is sure to add fuel to an already bustling market. In fact, according to listings site CityRealty, searches for residential apartments in the neighborhood are up 281% compared to the daily averages prior to the announcement.
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Lead image © Daxiao Productions – Fotolio
6sqft’s ongoing series Apartment Living 101 is aimed at helping New Yorkers navigate the challenges of creating a happy home in the big city. This week, now that the city is in high renting season, we’ve researched the best resources for finding a no-fee apartment.
More than half of New Yorkers spend 30 percent or more of their income on rent. Tack on a broker’s fee that could be as high as 15 percent of an apartment’s annual rent, and that burden becomes even worse. Thankfully, there are more and more resources popping up to find no-fee rentals. Aside from the go-to listing aggregators, there’s now roommate-share options, lease break sites, artist-centric search engines, and good old fashioned networking. 6sqft has put together our 12 favorite options, along with the basics of each so you can figure out what will work best for you and how to prioritize your search.
Check out the full list here
Even after countless big ticket closings at blockbuster buildings like 432 Park Avenue and The Greenwich Lane, the long-admired Robert A.M. Stern-designed, Zeckendorf-developed 15 Central Park West (15 CPW) remains king. According to CityRealty’s latest CR100 report—an index comprised of the top 100 condominium buildings in Manhattan—units in 15 CPW sold on average for $6,735 per square foot over 12 months, a number that is impressively higher than the index average of $2,824. Tribeca’s Herzog & de Meuron-designed “Jenga tower,” 56 Leonard also made its debut on the latest CR100, clocking an average price per square foot of $2,657.
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As part of their Manhattan New Development Report, CityRealty has released a trio of skyline renderings that show how the city will appear in 2020 — looking south from the Lower East Side, north from the tip of the island, and of course, down on Central Park South’s Billionaires’ Row.
The eye-popping images underscore the fact that new developments have been “markedly above the average price of all other Manhattan condos since 2013.” The average sales price in new developments is expected to hit $4.4 million this year and $5.7 million by 2018. By comparison, the expected average price of a non-new development condo for 2016 is $2.65 million. Moreover, new development sales totaled $5.4 billion last year, up from 2014’s $4.1 billion. This figure is expected to reach $8.4 billion this year and more than $10 billion by 2018.
See all the renderings and find out which buildings are leading the pack
“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
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.
All the details here
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.
More condo data ahead
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.
More info and CityRealty’s full infographic here
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.
, Wed, September 17, 2014
Yesterday, Dan Levy, the president and CEO of CityRealty, presented his proposal for the ‘East River Skyway,’ an aerial gondola system that would run along the Brooklyn waterfront and into Manhattan, bringing commuters over the river in just 3.5 minutes. Now, we want to know what you think about the idea.
Images: East River Skyway, courtesy of CityRealty (L); NYC subway, courtesy of Wiki Commons