This co-op apartment at 7 Gay Street in Greenwich Village packs in a lot of rustic charm for a one-bedroom. Flanked with exposed brick, with four wood-burning fireplaces, you could pretend like you’re in a miniature mountain chateau rather than a NYC pad. Although there’s only one bedroom, this co-op has been renovated to include a second apartment so it spans a total of 1,000 square feet. It’s also a corner unit with both southern and western exposures. In case you’re rushing to buy it–hold tight. The owner has only put it up on the rental market for either short- or long-term tenants. It’s asking $6,250 a month unfurnished, or $7,000 a month for all the furniture to stay.
When it comes to this condo listing at 158 Mercer Street in SoHo, it is go big or go home. The apartment is actually a combination of two units, making for a duplex with an impressive 7,000 (!) square feet. Throw in five bedrooms, six bathrooms, and direct elevator access, and you’ve got one very fancy, very huge loft apartment. As you may guess, something like this doesn’t come cheap. It’s now on the market for $14.95 million.
The best thing about shiny new modern townhouses? They can be really fun. Take this townhouse at 113A Columbia Street, along the Columbia Street Waterfront in Brooklyn, for example. It’s a new-construction home, built in 2010. And over five stories you get lots of unique, fun custom details that really make this house one of a kind. The design, most of all, is kid friendly, with a rock-climbing wall making for one of the coolest kid’s rooms ever.
Have you ever heard of Laurelton? If not, start Googling. It’s a neighborhood in Queens where you can buy a single-family home for $429,000—a very impressive price in today’s real estate market. It’s a Tudor built in around 1930 with a charming exterior, unique details on the interior, a small front and back yard and a garage. Of course, at that price, you’ll make some kind of sacrifice—it’s not located anywhere near a subway station. But if you’re in the market for an affordable single-family, don’t write this one off.
We always hear that the summer months are the worst time to move, and the July rental report from Douglas Elliman confirms this belief, as median rental prices rose in Manhattan, Brooklyn, and Queens. Like they did in June, median Brooklyn rents set a new record, rising 4.1 percent to $2,968, just $450 less than the median Manhattan rent. If you thought you could seek refuge in Queens, you’d better go to your plan B; the borough’s median rent rose 14 percent, coming in at $48 above Brooklyn, also setting a new record after several months of decline. And unlike Manhattan and Brooklyn, large apartments in Queens had higher rent increases.
The second-quarter market report from Douglas Elliman is fresh off the presses, and it shows that Manhattan sales have never been more expensive, averaging $1.87 million for all apartments, which is an 11.4 percent jump from this time last year. New developments averaged $2,011 per square foot, which is the first time ever prices have exceeded the $2,000 per square foot mark. Other records set during this quarter are for median co-op sale price ($795,000, up 9.7 percent from last year) and average price for luxury apartments ($8.2 million, up 12.8 percent from last year).
Looking to change apartments? Well apparently so is everyone else in the city as they get slammed with rent hikes. According to Douglas Elliman’s latest rental report prepared by real estate guru Jonathan Miller, there was an 85.1 percent increase in new leases signed last month with units lingering on the market an average of only 41 days before being scooped up by a new tenant. Landlord concessions have also pretty much disappeared, they report, and the city’s vacancy was a mere 1.65 percent in May. The takeaway: Even in the face of insane, and ever-rising rents—we’re now talking a median $3,380 in the city (up for the 15th consecutive month)—Manhattan’s is still full of crazy people (including us) willing to pour their paychecks into one-bedroom apartments with no views. Brooklyn, of course, was no better, with median rents also climbing to $2,961.
Remember the days when renting a studio was all about saving cash until you’ve really made it? That era is most definitely over as those looking to live humbly in small quarters should expect to shell out an average of $2,691 for a studio apartment in Manhattan, according to Douglas Elliman’s latest rental market report.
Ridgewood via Cameron Baylock
A new report released today by Douglas Elliman shows that Queens has surpassed Brooklyn in most expensive rents. The median montly rent in Western Queens rose to $2,905 in January, a 30.7 percent jump from the same time last year. That’s $4 more than North and Northwest Brooklyn’s median rent, which only rose 2.5 percent to $2,901.
We shouldn’t be so surprised, though. With constant news of skyrocketing prices in Brooklyn, a lot of attention has been turned to Queens, especially up-and-coming neighborhoods like Ridgewood, as well as already-established hip spots such as Long Island City and Astoria.
According to Douglas Elliman’s fourth-quarter sales report, 2014’s average sale price climbed to a new record high of $1,718,531, surpassing the pre-recession record of 2008. Plus, the fourth quarter had the second-highest sales volume in 25 years with 2,718 closed sales (the highest was in 2013, with 3,297 closed sales).
What’s to thank (or blame, depending on your feelings)? Jonathan Miller, author of the report and president of real estate appraisal firm Miller Samuel, told Curbed “Prices are up for two key reasons. New development contracts from the past few years are beginning to close, and new development is skewed towards high end. Plus, inventory is up 20 percent from last year’s 15-year record low but most of that increase is from new development.”