G Train at Court Square via Wikipedia
In response to the looming 15th-month L train shutdown, which will affect its nearly 225,000 daily riders beginning April 2019, real estate developers have started looking at Williamsburg’s hip and slightly cheaper neighbors, Greenpoint and South Williamsburg. Both areas sit nearby the G, J, M and Z trains, and in the past have offered a variety of housing options at cheaper prices. According to the New York Times, as developers begin their plunge into Greenpoint, sites along these train lines have become pricier and more difficult to lock down.
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432 Park Avenue may be the tallest residential building in the western hemisphere and home to the most expensive apartment closing this year, but throughout 2016, the tower’s ultra-luxury condos were selling at an average discount of 10 percent, according to an analysis by appraiser Miller Samuel Inc. for Bloomberg. And a recent transaction saw an even greater price cut; Lewis Sanders, founder and CEO of Sanders Capital and former CEO of AllianceBernstein, bought an 88th floor penthouse for $60.9 million, 20 percent less than its $76.5 asking price.
What’s the deal?
Market reports are in from the third quarter of this year, and sales numbers are setting new records, especially in Brooklyn and Queens. From Douglas Elliman, numbers show sales prices in Brooklyn and Queens climbing for the fourth year in a row across the board for condos, co-ops and one- to three-family homes, as well as luxury properties (defined as the upper 10 percent of the market). The median sales price rose 8.7 percent to $735,000; the average sales price went up 14.8 percent to $983,511; the median sales price for luxury properties rose 23.5 percent to $2.5 million. All three numbers represent record increases. The rising market has likely been the result of a healthy job market in New York City and population growth that’s five years ahead of schedule.
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