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.
NYC real estate trends
Image courtesy of 6sqft.
FaceTime video tours, virtual open houses, and plunging interest rates; the real estate business in New York City in the time of COVID-19 isn’t business as usual. But as impactful and uncertain as the global pandemic is, it may not be bad for business. An important and unique attribute of this particular crisis, though, is uncertainty. There are new developments each day, and new answers–for public health and welfare, of course, but also for businesses affected by the virus.
Photo via CityRealty
Despite suffering from a 30 percent drop year-over-year in median sale prices, Tribeca still managed to rank first as New York City’s most expensive neighborhood, followed closely by Soho. Property Shark released this week its list of the 50 priciest areas in the city in Q1 2018 and unsurprisingly, nine out of the top ten are located in Manhattan. Notably, the West Village witnessed an 88 percent year-over-year increase with a median sale price hovering $2.1 million. And the Flatiron District, which ranked as the most expensive neighborhood in the third quarter of 2017, fell to sixth place, with a median sale price of $1.85 million.
The Flatiron District, photo via Pixbay
Taking the top spot from Tribeca for the first time in a long time, the Flatiron District now ranks as the most expensive neighborhood in New York City, according to data compiled by Property Shark. In its latest report looking at the residential market during the third quarter of 2017, the group lists the 50 priciest neighborhoods in the city, with the usual upscale ‘hoods like TriBeCa, Central Park South and Hudson Square rounding out the top tier (h/t Time Out NY). In another plot twist, Red Hook has become Brooklyn’s most expensive neighborhood this quarter–overthrowing DUMBO–with a median sale price of $1.92 million in Q3.
In 2016, the New York Metro Area was home to the highest number of “ultra-wealthy” residents in the world. A new report shows about 8,350 residents with a net worth of at least $30 million called the Big Apple their home last year, an increase of about 9 percent from last year. When focusing on just the five boroughs, most of the city’s wealthiest neighborhoods can be found in Manhattan, as Curbed NY discovered. Taking this year’s title as the richest NYC enclave? The Upper East Side.
Out of all of the world’s cities, New York City surprisingly does not have the most unaffordable rental market. In a report released by RENTCafe, Mexico City beats Manhattan as the worst urban area for renters, with 60 percent of their income being spent on housing. However, Manhattan continues to be extremely unaffordable, with residents putting 59 percent of their income toward rent. Affordability levels are not much better in the three other U.S. cities that made the list; Chicago, San Francisco and L.A. have rent-to-income ratios of 38, 41, and 47 percent respectively.
We know very well that 2015 will see a huge influx of new super-luxury condo units, but what we didn’t know until now was that nearly half of these high-end homes set to hit the market are already in contract, making this year’s forecast widely overblown.
According to Crain’s, a new report from Halstead Property Development Marketing suggests that of the 6,500 new condo listings that have been projected for 2015, only about 3,500 will actually be available for sale in the next 11 months, as 3,000 of them are already taken.
Photo © Cameron Baylock
Among neighborhoods primed to be the next untapped frontier, Ridgewood isn’t a newcomer. This low-key community on the western border of Queens has seen a steady migration of L-train riders, including the young and restless fleeing Williamsburg and professionals looking for a safe, accessible, quiet ‘hood to call home. In New York City, where every square foot vies for “next big thing” status, Ridgewood is a smart alternative to its headline-stealing North Brooklyn neighbors, Bushwick and Williamsburg, for anyone looking to invest in an up-and-coming residential area.
Growing up just west of the Andes Mountains in the small town of Tucumán in northwest Argentina, Cesar Pelli wasn’t exposed to the vibrant cityscapes that he today helps to shape. He got his start designing low-cost, affordable housing for the Argentine government, which helped him develop an appreciation for each project’s unique sense of place. Breaking from the traditional mold of many world-famous architects, he designed buildings as a response to their neighborhoods, not as a preconceived signature aesthetic.
Now, with a long list of acclaimed international projects to his name, Pelli is lauded for creating structures that honor a city’s history and enrich the local landscape. And here in New York City, home to some of his most celebrated works, the Pelli mark has making an indelible impression on the architecture and real estate fields.
Hotel Chelsea had the Warhol “superstars”, 740 Park Avenue has been considered the most sought after address in the world for 70 years, the San Remo boasts a rotating roster of celebrity residents–a lot of New York City buildings have their claim to fame. But none have as storied a past or talked-about current status as the famed Dakota at 1 West 72nd Street.
Best known as the site where John Lennon was killed when returning home with wife Yoko Ono, as well as its role in Roman Polanski’s acclaimed horror film “Rosemary’s Baby,” the Dakota’s mythical stature goes much deeper than its spectacular, fortress-like façade and proximity to Central Park. Long a desirable address for artsy celebrities, the building still attracts a slew of A-listers, but the strict co-op board is known to reject even the biggest names.