Real Estate News from October 2011

  • Foreign Buyers Take NYC by Storm By Adam Rothstein | October 11, 2011

    Over the past few years, there has been widespread agreement amongst NYC real estate professionals that foreign investors comprise a large group of those purchasing Manhattan luxury apartments. However, until recently, these claims have lacked the necessary data to be validated. But that is about to change, with newly compiled market statistics proving what we in the business have known all along. Foreign investment in NYC real estate is not simply a growing trend; it is, quite succinctly, becoming a force to be reckoned with.

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  • The Value of Going Green By Daniel Muhlenberg | October 10, 2011

    It may be trite, but it’s truer than ever: green features save money. Or, in this case, make money. Acording to RealDeal Magazine, an addendum passed on September 29 by The Appraisal Institute, one of the most influential real estate organizations in America, will codify environmentally-friendly building features into market appraisals. So condo owners in green buildings have reason to celebrate; energy saving features will probably raise property values significantly. Crafted in response to the fact that standard appraisal forms fail to adequately account for costly energy saving measures, the addendum will ensure that their value is reflected in financial terms. This gives developers and building owners in Manhattan a financial incentive to be good to the environment, and it could very well change the norm for environmental standards in Manhattan.

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  • Are BIDs a Smart NYC Real Estate Gamble? By Phil Ryan | October 10, 2011

    As anyone who has ever set foot onto the island of Manhattan can attest, the number of neighborhoods is simply staggering. Even more complex is the intricacies with which they interact; while it’s easy to separate Midtown from the Upper West Side, a newcomer to New York City may not even notice the difference between SoHo and NoHo Although nearly every Manhattan neighborhood has its own identity, some subtler than others, the occasional boundary blurring can be confusing to say the least, sometimes hurting what New York Magazine refers to as the “microneighborhood” trend. In an effort to stem this problem, the New York City Economic Development Corporation has created several business improvement districts, or BIDs, aimed at improving the identities and focusing development within particular neighborhoods, especially in the context of revitalization or regeneration.

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  • Hell’s Kitchen vs. Clinton By Kimberly Milner | October 05, 2011

    Depending on whom you talk to, the Manhattan run from 34th to 59th Stree west of 8th Avenue is either home to bohemians or young urban professionals. The buildings are either gritty low-rises or shiny glass towers. The change from low-scale to amenity-driven all depends on the name: Hell's Kitchen or Clinton. Although both titles are appropriated in street talk and business identities, the tumultuous Hell’s Kitchen that served as backdrop to the popular musical West Side Story is clearly gone; glass high-rises stand erect, without dispute. Regardless, each alias has its crowds of hailers. And for those who want to tread more neutral waters, there's always Midtown West.

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  • Flirting With Disaster: New York's Waterfront Dilemma By Daniel Muhlenberg | October 05, 2011

    New Yorkers love waterfront property. Many are flocking to luxury rentals and condos in places like Battery Park City in large part because they sit right on the water. When Hurricane Irene hit in August (or didn’t hit, at least not like it was predicted to), Mayor Bloomberg asked residents in Battery Park City to evacuate, and for good reason: its southern tip is only 7 feet above sea level. While some residents did leave, many stayed, and it proved to be a safe decision. But Irene did raise awareness about a looming problem: in a hurricane prone region like Manhattan, significant measures must be taken to ensure the safety of waterfront residents. This problem must be addressed before it gets worse. The Department of City Planning predicts that sea levels could rise 12 -29 inches by 2050 and 55 inches by 2080.

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  • Outsiders Dominating Large Development in New York By Daniel Muhlenberg | October 04, 2011

    The Manhattan real estate market recovered so rapidly that it’s easy to forget that this recovery has not been uniform. The weak spot in the market continues to be financing; securing loans for large developments has proven to be almost impossible (with a few notable exceptions), and it’s a quandary that local developers don’t have an answer for. Someone was bound to fill this void, and it’s happening as we speak: Real Estate Investment Trusts from around the country are buying and building properties all over Manhattan.

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  • Parking in NYC Just Got Trickier By admin | October 03, 2011

    Parking meters. We’ve all seen them throughout NYC, physical reminders that parking in Manhattan can be a difficult endeavor. But over the past few years, these money-eating sentries have been on the decline with the advent of the new electronic Muni-Meters that require drivers to pay upfront and display a receipt on their dashboards. This new phenomenon begs the question; could our previous methods of parking be changing? The answer is a resounding yes.

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