Elegran Edge
The Real Estate Blog

What is Elegran Edge? It’s the blog where we bring together the biggest and best stories from our neighborhood blogs and agent blogs. If it’s happening in Manhattan real estate, you can find it here.

Articles about "Real Estate Deals"

  • Elegran Climbing the Ranks of the Top 10 Real Estate Firms in NYC By Tigh Loughhead | May 04, 2016

    The Real Deal features Elegran in the top 10 of “Manhattan’s Top Mid-Sized Firms” by climbing the ranks of NYC’s leading real estate companies in 2016.

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  • Cash Only: The New Trend for Luxury Real Estate By Thomas Faddegon | May 10, 2013

    A suitcase full of money is an image most people would associate with Hollywood depictions of illicit transactions. In reality, cash deals have always been a staple of high end real estate. But in the modern Manhattan market, this cinematic motif (suitcase optional) is becoming more commonplace by the day.

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  • High Demand, High Prices: The Rebound of the Manhattan Luxury Market By Frances Gonzalez | February 01, 2012

    2012 marks three years since the Manhattan real estate market began its slow rebound from the national recession, and the revival's unique set of circumstances has finally struck the high-end market. The price of luxury apartments – defined strictly as the top 10% of all Manhattan condo and co-op deals – has skyrocketed over 2011, resulting in a 9% price increase from the previous year. The price of a luxury home now averages $2,074 per square foot – well above the 3% rise to $1,130 per square foot of the whole Manhattan market.

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  • 15 Central Park West Apartment Sets Records at $88 Million By Frances Gonzalez | December 21, 2011

    The apartments at 15 Central Park West are famed for their prized spaciousness and their history of housing some of Manhattan's wealthiest residents. A new construction condo building designed to recall pre-war flapper luxury, 15 CPW's apartments are renowned for their close proximity to Central Park, classical style, and amenities that range from a 75-foot-long private swimming pool and screening room to a stocked library and elegant motor court with copper-roofed pavilion. Those who choose to buy condos at 15 CPW typically top the lists of both Manhattan's more elite homeowners and also the more private; while the post-war condo rarely houses showboating celebrities, the net worth of the residents of 15 Central Park West is rumored to top $50 billion. And now the famous NYC apartment building has secured a deal for the record books. Ekaterina Rybolovleva, the 22-year-old daughter of Russian billionaire Dmitriy Rybolovlev, has signed on to buy a condominium at 15 Central Park West for a staggering $88 million.

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  • Cornell Wins Bid to Build Roosevelt Island Campus By Daniel Muhlenberg | December 19, 2011

    After 2 months of reviewing proposals from various universities to build a science and engineering school on Roosevelt Island, Mayor Bloomberg announced today that Cornell University has won the competition. This came to no one’s surprise after Stanford University withdrew their proposal 3 days ago; the 2 schools were widely considered to be the only ones under serious consideration, although Columbia University and NYU were also in the running. An anonymous donor gave $350 million towards Cornell’s bid to help build the campus, greatly enhancing the credibility of their bid.

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  • World Financial Center Hits Roadblock By Justin Spees | December 15, 2011

    The world of Manhattan real estate has known for months that the law firm Milbank Tweed, Hadley & McCoy LLP has been in talks with Brookfield Office Properties about leasing 300,000 square feet of space inside the World Financial Center after its current contract runs out. The law firm currently rents office space from JP Morgan Chase at 1 Chase Manhattan Plaza, and its lease agreement is about to expire.

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  • Condo in Central Park South Doubles in Price By Daniel Muhlenberg | December 14, 2011

    The high-end of Manhattan’s real estate market continues to exceed expectations. Who would’ve guessed that a luxury condo in Central Park South that sold for $4.1 million in 2005 would now be on the market for $8.3 million? Arca Advisors bought 69A in The Park Imperial on 56th Street six years ago, and after renovating it they’ve found that it has doubled in value. If you want to know why 69A is so valuable, the reason is pretty clear: there are barely any high-end Manhattan properties available in Central Park South. The Real Deal quoted a source familiar with the transaction as saying, "The renovation is partly influencing the price, but there's also nothing left on the market. If you have an $8 million buyer who wants a view of the park, there's nothing to show them."

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  • Propping up the Real Estate Market One Green Card at a Time By Justin Spees | December 12, 2011

    The United States has looked increasingly towards an unlikely source to rejuvenate the flagging real estate market: foreign buyers. Here in Manhattan, we can thank the international community for a sizeable amount of our housing market’s recovery. Foreign investors in the New York borough make up 30% of all property owners. The banking giant HSBC recently increased the size of the loans its willing to give foreign investors for property in New York, as a way to spur investment. And the federal government has come up with ideas of its own. The Immigrant Investor Program, or EB-5, is  one such idea. The program fast tracks green card obtainment for immigrants who are willing to invest at least $500,000 into the American economy.  It was initially conceived in 1990, but its been updated in recent years to make it as attractive as possible to wealthy investors.

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  • Ownership of Stuy Town Up in the Air By Daniel Muhlenberg | December 06, 2011

    When Metropolitan Life, the longtime owner of the joint Stuyvesant Town and Peter Cooper Village complex, put it up for auction in 2006, tenants made a bid to acquire the 80-acre property, but it was to no avail. MetLife ended up selling Stuy Town to Tishman Speyer Properties and BlackRock Realty for a record $5.4 billion, a decision which later proved distastrous - the two ownership groups defaulted on $4.4 billion worth of loans and abdicated ownership rights. CW Capital in 2009 took out a mortgage for $3 billion to acquire rights to the property, but now they’re looking to sell. So the tenants association of Stuyvesant Town and Peter Cooper Village are again attempting to make another bid for the complex (although that bid has yet to be formed), except this time they’ve formed a partnership with a major player with deep pockets - Brookfield Asset Management.

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  • Former St. Vincent Building Converted Into Luxury Condominiums By Kimberly Milner | September 29, 2011

    When millions of dollars of debt convinced the board of St. Vincent Catholic Medical Center to close its flagship hospital in Greenwich Village back in 2010, land development proposals for one part of the St. Vincent campus has finally come to fruition as modern luxury condominiums.

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