Archive for March, 2012

10-Year Manhattan Returns on Investment Remain Strong Despite Recession

Posted by ricardo on 3/22/2012 | |

 

The latest 10-year Manhattan Market Report, compiled by Jonathan Miller, was just recently published. The report contains tons of data about the Manhattan market. From this data, we decided to calculate two figures that our clients ask about most – the average annual rate of return for Condos and Luxury properties in Manhattan.

Based on our calculations, the cash-on-cash returns for Condos and Luxury properties in Manhattan from 2002 to 2011, including the price declines of the Great Recession, were quite strong.  For instance, we calculated an annual return of 5.2% for Condos and 6.1% for Luxury properties (being defined as the top 10% of all sales in the city). For this calculation, we used the increase in price per square foot, perhaps the best measure.

Had we calculated these returns based on a 50% down payment, the yields would have been percentages in the low to mid teens.  At an even lower down payment, such as 30%,which is offered by HSBC, the returns would have been even higher.

For more information about investment returns for Manhattan properties, please ask us.

Sprawling 4 bedroom Home at The Apthorp

Posted by ricardo on 3/7/2012 | |

 

This past weekend we visited The Apthorp on the Upper West Side in New York with a client and were amazed with the new model homes created by their new Creative Director. Interior designer Stephen Sills was named by Architectural Digest one of the “30 Deans of America Design” with clients like Vera Wang and Anna Wintour.

“The grand and gracious style of the Apthorp is much like a classic Parisian apartment with its Old World proportions and intricate detailing not found anywhere else in New York. It serves as an incredible canvas. My goal is to create an archetypal apartment where neoclassical and modern motifs combine into a contemporary and multifunctional home.”  Says Sill.

And today, the Sales Office kindly shared with Manhattan Miami their new 4 bedroom home priced at $7,750,000. Their mail describes Residence 9D as the ultimate home with a 3,300 square foot space featuring the Apthorp’s legendary details. Ceilings of nearly 11 feet, two decorative fireplaces and oversized windows add to the appeal of this luxury residence. Ability to customize. Additional images below.

The Apthorp, built by William Waldof Astor and modeled after Florence’s Pitti Palace, is a landmark building made in the Italian Renaissance Revival style that has recently been renovated and meticulously restored to its original 1908 condition. The grand style and architectural features of iconic iron entry gates, rich ornamented limestone facade, private courtyard drive are many of the elements that set Apthorp apart from other NYC landmark Real Estate.

Contact us for additional info or check The Apthorp’s official website.

Corcoran Sunshine Marketing Group is the Exclusive Marketing and Sales Agent for The Apthorp.