Manhattan Blog

10 Hudson Yards Opens in New York

On Tuesday, 10 Hudson Yards officially opens with its first commercial tenant in place, as Coach Inc. consolidates its offices at the building on the far West Side.

Read the full article at: www.wsj.com

10 Hudson Yards finally opened its doors yesterday, four years after ground breaking. The 52-story commercial tower built over the rail yard next to the High Line at West 39th Street and 10th Avenue in New York will house corporate heavyweights like Coach, L’Oréal, SAP, and Boston Consulting Group, to name a few. 

Phase I of the project will include an additional 4 towers. It will also feature a 1-million square foot mall anchored by NYC’s first Neiman Marcus scheduled to open in 2018. In addition, Phase I includes the recently opened new 7 train train extension at West 34th St. and 11th Avenue. Phase II of the project, which will be mostly residential, will be rising due West along the Hudson River as Phase I nears completion.

The effect of the Hudson Yards project on New York City has been huge, with many large companies planning to decamp to the area as the other towers come online.  In addition, the project fueled land and condo price growth in the neighboring vicinity, especially along the High Line due south, which is lined with many interesting residential condo developments from notable architects like Zaha Hadid, Soo Chan, Isay Weinfeld, and Thomas Juul Hansen, to name a few.

Every day we are hearing announcements of businesses coming to the area. Most recently we have heard that KKR, Time Warner, Wells Fargo Securities, and HBO will decamp to 30 Hudson Yards and the first Equinox Hotel will open at 35 Hudson Yards. Even NYC’s Fashion Week will decamp to the Culture Shed, Hudson Yards’ 6-story event space. And, most important to New Yorkers looking to live in the area, it has been reported that Whole Foods will be coming to the area, opening directly opposite the mall on 10th Avenue between 31st and 32nd Streets.

 

Check out the posts below to learn more about the Hudson Yards project in New York:

 

Hudson Yards Effect – A New City Rises

New Development Highlight: 15 Hudson Yards

New Development Highlights: 35 Hudson Yards

 

Posted by ricardo on 6/1/2016 | |

NYC Wealth Stats from The Knight Frank Wealth Report

“The global population of ultra-high-networth individuals (UHNWIs) has grown by 60% in the 10 years since The Wealth Report was first published. According to data prepared for the 2016 report by wealth intelligence company New World Wealth, there are now 187,500 UHNWIs with $30 million or more in net assets, excluding their principal residence, around the world. This figure is up 61% from 116,800 in 2005.”

Read the full article at: www.knightfrank.com

The Wealth Report, an annual publication released by worldwide property consultancy Knight Frank, looks at wealth and global prime property trends. In 2016, NYC ranked #2 in terms of being the most important and well-connected cities for Ultra High Net Worth Individuals or UHNWIs (those with over $30 million in net worth excluding primary residence), behind London. This is the second year in a row that London has beaten NYC, however, both cities have long dominated the ranking of global cities that matter to the world’s wealthy.

New York City had 5,600 UHNWI residents in 2016, the highest of any of the global cities, up by 32% over the last 10 years. In addition, the report looked at how well connected cities were in terms of UHNWIs living within 2 hours travel time. NYC came in at 8,300 UHNWIs, while London had 4,500 UHNWI residents, with 16,100 UHNWIs were living within 2 hours travel time, the highest of any of the global cities. The concentration of wealth in Europe helps to explain why the report suggested London being the more important global city than New York.

In terms of Multi-Millionaires (those with over $10 million in net worth, excluding primary residence), NYC came in first with 14,300 Multi-Millionaires vs. London with 12,730 Multi-Millionaires. In terms of Millionaires (those with over $1 million in net worth, excluding primary residence), NYC came in second with 320,000 millionaires vs. London with 370,000 millionaires.

The report also reported on Seasonal Fluctuations of the Multi-Millionaire population (those with over $10 million in net worth, excluding primary residence), which are good prediction of demand for second home purchases.  With a peak population of 32,500, NYC ranked #2 behind London. The Low Population of 11,870 ranked #1, higher than London, which came in at 10,450.

Going forward, the report predicted that in the next 10 years, NYC would pick up an additional 1,624 UHNWIs, maintaining its status of one of the most important cities for UHNWIs. 

So, what does all this mean for the property market? Expect a robust market for Manhattan prime and super-prime properties for the next decade. 

Posted by ricardo on 3/25/2016 | |

Manhattan Real Estate Market Update | Q4 2015

Manhattan Real Estate Market

The Manhattan Real Estate Market median and average sales price, as well as the average price per square foot, reached the highest levels recorded in 27 years in Q4 2015. The resale market remained tight with low inventory, fast pace and rising prices. New development closings are on the rising as well. While many regions

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Posted by ricardo on 2/22/2016 | |

Trump World Tower is most valuable NYC condo building

The Donald Trump-developed condo tower at 845 United Nations Plaza has the highness total tax assessment in the city, according to Department of Finance data.

Read the full article at: therealdeal.com

Certainly, this “win” will give Trump one more thing to brag about during his fascinating presidential campaign. Built in 2001, the condo building, which also goes by the name Trump World Tower, is 72-stories tall and sits on the East River. 

Other notable NYC condo buildings that made the top 10 were: 15 Central Park West, which came in second, but held first place last year; One57, the infamous new ultra-luxury 90-story tower overlooking Central Park that opened in 2014, which came in third place; the Sheffield, located at 57th and 8th, which came in fifth place; and Rushmore, overlooking the Hudson River in the Upper West Side, which came in 10th place.

As to how the city comes up with the assessed value, that’s a good question.  Assessed values are generally well below actual market values, so they may not mean too much to buyers and sellers. But, they mean a lot to the tax man. For the first time in history, the total assessed value of all NYC property crossed the $1 trillion threshold, resulting in an increase in the average condo tax assessment across the city by 10.6%. This has led to calls from Governor Cuomo for New York City to cap property tax rates at 2%

Posted by ricardo on 1/31/2016 | |

NYC Condo plans nowhere close to pre-crash levels

Condominium-plan submissions to the New York State Attorney General are the highest they’ve been since 2007, according to a TRD analysis of applications data.

The final unit count for 2015 will come nowhere close to pre-crash 2005 and 2006 levels. However, some argue that the lower numb

Read the full article at: therealdeal.com

A recurring theme in the NYC condo market for years has been low inventory. The Real Deal chart above provides a great depiction of the trend of new development applications over the last 10 years and confirms what we have been anecdotally have been talking about for years. 

After the Lehman Brother’s collapse in 2008, there was a steep drop off in NYC condo unit applications after 2008, as bank financing dried up. It was only in 2013 before inventory started to pick up again.  Anyone buying during the 2011 – 2012 time frame remembers how crazy that time was, with scarce choices and bidding wars. 

While the chart depicts good news that inventory is increasing to more normal levels, offering buyers more options, it is still much lower than 10 years ago and still nowhere near demand. For instance, demand for NYC Condo units is so strong that November inventory declined by the most on record says Streeteasy. Basic supply and demand dictates that low inventory will create higher prices, creating opportunities for current buyers. 

Posted by ricardo on 1/13/2016 | |

New Development Highlight: The Bryant NY Residential Condo

The 33-story mixed-use tower at 16 West 40th Street is the first ground-up New York project by the British architect known for his pared-down aesthetic.

Read the full article at: www.nytimes.com

The Bryant NY is the newest midtown residential condo located on Bryant Park. The lower 15 floors will house a hotel from which residents can use its services on an a la carte basis. With units starting on the 16th floor, all residential units will have great views north to Bryant Park and south to the Empire State building.

Since all units are corner apartments at The Bryant NY, with at least double exposure, each unit will draw in light no matter where one is located in the building. We especially like the slim-profile, floor-to-ceiling sliding windows with Juliet balconies.

David Chipperfield, award winning British architect created this unique building in minimalist design, used terrazzo, both inside and out, as the main structural element of the building. We have never seen terrazzo used in this manner in any other NYC buildings, so are excited to see the building when it is completed in 2017. Currently, Chipperfield is designing a new wing for modern and contemporary art at The Metropolitan Museum of Art in NYC.

The Bryant Park neighborhood has been in the state of change for many years, with Manhattan’s core becoming more and more residential. A testament to this new trend is that a Whole Foods opening up only 1 block away. Occupancy for The Bryant NY Condo is expected for 2017.

Posted by ricardo on 12/5/2015 | |

New Development Condo at 55 West 17 Street NY

55 West 17th offers a collection of 53 distinctively modern condominiums in the heart of Chelsea. Come explore these magnificent residences today.

Read the full article at: www.55west17th.com

At the nexus of the Flatiron, Chelsea and Union Square, 55 West 17 Street in NY is a reasonably priced new development condo with 53 homes ranging from 1 to 4 bedrooms, designed to maximize space and light, which is enhanced by oversized windows. Residences are modern, but classically inspired, designed to fit in the context of the “Ladies Mile” historic neighborhood.

Residences feature open floor plans for entertaining, wide-plank oak flooring, oak custom cabinetry, Bianco Oro marble countertops, and top-of-the-line Gagganeau kitchen appliances. Amenities include 24-hour doorman, residents’ lounge, outdoor terrace, fitness center, and children’ playroom.

The neighborhood West 17th St, between 5th and 6th Avenues, is essentially the epicenter of Tech Startups in Manhattan http://www.digital.nyc/map, so we expect the building to do very well especially with the tech crowd. Toll Brothers developed the building and architect Morris Adjmi designed the project. Occupancy 2017. 

Posted by ricardo on 12/5/2015 | |

432 Park splits full floor units as few buyers of huge apartments

The developers of 432 Park Ave. have split full-floor apartments at the 1,396-foot tall tower in half in a move that may signal a slowdown in sales for $50 million-plus apartments.
With several…
To view the full story, click the title link.

Read the full article at: www.crainsnewyork.com

While 432 Park Avenue is over 70% sold out, the tony New York City Condo building has been having a hard time selling its high, full floor apartments. It’s no wonder, since full floor units at 432 Park measure over 8,000 square feet, which is enormous for a New York City condo, and considering they are on some of the highest floors, very expensive (at close to $80 million). 

Dividing full floors 91-95 into two sized units, one at 3,977 sq. ft. and one at 3,942 sq. ft., would make much more sense and align these units with those of many of its competitors, namely 520 Park, which has full floors at 4,613 sq. ft., Baccarat (although some may not consider this an exact competitor) at 4,500 sq. ft., and 111 West 57th Street, which will be around 5,000 sq. ft. 

One57 and 53 E53rd St. (MoMa tower by Jean Nouvel) will have full floor units at 6,300 sq. ft. and 6,786 sq. ft., respectively. But 432 Park Avenue will be the only one to have such large full floors, which 432 Park Avenue will still retain on floors 96 to 99. 

Posted by ricardo on 11/10/2015 | |

220 Central Park South to be most expensive NY Condo to Build

We knew that Robert A.M. Stern’s limestone tower at 220 Central Park South was expensive—it may be home to NYC’s priciest condo, after all—but this is just bananas: according…

Read the full article at: ny.curbed.com

With land, development and construction costs clocking in at $5,000 per square foot, no wonder why prices at 220 Central Park South are breaking records. While one would think high prices and related costs would be an impediment to sales activity, the Real Deal states that the building is more than 50% sold, despite not being open to the public just yet. We are not surprised, having seen all the details of the project with a few of our clients at the makeshift showroom.

 

All along we have been saying that 220 Central Park South, once completed, would be NYC’s crown jewel of New York Condo buildings, as it has protected views of Central Park and elegant and sophisticated designs by revered architect Robert A.M. Stern.  This will be NYC’’s most prized tower, like 15 Central Park, which shares the same architect.

 

The only building that is anticipated to have a higher sellout (at a whopping $4.4 billion of condos) is Central Park Tower (aka Nordstrom Tower or 217 West 57th St.), which sits directly south of 220 Central Park South. Central Park Tower will, no pun intended, tower over 220 Central Park South by 50%, making it the tallest New York Condo building in Manhattan. But, that tower won’t be on sale for another couple of years.  For more information about the project, contact us. 

Posted by ricardo on 11/8/2015 | |

New York Real Estate Fairly Valued – London and HK in Bubble

It will surprise few that the property markets in London and Hong Kong look a bit bubbly. But get this—real estate in New York is “fairly valued,” according to a new report. Economists at UBS crunched the numbers for the world’s major financial centers, building a “global real estate bubble index” from a variety of…

Read the full article at: qz.com

New York real estate prices are fairly valued, according to the new UBS Global Bubble Report. In the report, UBS economists analyzed the data of 15 financial centers, of which only two were rated as being at fair value, New York and Boston, with most others classified as overvalued or in bubble territory.  

The New York real estate market bottomed in 2012 after a 5-year price correction and prices have been on the rise since. However, right now, the New York real estate market is no where near in bubble territory. In fact, New York property prices still have much room to grow. The price for an average house in New York in inflation-adjusted terms is currently still more than 25% below its 2006 peak. And, the high property prices in New York are supported by high incomes and jobs, in contrast to many others in the study. 

London and Hong Kong property prices are in bubble territory, which means that both cities are at a high risk for a significant price correction. Hong Kong has been in bubble territory since 2011 and UBS believes that a “price correction seems imminent”. London, the most overvalued property market in Europe, has been in bubble territory since 2013. The London real estate market has decoupled from the local household earnings, with the influx of foreign buyers as a result of global turmoil. However, this decoupling is unsustainable and the London property market could see steep price drops like those projected for Hong Kong. 

Sydney, San Francisco, Amsterdam, Geneva, Zurich, Paris, Frankfurt, Tokyo and Singapore, in that order of magnitude, were all cited by the UBS report as being overvalued, although Sydney is rapidly approaching bubble territory. The report goes on to state that owners in these cities should not expect any real appreciation in the medium or long term.  In contrast, New York should see real appreciation for years to come. 

Posted by ricardo on 11/1/2015 | |
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