Dramatic changes in the economy at large have been reflected in the New York City real estate market and beyond. Continued expectations of significant increases in home values year after year are unrealistic. Prognosticators from across the real estate industry foresee prices returning to levels achieved prior to recent stratospheric rises.
The CORE Real Time Report for January highlights these changes by evaluating data from the most recent transactions to provide up to date information regarding the state of the market today.
I must say, as my first in-person encounter with Reggie Arthur drew near I didn’t really know what to expect. My partner here at CORE Group, Kirk Rundhaug, had worked with Reggie before, and vouched for the results. Indeed, a property Kirk had listed for over a year found a taker the day after Reggie did what he does
Now, as I stood waiting for him outside the Upper West Side building where a listing of ours had been on the market for just over six months, I thought to myself, “What’s this guy going to be like? Will he be an inch off the ground? Speaking in tongues? Eyes rolling back in his head? Is he going to want to hug me? What?” Kirk’s experience notwithstanding, I confess to a degree of skepticism.
I’m happy to say, the person I encountered that afternoon defied my somewhat cynical expectations. In my first meeting with Reggie Arthur I was face to face with a warm, gregarious, and firmly rooted gentleman with whom I formed one of those instant connections we happen upon from time to time. We chatted, he cleared, and less than a week later our Upper West Side listing had an accepted, all cash offer that closed in just a little over a month! A coop, no less!!
Now, not only is Reggie an integral part of our team, he’s a friend.
Since they were first listed, the two contiguous units on the 35th floor at 15 Central Park West have garnered considerable attention and received tremendous traffic from potential tenants. At this time, leases are out for both units individually at full asking rents to immaculately qualified applicants. One individual initially offered considerably below the asking price for both units and returned with a year-up-front cash offer above ask a little too late in the game. Numerous other people have requested to be put on a waiting list.
The bottom line is, an iconic building such as 15 CPW will always draw well-heeled crowds. You can rent in one of the most famous buildings in the world for a fraction of what it would cost to buy; although money isn’t really the issue with most of the people, 15 CPW affords a certain level of lifestyle that exists only in a handful of buildings in NYC. Robert A. M. Stern’s limestone-clad building has more in common with pre-war buildings on CPW and Fifth and Park Avenues. This building conveys a certain lifestyle most of the residents already have. It is traditional enough where it looks like it has always been there, but yet, offers all the modern amenities desired by its demanding occupants. This is a building that will withstand the test of time and be adulated by many.