19 December, 2014 posted by: Douglas Heddings
Flashback December, 2013: Trepidation abounds as a banner year in Manhattan real estate winds down and many are concerned as to whether prices or sales volume can hold their ground much less pick up pace. The typical interest rate concerns as well as fears that new product may not be absorbed echoed through the streets of Manhattan. A new mayor was about to be inaugurated and many of the city’s wealthiest inhabitants paused (for a nano second) to reconsider their investment(s) in Manhattan real estate.
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20 October, 2014 posted by: CORE
The Wall Street Journal featured a profile on the long-hidden block of Renwick Street, a single block situated between Spring and Canal Street’s in Hudson Square. Home to four new developments under construction, Renwick Street’s storied history as a location for a number of horse stables has recently undergone a business and residential face lift, as the neighborhood experiences a new wave or development and growth. “I would venture to say that Renwick Street is probably the most changed block in New York City,” says CORE CEO Shaun Osher. At the forefront of the neighborhood’s latest residential development, CORE is managing the sales and marketing efforts at 15 Renwick, a 31-unit residence slated for completion in 2015.
16 October, 2014 posted by: CORE
Attracting over 54 million visitors so far in 2014, New York City is at the forefront of the nation’s tourism scene. In an effort to encourage both residents and out-of-towners to explore the boroughs outside of Manhattan, NYC & Company, the marketing and tourism division of New York City, has launched a three-month campaign highlighting the best neighborhoods of Manhattan, the Bronx, Brooklyn, Queens and Staten Island. Called “See Your City,” the idea is to encourage residents to “go somewhere new for a change,” says Fred Dixon, the chief executive of NYC & Company. The vibrant campaign will make use of several visual mediums such as stylized posters and videos to communicate its message, which began yesterday.
14 October, 2014 posted by: Keren Ringler
Photo courtesy of Bloomberg Businessweek
With New York ranked as the world’s most coveted location for real estate investment, I have personally witnessed a seemingly historic influx of international buyers vying to get in on the city’s frenzy of real estate activity. Considering the complexities and local nuances associated with buying in Manhattan, overseas buyers are sometimes caught off guard by the process of buying in the city. After several years of working in this market, there are five primary areas of consideration foreign buyers should take into account when looking to purchase a home or investment property:
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30 September, 2014 posted by: Adie Kriegstein
Image courtesy of Flickr
NoHo, the once gritty area just North of Houston Street, has become home to some of the city’s most sought-after real estate. An established historic district, NoHo offers residents a vibrant lifestyle that is both funky and chic, with a number of restaurants and high-end shops throughout the small neighborhood.
NoHo extends north from Houston Street to East 9th Street, and east from Broadway and Mercer Street to Lafayette Street and the west side of Cooper Square. The historic district includes approximately 125 buildings, representing the history of Manhattan’s early commercial industry from around 1850 to 1910, when the area prospered as one of the nation’s major retail and wholesale dry goods centers. Many of these buildings have been converted for residential use, and block-by-block, more buildings are either being converted or new ones are rising that blend in with the surrounding architecture. Read the rest of this entry »
25 September, 2014 posted by: Michael Rubin
For the past several years, New York City has seen an incredible boom in ultra-luxury properties. Today, however, I would like to focus on another segment of the market that holds a great deal of opportunity for buyers today. Priced between $2.5 and $5 million, these mid-range luxury homes are also in high demand.
Despite this great demand, there are hardly any new mid-range luxury properties on the market. Developers continue to focus on over-the-top residences, but it is within this gap that buyers today can benefit.
Through strategic renovations and repositioning, a home’s value can be increased significantly. When house-hunting though, it is important to consider what small feasible changes can be made to increase the current net-worth. With demand for luxury residences expected to rise, now is the time to be prudent so that when the property is eventually relisted, it yields the highest return.
As an example, architect Frank Bostelmann has provided a range of insights below about how to realistically increase value in real estate through cost-effective measures. An esteemed architect known for a sophisticated approach to residential design, Frank shares some great tips that I know you will like: Read the rest of this entry »
23 September, 2014 posted by: CORE
Photo courtesy of HudsonYardsNewYork.com
Heralded as the largest private real estate development project in U.S. history, Hudson Yards will vastly change the face of New York City’s skyline. Bringing over 17 million square feet of commercial and residential buildings to the West Side, the project most recently made headlines after solidifying retail giant Neiman Marcus as its flagship retail tenant, making the location its first in New York City. The mixed-use development will include over 20,000 residential units – including 5,000 affordable housing units, 12 acres of public space, commercial space and more within 16 new skyscrapers entering the NYC skyline.
From now through December 31st, a public exhibition is on view previewing the pending transformation of Hudson Yards. Visitors will have a chance to learn more about the details of his massive project in an interactive setting, open to all Monday through Saturday from 10:00am to 9:00pm and Sunday from 11:00am to 7:00pm.
16 September, 2014 posted by: CORE
Recognized as one of the largest public infrastructure projects in New York City history, the High Line continues to attract thousands of visitors everyday. Currently running from Gansevoort Street in the Meatpacking District upwards to 30th Street, the High Line is now preparing to open yet another portion of the popular elevated park to the public this Sunday, September 21st. With this newest section, the park is growing by 50%. According to an announcement on Friends of the High Line’s High Line Blog, the added Rail Yards section will extend the High Line to 34th Street, between 10th and 11th Avenues. “There’s so much to experience in the Rail Yards section,” says Friends of the High Line Co-Founder Joshua David. “It’s truly spectacular.”
12 September, 2014 posted by: Douglas Heddings
Here we are in the second week of September and the numbers thus far are both telling and expected. Take a look at the charts shown above and below, which show an almost 5% increase in inventory in just the 5 days after Labor Day. In addition, contract signings for that same 5 day period decreased by 2%. It is too early to tell but if history does indeed repeat, we will see a continued increase in inventory and a decrease in contract signings through September. That said, contract signings in October should pick up to a considerable pace as the summer officially ends for all, children are settled into school and the Jewish holiday of Rosh Hashanah will have passed. L’shana Tovah. Read the rest of this entry »
09 September, 2014 posted by: CORE
Marking the official launch of CORE’s latest new development 42 Crosby, The New York Times covered a classic illustration of New York City’s robust luxury residential market. Situated on the corner of Broome and Crosby Streets, the 10-unit Soho building was profiled after unveiling plans to provide private parking to residents for $1 million per space. With space at a premium in NYC, parking is the number one most requested amenity in residential development. “We’re looking at setting the benchmark,” said Shaun Osher. “In real estate, location defines value and parking is no exception to that rule.”