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Good Morning New York Real Estate

Voice AmericaSeptember 02, 2014

Parul Brahmbhatt is featured in this weekly online real estate segment.

Soho Steampunk Paradise 15 Renwick Shows More of Itself

CurbedSeptember 02, 2014

Ahead of a mid-September sales launch, condo building-in-progress 15 Renwick is continuing to produce visuals for a rather outlandish marketing campaign that involves Marie Antoinette lookalikes hanging out in million-dollar Soho condos. (Well, since it's west of Sixth Avenue, the building is technically inHudson Square.) The latest images show the lobby, above, and a living room, below. Spotted: a dirigible; a chalice with spilled red wine; a vicious game of backgammon; two-foot-high hairdos. From the outside, the long-stalled project will be black, glass, and boxy, courtesy of Eran Chan at ODA Architecture.

 

 

 

The 11-story, 31-unit building is slated for completion in 2015. It will include 24 two- and three-bedroom asking between $2 million and $5 million, as well as three adjoining townhouses ($3.9 million to $7.5 million) and four duplex penthouses ($7.85 million to $10.5 million). We can only hope that the buyer-vetting process includes not just how good their credit is but also how many Victorian gowns they own.

‘Glee’ Actor Darren Criss, Marc Cherry Sing at Marie’s Crisis

New York PostAugust 28, 2014

A multitalented crew led a happy singalong early Sunday morning at West Village piano bar Marie’s Crisis.

 

Spies said “Glee” star Darren Criss, “Desperate Housewives” creator Marc Cherry, cabaret singer Michael Feinstein, Broadway songbird Laura Osnes and top real estate brokers Tom Postilio and Mickey Conlon belted out “One Day More” from “Les Misérables.”

 

Later, Osnes led the crowd in “Ten Minutes Ago” from “Cinderella.”

 

 

The group had just wrapped shooting a TV special at the new Rainbow Room.

Design in Architecture: Shaun Osher of CORE (HGTV) chats with French Architect Joseph Dirand

Portobello DesignAugust 28, 2014

HGTV's Selling New York, which has since been canceled (What were they thinking?), was my favorite program on Thursday nights, or any other night.   So much so, I would watch it live and then immediately re-watch the DVR'd portions I wanted to see again.  Shaun Osher of the boutique, full-service consulting brokerage firm CORE (Cayre Osher Real Estate) revealed a 5th Avenue penthouse in New York in 2011 by the famed French Architect Joseph Dirand, and I was mesmerized.  His design is the perfect revelation of architecture and nature; an expression of functionality "while not adding, what is not needed."  The  rooms' compositions are a concert of styles, contemporary as well as classic, with relation to the framed view as the art work.  The penthouse is featured as a gallery-like showing, with a poignant design and breath-taking views as only Joseph Dirand could create.  His work is compelling and engaging and entirely memorable and the bench mark for all architects and designers.  Dirand created a conversation between line, form, and nature, it is simplicity personified.  Several weeks back,  I remembered that Shaun Osher had produced films, CoreTalks, and I am pleased to announce the conversation between Shaun and Dirand as they tour the penthouse at 812 5th Avenue was still available to view.  Enjoy!

Hudson Square Coming Alive With New Condos

New York PostAugust 27, 2014

“Five years ago, we got our first pharmacy,” says Ellen Baer, the president of Hudson Square BID, about new happenings in the neighborhood that sits on SoHo’s western end. “That was exciting.”

 

If that’s excitement, then we’re not sure if Hudson Square — starting at West Houston and going south to Canal Street, and from Sixth Avenue west to Greenwich Street — will be able to handle everything the future has in store.

 

Two of the biggest developers in the city — Related and Extell — have set their sights on this modest area once known as the Printing District, which most New Yorkers only go through on their way to the Holland Tunnel.

 

Fancy boutique hotels like the 122-key Hotel Hugo are popping up (it soft-opened in April, but will have its official launch this fall) and more are on the horizon, including the 329-key Tommie, the first in a new line of micro-hotels from Commune Hotels & Resorts, which owns Thompson Hotels. Also arrived, an outpost of the hip eatery Westville (with locations in the East and West Village) and artisanal slow-food joints Dig Inn and ’Essen.

 

And naturally on the horizon are residential projects, like 15 Renwick, a 31-unit condo developed by IGI-USA and designed by Eran Chen, of ODA, that Core is unveiling next month. “The product is different fundamentally than anything on the market right now,” says Shaun Osher, CEO of CORE.

 

For one thing, 15 Renwick’s units are smaller. Where developers “brought big units into the market because there were none — now everything is big units, and the market demands smaller units,” notes Osher. And smaller units mean less crazy prices.

 

 

Which is not to say that 15 Renwick is cheap. Two-bedrooms start at $2 million (with some going as low as $1,575 per square foot) and go up to $10.5 million for a penthouse. But there is a considerable difference between Hudson Square new condo prices and those of its neighbors.

New Listings

Real Estate WeeklyAugust 27, 2014

BROOKLYN

Williamsburg

66 North 1st Street, 1D

$1,250,000

 

One-bedroom, two-bathroom duplex loft condo with 1,600 s/f of living and outdoor space including 700 s/f two-tiered private patio. Double-height ceilings, oversized windows, exposed brick, walnut flooring. Modern chef's kitchen with a breakfast bar overlooking dining area. Ion staircase leads to bedroom, second full bath and an additional nursery/den/office. Custom closet, washer/dryer, central HVAC. Low common charges and 421a tax abatement. Listing agents: Patrick Lilly & Cassie D'Agata, CORE.

Good Morning New York Real Estate

Voice AmericaAugust 26, 2014

Parul Brahmbhatt is featured in this weekly online real estate segment.

From Broadway to Brokering: Tom Postilio & Mickey Conlon of CORE on the Similarities of Show Biz and Real Estate

6SqFtAugust 26, 2014

No need to rub your eyes, if Tom Postilio and Mickey Conlon look familiar, it’s probably because you’ve spent a season watching them run around Manhattan showing multi-million dollar properties to some of the world’s richest. The pair, who also share a Broadway past, were one of the first to bring real estate reality television to the masses with HGTV’s hugely popular Selling New York. But there’s more to Tom and Mickey than their stage sheen.

 

 

To date, the “Dream Team” has brought in over a $1.5 billion dollars in sales at CORE, securing the firm’s spot as the #1 brokerage in town, and earning themselves CORE’s 2013 Top Producer Award while at it. Charismatic and capable, it comes as no surprise that Tom and Mickey are a prime pick amongst developers and celebs looking for record-breaking results (David Sanborn, Lady Gaga, Jim Carey and Joan Collins are just a few of the names that make up their roster). We recently chatted with the powerhouse pair who gave us the scoop on everything from their first sales, to bringing what they learned on Broadway to the real estate business, to one of their most memorable closings involving a 7-foot fiberglass replica of the Statue of Liberty!

Almost Gramercy Park

New York ObserverAugust 25, 2014

It is a commonplace of New York City real estate that brokers and developers often label less desirable neighborhoods to cash in on proximity to more established bastions. Thus "Nolita" and "NoMad," the too-liberal applications in listings of "East Williamsburg" and "South Slope." More unusual are instances of marketers dispensing with perfectly good, geographically appropriate brand names in favor of sobriquets less well known.

New York City's 10 Best-Selling Buildings of 2014 (So Far)

CurbedAugust 25, 2014

As Curbed is wont to do as each quarter goes blazing by, we've asked our friends at Property Shark to compile the buildings that sold the most apartments so far in 2014. It's been a gangbusters time for real estate sales. Despite the crazy number of new developments, many of 2014's best-selling buildings are ones that have been around for a little while—and even in locations we normally wouldn't consider booming, like Bayside. Of course, Midtown West and the Financial District sell a lot, too. Remember, for projects with hundreds of units, it takes a while to offload them all. Also, note that this list is ranked by sheer number of units sold through August 20, 2014, without considering the context of how big or small the development may be.

Should I Sell My Two-Bedroom Before or After I Buy a Bigger Place?

Brick UndergroundAugust 25, 2014

Q. I own a two-bedroom condo worth roughly $1.5 million, with a $300,000 mortgage and $500,000 in the bank. I want to buy a three-bedroom for between $2.25 million and $2.5 million. What’s the best strategy to do this? Should I sell the current place and rent while I look? Or make an offer on a new place and hope to sell before I close?

 

A. The unfortunate trade-off of being a seller in a seller's market is that, often, you wind up being a buyer as well, and this is particularly tricky when you're in the market for pricier digs. While a host of personal factors will go into this decision, our experts recommend that you sell first—or at least line up a buyer, even if you don’t close on the deal—before you seriously bid on a three-bedroom.

 

“In this competitive and inventory-starved market, it is best to go to contract on your current home and then proceed with a purchase,” says Douglas Heddings, the executive vice president of sales at the brokerage CORE. “No seller will go to contract contingent on the sale of your home." In other words, many sellers these days have their pick of buyers, and no one wants to hinge their own deal on the success of yours.

 

From a financing perspective, “the easiest and least stressful scenario is to sell first, get pre-qualified from a bank for a new mortgage, and rent while you are looking for your next home,” says Robbie Gendels, a senior loan officer in the New York City office of National Cooperative Bank. 

 

Plus, if you’re looking to buy a co-op, the board may look askance if you haven’t at least listed your former home.

First, put your place on the market, so “you can start your search right away and try to narrow your focus or investigate various new developments or new neighborhoods,” says Gordon Roberts, a broker at Sotheby's International Realty. Check out real-life three-bedrooms in your budget—both for sale and rent—to “give you some comfort that you will find something,” advises Heddings.

 

If and when a buyer pounces on your condo, “you may have enough leverage as a seller in this market to extend the closing date on your sale," says Heddings, so that you could delay actually giving up your condo until you snag the three-bedroom.

 

Or, if you don’t find a place right away, your fallback position could be to rent short-term while you keep looking. “A period of renting might be carefree fun and give you an opportunity to test drive an otherwise unfamiliar neighborhood,” suggests Roberts.

 

Alternatively, “another option is a post-closing possession agreement whereby you sell and close on your current home and then become the tenant of the new owner at a market rent for a finite period of time,” Heddings says. “Attorneys aren't fans of these but they may be a solid option.”

 

In any event, unless you close on the sale first, “you will need to have sufficient income to carry both mortgages, maintenance and/or common charges, etc.,” says Gendels. “Have sufficient funds for the down payment and show that you have your current home up for sale—an agreement with a broker is sufficient.”

 

Some options for drumming up a down payment while you’re still paying off the mortgage on the two-bedroom: selling off other assets, like stocks; hitting up your parents for a gift; or taking out a home equity line of credit. 

 

 

Cute Brick Townhouse in Prospect-Lefferts Asks $1.675M

CurbedAugust 24, 2014

Welcome to the Brooklyn Townhouse Roundup, where we—you guessed it—take a look at the most notable Brooklyn townhouses on the market. Got tips? Send 'em here.

 

First up is this cute two-story brick and limestone townhouse in Prospect-Lefferts Gardens. The home has been recently restored, with a new kitchen and appliances, central A/C and heating, and two skylights. The house has high ceilings, lots of closet space, and hardwood floors with mahogany inlay. It's asking $1.675 million.

 

Next up is this three-story brownstone in Fort Greene. Built in 1871, the 20'-wide brownstone has been preserved well but could use some updating. Details include plaster moldings and medallions, original woodwork and flooring, pocket doors, and marble mantels. It's asking $2.695 million

 

Up next, this recently-renovated three-story in Bushwick is asking $995,000. The two-family house has good income potential, with a washer-dryer in each unit, new kitchens and baths, and hardwood flooring throughout.

 

Next is this two-story house on the border of Greenpoint and Williamsburg. The strange-looking house has a garage, a nice patio, and a standalone studio in the back. The place has also been recently updated, renovated, and soundproofed. It's asking $2.1 million.

 

 

Finally, in Carroll Gardens, this cute two-story is asking $2.990 million. Despite some interesting decorating choices, the house has lots of potential, including three working fireplaces, a nice garden patio and arbor, and tons of closet space.

Park Slope Duplex With 18-Foot Ceilings Asks Under $1 Million

CurbedAugust 22, 2014

Double-height ceilings and two private outdoor spaces make this 1,181-square-foot Park Slope two-bedroom, two-bathroom open and airy. North and south exposures, as well as two skylights, provide a lot of natural light, and the home's duplex layout allows for a somewhat flexible floorplan. The current owners have the smaller upper level configured as an office and a den, but it could easily be turned into a master suite, as it has its own full bathroom. It's located at 267 Eighth Street near Fifth Avenue, and it's listed for $995,000, which is just a teensy bit under the neighborhood's median price for two-bedroom condos.

Brooklyn's Northernmost Neighborhood Greenpoint Follows in Williamsburg's Steps

Epoch TimesAugust 22, 2014

NEW YORK - Buried between two mammoths, Manhattan and Brooklyn, lays the emerging neighborhood of Greenpoint.

 

Known for townhouses, good schools, and a large Polish community, Greenpoint has long been a neighborhood for families but is entering the development spotlight with full force.

 

In the past four years, Greenpoint has come a long way in terms of artistic, culinary, and commercial progress. Newcomers - young and energetic, enterprising you filled with the fire for creativity - have set the stage for the neighborhood's transformation. 

Open House Agenda: 3 Apartments to See This Weekend

DNA InfoAugust 21, 2014

MANHATTAN — For buyers looking for value, co-ops can be more economical than condos. The median price for a one-bedroom co-op is $600,000 compared to $930,000 for a condo, according to Douglas Elliman’s 2014 second-quarter report for Manhattan sales. The average price per square foot fares better as well: $1,121 versus $1,484.

 

Here are three one-bedroom co-ops below Manhattan's 96th Street with open houses this weekend priced even below those median markers. All are listed at or near $520,000, with the average price per square foot from about $690 to just over $1,100.

 

345 E. 93rd St., Apt. 7D, Yorkville
1 Bedroom/1 Bath
Co-op
Approximately 750 square feet
$518,000
Maintenance: $1,200 per month
Open House: Sunday, Aug. 24, 1-3 p.m.

 

Lowdown: The sellers have lived in this Yorkville one-bedroom since 1988. Their daughter, an architect, completely redesigned it about four years ago, transforming the apartment into a “beautiful minimalist space with a very Japanese feel to it,” said Ruthann Richert, of Perry Associates Realty.

 

She replaced the sheetrock wall separating the living room and bedroom with sliding mahogany and glass doors, making this bright, south-facing unit unlike most of the cookie-cutter units typically found in the neighborhood, Richert said.

 

Built-ins abound, including an office area, a Murphy bed, two large closets “with sliding drawers, so you don’t need a dresser,” and custom kitchen cabinets with so much storage that “a dining table that folds on two sides fits into one of the cabinets under the stainless steel countertop,” Richert said.

 

The board recently renovated the lobby and hallways of the doorman building. There's laundry on each floor, a fitness center, a private terrace off the second floor, and an elevator that goes to the garage that has "special rates for owners.”

 

Location: The 32-story Mill Rock Plaza sits just west of First Avenue. Nearby is Bobby Wagner Walk along the East River, the 92nd Street Y, Fairway at 86th Street, and several restaurants and shops. A new Maison Kayser bakery opened earlier this month on Third Avenue near 87th Street.

 

Until the Second Avenue subway opens, the nearest train station is the 6 at 96th Street. There are express buses on First and Second avenues and easy access to the FDR Drive.

 

Why put on your open house calendar? “It’s very good value for its location and the renovation work that’s been completed,” Richert said. “Plus, the maintenance is 67 percent tax deductible, and you can sublet after one year for up to five years.”

 

188 E. 75th St., Apt. 6D, Upper East Side
1 Bedroom/1 Bath
Co-op
Approximately 500 square feet
$520,000
Maintenance: $1,315 per month
Open House: Sunday, Aug. 24, 11:30 a.m. to 1 p.m.

 

Lowdown: The seller of this pre-war one-bedroom in the heart of the Upper East Side is an architect. She renovated the space after purchasing it about eight years ago and recently refreshed it after a tenant moved out, said Adrian Noriega, of CORE.

 

“She upgraded the bathroom and completely redid the kitchen, which is compact but has plenty of storage space and everything you need, including a dishwasher,” Noriega said.

 

The apartment faces north and looks onto the Church of St. Jean Baptiste, which has a little bit of a Parisian feel to it,” Noriega noted.

 

The co-op recently installed a video intercom system, upgraded the elevator and painted the common spaces. Laundry is in the basement; extra storage is available for a fee.

 

Location: The building is located between Lexington and Third Avenue, both of which teem with shops, restaurants and services. A few blocks west are Central Park and several museums, including the Frick, which plans to expand its gallery space and add a rooftop garden.

 

The 6 train is around the corner on Lexington at 77th Street.

 

Why put it on your open house calendar? “If your price range is even up to $550,000, on the Upper East Side you’ll find very few apartments west of Third Avenue,” Noriega noted. “It’s very good value for the neighborhood."

 

633 E. 11th St., Apt. 2, East Village
1 Bedroom/1 Bath
Co-op
Approximately 475 square feet
$529,000
Maintenance: $530 per month
Open House: Sunday, Aug. 24, noon to 1 p.m.

 

Lowdown: This “cute” railroad apartment in Alphabet City, with exposed brick throughout, comes with an unusual perk — an additional room with more than 100 square feet of space directly beneath the unit’s bedroom and bathroom, said Beverley Rouse, of Town Residential.

 

“If you wanted to join it, you would need to put a spiral staircase in. Currently its only access is through the basement at the front of the building,” Rouse said.

 

The sellers used the space “like a big closet,” but it could also be a workroom or artist’s studio. The next-door neighbor combined their spaces, and the sellers brought a contractor in when they purchased it about four years ago and were assured it could be connected, Rouse said, advising, “Bring an architect so you can see what the possibilities are."

 

Prior owners upgraded the bath and kitchen, which includes both a dishwasher and washer/dryer. The bedroom, though narrow, holds a queen-sized mattress.

 

The co-op “is self-managed and in very good state financially.” There’s a “beautiful, charming garden” in the backyard with “a table, chairs and two hibachis.” Bike racks are in the basement.

 

Location: Situated between avenues B and C, the building is close to Tompkins Square Park and boutiques, bars and restaurants— including longtime neighborhood favorite St. Mark’s Bookshop, which recently moved to East Third Street near Avenue A.

 

The M8 and M14 crosstown buses are a couple blocks away. The nearest subway is the L at 14th Street and First Avenue.

 

Why put on your open house calendar? “It’s good value and in good condition in a great neighborhood and with fantastic low carrying costs,” Rouse said. “And the bonus room is exceptional for this price — regardless if you connect through to it or not.”

 

 

Good Morning New York Real Estate

Voice AmericaAugust 19, 2014

Parul Brahmbhatt is featured in this weekly online real estate segment.

Suzuki Capital Files to Raze 21st Precinct Building in Gramercy

The Real DealAugust 15, 2014

Suzuki Capital filed plans today to demolish the former 21st Precinct in Gramercy as part of its condominium project slated for the site.

 

The developer unveiled its proposal in April to construct a seven-story, 10-unit property at 327 East 22nd Street. Construction is expected to wrap by fall 2015. Suzuki, led by CEO Sam Suzuki, paid $11.5 million for the site in April.

 

Built in 1863 as a police station, the property was later repurposed by the non-profit organization Green Chimney as a group home for LGBTQ youth.

 

 

CORE is handling sales and marketing of the condos, while Philip Johnson Alan Ritchie Architects is designing it. The units, either two- or three-bedrooms, will range from 1,200 to 2,200 square feet.

Suzuki Seeks Demo Permit at Old Gramercy Police Station

Commercial ObserverAugust 15, 2014

Say goodbye to the old 21st Precinct station house in the Gramercy Park area. Suzuki Capital, which wants to erect a condominium at 327 East 22nd Street, has filed an application for a demolition permit with the city’s Department of Buildings.

 

As Commercial Observer previously reported, Suzuki Capital bought the building in April for $11.5 million. Along with the building, between First and Second Avenues, Suzuki Capital purchased 7,000 square feet of additional air rights. The building served as a group residence for 25 lesbian, gay, bisexual, transgender and queer young people.

 

The new seven-story building will include 10 condo units, according to a release from CORE, which is the exclusive sales and marketing firm for the new development.

 

Philip Johnson Alan Ritchie Architects is designing the building, and the exterior will be a “surprise,” said Sam Suzuki, chief executive officer of Suzuki Capital.

 

Units will have two or three bedrooms, and will average 1,200 to 2,200 square feet, Mr. Suzuki said. The penthouse will have a garage and may even get its own swimming pool. The two ground floor units will have individual 750-square-foot backyards.

 

The existing four-story building was designed as a precinct station house in 1863. It also functioned as headquarters for a battalion of the 7th New York Regiment. In 1952, the precinct, at that point renamed the 13th Precinct, moved into a new building on East 21st Street.

 

Suzuki Capital moved its offices into the building and over the past two and a half months, the firm has brought in 55 pop-artists to paint the interior walls of the entire building.

 

“This is the largest pop art show since the 1980s with Keith Haring and Andy Warhol,” Mr. Suzuki said. The opening reception for the art exhibit will be held tomorrow evening.

 

Mr. Suzuki expects the condo to be completed in fall 2015.

Condo of the Day: 112 Saint Marks Place, #2

BrownstonerAugust 13, 2014

There’s nothing left post-renovation to indicate that this two-bedroom condo at 112 Saint Marks Place in Park Slope is located in an old brownstone, but luckily for the sellers not everyone wants to live in an old brownstone. While we can appreciate good modern design, this place falls somewhere in the middle for us. It’s clean and in good shape, to be sure, but lacks character. And at almost $1,000 a square foot, we’d expect the kitchen and bathroom finishes to be a little higher end. Asking price for the 1,050-square-foot pad is $985,000.

Good Morning New York Real Estate

Voice AmericaAugust 12, 2014

Parul Brahmbhatt is featured in this weekly online real estate segment.

The Wilson Hunt House: The History of a Rare 19th Century House Towed to Tribeca by Truck

6SqFtAugust 07, 2014

In the 1970s, after obtaining landmark status in 1969, three 19th century houses were actually towed by truck from a no-longer-existing stretch of Washington Street to avoid demolition in the Washington Market Urban Renewal area (a 38-acre site planned by the city’s Housing and Development Administration during the 1960s and 1970s, 10 blocks north of what would become the World Trade Center). Their final destination? Next to three already existing townhouses on Harrison Street, a quiet site that was the once the well-known farm of alleged skirt lifter, and one of NYC’s first settlers, Annetje Jans. In 1976, New York City put them up for sale (from $35,000 to $75,000) following a restoration by Oppenheimer, Brady & Vogelstein the year before. And more recently, nearly four decades after the sale, CORE brokers Tom Postilio and Mickey Conlon exclusively listed 37 Harrison Street with surprising results.

 

Formally 327 Washington Street, and christened ‘The Wilson Hunt House’, the three-story corner Federal style house was updated in brick in a Flemish bond pattern – the 21-foot- wide house features a private garden, six wood-burning fireplaces, soaring ceilings with exposed beams and original arched dormers. The home was listed in April for the son of the original owners who bought the 1828 townhouse for a mere $55,000 back in 1976.

 

 

The moment Postilio and Conlon posted the listing, more than 100 interested buyers (including actor Jake Gyllenhaal) lined up one rainy Sunday for its very first open house. “Though we listed it at $3.75 million, we had a crazy bidding war that resulted in a final selling price of $5.5 million,” said Postilio. “That’s 100 times the price paid by the original owners in 1976!” And 46.7-percent more than the asking price.

 

 

Of course, the stellar sale comes as no surprise as the Wilson Hunt House is one of a group of nine Federal houses whose scale and profile exist nowhere else in the city. Couple this with its prime location and you’ve got quite the winning property.

 

Though this historic home is now off the market, if you have a penchant for history and landmarked buildings, the CORE team has another beauty in their pocket: a gorgeous 2,000-square-foot penthouse with a lushly landscaped 1,521-square-foot terrace atop an 1877 Gothic Revival building. Known as Landmark at 17 at 233 East 17th Street in the Stuyvesant Square Historic District, this three-bedroom home also features a wood-burning fireplace and 13-foot-high ceilings in the living room as well as a towering 20-foot-high atrium above the custom-designed chef’s kitchen. This extraordinary penthouse is priced at $5.395 million and is worth a gander—if not an offer!

Home On The Range

The Real DealAugust 04, 2014

Downtown Brooklyn
Inventory change from 2009: 50.5 percent drop
Inventory change from 2013: 6.3 percent drop

Although a batch of new rental buildings has opened in Downtown Brooklyn, developers haven’t caught up with buyers’ appetite for condos, prompting the area’s inventory level to flatline over the past 12 months.

There were 104 properties for sale in Downtown Brooklyn in June — a 6.3 percent drop from 111 properties during the same time last year.

Meanwhile, the median sales price was $405,000, down 29 percent from $572,000 one year earlier, which StreetEasy’s Lightfeldt attributed to new developments that came online in 2013.

More recently, CORE’s Bowen said, “There’s nothing on the market.”

But things could be looking up in Downtown Brooklyn — literally and figuratively. With no height limitations for building in the neighborhood (Downtown was upzoned in 2004) it is one of the hottest areas for real estate speculation.

“This is where developers can go big,” Bowen said. “You can’t go big in Park Slope, except maybe on Fourth Avenue.”

In addition to the upzoning, Downtown has transportation, retail, parks, and other prime neighborhoods nearby, said Roger Fortune, vice president of the Stahl Organization, which developed 388 Bridge, a 378-unit condo-and-rental tower in the neighborhood. There were contracts on 30 percent of the condos within two weeks of the sales launch in June.

Greenpoint
Inventory change from 2009: 56 percent drop
Inventory change from 2013: 10 percent increase

Like its neighbor Williamsburg, Greenpoint’s tight inventory reflects fallout from the financial crisis, as housing stock soared immediately after the crisis, only to plummet in subsequent years.

Like other post-industrial neighborhoods, Greenpoint’s 2005 rezoning from industrial to mixed-use has attracted developers.

There were 55 properties for sale in the waterfront neighborhood in June, up 10 percent from the same time in 2013. By comparison, there were 125 properties for sale in 2009, or more than twice the number of listings there are now.

The median sale price of $635,000 was down 14.7 percent year over year, but in a sign that sellers were shooting high, asking prices rose 25.2 percent to $875,000 during that same time.

Brokers said the easing of Greenpoint’s inventory crunch signals developer interest in the neighborhood. According to the real estate brokerage MNS, new development properties accounted for 21 percent of Greenpoint’s sales during the second quarter, the highest percent in the borough.

“Greenpoint is really the next big ‘it’ neighborhood,” said CORE’s Bowen, citing new developments such as 77 Commercial, a joint venture between developers Joseph Chetrit and David Bistricer that includes two towers, one 30 stories and one 40 stories, with 720 units combined. Demolition permits for the existing two-story building on the site were filed in June.

Top 5 Brand Moments from Last Week

Luxury DailyAugust 04, 2014

The fashion and real estate worlds briefly swapped places, while Lexus entered a Marvel adventure.

 

Fendi announced plans to open its first residential Palazzo in Miami, flush with Fendi Casa regalia, and NYC-based real estate firm Core developed a marketing campaign that is unusually creative for real estate. Last week also yielded some important acquisitions and partnerships.

 

 

Here are the top five luxury brands moments from last week, in alphabetical order:

 

Real estate brokerage firm Core is taking an unorthodox approach to marketing a new building in the Hudson Square neighborhood of New York.

 

 

Although real estate purchases are arguably the most important commercial choices a consumer can make, real estate marketing tends to follow a dry and formulaic approach. Core sought to break away from this format by creating a campaign that resembles something closer to what a fashion brand might produce (see story).

Classic Carroll Gardens Brownstone Asks $3.2M, and More

Curbed NYAugust 03, 2014

Up next is this three-story brownstone in Bed-Stuy. The house is 20'-wide on a 100' lot, and has had just two owners since it was built in 1891. It's currently set up with an owner's duplex and two full-floor rentals. It's asking $1.525 million.

Brooklyn’s Empty Shelves

The Real DealAugust 01, 2014

Bidding wars. All-cash offers. Foreign buyers. Off-market sales. The telltale signs of New York City’s housing crunch have dominated headlines in recent years, as pent-up demand from the financial crisis gave way to a seller’s market — one in which prices have soared.

 

But in Brooklyn, the steep inventory decline of the past four years is easing slightly, as new developments hit the market and some homeowners cash out.

 

This month, The Real Deal, using data culled together by the listings website StreetEasy, did a neighborhood-by-neighborhood breakdown of the for-sale inventory in Brooklyn.

 

The StreetEasy numbers showed that there were 4,202 properties for sale in Brooklyn during the month of June — up 15.9 percent from the same time last year, when available housing stock plummeted to 3,702 properties on the market.

 

“I would characterize this increase as a slight return, a beginning of a return to normal,” said Alan Lightfeldt, a data scientist who leads StreetEasy’s research efforts. “We still have a long way to go.”

 

Overall, Brooklyn’s housing inventory is still 25.2 percent lower than 2010, when the number of available properties swelled to 5,737, as the effects of the recession were being felt full force.

 

In fact, that buyer’s market has given way to an inventory shortage in Brooklyn that’s rivaled that of Manhattan.

 

Properties in both boroughs spent a median of just 49 days on the market in June, according to Lightfeldt. But while Brooklyn’s inventory shortage is partly the result of development projects stalling in 2009 and 2010, it also stems from an influx of new buyers who are priced out of Manhattan — of course, Brownstone Brooklyn would be an exception — as well as buyers who are just attracted to Brooklyn’s up-and-coming neighborhoods in their own right.

 

Nonetheless, the buyers and renters venturing into Brooklyn for deals get a rude awakening.

 

While Brooklyn prices are lower than they are across the river, the inventory squeeze has pushed prices to new highs.

 

In June, the median sale price in the borough for all sales rose 12 percent to $521,000, compared with the prior year period, according to StreetEasy.

 

“When someone owns a smaller home and wants to buy a bigger home, yes, they know they can sell their current home quickly in this market and for a great number,” said Sarah Burke, Douglas Elliman’s regional managing director for Brooklyn. “But they’re not necessarily finding or seeing the next apartment. They have nowhere to go.”

 

For that reason, said Lightfeld, buyers are starting to look with fresh eyes at more affordable neighborhoods — areas that they would not have considered five years ago. “There’s a lot of new buyer interest in outer borough neighborhoods,” he said.

 

Below is a roundup of some of the largest neighborhoods, showing which areas have been dogged by the inventory crunch — and where the tightness is starting to ease.

 

Downtown Brooklyn
Inventory change from 2009: 50.5 percent drop
Inventory change from 2013: 6.3 percent drop

 

Although a batch of new rental buildings has opened in Downtown Brooklyn, developers haven’t caught up with buyers’ appetite for condos, prompting the area’s inventory level to flatline over the past 12 months.

 

There were 104 properties for sale in Downtown Brooklyn in June — a 6.3 percent drop from 111 properties during the same time last year.

 

Meanwhile, the median sales price was $405,000, down 29 percent from $572,000 one year earlier, which StreetEasy’s Lightfeldt attributed to new developments that came online in 2013.

 

More recently, CORE’s Bowen said, “There’s nothing on the market.”

 

But things could be looking up in Downtown Brooklyn — literally and figuratively. With no height limitations for building in the neighborhood (Downtown was upzoned in 2004) it is one of the hottest areas for real estate speculation.

 

“This is where developers can go big,” Bowen said. “You can’t go big in Park Slope, except maybe on Fourth Avenue.”

 

In addition to the upzoning, Downtown has transportation, retail, parks, and other prime neighborhoods nearby, said Roger Fortune, vice president of the Stahl Organization, which developed 388 Bridge, a 378-unit condo-and-rental tower in the neighborhood. There were contracts on 30 percent of the condos within two weeks of the sales launch in June.

 

Greenpoint
Inventory change from 2009: 56 percent drop
Inventory change from 2013: 10 percent increase

 

Like its neighbor Williamsburg, Greenpoint’s tight inventory reflects fallout from the financial crisis, as housing stock soared immediately after the crisis, only to plummet in subsequent years.

 

Like other post-industrial neighborhoods, Greenpoint’s 2005 rezoning from industrial to mixed-use has attracted developers.

 

There were 55 properties for sale in the waterfront neighborhood in June, up 10 percent from the same time in 2013. By comparison, there were 125 properties for sale in 2009, or more than twice the number of listings there are now.

 

The median sale price of $635,000 was down 14.7 percent year over year, but in a sign that sellers were shooting high, asking prices rose 25.2 percent to $875,000 during that same time.

 

Brokers said the easing of Greenpoint’s inventory crunch signals developer interest in the neighborhood. According to the real estate brokerage MNS, new development properties accounted for 21 percent of Greenpoint’s sales during the second quarter, the highest percent in the borough.

 

“Greenpoint is really the next big ‘it’ neighborhood,” said CORE’s Bowen, citing new developments such as 77 Commercial, a joint venture between developers Joseph Chetrit and David Bistricer that includes two towers, one 30 stories and one 40 stories, with 720 units combined. Demolition permits for the existing two-story building on the site were filed in June.

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