After a slight drop in prices at the beginning of the year, the Manhattan real estate market has stabilized in the past three months, with prices rising slightly and sales volume increasing with an expected spring surge in home buying.
Market reports that the city’s largest brokerage firms released today showed that the increase in the average sale price was largely attributed to more robust sales of larger and more expensive apartments, while studio and one-bedroom sales lagged slightly.
The 2nd Quarter 2011 market reports were release today by all of the major residential firms in Manhattan showing the average Manhattan apartment sale price of $1,430,432 was up 5 percent from last quarter and up 4 percent from the same period in 2010.
According to the report, sales over $5 million, particularly coop sales over $10 million were responsible for driving the average price higher. The median price, which measures the middle of the market and is not as impacted by high-end sales, fell 1 percent over the past year to $835,000. At 2,115, the number of reported sales was down 7 percent from a year ago.
The average price for coops sold during the second quarter of 2011 was up 14 percent from a year ago, to $1,214,047; this was due to increased sales in 3-bedroom and larger apartments. On the East Side, average price for all sizes apartments except two-bedrooms rose, led by three-bedroom and larger apartments which were up 15 percent over last year. Prices for all sizes of apartments, except those 3-bedrooms and larger, were down slightly on the West Side. In both the Midtown East & West markets condo prices were steady and co-op prices rose for prewar and dropped for postwar. Downtown prices rose for all size categories except one-bedrooms. The average condominium price was $1,670,908, down just 1 percent from a year ago.
Data from sister firms Halstead Property and Brown Harris Stevens show mixed but healthy indicators. In a still strict lending environment, it comes as little surprise that the best performing sectors of the market -- the top end of the market where buyers are wealthiest, and the bottom end of the new development market where units qualify for Federal Housing Authority-approved loans -- were those where financing came easiest.
According to a Bloomberg news report, lenders are easing credit requirements on jumbo loan limits and narrowing the gap on rates compared with government-backed loans.
Manhattan’s residential market is definitely looking up.
See Halstead Property’s 2nd Quarter 2011 Market Report
For more information or a consultation feel free to email me at Halstead Property
Ross Ellis is a proud member of the Real Estate Board of New York
Friday, July 1, 2011
Renting an Apartment in Manhattan
Renting an apartment in Manhattan isn’t like it used to be.
In the old days, you would see a few apartments, give the landlord one month rent and one month security, signed the lease and moved in.
Not today!
Should you rent in a rental building, a coop or condo?
Today’s renting rules in Manhattan can be daunting, but don’t have to be if you work with a good broker, you’re qualified and organized.
To make finding that perfect rental hassle-free it’s best to work with a broker.
Why? You can find hundreds of rentals online, but most of them are already rented, and on some of these sites the information is not accurate.
While it’s not necessary to work with a broker, it is better for you –especially if you’re busy and new to Manhattan. And in today's rental market you need to decide on an apartment fast. Apartments are being rented quickly these days.
By working with a broker you’ll learn which apartments are for rent and which have already been rented. Your broker can also weed out the type of apartments you don’t want because they’ve likely seen all or most of the rental buildings in the city. They will ensure that the lease is correct and that you have all of the necessary paper work – making your move as seamless as possible.
Whether you find an apartment on your own or work with a broker, make sure you read all documents before entering into any contract. Most leases contain predominantly boilerplate language, but in many cases there are riders to the lease which contain clauses that are added to the lease that changes the lease agreement
And type of leases will vary. A Standard Form of Lease may differ greatly from a Rent Stabilized Lease Agreement or a Cooperative or Condominium Sublease Agreement. Read the language of all documents and always ask questions should it contain something you don't understand.
Make a check list of information to bring with you in order to finalize your lease agreement. In Manhattan you will almost always need all of the following:
1. A letter of employment and salary verification
2. Bank account numbers (checking and savings), as well as any credit card numbers
3. Current bank statements
4. Contact information (names, addresses, phone numbers) of previous landlords
5. Contact information of your personal accountant or attorney, if applicable
6. Contact information of any personal or professional references
7. Tax returns from the last two years
8. Recent (current) pay stubs, usually from the last two pay periods
9. Two forms of personal identification (driver’s license, passport, etc)
10.40-45x the rent in annual income is required. And in some building 80X the rent in annual income is required.
11.If the landlord accepts guarantors and you have a guarantor, your guarantor will likely need to supply the same information as above.
If you are relocating from outside of New York, prepare your funds ahead of time. Landlords will not accept personal out-of-state checks. Bring traveler’s checks or certified bank checks in amounts sufficient to cover two months rent, any brokerage fees, a credit check fee, and any additional fees such as a move-in/move-out fee or building application fee.
Once you have all of your personal and financial documentation in order, you can begin viewing apartments. Do remember that your broker can provide you with a wealth of information to assist you in making an informed decision. Ask a lot of questions about neighborhoods, building types, public transportation access, or anything else that might be of interest to you.
Once you have found an apartment you love, you will then fill out a rental application, or other applicable documents. You or your agent will negotiate agreeable lease terms and then a credit report and reference check will be done.
The last step is to sign the lease and pay all applicable fees. Then it’s move-in day!!!
For more information or a consultation feel free to email me at Halstead Property
SUBSCRIBE to receive email alerts about NYC Real Estate
Ross Ellis is a proud member of the Real Estate Board of New York
In the old days, you would see a few apartments, give the landlord one month rent and one month security, signed the lease and moved in.
Not today!
Should you rent in a rental building, a coop or condo?
Today’s renting rules in Manhattan can be daunting, but don’t have to be if you work with a good broker, you’re qualified and organized.
To make finding that perfect rental hassle-free it’s best to work with a broker.
Why? You can find hundreds of rentals online, but most of them are already rented, and on some of these sites the information is not accurate.
While it’s not necessary to work with a broker, it is better for you –especially if you’re busy and new to Manhattan. And in today's rental market you need to decide on an apartment fast. Apartments are being rented quickly these days.
By working with a broker you’ll learn which apartments are for rent and which have already been rented. Your broker can also weed out the type of apartments you don’t want because they’ve likely seen all or most of the rental buildings in the city. They will ensure that the lease is correct and that you have all of the necessary paper work – making your move as seamless as possible.
Whether you find an apartment on your own or work with a broker, make sure you read all documents before entering into any contract. Most leases contain predominantly boilerplate language, but in many cases there are riders to the lease which contain clauses that are added to the lease that changes the lease agreement
And type of leases will vary. A Standard Form of Lease may differ greatly from a Rent Stabilized Lease Agreement or a Cooperative or Condominium Sublease Agreement. Read the language of all documents and always ask questions should it contain something you don't understand.
Make a check list of information to bring with you in order to finalize your lease agreement. In Manhattan you will almost always need all of the following:
1. A letter of employment and salary verification
2. Bank account numbers (checking and savings), as well as any credit card numbers
3. Current bank statements
4. Contact information (names, addresses, phone numbers) of previous landlords
5. Contact information of your personal accountant or attorney, if applicable
6. Contact information of any personal or professional references
7. Tax returns from the last two years
8. Recent (current) pay stubs, usually from the last two pay periods
9. Two forms of personal identification (driver’s license, passport, etc)
10.40-45x the rent in annual income is required. And in some building 80X the rent in annual income is required.
11.If the landlord accepts guarantors and you have a guarantor, your guarantor will likely need to supply the same information as above.
If you are relocating from outside of New York, prepare your funds ahead of time. Landlords will not accept personal out-of-state checks. Bring traveler’s checks or certified bank checks in amounts sufficient to cover two months rent, any brokerage fees, a credit check fee, and any additional fees such as a move-in/move-out fee or building application fee.
Once you have all of your personal and financial documentation in order, you can begin viewing apartments. Do remember that your broker can provide you with a wealth of information to assist you in making an informed decision. Ask a lot of questions about neighborhoods, building types, public transportation access, or anything else that might be of interest to you.
Once you have found an apartment you love, you will then fill out a rental application, or other applicable documents. You or your agent will negotiate agreeable lease terms and then a credit report and reference check will be done.
The last step is to sign the lease and pay all applicable fees. Then it’s move-in day!!!
For more information or a consultation feel free to email me at Halstead Property
SUBSCRIBE to receive email alerts about NYC Real Estate
Ross Ellis is a proud member of the Real Estate Board of New York
Sunday, June 12, 2011
The High Line: the second phase
The High Line runs through three of Manhattan's most dynamic neighborhoods: the Meatpacking District, West Chelsea, and Hell’s Kitchen/Clinton. When the High Line was built in the 1930s, these neighborhoods were dominated by industrial and transportation uses. Now many of the warehouses and factories have been converted to art galleries, design studios, retailers, restaurants, museums, and residences.
Last week the highly-anticipated second phase of the High Line opened to the public.
The expansion of the freight rail turned promenade between Gansevoort and 20th Streets opened two years ago. It spans 10th Avenue between 20th and 30th Streets, doubles the length of the existing park. New features include the High Line’s first lawn, elevated catwalks and a 30th Street cut-out that lets visitors view the traffic rushing beneath their feet.
The one-mile garden in the sky winds 30 feet above the street through the Meatpacking District, Chelsea and Hells Kitchen.
Onlookers who wandered the grounds were thrilled with the spectacular view, the beautiful landscaping and more places to sit, such as the teak Seating Steps beside the 23rd Street Lawn. The Lawn also offers the High Line’s only river-to-river vantage point.
The High Line’s second phase features a temporary public plaza beneath 30th Street dubbed “The Lot” which serves beer and wine from Colicchio & Sons. A rotating fleet of food trucks such as The Taco Truck and Red Hook Lobster will also serve the square.
Vendors of the High Line’s first phase include: People's Pops at the Chelsea Market Passage, on the High Line near West 16th Street who returns to theHigh Line after their successful debut during a trial run in 2010. They create Greenmarket fruit-based ice pops and shaved ice, transforming local, sustainably grown fruits and herbs into creative and delicious home-made treats. Also a favorite is La NewYorkina atThe Lawn, on the High Line near West 23rd Street. Inspired by the flavors of the chef-owner's native Mexico, La Newyorkina has taken the old and made it new with paletas (ice pops) in flavors that range from mango-chili to hibiscus to fresh coconut.
Now on view at the High Line you can see public art exhibits which include:SARAH SZE, STILL LIFE WITH LANDSCAPE (MODEL FOR A HABITAT)
June 8, 2011 - June, 2012
On the High Line, between West 20th and West 21st Streets
Sarah Sze presents a an elaborate architectural sculpture that allows park visitors to physically enter and pass through the space it outlines, while also attracting birds, butterflies, and insects with perches, feeding spots, and birdbaths.
JULIANNE SWARTZ, DIGITAL EMPATHY
June 8, 2011 - June, 2012
Located within the water fountains, elevators, and public bathrooms on the High Line
Julianne Swartz presents a sound piece that greets visitors with messages of empathy and love in the park's bathrooms, water fountains, and elevators.
LANDSCAPE WITH PATH
JOEL STERNFELD, A RAILROAD ARTIFACT, 30TH ST, MAY 2000
June 2 - 30, 2011
Billboard east of the High Line at West 18th Street
LANDSCAPE WITH PATH
JOEL STERNFELD, A RAILROAD ARTIFACT, 30TH ST, MAY 2000
June 2 - 30, 2011
Billboard east of the High Line at West 18th Street
An iconic photograph by Joel Sternfeld presents the first work in Landscape with Path, a series of three commissioned banners for a billboard next to the High Line.
KIM BECK,SPACE AVAILABLE
March 4, 2011 - January, 2012
Rooftops along Washington Street, between Gansevoort Streets and West 13th Streets
Kim Beck presents three sculptures resembling the skeletal framework behind advertising billboards.
STEPHEN VITIELLO,A BELL FOR EVERY MINUTE
June 23, 2010 - June 20, 2011
14th Street Passage
Artist Stephen Vitiello presents a multi-channel sound installation for which he has recorded bells all over New York City and beyond.
These exhibits make the High Line a cultural art center.
Whether you choose to visit the High Line for its parks, views, art, design studios, retailers, museums, restaurants and food trucks -- or to live there, the High Line is one of New York City’s interesting new neighborhoods enjoyed by New Yorkers and its visitors.
WATCH THIS GREAT INTRO VIDEO TO THE HIGH LINE 2
Friday, May 27, 2011
Manhattan’s famed Sloane mansion going on the auction block
Look back into the history books of New York Society in the late 1800’s and read about Henry T. Sloane and the infamous Sloane mansion in Manhattan.
Henry T. Sloane was a wealthy carpet manufacturer who furnished the new mansions, hotels and clubs of the New York City. He was also known as a philanthropist who donated two physics laboratories to Yale University.
In 1898 a scandal flew through New York society circles in 1898 when Sloane deeded a mansion on the Upper East Side to his wife.
Soon after, life became less than idyllic when Sloane’s wife, Jessie, had an affair with the very handsome and wealthy Perry Belmont (son of August Belmont) and married him just five hours after divorcing Sloane. Henry Sloane set out to build himself a new mansion at 18 East 68th Street, off Fifth Avenue.
Sloane moved into the Beaux-Art mansion with his two young daughters, preventing his former wife from writing to them or even speaking to them on the street until they reached the age of 21, or she could prove she had led a moral life, whichever came first.
The Henry T. Sloane mansion was designed specifically for Sloane by architect Charles Pierrepont H. Gilbert the heir to a furniture empire, in 1905. It spans over18,500 square feet and stands over five stories high. Two of the stories have 17-foot ceilings. There are 15 bedrooms and 17 bathrooms, seven fireplaces, a ballroom and a rooftop garden.
Fast Forward to 2007 when investors paid $20 Million for the property, only to have grandiose plans of flipping it for a huge profit by listing it for $64 million. But it didn’t sell at the asking price and lingered on the market with an asking price of $64 million, to $54 million, to $39 million after the fall of Lehman Brothers … and now to the current price of $37.9 million. Due to the fact the owners are in default of more than $28 Million in loans the famed house is scheduled for auction on June 22nd Street, Room 130 at 50 Centre Street at 2PM.
Calin Onet, a marketing analyst said bidding would likely start 10 to 15 percent higher than the $28.2 Million currently owed on the property.
If the mansion had sold for $64 million in 2008, it would have become the most expensive single residence in city history.
How to rent a Manhattan apartment when your credit isn’t perfect
Renting in Manhattan can be arduous, not to mention stressful if you don’t meet Manhattan landlord requirements.
Many find it difficult to meet landlords' requirements as most require that a potential tenant’s annual income is 40 to 50 times the monthly rent, and that the applicant has good credit. And some landlords require 80 times the monthly rent with good credit.
Yet, there are some potential renters whose annual income or lack of U.S. based credit history does not meet these financial guidelines. And if one is self-employed financial solvency can be even more daunting.
As a Manhattan broker who specializes in sales but also does a fair amount of rentals, I faced an interesting problem. Prior to working with my customer I ran her credit report and it was good and she makes a very good salary so I had no doubts she wouldn’t pass the stringent Manhattan landlord requirements.
Knowing she could meet landlord guidelines, I showed her an amazing apartment on the East Side. However when the landlord ran her credit report, it came back as a “maybe.” Meaning maybe her credit was good and maybe it wasn’t. They had used a different credit reporting company. The landlord suggested a guarantor but at the time, none were available.
Although I had not used them before, I told my customer about Insurent who came to my office and made a presentation. Insurent Lease Guaranty offers easy solutions to quickly getting the apartment potential tenants want. Prospective renters needing the Insurent Guaranty include graduating college students and professional school students entering the workforce; creditworthy employed non-U.S. residents; self-employed persons; relocating persons; non-employed U.S. and non U.S. persons with significant cash liquid assets, retired creditworthy individuals, U.S. students with Responsible Parties, and international students with Responsible Parties.
My customer only needed to complete an application and soon she was approved by Insurent where the landlord received a guaranty on her one year lease. For a fee that represented a small percentage of her total annual rent, she satisfied the landlord's financial and credit requirements while eliminating the hassle of finding an acceptable co-signer or guarantor or putting up significant additional security – which this particular landlord would not accept.
Insurent was there for my customer who will be moving into her new apartment in just a few weeks.
If you fall into any of the above categories, there is hope.
Many find it difficult to meet landlords' requirements as most require that a potential tenant’s annual income is 40 to 50 times the monthly rent, and that the applicant has good credit. And some landlords require 80 times the monthly rent with good credit.
Yet, there are some potential renters whose annual income or lack of U.S. based credit history does not meet these financial guidelines. And if one is self-employed financial solvency can be even more daunting.
As a Manhattan broker who specializes in sales but also does a fair amount of rentals, I faced an interesting problem. Prior to working with my customer I ran her credit report and it was good and she makes a very good salary so I had no doubts she wouldn’t pass the stringent Manhattan landlord requirements.
Knowing she could meet landlord guidelines, I showed her an amazing apartment on the East Side. However when the landlord ran her credit report, it came back as a “maybe.” Meaning maybe her credit was good and maybe it wasn’t. They had used a different credit reporting company. The landlord suggested a guarantor but at the time, none were available.
Although I had not used them before, I told my customer about Insurent who came to my office and made a presentation. Insurent Lease Guaranty offers easy solutions to quickly getting the apartment potential tenants want. Prospective renters needing the Insurent Guaranty include graduating college students and professional school students entering the workforce; creditworthy employed non-U.S. residents; self-employed persons; relocating persons; non-employed U.S. and non U.S. persons with significant cash liquid assets, retired creditworthy individuals, U.S. students with Responsible Parties, and international students with Responsible Parties.
My customer only needed to complete an application and soon she was approved by Insurent where the landlord received a guaranty on her one year lease. For a fee that represented a small percentage of her total annual rent, she satisfied the landlord's financial and credit requirements while eliminating the hassle of finding an acceptable co-signer or guarantor or putting up significant additional security – which this particular landlord would not accept.
Insurent was there for my customer who will be moving into her new apartment in just a few weeks.
If you fall into any of the above categories, there is hope.
Thursday, April 7, 2011
Coming soon: Manhattan rents hikes
If you’re finding it difficult to rent an apartment in New York now it could be because there is little inventory and rents are expected to rise.
Last year landlords offered a free month of rent, paid broker’s fees and did whatever it took to rent their apartments. Those days are over. The apartment vacancy rate in New York fell in the first quarter, dropping to just 2.8%.
Last year the median rent for a Manhattan apartment with landlord concessions $2,808, up 7.4%. Renters grabbed the apartments as soon as they saw them. On average, units stayed on the market for 40 days, down from 86 a year ago. Listings fell 25.6% from last year to 3,874 apartments.
Manhattan's rental market is rebounding faster than its sales market. While lower unemployment has boosted demand for rentals. Today if a renter sees an apartment they love, there’s no time to think about it. Take it or lose it because the market is definitely tightening.
Leases are being signed in several of the pricey new rental buildings where studios start at $2,700.
With less apartments vacant and new reports showing that the rental market is hot, renters can expect competition and prices to start heating up again very soon.
Last year landlords offered a free month of rent, paid broker’s fees and did whatever it took to rent their apartments. Those days are over. The apartment vacancy rate in New York fell in the first quarter, dropping to just 2.8%.
Last year the median rent for a Manhattan apartment with landlord concessions $2,808, up 7.4%. Renters grabbed the apartments as soon as they saw them. On average, units stayed on the market for 40 days, down from 86 a year ago. Listings fell 25.6% from last year to 3,874 apartments.
Manhattan's rental market is rebounding faster than its sales market. While lower unemployment has boosted demand for rentals. Today if a renter sees an apartment they love, there’s no time to think about it. Take it or lose it because the market is definitely tightening.
Leases are being signed in several of the pricey new rental buildings where studios start at $2,700.
With less apartments vacant and new reports showing that the rental market is hot, renters can expect competition and prices to start heating up again very soon.
Wednesday, April 6, 2011
3 of top 10 most expensive U.S. homes sold in Manhattan
Billionaires are keeping the real estate world very busy across the country. Three of those expensive deals happened right here in Manhattan.
Coming in at number 6 on the list is a single-family townhouse sitting approximately 20,000 square feet on East 75th Street. Reportedly sold to private equity investor J. Christopher Flowers fro $53 million.
Coming in at No. 7 on the list is developer Harry Macklowe, who bought a Plaza Hotel condo for $51.5 million. The 13,000 square foot condo was bought by developer Harry Macklowe in 2007 for a cool $51.5 million.
Lastly coming in at No. 8, Russian oil man Len Blavatnik bought an upper East Side townhouse on East 64th Street in 2007 for a cool $50 million. The person who sold the townhouse to him apparently paid only $4.375 million for it in 1994
What kind of home would you buy if you could spend $50 million or more?
Coming in at number 6 on the list is a single-family townhouse sitting approximately 20,000 square feet on East 75th Street. Reportedly sold to private equity investor J. Christopher Flowers fro $53 million.
Coming in at No. 7 on the list is developer Harry Macklowe, who bought a Plaza Hotel condo for $51.5 million. The 13,000 square foot condo was bought by developer Harry Macklowe in 2007 for a cool $51.5 million.
Lastly coming in at No. 8, Russian oil man Len Blavatnik bought an upper East Side townhouse on East 64th Street in 2007 for a cool $50 million. The person who sold the townhouse to him apparently paid only $4.375 million for it in 1994
What kind of home would you buy if you could spend $50 million or more?
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