Residents of Sheffield57, perhaps the most ill-starred condo conversion in recent history, are “euphoric” that developer Kent Swig and his junior partners on Thursday formally lost control of the project they began four years ago.
“We’re going to have a number of celebrations,” said Larry Wagner, a condo owner and former Nomura CFO. That series Read More
The director of the Nature Conservancy in New York nabs co-op of former Bear Stearns credit derivatives ace. Read More
Hundreds of new residents will pour into downtown Brooklyn when its tallest building—the 51-story Brooklyner—opens in 2010.
Building the high-rise at 111 Lawrence Street—Brooklyn’s tallest by two feet—has not been cheap. According to a March report from Commercial Mortgage Alert, the Clarett Group borrowed $181.5 million from the Bank of America, JP Morgan, Read More
New report shows the number of apartment leases in Manhattan’s doorman buildings way down from last spring. Read More
Marcus & Millichap, an investment-sales firm based out in Cal-ee-forn-ya, unloaded on Friday evening its 2009 forecast for apartment markets throughout the U.S. The predictions for New York City are unsurpisingly grim for landlords, given the waves of layoffs and the city’s general economic malaise: The firm expects vacancy rates to climb toward Read More
Tenant incentives and lower rents should be the order of the day, every day, for 2009, according to the Real Estate Group New York’s 2008 Manhattan rental market report. The report (PDF) predictably shows rent drops across the borough last year. Doorman-building studios, for instance, dropped 7.38 percent and non-doorman two-bedrooms dropped 5.58 Read More
Here was me writing in October 2007, during a very different New York real estate market:
Never have so few earned so much for working so little. It’s not that rental agents are lazy (the successful ones, far from it) or unscrupulous; it’s that they now operate where two slightly symbiotic forces drive Read More
We’re back at full-steam. But here’s what we had during the past week or so:
Predictions, predictions. A rundown of what should happen in New York’s residential and commercial real estate markets in 2009. Find out where the apartment market’s headed, the office-leasing situation come next fall, and why investment sales will continue to Read More
Stephen Maycock, a senior vice president at DJK Residential, has a three-bedroom apartment available, a "good family apartment" in the West 60s. Last year, it rented for $6,500 per month. This year, the landlord is asking $6,250. Three or four offers have come in, all of them demanding a month’s free rent, broker’s fees paid Read More
Lots of parallels come to mind when one contemplates the Avalon Morningside Park, a new 20-story monolith capping Columbus Avenue at 110th Street. A vast cruise ship turned on its side, perhaps, or one of Tolkien’s Two Towers.
Avalon’s leasing office lobby, though, feels more like a design-y take on a dentist’s office. Read More