Citi Habitats NY Real Estate News

Residential Sales Around the Region

Sun, 17 Aug 2008 12:01:01 EST

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The Hunt

Sun, 17 Aug 2008 12:01:01 EST

August 17, 2008

THE HUNT
And Now a Homeowner
By JOYCE COHEN

MICAH BERGDALE had no time for adolescent indecision. He graduated from college with a degree in business administration at 18 and founded his own company three years later.
"Some people go through their 20s floating around, and I don't want to float around," said Mr. Bergdale, who is now 26. "I want to create a successful strategy for my life over the long term. You know how people in college have no clue what they want to do? At 15, I wanted to get a business degree. What else could there be?"
When Mr. Bergdale was a teenager, his family moved from Iowa to Arizona. His precociousness was partly a function of the educational system, he said. He was ahead of his classmates academically.
After graduating in 2000 from Northern Arizona University in Flagstaff, Mr. Bergdale landed in Chicago, where he worked for Apple Computer setting up retail stores. The company he later founded, Digital Criterion (digitalcriterion. (more ...)

Houses of the Week

Thu, 14 Aug 2008 12:01:01 EST

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In a Tight Market, Creative Marketing is Crucial

Thu, 14 Aug 2008 12:01:01 EST

In a Tight Market, Creative Marketing is Crucial

This week, MHN reported that New York-based residential firm Metro Loft Management will be waiving security deposits for renters with strong credit histories at its 20 Exchange Place building.
Condo and co-op sales have been strong in New York in the past year, despite a national housing slump.
The average condo price increased 36 percent from a year ago to $1,663,533, according to Halstead Property's second quarter Manhattan sales report.
In some markets, strong home sales can weaken the rental market. That's not the case in New York, however.
- Yes, selling prices have remained fairly high through the housing slump. As prices fell throughout the rest of the country, the New York condo and co-op market stayed strong. (more ...)

Favorite Teams

Wed, 13 Aug 2008 12:01:01 EST

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The Gallery

Wed, 13 Aug 2008 12:01:01 EST

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Done Deals

Wed, 13 Aug 2008 12:01:01 EST

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Done Deals

Wed, 13 Aug 2008 12:01:01 EST

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First-Time Renters Are Leaving Uptown In Droves

Thu, 07 Aug 2008 12:01:01 EST

Move over, Normandie Court. The new go-to building for recent college graduates is in the financial district, at the three-year-old luxury rental tower at 2 Gold St.
The Upper East Side, once the location of choice for many newly minted New Yorkers, now has the highest vacancy rate for rentals of any area in Manhattan. While the neighborhood's hipness has long since been eclipsed by downtown, until recently it managed to draw young people with its cheap rent and easily convertible apartments. But this summer, new luxury rentals in the financial district are offering generous incentives, such as no broker fees, free rent, and complimentary moving costs, drawing waves of recent college graduates and others new to the job market.
"It used to be that on the Upper East Side you could get the largest spaces for the best price," a salesman at Domain Properties, Adam Dahan, said. "But now we're seeing a lot of people coming towards the financial district. (more ...)

Favorite Things

Wed, 06 Aug 2008 12:01:01 EST

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Between the Bricks

Wed, 06 Aug 2008 12:01:01 EST

We just toured the 60-story Silver Towers at 42nd Street and Eleventh Ave. that is still under construction.
The project is being developed by Silverstein Properties on the eastern end of a block that Larry Silverstein bought about 23 years ago and which already has his River Place on the western end.
The 1.2 million foot complex will have 1,359 rental units, a fitness center with a 75-foot swimming pool, spa, lounge, library, 194 car garage, tenant breakfast facilities and more than 20,000 feet of retail.
The towers will be topped out this week at 645 feet and are scheduled to open next spring.
The project is being built "first class," a proud Silverstein told us while gazing at the shimmering curtain walls.
Citi Habitats is the leasing agent for the studios, one- and two-bedroom units.

Affordable Apartment Hunting in NYC

Sun, 03 Aug 2008 12:01:01 EST

MyFoxNY.com -- Even with today's economy, apartments in New York City are expensive. As a student, or a young professional starting a career, it's very hard to find affordable housing. MyFoxNY Web Reporter Ed Drantch got some expert advice from Citi Habitats broker Shannon Aalai.

Click here to view

As sales slow, brokers play nice

Fri, 01 Aug 2008 12:01:01 EST

If there is a silver lining to be found in the current slower real estate market, it lies within the brokerage community, which is experiencing a kinder, gentler working environment as of late.

Many brokers have noted that interactions with their competitors are noticeably less cutthroat than during the boom times of the past few years. Instead, brokers report they are cooperating far more on co-brokes, returning calls and accommodating each other's schedules. In other words, playing nice.

Also spreading the sunshine, developers are showering brokers with attention, as well as prizes and increased commission incentives, a distinct departure from the past.

"It's a time in the market to be nice," said Mary Jo Griner, a senior vice president of Barak Realty who, along with her business partner Robert Kravath, recently decided that they would not require a customer's broker to be at an initial sign-in for an open house. (more ...)

Being the One Who Follows Through

Fri, 01 Aug 2008 12:01:01 EST

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Residential Round-Up

Fri, 01 Aug 2008 12:01:01 EST

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Monthly Rental Analysis

Fri, 01 Aug 2008 12:01:01 EST

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Residential Marketplace

Fri, 01 Aug 2008 12:01:01 EST

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Residential Deals

Fri, 01 Aug 2008 12:01:01 EST

N E W Y O R K R E A L E S T A T E N E W S
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Residential deals
August 2008

Manhattan

Harlem
$835,000
725 Riverside Drive
3-bedroom, 2-bath, 1,613 sf condo; river and park views, formal dining room, maid's room, new hardwood floors, granite kitchen counters, stainless steel appliances, walk-in closet, large closet spaces, northern and western exposures; building has central laundry room; maintenance $755; taxes $130; asking price $920,000; 16 weeks on the market. (Brokers: Sandy Edry and Russell Miller, Citi Habitats)

South Americans skip Miami for NYC

Fri, 01 Aug 2008 12:01:01 EST

N E W Y O R K R E A L E S T A T E N E W S
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South Americans skip Miami for NYC

Many South Americans used to head straight to Miami as a place to plunk down investment money for an apartment. But now they are increasingly shifting their interest northward - because the Miami market is in shambles, and the weak dollar is presenting them with opportunities here that seemed out of reach before.

The uptick of inquiries started late last year.

Gabriel Bedoya, a vice president at Corcoran, said he used to hear from very few South American buyers. But in late 2007, he began receiving two to three calls a week from Brazilians, Chileans, Argentines, Colombians and other South Americans interested in buying apartments in the city.

Also, Sonya Smith, a salesperson for Citi Habitats, said she's recently started getting inquiries from Brazilians looking for properties in Manhattan. (more ...)

Holding Open Houses for Rentals

Fri, 01 Aug 2008 12:01:01 EST

N E W Y O R K R E A L E S T A T E N E W S
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Holding open houses for rentals

In what some brokers contend is a sign of a softening rental market, open houses for rentals, once rare, are now proliferating.

The increase comes as the rental market cools amid rising inventory and as owners find themselves competing for qualified tenants. Anecdotal reports point to a glut of recently purchased investment condos that aren't fetching what owners sought. These are now on the rental market until prices rebound.

"Last year, there might have been a handful of weekend open houses with limited options, and it was hard to get appointments," said Maria Kossek, associate broker at DJK Residential. "Now, sometimes, there can be 15 a day all over the place - Downtown, on the East Side - and we have a range from small studios to large apartments. (more ...)

Residential Deals

Fri, 01 Aug 2008 12:01:01 EST

N E W Y O R K R E A L E S T A T E N E W S
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Residential deals
August 2008

Manhattan

Chelsea
$1.05 million
309 West 20th Street
2-bedroom, 2-bath, 1,000 sf co-op; carriage house apartment overlooks garden; has in-wall AC, newly renovated kitchen with stainless steel appliances, hardwood floors, windowed walk-in closet, stone-tiled bathroom with new fixtures and walnut built-in vanities; maintenance $1,639; asking price $1.095 million; three months on the market. (Broker: Bo Poulsen, Citi Habitats)

Residential Deals

Fri, 01 Aug 2008 12:01:01 EST

N E W Y O R K R E A L E S T A T E N E W S
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Residential deals
August 2008

Manhattan

West Village
$651,000
270 West 11th Street
1-bedroom, 1-bath, 625 sf co-op in prewar building (Tudor Arms); open kitchen, windowed bathroom, northern and eastern exposures, hardwood floors, large closet space; building has live-in super and laundry; maintenance $996; asking price $619,000; 10 weeks on the market. (Broker: Susan Lamia, Citi Habitats)

Residential Deals

Fri, 01 Aug 2008 12:01:01 EST

N E W Y O R K R E A L E S T A T E N E W S
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Residential deals
August 2008

Manhattan

Tribeca
$4.15 million
17 White Street
4-bedroom, 3-bath, 3,000 sf co-op in updated 19th-century elevator building; corner loft, contemporary kitchen, separate pantry/wine cellar and laundry room, 12 oversized windows, keyed elevator access, hardwood floors; maintenance $1,277; asking price $4.5 million; six weeks on the market. (Broker: Jeffry Roth, Citi Habitats)

Citi Habitats Launces New Web Site

Fri, 01 Aug 2008 12:01:01 EST

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Residential Deals

Fri, 01 Aug 2008 12:01:01 EST

N E W Y O R K R E A L E S T A T E N E W S
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Residential Deals
August 2008

Manhattan

Gramercy
$1.25 million
205 Third Avenue
2-bedroom, 2-bath, 1,350 sf co-op in postwar elevator building (Gramercy Park Towers); 24-hr doorman, concierge; corner unit has private terrace, southern and western exposures, full city views, walk-in closets; building has landscaped roof deck with chaise lounges, courtyard, fitness center and garage; maintenance $1,568; asking price $1.325 million; two and a half weeks on the market. (Broker: Elaine Mayers, Citi Habitats)

Just Sold

Thu, 31 Jul 2008 12:01:01 EST

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Degrees in Hand, Manhattanites Making Move to Old Bedrooms

Thu, 31 Jul 2008 12:01:01 EST

Jonathan Miller, who at 24 is an analyst for the investment bank Collins Stewart, says he always thought of himself as independent.
"I did all my own stuff in college," the New York native said. "I wasn't one of those kids that needed mom and dad to hold my hand."
That didn't stop him from asking for his old room back.
When Mr. Miller graduated from Columbia College last year, he decided to move in with his parents on the Lower East Side, sacrificing some privacy for the comforts of a familiar bedroom and the benefits of paying no rent.
As New Yorkers who grew up in Manhattan graduate from elite colleges and return to the city to launch their careers, more of them are realizing they can either move into a cramped walk-up with a high price tag in a borough outside Manhattan, or overcome their qualms and move back in with their parents. (more ...)

Done Deals

Wed, 30 Jul 2008 12:01:01 EST

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Done Deals

Wed, 30 Jul 2008 12:01:01 EST

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Done Deals

Wed, 30 Jul 2008 12:01:01 EST

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Done Deals

Wed, 30 Jul 2008 12:01:01 EST

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On the Market

Sun, 27 Jul 2008 12:01:01 EST

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To FiDi For

Thu, 24 Jul 2008 12:01:01 EST

Abu Dhabi and Dubai among world's most pricey cities

Thu, 24 Jul 2008 12:01:01 EST

ABU DHABI // Abu Dhabi and Dubai remain among the world's most expensive cities, though at a lower ranking than last year, a new cost-of-living survey has revealed.
This year Dubai ranks as the 52nd most expensive city, down from 32nd place last year, while the capital is number 62, down from 45th, according to Mercer, the international human resources company that conducts the annual survey. The cities rank second and third in the Middle East respectively, behind Tel Aviv, which ranked 14th. Conversely, a number of European cities have risen in the ranks and dominate the top of the list.
Yvonne Traber, a principal and research manager at Mercer, attributed much of the change to exchange rate fluctuations. "Current market conditions have led to the further weakening of the US dollar which, coupled with the strengthening of the Euro and many other currencies, has caused significant changes in this year's rankings," she said. (more ...)

Irish investors taking a bite of Big Apple are snapping up downtown

Wed, 23 Jul 2008 12:01:01 EST

IRISH PROPERTY SPECIAL
NEW YORK BARGAINS ON OFFER
EVER dreamed of owning a slice of the Big Apple?
With the US dollar now worth almost half its value against the euro, when compared with only eight years ago, now may be as good a time as any for European investors to take a look at what is currently on offer across the Atlantic.
New York City has managed, so far, to avoid the worst of the fallout from the credit crunch.
High-quality apartments in good locations are always rentable, with vacancy rates of around 1 per cent in Manhattan and other central parts of the city.
Due to continued huge demand, rents have stayed more or less at 2007 levels, with chi-chi areas such as Chelsea and West Village experiencing the highest rents and lowest vacancy rates.
Downturn
With the general downturn in the price of property in the US and with some owners concerned about the future of the market, supply has increased in New York. (more ...)

Success! Celebrating a deal well done

Wed, 23 Jul 2008 12:01:01 EST

Citi Habitats Launches New Web Site

Mon, 21 Jul 2008 12:01:01 EST

Citi Habitats, a residential real estate brokerage, has launched its newly redesigned web site.

The new site inludes a re-skin and color change to reflect the firm's new corporate image, improved navigation and property search functionality, enhanced graphics/photo presentations and listing mapping features. Implementation of the new site was executed internally by the firm's technology department, managed by Chris Reyes, director of technology.

The Citi Habitats' web site is one of the most highly trafficked among the major real estate brokerages, receiving in excess of 900,000 web visits per month, according to Gary Malin, president.

"We are extremely pleased with the newly designed site," said Malin. "With the company's re-branding initiative and with such a large number of consumers starting their real estate search online, it was very important for us to update our web site as part of the overall campaign initiative. (more ...)

Capital's rents surge 49%

Sat, 19 Jul 2008 12:01:01 EST

ABU DHABI // Analysts say rents in the capital are unlikely to stabilise within the next 12 months even though the cost of renting apartments in some areas of the city has almost doubled in the past year.

In June, rents for apartments were up an average 49 per cent compared with the same time last year, as the continuing scarcity of supply gave landlords free rein over rates, a new housing report reveals.

In some areas of the city, the rent for high-quality apartments almost doubled in one year. The study shows that a two-bedroom apartment in the Muroor area that went for Dh100,000 (US$27,225) in June last year had shot up to more than Dh190,000 a year by last month.

The average cost of renting a home in the capital is now on a par with central areas of London and New York.

A search on the website of the UK estate agent Foxtons shows two-bedroom flats in the fashionable districts of Kensington or Notting Hill are fetching �2,167 a month, or Dh190,838 a year. (more ...)

Residential Sales Around The Region

Fri, 18 Jul 2008 12:01:01 EST

Just Sold!

Thu, 17 Jul 2008 12:01:01 EST

Manhattan

UPPER EAST SIDE $460,000

405 E. 63rd St.

Junior one-bedroom, one-bath co-op, 550 square feet, with renovated kitchen and renovated bath; building features doorman, roof deck, laundry and live-in super. Maintenance $868, 50 percent tax-deductible. Asking price $469,000, on market 12 weeks. Brokers: Alex Cho, The Real Estate Group and Elizabeth Hamersley, Citi Habitats

How Crimping Fannie, Freddie Could Harm American Families

Thu, 17 Jul 2008 12:01:01 EST

While Fannie Mae and Freddie Mac have been the subject of intense press coverage in recent days, there has been little discussion that these government-sponsored enterprises are responsible for financing billions of dollars in multifamily rental housing.

These GSEs provide for the financing of apartment buildings, condominiums, and cooperatives containing five or more individual units through Delegated Underwriting and Servicing and other lenders. Freddie Mac said it has bought more than $189 billion in multifamily mortgages, financing rental housing for more than 4 million families, since launching its multifamily business in 1993.

As I reported earlier this month, investment sales for New York City are down by at least 60% and few large, multifamily developments have traded during the first six months of the year. (more ...)

Citi Habitats launches new web site

Wed, 16 Jul 2008 12:01:01 EST

Coffee Talk

Wed, 16 Jul 2008 12:01:01 EST

Choppy rental market leaves landlords punch drunk

Wed, 16 Jul 2008 12:01:01 EST

NYC apartment rent rates fall

Fri, 11 Jul 2008 12:01:01 EST

Residential Sales Around The Region

Fri, 11 Jul 2008 12:01:01 EST

NYC Apartment Rents Fall, Led by New Three-Bedrooms

Thu, 10 Jul 2008 12:01:01 EST

Manhattan apartment rents fell in the first half, led by declines of as much as 16 percent for three- bedroom units in new buildings with doormen, as Wall Street job cuts and rising fuel and food prices deterred renters from moving.
The average rent of a studio apartment fell 2.1 percent to $1,887 a month, according to a report today by Manhattan-based broker Citi Habitats. Two-bedroom apartments also fell 2.1 percent, to an average of $3,769. Three-bedrooms declined 1.8 percent to $4,948. Only one-bedrooms rose, 2.2 percent to $2,623.
Manhattan residents have resisted paying higher rents amid rising household expenses and uncertainty about the economy. Gasoline topped $4 a gallon and the U.S. Department of Agriculture forecast food prices may rise as much as 5.5 percent on an annual basis, the most since 1989, this year. Wall Street firms have announced job cuts totaling about 67,000 in the Americas. (more ...)

Give it a try

Thu, 10 Jul 2008 12:01:01 EST

The New Brooklyn

Thu, 10 Jul 2008 12:01:01 EST

WHILE condominium developers across the country are trying to unload thousands of apartments that they can't sell, some builders in Brooklyn have found the real estate equivalent of a golden parachute. Having turned their new units into high-priced rentals, they have found a surprising number of eager takers.
Kevin Reid, who is renting a two-bedroom in the Mynt at 756 Myrtle Avenue in Bedford-Stuyvesant, is a perfect example. His 72-unit building was originally planned as condominiums, but the developer converted it into rentals and kept the appliances and fixtures meant for buyers.
Mr. Reid pays $2,550 a month for perks like views of the Empire State Building and a deep Kohler bathtub that reminds him of tubs in a luxury hotel room. The brokerage firm Aptsandlofts.com has rented all but five units. A similar unit in Manhattan would rent for an average of $6,853, according to Citi Habitats.
Mr. (more ...)

Talking the talk

Wed, 09 Jul 2008 12:01:01 EST

PRESS RELEASE: Citi Habitats Launches New Web Site

Mon, 07 Jul 2008 12:01:01 EST

FOR IMMEDIATE RELEASE

Contact: Christopher Dente, Public Relations Director
(212) 685-7777 ext. 351, cdente@citi-habitats.com

Citi Habitats Launches New Web Site

New York, NY (July 7, 2008) - Citi Habitats, one of Manhattans' leading residential brokerages, announced that it has officially launched its newly redesigned web site as part of the rollout of its re-branding campaign, a comprehensive branding initiative focusing on the attributes of the brokers and the firm's strength and position in the Manhattan real estate market. The Citi Habitats' web site is one of the most highly trafficked among the major real estate brokerages, receiving in excess of 900,000 web visits per month.

The newly redesigned web site includes a re-skin and color change to reflect the firm's new corporate image, improved navigation and property search functionality, enhanced graphics / photo presentations and listing mapping features. (more ...)

House of the week

Thu, 03 Jul 2008 12:01:01 EST

Just Sold!

Thu, 03 Jul 2008 12:01:01 EST

Life's a beach

Wed, 02 Jul 2008 12:01:01 EST

Residential Round-Up

Tue, 01 Jul 2008 12:01:01 EST

The mann foundation's third annual mann of the year awards

Tue, 01 Jul 2008 12:01:01 EST

Will rental market get a new lease on life?

Tue, 01 Jul 2008 12:01:01 EST

Will rental market get a new lease on life?
Brokers say landlords offer more concessions, but most won't cut prices
By Melissa Dehncke-McGill

While rentals have historically benefited from a slowdown on the sales side, they too are showing signs of softening, and apartment hunters are looking for bargains.
Although rentals vary between neighborhood and apartment size, the question at hand for those who specialize in them is: What kind of lease on life will they have during this economic downturn?
For this month's Q & A, The Real Deal talked to brokers who said that while landlords are bending over backwards to maintain their monthly rental prices, they are offering more concessions than they were even six months ago in the form of a month of free rent, wiggle room on move-in dates and perks like free gym memberships.
One broker interviewed said he was seeing fewer single professionals with high-end monthly rental budgets in the $3,500 to $4,500 range. (more ...)

Making Personal Connections through thoughtful attentive service

Tue, 01 Jul 2008 12:01:01 EST

Citi Habitats - Rental Market Analysis

Tue, 01 Jul 2008 12:01:01 EST

Residential Deals

Tue, 01 Jul 2008 12:01:01 EST

Manhattan

Murray Hill
$505,000
225 East 36th Street
1-bedroom, 1-bath, 750 sf co-op in postwar building; doorman, laundry, storage, garage, roof deck; maintenance $1,203; asking price $529,000; 24 weeks on the market. (Brokers: Erika Hardenburg, Citi Habitats; Century 21 NY Metro)

Summer doldrums take hold of residential market

Tue, 01 Jul 2008 12:01:01 EST

The pace of residential sales in Manhattan continues to slow, causing a backlog of inventory. The rest of the summer doesn't look any more promising.
Sales activity is down by roughly one-third from the same point last year, Jonathan Miller, president and CEO of appraisal firm Miller Samuel, said last month.
Brokers said that their buyers were not as quick to pull the trigger, between worrying about the market, job security, their ability to obtain financing and whether prices will drop.
"Some speculators are thinking that purchase prices should drop and want to hold out for a 'good deal,' or negotiate more aggressively," said Jorden Tepper, executive director of sales at Century 21 NY Metro, Fine Homes & Estates. "Others are a bit skittish, taking time to scrutinize their financials more conservatively, worrying about the economy and job security. Some are having a more difficult time getting mortgages, as lender requirements are now more stringent. (more ...)

Tapping a new art vibe

Tue, 01 Jul 2008 12:01:01 EST

An original work by Andy Warhol was used to market an East Side townhouse.
Brokers know that staging a home with works of art helps sell it faster. Now,
more real estate agents are reaching out beyond established artists to connect with the current art scene.
These brokers said they have seen sluggish properties that lingered on the market for months sell in a few weeks after being staged with original art or quality prints.
Exhibiting paintings and sculpture by local artists has been helping sales for broker Sandy Edry of Citi Habitats, who is selling renovated condos at 812 Riverside Drive at 157th Street. He reached out to artists in Washington Heights for original paintings to display in two of the apartments.
"I thought, rather than using generic art to put on the walls, why not tap into the thriving arts community here?" said Edry. "It was important to incorporate ties to the community for people who might live in the building. (more ...)

Citi Habitats Announces Re-Breanding Campaign

Tue, 01 Jul 2008 12:01:01 EST

Residential Sales Around the Region

Mon, 30 Jun 2008 12:01:01 EST

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Luring Affluent Renters in Manhattan

Sun, 29 Jun 2008 12:01:01 EST

June 29, 2008

Luring Affluent Renters in Manhattan
By VIVIAN S. TOY

ONE month's free rent. Two months' free rent. No security deposit.
How about a year's worth of storage at Manhattan Mini Storage or an appointment at a doggie day spa for Rover on moving day?
As the rental market in Manhattan has softened in recent months, these are some of the incentives that owners of high-end buildings are offering to lure tenants. The more elaborate enticements tend to be in new buildings that landlords are trying to fill as quickly as possible, but even owners of some established buildings are offering incentives to avoid having apartments go vacant.

"We definitely have seen a shift in the dynamic of the marketplace," said David J. Wine, a vice chairman at the Related Companies, which owns and manages about 5,000 rental units in New York City. "The frenzy of a year or two ago has abated, and we're seeing renters be a lot more thoughtful in their rental decisions. (more ...)

Just How Many Landlords Offering Tenant Incentives?

Sun, 29 Jun 2008 12:01:01 EST

We read with glee and expectation the Sunday Times article by Vivian S. Toy on landlords in higher-end apartment buildings offering incentives to prospective tenants. Could it really be happening? Could free rent and paid-off broker fees finally be the ascendant norm?!?
We counted five specific examples in the article of buildings where landlords were offering incentives, and then there was this one line:
Mr. Malin said a recent Citi Habitats search found about 70 buildings offering incentives. The owners of these buildings, he said, "are doing what they can to make their property stand out from another property across the street."
That's 70 buildings among hundreds. That's not that much. But that's certainly something.
Does anyone know of any specific buildings offering tenant incentives?

Done Deals

Wed, 25 Jun 2008 12:01:01 EST

Done Deals

Wed, 25 Jun 2008 12:01:01 EST

Done Deals

Wed, 25 Jun 2008 12:01:01 EST

Done Deals

Wed, 25 Jun 2008 12:01:01 EST

Citi Habitats closes two bargains

Wed, 25 Jun 2008 12:01:01 EST

Fear Factor

Wed, 25 Jun 2008 12:01:01 EST

Former lawyer now the pleader of the pack

Wed, 18 Jun 2008 12:01:01 EST

Delectable Delis

Wed, 18 Jun 2008 12:01:01 EST

Quinn calls Rent Guidelines Board

Mon, 16 Jun 2008 12:01:01 EST

06/16/08

Quinn calls Rent Guidelines Board "sideshow"
City Council Speaker Christine Quinn is calling for an overhaul of the Rent Guidelines Board, saying it isn't looking out for residents. Last month the board set stabilized rent increases at 3.5 to 7 percent for one-year leases and 5.5 to 9.5 percent for two-year leases. Frank Ricci of the Rent Stabilization Association said the increases are modest compared to increasing costs of utilities and property taxes. The brokerage CitiHabitats reported that unregulated rents in Manhattan increased 16 percent between 2005 and 2007.

They Love (the New) Brooklyn

Sun, 15 Jun 2008 12:01:01 EST

June 15, 2008

They Love (the New) Brooklyn
By CHRISTINE HAUGHNEY

DESIGNER FIXTURES Kevin Reid is renting a two-bedroom in the Mynt in Bedford-Stuyvesant. He decorated his living/dining area with a wraparound couch and sleek kitchen stools.

WHILE condominium developers across the country are trying to unload thousands of apartments that they can't sell, some builders in Brooklyn have found the real estate equivalent of a golden parachute. Having turned their new units into high-priced rentals, they have found a surprising number of eager takers.

These renters are a breed of Brooklynite different from many of their predecessors, and they share the same desires. They're not pining for yards or fantasizing about a brownstone; they want apartments that resemble Manhattan luxury towers. (more ...)

The Power 600: Our annual listing of the most powerful people in the Hamptons

Sun, 15 Jun 2008 12:01:01 EST

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'Sex' and the Brokers

Thu, 12 Jun 2008 12:01:01 EST

'Sex' and the Brokers
Critics Panned the Film, but Sellers Say Its Great for Real Estate
By CANDACE TAYLOR
June 12, 2008

When Elaine Clayman was starting out as a real estate broker, she sold a four-bedroom luxury condominium for $1 million to a couple who had planned to spend $480,000.

"I said, 'I have another apartment I can you show you, but it's more money,'" Ms. Clayman, who is now a top broker at Brown Harris Stevens, said. "You hope they walk in and fall in love."
That's exactly what happens in "Sex and the City: The Movie," the hit film based on the HBO series. Ms. Clayman said the scene in which Mr. Big and Carrie purchase a pre-war Fifth Avenue penthouse priced far above their original budget is one of many that depicts - far more accurately than most films - the unique world of New York City real estate.

For a skilled broker, offering a pricey but beautiful penthouse is "a very realistic move," Ms. Clayman said. (more ...)

The Cheap Issue: Property - Trading places

Thu, 12 Jun 2008 12:01:01 EST

Property prices are dropping on both sides of the Pond - and in New York, you get more pad for your pound. So should you be considering a Manhattan transfer? As part of our Cheap Issue, Lisa Mullen enlists experts from both cities and compares the markets ..

FIRST-TIME BUYER: �250,000
New York
Your quarter-million converts into a healthy-sounding $493,344.52, but it still won't buy you much in prime locations. It will, though, give you access to less chichi parts of Manhattan: Citi Habitats has a top-floor, two-bedroom apartment in a period building in Washington Heights (1) at the far north of the island for $499,999. Or, if you want a fashionable address and you can scrape together $520,000, you could buy a small but workable co-op studio one block from Gramercy Park (2), complete with 24-hour doorman, air-con and off-street parking. (more ...)

Finding The Right Apartment In Manhattan

Wed, 11 Jun 2008 12:01:01 EST

Finding The Right Apartment In Manhattan
June 11, 2008
By News 4 New York Reporter Roseanne Colletti
Are there any apartment bargains in Manhattan? Sure, but try to find them - there's the rub.
First vacancies are miniscule. CitiHabitats reports the overall vacancy rate for Manhattan for May was 1.15 percent. The West Village had the lowest rate at .65 percent. Murray Hill had the highest rate at 1.39%.
Also, recession or not, rental prices climbed from April to May. Blame that on new college grads and summer interns looking for new digs.
Now take a breath and take in the sticker shock.
The average monthly rental price for a studio was $1,937, a one bedroom $2, 611, and a two bedroom averaged $3,953.
Chelsea was the highest for studios at $2,410, Washington Heights the lowest at $1,004. It also had the least expensive one-bedrooms at $1,285, while SoHo/Tribeca had the highest at $3, 538. (more ...)

The Money Squeeze

Wed, 11 Jun 2008 12:01:01 EST

Finding The Right Apartment In Manhattan
By News 4 New York Reporter Roseanne Colletti
Are there any apartment bargains in Manhattan? Sure, but try to find them - there's the rub.

First vacancies are miniscule. CitiHabitats reports the overall vacancy rate for Manhattan for May was 1.15 percent. The West Village had the lowest rate at .65 percent. Murray Hill had the highest rate at 1.39%.

Also, recession or not, rental prices climbed from April to May. Blame that on new college grads and summer interns looking for new digs.

Now take a breath and take in the sticker shock.
The average monthly rental price for a studio was $1,937, a one bedroom $2, 611, and a two bedroom averaged $3,953.
Chelsea was the highest for studios at $2,410, Washington Heights the lowest at $1,004. It also had the least expensive one-bedrooms at $1,285, while SoHo/Tribeca had the highest at $3, 538. (more ...)

Let's do brunch: The best places to savor the weekend

Wed, 11 Jun 2008 12:01:01 EST

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Speaker Quinn Urges Overhaul of Rent Board

Wed, 11 Jun 2008 12:01:01 EST

Speaker Quinn Urges Overhaul of Rent Board
By PETER KIEFER
June 11, 2008

The speaker of the City Council, Christine Quinn, is seeking an overhaul of the Rent Guidelines Board, calling the nine-member panel, which sets annual rent increases for almost 1 million rent-stabilized apartments in the city, a "sideshow."

The board voted 5-4 last month to set preliminary increases of 3.5% to 7% for one-year leases and 5.5% to 9.5% for two-year leases for rent-stabilized apartments in 2009. Although the rates are similar to earlier increases, Ms. Quinn says they are a threat to the character of the city.

"I am here because the city that gave me a home, that gave me the opportunity to pursue my dreams, is disappearing before my very eyes," Ms. Quinn writes in a letter that she will enter in as testimony today at a Rent Guidelines Board meeting.
"The RGB has become a sideshow, a predictable and silly display that holds no regard either for the residents or their circumstances. (more ...)

Residential Sales Around the Region

Sun, 08 Jun 2008 12:01:01 EST

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Whose house are you in?

Sun, 08 Jun 2008 12:01:01 EST

In New York, a city full of famous people, the buildings or apartments once used by a celebrity stand out from the crowd and get sold quickly for the history they boast of, writes Leslie Kaufman

New York City is full of famous people. And famous people, of course, need someplace to live. But does an apartment or building that was once home to a celebrity - for instance, Frank Sinatra or David Bowie - become more valuable because of that connection?

It might to anyone who is a fan of that person. Real estate agents and appraisers agree, though, that an interesting provenance doesn't necessarily translate into higher property values the way that something more tangible like outdoor space or a full-time doorman does.

Still, a home with a pedigree can be easier to market, because its history helps it to stand out from the crowd. (more ...)

Ft. Lee's Orbach buys 13 N.Y.C. rental buildings

Thu, 05 Jun 2008 12:01:01 EST

The Orbach Group, the Fort Lee-based owners of 3,000 luxury apartments in New Jersey and Pennsylvania, has purchased 13 five-story buildings in Manhattan for $70 million.
The 254 units, on West 49th Street between Eighth and Ninth avenues, will be renovated as current tenants leave, closely held Orbach said Wednesday.
"This is just the first of what we anticipate will be a number of strategic acquisitions," said Orbach Chief Executive Officer Meyer Orbach. "We intend to bring our superior record of rapid growth to Manhattan in a big way."
The Orbach Group, which already owns commercial properties in Manhattan, is entering the city's apartment market as rental rates rise, according to data from residential broker Citi Habitats. Almost 99 percent of all Manhattan rental apartments are occupied, with rents for units with the number of bedrooms Orbach is buying running at $2,636 to $3,845 a month. (more ...)

The great escape: Weekend getaways to get used to

Wed, 04 Jun 2008 12:01:01 EST

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Orbach Group Pays $70 Million for Manhattan Apartment Buildings

Wed, 04 Jun 2008 12:01:01 EST

The Orbach Group, owners of 3,000 luxury apartments in New Jersey and Pennsylvania, bought 13 five- story buildings in Manhattan for $70 million.
The 254 units on West 49th Street between Eighth and Ninth avenues will be renovated as current tenants leave, closely held Orbach, based in Fort Lee, New Jersey, said today in an e-mailed statement.
''This is just the first of what we anticipate will be a number of strategic acquisitions,'' Orbach Chief Executive Officer Meyer Orbach said in the statement ''We intend to bring our superior record of rapid growth to Manhattan in a big way.''
The Orbach Group, which already owns commercial properties in Manhattan, is entering the city's apartment market as rental rates rise, according to data from residential broker Citi Habitats. Almost 99 percent of all Manhattan rental apartments are occupied, with rents for units with the number of bedrooms Orbach is buying running at $2,636 to $3,845 a month. (more ...)

Rental Guide 2008

Sun, 01 Jun 2008 12:01:01 EST

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Foreign accents mark city: A look at buyers in two new condo buildings

Sun, 01 Jun 2008 12:01:01 EST

ProdigyNetworkBlog

Foreign accents mark city: A look at buyers in two new condo buildings

Original article published in The Real Deal, June 2008
By Lauren Elkies

With the dollar still weak, international buyers are flooding the city, snapping up units in some of the most luxurious buildings.

They zero in on projects with international brand recognition, a high level of service and an abundance of amenities, said Rodrigo Ni�o, president of Prodigy International, the exclusive sales and marketing company for Trump Soho, and co-exclusive sales and marketing team for William Beaver House.

Most developments do not meet the criteria.
"No more than 30 percent of condos are suitable for international buyers," Ni�o said.

To get an idea where New York City's foreign buyers are coming from, The Real Deal looked at the origins of buyers (in contract) in two buildings with great international appeal - Trump Soho and Andr� Balazs' William Beaver House. (more ...)

Citi Habitats Launches EliteRentals Division

Sun, 01 Jun 2008 12:01:01 EST

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Residential Round-Up

Sun, 01 Jun 2008 12:01:01 EST

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Looking for that Look of Love

Sun, 01 Jun 2008 12:01:01 EST

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Citi Habitats Rental Market Analysis

Sun, 01 Jun 2008 12:01:01 EST

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Foreign accents mark city

Sun, 01 Jun 2008 12:01:01 EST

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Citi Habitats announces rebranding

Sun, 01 Jun 2008 12:01:01 EST

Citi Habitats, Manhattan's largest residential rental brokerage, has announced a re-branding initiative that will feature an advertising campaign, a new corporate logo, a redesigned Web site and radio promo spots during New York Yankees and New York Mets baseball games. The campaign launched in early May.

Wooing buyers from overseas

Sun, 01 Jun 2008 12:01:01 EST

New developments that court foreign buyers are more aggressively tailoring marketing materials and presentations to those buyers' needs.
Sales offices are translating marketing materials and Web site content into multiple languages, hiring staff fluent in more than one foreign language and providing sensitivity training to brokers to avoid offending overseas buyers.
For buyers who do not speak English as a first language, the Platinum condo has translated marketing materials into Spanish, Italian, French, Korean and Japanese for distribution and Web site posting, said Marketing Directors' Carolyn Sebba, director of sales at the project at 247 West 46th Street. In addition, there is one broker who speaks Spanish and another who is fluent in French. That was not why they were hired, Sebba said, but "it's coming in very handy."
Marketing Directors also uses etiquette memos to help agents learn about working with buyers from other countries. (more ...)

Rental Guide 2008

Sun, 01 Jun 2008 12:01:01 EST

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Rental Guide 2008

Sun, 01 Jun 2008 12:01:01 EST

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Rental Guide 2008

Sun, 01 Jun 2008 12:01:01 EST

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New York City Rentals Get the Starchitect Treatment

Sun, 01 Jun 2008 12:01:01 EST

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A Renter's Market

Sun, 01 Jun 2008 12:01:01 EST

A RENTERS' MARKET

By JENNIFER GOULD KEIL

June 1, 2008 -- America's housing crisis is finally hitting New York City's real-estate market - and that is great news for renters.
Wall Street layoffs combined with a glut of new buildings coming on line are finally giving Big Apple renters the upper hand over landlords and brokers, real estate analysts tell The Post.

Although the summer is generally the start of a cyclical rental boom - thanks to increased demand spurred by a host of college graduates moving to the city - fewer new jobs for young grads are to be had because of the poor economy, and job losses in the financial sector are contributing to a modest yet growing slowdown, said Adjina Dekidjiev, rental operations manager for Manhattan Apartments, Inc. Some real estate pros point to 8 percent to 10 percent declines in rent - and say steeper discounts could be on the way through the summer. (more ...)

Just Sold!

Thu, 29 May 2008 12:01:01 EST

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Just Sold!

Thu, 29 May 2008 12:01:01 EST

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Noteworthy chart-toppers

Wed, 28 May 2008 12:01:01 EST

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Spike Lee's Old Joint

Sun, 25 May 2008 12:01:01 EST

Citi Habitats Listing

(Famous Name) Slept Here

Sun, 25 May 2008 12:01:01 EST

May 25, 2008
(Famous Name) Slept Here
By VIVIAN S. TOY
NEW YORK CITY is full of famous people. And famous people, of course, need someplace to live.

But does an apartment or building that was once home to a celebrity - say Frank Sinatra or David Bowie - become more valuable because of that connection?

It might to anyone who is a fan of that boldface name. Real estate agents and appraisers agree, though, that an interesting provenance doesn't necessarily translate into higher property values the way that something more tangible like outdoor space or a full-time doorman does.

Still, a home with a pedigree can be easier to market because its history helps it to stand out from the crowd. Brokers say that can be especially helpful in the current market, where buyers seem more cautious and properties are sitting unsold longer. (more ...)

BIG-CITY BOUND? PREPARE YOURSELF; IT'S A JUNGLE OUT THERE; MOVIN' OUT

Fri, 23 May 2008 12:01:01 EST

May 23, 2008 Friday

BIG-CITY BOUND? PREPARE YOURSELF; IT'S A JUNGLE OUT THERE; MOVIN' OUT

My advice to new graduates: When you're polishing your resume and practicing your most winning interview smile in the mirror, try to fit in some bicep curls and crunches. You know those stairs on the stage where you'll pick up your diploma? Try running up and down them a few hundred times. Or use your mortarboard to play a vigorous game of ultimate Frisbee.

Trust me, you'll need the endurance.
The U.S. Census Bureau projects that 3 million students will graduate from college this year. If you happen to count yourself among them, that fabulous new job or wonderful spot in grad school could mean relocating.

New York, Chicago, San Francisco: For culture, atmosphere and energy, nothing beats a big city when you're young. For these reasons, and for the quantity and quality of jobs and schools available in metropolitan areas, many graduates will find themselves urban-bound. (more ...)

Developers Move Away From Outlandish Residential Amenities

Thu, 22 May 2008 12:01:01 EST

Developers Move Away From Outlandish Residential Amenities
By CANDACE TAYLOR
May 22, 2008

Manhattan's halcyon days of over-the-top residential amenities - from pet spas to putting greens to bowling alleys - appear to be coming to a close.

Development projects beginning to hit the market and in the pipeline show a paradigm shift to scaled-back amenities, with builders scrapping costly features to appease value-hungry buyers who are balking at shelling out higher prices in exchange for elaborate items they don't consider necessities.

While high construction costs, an economic slowdown, and the scarcity of lucrative tax abatements for new condominiums have been hurting developers for some time, builders are now changing tack in earnest as lower rents are taking hold, and first-quarter numbers clearly show a marked drop in real estate sales volumes. (more ...)

'Excessive' Demand Buoys Rental Apartment Market

Thu, 22 May 2008 12:01:01 EST

'Excessive' Demand Buoys Rental Apartment Market
MICHAEL STOLER
May 22, 2008

Despite the cloudy economic forecast and the nearly 80% drop in investment sales of commercial office properties in the first quarter of 2008, industry leaders are bullish on the value of residential rental apartments in New York City and nearby New Jersey.

"Multi-family residential rental apartment buildings in New York City with values under $50 million are not coming down in price," the chairman of Massey Knakal Realty Services, Robert Knakal, said. "The volume of sales in this niche is down slightly, but mainly due to supply constraints. The demand is still excessive, which is keeping prices buoyed."

He added that sellers "are holding firm on pricing because of the abundance of debt that continues to be available from both commercial and savings banks and life insurance companies. (more ...)

Beauty on Avenue B! Vogue Cover Girl Drops $2.2 M. for Two-Bedroom Co-op

Tue, 20 May 2008 12:01:01 EST

Beauty on Avenue B! Vogue Cover Girl Drops $2.2 M. for Two-Bedroom Co-op

Max Abelson | May 20, 2008

Very blond, well-boned, expensively jeaned buyers have been pouring into East Village apartments for so long that it's hard to find new excuses to complain about the area's �ber-gentrification. But then again, it's hard to remember when someone as upsettingly young as Lily Donaldson, the 21-year-old Vogue cover girl, spent anything like $2.2 million on a neighborhood apartment, especially one that happens to be as far east as Avenue B.

Her new two-bedroom place on Tompkins Square Park around East Eighth Street could be the most expensive co-op ever sold on the block, according to listing broker Danny Davis. (more ...)

Fox 5 News Interview

Mon, 19 May 2008 12:01:01 EST

Gary Malin, President of Citi Habitats, interviewed by Fox 5 News about the Manhattan rental market.

Landlords Slashing City Rents

Mon, 19 May 2008 12:01:01 EST

LANDLORDS SLASHING CITY RENTS
By JENNIFER FERMINO
May 19, 2008

Some New York City landlords are dropping their rents and offering up more incentives in a bid to woo tenants in the sluggish economy, several real-estate brokers told The Post.

It's still not easy to find the apartment of your dreams, but more deals are popping up and some rents are dropping - even in Manhattan, according to brokers and tenants.

"The market is softening and it's taking longer to rent apartments," said Steve Fuchs, director of leasing for Besen Residential.

He said he's had several prime apartments that have languished on the market, like a studio in the East 80s for $1,325 that's been vacant for a month.

One of his landlords recently lowered the prices on his Upper West Side apartments - knocking down the studios from $1,850 to $1,700 and one-bedrooms from $2,650 to $2,400. (more ...)

Just Sold!

Thu, 15 May 2008 12:01:01 EST

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REBNY Rental Summit takes brokers to the next level

Wed, 14 May 2008 12:01:01 EST

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Welcome mat at The Peninsula

Wed, 14 May 2008 12:01:01 EST

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Done Deals

Wed, 14 May 2008 12:01:01 EST

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Branding that makes brokering better

Wed, 14 May 2008 12:01:01 EST

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The Residential Marketplace

Wed, 14 May 2008 12:01:01 EST

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Residential Sales Around the Region

Sun, 11 May 2008 12:01:01 EST

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Just Sold

Thu, 08 May 2008 12:01:01 EST

May 8, 2008

Manhattan
UPPER EAST SIDE $1,245,000
170 E. 87th St.
Two-bedroom, two-bath condo, 1,100 square feet, with wide-plank wood floors, walk-in closets, marble bath, through-the-wall AC, balcony and southern exposure; building features doorman, garage, gym, pool, laundry, video security and playroom. Common charges $820, taxes $840. Asking price $1,295,000, on market 10 weeks. Broker: Laurie Lewis, Citi Habitats

Believe It: Condo Sales Slow

Thu, 08 May 2008 12:01:01 EST

Believe It: Condo Sales Slow

May 8, 2008

Very little correct information is being floated about the state of the New York City condominium marketplace. The glossy, full-page advertisements for luxury condominiums that are liberally sprinkled throughout local publications project strong sales, while the regular quarterly reports on the state of the local market suggest the city has been relatively immune to the real estate downturn that has crippled other cities.

In reality, nervousness about the economy, falling consumer confidence, and the rising cost of commodities are slowing sales of residential condominiums in Manhattan, the other boroughs, and the suburban communities.

"The truth is that people can't take the truth," the president of RAL Cos., Robert Levine, said.
Mr. Levine blames press coverage for creating an atmosphere of nervousness that is slowing the sales. (more ...)

Door Difference

Wed, 07 May 2008 12:01:01 EST

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Done Deals

Wed, 07 May 2008 12:01:01 EST

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Done Deals

Wed, 07 May 2008 12:01:01 EST

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Manhattan Rents Rise

Wed, 07 May 2008 12:01:01 EST

N E W Y O R K R E A L E S T A T E N E W S
________________________________________

Manhattan rents rise
May, 07, 2008
Rents in Manhattan increased in April, while the overall vacancy rate fell from 1.31 percent in March to 1.21 percent, according to a report by brokerage Citi Habitats. The average monthly rental price for a studio increased 3 percent to $1,874,; a one-bedroom increased 2 percent to $2,636; a two-bedroom increased 6 percent to $3,845; and a three-bedroom increased 13 percent to $5,268. The increases indicate that "peak rental season has started with some momentum," the report said. Average rental prices for studios were highest in the Gramecy/Flatiron area, at $2,254, and lowest in Washington Heights, at $1,006. The most expensive neighborhood for a one-bedroom was Chelsea at $3,355, while the cheapest was Washington Heights, at $1,241. TRD

Done Deals

Wed, 07 May 2008 12:01:01 EST

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'Sex' and money: What it costs to live the life

Wed, 07 May 2008 12:01:01 EST

'Sex' and money: What it costs to live the life

'Sex and the City' makes a comeback
By Lizzy Nielsen
May 7, 2008
Pairs of $500 shoes. $1000 designer dresses. Beautiful apartments in extremely desirable Manhattan neighborhoods.

The women of 'Sex and the City' lived incredibly extravagant lifestyles and inspired a gaggle of young women to move to the city. Carrie was a freelance writer, Miranda an attorney, Charlotte an art gallery manager who had been born into money and, finally, Samantha owned her own public relations agency. They always seemed to have enough cash to satisfy their cravings for expensive dresses and shoes, $20 martinis and posh apartments.

The question is: Could they pay their bills?

Miranda Hobbes was probably the character with the most realistic life on the show. Partners at top-notch law firms, according to Web sites like CarreerBuilder.com and Salary.com, partners can make upwards of a million dollars a year. (more ...)

The Gallery

Tue, 06 May 2008 12:01:01 EST

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Citi Habitats announces re-branding

Mon, 05 May 2008 12:01:01 EST

05/05/08
Citi Habitats announces re-branding
Citi Habitats, Manhattan's largest residential rental brokerage, has announced a re-branding campaign that will feature an advertising campaign, a new corporate logo, a redesigned Web site and radio promo spots during New York Yankees and New York Mets baseball games. The campaign was expected to launch May 1 and should be in full swing by November. TRD

Residential Sales Around the Region

Sun, 04 May 2008 12:01:01 EST

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Top Manhattan Firms

Thu, 01 May 2008 12:01:01 EST

Citi Habitats ranked as one of the top real estate brokerage firms in Manhattan.

Trouble making rent

Thu, 01 May 2008 12:01:01 EST

Trouble making rent
As layoffs send Wall Street reeling, landlords worry about vacancies

May 2008 - Fear has prevailed among landlords of high-end Manhattan rental buildings in recent months. An increasing number of their plush units remain vacant as, perhaps not coincidentally, an increasing number of deep-pocketed Wall Street employees find themselves out of work.

Building owners try to downplay the effect widespread layoffs in the financial industry will have on the real estate market. But they are holding their collective breath, hoping that the rental market's recent slip doesn't leave them holding onto new, luxury developments with few tenants willing to pay the premium rents they banked on.

"We can see they are very, very concerned about vacancies," said Laurence Rosenberg, president of RDNY.com, a Web site that provides information about no-broker-fee apartments in the New York City region. "The renter has a little bit of the upper hand. (more ...)

Starck for rent on Wall Street

Thu, 01 May 2008 12:01:01 EST

Starck for rent on Wall Street

'Bling' theme for starchitect's first rental building, with carpet of dollars in lobby

May 2008 - The leasing center for Dwell at 95 Wall Street. Chandeliers are a Starck signature.
While by no means the first starchitect-driven residential property in New York City, when it opened, Downtown by Philippe Starck at 15 Broad Street was among the first condominiums to flash a designer brand so flagrantly. And effectively.

The 42-story luxury conversion sold $210 million in condo apartments in just four weeks in the summer of 2004 and helped lift Manhattan's undervalued Financial District to upscale destination status. (more ...)

Downtown loft demand strong

Thu, 01 May 2008 12:01:01 EST

Downtown loft demand strong

Low inventory, large families continue to drive sales and stabilize prices

May 2008 - While segments of the real estate market are showing signs of softening, the Downtown loft market appears to be holding its own.

Real estate experts say the market for lofts below 14th Street continues to remain strong and that the limited, albeit rising, inventory of loft apartments is attracting Uptown transplants and keeping prices stable.

Ariel Cohen, executive vice president at Prudential Douglas Elliman, sold a number of the 382 units at 15 Broad Street, the Philippe Starck building, which four years ago was converted to lofts from the former JPMorgan Chase headquarters site.

Cohen purchased a 2,000-square-foot loft in the building himself, paying $800 a square foot. That space today would cost around $1,100 a square foot, he said. (more ...)

Citi Habitats Rental Market Analysis

Thu, 01 May 2008 12:01:01 EST

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