New York City Apartments

Buying or selling a home in spring? Be ready to drive in rush hour

February 6, 2017 | by Karen Briscoe

Key Takeawys There are benefits to avoiding peak real estate seasons for homesellers, like less competition. The buyers in the market are often more motivated. The benefits for buyers in the offseason can go the same way, because sellers are also more motivated. Ancillary services, like home appraisers or lenders, are more available during the offseason. Traditionally, the spring real estate market is March through May, but in many markets it can start as early as February, around Ground Hog Day. Sometimes sales continue to be robust, and the peak selling season will stretch into June. Lessons from rush hour Rush hour for traffic in many metropolitan areas is from 7 to 9 a.m. and 5 to 7 p.m. Commuters wanting to beat the heavy traffic ... Read More

How will rising interest rates affect New York City buyers? What you need to know

January 23, 2017 | by Lucy Cohen Blatter

Back in December, the Federal Reserve raised interest rates (by .25 percent) for just the second time since the 2008 financial crisis. And more increases are likely this year, experts say. At the moment, interest rates for a 30-year fixed mortage are hovering around 4 percent for a 30-year fixed mortgage, according to BankRate.com. If they were to go up by, say, a percentage point, that would translate to an extra $480 per month for someone with a mortgage on a $1.05 million apartment (the median in Manhattan according to Douglas Elliman). So what does this mean for the New York City market? For now, one segment that's already slowed significantly is refinancing. "The refi market has totally dropped off," says Robbie Gendels of National Coop... Read More

Brooklyn investment sales fell 17% in 2016: report

January 23, 2017 | by Rich Bockmann

The six-year run-up in Brooklyn’s investment sales market has come to an end, as the borough saw a 17 percent decrease in investment sales in 2016 from the previous year, according to a new report from TerraCRG. Brooklyn saw 1,504 transactions in 2016 for a total sales volume of $7.8 billion, the commercial brokerage’s data showed. That was down from $9.5 billion worth of sales in 2015, and a 20 percent drop-off in the number of trades. The average price per square foot continued to climb. The price per square foot for development sites rose by 5 percent to $206 per square foot, while values for multifamily properties climbed 18 percent to $361 per square foot. The Jehovah’s Witnesses’ sale of its Watchtower portfolio in Dumb... Read More

StreetEasy's 2017 New York Housing Market Predictions

January 9, 2017 | by Streeteasy Team

Every year, StreetEasy predicts trends that will be driving the New York City real estate market in the coming year. A year ago, we predicted that 2016 would be the year of the luxury market slowdown and slower price growth across the board, fierce competition in Upper Manhattan and a greater rent burden for Brooklynites. Heading into the New Year, we dusted off our crystal ball – that is, our extensive market data – to forecast some of the leading trends that will shape the city’s sales and rental markets in 2017. Manhattan Sales Market Will Have Slowest Growth of All Boroughs Where high demand and high-priced inventory kept Manhattan resale prices soaring over the past few years, luxury is now what’s dragging the marke... Read More

NYC Real Estate Experts Offer Their 2017 Predictions

January 9, 2017 | by Emily Nonko

CityRealty spoke with New York City real estate experts—everyone from developers to architects to contractors to brokers—on their predictions for the upcoming year in the city’s ever-changing real estate market. From the presidential election of real estate magnate Donald Trump to the likely return of 421A tax incentives, 2017 promises big changes ahead. And yes, renters can look forward to more apartment concessions from landlords coming next year. President Donald Trump will have big effects on NYC real estate Stephen DeNardo, CEO of RiverOak Investment Corp. The day after the election, Crain’s New York Business ran the headline: “President-elect Trump unlikely to hurt real estate industry that made him.” Th... Read More

How will a Trump presidency affect NYC real estate?

November 21, 2016 | by Lucy Cohen Blatter

Donald Trump's name might be synonymous with real estate here in New York, but the president-elect said very little about his housing plans during the election. (Hillary Clinton stayed away from the subject almost entirely, too.) That said, of course, people are already speculating how Trump's presidency, and his very election, will affect the NYC housing market. Jonathan Miller, appraiser and real estate market analyst, seemed to think that there will be a pause in movement, but just for a bit. "With any significant unexpected and historic event, the initial impact to housing can be seen in the form of a 'pause' until buyers have enough time to process it.... A 'pause' can be measured in days or months and market reaction... Read More

Election anxiety, "softening" markets," L train freakouts, and more: What to expect in NYC real estate this fall

September 12, 2016 | by Virginia K. Smith

As the city wakes from its summertime languor and the real estate market climbs out of its customary August slump, it's a perfect time to look at what's in store for the rest of the year. And with recent reports of softening in the sales and rental markets, as well as 421a confusion, L train shutdown mania, and uncertainty over the election, suffice it to say the next few months are likely to be anything but boring. Below, what NYC buyers, sellers, and renters can expect as the weather cools: Is there really wiggle room in the sales market, or is it just for the ultra-rich? Over the last several months, there's been a much-discussed "softening"—broker code for slowdown—in sales for the headline-grabbing, multi-million-dollar condos at the very top of t... Read More

Is the 7 train the new L? A report says that Queens may soon see a development boom

September 12, 2016 | by Alanna Schubach

If you live along the 7 train line, keep an eye out for an invasion of upscale barbershops and artisanal honey stores: A report from real estate services firm Ariel Property Advisors forecasts that Queens neighborhoods may be getting the Williamsburg treatment. It says areas like Sunnyside, Woodside, and Jackson Heights could soon see development booms reminiscent of the ones along Brooklyn’s L train corridor. According to the report, a confluence of factors will send more New Yorkers on the hunt for affordability into Queens, where the 7 train—routinely rated the city’s best subway line by the Straphangers Campaign for its speed and cleanliness—provides a quick route into midtown Manhattan. By analyzing MTA data, the report&rsquo... Read More