New York City Apartments

NYC landlords continue to offer rent discounts as market softens

February 20, 2017 | by Emily Nonko

Douglas Elliman has released its rental report for the final month of 2016, showing that the rental market did not end the year with a bang. “There’s stress in both Manhattan and Brooklyn rentals,” says Jonathan Miller, the man behind the numbers. December marked a record amount of leases signed with concessions, 26.4 percent. That’s double the amount from the same time last year, which saw 13.1 percent of leases with concessions. Despite all that, the median rent in Manhattan is still higher than it was last year: $3,388/month as compared to $3,350. (The December median changes to $3,291 when you factor in concessions.) The median price for a studio was $2,575/month, a one bedroom came in at $3,395, a two bedroom at $4,588 and a t... Read More

NYC’s top 10 wealthiest ZIP codes will surprise you

February 20, 2017 | by Diane Pham

There’s no argument that Tribeca is home to the priciest real estate in all of New York City, but when it comes to wealth as measured by median net worth and household income, its residents don’t even register in the top 10. A new study by ESRI conducted for the NY Business Journal reveals that 11363—or Little Neck, Queens (where Governor Cuomo once owned a mansion, to give you and idea)—is, in fact, New York’s richest ZIP code. Here, the median household income clocks in at an impressive $94,192 with median net worth reaching $326,104. A mansion in 11363, Douglaston, Little Neck, Queens Several Manhattan ZIP codes did come in at the top, but they might not be the ones you’re thinking. According to Esri, the 10 w... Read More

Rich people struggle to move investment pads as pricey rentals

November 21, 2016 | by Zoe Rosenberg

Rich people buy New York City apartments and then don’t live in them. This is not new; it’s something that’s been happing for a long time, and it’s something that’s served said rich people well in the past few years as New York City real estate was on the up and up. But that’s falling apart a little bit now that that upward trajectory has come to a halt and there’s a flood of fancy apartments owned, but not lived in, by rich people on the rental market. (The distinction must be made—the truly rich do not need to rent the multi-million dollar apartments they don’t live in.) Many of the other rich people out there looking to make a buck on their investment are finding themselves in a financially undes... Read More

Manhattan’s growing ‘shadow’

September 26, 2016 | by E. B. Solomont

In the annals of residential real estate, the dog days of summer are never a good time to sell an apartment. So it’s not surprising that fewer than 1,000 Manhattan units were listed in the week before Labor Day. But in reality, more than 3,000 were actually for sale, representing a cohort of apartments known as “shadow listings” that were removed from the market during the slow spell of late summer. According to analytics site UrbanDigs.com, there were 3,534 shadow Manhattan listings in mid-August — up 67.5 percent year-over-year. That indicates that sellers may finally be adjusting to a market where buyers hold the cards, said John Walkup, the chief operating officer at UrbanDigs. Although sitting on the sidelines in the waning... Read More

As Rental Inventory Increases, Landlords Are Offering Up More Concessions

August 15, 2016 | by Dana Schulz

According to Douglas Elliman’s latest market report, landlord concessions (covering broker’s fees, offering free months’ rent, doling out $1,000+ giftcards) have doubled over the past year for Manhattan and Brooklyn rentals, coinciding with a roughly 30 percent increase in inventory in both of the boroughs. Jonathan miller, author of the report, told DNAinfo, “There’s just been more product brought into the market through more development. More inventory has brought more concessions, more modest price growth and kept vacancy rates elevated. This has been a five-year development boom. It’s already having an impact.” Looking specifically at Manhattan, in July of last year, 5.3 percent of new leases were affor... Read More

National home prices hit peak while cash buyers decline, report says

August 2, 2016 | by Jennifer Riner

Key Takeaways The U.S. median home price reached its 52nd consecutive month of growth in June. National median price is now at a historical peak of $231,000 – outpacing the previous highpoint in 2005, when it was $228,000, by 1 percent. Austin home price appreciation is up 12 percent from last year, while Houston is down by 2 percent. Despite varying growth patterns across the nation, the U.S. median home price reached its 52nd consecutive month of growth in June, according to Attom Data Solutions’ June and Q2 home sales report. The U.S. median home price was at a historical peak of $231,000, outpacing the previous highpoint in 2005, when it was $228,000. “We’re in a booming real estate market once again, just li... Read More

Selling High-End Apartments, Fully Furnished

July 18, 2016 | by Tim McKeough

At Fifty Third and Eighth, a condominium development at 301 West 53rd Street, almost everything is for sale. Beyond the apartments themselves, the modern leather sofas, nubby rugs and factory-inspired lamps displayed in model units are all available for purchase. So are the crisp bedsheets, fluffy towels, multicolored bowls and streamlined flatware used to accessorize the spaces. That offering is the result of a partnership between the HFZ Capital Group, the developer, and the furniture retailer Design Within Reach, which dressed up five model units with product availability in mind. If buyers fall in love with a particular model apartment, they can buy the whole furniture package, ranging from about $39,000 to $60,000, for their new home. If they want to... Read More

Why The Best Investment In 2016 Might Be Global Real Estate

July 18, 2016 | by Kenneth Rapoza

Market consensus now has equities flat to negative in 2016. Much of it is due to rate hikes and an end to QE in the U.S. After that, China and oil are to blame for everything else. It's hard to find an equity bull except at the value funds. Bonds? Forget about it. Outside of a handful of emerging market local currency debt managers, global bond funds are bracing for a drought. "Volatility is likely to rip through financial markets in the first half of 2016. Today’s turbulence is only the beginning," says Nigel Green, CEO of deVere Group, a financial advisory firm based in the U.K. “There’s a cocktail of uncertainty, with the main ingredients including China’s economic woes, higher interest rates in the U.S., historica... Read More