NYC landlords continue to offer rent discounts as market softens

February 20, 2017 | by Emily Nonko
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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
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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
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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
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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

Gonzo eateries

September 12, 2016 | by Ann Imperatore
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In all, a total of at least five premier dining establishments with enormous layouts will open in the coming months, some with dining spaces that are so exclusive diners will need to buy an apartment in the building to eat there. At 432 Park Avenue, which recently became the tallest residential building in the country, the 12th-floor restaurant will also be a very exclusive eatery. It will be headed by chef Shaun Hergatt, formerly of Michelin-starred Juni, along with restaurateur Scott Sozmen, formerly of Per Se. It will reportedly be a private restaurant for residents only. Premiering this fall at the 96-story behemoth, the yet unnamed restaurant will span the entire 8,500-square-foot space. The New York Times said the much-awaited eatery is being des... Read More

As Rental Inventory Increases, Landlords Are Offering Up More Concessions

August 15, 2016 | by Dana Schulz
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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
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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

Pokémon Go is everywhere — is there a real estate angle?

July 18, 2016 | by Marian McPherson
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Key Takeaways The late '90s and early 2000s Japanese anime cartoon Pokémon has resurfaced with the augmented reality game Pokémon Go. Pokémon Go brings the world of Pokémon to life, and allows players to catch elusive Pokémon everywhere — in their house, their backyard, or even in public places such as their neighborhood, local parks and stores. Pokémon Go might work its way into real estate listings, with sellers boasting about the number of Pokémon training gyms and PokéStops in their neighborhood. Some agents have already begun using the game to draw in potential buyers at open houses. Real estate listing descriptions can be a fascinating reflection of regional character an... Read More