Northern Manhattan Rentals - A Market Snapshot for June 2011

This month, The Real Deal featured an article on "Cheaper condos moving in Harlem; Uptown new development inventory is selling; albeit at lower prices."  First, a few facts on the Uptown condo market from the article (Q1 2011 as compared to Q1 2010):

• 55% more condo closings 
• Average sales price is up 5% 
• Average size is down 1%

Now, I started to wonder about the current rental market in Northern Manhattan as well.  I dug into OLR data for rental data.  Read after the jump to see what I found.

The MTA is on Flickr - and posting updates on the 7 Train extension!

This morning, I read an update regarding the 7 train extension to 11th Avenue and 34th Street.  It was, as usual, short & informative local news from DNAinfo.  Here's the link:  Future 7 Train Station and Tunnel Revealed in Photo Tour - DNAinfo.com.  


Best fact?  The extension & station is scheduled to open in December 2013. Thats only a little more than 2 years away!


The best part of the article was the link to some very cool photos from the MTA's flickr stream (how cool is that?) showing progress.   

 

Also posted by MTA - Second Avenue Subway and East Side Access construction updates.   


I am constantly amazed by all that goes on behind the scenes, or under the ground, or tucked out of sight to create and maintain the buildings and the services for this city to be living, breathing place that it is. 

Open Houses in West Chelsea This Weekend

This weekend, I'm going to visit several open houses west of Eighth Avenue between 15th and 30th streets.  Its this neighborhood that hosts my morning runs, that provides the backdrop when I walk the High Line, that provides the street scenes as I walk my daughter to school in the mornings.

So this weekend, I return to this neighborhood to see "where is home" in Western Chelsea?

Kips Bay & Murray Hill continue to offer good value!

I continued the trend of building charts yesterday (see Better, But Still on the Mend).  Next Up?  A heat map of current overall average price per square foot for studio, alcove studio, 1-bedroom, and 2-bedroom configurations.

Better, But Still on the Mend

An article in today's Wall Street Journal analyzes second quarter data for Manhattan apartment sales.  The data doesn't point to a new bubble emerging.  But, the data isn't a harbinger of a dour market to come either.  Some key market statistics for 2nd Quarter 2011  (from the article):

• Average Price for a Manhattan Apartment - $1.39 million
• Median Prices are 1.2% below 2nd Quarter 2010 prices.  That's a difference of about $16,000 on a purchase of $1.39 million
• Average Prices are 1.5% above 2nd Quarter 2010 prices.  That's a difference of about $20,850 on a purchase of $1.39 million

If you happen to be a buyer or a seller in Manhattan, please remember these borough-wide statistic are but one indicator of the current market.  As an alternate view of the $1.39M price point, I created my own bar chart of current median prices for studio, alcove studio, 1 bedroom and 2 bedroom apartments for several different neighborhoods.   Here on the blog, its tough to read the individual data bars that represent different neighborhoods - so don't.  Focus instead on the dotted horizontal line.  This line represents the current average price for a Manhattan apartment.  Notice all the bars below that line.  But remember, even here we're speaking only of average and median prices

Bottom Line:  A statistic is just that.  Your results will vary based on how you use the information available to you!

If you'd like to see larger version of this graph, or more of my 'under the covers' analysis of neighborhood market conditions, CLICK HERE to email me today!  I'll send you a complimentary copy of the current issue of my newsletter, 'The Real State of Real Estate'

Dawn of a New Neighborhood?

This morning, the daily real estate alert from Crain's New York featured an interview with Stephen Ross.  The interview provides a few tantalizing tidbits about the future of Hudson Yards... 

Dawn over Hudson Yards

10:06 AM

(The New York Times) -- Related Cos. will likely announce signed deals for 3million square feet of office space at its huge Hudson Yards development on the west side by the end of the year, CEO Stephen Ross told the New York Times in an interview.

The High Line - Growing the Market West of 9th Avenue

Last week, I toured the just-opened section 2 of the High Line.  It got me thinking:  Where are real estate transactions happening around the High Line?


I looked through property records and plotted many recent transactions for buildings  on a google map.  See the map, and what I predict for upcoming real estate activity after the jump....

A Tour of The High Line Section 2

This week the much anticipated Section 2 of the High Line opened. On Friday, I had a chance to walk the length, enjoy the newest section of the promenade and see what is happening with the real estate in the area.  There is definitely more of an industrial feel to the westerly neighborhoods.  Up close, many of the buildings are so close it is them that offer a backdrop of activity to those on the High Line instead.