Category Archives: Real Estate Market

Manhattan Condo Prices Close at Record Highs

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Despite a fall soft spot, square foot prices in Manhattan reached an all-time record high closing the year at $1,606. Those prices rose from a 2014 median close of $1,429 at the end of 2014 and a close of $1,408 on September 30, 2015. Driving the prices upward are the availability of new luxury condos that are being released to the market for the first time. Some of these new units include 111 West 57TH Street, One Seaport and Jardim.

Buyers are still willing to spend their money, but at a slower rate than in previous years so many Manhattan condominiums are staying on the market longer than in previous years. This is particularly true of older units.

The amount of square footage that a unit contains is still a major driving force for how quickly the unit will sell, according to The Aggregate released by prestigious TOWN Residential. The quickest selling units were those that contained three bedrooms. These units sold for an average of $4,421,300, a 15 percent increase in 2015 over the previous year. Meanwhile, two bedroom units sold for an average of $2,056,865 and one bedroom units selling for an average of $1,080,000.

Across NYC real estate, buyers can find a variety of condominiums for sale. In fact, there are 7,963 units for sale including townhouses, condos and coops. Not surprisingly, the largest number of condos are available for sale in Manhattan where 4,326 units are for sale.

Buyers find a variety of options available. The largest group, 2,100 units, are priced under $2 million dollars. Buyers looking to spend between up to $5 million can add an additional 1,132 units to their possibilities. The smallest group of available units are priced over $10 million with 493 choices available.

TOWN Residential has quickly risen to the top of the luxury real estate market since the company’s formation in 2010. Under the leadership of Andrew Heiberger and Joseph Sitt.

New York Property Values Hit Record High in 2015

Published / by thehillsadmin / 1 Comment on New York Property Values Hit Record High in 2015

2015 was recorded as the year of big sale in the real estate industry in New York City. The year closed on a high note where a Midtown skyscraper developed by Extell Development’s One57 was listed at $100.47 million. There was another major sale in the Central Park, at 157 West 57th Street which was offer at over one million. In Manhattan, new records were made for co-ops, in addition to handsome prices that were paid for townhouses and other condos. Brooklyn was not left behind because it recorded the most expensive sale in Cobble Hill for a single residence.

220 Central Park South, 56 Leonard and 520 Park among others are expected to accommodate more billionaire bunkers on the existing lists. Current record sale will be surpassed and even double in the coming few years. Kenneth C. Griffin, a famous hedge fund manager with a net worth of about $7 billion according to Forbes’ estimate, initiated a contract last summer where he is expected to buy a triplex for $200 million at 220 Central Park South.

According to a report on New York Times, if this deal is concluded, it would be the largest sale in the city for a single residence, and it will also usurp the country’s current record of $147 million of an 18-acre property in East Hampton, NY. The deal was finalized in 2014 according to an official of an appraisal firm. This official is wondering how long will the upward trajectory remain. Real estate developers and experts are observing the trend closely, and are asking the question, “how many buyers out there who can afford $10 million and above?”

It was founded in 2010, and currently is recognized as a leading firm that specializes in luxury residential property in the area. The firm focuses on sale, leasing, marketing and developing properties in this area.

TOWN Residential relies on other industry experts like architects, designers, and contractors to achieve their goals in this ever competing industry. The marketing section of the firm is responsible for mobilizing potential property buyers interested in luxury homes and apartments. TOWN Residential created new operation standards that made it a favorite real estate firm in New York.