Category Archives: Housing

New York Real Estate News

Charles Dickens’ words from the 19th century could apply to 21st century New York real estate.  “It was the best of times, it was the worst of times…It was the spring of hope, it was the winter of despair.”  Right now residential homes are faring badly in the real estate market, but commercially the situation looks far better.

From 2013 to the present, approximately 16,200 residential condominium units (within 682 newly constructed buildings) were completed in NYC. Today, only three quarters of these have been sold.  There are approximately 4,100 apartments – many in luxurious buildings – that are still for sale.  This number does not even account for the sales over units currently under construction.  There have been some drops in prices of units in towers and these figures could drop even further.

Tactics from past cycles could also be making a comeback: bulk sales of unsold units to investors, condos converting to rentals en masse, and multimillion-dollar “rent-to-own” options for sprawling apartments — a four-bedroom, yours for just $22,500 a month.  The slowdown is uneven and some projects are faring better than others, but for well-heeled buyers there is no shortage of discounts and sweeteners to be had.

Commercially however, the situation looks far better. There have been quite a few impressive real estate transactions in the area.  Examples of this include:

  1. the $7.25 million sale of 2021 Grand Concourse in the Bronx – a 59, 292sq. ft. 11 story building in Mount Hope
  2. the $63,800 annual rent of 39 West 32nd Street in Manhattan
  3. the $2.2m annual rent of 83 Maiden Lane in Manhattan.

In addition, Unizo Holdings – a Japanese real estate firm – is selling off the remaining parts of its New York real estate portfolio via CBRE brokerage.  HomeGoods retail store located in Mount Kisco has also been sold for $6,829,350.  At the time of this publication, the buyer remains undisclosed.

New York: Living Expenses

Historically it’s been a well-known fact that living in New York is expensive.  Rents especially can be incredibly cumbersome.  While singles have traditionally preferred living alone the expenditure involved in this is only getting worse.

According to a recent SmartAsset report,  nationwide, New York is the “second city where a roommate saves you the most.” Further:

“Roommates save on average $1,056 per month each, or about $12,600 per year each. This means that together two roommates have a combined savings of more than $25,000 annually. Given the sheer number of people, finding a roommate in New York should not be difficult.”

That is a saving of close to $1,000 every.single.month. There are five boroughs in New York and on average, rent for one bedroom in any of those areas is $2,915 and for two bedrooms, $3,717.  Which is how you get to the $25,000 yearly savings figure from the SmartAsset report.

Having said all that there are some less expensive options to help tighten the budget for those just starting out in New York.  Take a look at NYC Mesh – a group of New Yorkers who are building their own Internet service. The volunteer non-profit entity works on donations of approximately $20 per month from each member for use of a high speed connection which can be used to stream videos without any issues.  It works with a super node antenna and 31 hubs in lower Manhattan and some parts of Brooklyn.  Another super node was recently installed in Sunset Park as well.

And then of course there is the co-living space option. One example of this is Quarters which currently manages three of these housing spaces in New York in order to “provide an easy solution for people looking to move into big cities. With an average price tag of $1,599 per month, this is much cheaper and a great way to network.