Manhattan Real Estate

In a similar manner to local department and discount stores trying to move unsold inventory, Toll Brothers recently reduced prices by as much as 25 percent on its condominium units at Northside Piers, a luxury waterfront project in the Williamsburg section of Brooklyn.

A number of other condominium developments are holding back from publicly announcing that they are offering discounts for new units. According to real estate sources, if a buyer really wants to make a deal, he can negotiate price reductions for as much as 20 percent off the purchase price for condo units in some neighborhoods in Brooklyn. In Manhattan, the bidding and asking prices for sincere purchasers can range from 7 to 15 percent.

One thing is certain, local developers had hoped the stimulus proposal compromise between the House of Representatives and the Senate reached last Wednesday for a $15,000 tax credit for first-time homeowners would aid in the sale of condo units. On Thursday, the credit was scaled back to a more modest $8,000 — or 10 percent of the purchase price, whichever is less.

Under the stimulus package expected to be signed into law, first-time home buyers would receive an $8,000 tax credit if they purchase a home this year before November 30. This would be an actual tax credit and receipt of it is contingent upon the home buyer owning the property for at least three years. If the home is sold in less than three years, the tax credit must be repaid to the government.

There is an income cap for recipients of the full tax credit — under $75,000 income for individuals and less than $150,000 for couples who file their taxes jointly.

Unfortunately, the bonus won’t apply to many first-time homebuyers in Manhattan and trendy sections of Brooklyn and Queens because their incomes exceed the qualification level, and yet their incomes are not great enough to enable them to qualify for a mortgage.

By Michael Stoler – The Real Deal.com

Oct. 23 (Bloomberg) – Long Island house prices fell the most in at least four years in the third quarter as the national housing slump extended its grip on New York City’s suburbs.

The median price of a one- to three-family house dropped 6.9 percent to $427,388 from a year ago, New York-based appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said today in a report. The median for all properties, including condominiums, dropped 6.2 percent to $415,000. The report excludes the Hamptons resort towns.

The threat of a recession and tight credit contributed to the decline in Nassau and Suffolk counties, Miller Samuel President Jonathan Miller said in an interview. Citigroup Inc. forecasts that the U.S. economy will contract every quarter next year, according to an Oct. 21 note to clients, and 75 percent of loan officers surveyed by the Federal Reserve in July said they had tightened home lending.

“The declines, within reason, are relatively equivalent across all markets of Long Island,” Miller said. “That essentially says that it’s external influence.”

In addition to the price drop, the number of sales for all types of residential property on Long Island declined 16 percent to 5,292.

Sales of previously owned homes probably will drop to 5.01 million in the U.S. this year, 29 percent less than 2005’s all- time high of 7.08 million, the National Association of Realtors said in a Sept. 9 forecast.

Manhattan Holds Up

Nationally, sales of previously owned homes fell more than forecast in August. Transactions dropped 2.2 percent to an annual rate of 4.91 million units from 5.02 million the prior month, the National Association of Realtors said Sept. 24. The median price declined 9.5 percent from August 2007.

While the suburbs are showing price declines, Manhattan has yet to see a drop in values. The median price of a condominium or co-op in Manhattan climbed 7.4 percent to $928,263 in the third quarter, according to Miller Samuel data released Oct. 3. Transactions fell 24 percent to 2,654.

Miller Samuel said today the median price of homes sold in the New York City borough of Queens dropped 11.4 percent to $400,000, while the number of sales fell 35 percent to 3,240.

To contact the reporter on this story: Sharon L. Lynch in New York at sllynch@bloomberg.net

Monday on “Your World w/Neil Cavuto” (Fox News, Oct 6, 2008) Donald Trump announced that he is not slowing down his real estate investing activity during our slumping economy. On the contrary, Trump made it clear there are good real estate opportunities to be had at “fire sale” prices that real estate investors should capture.

So how are you reacting to this financial chaos? Are you investing, or has this uncertain financial market got you frozen in your tracks? If you are frozen, you might be missing one of the best opportunities to invest in real estate that we’ve had in a long time. Consider this:

1. There are numerous “fire sale” deals available for real estate property throughout the United States
2. Interest rates are still generally favorable
3. Our economy will survive, so it’s just a matter of time before your investment in real estate is worth more than you pay for it by virtue of a greater demand for it

This is not the time to bury your money under a mattress. Yes, it’s comforting to be able to put your hands on it quickly, and perhaps like Donald Duck’s eccentric Uncle Scrooge, be able to roll around in it, but it will cost you big time. Inflation alone will devalue your money; your money won’t be worth as much next year as this year.

Here’s a better suggestion.

First, develop an investing plan. Then locate a real estate professional in your area that understands income-producing property and has a track record for investment property sales and build a relationship. Let him or her know what your investment objectives are and have them start looking for profitable investment opportunities.

If you know enough about the nuances of real estate investing and have a good understanding of your local real estate market, great. Then start kicking the bushes yourself.

The point is not to neglect doing something. This slumping financial market is unnerving, certainly, but our economy will survive and bounce back and what you invest into today will make you money tomorrow. If you have the financial means to invest in real estate without jeopardizing your welfare, then this is not the time to run for cover and hide. Instead, follow in the tracks of the Donald, during this slumping economy, look for, pursue, and seize investment opportunities with abandon.

Ask 10 different people about the condition of the New York real estate market and you will likely get 10 different answers, ranging the full spectrum from “Awesome” to the ambiguous “Wild” or “Nutty,” to the downright bleak “Horrid”. Why such a disparity, you ask? And, more importantly, which response is correct?   It depends who you ask, and that is the problem.

Too many real estate brokers have fallen into the salesperson trap of “perpetual perfection”, meaning, regardless of the cold hard facts, business is always great. It’s a tool that all good salespeople know – put a positive spin on things and anything is possible. The problem with this theory when it comes to real estate is, by glossing over the truth, you may be hurting business in the long run.

Sugar coating aside, the real estate market in New York has declined over the past year.  And while a positive attitude is always an asset, there is no way to gloss over the fact that short sales are increasing in droves. Some brokers feel that presenting consumers with the brutal truth is depressing, and will further inhibit already leery potential sellers and buyers alike. But what happens when your tale stops spinning?

Eventually, when that overpriced listing doesn’t sell, and that mint triple plus home is still on the market after 8 months, the truth comes out: The real estate market in New York is not at its best right now. Times are tough, prices are down, and foreclosures are up – the numbers don’t lie. And your customers will figure that out, regardless of what you tell them up front.

But a downturn in the market does not mean all is gloom and doom. There is a reason why they call it a “buyers market” and buyers all over New York should be on their phones and computers snatching up those gems before it’s too late. Three years ago, buyers were completely at the mercy of astronomical prices and aggressive sellers. Now, with the situation reversed, those in the market to buy would be foolish to miss out on the chance to cash in on a great deal.

So yeah, the real estate market in New York could be better. Brokers, don’t ignore that fact because consumers are quickly catching on. But a slow market is not as grim as it sounds. While it’s true that sellers have to be more realistic, competitively priced listings are definitely selling. For buyers, now is the time to act, and to seal those golden deals before the market swings up again, which, as history has shown us, it inevitably will.

Ah, New York City. There is good reason for its motto “The City that Never Sleeps”. Any day, any time, you can find something to do in NYC. One of the multitudes of amenities of Manhattan is its parks. There are 40 of them, spread out over Manhattan’s nearly 23 square miles, each with its own vibe and character.

When people hear New York City Parks, the first thing that usually comes to mind is the infamous Central Park. The reason is obvious – Central Park is indeed central to Manhattan and huge. Its 843 acres include woodlands, lawns, water, stages and extends for 6 miles. Since the 1960’s, it has been Manhattan’s hub for cultural and political activity and a venue for political rallies, festivals, and huge public concerts.

But alas, Central Park is just one of the many great parks in NYC. Take Washington Square Park, located in Greenwich Village and surrounding New York University’s campus. This park’s greatest architectural point is the Washington Arch, built in 1889 to honor our first president’s centennial anniversary. Once a meeting place for artists, writers and activists, it has settled into a more college-like atmosphere of nonconformity and rebellion.

If the political scene doesn’t appeal to you, no worries, there is Hudson River Park, located in midtown Manhattan and loaded with adventurous activities. This 550 acre hub has several restaurants, a boathouse and pier for canoeing, swimming, and, of all things, a trapeze school.

And that is just the beginning. Manhattan offers parks for readers, parks for skaters, nature lovers, and party goers. Yes, New York City, the city that never sleeps, truly does have a park for every person.

GREENPOINT ISN’T JUST THAT AREA NEXT TO WILLIAMSBURG ANYMORE

Of all the places around the city that the young, the professional and the hip have found to nest, the neighborhood that has proven most resistant to change might be Brooklyn’s Greenpoint.

Walking along Nassau Avenue you will see a restaurant called “Pyza” which does not serve pizza – it serves Polish food (far and away the dominant cuisine of the neighborhood.) If you turn a corner, there’s a flag-bedecked chapter of the American Legion. And the low-rise, vinyl-sided houses appear no different from how they looked 30 or 40 years ago.

“It’s got a very village feeling,” says Dewey Thompson, who has lived in Greenpoint for the past 12 years and is co-chair of the Greenpoint Waterfront Association for Parks and Planning. “I don’t think anyone would have dreamed that people were going to sell luxury condos in [this] neighborhood.”

Well, the unthinkable has happened.

New condominiums along the Greenpoint side of McCarren Park are fetching prices that were once unheard of in the neighborhood. Take the Robert Scarano-designed Loftology at the intersection of Driggs and Manhattan avenues.

“Everything is super modern,” says David Maundrell, president of Aptsandlofts.com, of the condo.

And the prices are super modern, too. A 600-square-foot, one-bedroom is getting between $850 and $900 per square foot.

Or Manhattan Park, next door, where a few of the upper floors have seen units go for as much as $1,000 per square foot.

And this phenomenon is not limited to the area around McCarren Park. Last week, the Viridian, a 130-unit luxury building on Green Street near the waterfront, began sales. The six-story building (one of the developers is Magic Johnson) will feature all the luxury bells and whistles, including a pool, a gym, a courtyard with a skylight and even rooftop cabanas. Three-bedrooms at the Viridian are going for more than $800,000.

This is a huge jump for a neighborhood where you can still buy an entire house for less than $600,000, and where a one-bedroom can be rented for as little as $1,300.

Most of Greenpoint has remained largely unaffected by this new development. Rents have remained much lower than they have a few blocks south in Williamsburg. And the majority of condos that have popped up in the last few years have been six-to-eight-unit buildings with low price points.

“I actually think I like it better than Williamsburg,” says Laura Gensinger, who began looking there for an apartment to buy but decided instead on an 850-square-foot, one-bedroom duplex in one of the Belvedere boutique buildings that have been cropping up all over Greenpoint. Her condo was big enough to share with a roommate, and she paid less than $650 per square foot.

“One of the things I like is that there’s a better sense of family,” Gensiger says.

Mom and pop grocery stores, flower shops, pharmacies, butchers and bakeries can be found all over Greenpoint in abundance.

“It’s got the stuff Williamsburg doesn’t have,” says Bill Ross, director of development for Halstead Property. “Greenpoint always had infrastructure.”

By MAX GROSS (NYPost.com)

“The China Center will be a gateway for Chinese corporations doing business in the U.S. or U.S. companies that want to understand the Chinese culture and do business there,” said Xue Ya, project director for the China Center.

The Freedom Tower, which will rise 1,776 feet, or 551 meters, when its antenna mast is included, is the first of four towers to be built at the site, which covers 16 acres, or 6.5 hectares. The federal and state governments have agreed to lease a total of one million square feet, or 92,900 square meters, although neither one has signed a formal lease yet.

“We’re working hard to get this tower built, and we’re also looking to attract world-class tenants to occupy it,” said Christopher Ward, the Port Authority’s chief executive. “This interest from Vantone will help us build excitement as we aggressively market this building to other prospective public- and private-sector tenants.”

The Partnership for New York City, a business policy and advocacy group, has long supported the creation of the 189,000-square-foot China Center and has agreed to invest up to $5 million in what will be a $90 million project.

“Establishing the China Center is probably the most important action we can take in support of our international trade relations for the city and the state,” said Kathryn Wylde, president of the partnership. “We see this as a way of assuring that New York City businesses develop a primary relationship with the emerging economy of China. This has been an area of competition with other world cities. We want to nail it down for New York.”

More than two years ago, Vantone announced its intention to lease space at the top of 7 World Trade Center, with the support of state and city officials. But the deal unraveled when Vantone was a few days late in posting a $45 million letter of credit.

In any event, Vantone moved on to 195 Broadway, New York, but backed out at the last minute. The company said that it had always wanted to move to the Freedom Tower, and that given the cost of the project, it was unwise to build a temporary home at 195 Broadway. Vantone’s annual rent will start at about $80 per square foot, about $30 more than what it had negotiated at 7 World Trade Center.

There are so many different perks to living in New York City : the culture, the restaurants, the education and of course, the music. Music is everywhere, and not just one type, but all genres. No matter what type of music you like, you can find it in the city and in a number of different settings.

If you are looking to spend a night on the town and hear some great music, that is not a problem in New York. There are plenty of bars, clubs, and lounges throughout the city that feature live musicians. Try going downtown to the Knitting Factory where you’ll find indie-rock bands, jazz groups, and plenty of local bands on the rise. For a different type of music, check out the BB King Blues Club in Times Square. Of course, those are just two examples. There are music bars all over the Big Apple.

There are always big name concerts in NYC, and there are plenty of venues to host them. Concerts are always held in venues such as Madison Square Garden, Lincoln Center, and Radio City Music Hall. Each year these halls, as well as many others, host a number of different concerts. Check out their schedules to see if anything interests you.

Less-formal concerts can also be found all over. On a nice day, take a walk through Central Park or Washington Square Park, and you are bound to find someone singing or playing an instrument. You can even find music when you are riding the subway. Musicians are always set up in the subway stations. Sometimes these little concerts are the best ones.

As much as New York is a great place to enjoy music, it is also a great place to learn music. There are a number of music schools in NYC, including some of the most prestigious in the world. With all the great schools and the endless opportunities, music students should want to be nowhere else.

For a less formal music education, spend a day at one of the Big Apple’s many museums that feature musical displays. There is the Museum of Television and Radio and the Dia Center for the Arts to name a few.

A completely different way to celebrate music in NYC is to visit the John Lennon Memorial in Central Park. This memorial, known as Strawberry Fields, is 2.5 acres landscaped in memory of John Lennon. The memorial is a mosaic with the word, “Imagine” in the middle and a peace sign made of flowers. It is located on Central Park West at West 72^nd Street directly across from where John Lennon lived and was murdered.

No matter what type of music you chose to listen to, you can find it in New York City. No matter how you chose to enjoy your music, you can find it in New York City. Manhattan is full of music, and that is just one of the many benefits to being here.