Land Use, Zoning and Public Policy
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Monthly Market Report
FEBRUARY 2016 MONTHLY MARKET REPORT SALES SUMMARY .......................... 2 HISTORIAL PERFORMANCE ......... 4 NOTABLE NEW LISTINGS ............. 7 SNAPSHOT ...................................... 8 CityRealty is the website for NYC real estate, providing high-quality listings and tailored agent matching for prospective apartment buyers, as well as in-depth analysis of the New York real estate market. MONTHLY MARKET REPORT FEBRUARY 2016 Summary MOST EXPENSIVE SALES The average sale price for Manhattan apartments dipped in the four weeks leading up to January 1, while the number of sales rose. The average price for an apartment—taking into account both condo and co-op sales—was $2.1 million, down from $2.2 million in the preceding month. The number of recorded sales, 1,020, rose a great deal from the 862 recorded in the preceding month. AVERAGE SALES PRICE CONDOS AND CO-OPS $30.5M 834 Fifth Avenue, #10B $2.1 Million 2 beds, 4 baths The average price of a condo was $2.7 million and the average price of a co-op was $1.4 million. There were 542 condo sales and 478 co-op sales. RESIDENTIAL SALES 1,020 $2.1B UNITS GROSS SALES One of the most expensive sales this month was in a grand, prewar co-op on the Upper East Side, while the other two were in the large new downtown condo development The Greenwich Lane. $26.0M The most expensive sale of the month was unit 10B in 834 Fifth Avenue, a two-bedroom, The Greenwich Lane, #PH8 four-bathroom apartment that closed for $30.5 million. The Rosario Candela-designed building 140 West 12th Street is considered one of the most desirable prewar co-ops in Manhattan. -
Real Estate Development Picks up in Turtle Bay and City by Bruce Silberblatt Onstruction Projects Halted in the • Construction Pending
Turtle Bay News A Publication of the Turtle Bay Association Winter 2014 Vol. 57, No. 1 Real Estate Development Picks Up in Turtle Bay and City BY BRUCE SILBERBLATT onstruction projects halted in the • Construction Pending. construction aftermath of the 2008 financial - 315 East 45th Street (Permanent Mis- of a new ho- Ccrisis are humming again in Turtle sion of the United Arab Emirates to the tel or condo- Bay. Here’s an update on projects in pro- United Nations) minium of, cess and some that we might see under cur- - 229 East 49th Street (Permanent Mis- say, 30-40 rent or future rezoning plans. sion of the Republic of Senegal to the floors would United Nations) be possible. • Zeckendorf’s 10 UN Plaza. The enclo- - 405 East 51st Street (northeast corner sure is topping out and two penthouses Building of First) have been combined into one for sale at Ever Taller - 219 East 44th Street (north side be- $100 million. The radius of tween Second and Third) East 49th and • Halcyon. Work at the crane-accident site, - 305 East 50th Street: awaiting DOB ap- 50th Streets, at 303-305 East 51st Street, is moving proval of permits. from Park ahead. Demolition of the tower’s eastern Extell Amasses Holdings on East 49th to Third Av- side is complete, as is building of the and 50th enues, holds base’s superstructure. The tower’s west- Extell Development has bought the seven- potential for ern extension has been framed up to the story garage at 138 East 50th for $61 mil- building high 12th floor. -
New Development Report for Q2 2017
MANHATTAN BROOKLYN New Development $2,576 $1,413 AVERAGE PRICE AVERAGE PRICE Report PER SQ. FT. ACTIVE PER SQ. FT. ACTIVE $2,172 $1,421 AVERAGE PRICE AVERAGE PRICE PER SQ. FT. PER SQ. FT. CONTRACT SIGNED CONTRACT SIGNED $2,192 $1,342 AVERAGE PRICE AVERAGE PRICE Second2017 Quarter PER SQ. FT. CLOSED PER SQ. FT. CLOSED 5,936 5.5% QoQ 622 -6% QoQ AVAILABLE INVENTORY AVAILABLE INVENTORY (UNITS)* (UNITS)* *Available inventory includes all units currently on the market as well as those not yet released. Summary Points MANHATTAN BROOKLYN MEDIAN PRICE In Manhattan, average pricing decreased PER SQ. FT. modestly for the second straight quarter. New $2,172 PSF development units entering into contract fell 2.1% Active $2,287 $1,396 quarter-over-quarter to $2,172 PSF from $2,219 Contract Signed $2,025 $1,312 in Q1 2017, but rose 2.0% year-over-year from $2,129 PSF in Q2 2016. Avg. PPSF for closed new development units rose 1.0% quarter-over-quarter to $2,192, and fell 2.1% Closed $2,057 $1,319 year-over-year from $2,239 in Q2 2016. AVERAGE PRICE In Brooklyn pricing Outside of PER SQ. FT. continued to rise for Billionaire’s 10.4% $1,207 Active $2,576 $1,413 the second consecutive Row, Harlem quarter. New development entering into experienced the largest quarter- Contract Signed $2,172 $1,421 over-quarter Avg. PPSF increase contract averaged $1,421 PSF, up 4.4% Closed $2,192 $1,342 quarter-over-quarter and 3.8% year-over-year. -
Halcyon New York, New York
THE WEITZMAN GROUP, INC. Real Estate Consultants 355 Lexington Avenue New York, NY 10017 212 949-4000 FAX# 212 949-0875 MARKETABILITY AND CASH FLOW ANALYSIS OF HALCYON NEW YORK, NEW YORK AS OF DECEMBER 31, 2014 Prepared For: POLAR INVESTMENTS GROUP AND ORIGO INVESTMENTS G.P. MARCH 6, 2015 The Weitzman Group, Inc. 355 Lexington Avenue, New York, NY Account: 048-15F Copyright © 2015, The Weitzman Group, Inc. All Rights Reserved. THE WEITZMAN GROUP, INC. Real Estate Consultants 355 Lexington Avenue New York, NY 10017 212 949-4000 FAX# 212 949-0875 March 6, 2015 Mr. Eyal Bigon Mr. Thor Rozenberg Chief Financial Officer Chief Financial Officer Polar Investments Group Origo Investments G.P. 35 Ehad Ha’am St. 35 Ehad Ha’am St. Tel Aviv, Israel Tel Aviv, Israel Re: Marketability and Cash Flow Analysis Halcyon Condominiums New York, New York Dear Messrs. Bigon and Rozenberg: Thank you for the opportunity to provide Polar and Origo with a reasonable independent forecast of cash flow after debt service resulting from the remaining construction, sellout, and closings of the residential condominiums, retail space, and residential parking and storage at the Halcyon Condominiums in the Midtown East area of Manhattan. Our research in support of this study occurred during January and February 2015, with data obtained during this time period used to validate our retrospective assumptions, although the date of our analysis is as of December 31, 2014. This engagement does not include an appraisal or valuation of the project, and nothing herein should be construed as representing an appraisal. The purpose of the assignment is to present an independent projection of cash flows after construction debt service for use by Polar and Origo in determining prospective cash flows to the various investor positions in the project. -
Manhattan Retail Market MID-2ND QUARTER 2016 REPORT Retail Activity in the News
Manhattan Retail Market MID-2ND QUARTER 2016 REPORT Retail Activity In The News Virtual Restaurant Business Revolutionizing Traditional Food Delivery The growing convenience of home food delivery through services such as Seamless and GrubHub has prompted the launch of what can be best described as “virtual restaurants.” One company Green Summit Group currently operates 2-kitchens and boasts 8 “restaurant” brands, yet is void of any storefronts. The business model is banking on the projection that most New York City dwellers won’t care or realize that the food is not being prepared in a traditional restaurant. Green Summit has eliminated the burden of managing retail spaces, while also further benef ting from its ability to shift menu items more quickly to cater to the fast-evolving preferences of consumers by creating another online-branded “restaurant” that appeals to the f avor of the moment. If a particular brand does not meet f nancial expectations it is easily scrapped, incurring a relatively low cost of failure. Currently in expansion mode, in addition to existing kitchens in Midtown and Williamsburg, Brooklyn, the Green Summit plans to open 4 additional kitchens in the Financial District, Downtown Brooklyn, the Upper East Side, and the East Village in 2016 in order to be within delivery range of 90% of New York’s online food-ordering population according to the company’s projections. Generating about $10 million in revenue in 2015, expansion plans are reportedly expected to triple revenue in 2016. Success of the company launched about 2 and a-half years ago may be short-lived in the opinion of some skeptics of the virtual model, pointing out that consumers want to engage with the restaurant brand. -
Fall Hospitality Report Manhattan 2015
FALL HOSPITALITY REPORT (2015) MANHATTAN FALL HOSPITALITY REPORT MANHATTAN 2015 1 | P a g e FALL HOSPITALITY REPORT (2015) MANHATTAN EXECUTIVE SUMMARY According to the Starr report, Manhattan’s hotel sector has been growing by over 4.0 % since 2010 both by ADR and number of rooms. The demand still far exceeds supply especially for 5 star brands. Early in the hotel recovery in 2011, three star brands grew in number of rooms and ADR initially. As the recovery went into full swing by late 2013, four and five star hotel development continued to outpace three star hotel growth. Global investors are seeking five star hotel product in Manhattan and at $1.0 million up to $2.0 million per key. For instance, Chinese investors bought the Waldorf Astoria and the Baccarat Hotels both at substantially above $1.0 million per key. Manhattan is one of the best hotel markets in the world between growing tourism and inexpensive accommodations compared to other global gateway cities like London, Paris, Moscow, Hong Kong, etc. Any established global hotel brand also requires a presence in Manhattan. In 2014 alone, 4,348 keys were added to Manhattan’s existing 108,592 rooms. Currently, another 14,272 rooms are under construction in the city and about 4000 keys (1/3) are for boutique hotels. As of July 2015, the Manhattan market has approximately 118,000 keys. They are segmented as follows: Currently, there is a 4.0% annual compounded growth rate. Despite this growth, demand for hotel rooms from tourism, conventions, cultural events, and corporate use continues to grow as Manhattan is one of the most desirable locations for all of the above uses especially tourism from Asia and Europe. -
Select Sales Comparables the Centrale 252 East Fifty
THE CENTRALE SELECT SALES COMPARABLES 685 FIRST AVENUE 252 EAST FIFTY SEVEN 50 UNITED NATIONS PLAZA 100 East 53rd Street 200 East 59th Street100 East 53rd Street 100 East 53rd Street685 First Avenue200 East 59th Street 200 East 59th Street345 East 46th Street685 First Avenue 685 First Avenue252252 East 57th Street EAST345 East 46th Street 57TH STREET 345345 East 46th Street EAST 46TH STREET252 East 57th Street 252 East 57th Street Units: 93 Units: Units: 67 93 Units: Units: Units: 93 14867 Units: Units: Units:67 87 148 Units: Units: Units: 148 95 87 Units: Units:87 95 Units: 95 Floors: 63 Floors: Floors: 35 63 Floors: Floors:Floors: 63 4335 (Condo floors 28+) Floors: Floors: Floors:35 43 43 (Condo floors 28+) Floors: Floors: Floors: 43 (Condo65 (Condo floors43 floors 28+) 34+) Floors: Floors:43 65 (Condo floors 34+) Floors: 65 (Condo floors 34+) Sales Start: January 2016 Sales Start: Sales Start: January 2017 January 2016 Sales Start:Sales Start:Sales Start:January 2016 FebruaryJanuary 20182017 Sales Start: Sales Start: SalesJanuary Start: 2017October 2013 February 2018 Sales Start:Sales Start:Sales Start: FebruarySeptember 2018October 2014 2013 Sales Start: SalesOctober Start: 2013 September 2014 Sales Start: September 2014 Construction Type: New Construction Construction Type:ConstructionNew Type: ConstructionNew Construction ConstructionConstruction Type:Construction Type:New Type:Construction NewNew Construction Construction Construction Type:Construction Type:ConstructionNew ConstructionNew Type: Construction New Construction ConstructionConstruction -
Luxuryletter April 2018.Key
a 72 Mercer St, PENTHOUSE W SOHO WWW.THELEONARDSTEINBERGTEAM.COM NEW: TROPHY FIFTH AVENUE DUPLEX LUXURYLETTER APRIL 2018 Irrational Luxuberance There is really no great explanation why the wealthiest people in the world - much wealthier now than at any other time in history - are not buying more luxury real estate than ever before. Interest rates, while rising, are low, many prices are down off their (asking) highs, sellers are more inclined to negotiate on price and there are more options to choose from……although in some areas there are shortages. But yes, there are some reasons to explain why the luxury market is not faring as well as it ought to be: • Pricing escalated too far too fast. Buyer fatigue caused markets to pause and when they did, some sellers blinked causing more downward price adjustments. • Sellers were spoiled by the speed of sales: now that has normalized, yet it still feels very slow compared to the Studio-54-style pace of 2014-2016. • Most buyers between 2012 and 2015 saw an almost certain upside in buying…..these same people don’t want to take a loss buying now in case they can buy later for less. • Many buyers between 2010 and 2015 were buying purely for investment purposes: who wants to buy an investment apartment in a market where there are many price drops? Which investor likes buying in a market where rental returns are a bit depressed, especially if they can wait? The few smart, non-herd-mentality investors though are buying now because they have better choices and can negotiate. -
New York Branch Other Regulatory Disclosures
New York Branch Other Regulatory Disclosures April 2019 CIP (Customer Identification Program) Notice In order to comply with existing regulations to combat terrorist financing and money laundering activities, the regulations require all financial institutions to obtain, verify and record information that identifies each person who establishes an account or any other financial relationship with such institution. What this means for you: When you open an account or any other financial relationship with BRADESCO S.A. NEW YORK BRANCH, when an individual request to open an account, we will ask the name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your national ID, Passport, Driver’s License or other valid government issued ID that allow us to perform a verification of the identity of the person. For entities we will request documentation to prove the legal existence, ownership structure, information about the persons authorized to represent the entity as account-holder, the entity’s registration number, tax identity number (TIN) and/or registration number assigned by the registrar of companies or similar government agency where the incorporation documents were filed. We will also ask you for the names of all authorized signatories, attorneys-in- fact, officers and directors of the legal entity opening accounts and for significant beneficial owners of the legal entity account-holders (generally, all those with direct or indirect ownership interest of at least 10%). In some cases, we may request identification documents of persons or legal entities that are already customers of BRADESCO S.A. -
55Th Street Move-In Guide Essentials for Living on Campus Jump Start 2018
Office of Residence Life 55th Street Move-In Guide Essentials for Living On Campus Jump Start 2018 Marymount Manhattan College 55th Street Residence Hall 231 East 55th Street New York, NY 10022 QUALIFY FOR EXPRESS CHECK- IN — SEE PAGE 5 FOR DETAILS 3 Welcome to Marymount Manhattan College 4 To Do List 5 About Your New Home 6 Furniture Policy 7 MMC Shopping List 8 Technology & Amenities 9 Important Policies 10 Bed Bugs & Tuition and Renter’s Insurance 11 Placement Information 12 Roommate Conversation Starters 13 Jump Start Move-In Day Process 14 Residence Hall Map 15 Directions 16 FAQs About Move-In Day 17 After You Arrive 18 Important Housing Dates 19-20 Area Guide 21 Contact Us 22 Intentionally Left Blank (for printing purposes) 23-24 Medical Consent, Insurance, and Emergency Form 25 Housing Contact Signature Page 26 Intentionally Left Blank (for printing purposes) 27 Immunization Form 2 WELCOME TO MARYMOUNT MANHATTAN COLLEGE HOUSING! As a student at MMC, you are a member of an academic community. Your living environment is a community as well. As such, we hope that you choose to share aspects of yourself by participating in a variety of experiences and group events. Being a part of the residential community will allow you to learn a great deal about yourself and others. Your college experience can be greatly enhanced by your out-of-classroom and community involvement. FROM THE DIRECTOR OF RESIDENCE LIFE June 2018 Dear Marymount Housing Applicant: We have received your application and deposit for MMC Housing for the 2018-19 academic year, and are thrilled you have decided to join the MMC Residential Community. -
An Insight Into the Luxury Residential Market
an insight into the luxury residential market FOREWORD - The “hottest” ranking luxury primary housing market in 2017 and early 2018 have shown robust growth in luxury the world is Victoria, BC, with strong year-on-year luxury real estate sales across most geographical markets. A stable sales volumes and high domestic demand. global economy, a strong stock market, low interest rates and rising consumer confidence served as positive tailwinds for - Santa Fe, New Mexico, is the “hottest” luxury second-home the luxury residential real estate markets. Still, there continue market, reaching sales volumes of million-dollar-plus homes to be a multitude of issues presenting both opportunities and not seen since pre-crisis years. challenges for prime property investors and sellers across - Trophy home sales dipped in 2017—only three homes the globe. Luxury markets are increasingly impacted by achieved the US$100 million+ “billionaire’s benchmark”— macroeconomic factors from political uncertainty, natural as the year’s 10 most expensive homes sold worldwide for disasters and terrorism fears to high equity prices, shifting aggregate of $1.24 billion, down from $1.32 billion in 2016. buyer demographics, currency risks, and increased taxes and - Star architects are now almost a prerequisite for high-end buying restrictions on residential real estate. residential developments, dominating the landscape of This year’s Luxury Defined presents insights into the world emerging luxury corridors like West Chelsea in New York. of luxury real estate and captures the collective wisdom and - Inventory constraints remained an issue in many prime insights of our global network—comprised of 27,000 agents property markets, as buyers from different, traditionally operating out of 940 offices globally—as well as specialists non-competing demographic and lifestyle cohorts competed from the broader Christie’s world. -
The Bloom Is on the Roses
20100426-NEWS--0001-NAT-CCI-CN_-- 4/23/2010 7:53 PM Page 1 INSIDE IT’S HAMMERED TOP STORIES TIME Journal v. Times: Story NY’s last great Page 3 Editorial newspaper war ® Page 10 PAGE 2 With prices down and confidence up, VOL. XXVI, NO. 17 WWW.CRAINSNEWYORK.COM APRIL 26-MAY 2, 2010 PRICE: $3.00 condo buyers pull out their wallets PAGE 2 The bloom is on the Roses Not bad for an 82-year-old, Adam Rose painted a picture of a Fabled real estate family getting tapped third-generation-led firm that is company that has come a surpris- for toughest property-management jobs known primarily as a residential de- ingly long way from its roots as a veloper. builder and owner of upscale apart- 1,230-unit project.That move came In a brutal real estate market, ment houses. BY AMANDA FUNG just weeks after Rose was brought in some of New York’s fabled real es- Today, Rose Associates derives as a consultant—and likely future tate families are surviving and some the bulk of its revenues from a broad just a month after Harlem’s River- manager—for another distressed are floundering, but few are blos- menu of offerings. It provides con- A tale of 2 eateries: ton Houses apartment complex was residential property, the vast soming like the Roses.In one of the sulting for other developers—in- taken over, owners officially tapped Stuyvesant Town/Peter Cooper Vil- few interviews they’ve granted,first cluding overseeing distressed prop- similar starts, very Rose Associates to manage the lage complex in lower Manhattan.