Document2 5/28/03 1:12 PM Page 1 THE 2003: EDITION ONE MANHATTAN MARKET NOW What’s selling, where, and for how much LIVING IN NEW YORK Co-ops, condos, townhouses and more INSIDE The guide to MANHATTAN RESIDENTIAL REAL ESTATE FINDING THE RIGHT MORTGAGE Which is best for you— fixed rate or adjustable? SELL FIRST OR BUY FIRST? Tips to help you decide Douglas Elliman A PRUDENTIAL DOUGLAS ELLIMAN REALTY COMPANY AN INDEPENDENTLY OWNED AND OPERATED MEMBER OF THE PRUDENTIAL REAL ESTATE AFFILIATES, INC. Document2 5/28/03 1:14 PM Page 2 THE EAST SIDE AT Douglas Elliman WE NOT ONLY KNOW NEW YORK, WE ARE ©Joshua Sheldon/Photonica; Opposite page: ©Toshi Sasaki/Photonica©Joshua Sheldon/Photonica; Opposite page: ©Toshi 2 Take a virtual tour at www.douglaselliman.com 11627_PG_01-07.E 5/21/03 5:35 PM Page 1 EDITION ONE: 2003 NEW YORK A great company is like a great city. There is a reason Douglas Elliman is the largest residential real estate firm in town: We are experienced, connected and committed to delivering outstanding service every single time. With this premier issue of INSIDE, we show you a selection of condominiums, cooper- atives, townhouses and suburban homes from our collection of exclusively listed properties. We have included a market report, prepared in association with Miller Samuel, on the state of the real estate market to give you an idea of the value of your home and to note trends that may influence its value in coming months. Also included are articles that explain how to select from among mortgage options and to determine whether it is wiser to buy or sell first. INSIDE embodies the energy, promise, passion, elegance and character of the city that has been our home for 92 years. And now, in joining forces with the largest residential real estate company on Long Island, Prudential Long Island Realty, we can provide service to you from Manhattan to Montauk. INSIDE 1 11627_PG_01-07.E 5/21/03 5:35 PM Page 2 MANHATTAN NEIGHBORHOODS THE WEST SIDE THE EAST SIDE Upper West Side Upper East Side Riverside Drive/West Fifth Avenue/Park End Avenue Corridor Avenue Corridor Columbia Area Central Park South Central Park West Yorkville Lincoln Center Carnegie Hill West 50s Lenox Hill Clinton Sutton/Beekman CENTRAL WEST SIDE PARK Midtown East/ Turtle Bay FIFTH AVENUE 59TH STREET EAST SIDE 57TH STREET DOWNTOWN Union Square/ Gramercy/Kips Bay/ Murray Hill 34TH STREET 42ND STREET Flatiron Chelsea Greenwich Village East Village/Lower East Side Chinatown Soho/TriBeCa DOWNTOWN Battery Park City Financial District Manhattan is an island oriented north- West Side. Midtown is the area between south with Central Park at the middle. The 34th and 65th Streets. The basic grid City is organized on a grid pattern: avenues structure of the streets ceases below run north-south, and streets run east-west. Greenwich Village (at about 14th Street). Street numbers descend toward the south The pattern is broken here because this (downtown). There are exceptions to these area is the oldest part of the City, and the rules, and avenues sometimes end or change streets were developed in the 17th and their names. The grid concept, however, is 18th centuries in a random fashion. Below fairly regular throughout Manhattan north of the Village, Houston Street marks the end Greenwich Village. Fifth Avenue, which runs of the numbered streets. Below Houston, along the east side of Central Park, is the streets are named. dividing line between the East Side and the 2 Take a virtual tour at www.douglaselliman.com 11627_PG_01-07.E 5/21/03 5:35 PM Page 3 INSIDE 1 WE ARE NEW YORK Welcome to Douglas Elliman 2 MAP New York, neighborhood by neighborhood 4 MANHATTAN MARKET OVERVIEW Significant 10-year sales trends by apartment type, size, and neighborhood from our new proprietary data on more than 68,000 properties 44 The East Side Market Report 60 TheWest Side Market Report 76 Downtown Market Report 6 living in new york—property listings 8 The East Side 46 The West Side 62 Downtown 80 Townhouses 86 New Developments 92 Rental Properties 94 Long Island 78 FINDING THE RIGHT MORTGAGE Even with interest rates at rock-bottom levels, a standard fixed-rate loan may not be the best way to go. 91 SHOULD YOU SELL FIRST OR BUY FIRST? It depends on your personal situation. Here are issues to consider and tips to help. Creative Director Ida E. Wolosky, 105 WHERE YOU CAN FIND US Douglas Elliman Douglas Elliman has an office near you in Manhattan or Design Long Island—and we are as close as your computer. Two Twelve Associates, Inc. Editorial Photography Bernd Obermann, unless otherwise noted Editorial Copy Rosemary Ellis Market Report Information Miller Samuel Inc. table of contents INSIDE 3 11627_PG_01-07.E 5/21/03 5:35 PM Page 4 MANHATTAN MARKET OVERVIEW Our 10-year sales trend analysis of more than 68,000 properties tells you a lot Being informed helps you make decisions with confidence; giving you the informa- tion you need is what Douglas Elliman’s Manhattan Market Report is all about. In this issue of Inside, you will find property listings divided into three groups: The East Side, the West Side and Downtown. At the close of each section, a market report will show you how prices for both co-ops and condos have changed in the area’s neighborhoods over the last 10 years. This information can help you decide how to sell your apartment and where to look for a new one. Check the average sales prices; we have broken them out not only by neighborhood but also by apart- ment type and size. For more detail, look at the price per square foot, number of sales by neighborhood and other factors that will help you to make the smartest decision about when and where to buy or sell. HIGHLIGHTED NEIGHBORHOODS THE EAST SIDE THE WEST SIDE DOWNTOWN Upper East Side Upper West Side Union Square/Gramercy/ Fifth Avenue/Park Riverside Drive/West Kips Bay/Murray Hill Avenue Corridor End Avenue Corridor Greenwich Village Sutton/Beekman Central Park West Soho/TriBeCa Midtown East/Turtle Bay Battery Park City For additional data and analysis, please visit www.douglaselliman.com. 4 Take a virtual tour at www.douglaselliman.com 11627_PG_01-07.E 5/21/03 5:35 PM Page 5 MANHATTAN MARKET OVERVIEW MANHATTAN CO-OPS AVERAGE SALE PRICE PRICE PER SQUARE FOOT/NUMBER OF SALES Studio 1 Bedroom 2 Bedroom 3 Bedroom 4+ Bedroom All Price/ Price/Sq. Ft. Number Sq. Ft. Number of sales of sales 2002 $215,943 $367,188 $777,282 $2,355,975 $3,864,762 $665,018 $600 6,000 2001 231,530 361,686 795,549 2,349,076 4,224,872 705,888 $500 5,000 2000 154,539 314,251 817,428 2,003,789 5,354,068 659,905 1999 130,151 243,582 626,042 1,641,745 3,707,330 486,506 $400 4,000 1998 108,087 205,255 538,056 1,486,668 3,422,637 411,711 $300 3,000 1997 109,544 174,499 458,705 1,202,646 3,139,585 424,365 1996 99,301 205,292 427,990 1,116,000 2,360,625 459,569 $200 2,000 1995 99,913 161,450 415,283 1,070,731 2,215,417 436,825 $100 1,000 1994 106,414 174,264 428,989 991,830 2,221,743 537,529 1993 99,774 164,246 425,481 962,432 2,159,652 571,082 $0 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 MANHATTAN CONDOS AVERAGE SALE PRICE PRICE PER SQUARE FOOT/NUMBER OF SALES Studio 1 Bedroom 2 Bedroom 3 Bedroom 4+ Bedroom All Price/ Price/Sq. Ft. Number Sq. Ft. Number of sales of sales 2002 $307,586 $505,062 $1,279,389 $2,958,176 $4,085,500 $1,037,617 $800 4,000 2001 283,711 489,226 1,194,835 2,499,255 6,450,715 1,039,586 $700 3,500 2000 254,173 413,752 1,063,801 2,470,019 4,736,254 928,770 $600 3,000 1999 267,732 331,275 808,770 1,738,426 3,097,308 582,847 $500 2,500 1998 161,256 312,133 744,869 1,737,178 3,473,667 551,368 $400 2,000 1997 173,390 267,689 646,863 1,555,856 2,277,596 489,228 1996 142,407 236,023 513,782 1,344,776 1,749,000 376,251 $300 1,500 1995 120,175 228,437 504,985 1,223,952 1,928,125 374,608 $200 1,000 1994 125,728 209,485 482,886 1,154,172 3,053,071 356,958 $100 500 1993 142,267 208,131 461,585 1,215,498 1,503,900 357,827 $0 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Manhattan Market Report information prepared by Miller Samuel Inc. Real Estate Appraisers & Consultants manhattan market overview INSIDE 5 11627_PG_01-07.E 5/21/03 5:37 PM Page 6 11627_PG_01-07.E 5/21/03 5:41 PM Page 7 LIVING IN NEW YORK property listings ©Walter Bibikow/Alamy Images Ltd. Bibikow/Alamy ©Walter 11627_PG_08-45.E.v3 5/22/03 9:34 AM Page 8 THE EAST SIDE living in new york From its natural boundaries of Central Park and the East River, the East Side encompasses a sense of calm and refinement that is synonymous with traditional New York: Grand doorman buildings stand shoulder-to-shoulder with elegant mansions along Park and Fifth Avenues; graceful townhouses line tree-shaded side streets; sleek high-rises geared to young executives anchor the avenues.