As the fall buying season begins in New York, buyers will find that the crop of new condos is sparse.
As memories of street crime have receded, and luxury developments have risen, the name Hell’s Kitchen has acquired a kind of gritty cachet.
NEW YORK CITY-At the Clinton Global Initiative annual meeting Wednesday, Dutch real estate firm OVG Real Estate pledged $1 billion toward sustainable building, the firm's second $1 billion commitment to this cause.
Midtown West office building sales rose by more than 100 percent year-over-year in 2011, to $5.7 billion from $1.8 billion in 2010, according to Eastern Consolidated’s MetroGrid Report for Midtown West, released today, which defines Midtown West as the area that extends from 30th to 59th streets, and Fifth Avenue to the Hudson River.
The concentration of overall new development in Midtown West has been unparalleled elsewhere in the city, the report shows, resulting in 35 new residential buildings, 14 new office buildings, 30 new hotels and 10 new retail buildings in the past year.
“Few would have believed that this area would be as viable as it has become,” said Peter Hauspurg, chairman and CEO of Eastern Consolidated. “To see the plethora of residential developments, office, hotels and restaurants is remarkable given that so many avoided this neighborhood 10 years ago.”
-- Katherine Clarke
A five-bedroom apartment was sold by William Lie Zeckendorf, a developer of 15 Central Park West.
Risk aversion in equity and commodities drove the dollar higher this week as recovery hopes faded after the Fed’s latest assessment of US growth
From left: One57 and Extell Development President Gary Barnett, the Touraine and Toll Brothers CEO Bob Toll and MiMA and Related Companies CEO Stephen Ross
There's a scarcity of new development in Manhattan, and developers are licking their chops. According to Corcoran Sunshine Marketing Group data cited by the New York Times, by the end of 2011 just 1,111 new units will open in Manhattan south of Harlem. That's down from 1,767 last year, ad 8,552 in 2007.
That's good news for developers -- such as Extell Development, Related Companies and the Toll Brothers who are delivering One57, MiMA and the Touraine, respectively, to the market -- who recognize the scarcity of supply and are raising prices and foregoing concessions. In fact, some developers are even refusing to negotiate with buyers on price.
MIAMI-The 40-story project is competing with assets like new 1450 Brickell and the older Miami Tower and Southeast Financial Center.
Mark Zuckerberg, the social network’s founder, said the overhaul would offer new tools for sharing music, video and news on the site
Each week, TODAY real estate expert Barbara Corcoran looks around the U.S. to see what homebuyers can get for their money.
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