New York City Real Estate
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"Apartment Prices in Manhattan
 Manhattan Times January 17, 2008 by Mike Fitelson For better or worse, no bombshell seems to explode in Northern Manhattan with the same fury as an article in The New York Times. The latest blast came from a Jan. 3 story titled, "Apartment Prices in Manhattan Defy National Real Estate Slide." Most of the over 830-word piece detailed the record sale prices that were being set for apartments throughout the entire borough at the end of 2007, largely driven by the high-end market that sent the average purchase price to $1.4 million, according to a report released by the brokerage firm Prudential Douglas Elliman. But one paragraph in that story painted a different picture for the Northern Manhattan market. According to data supplied by Halstead Property, the median sales price for apartments in the northwest section of Washington Heights, known as Hudson Heights, dropped to $412,500, a five percent dip from the fourth quarter of 2006. (more ...) |
'Excessive' Demand Buoys Rental Apartment Market
| 'Excessive' Demand Buoys Rental Apartment Market MICHAEL STOLER May 22, 2008 Despite the cloudy economic forecast and the nearly 80% drop in investment sales of commercial office properties in the first quarter of 2008, industry leaders are bullish on the value of residential rental apartments in New York City and nearby New Jersey. "Multi-family residential rental apartment buildings in New York City with values under $50 million are not coming down in price," the chairman of Massey Knakal Realty Services, Robert Knakal, said. "The volume of sales in this niche is down slightly, but mainly due to supply constraints. The demand is still excessive, which is keeping prices buoyed." He added that sellers "are holding firm on pricing because of the abundance of debt that continues to be available from both commercial and savings banks and life insurance companies. (more ...) |
'Sex' and money: What it costs to live the life
| 'Sex' and money: What it costs to live the life 'Sex and the City' makes a comeback By Lizzy Nielsen May 7, 2008 Pairs of $500 shoes. $1000 designer dresses. Beautiful apartments in extremely desirable Manhattan neighborhoods. The women of 'Sex and the City' lived incredibly extravagant lifestyles and inspired a gaggle of young women to move to the city. Carrie was a freelance writer, Miranda an attorney, Charlotte an art gallery manager who had been born into money and, finally, Samantha owned her own public relations agency. They always seemed to have enough cash to satisfy their cravings for expensive dresses and shoes, $20 martinis and posh apartments. The question is: Could they pay their bills? Miranda Hobbes was probably the character with the most realistic life on the show. Partners at top-notch law firms, according to Web sites like CarreerBuilder.com and Salary.com, partners can make upwards of a million dollars a year. (more ...) |
 May 25, 2008 (Famous Name) Slept Here By VIVIAN S. TOY NEW YORK CITY is full of famous people. And famous people, of course, need someplace to live. But does an apartment or building that was once home to a celebrity - say Frank Sinatra or David Bowie - become more valuable because of that connection? It might to anyone who is a fan of that boldface name. Real estate agents and appraisers agree, though, that an interesting provenance doesn't necessarily translate into higher property values the way that something more tangible like outdoor space or a full-time doorman does. Still, a home with a pedigree can be easier to market because its history helps it to stand out from the crowd. Brokers say that can be especially helpful in the current market, where buyers seem more cautious and properties are sitting unsold longer. (more ...) |
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40 Acres Former HQ Now for Sale
 A couple of weeks ago we reported that 40 Acres and a Mule, Spike Lee's production company, had moved out of its Fort Greene headquarters of the past 22 years. Now, it turns out, the owner has put the three-story former firehouse on the market for a staggering $6,000,000. We realize the place has the fame factor going for it, but you'd have to be pretty star-struck to shell out $1,000 a foot for something that doesn't even have much interior charm going for it and is across the street from the hospital entrance. The aggressive asking price also kinda makes you wonder wonder whether Spike decided to leave or was forced to. 124 Dekalb Avenue [Citi Habitats] GMAP |
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A time to rent: Manhattan rents see smaller increase
 A time to rent: Manhattan rents see smaller increase February 21. 2008 1:11PMBy: Andrew Buck According to Citi Habitats New York, Manhattan apartment rents rose only 5.5% over the last year, just over half the 10.4% rise reported in 2006. If the past year is any guide, 2008 may be the perfect time to rent in Manhattan. According to Citi Habitats New York, a leading residential real estate brokerage, Manhattan apartment rents rose only 5.5% over the last year, just over half the 10.4% rise reported in 2006. As always, the high demand and low supply of Manhattan apartments created a tight and expensive rental market. Fully 75% of Manhattan's housing stock is now occupied by renters, and vacancy rates hover below 1%. SoHo, Chelsea and Tribeca have the fewest vacancies and highest average rents, hovering at $4,636 monthly. Murray Hill has the most vacancies, followed by the Financial District. (more ...) |
After weak fall, inventory starts to grow
 December 2007 After slow fall, inventory starts to grow Will lower bonuses make the traditionally slow fourth quarter even slower? By Lauren Elkies It's a simple real estate equation: Sales go down, inventory piles up and prices start dropping. That's what's been going on in Manhattan's residential real estate market, and more of the same is on the way as deals made in the wake of the credit crisis come to a close. "August and September were bad. If I had a weak August and September, collections will be weak in December and January," said Neil Binder, principal and co-founder of Bellmarc Realty. "Most firms will have to go into reserves to keep the show on the road" those two months. "The month of October was fine, nothing special, nothing terrible. It was just OK. This particular month looks similar," Binder said in late November. Add to that the post-Thanksgiving market slowdown, the traditionally weak fourth quarter and uncertainty about bonus payouts. (more ...) |
All Signs Pointing Up in Downtown Manhattan
| In Lower Manhattan and nearby TriBeCa, every segment of the real estate market is hot as a pistol. Thousands of tourists from around the world, yuppies and eco-boomers, financial service executives, and construction crews are active in the revitalization of the nation's third-largest business district - the fastest growing residential market in New York City. A principal of Thompson Hotels, Michael Pomeranc, who is developing the Smyth Tribeca on Chambers Street and the Gild Hall at 15 Gold St., said Lower Manhattan "was the sleeping giant. Great infrastructure, huge buildings, retail, density, and vibrancy. Post-9/11, and the progressive downturn that started before, the area was the largest shell for redevelopment in the world. Empty buildings allowed for a rethinking and replanning of this 'meta-city.' "First came the dreamers, then the developers and the residential converters, and then the tenants and buyers, and then the retail, and now the hotels. (more ...) |
An Early Fascination With Real Estate
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Avg Manhattan apt rents slip, vacancies rise: survey
 Avg Manhattan apt rents slip, vacancies rise: survey Reuters: U.S. NEW YORK (Reuters) - The average monthly rent for Manhattan apartments slipped in most categories in the first quarter while vacancies rose on jitters about the economy, according to a Citi Habitats Residential Rental Market Report. |
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Beauty on Avenue B! Vogue Cover Girl Drops $2.2 M. for Two-Bedroom Co-op
 Beauty on Avenue B! Vogue Cover Girl Drops $2.2 M. for Two-Bedroom Co-op Max Abelson | May 20, 2008 Very blond, well-boned, expensively jeaned buyers have been pouring into East Village apartments for so long that it's hard to find new excuses to complain about the area's über-gentrification. But then again, it's hard to remember when someone as upsettingly young as Lily Donaldson, the 21-year-old Vogue cover girl, spent anything like $2.2 million on a neighborhood apartment, especially one that happens to be as far east as Avenue B. Her new two-bedroom place on Tompkins Square Park around East Eighth Street could be the most expensive co-op ever sold on the block, according to listing broker Danny Davis. (more ...) |
| Believe It: Condo Sales Slow May 8, 2008 Very little correct information is being floated about the state of the New York City condominium marketplace. The glossy, full-page advertisements for luxury condominiums that are liberally sprinkled throughout local publications project strong sales, while the regular quarterly reports on the state of the local market suggest the city has been relatively immune to the real estate downturn that has crippled other cities. In reality, nervousness about the economy, falling consumer confidence, and the rising cost of commodities are slowing sales of residential condominiums in Manhattan, the other boroughs, and the suburban communities. "The truth is that people can't take the truth," the president of RAL Cos., Robert Levine, said. Mr. Levine blames press coverage for creating an atmosphere of nervousness that is slowing the sales. (more ...) |
Big Apple, big price: rents rise
 National Post (The Financial Post) (Canada) April 12, 2008 Saturday Toronto Edition Big Apple, big price: rents rise Manhattan apartment rents climbed 5.5% in 2007 as tenants paid a premium to live in new buildings in the country's most expensive residential market, according to real estate broker Citi Habitats. The average rent rose to $3US,310 a month for all sizes of apartments south of 96th Street and vacancy rates remained around 1% for the third consecutive year, says the New York-based company. "Landlords have had this incredible run over the past two years," says Citi Habitats president Gary Malin. "In 2006, they were able to gobble up increases." The cost of buying a Manhattan apartment more than tripled over the past 10 years, thwarting some prospective owners and allowing landlords to charge more than three times the national average. The average U.S. rent rose 4.8% last year to $975US a month, according to real estate research firm Reis Inc. (more ...) |
Bloomberg Radio Interview / Gary Malin
 Gary Malin interviewed on Bloomberg Radio by Lane Bajardi, host of "Bloomberg New York" |
Bonfire of an urban myth South Bronx has lost its tawdry reputation and is attracting new residents
| Financial Times (London, England) February 23, 2008 Saturday Bonfire of an urban myth South Bronx has lost its tawdry reputation and is attracting new residents and property developers, writes Sharmila Devi BYLINE: By SHARMILA DEVI SECTION: FT REPORT - HOUSE & HOME; Pg. 2 When Chris Dimitri decided to place two small potted trees decorated with Christmas lights outside his South Bronx cafe last December, friends told him he was crazy. "Some said the plants would be stolen but then others said it was wonderful to see trees in the neighbourhood," says Dimitri. "They weren't stolen and I've decided to keep them out there." The perception that the Bronx is a crime-ridden ghetto riddled with gangsters and drug addicts stubbornly persists among the many New Yorkers who never venture beyond Manhattan unless it is to take a taxi to the airport. The Bronx became indelibly linked to Tom Wolfe's novel The Bonfire of the Vanities when it was published 20 years ago. (more ...) |
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Branding that makes brokering better
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Brooklyn-Prospect-Lefferts Gardens Archives
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April 15, 2008 BUSINESS BRIEFS Huh? The average monthly rent for Manhattan apartments slipped in most categories in the first quarter while vacancies rose, according to a Citi Habitats Residential Rental Market Report. |
Citi Brokers Going on Virtual Tour
 April 16, 2008 Citi Brokers Going on Virtual Tour Previsite, the worldwide leader in rich media content creation for the real estate industry, announced a deal with Citi Habitats, one of the premier residential New York City real estate firms, to provide he company's 700 agents with Previsite's state-of-the-art, all-in-one Virtual Tour package. The agreement signifies a growing trend in the industry as consumers demand more interactive content on the web when they are searching or homes and also helps Citi Habitatsâ?? brokers and agents keep up with that need in a way that not only saves time but also increases their efficiency while delivering a better online experience to home shoppers and renters. "We are excited to be working with one of New York City's premier real estate firms," said Jeffrey Nortman, managing director, Previsite North America. (more ...) |
Citi Habitats 3rd Quarter Report
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Citi Habitats announces re-branding
05/05/08 Citi Habitats announces re-branding Citi Habitats, Manhattan's largest residential rental brokerage, has announced a re-branding campaign that will feature an advertising campaign, a new corporate logo, a redesigned Web site and radio promo spots during New York Yankees and New York Mets baseball games. The campaign was expected to launch May 1 and should be in full swing by November. TRD |
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Citi Habitats Expands From Rentals to Sales
 Citi Habitats, part of The Corcoran Group, and with offices in Brooklyn, reports its strength in the rental market has resulted in increased growth in sales business representing both buyers and sellers - as exemplified by the fact that the company completed more than 10,000 rental transactions during 2007. "Our reputation as the go-to company for area rentals has been enhanced as we have expanded our core business to include a strong sales component," said Gary Malin, president. "As a result, over the last three years, our company has emerged as not only the city's premiere rental agency, but a strong contender among Manhattan real estate brokerages." The firm accounted for nearly $1 billion in closed sales volume last year, a nearly 20 percent increase over the previous year. |
Citi Habitats Hosts a Memorable Evening
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Citi Habitats Monthly Rental Report
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Citi Habitats Promotes Gary Malin to President
Gary Malin, the COO of Citi Habitats, was promoted to president today, he said. The promotion was "in recognition of the time and effort and dedication I have put in" to the company since it was acquired in 2004 by the Corcoran Group, which is owned by real estate behemoth NRT, Malin said. The promotion is "more just in title," Malin said. He already oversees day-to-day operations and strategic planning for the 700-plus-agent company. Malin, who joined Citi Habitats in 1998, says he wants to continue to enhance the Citi Habitats brand, particularly as a sales company - not just as the city's largest rental brokerage. "We're a top player in the sales industry," he said. Just five years ago, he added, "rentals completely overshadowed the sales business." Malin is Citi Habitats' first president. He would not confirm if a salary increase accompanied the promotion. (more ...) |
Citi Habitats promotes Malin to president
Citi Habitats promotes Malin to president By Lauren Elkies Gary Malin, the COO of Citi Habitats, was promoted to president today, he said. The promotion was "in recognition of the time and effort and dedication I have put in" to the company since it was acquired in 2004 by the Corcoran Group, which is owned by real estate behemoth NRT, Malin said. The promotion is "more just in title," Malin said. He already oversees day-to-day operations and strategic planning for the 700-plus-agent company. Malin, who joined Citi Habitats in 1998, says he wants to continue to enhance the Citi Habitats brand, particularly as a sales company - not just as the city's largest rental brokerage. "We're a top player in the sales industry," he said. Just five years ago, he added, "rentals completely overshadowed the sales business." Malin is Citi Habitats' first president. He would not confirm if a salary increase accompanied the promotion. (more ...) |
Citi Habitats Rental Market Analysis
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City foreclosures threaten renters
 City foreclosures threaten renters BLOOMBERG NEWS Tuesday, April 15th 2008, 4:00 AM More than 38,000 of renters in the city live in buildings that entered foreclosure in 2007 and many of them face eviction, according to a study released Monday. About 60% of the 14,912 city properties entering foreclosure last year were multifamily units, according to a report by the Furman Center for Real Estate & Urban Policy at the New York University School of Law in Manhattan. Rentals account for about 75% of the city's housing stock, according to New York real estate broker Citi Habitats. In Brooklyn, 7,175 multifamily buildings entered foreclosure last year, the most of any borough, according to the report. City foreclosure filings doubled from 2004 to 2007, according to the study. (more ...) |
Climbing the Ladder of Success One Deal at a Time
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Closing a deal despite jackhammers
Closing a deal despite jackhammers Brokers get creative when it comes to selling near construction sites February 2008 By Sarah Portlock On the Upper East Side, a broker recently spent two days painting and staging an apartment on 85th Street overlooking the two-year-old construction site for the Lucida, the new 110-unit luxury apartment building. The redecorating was not just an exercise in aesthetics. "We are making sure that the apartment looks very nice again so that the focus is not so much outside as much as inside," said Sara Rotter, a sales manager at Citi Habitats, who is representing the property. In Tribeca, construction for a new residential high-rise on Broadway was set to wipe out the view for an entire wall of windows in a loft for sale. To prevent potential buyers from falling in love with the soon-to-be disappeared views, the broker covered the windows with butcher paper before showing the apartment. (more ...) |
Condo Conversion: Carriage House
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Cramping my Style-Manhattan Families Feel the Squeeze; Squeeze Play
The New York Post December 20, 2007 Thursday CRAMPING MY STYLE - MANHATTAN FAMILIES FEEL THE SQUEEZE; SQUEEZE PLAY BYLINE: JENNIFER GOULD KEIL MANHATTAN residents are making an average of $147,000 this year, according to the U.S. Bureau of Labor Statistics. That might sound like a big number, but try owning a $1 million apartment or renting a three-bedroom apartment on that salary. While we hear plenty of stories about hedge-fund kings and Brangelina types roosting in ultra-deluxe pads as big as airline hangars, Manhattan real estate is often a story about regular folks struggling to stay in the city. With families growing (one out of every 20 Manhattan residents is now under age 5 - up more than 25 percent from 2000, according to U.S. Census figures) and the price of apartments rising (Citi Habitats reports that three bedroom Manhattan rentals averaged $4,910 in the third quarter), something's gotta give - and usually that something is space. (more ...) |
Developers Move Away From Outlandish Residential Amenities
 Developers Move Away From Outlandish Residential Amenities By CANDACE TAYLOR May 22, 2008 Manhattan's halcyon days of over-the-top residential amenities - from pet spas to putting greens to bowling alleys - appear to be coming to a close. Development projects beginning to hit the market and in the pipeline show a paradigm shift to scaled-back amenities, with builders scrapping costly features to appease value-hungry buyers who are balking at shelling out higher prices in exchange for elaborate items they don't consider necessities. While high construction costs, an economic slowdown, and the scarcity of lucrative tax abatements for new condominiums have been hurting developers for some time, builders are now changing tack in earnest as lower rents are taking hold, and first-quarter numbers clearly show a marked drop in real estate sales volumes. (more ...) |
Devout Manhattanites find a spacious, affordable home
BROOKLYN might have had a record number of foreclosures over the summer, but don't take that to mean the borough's real estate is getting any less desirable. Plenty of buyers who were originally looking in Manhattan have changed their plans and are now taking a long, loving look at Brooklyn. Consider Dale Raben and her husband, Jason Goldberg. They live on the Upper East Side and began looking to buy earlier this year. "Originally, my thought was that we could get something in the $700,000 range in Manhattan," says Goldberg. They scoured their current neighborhood as well as the Village. "I don't think I fully understood what that meant in terms of the square footage we'd get." He adds, "As the search progressed, the price range wasn't realistic." "I think we were being hopeful with the $700,000 number," says Raben. "Once we talked to both our parents and started figuring in actual numbers, we realized that $550,000 was basically the most we could afford. (more ...) |
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| Murray Hill 137 E. 36th #18C $668,000 Northeast city/river views in this 800 s/f one bedroom corner co-op apartment. The Carlton Regency is one of Murray Hill's finest white glove co-ops with 24-hour doorman and concierge, private garden, storage facilities and roof deck. Maintenance includes all utilities. Maintenance/common charges/taxes: $1,285. Asking price: $649,000; seven weeks on the market. Broker: Amy Tolliver of Citi Habitats. |
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Dwell - 95 Wall Street The Moinian Group's project will be the first Yoo by Starck-designed rental building. Occupancy is expected to begin late this spring for the studio, one- and two-bedroom apartments. Amenities inclue valet services, on-site parking, fitness center, indoor/outdoor lounge and complimentary breakfast. Citi Habitats Marketing Group will be the exclusive leasing agent. Contact: www.dwellonwall.com |
Dwell on Wall, Financial District
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Financing Availability Key to Rental Building Sales
| February 7, 2008 Because of the crisis in the credit markets, few industry leaders expect 2008's residential rental buildings sales velocity to reach anywhere near last year's record levels. The only avenue to finance the purchase of rental properties, they say, is from balance sheet lenders and federal agency programs. Adding insult to injury, many owners of rental properties who are contemplating the possibility of selling are in denial about the current credit market and the limitations on financing. Last year was a completely different story - more like a fairy tale. More than $10 billion worth of residential rental properties was purchased by local and international investors, as buyers from Europe, the Middle East, and Canada joined the ranks of domestic investors who bought rental properties in the traditionally stable New York region. (more ...) |
Finding bright side of a downturn
Finding bright side of a downturn If recession takes hold, impact on market may take time By Lauren Elkies Falling Wall Street bonuses and fears of a nationwide recession may affect demand for Manhattan homes, but local market watchdogs maintain, albeit cautiously, that Manhattan real estate is still a solid investment. "Quite obviously, if the country goes into a recession, New York City real estate would logically be affected," said Elizabeth Stribling, president of Stribling & Associates. "That said, the perception that real estate in New York City is a better investment than placing money in the stock market continues to be a stated reason for buying for many of our customers." Naturally, lower bonuses and record losses among some of the largest companies will temper activity, particularly among those dependent on their bonus to purchase an apartment. But bonuses still ranked the second highest since at least 1985, at $33. (more ...) |
First-time apartments hunters in New York are often shocked at how little they get for their money. A studio on the Upper East Side is listed by Citi Habitats at $1,750 a month. By VIVIAN S. TOY THE dream: finding a one-bedroom, one-bath apartment in an elevator building with a doorman in Greenwich Village for $2,000 a month. The reality: nearly impossible. Spring is the season when newly minted college graduates flock to New York City to start their careers. They begin the search for their dream apartment, brokers say, with the same single-minded determination that earned them their degrees and landed them their jobs in the first place. But that determination only goes so far when it comes to Manhattan real estate. "Almost every single person I've worked with thinks there's a golden nugget of an apartment waiting right for them," said Paul Hunt, an agent at Citi Habitats who specializes in rentals. (more ...) |
For affordable housing, it's one Helluva tough town: patience, persistence are keys to finding a new
| Back Stage East February 1, 2008 For affordable housing, it's one Helluva tough town: patience, persistence are keys to finding a new home; WELCOME TO NEW YORK Lehman, Daniel Shannon Kerr came to New York in 2001 and landed in Williamsburg, Brooklyn, where this small-town girl was shocked to find herself learning "to play dominoes on the stoop while drinking beers out of brownbags." The beer was courtesy of a neighbor who happened to be a drugdealer. Kerr later moved to Astoria, Queens, where her landlord's wife once locked her in the backyard "like a dog." Every day actors come to New York to follow a seemingly impossibledream, only to find themselves with two: a career on stage and screen, and an affordable place to live. (more ...) |
For Manhattan landlords, a new rental safety net
N E W Y O R K R E A L E S T A T E N E W S For Manhattan landlords, a new rental safety net March, 31, 2008 Fresh from graduation, tens of thousands of young renters arrive in the city each year, looking to rent in Manhattan. But the numbers are daunting: One-bedroom doorman apartments rent on average for $3,500 a month, and landlords want to see annual incomes of 40 or more times monthly rent before they give an applicant a shot at a lease. Some applicants bring in guarantors, but those co-signers have to show incomes of 80 times the monthly nut. What are these fresh-faced hopefuls to do if they don't have a high-paying job in the financial sector (an increasingly less-likely scenario) or a parent making buckets of money? Buy insurance, according to the Insurent Agency Corp., an insurance company founded by Jeffrey Geller and partners. (more ...) |
KENNY TIMMONS has spent three long weekends in New York City since 2003, catching up with friends he knew in Ireland, visiting ground zero, restocking his wardrobe at Armani and Niketown and chatting about real estate with a bartender in an Irish pub in Midtown Manhattan. That was enough of a glimpse of New York for Mr. Timmons, a 32-year-old carpenter from County Meath, Ireland. Last summer, he put down 10 percent on a $760,000 studio under construction at 75 Wall Street. Mr. Timmons has never seen the apartment and does not plan to live there. Instead, he hopes to rent it out for $3,000 a month when it's finished next year and eventually to sell it at a profit. He predicts that a Wall Street address will always be in demand. "If you can't rent on Wall Street, then where can you rent?" Mr. Timmons said. "It's one of the biggest business areas in the world." This enthusiasm for Manhattan real estate isn't felt by just a few enterprising foreign buyers. (more ...) |
Foreigners crossing pond and the river to Brooklyn
04/04/08 Foreigners crossing pond and the river to Brooklyn Foreign buyers increase presence in Brooklyn Brooklyn brownstones appeal to European buyers. By Lisa Abramowicz Over the past decade, Brooklyn has attracted an ever-growing flood of ex-Manhattanites drawn to its cheaper prices and its continually gentrifying neighborhoods. But now, the borough is attracting a new kind of transplant: the international apartment hunter. While the vast majority of the foreign investment that has been flooding into the city because of the weak dollar has targeted Manhattan, brokers and analysts say a growing number of foreigners are checking out the city's most populous borough. "The pace of the interest by foreign buyers in the outer boroughs is probably double or more than it was a few years ago," said Jonathan Miller, CEO of real estate appraisal company Miller Samuel. (more ...) |
 Gary Malin, President of Citi Habitats, interviewed by Fox 5 News about the Manhattan rental market. |
Grads cut rental market a Spring break
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Height Hopes: Hamilton Heights is a beautiful bargain
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How it feels... to work with a difficult developer Andrew Gerringer, managing director of the development marketing group at Prudential Douglas Elliman. As told to Lauren Elkies Since I have worked on more than 225 projects since 1994, you get a feel for what's the right way to approach different situations. So it's very hard for me as a marketing agent when a developer doesn't want to take advice that comes from experience. We have to convince them that really, we are on their side. We had a situation where a developer was trying to market his own project in Chelsea. In an extremely hot market, he wasn't successful in selling his units because his product was all wrong. He said to us, "Look, I need help." We had meeting after meeting after meeting and showed him comparables, and convinced him that the right approach was to do a complete redesign of the building. We even did a new launch with a different name. (more ...) |
How to Prepare for an Apartment Search
April 20, 2008 How to Prepare for an Apartment Search FINDING the right apartment in New York City is a challenge for anyone, but for recent graduates who are first-time renters, meeting the landlord's financial requirements and coming up with enough cash to get in the door can be even more daunting. This is documentation that many landlords want to see from prospective tenants and their guarantors: A letter from an employer stating position, salary, length of employment or anticipated start date. Pay stubs if already working. Tax returns for at least two years. Recent bank statements. Proof of other income, like revenue from stocks, securities, real estate or trust funds. Contact information for previous landlords. Personal reference letters. Business reference letters. (more ...) |
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In a rental town, vacancy numbers stir debate
December 2007 In a rental town, vacancy numbers stir debate By C.J. Hughes For all the talk about omnipresent luxury condos, New York is still a rental town. Even though new condo towers may seem numerous, they actually contain a tiny number of apartments relative to the city's overall stock. New York City's 2 to 1 rented-to-own ratio hasn't really changed much since 2005, according to city officials, brokers and developers. But despite being the biggest piece of the housing pie (or perhaps because of it), rentals are an elusive target when it comes to pinning down numbers about leasing activity. Compared with the sales side, there are comparatively few brokerages that even try. Those that do attempt to generate numbers count differently, which has prompted quibbling over what's the best data-collection method. How to calculate the city's rental vacancy rate is one point of contention. According to Manhattan-based brokerage Citi Habitats, it stood at 0. (more ...) |
Increased Demand Is Seen at Lower End of Rental Market
| Increased Demand Is Seen at Lower End of Rental Market April 24, 2008 BY CANDACE TAYLOR Matthew Baldwin and Shelly Shapiro immediately liked the Ludlow, a new luxury doorman building on the Lowest East Side, when they toured two-bedroom apartments there this spring. But the spacious, light-filled unit that they moved into last week has one only bedroom, in part because Mr. Baldwin, who runs a tutoring company, and Ms. Shapiro, who works in finance, both depend on the strength of the economy for their livelihood. "If a year from now the economy's not doing well, we didn't want to be in a position that wasn't viable," Mr. Baldwin said. "It's something you have to think about." Mr. Baldwin and Ms. Shapiro's experiences are not unique. As Wall Street reels from thousands of layoffs - including 9,000 that Citigroup announced on Friday - consumer confidence in the economy has plummeted, leading to an unexpected upside for the New York City rental market. (more ...) |
Inside the open houses of Washington Heights
N E W Y O R K R E A L E S T A T E N E W S Inside the open houses of Washington Heights March, 31, 2008 The neighborhood of Washington Heights is currently a star of the Broadway show "In the Heights," where a bodega owner sings and dances against the dramatic backdrop of the George Washington Bridge. While that may be a romanticized depiction of the area, the largely Dominican and Latino neighborhood is increasingly becoming a destination for those getting priced out of other parts of Manhattan and gentrified Brooklyn. The median household income has been rising in Washington Heights, which runs from 155th Street north to Fairview Avenue and is shouldered by the Harlem River on the east and the Hudson River on the west. The area saw telltale signs of change four years ago, when Starbucks and Staples opened. (more ...) |
It's a wrap: Filmmaker Spike Lee's Fort Greene HQ for sale
| It's a wrap: Filmmaker Spike Lee's Fort Greene HQ for sale By Mike McLaughlin The Brooklyn Paper / Noelle D'Arrigo Spike Lee has moved out of his converted firehouse (above) on DeKalb Avenue and into a building he owns around the corner on South Elliot Place (below). The culprit? Rising rents. You know development is out of control when even acclaimed local filmmaker Spike Lee feels squeezed by rising rents. The director who sprung to nationwide attention 20 years ago with the seminal film, "Do the Right Thing," fell victim to skyrocketing rent in Fort Greene, compelling him to vacate the converted DeKalb Avenue firehouse he had rented for his production company since the mid-1980s. "Got priced out, the rent raise was insane," Lee told The Brooklyn Paper. Instead of being bamboozled by his landlord, the auteur moved his 40 Acres and a Mule Filmworks to a mo' better homestead around the corner on South Elliot Place. The "For Sale" sign at 124 DeKalb Ave. (more ...) |
IT'S THE LEASE WE CAN DO By JEREMY OLSHAN March 20, 2008 -- The economic uncertainty of recent weeks may have one upside: It is slightly cheaper to rent a Manhattan apartment now than it was a month ago. The one exception is studio apartments, which experts say in times of volatility remain a safe bet for those willing to make do with less space. In doorman buildings, one- and two-bedroom apartments are $22 less than they were in February, according to the Real Estate Group's monthly rental report released yesterday. The average one-bedroom in a doorman building rents for $3,578; a two-bedroom, $5,265. Studios in those same buildings, meanwhile, rented for an average of $2,586 this month, up $7 from February. In non-doorman buildings, studios are renting for $2,059 this month - $4 more than in February. One- and two-bedroom apartments in the same buildings are $30 to $70 cheaper. (more ...) |
Jitters for First-Time Homebuyers
ALMOST HOME Barbara Nikonorow and Antoine Vivas bought a four-bedroom apartment at 616 West 137th Street in a building that has income limits for buyers. February 17, 2008 Jitters for First-Time Homebuyers By CHRISTINE HAUGHNEY IF there is a bright spot in New York City's uncertain real estate market, it is that over the last several months, some first-time buyers have found it easier to buy apartments. With mortgage rates low and prices steady, some of these buyers are getting apartments at the most favorable prices and terms in years. "I haven't seen a better time to be a first-time buyer in about a decade," said Sarah Burke, vice president for sales and marketing at the Developers Group, a sales, marketing and brokerage firm based in Brooklyn. "First-time buyers have time to get their ducks in a row. A year ago, there were a lot of people who all wanted the same apartment. You have time now to really review the contract with an attorney. (more ...) |
Just sold! The latest info about recent sales - in your back yard and beyond Manhattan MIDTOWN WEST $700,000 350 W. 57th St. Prewar one-bedroom, one-bath condo, 570 square feet, with foyer, stainless-steel kitchen appliances, renovated marble bath and casement windows with garden views; Parc Vendome building is pet-friendly and features doorman, garage, garden, roof deck, rec room, laundry, storage and video security. Common charges $630, taxes $246. Asking price $695,000, on market 16 weeks. Brokers: Mia Dellannie and Adam Aguirre, Citi Habitats |
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LANDLORDS SLASHING CITY RENTS By JENNIFER FERMINO May 19, 2008 Some New York City landlords are dropping their rents and offering up more incentives in a bid to woo tenants in the sluggish economy, several real-estate brokers told The Post. It's still not easy to find the apartment of your dreams, but more deals are popping up and some rents are dropping - even in Manhattan, according to brokers and tenants. "The market is softening and it's taking longer to rent apartments," said Steve Fuchs, director of leasing for Besen Residential. He said he's had several prime apartments that have languished on the market, like a studio in the East 80s for $1,325 that's been vacant for a month. One of his landlords recently lowered the prices on his Upper West Side apartments - knocking down the studios from $1,850 to $1,700 and one-bedrooms from $2,650 to $2,400. (more ...) |
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Long Island City Finally Reaches Critical Mass
| For decades, Long Island City has carried the title "next great neighborhood." While scattered developments in the area just east of Midtown Manhattan have been successful, the critical mass necessary for a transformation has been elusive. Now, the money finally seems to be in place. Many of the nation's most prominent real estate investors, including Avalon Bay Communities, Tishman Speyer, the Durst Organization, Toll Brothers, Rockrose Development, and Citigroup are actively developing residential or commercial properties in Long Island City. The chairman of the Long Island City business improvement district, David Brause, said his organization is tracking between 8 million and 10 million square feet of total development in the core of the area. "Long Island City is truly firing on all cylinders," Mr. Brause, whose company Brause Realty owns MetLife Plaza, said. "The office, residential, retail, and hotel markets are on fire out here. (more ...) |
February 7, 2008 -- All talk of mortgage rates aside, New York, at its heart, remains a town of renters. Record-setting condo sales might be what set tongues a-wagging, and a $2,000-per-square-foot penthouse no doubt sounds sexier than a $2,000-a-month studio. But even after the home-buying spree brought on by the recent real-estate boom, nearly 70 percent of the city's residents are still sending checks to their landlords each month. And while the high-flying sales market has dominated discussion in recent years, the rental market has been solid in its own right. Manhattan rents rose an average of 7 percent and 10 percent in 2005 and 2006, respectively. So then, what can renters expect heading forward? Well, it's hard to say. Rents rose 5.5 percent in 2007, according to numbers from brokerage Citi Habitats, while vacancies rose from 0.76 percent to 0.97 percent. (more ...) |
Luxury rental units attract residents with a wow factor
| November 2, 2007 Luxury rental units attract residents with a wow factor BYLINE: Vivian S. Toy A golf simulator that lets residents imagine they're playing the 18th hole at St. Andrews in Scotland. A penthouse party room with sweeping city views where residents can entertain, say, 50 of their closest friends. Swimming pools, yoga studios and massage rooms that would satisfy even the most driven New Yorkers. And finally, the one thing that should make any apartment dweller's heart skip a beat: a washer and dryer, even in a 450-square-foot studio. These are the kinds of amenities that developers are using to redefine the term "luxury rental" in Manhattan, and, perhaps more to the point, to justify a whole new level of prices for people who want the feel of a high-end condominium but don't want to buy. (more ...) |
MAKING A MOVE AND SAVING A BUCK
MAKING A MOVE AND SAVING A BUCK Protecting your budget can be just as tricky as protecting your furniture April 14, 2008 Monday LORE CROGHAN DAILY NEWS BUSINESS WRITER John Morris went looking for a moving company that would do the job for less than $1,000 - without tearing the leather headboard on his bed or breaking the spindly legs off his fragile side table. This was the first real move the 23-year-old actor ever organized. A year before, when he came to town after graduating from UCLA, he flew from Los Angeles with duffel bags of clothes and didn't bring any furniture. Once he settled into a one-bedroom, $2,450-a-month rental on Perry St., he bought antiques and made curtains. He wanted to stay in the West Village building for many years. But in January, Morris, who does voiceovers for commercials and cartoon shows, got a letter saying his landlord was selling the building. He had to leave. He landed a one-bedroom on nearby King St. (more ...) |
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Making Real Estate Fun While Focusing On Clients' Needs
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Manhattan Apartment Rents Fall in First Quarter, Broker Says
| Manhattan Apartment Rents Fall in First Quarter, Broker Says 2008-04-14 16:27 (New York) By Bob Ivry April 14 (Bloomberg) -- Manhattan apartment rents fell in the first quarter and vacancy rates rose from a year earlier, according to New York real estate broker Citi Habitats. Rents for three-bedroom Manhattan apartments dropped 7.6 percent, according to a Citi Habitats report. Studio apartment rents fell 2.1 percent and two-bedroom apartment rents declined 4.9 percent, the broker said. The only category with average rent increases was one-bedroom apartments, with a gain of 3.7 percent. Manhattan landlords have lowered their rents after raising them 16 percent from 2006 to 2007, according to Citi Habitats President Gary Malin. A weaker economy and job cuts in the financial industry have also contributed to the decreases, he said. ''When you get to a certain point after healthy increases, there's a pushback,'' Malin said in an interview. (more ...) |
Manhattan rents down except for one-bedrooms
N E W Y O R K R E A L E S T A T E N E W S ________________________________________ Manhattan rents down except for one-bedrooms April, 14, 2008 The average rent for a studio, two- or three-bedroom apartment in Manhattan was down in the first quarter, compared to the year before, according to a quarterly report from brokerage Citi Habitats. Only the average rent for a one-bedroom home increased. A three-bedroom apartment in Manhattan had an average rent of $4,665 per month, a 7.6 percent fall from the opening quarter of 2007. The average rent for a two-bedroom showed a smaller drop, down 4.9 percent to $3,648 per month over the same period. The average rent for a studio in Manhattan fell 2.1 percent to $1,849 per month last quarter, from $1,890 per month in the first quarter of 2007. The average rent for a one-bedroom apartment posted an increase of 3.7 percent to $2,608 per month in the first quarter of the year, compared to $2,515 per month a year earlier. (more ...) |
Manhattan rents fell in quarter
 April 15, 2008 Manhattan rents fell in quarter Manhattan apartment rents fell in the first quarter and vacancy rates rose from a year earlier, according to New York real estate broker Citi Habitats. Rents for three-bedroom Manhattan apartments dropped 7.6 percent, according to a Citi Habitats report. Studio apartment rents fell 2.1 percent and two-bedroom apartment rents declined 4.9 percent, the broker said. The only category with average rent increases was one-bedroom apartments, with a gain of 3.7 percent. Vacancy rates in Manhattan rose to 1.3 percent compared with 1.12 percent a year earlier, according to Citi Habitats. Rentals account for about 75 percent of the city's housing. |
Manhattan rents increase A third quarter Manhattan rental market report by brokerage Citi Habitats shows an increase in average rents on all unit sizes, from studios to three-bedroom apartments. Average monthly rents for studio apartments jumped 4.8 percent to $1,978 compared to last year. The average price for a two-bedroom increased 5.6 percent to $3,763. Strong job growth boosted the rental market, as did the conversion of big rental buildings to condos, creating "increased demand with little new supply," said Citi Habitats COO Gary Malin. Rents increased 4.4 percent for one-bedrooms, 5.6 percent for two-bedrooms and .7 percent for three-bedrooms. Vacancies climbed incrementally, up .1 percent from last year to .86 percent. With vacancies low and rents high, residents are "looking to neighborhoods in Brooklyn and Queens -- places like Long Island City -- and noticing that they are having their own renaissance." By James Kelly |
N E W Y O R K R E A L E S T A T E N E W S ________________________________________ Manhattan rents rise May, 07, 2008 Rents in Manhattan increased in April, while the overall vacancy rate fell from 1.31 percent in March to 1.21 percent, according to a report by brokerage Citi Habitats. The average monthly rental price for a studio increased 3 percent to $1,874,; a one-bedroom increased 2 percent to $2,636; a two-bedroom increased 6 percent to $3,845; and a three-bedroom increased 13 percent to $5,268. The increases indicate that "peak rental season has started with some momentum," the report said. Average rental prices for studios were highest in the Gramecy/Flatiron area, at $2,254, and lowest in Washington Heights, at $1,006. The most expensive neighborhood for a one-bedroom was Chelsea at $3,355, while the cheapest was Washington Heights, at $1,241. TRD |
Manhattan Rents Rose in 2007, Led by New Buildings
| April 8 (Bloomberg) -- Manhattan apartment rents climbed 5.5 percent in 2007 as tenants paid a premium to live in new buildings in the country's most expensive residential market, real estate broker Citi Habitats said. The average rent rose to $3,310 a month for all sizes of apartments south of 96th Street and vacancy rates remained around 1 percent for the third consecutive year, the New York- based company said today in a report. ''Landlords have had this incredible run over the last two years,'' Citi Habitats President Gary Malin said in an interview. ''In 2006, they were able to gobble up increases.'' The cost of buying a Manhattan apartment more than tripled over the last 10 years, thwarting some prospective owners and allowing landlords to charge more than three times the national average. The average U.S. rent rose 4.8 percent last year to $975 a month, according to real estate research firm Reis Inc. (more ...) |
Manhattan Times January 24, 2008 by Julia Marsh Last June, Two07 Arts Gallery in Inwood hosted an exhibition titled, "Ladies and Gentlemen, This is the Last Stop," in its jewel box of a storefront. With conceptual pieces that included a large ball of blue thread that measured the length of the Atrain's path, the exhibition addressed life at the tip of the island. This January, the tiny gallery played host to an entirely dissimilar type of exhibition. Though "A Celebration of NOrthern MAnhattan" included images of the A-train, it focused on straightforward, familiar neighborhood snapshots like a man fishing in the Hudson River and children and dogs playing in Inwood Hill Park. The capital lettering in the exhibition's title alluded to the catalyst behind the show: promoting 12 new condominium units on nearby Payson Avenue in a building dubbed "NOMA 175. (more ...) |
| The International Herald Tribune November 9, 2007 Friday Manhattan's global appeal BYLINE: Christine Haughney Kenny Timmons has spent three long weekends in New York City since 2003, catching up with friends he knew in Ireland, visiting ground zero, restocking his wardrobe at Armani and Niketown and chatting about real estate with a bartender in an Irish pub in midtown Manhattan. That was enough of a glimpse of New York for Timmons, a 32-year-old carpenter from County Meath, Ireland. Last summer, he put down 10 percent on a $760,000 studio under construction at 75 Wall St. Timmons has never seen the apartment and does not plan to live there. Instead, he hopes to rent it out for $3,000 a month when it is finished next year and eventually to sell it at a profit. He predicts that a Wall Street address will always be in demand. ''If you can't rent on Wall Street, then where can you rent?'' Timmons said. ''It's one of the biggest business areas in the world. (more ...) |
| Rent for a one-bedroom apartment in Manhattan runs $2,600 a month. That's serious cash, but it's not enough to get a New York landlord's attention. To get a lease on a Manhattan apartment, the consumer needs the talents of a well-connected broker who will charge a renter at least $5,200 for what amounts to an introduction. New York City Mayor Mike Bloomberg has famously shrugged that living in the city is a "luxury good," so the non-billionaires out there can't look to Mayor Mike for help. Instead, they've got Michael Jacobs, a 25-year-old who owns a Web site called Urbansherpany.com that he hopes will turn into the city's first comprehensive database of apartments for rent. Ironically, Jacobs is also a real estate broker--he is the the founder and president of City Wide Apartments. But this agent believes the brokers have too much power. Jacobs has set Urbansherpany up to be the Great Web Hope against Manhattan's powerful and influential brokers. (more ...) |
Manhattan's New Condo Market Poised for Price Increases
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More New Yorkers opt to rent, not buy
More New Yorkers opt to rent, not buy Subprime crisis spurs increasing number to wait out the uncertain sales market By Julia Dahl "Sex and the City," season four: Carrie is at brunch with her girlfriends, complaining about the prospect of having to buy her beloved apartment. "I'm a New Yorker," she protests. "I rent." Cut to the rest of the ladies, who gently inform her that they all own. A few years ago, New Yorkers were like Carrie the television character - they might have assumed that they'd never be homeowners, but suddenly they were buying into the real estate market by the hour. And why not? Prices were going up, and for many, it didn't make financial sense not to. But times have changed. According to brokers and price-watchers, fallout from the subprime crisis is creating enough doubt in the real estate market here to prompt many to wait out the uncertainty and rent instead of buy. (more ...) |
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New Sales Center is Now Open at The Peninsula at City Place in Edgewater, N.J
 Wednesday, March 19 2008, 05:16 PM New Sales Center is Now Open at The Peninsula at City Place in Edgewater, N.J The new sales center for The Peninsula at City Place condominiums in Edgewater, N.J. is now complete, making way for a state-of-the-art fitness center and children's playroom in its previous space. The project's elite sales team has moved from a temporary site on the property into a model unit that has been converted into a comfortable upscale sales center within the modern building. "This new sales center is designed to give our buyers a well-planned and spacious environment to meet in private with a helpful sales agent," said Jamie Anthony, project and asset manager for Savanna Partners, a leading New York-based development firm, which, along with Investcorp, is developing The Peninsula. (more ...) |
New York Housing Market Continues to Thrive
| New York Housing Market Continues to Thrive by Ray Stewart EDGE New York City Contributor Thursday Jan 10, 2008 Ray Stewart of Citi-Habitats is EDGE New York's new real estate columnist. He will provide periodic columns on New York's real estate market as well as insight into the city's most attractive neighborhoods for potential buyers. 2007 has proven to be a very challenging year for the nation as a whole. With the slumping stock market and a record number of housing foreclosures, the future is looking bleak, unless you are looking to buy in Manhattan. The gains in city real estate defy the housing market nationwide, which has experienced the worst down-turn in 27 years. But let's not forget where we live kids: New York is truly the center of the world. And as with every industry, business will thrive if there remains a high demand for a product. (more ...) |
Manhattan Gramercy Park Area $630,000 201 East 21st Street (Quaker Ridge) 1-bedroom, 1-bath, 750-sq.-ft. co-op in a postwar building; 24-hr. doormen; dining area, kitchen with windows, marble bath, hardwood floors, north and east exposures; maintenance $813, 50% tax-deductible; listed at $630,000, 32 weeks on market (broker: Citi Habitats New York) |
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 No good buys The economy's tanking, which means sellers are desperate and you can cash in on opportunities. Right? Right?!? By Aline Mendelsohn For the past few months, Rick and Amy Atlas, both 35, have been scouring the Upper West and East Sides for a prewar apartment to buy. But they're not in any rush. A year ago, they would have had to pounce on a place or risk losing it. Now Rick, a real-estate investor, and Amy, an attorney who is opening an event-planning company specializing in high-end dessert tables, think the economy is in their favor. "We've watched the asking prices drop pretty steadily," says Rick, noting they've seen certain units discounted 10 to 15 percent. "It's refreshing to have the time. It was a pressure cooker before." Is Rick overly optimistic? Spot-on? A little of both, actually. Around the country, the softening real-estate situation is being widely labeled a "buyer's market. (more ...) |
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NYC Real Estate 101: Survival Tips for the savage home-hunting process
Apr 23-29, 2008 NYC Real Estate 101 Survival tips for the savage home-hunting process. - Rent control means there's a maximum base rent (MBR) set on a case-by-case basis by the New York State Division of Housing and Community Renewal (DHCR). A landlord can raise rent by up to 7.5 percent yearly until the MBR limit is reached. - Rent-controlled apartments are only in buildings built before February 1, 1947, and you (or your family) must have occupied the space continuously since before July 1, 1971. - A place is stabilized if it's in a building with six or more units built pre-1974. The Rent Guidelines Board issues a percentage of allowed rent increase every year. - Currently, landlords are allowed to raise stabilized rent by 3 percent for one-year contracts and 5.75 percent for two-year contracts. - If a new tenant moves into a rent-stabilized apartment, the landlord can raise the rent 17 to 20 percent. (more ...) |
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Pedal Power Real estate agent Danny Davis makes deals on wheels ________________________________________ BY JASON SHEFTELL DAILY NEWS REAL ESTATE CORRESPONDENT Friday, October 12th 2007, 12:59 AM If you see a guy on a mountain bike riding down the West Side Highway, eating a sandwich and simultaneously having four conversations on his cell phone, chances are its Citi Habitats' top real estate agent, Danny Davis, on his way to see a prospective buyer. Once the top rental agent in all of New York City earning in the seven figures annually, Davis helped ease Citi Habitats' transition from top rental company to an emerging leader in residential sales. "I used to tell people to rent, not buy," says Davis, 39, in between meetings at his Sullivan St. office. "I used to say it's best to wait the market conditions out and rent a nice apartment. Now, I'm like, 'You have to buy. It's the only way to go. You need equity. Renting is just throwing money away. (more ...) |
Power shifts to buyers: Era of overpriced listings over, brokers say
March 2008 Power shifts to buyers Era of overpriced listings over, brokers say By Lauren Elkies It has been a while, but Manhattan home buyers seem to be getting the upper hand, with prices starting to soften and qualified buyers taking their time to shop around. "I think the time of overpriced listings is gone for now," said Lawrence Rich, vice president and associate broker at Prudential Douglas Elliman. "For the first time in a long time, buyers have been able to negotiate a bit." The room to negotiate coupled with lower interest rates are making for "favorable conditions" for buyers, he said. "The negative," he noted, "is that getting financing is more difficult." Other pros like Steven Ganz, a broker and executive vice president at CORE Group Marketing, had a similar assessment. "Across the board we are seeing a slight slowdown in sales volume and velocity, leaving sellers and developers to lower prices slightly to make deals," Ganz said. (more ...) |
Prepare to Surf Craigslist, And Couches, to Find a Pad In Manhattan's Tight Market
| NEW YORK -- This real-estate listing from Craigslist.com is the kind of hyper ad that anyone moving to New York City would likely encounter. The manic punctuation reflects the mood of apartment hunting season, which typically peaks in the fall as New Yorkers try to move before snow and recent graduates migrate for the city's myriad opportunities. Lately, those younger people have been sleeping on couches and saggy air mattresses for longer than they imagined. Enter the itinerant attorney: Ryan Perry learned that it's easier to find a job than an apartment in New York. The 26-year-old moved from San Francisco last year after finishing law school to take a well-paying job. He was determined to live in downtown Manhattan, a plan that took three months and four sublets to realize. Mr. Perry didn't initially want to use a real-estate broker to find a rental, but ended up working with several because his long hours precluded time for browsing. (more ...) |
Previsite Signs Deal with Citi Habitats...
| Previsite Signs Deal with Citi Habitats To Deliver Cost-Effective, All-in-One Advanced Virtual Tour Solution to All Its Agents NEW YORK--(BUSINESS WIRE)--Previsite, the worldwide leader in rich media content creation for the Real Estate industry, today announced a deal with Citi Habitats, one of the premier residential New York City real estate firms, to provide the company's 700 agents with Previsite's state-of-the-art, all-in-one Virtual Tour package. The agreement signifies a growing trend in the industry as consumers demand more interactive content on the web when they are searching for homes and also helps Citi Habitats' brokers and agents keep up with that need in a way that not only saves time but also increases their efficiency while delivering a better online experience to home shoppers and renters. "We are excited to be working with one of New York City's premier real estate firms," said Jeffrey Nortman, managing director, Previsite North America. (more ...) |
Previsite to Deliver Cost-Effective Advanced Virtual Tour Solution to Agents
| RISMEDIA, Jan. 11, 2008-Previsite, a leader in rich media content creation for the real estate industry, announced a deal with Citi Habitats, a New York City real estate firm, to provide the company's 700 agents with Previsite's state-of-the-art, all-in-one Virtual Tour package. According to the company, the agreement signifies a growing trend in the industry as consumers demand more interactive content on the Web when they are searching for homes and also helps Citi Habitats' brokers and agents keep up with that need in a way that not only saves time but also increases their efficiency while delivering a better online experience to home shoppers and renters. "We are excited to be working with one of New York City's premier real estate firms," said Jeffrey Nortman, managing director, Previsite North America. (more ...) |
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Real Estate Showcase: Elegant Abodes
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REBNY Rental Summit takes brokers to the next level
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Rebny's Annual Residential Rental Cocktail Party
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Rental Market Continues to Tighten
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Rental Market Gains In Manhattan, Report Says
| Rental Market Gains In Manhattan, Report Says By Staff Reporter of the Sun October 18, 2007 With lowering inventory and high demand, Manhattan's rental market saw across the board gains in the third quarter, according to a report released yesterday from Citi Habitats. The average monthly rate for a studio apartment was $1,978 in the third quarter, a 4.8% increase from the same period in 2006. One-bedrooms were renting for an average of $2,613 and two-bedrooms were renting for $3,763, increases of 4.4% and 5.6%, respectively. The average rate for three-bedrooms, $4,910, was only a 0.7% increase from the third quarter of 2006. TriBeCa had the highest rental rate at $2,454, while Washington Heights had the lowest at $1,138, according to the report. |
Rental market looks toward uncertain year
Rental market looks toward uncertain year The rental market is bracing for some uncertainty this year. Rents increased 5.5 percent last year, according to brokerage Citi Habitats, while vacancies rose from 0.76 percent to 0.97 percent. If big employers, like Wall Street firms, slow down hiring, demand for rentals will drop. "We don't know yet what will happen," Halstead Property leasing director Fritz Frigan said. "Relocations and college graduates are a big part of the rental market. We're bracing ourselves to see what jobs are created." |
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Rental report shows big gap between walk-ups, new apartments
Rental report shows big gap between walk-ups, new apartments Apartments in walk-up buildings had much lower rental rates last year: 87.5 percent lower than new developments built after 2000, according to a report by brokerage Citi Habitats. The average three-bedroom rented for $4,845 in a walk-up and $10,480 in a new development. The Lower East Side, East Village and the Upper East Side ranked Manhattan's least expensive neighborhoods for rental apartments in 2007, the report said. Soho-Tribeca ranked as one of the most expensive neighborhoods, as did the West Village and Gramercy/Flatiron. The West Village had the lowest vacancy rate at .72 percent, while Murray Hill had the highest at 1.2 percent. TRD |
Rental slowdown no cause for concern, say brokers;
Rental slowdown no cause for concern, say brokers; Maggie Hawryluk The annual Christmas slowdown in the residential rental market has hit and brokers are predicting rents have hit a plateau. "It's traditional that the rental market slows down around this time of year," said David Schlamm, president and founder of City Connections Realty, Inc. "But what concerned me is that I saw a slowdown in the second week in October. It's causing me to question what will happen in the spring." The Real Estate Group of New York's August Market Report foreshadowed a slowdown, and is now stating in its December report that the Financial District is taking a substantial hit with asking rents down an average of 5% from November, compared to an average decrease of less than 1% city-wide. The Real Estate Group specifically said doorman, studio and one bedroom rents in the Financial District declined by 16% and 11%, respectively. (more ...) |
Rentals back in vogue as vacancy continues to tighten
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Renting in Manhattan climbs 5.5%
The cost of renting an apartment in Manhattan climbed 5.5% last year as tenants paid a premium to live in new buildings in the country's most expensive residential market. The average rent rose to $3,310 a month for all sizes of apartments south of 96th St., and vacancy rates remained around 1% for the third consecutive year, according to a Citi Habitats report. Rentals account for about 75% of the city's housing stock, Citi Habitats said. The cost of buying a Manhattan apartment more than tripled over the last 10 years, thwarting some prospective owners and allowing landlords to charge more than three times the national average. The average U.S. rent rose 4.8% last year to $975 a month, according to real estate research firm Reis. Citywide, studios in new buildings with doormen were going for an average of $2,751 a month last year. One-bedroom apartments cost $3,979, two-bedrooms were priced as $6,695 and three-bedrooms were $10,480. (more ...) |
Residential Brokers Hang onto Hope
N E W Y O R K R E A L E S T A T E N E W S ________________________________________ Residential brokers hang onto hope Lauren Elkies January, 02, 2008 Despite early winter doldrums and concerns about smaller bonus payouts, brokers are hoping that things will look up in January. Michael Signet, director of sales at Bond New York, said his company expects January to be "a huge month." He added, "Interest rates are coming down, and with an estimated $38 billion in Wall Street bonus money about to hit, the sky is the limit." Neil Binder, principal and co-founder of Bellmarc Realty, expressed a similarly optimistic viewpoint. "I expect to see a reasonably good market for January," Binder said. "Wall Street bonuses are still kicking in, though not at the same level as last year for most firms. However, Wall Streeters are savvy buyers, and they know now is a good time to look. (more ...) |
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Residential Rental Buyers Adapt to Today's Market
| As the second month of 2008 comes to an end, members of the real estate community are beginning to accept the fact that the market has seen a price correction. Purchasers of residential rental property in New York City have had to adopt a whole new terminology, with phrases like "all-cash purchaser," "seller financing," "full and limited recourse," "higher debt service coverage," "lower loan to values," and "personal guarantees." Despite the new rules now in place, investors are actively pursuing ownership of residential rental developments across New York City. With steady and even rising rents, demand is booming for the city's rental apartment buildings, which represent a safe haven for investors weary of uncertainty elsewhere in the real estate market. As reported in the press earlier this month, a joint venture of Vantage Properties and an international real estate investment fund purchased the Haros Queens portfolio. (more ...) |
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January 24, 2008 Residential Sales Manhattan FINANCIAL DISTRICT $765,000 15 Broad Street (Exchange Place) (Downtown by Philippe Starck) 689-sq.-ft. studio condo in a renovated prewar building; 24-hr. doormen, concierge; bath with soaking tub, 11-ft. ceilings, oversize windows, south and east exposures; common courtyard and roof deck in building; common charge $450; taxes $3,600 (abated); listed at $775,000, 37 weeks on market (broker: Citi Habitats New York) |
Residential Sales Across the Region
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Residential Sales Around the Region
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Rising to the Top: The Boyar Way
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| Sales Records Shattered BY MICHAEL STOLER December 13, 2007 Amid doom-and-gloom reports about the national economy, records will be shattered this year for investment sales of commercial real estate in Manhattan. For the first 11 months of 2007, according to a report issued by Cushman & Wakefield, more than $50.26 billion - yes, 50 billion dollars - in sales and contracts for commercial properties were closed in just the borough of Manhattan. That's about a 164% increase versus the first 11 months of 2006. In 2005, commercial sales in Manhattan amounted to $22 billion through November. Looking ahead, with a turbulent credit market and a vastly different economic climate than the previous two years, industry leaders have mixed predictions about investment sales for 2008. "We continue to see high transaction volume, though with less activity than we experienced earlier in this year," the managing director and president of ING Real Estate Finance USA, David Mazujian, said. (more ...) |
Sexy Ads: Undressed for success
December 2007 Sexy Ads: Undressed for success More risqué ads draw attention to new projects By Lauren Elkies An image by Italian photographer Guido Argentini, left, was changed for use in an ad for the Platinum, right. Some real estate ads shouldn't be left lying on a coffee table when there are young children around. That's because real estate developers know sex sells -- and they are increasingly marketing their projects with explicit sexual images, or at least sexual undertones, even at the risk of offending older buyers. Spicy advertising has picked up in frequency in New York City in the last few years, as the number of units coming online has increased and developers have sought ways to distinguish themselves. At the William Beaver House in the Financial District, there was a backlash against ads that were deemed too racy. The majority of the sales at the development were concluded after the sex-infused ads were abandoned. (more ...) |
Signaling Cooling Market, Prices Cut at New Developments
| Signaling Cooling Market, Prices Cut at New Developments Prices Slashed as Much as 13% BY BRADLEY HOPE - Staff Reporter of the Sun November 29, 2007 Roughly a dozen new developments have slashed their prices by as much as 13% over the last several weeks, one sign the slowing housing market is reaching New York City. Developments in areas that began gentrifying in the latest real estate boom cycle, including Central Harlem, Chinatown, DUMBO, and Prospect Heights, are now cutting their prices to compete better, according to brokers representing the developments and statistics from the real estate site Streeteasy.com. "We are obviously realists," a vice president at Prudential Douglas Elliman, Larry Michaels, said after reducing the prices on six listings at 50 Orchard St., a new development on the Lower East Side. "In the current environment, people are shopping for apartments, versus six months ago, when people were just out buying apartments." Mr. (more ...) |
| 21 South End Ave. at West Thames Street, #207 $895,000 Common Charges: $1,053 Monthly Taxes: $861 Broker: Masha Sales/Citi Habitats A one-bedroom duplex in Battery Park City, this condo, approximately 790 square feet, has double-height, south-facing windows that overlook the Statue of Liberty, other points in New York Harbor, and the Battery Park Esplanade. The first floor has a foyer, laundry nook, open kitchen, living room, and marble powder room. The second floor has a bedroom with two closets (one is California-style) and a marble bathroom with a Jacuzzi tub. There are oak floors downstairs and custom wood built-ins throughout this condo, which is located in a full-service building with a landscaped roof terrace. The upper level can be extended by approximately 250 square feet of what is now open, unused space. |
Citi Habitats Listing |
N E W Y O R K R E A L E S T A T E N E W S ________________________________________ Starck heads downmarket Alison Gregor January, 02, 2008 French designer Philippe Starck is quirky and playful. Witness one of his latest creations, a floor-to-ceiling chandelier at 15 Broad Street, or a well-known example, the Ghost Armchair, his 2002 reinterpretation of the classic Louis XVI armchair - in plastic. But now the Starck style is trickling down to rentals and across the Hudson. Starck, as part of his collaboration with developer John Hitchcox in Yoo by Starck, will design the interiors for the 505 rental apartments in the office building conversion at 95 Wall Street, owned by the Moinian Group, which will come on market this spring. And his work will be offered in 131 condominiums in Aurora Over the Hudson in Cliffside Park, N.J. (more ...) |
The 'Impossible Dream' of Rental Development
| The 'Impossible Dream' of Rental Development BY MICHAEL STOLER March 6, 2008 Real estate experts say the development of residential rental apartment buildings is grinding to a halt in New York City. Limited availability of financing, high land and construction costs, the elimination of the 421-a program, and limitations on tax exemption financing has led to conditions that make building unprofitable for developers, even as the demand for new rentals is greater than ever. "Developing rentals is the impossible dream," the chairman of Douglaston Development, Jeffrey Levine, said. "The ongoing strength of the condominium market has absorbed land suitable for residential development. That, in concert with the virtual elimination of tax bond allocations, and the lack of liquidity in the capital market, has made it virtually impossible to create residential rental apartment buildings." Nevertheless, Mr. (more ...) |
 Sunday Business Post January 20, 2008 The age of excess SECTION: AGENDA LENGTH: 3002 words A million dollars to rent a Hamptons home for the summer, chocolate sundaes that cost $25,000 and law firms who hire 'happiness consultants' to keep their staff content: is New York the most ostentatious city on earth? A fool and his money are soon parted, the old saying goes. Not in New York, however, where any young woman will assure you a fool and his money make for a great night out. If, as Paul Simon sang, there are 50 ways to leave your lover, New York's Second Gilded Age provides as many ways to fleece him first. There's the $1,000 bagel, the $1,450 omelette, and the relatively cheapskate $100 burger. But the sweetest mix of decadence and stupidity comes courtesy of Serendipity 3, the kitschy, claustrophobic East 60th Street restaurant where a chocolate sundae carries a $25,000 price tag. (more ...) |
The borough in a bubble Residential market holds steady, but first-time buyers feel pinch By Lauren Elkies The residential real estate market is doing well, according to real estate professionals. As of last month, serious buyers were being more cautious but appeared to have shrugged off concerns over the tightening lending standards that emerged late this summer. "What's happening in the rest of the country is not happening in New York," said Brown Harris Stevens President Hall Willkie. The market held relatively steady in the third quarter, according to the most recent Prudential Douglas Elliman report available at press time. The average sales price increased 2.7 percent to $1.37 million compared to the prior quarter, and inventory dropped 0.6 percent to 5,204 apartments on the market. The number of sales did drop somewhat, however, down 11.2 percent to 3,499 completed deals during the third quarter. The number of days on the market also increased 4. (more ...) |
THE HUNT All for the Dog By JOYCE COHEN Published: April 13, 2008 ROBERT RIZZO yearned for a dog to take in and felt awful about the unwanted yellow Labrador retriever that he kept seeing on the A.S.P.C.A.'s Web site. So last summer he adopted her - a needy dog named Sarah with canine epilepsy, controlled by medication. "I like having something to take care of," he said. It was a decision that would have some consequences. He knew it would be only a matter of time before he would have to relinquish the $2,500-a-month one-bedroom apartment he was renting on West 16th Street. It was in a co-op building that didn't allow dogs. Mr. Rizzo, 30, a native of New Haven, who graduated from Georgetown University and Cornell Law School, is a lawyer. He had also been running a Web-based business from his apartment for a couple of years, and so that would have to move, too. By winter, the co-op board had caught on to Sarah, so he began the hunt for a dog-friendly place. (more ...) |
Text from article: The Murano Just a three-block walk to 30th Street Station, the Murano will add some flavor to the Philadelphia skyline. The 43-story, curved-glass building has 302 residences with amenities that include parking, a full-service gym, a lap pool and a sun deck. Additionally, all of the residences have some outdoor space. Some apartments have 16-foot ceilings. The New York-based real estate firm Citi Habitats is marketing the project. They sold out the St. James, a high-end rental in Philadelphia's Society Hill that attracted professional athletes and local celebrities. "Philadelphia has become a very competitive housing market," says Matthew Van Damm, the Citi Habitats executive running the project. "They thought our long experience selling in those kinds of markets would help." One-bedrooms in the building start at $450,000. Two-bedrooms go in the high $600,000s. "That's half what you'll pay in New York," says Van Damm. |
The new switcheroo Some NYC developers are converting their newly built condos to rentals. Does that mean low-budget coveters of the high-end finally have a way in? By Lisa Selin Davis At first glance, a place that comes tricked out with Andres Escobar-designed interiors, Bosch appliances, a doorman, an in-house fitness center and a rooftop lounge would seem unobtainable-those are condo perks, aren't they? Yes, as a matter of fact, they are. Yet they're available for $3,400 a month-the cost to rent a one-bedroom at 99 Gold Street in Dumbo, Brooklyn. By no means cheap, that's still better than the $1,000 per square foot the building's developers were asking for before they threw in the towel-or, as some might put it, altered their business plan-and decided to go rental. Thanks to the subprime-mortgage meltdown, overbuilding and fear of a sinking real-estate market, condo developers have hit a roadblock. (more ...) |
| The Power of Teamwork When next-door neighbors sell jointly, one plus one can be a lot more than two. By S.Jhoanna Robledo Published Apr 27, 2008 No one remembers who had the idea first, but that's beside the point: The Aronsons and the Edmondses, whose Riverside Drive two-bedroom apartments (8A and 9A) sat atop each other, were both about to sell. So they entered the market at $2.995 million for the two properties, about right for the four-bedroom their apartments could become but easily $400,000 more than they could've expected to get separately. Although the couples have since dipped their price, they were definitely onto something: This kind of teaming up is growing more common. The shortage of family-size apartments remains acute, and appraiser Jonathan Miller says larger spaces, once they're put together, can command a 20 percent premium per square foot. Say you join two one-bedroom apartments that cost $600,000 apiece. (more ...) |
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 Television coverage of the Black and White Report 10 |
Citi Habitats ranked as one of the top real estate brokerage firms in Manhattan. |
True Grit? Not So Much, Anymore
February 10, 2008 LIVING IN | EAST VILLAGE True Grit? Not So Much, Anymore By GREGORY BEYER Not long ago, Tompkins Square Park was shady in quite another way. THERE is disagreement- whether stemming from geographic rivalries or plain old confusion - on how best to draw a line around this boisterous, night-lively neighborhood. Though it is generally understood to extend from the Bowery and Fourth Avenue to the East River between 14th and East Houston Streets, not everyone views it so categorically. "There is no map for the East Village," said Susan Stetzer, the district manager for Community Board 3. "The East Village is a state of mind." Or, as Francesco Lagutaine put it, "I live in the East Village during the day, in the Lower East Side at night, and in Alphabet City on the weekend." Mr. (more ...) |
Uncertain market helps lower-end rentals
April 24, 2008 Uncertain market helps lower-end rentals Some analysts believe that uncertainty in the economy has boosted Manhattan's rental market as New Yorkers become less willing to buy, especially smaller apartments at the lower end. The average rent for one-bedrooms was up by 3.7 percent in the first quarter of 2008 compared to the first quarter of 2007, according to a report from Citi Habitats. Meanwhile, average rent was down 4.9 percent for two-bedrooms and 7.6 percent for three-bedrooms. |
Value conundrum solved when marketers avoid 'conveyor belt'
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WEEK IN REVIEW: Bidding on GM Building
Crain's New York Business February 25, 2008 WEEK IN REVIEW: Bidding on GM Building BYLINE: from staff reports and Bloomberg news reports Manhattan rents ease in 2007 The average rent for a Manhattan apartment rose 5.5% in 2007, well below the 10.4% increase recorded in 2006, according to a report by brokerage Citi Habitats New York. Three-quarters of Manhattan's residential housing stock was renter-occupied last year, the report says, and vacancy rates hovered below 1%. |
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WEST MIDTOWN $700,000 350 West 57th Street (Parc Vendome) 1-bedroom, 1-bath, 550-sq.-ft. condo in a prewar building; 24-hr. doormen; windowed kitchen with breakfast bar and stainless steel appliances, renovated marble bath, beamed ceilings, south exposure; common garden courtyard, roof deck and recreation room; common charge $630; taxes $2,952; listed at $695,000 (multiple bids), 17 weeks on market (broker: Citi Habitats New York) |
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Where the Past and Present Meet in the Financial District
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Will new development divisions be forced to scale back?
February 2008 Will new development divisions be forced to scale back? With fewer condo projects coming on line this year, what will happen to new development divisions? By Claire Levenson As condo developments popped up all over the city, an industry of marketing and advertising sprouted up around them. But real estate experts are wondering what will happen to those divisions now that the U.S. economy is turning. This decade's boom has seen major brokerage firms all over the city open new development marketing divisions at a rapid clip: Halstead opened a marketing division in 2002, Citi Habitats in 2003, and Brown Harris Stevens opened a new division in the fall of 2007. The Corcoran group bought the Sunshine Group in 2005, creating the Corcoran Sunshine brand side by side with its former new development marketing group. The intent of all this growth was to help developers make their buildings stand out in an increasingly competitive market. (more ...) |
With Sales Sluggish, Building Gets Aggressive
With Sales Sluggish, Building Gets Aggressive 'Outrageous' Amenities May Attract Residents BY BRADLEY HOPE February 28, 2008 A 23-story building on the Lower East Side is taking aggressive steps to woo potential residents, offering incentives of nearly $19,000 for a top-floor unit, including a month of free rent, no brokerage fee, free moving services, and a year of free storage space. "We've seen lots of amenities over the years, but nothing this outrageous," the chief operating officer of the Real Estate Group, Daniel Baum, said. The Ludlow, at the corner of Ludlow and Houston streets, has been on the market for nearly five months and is about 50% occupied. "This building is in an interesting position for the neighborhood," an executive vice president of rentals at Prudential Douglas Elliman, Yuval Greenblatt, said. "It has a lot of inventory in an area that doesn't have luxury high rises, [and] the prices are higher than the average. (more ...) |
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