What's going on in NYC real estate?
Resi real estate continues to muddle along albeit at a slower pace. It is a buyer’s market of sorts – very low inventory has kept prices from falling further. The trend is for slower # of unit sales and slightly lower pricing. The article below describes in detail throughout the 5 boroughs:
Sale of the week – 730 Fifth Avenue went into contract asking $56M. This is a 6300 sq. ‘new unit in the Aman – 57th Street and 5th Avenue.
?Commercial trends:
DOWN – Office – especially B & C buildings. These once traded at $700 per foot and are now trading ~ $300 per foot or less.
UP – Hotels – Total hotel unit inventory is ~120,000 and 25% is being used for migrant & student housing. Manhattan needs more hotel rooms!
Even to UP – Retail – this bucket is stronger, but pricing is much lower per square ‘ than pre-covid.
717 Fifth Avenue's (56th Street) retail condominium recently traded for $963M (115,000 square feet). This three-level retail space was purchased by Kering, the parent of Gucci. It was a really big trade and validates the viability of prime retail locations in Manhattan.
Level to Down – Development sites – NYC needs more affordable housing but very little is getting built. NYS needs to re-implement a 421A like abatement program to encourage development and the state assembly & senate are demurring.
Contact me with any real estate questions.
--jewelry designer , painter , buyer sales in fashion industry worked for some of the best boutiques in the world Helene Arpels , Tanino Crisci .Self employed f.
1 年So many buildings have been built and more being built
--jewelry designer , painter , buyer sales in fashion industry worked for some of the best boutiques in the world Helene Arpels , Tanino Crisci .Self employed f.
1 年Are they going to reopen all those buildings on Wall Street ?