ANSWER: I think it depends partly on YOUR agenda.

Going up or down?

It seems as if every time I open the paper or go online there’s a story about how terrible the real estate market is and how we’re all doomed! Well, the mass media has been waiting to cover this story for many years. Some even wrote about the crash 5 years before the market peaked. Could they have had that much foresight? (See the definition of sar-casm in Webster’s).

Just this week alone NY Magazine published a story about “The Bust of Williamsburg” and The Observer covered the “Condo Doom” of all the supposed stalled projects in Williamsburg and Greenpoint. I know of a few of these mentioned that are far from stalled! The line between news and entertainment seems more blurry than ever.

On the other side of the coin, I find it interesting that the talk amongst my peers seems to be of rebound and exciting opportunity. Some are even Twittering RT@Corcoran_Group CEO Pam Liebman: “In June, Manhattan had 11 deals over $5M. Brooklyn had numerous sales over $1M & several townhouse sales in Cobble Hill” and RT@Corcoran_Group Corcoran CEO Pam Liebman: “There has been a LOT of pent-up demand that couldn’t wait anymore to take advantage of lower (home) prices.” and RT@Halstead Get em’ while they’re hot! Brooklyn Brownstones are flying off the shelf!

I am most intrigued by those who have no agenda. Matthew Barron is one of those people and he releases a monthly newsletter called Perspectives. This month he contends that “the current environment is the perfect time to consider investing in NYC real estate”. Read more here… Perspectives July 09.

On January 11th, 2007 I predicted that West 19th Street in Chelsea would become the most architecturally distinct block in Manhattan. The Real Deal was there to cover a guided tour we gave of the high line and our project. (See video above).

It is extremely rewarding to see the dream and vision of all the architects, developers, builders and marketers become a reality. The project Core represented, 520 West Chelsea, is sold and closed, but for one unit (which has a contract out). I consider it the most successful project to date, in a neighborhood that has evolved into a worldwide destination and desirable residential address.

I tip my hat to John and Keith Jacobson for being visionaries, and delivering 26 elegant, understated new homes. I thank Annabelle Selldorf (who I sat down with and had a conversation with) for designing the most gorgeous building in the neighborhood. I also thank the entire brokerage community for embracing this project and helping us successfully sell this building.

Which sign to follow?

Second quarter Realtime Report is released…….

Looking back over the past six months of market activity, it is clear to see that we are in a stage of absorption recovery, yet further price weakness. This has been the fastest market adjustment we have ever seen in the city and it is clear that Manhattan has not been immune to the effects of the national housing market and weakened global economy. The last three months of 2008 had the lowest deal volume for decades, and perhaps historically. Even the post September 11, 2001 market activity decline was brisker than the decline we are currently facing. January 2009 had fewer than 200 new contracts signed in Manhattan, but since then, the deal activity has consistently increased across the board. June had more than four times the volume of new contracts signed than January. On average, the market is selling close to 40% lower than its highs from 18 months ago. In the past six months, we have seen new contracts being signed at consistently lower prices. The weakest part of the market continues to be the luxury market (3 bedrooms and larger) and even though we see a slight increase in contract prices, there are still very few larger units purchases being negotiated. There are small signs of a recovery, but it is unclear if this is seasonal, pent up demand from no activity, or buyers starting to recognize that this is clearly their market, and they are beginning to taking advantage of the opportunities that exist. As prices have continued to decline, there is a sense that we are nearing a bottom, although the timing of a turnaround is uncertain. Thanks CNBC for taking note. Read the rest of this entry »

About two and a half years ago we opened the sales office of 520 West Chelsea when 19th Street looked a lot different than it does today. Frank Gehry’s first New York project for Barry Diller’s headquarters of IAC hadn’t even opened; Jean Nouvel Chelsea had not yet broken ground and Shigeru Ban’s Metal Shutter Houses did not exist. But there was one thing that was the talk of the neighborhood and well on its way to happening, and that was the High Line Park. Read the rest of this entry »

Chelsea Garden

The skies are grey, the real estate market is cloudy, and the unpredictability of both has never been more apparent. The New York Post’s Katherine Dykstra wrote a story today that featured apartments with outdoor space. Will this will clear the air and give us hope for brighter days ahead?

I still contend that THIS IS THE TIME TO BUY! I say this not because I own a brokerage that relies on transactions, but because of the fundamentals underlying the opportunity for buyers and their ability to transact.

It’s June.

July and August are supposed to get hot.

Let’s see what happens.

The building located at 345 Grand Street is believed to have been built around 1900.  It is a SOHO-Style Cast Iron that somehow was transplanted to Lower East Side.   Before the building was converted to a  Condominium in 2002, it had a quite an interesting history.

During the 1910’s the second floor was a dance hall.  The ticket pictured below was found under the floorboards on the 2nd floor, which has  13′ ceilings and used to have a wide staircase down to the ground floor, also 13′ high.  That stair is still there in the space that is for sale or rent as retail or gallery — but it is covered over now by the 2nd floor’s new flooring.

In the early 1900’s it became a distribution outlet for for H W Perlman Pianos.  1950’s it was a warehouse for Sun Ray Yarn.  As demonstrated in the photo below, Sun Ray Yarn used to be housed in the building next door to 345 Grand Street.  You can see that 347 the original home of Sun Ray Yarn was next door, while H W Perlman Pianos took up most of 345.  It was a warehouse and sales showroom, probably not a factory.  The lady’s long dress and the lack of wire suggest the date was around 1910, right around the time the “Grand Hall” Ballroom Dance was held.

Allen and Alice Freidman, the owners of the building put the building on the market in 1999.  Phillip Frazer and 5 other partners bought it as a Co-op.  They kept  the commercial spaces downstairs  where there was one tenant Grand Sterling Silver, operated by Grand Sterling Co Inc, now on 14th Ave Brooklyn.

AFTER the group brought together bought the building, in 1999, they chose an architect and builder and filed plans for a total rehab — new electrical, plumbing, HVAC, elevator, intercom and alarms.  A new roof enabled higher ceilings for the 5th floor and an entirely new apartment to be built on top — this 6th floor penthouse was designed and built by the present owner and seller Phillip Frazer.

For property details, visit: http://www.corenyc.com/en/listings-345-grand-street,18,163788.html

First Open-house 12-3PM, Sunday June 14th.

Read the rest of this entry »

We have just released the May Core Realtime Report reflecting the numbers for May and here are our findings.

The Manhattan market was one of the last to feel the effects of the global financial crisis, but we can clearly see that we have not been immune.  Read the rest of this entry »

Welcome to the latest installment of “The Perfect Place.” As a real estate agent in New York City, I am constantly exploring. Whether I am with clients looking for their “perfect home” or with friends attempting to find the “ideal meal,” I am always in search of the perfect place. Every month, I send out a newsletter discussing downtown neighborhoods, new buildings, hot restaurants, great shops or fun things to do in the city. I hope you enjoy it.

In an upwardly moving market, developers and bankers are the best of friends! In a downward moving market, they can become the worst of enemies. Especially after what we’ve experienced over the past nine months! As the market slowly thaws, we are seeing more deals being made and more buyers step in. People are definitely starting to take advantage of lower prices and more inventory. I expect this to transition into a more “normalized” state eventually (as it always does). But then again….nothing in New York City ever seems “normal”. Some projects are starting to sell, and others are still waning. It seems as though there are some developers who are oblivious to the correction in the marketplace and simply will try wait this out. They run full page advertisements with a new spin on the message. I’m sure they understand how sophisticated New York buyers are. Are these developers really that naive? Or perhaps there’s another reason they are caught in this deadlock. Read the rest of this entry »

This month’s Realtime Report shows us some encouraging signs of a market, that has been in a deep freeze, starting to thaw. The numbers speak for themselves, so I’ll discuss some other indicators giving us market insight….

Open house traffic for this past rainy Sunday was the strongest all year. Our retail storefront has been very active with buyers and renters who seem to be real, and not vultures. Read the rest of this entry »