Just Closed

 

Just closed!

Visit our website: https://www.castle-avenue.com

How to select the right investment condo in Manhattan for letting out

 

The rental market suffered a lot as a result of Covid – prices were down 25 percent, inventory was up 3x and vacancy rate was up 5x.

Investing in Manhattan property has been challenging because of that but we still managed to let out an investor client’s condo in one week. To be able to do that, here are the three key attributes that we evaluate when choosing a good property investment for clients – the location, the building and the apartment within the building.

Read full article here: How to select the right investment condo in Manhattan for letting out

 

Client's brand new two-bedroom condo overlooking Google's new building. Already secured a tenant in less than 2 weeks!

Visit our website at https://www.castle-avenue.com

New York real estate agent on 3 coveted Manhattan condo features

Just wrote about the 3 coveted features of a Manhattan condo that help real estate value. These are scarce, with limited supply and distinguish the property from the rest. Of course, we all know about location... Read about it, New York real estate agent on 3 coveted Manhattan condo features.

West Village condo with amazing views to the West and North

 

Client's West Village top floor condo with amazing views to the West and North.  Deal was signed during the Covid lockdown, and we negotiated favorable terms given the uncertainty of that time.  

We polished the floor, replaced the kitchen countertops to granite, repainted.  It's now on the market for rent.  Check out the details at:  West Village condo with amazing top floor views.  

Investing in a Soho apartment, key tips

Investing in a Soho apartment provides 5 tips on the upsides and downsides about a Soho condo.  Soho is the most glamorous address in Manhattan and the vibe is extra special.  That is why prices are $2,500 per sqft.  But do you know Soho living means limited or no amenities?

Risks and downsides of buying Manhattan new launch condo projects

In this article, Risks and Downsides of Buying Manhattan's New Launch Condo Projects, I describe the top 3 risks that nobody talks about.  This article is all about downsides, risks that buyers need to know about before a purchase.

New vs Resale condo in New York

My article, New vs Resale Condo in New York, analyses the advantages of each.  New condos have better facilities and buyers are booking their condo unit at a discount to what the eventual price at completion would be.

Meanwhile, Resale condos have advantages including better price negotiability, more options and buyers can better understand the building's history.

Manhattan Q2 Condo Prices

According to the Miller Samuel/Elliman Report, Q2 sales volume of Manhattan condos increased by 26 percent, the highest increase in three years.

Median price of a Manhattan condo at $1.70 million was up 3 percent.  It was the first year over year increase in seven quarters.

Price per square foot was $2,077, down 1.8 percent from a year ago.  Average price was $2.83 million, down 4.5 percent vs year ago.

Read full article:  Manhattan Q2 Condo Prices

Manhattan luxury freehold condo close to MRT, $1.83 million

Manhattan freehold condo with high rental return and close to MRT, United Nations, Citigroup Center, Blackstone, Blackrock headquarters.

Property:  959 First Avenue, Apt 23E, New York, NY 10022 (Condominium)

Price:  $1,830,000

Common charges:  $1,400

Property taxes:  $160

Rental return:  At rent of $6,000 per month, rental return of 2.9 percent based on asking price.  This is very high by Manhattan standards.

Size:  907 square feet

Learn more:  Manhattan freehold condo close to MRT, $1.83 million

3 Strategies When Investing In New York Condos

The core of the Manhattan, New York residential condominium market for investment purposes lies in the $1 million to $4 million price point.  This segment represents the studio to 3 bedroom sizes which are most in demand.  Anything larger than a 3 bedroom in Manhattan is a mansion by our standards.  Here are three strategies we use when recommending investment buys to our clients.

http://castle-avenue.com/New-York-property-investing-strategies.html

New Property Projects in New York

520  Park Avenue

520 Park Avenue, 54-storey limetone tower designed by star architect Robert A.M. Stern, aims to be the next 15 Central Park West.  It will have 23 full-floor residences of 4,600 square feet each ranging from $16 million to $37 million.  In addition, 7 duplexes and one triplex, ranging from $70 million to $100 million.

Amenities include a garden, pool and white glove service.  But unfortunately, entrance is on 60th Street (not Park Avenue).

Website:  520 Park Avenue 

2015 is Year Of The Condo

New York Times calls 2015 The Year of the Condo as twice as many new condominium units are expected to hit the market.  This gives buyers more choices and some pricing relief as competition among developers increases.

Manhattan 3Q Condo Update

Don't be fooled by appearances.  The alley in picture is the site of the future ultra chic Beekman Hotel and luxury 5 Beekman Street condos.  

Check out the 3Q Manhattan condo update:  

Terrace Lovers!!!

EXCLUSIVELY FOR TERRACE LOVERS!!!  We are representing the sale of 99 John St, Apt 2203.  Perched on the 22nd floor, this apartment comes with a 530 sqft wrap around terrace with southern, East River, western and northern views all the way to Midtown.  The distinctive terrace has a private garden, dining area, sitting lounge and grill, ready for entertainment.  An oasis in the city.

Manhattan condo prices up as supply shrinks

Manhattan condo prices continue to increase as supply is at the lowest level in years, according to Crains New York.  432 Park Avenue, which will be the city's tallest residential tower, is now increasing average asking price to $5,800 per square foot.  This is three years before scheduled completion.

Developers Cease To Offer Condo Incentives

BY JULIE SATOW
Published: May 11, 2012

THREE months ago, when Wei Min Tan, a broker at Rutenberg Realty, negotiated a deal for a new $3 million three-bedroom condominium at the Aldyn on the Upper West Side, he was able to save his buyers $95,000 in transfer taxes and other costs, as well as to finagle a free storage space.

But now, Mr. Tan said: “I don’t know if I could get the same deal. Literally a month ago, the market turned, and there is now a feeding frenzy.”

The optimism that has washed over the New York real estate market this spring has swept up new developments in its wake. As recently as late last year, buyers could expect to negotiate with developers on price and closing costs like taxes and legal fees. But these incentives are rapidly drying up, buyers, brokers and developers say.

Condos with library, a nice amenity

New York Times article on buildings with libraries, a soft spoken amenity.  The library at 88 Greenwich (above) is one of my favorites.

Toren library

Manhattan condos up 8.3% in Q1 2012

Just released Q1 2012 Manhattan market report shows Manhattan condo average price per SF at $1,317, up 8.3% vs last year. Average price was at $1.86m, up 9.2%.

In the luxury market, defined as the top 10% of sales, average price was $5.56m, up 8.7% while average price per SF was $2,073, up 9.2%.

Surging demand for luxury New York condominiums

 

Strong demand for luxury New York condominiums.  Buyers snapping up pre-construction property as inventory decreases.

250 West Street

2011 is the comeback year for New York luxury property according to the New York Post.