New York City economy improving, townhouse sales up 61%

Summary from two Crain's articles:
1.  Crucial business services sector expanding.  Large corporate tenants (law firms and information based companies) seeking 250,000+ sqft office space having bidding wars.

Residential rents in Manhattan

Manhattan, New York residential rents up 8 percent in January 2011 compared to last year, according to Citi-Habitats.  The vacancy rate is at 1.26%.  Soho/Tribeca is the neighborhood with the highest rents.

Visit us at Castle Avenue Partners - Manhattan investment properties

Quoted in Wall Street Journal on TriBeCa

Lofty Ambitions Can Be Realized In TriBeCa   (click for full article)

Interviewed and quoted by Wall Street Journal on TriBeCa.  TriBeCa is already the priciest zip code in Manhattan but still has great upside potential as it is just north of the World Trade Center development, New York City's most important project.  Upon completion the WTC will add millions of square feet of new office space, which will lead to more jobs and more demand for TriBeCa property.

New York Commercial Property Report

Manhattan tops in multi family transactions in 2010
According to Ariel Property Advisors, Manhattan was New York City's most active borough in multi family transactions in 2010.  Total transactions totaled $2.1 billion spread across 170 buildings with an average price of $440 per square foot.  Second was Brooklyn with 99 trades totaling $360 million.

Mortgage rates rising

CNNMoney article - mortgage rates, driven by yield on the 10-year Treasury, is rising because of improving economy and because rates are so low they have nowhere to go but up.  The national average 30-year mortgage rate reached 5.05% in Feb 11, breaking 5% for first time since May 2010.  Some predict the rate to increase to 5.5% to 6% by end of 2011.

Manhattan Hotel for Sale $29 million

Our exclusive listing 120 Lafayette St, New York, NY 10013, which is a 28 room hotel plus 10 retail stores, has received significant inquiries since being featured in The Real Deal and New York Times.   Along with the inquiries are offers that are being negotiated.

Most popular rental neighborhoods

Love this graph on the most popular rental neighborhoods in Manhattan and boroughs.  Also shows the most desired amenities by renters.  Published by Naked Apartments.
http://www.nakedapartments.com/rentstats/nyc