Tribeca, chic property investment destination

Tribeca as a chic address in Manhattan in today's New York Times.  Picture of Bubby's above which has a Holstein cow outside the restaurant.  One of my favorite neighborhoods and where many clients have purchased investment property yielding great returns.

Manhattan rental rates sky high

New York Times article on Manhattan rental rates sky high.  Already exceeding the peak of 2007, the high rental rates this time around is driven by tight credit, low inventory and few new construction.  More people are sharing or downsizing.

Buyer confidence UP

300 people at open house, 14 offers, 20% above asking price.  NY Times article about the Manhattan market coming back strong, buyers and bidding wars.

Manhattan property deals

The Manhattan property market is the most efficient in the world because all data is public and real estate is a local hobby to anyone who owns property.  Given the amount of money involved and the amount of time buyers devote to analyzing a purchase, I would argue Manhattan real estate is  even more efficient than the blue chip stock market.

"Get me a good deal," "I only want a great deal" are famous buyer demands.  Didn't I mention it's the most efficient market?  Then how does one expect to buy something priced 20% below market?  This is not Detroit.

Manhattan New York rents reach record

Wall Street Journal reported the average rent in Manhattan in March at $3,418, topping pre-recession levels.  Citywide, rents increased by 7% in the first quarter of 2012.  Vacancy rates remain a very low 1.22% as Manhattan's sky high property prices make buying a home out of reach for many residents.

Floor premium with Manhattan apartments

Analysis on floor premium in Manhattan residential buildings from New York Magazine and Miller Samuel.  Shows 1-1.5% premium per floor.  Increases to 2% per floor at the higher floors.  This uses 301 W 57 as example.

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