New York, Manhattan property investment returns

Manhattan, New York property investment returns from recent real estate Q & A session.

Brad (Q):  Can you provide an overview of the New York property market at the moment?
Weimin (A):  Manhattan, New York is leading the recovery in the US property market.  As a result, we are seeing high net worth global investors coming back into New York to invest in property.

Q:  Why do you say New York is leading the US recovery?
A:  From a property perspective, New York (Manhattan) has always been the leader.  Manhattan was the last to decline during the recession and the first to recover.  Yes, it is the most expensive market in the US.  But it's also the capital for finance, fashion, culture, tourism and food and these are factors that drive the real estate market.

Manhattan Property update

The latest Manhattan property news is that the penthouse at Extell Development's One57 sold for more than $90 million, equivalent to about $8,000 per square foot.  Accordingly, this is a "bargain" compared to the $13,000 per square foot paid for the penthouse at 15 Central Park West.

Manhattan, New York apartment prices by neighborhood, zipcode

Manhattan apartment prices by zipcode and neighborhood.

Table from Miller Samuel showing average price, price per square foot by zipcode and neighborhoods.  Expected Tribeca and Soho to be at the top.

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.

International investors snapping up New York property

International property investors snapping up New York property - recent interview by The Cooperator.

Slicing the Apple

Foreign Buyers Fuel New York City

By Elisa Drake