New condominiums being built again

From left, Arch Partners; SLCE Architects; Herzog & de Meuron; below, Fred R. Conrad/The New York Times

New residential condominium buildings are being built again in New York.  The New York Times reports that prices of the new buildings such as the Baccarat Hotel Residences, 56 Leonard and the revived One Madison Park are higher at $2000 to $4000 per square foot.  While this wave of new developments is not as large as during the pre-recession, it signifies a comeback for New York high end residential property.

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.

Greenwich Village

Greenwich Village is the area surrounded by 14th Street, Houston Street, 7th Avenue and 4th Avenue/Mercer St.

Today, we know it as the home of New York University, Cooper Union and The New School.  Historically, it's the Bohemian capital and birthplace of the Beat movement.  Mark Twain and Edgar Allen Poe lived in Greenwich Village.  Today, one could imagine being a writer while sipping cappuccino at Caffe Reggio.  In fact, I brought a client there to do exactly that (sip cappuccino) a couple months ago.

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.