The Brooklyn Made Show

Welcome to the New York Office Market Update

Here we dig into the latest data and trends to find out what is really happening in the local Office market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in Brooklyn Office Market? Let’s take a look at the numbers…

Although more new construction inventory appears to be hitting the market, creating more available office space, asking rents just keep going up. Big players like Microsoft and JP Morgan Chase continue to be bullish on NYC real estate and office space in the Big Apple.

We’ve even seen major retailers stage a comeback. That includes Nordstrom, Apple, and even a PayPal store.

Still, as Brooklyn office rents begin to compete with Manhattan’s, we’ve seen more major companies move and expand to Brooklyn. Even some from Fifth Avenue and Broadway.

Technology companies appear to still be the hottest and fastest-growing tenants. A group that can benefit landlords of small creative office lofts and new office buildings

Around 10% of all inventory is new or is still under construction and coming to the market from now through 2024.

In Brooklyn

Total inventory rose to 36.4M square feet

Percentage available for lease decreased to 15.8%

Absorption rate negative by 297,585 square feet

Asking rents are up to $40.45 per square foot on average

Asking rents in prime buildings in Bushwick and Williamsburg can be as high as $70 per square foot

At least 2.9M square feet of office space is under construction

Notable construction and renovation projects include:

Four new major large-scale developments hit the market in Q3 2019:

Panorama - 733k square feet
Dock 72 - 220k square feet
25 Kent Avenue - 508k square feet
341 39th Street, Sunset Park - 214k square feet

Notable upcoming projects include:

The Wheeler in Downtown Brooklyn
The Hall at Brooklyn Navy Yard
399 Sands Street
101 Fleet Place
12 Franklin Street
80 Flatbush
570 Fulton Street
625 Fulton Street
Domino Sugar Factory aka Ten Grand
One Willoughby Square
30-56 Gem Street
189 Pennsylvania Avenue

Notable relocations and expansions from Manhattan to Brooklyn include:

Rent the Runway
2U
Amazon
Time Inc
American Transit Insurance
Bauble Bar
Koppers Specialty Chocolate
Laundry Service
Bjarke Engels Group

Although delivery of new construction is expected to decline until 2022, that is forecast to be the year we’ll see the delivery of more new office space hitting the market and taking off again through 2024.

Market Factors & Economic Indicators

Unemployment stood at 3.7% as of October 2019 according to the Federal Reserve Bank of St. Louis. This could be negatively impacted over the next year or two due to new rent control laws and sweeping new labor laws eliminating the freelance workforce. An estimated 60% of Brooklyn workers worked remotely in 2019. New taxes could also be a factor. In addition to SALT deduction caps and new transfer, mansion tax, and higher property taxes, as well as online sales tax, some presidential candidates are threatening an array of new real estate-related taxes and higher income taxes. All of which could negatively impact employment.

While the general economy appears to be holding strong for now, the 2020 presidential election and surrounding media mayhem and fake news is likely to lure many into waiting until after the vote to make their moves. Though following the herd in this way is sure to mean many missing out on the best leasing and acquisition opportunities.

In summary…

New York City office markets are perhaps in far better shape than retail. Notable global corporations continue to prize prime property here. Many are expanding their footprints, with more expanding into or relocating Brooklyn. This, in turn, is forcing up local rents.

While a surge in new deliveries of newly built and redeveloped properties may show up as historically high vacancy rates in the data, a tapering off of this activity through 2022 should bring balance again. New buildings continue to support higher asking rents per square footage. A trend likely to be further fueled as less square footage comes online.

Be sure to check out our multifamily reports for the latest data on the Brooklyn Residential rental market. As well as BK Lofts with over 40 creative loft buildings, private offices and art studio spaces.

Find out more about the current market, competing listings, and where to get the best help in leasing or finding the space you need by contacting The Ratner Team.

Check out our vendor section for all the best resources you need for renovating, financing, managing and protecting your real estate assets in New York. Plus, don’t miss our new report on Manhattan and Brooklyn Piers. Including where to go, how innovation is reinventing them as exciting places to hang out, workout and live.

Please send us your feedback, and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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Welcome to the Brooklyn Residential Sales Real Estate Market Report for the 3rd quarter of 2019

www.NewYorkMarketReports.com

Whether you already own or you’re looking to buy into the City’s fastest-growing market, we’re keeping you up to date so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

In this Brooklyn report, we cover the average residential sales in this sprawling borough of historic brownstones, rowhouses, and exciting new developments. Keep listening for the record-high sales of this quarter.

Residential average sales prices for Q3 2019 in Brooklyn are lower compared to last year’s report, with a 7.1% percent decrease over 2018 ending up at $977,259. Median sale prices fell to $790,000 with a 2.2% drop. And this quarter, we saw a decrease of 10.4% percent in the number of transactions. Totaling 2,596 in Q3, 2019 compared to 2,898 in Q3, 2018. Properties stayed 81 days on the market in Q3 2019 vs 80 days in Q3 2018.

New Development Condo sales in this 3rd quarter sold for an average of $1,076,090 at an average of $1,047 dollars per foot. That’s in contrast to $1,240 per square foot last year. This was a 15.6% percent decrease in price per foot from the same quarter last year when the average sale price was $1,210,357. The average sales price of new condos saw a decline of 11.1%. According to this quarter’s data, these properties are spending significantly less time on the market: this year. It took an average of 114 days to sell a new development property, versus 210 days in Q3, 2019.

Existing condo sales prices are on a slight decline as well. The average condo sales price in the third quarter of 2019 was $1,053,084. A dip from $1,116,516 last year. And a 5.7% percent decline from the first quarter last year. The average marketing time for these properties decreased: 91 days on market this year, versus 92 days in Q3, 2018.

Co-op sales prices increased this quarter. Selling at an average price of $637,848 dollars—an increase of 2.5% percent from last year’s $622,021 dollars. Selling time has also increased: co-ops sat on the market for 65 days in quarter 3, as opposed to 59 days in the same quarter last year.

1-3 unit family homes performed not as good as the co-ops and saw a decrease in and an increase in marketing time. This quarter, the average 1-3 family home sale price was $1,080,728 down 8.9% percent from $1,186,423 last year. Properties, on average, were on the market for 88 days, versus 83 days last year. The number of sales decreased as well to 1,246 vs 1,513 in Q3, 2018. The data shows that 1-3 family homes under $1,500,000 are still in high demand!

In the Luxury Market this quarter, the average luxury property sales price was $2,669,402 That’s a pretty big decrease. Down 8.8% percent from last year. These properties also took longer to sell, being on the market for an average of 125 days, versus 109 days last year.

Across the board, the average recorded price discount was 0.3% percent. Yet, it is important to note that at least homes are still rising in demand and value.

Now, to Brooklyn’s top residential sales in September 2019:

The top single-family sale in Brooklyn in Q3 2019 can be found in Cobble Hill. The selling price of 33 Strong Place was an incredible $3,450,000 – about $1,127 dollars per square foot.

Taking the number one spot in Brooklyn, this Cobble Hill home at 33 Strong Place boasted a selling price of $1,127 square feet.

The 3,060 square foot townhouse has 5 bedrooms, 3 bathrooms and sold in just 20 days. Bright open floor plan and good sized terraces definitely helped it sell. It is also legally two townhomes combined into one.

Greenpoint took the top condo sale of the quarter. 21 India Street Unit #38A sold for $3,535,247. This amazing unit is located at a new Greenpoint development called
“The Greenpoint”.

“The Greenpoint” is a unique collection of 95 contemporary condominiums and over 350 luxury rental residences on the Brooklyn waterfront—a gateway to Manhattan and a destination in itself. Rising 40 stories in glass, steel, and brick, The Greenpoint, brings a new way of living to the neighborhood. Thoughtfully designed studio-to-three-bedroom residences offer spectacular views, airy living spaces, and excellent light. An amenity-rich lifestyle awaits with 30,000 square feet of space to live, work and play while the NYC Ferry is just outside your door offering convenient and direct access to Midtown Manhattan, Wall Street, Williamsburg, Long Island City and more. The development’s large retail component and new public waterfront park will bring additional life and energy to the increasingly vibrant Greenpoint waterfront. Strolling along the waterside boardwalks at twilight, you’ll feel all that makes Greenpoint a magical home.

Amenities include: Private Porte Cochere, 24 hours Attended Lobby, Waterfront Terrace and Lounge, Co-Working Space, Billiards Room, Children’s Playroom, Fitness Center, Half, Basketball Court, On-Site Parking, Courtyard & a Sun Deck

Park Slope took first place this quarter for co-op sales. Winning a record sale for the top co-op at $2,675,000.

Sprawling 3 bedrooms 2.5 bathroom apartment in a distinguished white-glove cooperative overlooking Prospect Park! Residence 11D located in the full-service 35 Prospect Park West, designed by renowned architect Emery Roth, is a stunning example of prewar elegance with a beautiful modern flair in prime Park Slope.

A wide and airy gallery welcomes you into the gracious interior graced by hardwood floors, beautiful built-ins, recessed lighting, and refined finishes. Light pours into the home from windows on triple exposures that showcase amazing views of the city and landmark architecture. The large open living and dining room at the right of the gallery is a perfect setting for relaxing and entertaining. The contemporary renovated chef's kitchen is stylishly appointed with marble countertops, tiled backsplash, and stainless steel appliances including a Wolf range and Sub-Zero refrigerator. A powder room and laundry room sit conveniently off the living area.

Three spacious bedrooms provide comfort for everyone. A private hall leads to the master bedroom with double exposures, generous closets plus a walk-in, and an en-suite bath with a soaking tub and shower, as well as to the second bedroom and shared full bathroom. Closet/storage space is exceptional throughout the apartment. This is complemented by a separate, dedicated 8'6" x 8'10" storage unit in the basement.

For bargain territory, head to East New York & Gerritsen Beach. These least-expensive residential areas in Brooklyn had a median sale price of $560,494 for a single-family home this quarter. As far as Brooklyn is concerned, that’s a bargain.

So, there are still deals out there. Some properties are still in high demand and rising. Others may be settling and could signal a good time to restructure portfolios.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

Plus, don’t miss our new 2019 News Report on Brooklyn’s Market in 2019

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know and subscribe. We’ll put out new content and a whole new report every quarter.

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Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or just acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Thanks for listening.

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Welcome to the Manhattan Residential Sales Real Estate Market Report for the 3rd quarter of 2019

www.NewYorkMarketReports.com

Whether you already own or you’re looking to buy into the City’s most prestigious market, we’re keeping you up to date, so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from The Ratner Team.

Manhattan’s grandiose allure of culture, history, and business continues to hold an enviable position in the real estate world for buyers, owners and investors alike. Here’s the data. Just make sure you keep listening for this quarter’s record-high sales.

With an average selling price of $1,656,395, Manhattan’s Residential prices are continuing to drop over last year’s third quarter with an average price of $1,928,049. The average price-per-square-foot fell again this time by 5.3%. It’s now down to $1,524 from $1,610 a foot in Q3 2018. This may always be one of the strongest global property markets, but today’s purchasers are getting more and more floor space for their buck.

Total transactions tallied in at 2,562 this quarter, down 14.2% from a total of 2,987 sales in Q3 2018. We expect Manhattan to maintain this downtrend at least until the end of the year. This dip is happening due to a combination of oversupply of new condos in some areas, increasing interest rates and new regulations for foreign buyers, along with consumer uncertainty as to where the market is heading.

The New Development market is experiencing a correction in prices as well, the average selling price of new development condos fell 12.4% percent in this third quarter to $3,796,985. That’s versus $4,332,408 in Quarter 3 last year. Prices in this market are still falling, and the time it takes to sell is decreasing, too. The average time a new development condo spends on the market is down to around 133 days, compared to last year’s 194 days.

The data for Manhattan’s existing condominium sales is not as bad as new developments but It is also experiencing a price correction. Average sale price for condo sales ran around $2,366,833 in Q3 2019, compared to $2,661,716 dollars in 2018. However, the market time for existing condos has decreased dramatically, now averaging 95 days vs 109 days in Q3 2018. It took 14 days longer to sell a condo vs last year!

Co-op sales fell 15.30% this quarter, recording an average sales price of $1,141,148. Market time increased fractionally as well, coming in at 88 days from 79 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.

Of course, even with an 18.9% decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $6,350,361, a huge difference from last year’s average of $7,831,042. Luxury properties have actually been moving almost the same as last year, staying on the market only 127 days this quarter, compared to125 days in Q3 2018. This is 1.6% lower than last year.

Across the board, the average recorded price discount was 0.1% percent.

Now for the top sales numbers for September 2019:

The well-known neighborhood of Lenox Hill topped November’s single-family residential sales. The townhouse at 18 East 73rd Street sold for $27,000,000.

Manhattan’s top sale was claimed by this Lenox Hill townhouse. The expansive 10,080 square foot property offers 6 bedrooms and bathrooms. Sitting between Madison and Fifth Ave, and newly renovated in 2017. A great combination of historic architecture and clean modern finishes.

In Central Park South, the record condo sale for September 2019 goes to 220 Central Park South #56A that finalized for an incredible $41,748,250.

220 Central Park South is another signature project from master architect Robert A.M. Stern, developed by Vornado Realty Trust. The luxury residential condominium development includes an 18-story building called “the Villa” that will front Central Park alongside other comparably sized buildings. Behind the Villa is the 950-foot Tower, which will bring a total of 118 units to the high-end market. The Villa and the Tower will be connected via an arcade that includes a motor court on 58th St. The exterior features Stern’s favorite Alabama limestone punctuated with Juliet balconies, set-back terraces, and ornamental metalwork to give the new building a classic, old New York stature. The building, at 66 stories, offers grand views of Central Park.

This September’s top co-op sold in Carnegie Hill for an impressive $11,500,000 at 1175 Park Ave #9A. Carnegie Hill took the top spot for NYC co-op sales with this 5 bedroom, 4.5 bath haven on Park Avenue. Sold at $2,704 per square foot, after being on the market for less than 60 days. Although still very dated, the unit enjoys a very modern kitchen

For bargain-seekers who still want Manhattan real estate, Washington Heights and Harlem are currently the least expensive residential areas on the island—average condos in these neighborhoods sold for $615,000 dollars in Harlem & $505,000 in Washington Heights, with average co-op sales of $375,000 in Harlem & $446,900 in Washington Heights.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

Be sure to check out the new report on Manhattan’s piers - where to go, and how they are adding value to NYC’s communities.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Thanks for listening.

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Welcome to the Newest New York Real Estate Update from Brooklyn Made.

This year we’ve seen more big real estate moves in play, and see developers marching on with new projects that will continue to change the skyline and living trends over the next few years. The data continues to show the market is changing. Though there are a variety of factors that could tip the market, either way, this year.

In this special episode, we’ll dig into the latest data and the most notable trends of the year. What’s happened in 2019, what to look forward to in 2020. Plus, the most impactful factors to watch over the next 12 months.

Make sure to check out our special report on the next 100 years for Brooklyn and what planning and developments are going into place to shape it and sustain its place on the map and a more prosperous community for all those that call this borough home.

The Real Estate Market in 2019

Looking back at our annual report this time last year it appears we called the market pretty well.

The main theme 13 months ago was the peaking of the market. While new records were still being set, there were signs of some correcting. We’ve seen a lot of the same trends flowing through 2019.

There have definitely been undeniable cracks deepening in some segments of the market. Yet, we’ve also seen some parts of the market outperform expectations, stay stronger than expected and even rebound.

A dive into Brooklyn rental market statistics shows that overall the market is holding quite well, and prices are still high. Even though some gains maybe only being maintained by an equal amount of discounts, and landlord concessions. Though this gap may finally be closing.

Still, it is impossible to deny that the data also shows that home sales are dropping off, more price cuts are happening, and both residential and commercial buyers and renters are gaining more negotiating power out there.

Yet, on the commercial property front, America’s largest corporations show no sign of lack of appetite for new offices. In fact, some continue to set records with big, bold deals in prime locations.

Factors that have been affecting the market and influencing these trends include:

New construction levels
Rumors of a pending recession
New innovations and technology
New tax laws
A highly litigious business environment
Returns on investment property

One of the things everyone seemed to get wrong about 2019 was rising interest rates. In fact, global interest rates appear to have reversed course. Internationally negative interest rates have become more common. There has been more talk of pushing US rates to zero or below.

While some mortgage rate offers are approaching the 5% range as predicted, Bankrate also reports many lenders are still offering long term fixed-rate mortgage deals at under 4% as of January 2020.

Access to mortgage credit now appears to be more of a concern for 2020 than interest rates will be until at least mid-2021.

2019 brought some incredible new master-planned projects to the market in New York. They’ve added a lot of additional commercial and residential inventory to the marketplace. At least one developer has been sitting on 1,000 plus unsold luxury condos. Many have gone unsold for years.

However, the amount of inventory hitting the market is expected to drop significantly this year, providing better balance in the market. Then it will grow slowly with new deliveries hitting the market more modestly though 2022.

One of the most surprising and unexpected turn arounds of 2020 is retail. It’s no secret that Manhattan and even Fifth Avenue have been some of the most affected by the big shifts in retail over the past couple of years. Now, in the past few months we’ve seen a few major retailers attempting to stage a come back with brick and mortar, and even some very notable online and tech businesses setting up real shops on prime shopping strips.

One of the biggest fails of the year, and perhaps the decade has been the demise of WeWork. The office giant who tied up an enormous amount of prime office space, and then lost investors tens of billions of dollars in value. We likely haven’t felt the full impact of this yet.

Perhaps most impactful of all in 2019 was the institution of new rent controls and regulations favoring tenants over landlords. This definitely has caused concerns for real estate professionals, lenders and investors in both California and New York. These types of rules haven’t detracted from the demand for prime properties in these areas in the past. Though they certainly don’t ever seem to work to really help renters or the market either.

The one bigger threat to the markets and national economy in 2020, is an expansion of California’s recent regulations ending freelance and remote work. With some 12 million freelancers on a single platform as of 2019 and as many as 60% of Brooklyn workers now working remotely, the impact of rules like these spreading to New York could create unemployment at the highest levels ever seen in America. It could be triple the rates seen in the Great Depression in the 1930s.

The National Property Market

While all real estate is local and every market is very different, one of the most significant metrics over the past year has been house prices.

According to Realtor.com, the average asking price for a home peaked in May 2019 at $315,000. The Federal Reserve Bank of St. Louis even puts the average price of sold properties in Q3 2019 at over $380,000. Yet, as of January 2020, Zillow reported the median sales price of a home in America at just $236,900.

Multifamily and other types of real estate have stayed in demand as domestic and international investors maintain their appetite for US property and search for yields and a safe way to diversify from the inflated stock market.

Most Notable Property Deals in 2019

2019 kicked off incredibly strong with the record setting penthouse purchase by Kenneth Griffin for $238M.

The biggest success of 2019 may have been the grand opening of the $25B Hudson Yards project.

The most newsworthy was the deal that didn’t happen. The Amazon HQ2 debacle. The $2.5B deal in Queens that was ripped up due to the extreme incentives and breaks being used to secure the deal. Amazon has since announced it is leasing over 300k square feet of additional space in Manhattan.

New Rules & Taxes

It’s been a great and terrible year for taxes for New York real estate owners.

Many are still coming to grips with the SALT tax deduction limits imposed starting in 2018. New ‘mansion’ taxes and real estate transfer taxes have added a heavy burden to sellers. Nassau County on Long Island has been especially hard hit. The county recently reassessed every property at peak values, resulting in many owners seeing annual property tax bills soar by as much as 50%. There is also talk of ending property tax relief checks which could further hurt lower end property owners.

At the same time, local governments are still buying and holding property, which is taking revenue from tax rolls and increasing the burden on taxpayers.

This year’s presidential election is also likely to significantly hinge on taxes. Some candidates have been very vocal about their goals to dramatically increase income taxes and implement a whole barrage of new real estate-related taxes, including a 25% flipping tax on investors.

At the same time, NYC real estate investors have also enjoyed another year with many great tax benefit opportunities. They have included investing in real estate tax-free with self-directed Roth IRAs, Opportunity Zones, and 1031 exchanges. We never know how long these breaks will last, but they should remain available through 2020.

As April’s tax deadlines approach investors should be seizing on the opportunity to restructure portfolios, maximizes write-offs, and max out contributions to self-directed 401ks and IRAs.

Biggest Factors Impacting The Market In 2020

What’s in store for 2020? These factors will be major influencers in what we are reporting in a year from now.

An anticipated surge in commercial mortgage lending could help support the market through 2020. Leading this charge is life insurance companies who have said they plan to invest another $150B in these investments.

The one thing that could derail these plans to plow billions more into the US commercial market is mortgage defaults. At least one of NYC’s most notable investors has already been losing properties due to defaulting on loans. That together with any deep correction could put the freeze on new financings.

Declining residential property prices will be a significant factor too. Defaults on loans could lead to more discounts on the new Manhattan luxury condo inventory. Much of which has been sitting on the market for years. When home and condo owners start seeing hundreds of thousands of dollars in equity disappear and high rates of property owners in negative equity situations rise, fear can set in.

All eyes are also on Manhattan retail. It is can really make a come back it will give markets a lot of fresh confidence. If they don’t pull off this new return to brick and mortar, then Brooklyn could be a major beneficiary as more retailers move to this borough.

Tech will be a big driver too. Not only because the largest tech companies have been buying expensive chunks of NYC real estate. The efficiency new technology offers real estate investors and property managers will make all the difference over the next 12 and 24 months too. New tech tools mean being able to invest more accurately, and operate leaner and more profitably, even if rents are going up and asset prices remain high.

Thanks to California’s crippling new laws, including the CCPA and freelancer law that went into effect on January 1st, 2020, more and more tech companies and startups are likely to choose NYC as their preferred headquarters. We’ve already been experiencing great traction in the creative loft and small office space market. There are great opportunities in this space to acquire assets, raise rents and generate cash flow.

Of course, the number one factor this year is the presidential election. Expect plenty more chaos in the media and plenty of misinformation and fake news. Some will tune out, keep focused and make the most of the investment opportunities. Most of the herd will let their emotions get the better of themselves, sit on the sidelines until after November and then miss out.

What To Explore Now

Don't get so busy in your business you forget Valentine's Day. Here are some ideas to make it a special one, and some of the NYC spots to check out and help you fall in love with your city again.

Post your messages on custom lanterns on Washington Street in Dumbo
Visit Valentine’s Heart and X and Times Square
The Museum of Broken Relationships popup at rising New York
Take in Valentine's concert at 29 East 4th Street
Visit the Science of Love and the Museum of Natural History
Ice skate on a heart-shaped rink at Pier 17
Enjoy champagne at the Institute of Culinary Education
Visit the Valentine’s Market in Greenpoint
Dine blindfolded at Camaje

For those looking for a break from the cold and snow, this can be a great time to vacation around the globe while your real estate investments in NYC keep putting money in your bank accounts.

Top destinations for this winter include:

Florida for its proximity, weather, and plenty of other New Yorkers
Israel for visiting one of the top countries for innovation and providing financing for New York real estate
Nicaragua, the new Costa Rica
Vietnam, one of the most affordable emerging countries for expats, if you can handle the long flight

In conclusion...

It has been a busy year in the New York real estate market. Big players, buyers, and developers haven’t been shy. In fact, we continue to see a run of aggressive new projects coming onto the market. Brooklyn continues to be one of the biggest beneficiaries of this action and is receiving much of the investment capital. Manhattan condos and retail are facing some trying and uncertain times. Though there are many economic factors that could impact the direction of the market in this new year. Looking at the big picture, not much is expected to change. NYC real estate will always be in high demand. In the short term, there may be some great opportunities for those who can move fast between now and the 2020 election.

Well, that’s it for this month and year’s round-up. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com.

Thank you for being loyal listeners and readers this year. We’ll see you in 2019, with plenty of fresh new information.

Thanks again to our sponsors, The Ratner Team, and SpartanRenovations.com for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month’s roundup shows a New York City real estate market that just keeps marching on. It’s redeveloping and upgrading every day. New projects keep coming online. Despite recent softness in the data, there are many encouraging signs that the worst could already be behind us.

Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors.

In the commercial real estate headlines…

The darkest days of NYC retail could be behind us. At least some major companies seem to be making a comeback. In addition to new Apple and Nordstrom stores, PayPal has decided to open a physical store this year. The digital payment company’s new location puts it right on prime 5th Avenue real estate.

The Lower East Side’s Essex Crossing Development reports it is doing well too. All but two spaces have been leased. A new food hall just opened at the development, the 150,000 square food Market Line.

Also, look out for an array of holiday markets and seasonal pop-up shops across New York City.

These include:

Union Square Park
Bank of America’s Winter Village at Bryant Park
Grand Holiday Bazaar on the UWS
Grand Central Terminal
The Turnstyle Underground Market
Columbus Circle
Brooklyn Flea & Smorgasburg Winter Market
The Handmade Cavalcade in Brooklyn Heights
Brooklyn Navy-Yard
Brooklyn Holiday Bazaar in Gowanus
Renegade Craft Fair at Brooklyn Expo Center
Greenpointers Holiday Market

Even though national retailers seemed extra desperate this year, with Black Friday sales beginning back in October, over $700B is expected to have been splurged on this key day in the run-up to holiday shopping.

For investors, the one nagging fear is new commercial rent control laws. Recent residential rent controls are already expected to have cost the city $20M in lost revenues. New commercial rent controls would cap rent increases for office and retail tenants leasing 10,000 square feet or less. As well as manufacturing tenants leasing up to 25,000 square feet.

New changes went into effect for the EB 5 visa program in November. Most notably, there is a huge jump in the minimum investment amounts foreign nationals must bring to qualify for visas. The standard minimum investment is now $1.8M. It can be as low as $900k for those in low employment areas.

A new survey from Apartment List reports that many millennials have given up on the idea of ever buying a home. They plan to become and stay renters for life. Even among those who would like to buy a home, half have zero money saved for a down payment. Just 10% have $10,000 saved.

In addition to all of the existing online review websites, New York City landlords need to be on top of new ratings coming online. This includes a new blacklist of New York City’s landlords with the worst reputation for evictions. As well as the new 2020 letter grading system which rates buildings by energy efficiency. Landlords will be required to submit their data or face fines.

For Brooklyn Real Estate News

Last month we covered the new Brooklyn welcome sign in Columbia Heights, and developments at Dock 72 at the Brooklyn Navy Yards, and Fort Greene’s BAM Historic District.

The month the big news is the groundbreaking of the new Tetris looking towers at Greenpoint Landing. The mega project spans 22 acres on the water and includes a 2.5-acre waterfront park. The two towers will bring almost 750 new apartments along with almost 9,000 square feet of retail space. When completed the project will encompass 11 towers with 5,500 residential units.

In other boroughs

New renderings reveal the design for the Bankside megaproject in the South Bronx. The industrial-looking glass towers cover 4.3 acres, with over 1,300 new apartments.

In Queens, an old hospital is been transformed into a new mixed-use development. However, the Far Rockaway project could take 15 years to be completed.

In Manhattan, the Lower East Side could be rebuilt at 10 feet higher as a flood protection measure. Local objectors plan to sue the city for approving the plan.

The old Printing District of Hudson Square has become a major new tech hub with tenants like Google, Disney, and Nuveen.

Residential rents remain strong. October data shows slight increases in rents over last year, even though around 40% of all new leases include some type of deals and concessions.

Manhattan commercial rents may take a while to bounce back. They are down by 6% to 18%. Saks Fifth Avenue’s flagship store recent took a value write-down of close to $2B, or 60% from five years ago.

Tribeca also seems to have lost a lot of ground. Prices there have dropped 30% to 45% year over year.

On the bright side, this correction may also bring a lot of buyers and tenants back as they see more value. This includes many online retailers and tech workers who are putting their money back into physical assets. Such as one Instagram influencer who with just 100k followers was able to buy a $22.5M Park Avenue property with sweeping views. The expansive pad was listed for nearly $27M.

Wood is back in. Wondering what to build or decorate with next? Timber is now being recognized as the safer, greener and more sustainable building material. It may even be cheaper and stronger than steel.

In conclusion...

While there continues to be some concern over the amount of unsold condo inventory, developers keep coming up with new deals. Residential rents seem strong.

There are concerns and frustration over new commercial and residential rent regulations and even more over increasing taxes which seem to be having a negative impact.

Still, the view from the top still looks great, and major retailers could be poised to turn things around. New rules are also putting pressure on investors to focus on even bigger deals.

Get out there and make some plays while the prices are good. Though don’t neglect to take some time to explore NYC’s holiday markets and enjoy the season.

Make sure you’ve checked out our new special episode on Brooklyn Startups too.

Well, that’s it for this month’s round-up. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com.

Thanks again to our sponsors, The Ratner Team, and Spartan Renovations for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month’s roundup shows a New York City real estate market that just keeps marching on. It’s redeveloping and upgrading every day. New condo prices, the completion of new projects in Brooklyn all seem to be great highlights.

Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors.

In the commercial real estate headlines…

WeWork’s failure has already cost investors billions of dollars. Softbank alone has had to write off $5B already, and even deeper cuts are likely to come as it unravels. Unfortunately, the company with great aspirations just got too big too fast and maybe a victim of its own success and lack of a sustainable business model. This sadly doesn’t bode well for others in this space like Airbnb. Of course, its CEO Adam Neuman is still making out quite well from the deal. His termination package includes getting paid $1.7B to walk away, in addition to the $700M in stock he recently cashes out.

Real estate tech still continues to attract substantial investments. Appraisal startup Bowery Valuation just pulled in $8M in funding from Lightstone.

Billionaire real estate investor Sam Zell who recently predicted WeWork’s collapse now says new rent control laws are having a chilling effect on property development.

Blackstone just turned a $7B profit on the portfolio of office properties they bought from Sam Zell for $39B back in 2007. An amazing feat considering the intense crash that followed their historic record-setting purchase.

Still, the Real Deal reports that construction spending is expected to hit $190B within the next 24 months. However, even with continued growth, construction job growth is expected to peak within the next year, especially with new technologies that are replacing workers.

BisNow says that the game has officially changed for NYC landlords. Instead of it all being about location, location, location, success is now all about the product, product, product. It’s all about making the upgrades to compete with new construction. If you aren’t bringing your properties up to date leasing will be slow and rents will be low.

One of the hottest emerging spaces in commercial real estate leasing today is for film studios. At least for now, all the major media companies are vying for space to produce their own streaming content. We’ve seen Robert De Niro fund new studio spaces and Netflix on a land grab. Apple TV reportedly has $6B to fund original content production. Eventually, we will probably see a major roll up and consolidation in this space as viewers get tired of paying for multiple streaming services. For now, landlords see these long leases from national credit tenants as a great thing.

In other news, NY has lost its lawsuit to repeal new SALT tax deduction caps. Along with NJ, MD and CT, NY saw its lawsuit shot down by a NY federal judge at the end of September. The new rules cut the average taxpayers' SALT deductions by more than half each year, to just $10,000. All while taxes, and especially property taxes keep going up. This has forced many business owners and wealthy individuals out. All contributing to a 45% jump in empty storefronts over the past decade. There are many options NY could use to reduce the tax burden and increase retention and appeal to new investors and businesses. Adding more taxes to turn off online retailers and businesses is probably one of the worst and most counterproductive.

NYC home sales have stalled out, but this is only fueling more competition for rentals. Street Easy reports this has created the fastest pace of rent growth since 2016. NW Brooklyn rents are up another 3.5% to $3,115 on average. Even submarkets are seeing rents up to $100 a year over year. It’s a trend likely to continue as buyers hold off to see where the bottom of the market will land.

2 Hudson Yards penthouses have just listed for $59M, making them the most expensive sold below 42nd, if they achieve their asking prices. The supertall building designed by Skidmore, Owings & Merrill will also have an Equinox hotel and office space.

For Brooklyn Real Estate News

Brooklyn is getting a giant new welcome sign. Replacing the old watchtower sign at 30 Columbia Heights, the new welcome sign has finally received permit approval and aims to attract visitors and new businesses.

As a part of the $2.5B master-planned development at the Brooklyn Navy Yard, Dock 72 is debuting its 16 story office building. It will include film studio space and other tenants. What will happen to the space dedicated to the now failed WeWork in the building is unclear.

Fort Greene could be getting a new 24 story apartment tower and music school. The Gotham Organization has announced plans for this proposed new development in the BAM historic district, not far from the borough’s new tallest tower.

In other boroughs

Queen’s Skyline Tower has set the borough’s record for the most in anticipated gross sales, at over $1B. The tower topped out at 778 feet and is home to 802 residential units.

Floundering developer Extell has come up with a new idea to move the 80% of its units that have gone unsold. One Manhattan Square on the LES has announced a rent to buy the program, which lets prospects test drive units for a full year.

400 bus stops in the Bronx are being axed as a new redesign plan goes into play. Investors may find this a mix of pain and new opportunities.

You can now buy tickets to the Hudson Yards 1,100 foot high observation deck to check out the views.

It’s no secret that Manhattan retail rents have been falling for the last couple of years, and many retailers have been resizing.

However, no retailers are bucking the trend. Apple is reopening its flagship store. Nordstrom is opening a massive store in Midtown

In conclusion...

While there continues to be some concern over the amount of unsold condo inventory, developers keep coming up with new deals. Residential rents seem strong.

There is concern and frustration over new rent regulations and even more over increasing taxes which seem to be having a negative impact. Though the view from the top still looks great, and major retailers could be poised to turn things around.

Make sure you’ve checked out our new special episode on Brooklyn Startups too.

Thanks again to our sponsors, The Ratner Team, and Spartan Renovations for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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Welcome to the newest Update from Brooklyn Made.

This month we are bringing a special episode on Brooklyn Startups!

New York has surpassed Silicon Valley as perhaps the top startup ecosystem in the world. Brooklyn is certainly a major part of that, if not NYC’s main startup hub. We’re trendier, edgier, and far more appealing to new entrepreneurs and ventures.

Recent estimates put the number of remote or independent workers in Brooklyn at about 60%. Many of whom either have their own businesses or work in startups.

As of last year, there were 7,000 startups in NYC, 326,000 tech jobs, with over $10B being invested in local startups each year. It’s an estimated $71B sector that keeps growing. Google and other tech giants keep on making billion-dollar expansion plans in the Empire State to ensure they are close to the action.

Now let’s check out 25 of the hottest startups happening in Brooklyn now...

Biolite

Biolite is a cleantech startup that began with the idea of creating camping style stoves that don’t require burning fossil fuels. Their new sustainable home cooking device can eliminate fuel consumption and emissions by 90% while powering LED lights and charging mobile devices.

MiMedia

Downtown Brooklyn based MiMedia is a cloud storage startup for helping people upload, organize, and manage their digital possessions from their mobile devices. They offer truly private sharing and a free 10 GB of storage to get you started.

CredSimple

DUMBO-based Credsimple is a healthcare startup with a SaaS product for simplifying the credentialing process.

Kisi

Based in the Brooklyn Navy Yard, Kisi made the Inc. 500 list of fastest-growing companies last year. They boast that their smart keyless door lock system powered by mobile phones is used by over 300,000 customers, on almost 8,000 doors and facilitates 6.2M unlocks per month. Their partners reportedly include the US Airforce, AngelList, CBRE, and Digital Ocean.

Mouth Foods

E-commerce startup Mouth Foods is based in DUMBO. They’re helping small-batch food makers grow their businesses by helping consumers discover new and delicious indie foods. Check out their monthly culinary gift box subscriptions and ice coffees. They’ve been featured in Business Insider, The Wall Street Journal, Huffington Post, Travel + Leisure and The New York Times.

HowGood

Greenpoint food tech startup HowGood helps provide transparency on food and its sources. Specifically, to help businesses understand and rank sources for sustainability. They rank everything from eggs to raw foods to tea. Among their partners, they count General Mills, Nielsen, and Walmart.

Songkick

The Brooklyn based ticket selling platform that moves more than 12 million concert tickets each month. They’ve even grown to expand and bring the service to LA, London, and Nashville. Use it to see live artists like John Legend, Metallica, YFN, and Post Malone.

TuneCore

TuneCore helps music artists sell their work online and keep their profits. They’ve paid out more than a billion dollars in earnings to artists. Use it to move your work on Spotify, YouTube, Amazon Music, Apple Music, and Google. Located in Dumbo.

Big Spaceship

Dumbo located Big Spaceship is a digital agency in adtech helping brands like Samsung, Capital One, West Elm, and BMW.

Amplify

Edtech startup, Amplify helps K-12 teachers make education more engaging for their students. They are in all 50 states and Washington DC, and over 21,000 schools across more than 9,000 school districts.

Huge

Dumbo’s Huge is an Adtech and branding company that was expanded to 14 locations worldwide.

Etsy

Dumbo born Etsy has been one of the great facilitators of many other new ventures all over the world. They now claim almost 30 million customers and vendors. A marketplace for finding and selling unique and handmade goods online. Now a public company traded on the NASDAQ.

goTenna

Williamsburg’s goTenna helps bring connectivity when other Wifi, satellite, and mobile carriers aren’t there. They recently closed a $24M round of capital fundraising led by the Founders Fund.

Gimlet Media

Digital media company Gimlet media is headquartered in Gowanus. They specialize in narrative podcasts, with at least 11 shows, including kids’ channels and those covering startup life.

Kickstarter

Greenpoint’s Kickstarter platform has enabled over 16 million people back an enormous amount of other new startups. The original crowdfunding platform which has funded almost $4.5B across almost 500k startups and projects.

Livestream

East Williamsburg’s Livestream provides live video broadcasting tools for places of worship, education, sports, government, conferences and more. Clients include the Dow Jones, Tough Mudder and Spotify. Over 10M events use Livestream every year. According to TechCrunch, the service was recently bought by and integrated with YouTube competitor, Vimeo.

Mindbodygreen

Mindbodygreen is an online blog, a platform for video training and classes and event host focusing on wellness, spirituality, and the environment. Based in Dumbo.

Makerbot

Downtown Brooklyn’s Makerbot is a pioneer in the 3D printing space. Best known as one of the first to offer affordable 3D printers. Their printers start from a little over $1,000. They also provide printing materials and run the world’s largest 3D printing community.

Call9

Based in Prospect Lefferts Gardens, Call9 has 100 local Brooklyn employees and has raised at least $34M in funding. Their backers include YCombinator. They specialize in the high tech healthcare space, providing emergency care to nursing home patients and residents.

Motivate LLC

Motivate is a bike-sharing startup with global reach, and are making cities greener and more accessible. They provide over 17 million rides in New York City each year. They employ over 800 people and have partnered with Citi and Lyft. Operating out of Industry City.

Red Antler

Dumbo’s Adtech startup Red Antler has helped brands like Vevo, Betterment, Birchbox, Google, Zagat, and Foursquare research and create digital experiences.

Vice Media

Digital magazine publishers Vice Media cover everything from entertainment to technology, lifestyle, the environment, politics and of course sex, drugs, and rap music.

Paperspace

Headquartered in Dumbo, Paperspace has been helping individuals and companies make the most of the new series of Chromebooks and Macbooks, by giving them access to all the programs, gaming and data they really love to use via virtual desktops in the cloud. They’re also heavily into machine learning and data science.

SportsRecruits

SPortsRecruits boasts having 100% of college coaches on its platform. This is where athletes and their families can connect with coaches and find the right college while simplifying the process of getting recruited. Based in Downtown Brooklyn.

Work & Co

This digital agency in Dumbo works on digital products for big brands like Lyft, IKEA, Apple, Epic Games, and Google.

Zipari

This health tech startup in Dumbo is striving to improve the interaction between patients and health insurance providers. They’ve partnered with Gartner and Salesforce and have brought together a team from WebMD, Disney, Deloitte Apple and more.

In conclusion...

Brooklyn has emerged as one of the top places in the world for entrepreneurs and startups. Our entrepreneurial spirit knows no boundaries. We’ve already got many of the most exciting ventures in the world being incubated and grown here. It will be exciting to see what’s next.

Next month we’ll be back to our regular installment of New York Real Estate News. Make sure you tune in to catch up on all the latest developments and trends.

If you are looking for your own space to startup or scale your business in Brooklyn, make sure you check out BK Lofts for over 25 of the best Creative Lofts, Offices and Studio buildings for entrepreneurs at www.BrooklynCreativeLofts.com

Thanks again to our sponsors, The Ratner Team, and SpartanRenovations.com for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month’s roundup shows a New York City real estate market that just keeps marching on. It’s redeveloping and upgrading every day. New condo prices, the completion of new megaprojects in Brooklyn and office leasing all seem to be great highlights.

While there are still many units that will need to be absorbed into the market, transactions seem to show continued confidence in this strong market as the status quo for the foreseeable future.

Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors.

In the commercial real estate headlines…

WeWork’s IPO is probably the biggest news this month. The office giant has pushed ahead with getting listed on the NASDAQ despite quite vocal detractors, including millionaire commercial real estate investor Sam Zell and WeWork’s own lead investor Softbank.

WeWork’s valuation has plummeted by more than 50%, from $47B to around $20B. The company is reportedly zoned in ongoing public to raise another $10B. While many are concerned that not only is the company on shaky ground, but presents a major threat to office markets in NYC and London.

It is one of the largest office landlords in the world. Yet, has a dangerous business model, which left it losing almost $1B in the first half of 2019, on $1.5B in revenues. Many worry that it is unsustainable and could drag down both the real estate market and the stock market with it.

Billionaire investor and deal maker Carl Ichan is the latest notable New Yorker to make the move to South Florida, along with his company. Part of a much larger migration of businesses and wealthy individuals who have been fleeing NY’s extreme taxes, including property taxes. Ichan has offered his employees $50,000 each to help with their move, if they set up residency in Florida as well.

The industry thought it dodge the pied-a-terre tax with the last budget. With the effects of new rent controls still stinging, a renewed effort to tax real estate in NY even further is lemon juice on fresh wounds. Many are not happy about it. Many are frustrated that lawmakers just don’t see how damaging taxation and rent controls already are. We’ll have to see how this battle plays out.

Despite being another big IPO that has been losing a lot of money, Uber has continued to spend big on New York real estate. Following its lease at Hudson Yards in the first quarter, the ride sharing company reportedly just signed a much larger lease at 3 World Trade.

The latest figures show New York companies are spending over $1B a year on office space. A figure expected to rise by another $100M a year by 2020. Rents are up 40% since 2014, and demand may continue to keep them strong.

While we recently covered the fact that a slow down in building permits and deliveries should bring balance to the market in the next few years, data suggests 25% of condo units recently coming to market remain unsold. 40% of units on Billionaire’s Row are unsold. While developers are unlikely to drop prices much, there could be plenty of incentives coming for buyers and renters.

For Brooklyn Real Estate News

Another rental tower has begun leasing at The Domino Sugar Factory megaproject. The 45 story building at One South First. With current promotional deals, studio leasing prices start at around $3,500 per month.

Over at the River Park development in Cobble Hill, sales have just launched as well. There are just 48 apartments in this 20 story building. Although there are plenty of amenities to rave about, prices aren’t cheap. A 530 square foot studio starts at $1M.

One of DUMBO’s last condo to loft conversions just hit the market too. One bedrooms at 168 Plymouth start at $1.4M.

Williamsburg’s Moore’s Street Market is getting a nice makeover with $2.7M in donations to upgrade the indoor space that has been operating since 1941.

Be sure to check out our special report on successful Brooklyn Startups and all they are achieving.

In other boroughs

One Manhattan landlord was just busted for turning 2 condos into 18 micro apartments. Each as small as 70 square feet and with ceiling heights as low as 4 and a half feet high. The owner faces close to $150,000 in fines, plus $1,000 a day until the units are restored.

Life is hard for many living in NYC. Conditions aren’t always good. One condo buyer recently felt so hard done by they filed a class action lawsuit. All because the $3.6M condo didn’t have a $2,200 wine cooler.

Finally, a little more sanity is coming to New York’s affordable housing. NYC’s affordable housing lottery is finally doing away with credit checks in order to participate. However, applicants will still have to provide proof of positive rental history.

New York City landlords may soon have to register their first and second floor storefronts. The move is aimed at tracking vacant units, and then coming up with a solution to get them filled.

The Union Square Tech Training Center recently celebrated breaking ground and is expected to open in 2020, and to create over 1,000 short term and permanent jobs.

In conclusion...

While there continues to be some concern over the amount of unsold condo inventory, prices still seem strong. Residential rents and commercial leasing seems strong. Big tech companies keep inking large leases. How this plays out over the next few years may largely depend on the success of WeWork and its post-IPO performance.

There is concern and frustration over new rent regulations, and even more over increasing taxes which seem to be having a negative impact. Yet, luxury units are still commanding high rents, even when calculating promotional deals.

Make sure you’ve checked out our new special episode on Brooklyn Startups too.

Well, that’s it for this month’s round up. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com.

Thanks again to our sponsors, The Ratner Team, and Spartan Renovations for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Here we dig into the latest data and trends to find out what is really happening in the local Office market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Although more new construction inventory appears to be hitting the market, creating more available office space, asking rents just keep going up. Big players like Microsoft, JP Morgan Chase and WeWork continue to be bullish on NYC real estate and office space in the Big Apple.

Among the most notable stats, this quarter is a 45% jump in new leasing in Midtown South, while Downtown Manhattan leasing fell 29% from Q1 2019. Financial West’s vacancy rates have swollen to over 22%, while Class B rents have risen to a new all-time high of $57.40 per square foot.

In Manhattan

Total inventory rose to 453M square feet

Percentage available for lease is up to 9.7%

Absorption was negative by over 1.6 million square feet

Asking rents are up to $76.57 per foot

Over 16.9M square feet of office space is under construction

The highest asking rents were found in the Far West Side at $118.73 per square foot.

The lowest asking rents were just $52.67 in the East Village

Notable leasing activity included:

Over 320,000 feet taken by AIG at the Rockefeller Center

Almost 213,000 square feet taken by WeWork in Chelsea

And Time Warner’s sale and leaseback of 1.5M square feet at 30 Hudson Yards

In Brooklyn

Total inventory rose to 35.4M square feet

Percentage available for lease rose to 17.4%

The absorption rate is up

Asking rents are up to $40.45 per square foot on average

Office space under construction rose to 4.6M square feet

Notable leasing activity included Rent The Runway’s move from Manhattan to 10 Jay Street in Brooklyn, with 83,000 square feet of space leased.

Notable construction and renovation projects include:

540 Fulton Street
Domino Sugar Factory
One Willoughby Square

Deliver of new construction is expected to decline through 2022, providing more balance to the market, and potentially more fuel to raise asking rents.

In Terms of Market Factors & Economic Indicators

NYC employment stood steady at 4.6M in Q2 2019

Unemployment rose slightly to 4.3%, above the national average

Vacancy rates rose to 10.5%

Over 9M square feet of new office space is coming online this year. 84% of it is already reportedly pre-leased. With construction delivery expected to taper off over the next two years, landlords could find more support for even higher rents and availability tapers off.

In summary…

Overall this quarter’s data show a strong first half of the year for New York City office markets.

It’s perhaps in far better shape than retail. Notable global corporations continue to prize prime property here. Many are expanding their footprints, with more expanding into or relocating Brooklyn, where rents are cheaper, and more space is available.

While we should keep an eye on subleasing data, the strength of renewals, new and pre-leases suggest good balance in the market, and not much to fear from new developments coming to market. There appears to be no lack of appetite for great properties in new locations.

With unemployment so low, upcoming job numbers may seem lean, though there isn’t much more of the population to employ. How much more office space we will need and be able to absorb may depend on recruiting more residents to the state and continuing to make sure housing is affordable.

Be sure to check out our multifamily reports for the latest data on the Brooklyn rental market. As well as BK Lofts for over 1,000 available creative lofts, private offices and art studio spaces.

Find out more about the current market, competing listings, and where to get the best help in leasing or finding the space you need by contacting The Ratner Team.

Make sure you check out our vendor section for all the best resources you need for renovating, financing, managing and protecting your real estate assets in New York. Plus, don’t miss our new report on Manhattan and Brooklyn Piers. Including where to go, how innovation is reinventing them as exciting places to hang out, workout and live.

Well, that’s this quarterly NYC office market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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What am I going to give in return, aside from the love for your dog and the caring. Walk in the streets of Brooklyn or any urban area you know you have to really be a detective. It's not just looking ahead and watching out for dogs, you gotta watch the sidewalks, the glass. Storefronts have good hearts and they leave out waterfalls in the summer. I will not let any of my dogs drink out of that.

[01:00]

Suzanne: Welcome to the Brooklyn made show I am Suzanne Lin. Today we're gonna be talking to a guy that well he just kind of rocks. His name is rock, Rocky Conway and he is a dog walker.

[02:02]

He's the owner for New York Dogs Rock in the Dumbo area. If you think it's just about walking dogs and it's an easy task and there's not a lot of skill to it, you are gonna want to stick around. Because Rocky has got a fascinating story about how he got into it. You're gonna hear his heart and his love of dogs, so let's just jump right into the show. Rock let's start off by talking about your love and passion for what you do and and how you got started?

Rock: Absolutely, it started really with my mom getting me to be not so frightened around our superintendent's dog. His name was Russ, he was a cutie. So, she had me threatening to go over and had him and whatnot. But I basically would hide behind her.

Suzanne: Yeah.

Rock: Oddly enough a few years later, I ended up becoming his dog walker though there's no such thing as a dog walker in those days you know.

[03:00]

For 25 cents a trip which was a lot of money in 1966. From there, I know what I don't think I would have really remembered the story so clearly if I had not become the dog walker you know so many years later.

Suzanne:Was your mom, she wanted to make sure you weren't afraid and she also had a love for animals clearly?

Rock: She had a love for animals. Yes, we had a lot of alley cats in those days and because there was Mrs. Conway, but chucking the cooked food to the kitties. You know the trick and hearts and stuff like that. It all comes to the window and just understanding the rapport between people and animals. She was a very strong person but more so she, in this case, she was being supported with me as a child, which she did to my three older siblings. She was fantastic in that way.

Suzanne: What a great inspiration, I mean we're recording this right the day before Mother's Day. You're kind of making me tear up, thinking about the love you have for your mom and what a huge influence here you know decades later.

[04:00]

Tell me about your business?

Rock: The business is, it's a modest-sized dog-walking company and we're out sounding all corporate America. I am trying to expand so this way ironically I'll have more free time and I'll be able to run it better you know. As I say run it better it's being run to the max and my clients who actually are customers, they're not better words are so formal. I just won't be so consumed because what goes into it is promotions as well as the physical and psychological manifestation.

They're taking care of the dogs you know they're like pills and I look at them for my being a 6-month-old baby to maybe a 10-year-old. You know you have to understand a lot of nurture and goes into this. Without sounding when I say psychology that it comes out of a textbook. I mean really understanding and that comes through love and being sincere. They all have their own personalities.

Suzanne: Wow, I love the fact that you understand each dog is so different.

[05:01]

I mean you have a special relationship with each one.

Rock: Yes, but as we know again it is a business that if you lose sight of that you'll find yourself out of business. This is why I buy offer packages; you know introductory, reduced fees for like when they first start walking with us for two to four weeks. If they use, they need multiple walks a day then they get at least a 5 percent discount, which just means that 20th walk is free.

Suzanne: Okay.

Rock: Everyone likes a bargain and my client make a lot of money. But you give something back and it's not just a sales pitch, be sincere what are people looking for you know and what they eating. We all have to pay our bills and I don't walk into their very lavish apartments and homes and think; well these people can afford anything. Everyone gets charged the same price for whatever they need. See some dogs need extra care so you have to boost up the price. We still understand.

[06:02]

Suzanne: Now you were talking about like some packages and discounts and stuff. Tell me what else, since we're talking about your business, what other services do you offer?

Rock: I also do dog boarding and for those who don't know what that is understandably so. That means I have them stay at my home, if I do dog sitting then I stay with them. Sometimes you strike more for that because you are though kind of I don't want to use the word inconvenienced. But you're displaced you know and you have to, I mean I've stayed at someone's house well for two weeks. So, it's not just -.

Suzanne: Oh wow.

Rock: So, I got to live forever in middle-class.

Suzanne: It's not always real convenient though. I mean so you are charging a premium for that.

Rock: I do if you do use me on a regular basis. Which is usually Monday through Friday standard is like a half-hour walk, five days a week. If you're using me but almost every week how can I not give you a discount for dog boarding and dog sitting.

[07:04]

So, that's the kind of not just to get them to use my full-time, if they don't need it they don't need it. But again, it's always about giving something back. You know what I mean it's that conversation like we're having now.

So, you hire me I appreciate it well sometimes I can't always take on a client that we can discuss later. But then what am I going to give in return aside from the love for your dog and the caring. Walk in the streets of Brooklyn or any urban area you know you have to really be a detective. It's not just looking at watching out for dogs, so watch the sidewalks the glass. This storefront has good hearts and they leave out dog water bowls in the summer. I don't mean to paint New York as a bad town but I will not let any of my dogs string out of that.

Because who knows, evil person, evil country, might drop something in the water.

Suzanne: Wow, I never thought about that.

Rock: Well, I grew up born and bred I'm a Brooklyn, I don't know how heavy my accent sounds but it's.

[08:05]

Suzanne: So, I mean just some of the things you're talking about showing me that you have a very unique business model. What are some other things that maybe you haven't touched on that makes you sound unique?

Rock: I would say, well, first of all, I don't even like using the word client even though technically they are. They are customers and what they do is that buying time for me you know. The time that they need for their dog, walks can be 20 minutes, 30 minutes, 40 minutes an hour. They can be a group walk or can be a solo walk. If it's a solo walk that means the dog is either very timid or just very aggressive. You said why would you walk with are aggressive? Well, they have a right to enjoy life too.

Suzanne: Sure. How do you get business, I mean are you relying on social media or how does this work as word-of-mouth, what you do?

Rock: Yeah, that's a good question. Dog walking as a whole, when it was at its early stages social media didn't exist with this.

[09:03]

It maybe existed for other businesses but this wasn't a big corporate business at that point saying. So, what we do is just flyers, word-of-mouth mostly. Which ironically even though I am really delving into social media recently. All my work in the past couple of years has come from what about. Restaurant owners, clients recommending me people that what it depends on what area you work in. So, tumble now is very much like Manhattan in New York City.

So, they're mostly skyscraper big buildings with a concierge, I meet different people look at the front desk. So, they've often got me work and not for free if you know what I mean. You network with all the dog walkers, so maybe you'll trade-offs. He or she will say, I can't walk that dog can you walk it. I'll either give them cash upfront or I'll maybe see it, I have a dog in my area that, I want to walk the dog but I'm just too busy at that time.

[10:04]

There’re many variables yet have to keep yourself open. But the social media is a blessing to be honest because then you can sit at your phone or laptop and get the word out there. But now we're getting back to corporate America. Because it depends how big your budget is you know. Like when social media again when that was in its early stages, “oh look he's got an Instagram, she has a Facebook account, oh this company is on Twitter”. Now everybody is, even your carpenter any independent contractors you know. If the more you spend the more recognition you get.

I have to be realistic because I'm a small company what my budget is. I put a very little down for Instagram and I got many more hits. If those hits turn into money so, therefore, I have more money to put into advertising.

Suzanne: Sure.

[11:00]

Rock: Exactly, sauce the pillow up it's just to go in a positive direction you know.

Suzanne: Rock, how did you get into dog walking?

Rock: A mutual friend introduced me to a man by the name of Scott, who is a really good jazz musician. I'm a rock musician which the woman didn't know. But that's fine she meant well sweetheart of a woman. We did talk and it so happened that he was a dog walker and was going on vacation. I filled in for him and I briefly worked for the woman, he worked for then I thought I can do this for myself, I'm a Conway. I don't mean that arrogance it's going back to my mom giving us that strength that, you believe in yourself it will happen you know.

I went and it's actually too long of a story, but I met a woman who hired the woman I was working for to walk her dogs. Her name was Nicole. Nicole is not happy with the service that the woman provided but liked me. I interned and brought her company because she was going to hook up with another dog walking company and joined forces. That was the start of me walking dogs and Dumbo at the places.

[12:56]

Suzanne: Rocky, I mean you've been doing this for a long time. I'm sure that you have some amazing success stories. Would you share one of those with us?

Rock: Sure, and this might not sound like a success story for those who don't realize how involved and detailed dog-walking can be. But when the dog is very timid, usually and the person needs a dog walker. They want the dog to be solo and you charge more but in the long run, you make more money if you can do group walks you know. Again, that could make it all about business but we all have bills to pay.

What I've done on occasion dogs that attended, well they're very aggressive they have to be walked alone. I've managed to get them into group walks and the people and that's stroking my ego here I've just blown away by it. They've even they can't wait when I send them pictures and post it to Instagram, “look like my dog Charlie it would never give him off to a dog and he's walking in a group of six”.

Suzanne: Wow!

Rock: Well, they come home early from work and then they see their dog trotting along with six or seven dogs. They just really, they just smile on their face makes it all work.

Suzanne: That's a huge deal.

[14:00]

Rock: Yeah and the dogs were aggressive too. What happens is, now when they're not on my watch they generally go back to their behavioral problems unless the parents stick with what I tell them to do. But a lot of times they don't because that's their babies and they're not professional dog walkers. But on my watch, people come up to me and say, “is that so and so is dogs. I can't believe it because they were so to kill my dogs and right now they're touching noses and they're fine”. I said, yes, just keep in mind that when the mom or dad are walking them today we'll go after your dog again.

Suzanne: Yeah, right. Don't think it's been miraculous change overnight.

Rock: Yeah, no he didn't change anything but again they have to listen it's like what Cesar Millan caught on to. I am not trying to compare myself to him as I am better anything like that and no ego gone over here. But I'm glad he finally one day stood I realize I have to train the people more there's a dog. That's what it's about you know.

[15:00]

Suzanne: I'm sure that every day is a little bit different. I get thinking about, what about dogs that are on medicine and you know diabetic and have special care. Well, talk to us about that?

Rock: Yes, I'm glad you brought that up. People forget that dogs get very much the same illnesses and diseases that humans get you to know. If there's a dog has an issue like epilepsy or what have you, I get as much information from the clients you know. Because if one for my protection and but more so for the welfare of the dog. That's the way it really has to go. With this I then whatever the problem or problems with dogs have, I will research it on the internet. But more so I find out who their vet is and I will have a conversation.

You have to do this very carefully because you don't want the client to think you're stepping up over them. You know, “well okay what you told me but you know what, I want to hear it from the horse's mouth”

[16:01]

Suzanne: You become kind of part of the family in a way which leads me to the interview process with potential customers and clients. What's that like?

Rock: I have a consultation with them at their house which is free. Ironically, I interview them I want to ask them two important questions. Where do you live? Then I find her address I go is that out of my reign and then and maybe I can get them another dog work. Like I said or the people who incorrectly work for me or and/or what time frame you're looking for. If it's a goal right then and there the consultation it will happen in a physical way. Where I go to the house and then we talk further. Then I take the dog out for a nice walk, to be honest, so that I know or what the dog is about.

90% of the time people are honest but after I got burned a few times and realized the dog is just completely crazy and turned even on the dogs it was walking with.

[17:01]

Which that's rare you know. I mean when you first bring the dog there'd be a group walk that could be up to six to eight dogs. You don't have to start that nonsense no worries or the dogs, you walk in such a large group. It's overwhelming, dog how sweet the dog is.

Suzanne: You need an honest assessment.

Rock: Exactly. You bring up and I will unless they tell me the dog is hostile. I will on that first walk, I let the dogs that dog at all sometimes it's two or three to a household. Go up to other dogs to see what reaction will happen and then I will come back. It's not about confronting, I'll just say yes, it is and then also I will let them know what kind of dog where they need regarding color and various colors. My favorite is the easy walk honest because it's comfortable for the dog and it keeps them especially if the dog likes to pull, a lot of them do.

Then click underneath, underneath your chest so it to say if you clip it on the back and this dog is a puller so to speak.

[18:01]

The more you keep pulled on that leash it's like someone talking on the back of your shirt. What would you do? Think that will you try to go forward to get them to stop talking. As you might turn on want to slap them, but it's all getting a lot of doing that it wants to feel like I'm on a treadmill. So, what happens because you walk harness goes underneath the leg pitch. So, what tries to go left the right and a quirk manner it aborts bad without.

Suzanne: I was gonna ask you how do you handle difficult issues with pets?

Rock: Well, sometimes I don't. Like as I talk to them again as I come to the house if I think I can't what sort of repeating myself here. I will then get them, someone, I think who can handle is better than me. Because I'm not a certified trainer by the way, does it give us a difference? I'm not too proud there we go here. I have brought trainers in if I'm stuck on something. It's not even about aggression sometimes it's about the dog just being so having such difficulty wanting to walk.

[19:04]

Because they've come from a shelter or they come from a farm and now they're in this urban environment. If the dog is aggressive and I think I can take it on I start with doing lots of commands. Snapping my fingers which is standard for all dogs that I walk. This is mostly elevator buildings where I work and getting to sit. If they were in a sitting position should elevator door open or on the street and we're stuck on away, kept there sitting there in the, not in the position of a TAC mode.

They still might try to go for it, but they're not only on all fours you know and also, but they also listen to me better. As they see that I'm keeping them calm where there's a dog that they want to get aggressive with. They're more in tune to listen to me with each passing time that I walk them you know. By snapping my finger, by telling them to know and so for this. I don't reward them with a treat for that's something else.

[20:03]

Suzanne: That's standard.

Rock: Yeah.

Suzanne: You know we've fostered a dog for 2 weeks recently and trying to take two of them for a walk was a challenge. I mean how many dogs, did you say you walk at a time because I'm blown away by the number I think I heard you say?

Rock: Well yes, it's true I try to max out at six but the most I've ever done is nine. But that was only for a 10-minute walk and that dog went home and then I go, I still had eight.

Suzanne: Yeah.

Rock: I know it sounds to me and everyone has their own message with this what I like to do is have all the leashes on one hand. Because I'm right-handed okay, it might sound crazy but I keep all the leashes on the left hand. Some dog walkers do come up to me say man I just give it up to you. I feel the old one you bow before a Rockstar, and they'll say well I still have my pirate rock star. They're like how you do this man. I got like four or five dogs and I have to use two hands and I barely can do that.

[21:05]

But I've just you can either do it with one hand or you can use with it's not actually a dog clip but you get them from hardware stores They're just sort of rectangular shaped and all the leashes will fit on that. I also use that when I will tie them up to something so I can take some have a photoshoot you know. Then they're all sitting there in your attic and people come up and pet them and all that. But again, I keep it all on one and then I can react to anything that's about to happen with my right hand because I'm right-handed.

The thing you're most reacting to is a hostile environment. Sometimes your dogs as sweet as they are and mine are they love everyone. They come across a dog that I don't know they know because they only see it may evening, when they get walked with by their parents and in a flash, they want to fight. I couldn't even though it might be six to eight wishes I can grab that one dog's leash real horror him and have them sit. Then what happens they stick to form a posse.

[22:01]

The other dogs then will say, “hey I asked that Chloe up”, and that I don't even want to fight. That okay this is part of my crew member you know.

Suzanne: Cool, well so if somebody's hearing this interview and they're like you know what dog walking. I mean that feels like something I'd be interested in doing. What kind of advice would you give to somebody who's thinking of starting up the business up?

Rock: Don't do it, I already have enough competition.

Suzanne: There are other parts of the city outside of Dumbo that maybe don't.

Rock: Yeah, hey I was the king of the hill there for the longest time. I just by you know word of mouth but things change. Instead of Shakespeare would say, “instead of cursing the darkness, strike a match.”

Suzanne: Wow!

Rock: Yeah, I've used that in many ways. They didn't have flashlights in those days, so he might have said turn on a flashlight.

Suzanne: Yeah right.

[23:00]

Rock: I would say, first of all, try to get advice from someone you know who's already established. If you don't have anyone like that in your personal circle, just go online and this is Ken where social media can be great. Check out how their advertising and check out their website. Stay focused decide what are you going to bring to the table that no one else can. You go oh Jesus always just walking the dog get over yourself. No, it's not and that's what people will pick up on. That's why someone will look at ten sites or ten advertisements so to speak.

Then or maybe when you look at two and say this person is talking to me. You don't have to do it my motto is its New York dogs rock you know every rock exclamation points and a dog with a guitar holding a guitar.

Suzanne: So, just I'm thinking about some of the dogs you would say once in a while don't get aggressive. What's the situation with insurance?

Rock: Insurance first of all, if you're going to go into this you better be an insurer.

[24:00]

Let’s just start with that, however, I have made clients sign off on more than one thing I'll give you a great example, thank you for asking this. I have them sign off freeing me of all financial liability. If they ask me to bring their dog to a dog run and the dog runs are a wonderful place. Because ultimately, it's a playground just like a playground for children, this is a playground for dogs. Even if it's a small one or a large one, it's when they really get along it's so fantastic.

But you can be 200 feet away from your dog and a hostile dog comes in that shouldn't be in there in the first place and goes to attack your dog. To some very nasty people along with their nasty dogs during their dogs there and they don't care what the consequences are.

Suzanne: I mean these dogs get to know you pretty well. Do you get the same dog walker every day as a customer or client yours?

Rock: I do my best; you really do with the exception of when you go on vacation you know.

[25:00]

People want to see consistency just like we want to see from our parents and our teachers growing up.

Suzanne: How do you advertise?

Rock: Well, back to social media I go through Instagram is my favorite. Facebook sometimes I was doing a lot of that and I was getting so many hits. They offered me free advertising but they've gone through so many transitions and there's a lot many more steps to Facebook. Instagram is simpler to work it's simpler to get the message out. It's very pet-friendly and it's based mostly on pictures. Whether it's, as a matter of fact, that's how you guys found me. Thanks to the form of social media, David Ratner found me.

He's in real estate you know what how does real estate link up with the dog walking. Well, he's a smart man and he also created this company now aside from the real estate that wants to promote local businesses and small local businesses. You know such as myself, which I really appreciate.

[26:00]

That's why I advertise and I put the pictures, videos, captions. Then I also again I'm not too proud I look at what other people are doing whether there's a renowned florist by the name of Roberto Gonzalez. Who does phenomenal work which just blows me away.

The setup he has is everything that everyone else has, he has it on his site. In other words, he didn't take from them. It is every possible thing you could do between the stories in the words and then I got the idea from him. If you want this to write some inspirations in the carousel, they call it. The carousel is like your picture you say then you have another picture you can put up to ten pictures and one post on Instagram, right. But then you can also write the stuff out.

I've those inspirations and recently some of my clients said, why don't you write what the dog the way you write us recaps. They're so wonderful, so personal, so humble and heartwarming to us.

[27:02]

My wife and I each turn on our own phone while away in bed and shut the TV off so we can read your recap of what else the adventures how's my dog had today you know.

Suzanne: Wow that’s so special.

Rock: Yeah, one of my Ex clients, because the dog passed away, she's written a book for a living. She said you know, I can't wait to read what you write because I feel like I'm actually dog walking with you, you take me on the journey.

Suzanne: Alright, if people want to use your services, where would they hit you back?

Rock: They can find me on Instagram. I have a website, Facebook. I've recently signed up with google+, the google business account. I've also signed up with Dumbo direct which is a digital magazine exclusively for businesses in DUMBO. I'll be their first featured dog walking company in a month or two.

Suzanne: Sweets that's a big deal.

[28:00]

Rock: Yeah, between this gracious interview that you're giving me. While on that note I just want to say a big thank you so much from me to David Ratner for finding me. We were corresponding back and forth by the way, between because I love this picture. I love what he wrote in the comments I could tell you very sincerely. A very special thank you to you Suzanne for taking the time and following up on this. Last but not least hugs and kisses to my clients especially the ones who have given me sound advice on how to promote myself in a social media world, that's relatively new to me and those who give me financial backing.

Suzanne: I love that, I love your heart your appreciation of that. All right, tell me one more time the official name of your dog walking business is?

Rock: New York dog Rock, that formation fine.

Suzanne: Love it.

[29:00]

Rock thank you so much. I hope that we can check in with you again maybe later this year and see how things are going.

Rock: Sure. I would love that and feel free if you want to be a social media person. But if you have Instagram or whatnot, don't be a stranger.

[29:35]

You the listeners are Brooklyn made podcast Audible is offering a free audiobook download with a free 30-day trial to give you the opportunity to check out their service. Please go to our special link and get your free copy at Brooklynmadebook.com. Also, check out our preferred vendors page on our website www.BrooklynMade.blog or at www.RatnerTeamVendors.com. You can also download our new preferred vendors app in the Apple Store.

[30:01]

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month’s roundup shows a New York City real estate market that just keeps marching on. It’s rebuilding and reinventing itself every day. Rent regulations are shaking things up, but perhaps not in an ideal way for those who were hoping for rents to go down or stay low.

Retail is changing, but new industries and models are popping up and rents remain high. Billions of dollars are still being plowed into the local market and investment properties.

While there are still potential corrections and adjustments to be made in the property market, most of the talk of a downturn appears to have subsided. Transactions seeming to show new confidence in this strong market as the status quo for the foreseeable future.

Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors.

In the commercial real estate headlines…

Landlords are scrambling to deal with and get ahead of rent control regulations.

Many see little common sense in the way regulations are going, and that may not change. Some are trying to sue against new regulations. Others are getting more creative.

In response to the new rules Blackstone has stunningly pulled back from plans to continue to renovate the 100 building, 11,000 rental unit complex it bought on the Lower East Side for $5.3B. The giant firm is reportedly looking at other options for the properties in its portfolio, such as converting to condos instead of maintaining rentals.

Other landlords are re-evaluating their options due to rules which prevent taking more than one month of security deposit. Such as stopping renting to international students. Others are looking at insurance products to cover the gaps in risk.

Then you have new models which are moving to charge for a ‘membership’ to live in shared homes instead of traditional leasing. Models like Haven will cram 20 people into a house, four to a room and charge around $1,000 a month. Others offer pod share arrangements.

After several years of incredible growth, other companies who have been modernizing the industry are choosing to cash out. Airbnb is looking for an IPO exit.

WeWork is planning a $3.5B IPO in September 2019. A very, very modest sum given recent efforts to secure a $6B line of credit, and previous valuation of $47B.

On the bright side, Amazon is very much interested in taking over the real estate industry. It’s a new partnership with Realogy and its subsidiary companies like Sotheby’s creates a new giant on the landscape and plenty of perks for those using the site.

While the market seemed to be struggling to find its footing for a moment, and there is still some adjusting needed to modernize and adapt for today’s consumers we appear to be in a new norm with low-interest rates and very high interest in investing in real estate.

Success seems to be all about marketing and pricing it right and tailoring with the right end consumer in mind. This is evidenced by new sales records being set.

Content marketing is a big part of this, with on landlord crediting a single blog post for quadrupling its leased space on Park Avenue.

Meanwhile, in other big news, the largest demolition in New York City history is about to get underway on Park Avenue in Midtown East.

For Brooklyn Real Estate News

As tax authorities continue to raise taxes, deplete breaks and elevate assessments, some are finding relief in flexing their right to appeal. The latest data shows Brooklynites saved $57M in annual property taxes in 2017 by challenging their assessments. This is something everyone can do and often helps create a lot of extra value and cash flow. Developers are also continuing to gain millions in tax breaks to renovate and construct. Especially when their projects create new housing or save jobs.

After pulling out of Queens, Amazon seems to have its sights on now coming to Brooklyn. Jeff Bezos is reportedly still evaluating several sites for a new 1 million square foot lease to house a new logistics facility in the borough.

While some old school retailers are battling with resizing and relocating, the booming weed business seems to be snapping up some of the voids. Williamsburg is to be the latest beneficiary of a new marijuana dispensary in a space asking for $200 a square foot in rents. It is the 4 NY location for Remedy.

Hot London based co-living company The Collective is also expanding in NYC with a new hotel and apartment building in Williamsburg. ODA has been announced as the architect. The Collective is also currently working on a project in Bed Stuy.

In other boroughs

A group of residents in one Chelsea condominium building has become proactive about protecting their views of the Empire State Building by purchasing $11M in air rights. It will be interesting to see how this trend plays out.

Famous actor Robert De Niro is planning to build his own 600,000 square foot production studio in Astoria at a cost of around $425M. The new studio will sit on a Steinway piano manufacturing site that is being purchased for $73M.

In the first half of 2019, just over $14B of Manhattan investment properties traded hands. Adding to the sales in the second half of the year is an almost $200M lower Manhattan office building sale, by the Rudin family who needs to cover estate taxes owed. A powerful reminder to get a strong head starts on estate planning.

In other notable sales, Maya Angelou’s former Harlem brownstone has finally sold after a year and a half for $2.3M. She purchased the investment property in 2001 for just $275,000. Her own home also recently sold for $4M.

In conclusion...

This month’s New York real estate news roundup is overall very positive again. There appears to be no shortage of capital or demand for well priced and well-marketed properties. Developers are still vying for titles to building the best and tallest buildings. Records are still being set. There is bound to be some substantial turmoil over new rent regulations. Those voting for them may ultimately, unfortunately, find the rulings extremely counterproductive. Smart owners and landlords are rushing to find ways to adapt and take leasing into the future with new models.

Well, that’s it for this month’s roundup. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best returns at NewYorkMarketReports.com.

Thanks again to our sponsors, The Ratner Team, and Spartan Renovations for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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The Royal Palms Shuffleboard Club. Your home for biscuits, tangs and all-around fun with your troop.

 **[00:00:00]** We always say that if we understood how much risk we were taking when we started, probably never would have done it. It was truly hubris and naiveté that got this place going because anybody who knew what they were doing would not have.

[00:01:45] Hi, I am Suzanne Lynn and this is the Brooklyn made show, and today we are going to talk with Ashley Albert of Royal Palms shuffleboard. It started out in Brooklyn and it's expanded into Chicago, but if you think the game of shuffleboard is only for old people, well hold tight because Ashley is going to make you think again. Royal Palms it's a cool combination of gaming and a bar and a hangout, it's all fun all wrapped up together. Ashley and her partner are trailblazers, and I cannot wait to jump in and get chatting with her. So grab your virtual shuffleboard stick because Ashley is on deck, tell us about yourself.

[00:02:26] Yes, so I am the co-owner of the Royal Palms shuffleboard club, and that is a giant vintage Florida's gamed shuffleboard bar. I have one in New York and I have one in Chicago, and I'm working on building a couple more. And it is like the very first nightclub shuffleboard bar, so it sort of looks like a bowling alley but it's vintage deck shuffleboard, like cruise ship style shuffleboard.

[00:02:57] That is fascinating, that's cool. How did you come up with this idea?

[00:03:01] So my business partner, he's one of my best friends and my holiday gift to him in 2011 was to become certified barbecue judges. So I flew us down to Florida to get our meet certification, it happens all over the world but it just so happened that the one that we picked was in Florida and I'm from Miami, I grew up there. So we went to the middle of nowhere Central Florida, and while we were there he said I won Florida we've got to play shuffleboard, he remembered playing with his grandparents at century village in Palm Beach when he was a kid. And so we did some research and we found the world's largest shuffleboard club in St. Petersburg Florida, and on a lark, we rented a convertible and we drove the three hours to go to St. Petersburg and play this a city-owned Municipal Park.

And it turned out that once a month, like a handful of St. Petersburg hipsters would get together and play on these yawns courts, and they happen to be there the day that we were there. And they shared their beer with us, and they taught us how to play, and they were playing music and we were like this is the coolest thing ever and this was still in Brooklyn. But we both had great jobs, we weren't looking for a new job I was doing voiceover living my life of leisure, and we came back up to New York just for fun, mostly pretending because we didn't think we were going to find a space big enough and affordable enough and then a good enough location in New York to do this.

We were just on the weekend go look at real estate, you know just pretending that we were interested in opening a shuffleboard Club and we walked into our space and I turned to Jonathan my business partner and I said okay, if we're serious about this we have to take this space, that if we don't take this space then we know we're not serious about this. Like this is how we know whether we're kidding or not, because this space at this price in this location is just not going to be here if in three months.

And we go you know what maybe we should open a shuffleboard Club, and we didn't have a business plan or any money raised or anything, and we just plunked our life savings down on the deposit for the lease, and then we scrambled about raising many millions of dollars, it's a 20,000 square foot space. So we only said that if we understood how much risk we were taking when we started, we probably never would have done. It was truly hubris and naiveté that got this place going because anybody who knew what they were doing would not have done it this way.

[00:05:37] What a story, I mean you make people dream like this can happen.

[00:05:42] Yes.

[00:05:43] I mean shuffleboard in New York, so how popular is it?

[00:05:46] It's wildly popular, it's crazy you know I think we know it was a good idea, you know I get invited on the panels and stuff to talk about risk and I think I am good at taking risks, but I'm also super cautious. I think I'm only taking risks that in my mind are not risky, and so I think we thought it was a good idea, and we people would like it, but I don't think we would never be in the hospitality before, I don't think we realized how hard of an industry it was and how lucky. And we do understand how lucky we've got, it's a different club on different nights so on Monday and Tuesday's we have leagues, and we have a hundred and twenty teams in our league in both cities, so about a thousand people playing between Monday and Tuesday night in each place.

And then Wednesdays and Thursdays we do a lot of corporate events things like that, and then Fridays and Saturdays it is a big bump and night club, it's like five hour way to entertain and there I never I bat fully out of the building too old and not cool enough to be at my club on the weekend. And then Sunday's all of our league members get to play for free all week, and they know better than to come on the weekends. So usually on Sundays a lot of regulars who are there practicing and a lot of locals you know drinking Bloody Mary’s and listening to reggae, and that's probably I love going to leak nights and Sunday nights are also pretty fantastic.

[00:07:17] So you've intrigued me, I want to know more about Friday and Saturday nights, I mean this is a bar where you can play shuffleboard. Actually, it's a good question, is it a bar where you can play shuffleboard or is it shuffleboard where you can get a drink?

[00:07:29] That's funny, so that's why we needed such a big building because we were like we don't want to be a bar that has shuffleboard, we want to be a shuffleboard club that has a bar and shuffleboard courts are six feet by 60 feet, it is a ludicrous waste of real estate. So we have ten regulation-sized courts in New York and Chicago, and Chicago I also have one on the roof and you know what's great about it is it's this giant space, and someone told me once well you built a bar for introverts. I'm not much of a drinker and I never got to hang up going to bar, so it's ridiculous that I own this giant you know crowded nightclub.

But because there's all this space in the middle of it that's not used, it never feels crazy packed and uncomfortable in there. And because it's so big there's like little things to do in every area, you know we have board games and there could be someone in the corner playing Settlers of Cathan for three hours, while somebody's on the other side dancing to the DJ, well somebody's getting food from the food truck like you can kind of choose your own adventure there which I think is really cool.

[00:08:46] How do you get a business plan from going from Florida to this humongous conglomerate that you've got running now, I mean you must have an amazing team.

[00:08:56] So the business plan itself it's a funny thing because obviously we didn't know anything about any of this and it was like okay well we have to raise money, we don't know how much money to raise, you know really we were smart enough at that point to ask anyone who would make eye contact with us to go to coffee, and we would just sit down with anybody from you know a restaurant owner to the person who was a napkin distributor, to someone who made whiskey to anybody who would talk to us we would talk to them. And so we really kind of collated a bunch of information that way, and then we borrowed someone else's business plan from a totally different industry, I don't even remember whose it was.

But we just took what the subjects were, like what goes into a business I'm like okay so in one section we need to talk about the neighborhood, and then in one section we need to talk about our competition, and in once section we needed to talk about the problem we're solving and so we just figured out what went into a business plan and then we wrote it.

But we wrote it very flowery and transported and we had colored pictures and images and funny things, and you know it wasn't this staid, professional business plan but as a result it really imparted and evoke the sort of transported feeling we were trying to explain about what we were hoping to do with the club. And the mayor's office in New York City told me that it was the second-best business plan they had ever read, and I was like huh really wat was the first business plan?

[00:10:37] We talked about where you are on personality, I'm pretty sure you're an achiever just by that statement, I'm going to go with achiever, yes.

[00:10:46] I think that yes you're probably right, I think I mentioned that I have under lead singer this children stand and we met with great success but it was never quite enough. Someone said to me what why is it that unless you become the Beatles you will not experience this as being successful, and people ask me all the time you know with the club like oh my gosh are you just so happy, I mean it's just crazy and I'm like no I'm not happy, I'm Jewish.

Like are you kidding, I'm waiting for it to be over I will be happy when we turn the keys back in and we walk away and nobody died, and we lived through it and it didn't run down, and we didn't get sued, once it's over I can go huh that went okay.

[00:11:36] But you were planning to expand, because you're fearless, so whatever you say I believe it's going to be done plus.

[00:11:44] Yes, you know I'm single, I'm in my forties, I spend all my money on my dog and he's got everything he needs, the kids got everything they need, they do not need any more toys or food or anything. So at some point you're like what is it that's moving me to do this, because it's not money and so I realized that I love my staff, really my superpower and I think that a huge part of what makes our place successful is that I'm great at hiring amazing, gorgeous, smart, funny, interesting people and my staff just makes the whole thing work.

And so I see them their lives change and grow and get bigger from being a part of this, and they've all become such good friends and so there's that, and then there's also the leagues and how I see those people's lives changing and these communities grow and people have fallen in love, and got married and started businesses and had children, and we've given them you know that we bought a support. It's not like just like a place you go where everybody knows your name, they found something that they're truly passionate about and you know I'm the 10th best female shuffleboard player in the world now.

[00:13:06] Are you really?

[00:13:07] I think it's crazy, I was the last person picked in PE always and I am an international athlete. One of my goals, I had a meeting with someone recently who helped get rugby into the Olympics and I'm like we need to talk. So I mean getting I don't know I've got a gold medal in me, but having one of my people win a gold medal at shuffle sport in the Olympics is a pretty good goal.

[00:13:32] You're fearless.

[00:14:22] Go ahead share a specific story where something wonderful happened, a couple fell in love, go ahead and give us some good chocolate detail.

[00:14:32] Well you know I'll tell you that I just brought 75 of my League members down to Florida to play in a shuffleboard tournament down there, we had so many people that we outnumbered the Floridians who were there playing. And they're probably 45 from New York and 30 from Chicago, and the New York cult has been open for five years, the Chicago club's only been open for a year so I was just dazzled at the fact that 35 people were willing to take time out of their lives to fly down to Florida to play in the shuffleboard tournament.

But I was gleeful watching like the New York League members fraternize with the Chicago League members, and it was like meeting people from your planet. I just watched them these are people who just by nature of being the sort of person who is seeking out playing an obscure leisure game once a week in a busy city, they were the same kind of people and it was so cool to watch them meet and bond and the flat fight that we were there we all went to karaoke.

And they were at one point somebody got up in saying landslide, Stevie Nicks landslide, and everybody was arm and arm swaying back and forth, singing the song together and I was like this is crazy, it was so wonderful to see, it was really great.

[00:16:04] You're inspirational, I mean do you go into everything with this heart and this passion?

[00:16:11] I mean it's hard to say I think I'm a vicious perfectionist, and so I want to manifest everything to its highest expression, not even consciously I just think that's my always sort of what I'm aiming for and so to me that means doing really well. And so like you know I was talking about this to someone the other day, my business partner Jonathan he's the number four player in the world, we are equally matched in our ambition, I'm interested to see what his personality test would be but he loved to win, that's his motivation. He loves to win, and I love to be the best, and actually, though there are two different things, like I could care less about winning if I'm not going to be the best at it. So yes I think is it, heart, I don't know, I think it's probably pathology.

[00:17:12] I don't know because I'm hearing a lot of coming back to relationships and making people happy, and enjoying that heart connect.

[00:17:22] It's definitely a dream come true family activity for people whose parents are visiting them from out of town, because they don't have to just I mean how many if your parents are there for a week, how many times can you just go to dinner and have conversation at dinner, like at some point you're done with the catching up and maybe you had a couple of deep conversations and a couple of conversations where your gossips about Aunt Sue, and then where do you go. And so to be able to go to a place where it's not just a bar, it's an activity that you can all do together, everybody's on equal footing because that's the amazing thing about shuffleboard.

You know it's a hundred-year-old game, but you're never going to meet anyone who was an all-state shuffleboard player. So everybody whose playing is at best they played with their grandparents in Florida when they were kids or on a cruise ship on vacation, but nobody any better than anybody else. And so unless you're playing the retirees in Florida who are bloodthirsty, hey will just cream you on the course.

And that's another sort of unexpected perk of shuffleboard, is that I have gotten to be friends with legions of 80-year-olds, it's like really truly friends with not like condescending visit them at the nursing home friends, like equals and really am in a Facebook friend with like 80-year-olds. And I've come to really know them as people in a way that I could never imagine; it's having that BS feature of my life.

[00:19:03] I mean with a mature audience interested in shuffleboard and everything, I mean does it take athletic skill, are you burning calories?

[00:19:11] So I didn't interview cooking light once and they did the research and I think they figured out that it burned 130 calories an hour, so you know enough for a bag of chips.

[00:19:21] All right, I'll take that.

[00:19:23] You're not going to break a sweat, but I don't know if they've done any research on how many calories you burn being stressed out, and there's definitely it's a tense nail-biter of a game. I mean really emotionally it's very stressful, so I like to think that I'm burning calories somewhere along the way, there's surely what the court is all.

[00:19:48] What is your mission statement, if you really had to say I love everything you're pouring into this, I mean you're incredible.

[00:19:56] I think in both my life and my business my goal is always connection, and whether that is seeing other people connect with each other, seeing my staff connect with our guests and with each other, connecting myself with those people I think a lot of times I feel like I moved through the world a little bit like an alien, it's a very other.

And I'm always searching for fellow aliens, I'm looking around and I'm trying to put myself always in a position to meet people from me to it. I'm like are you a European, so I think connection for me to my people and also to see other people finding their people is really where I derive the most joy, and at the end that's the only reason I think any of us do anything.

[00:20:55] And so I haven't even gotten into any of the left brain stuff, because you're just so loving and you're so right brain. But to get into the left brain stuff, for those of us who don't play shuffleboard, never have but will after this for sure, I mean what do we need to know do I need to have special shoes, is it like walking into a bowling alley, do you rent the stuff when you get there?

[00:21:15] You don't, it's really come as you are especially in our club because you know people, when I designed the club I worked with hotel designers instead of our designers, because I really wanted it to be the sort of space that first of all you had to feel instantly at home when you got there, it didn't feel intimidating even if it was grand. And also it's the sort of place you could feel at home in a tuxedo, and feel at home traipsing judo lobby and flip-flops and a bathing suit. And so it's really valuable that way in terms of coming as you are, I heard somebody told me that once and I thought actually I may yell for to you or they said if you think you're not cool enough for this place, you are everybody's cool enough for this place, which I thought was such a great compliment.

One of the things I tell people all the time because they say oh I've never played shuffleboard, I mean there's a certain group of people who grew up with playing shuffleboard in Florida or on vacation and they know what it is, but after it drops off after a certain age and I have young people ask me if I invented the game when they come to the club. They really have never seen it before; if I'm talking to my Lyft driver I've got to pull out my business card just show him the picture on the front to explain how to game work. But my staff gives everybody a lesson, as soon as they get down on the courts in two minutes and you're up and playing, it's very hard to be very good at shuffleboard, but it's very hard to be very bad at shuffleboard.

It's really something everybody can play and as I mentioned I have no hand-eye coordination or athletic ability, so if you and I went play ping pong I would never ever hit the ball back to you, I just did which goes flying all over the place or I'll miss it, it would just be a disaster and wouldn't be fun for either one of us. And you know same with pool, I didn't want to miss and then you clear the board well I just watched you do it, and you know with bowling you have to actually be pretty good to enjoy it otherwise you're just getting up to be embarrassed and disappointed. And also you're only really paying attention to the other person to be polite, unless you're being competitive with bowling you have no vested interest in what the person is doing, besides just rooting them on.

But in shuffleboard, you're playing next to your opponent and across from your partner, until first of all, it's a very connected opportunity to like have a conversation with someone because you're accountable to them, there's just the two of you next to each other for the time that you're playing. And one of my favorite things about the club is that if you scan the room nobody's ever on their cell phone, unless they're taking a picture they're never on their cellphone because you're really engaged, and you're standing next to the person even if it's awkward and you don't have anything to say to that person, you've got the game to focus on. And because your partner and their partner are across the way, you have a vested interest in what they're doing too so everybody's really interested in what's happening, and I think that that's a rare thing to find these days.

[00:24:23] It absolutely is, focus and concern for other people, I love that. So before we end this I've got to ask you about your cracker store and your cracker business very quickly. So I mean you sing for kids rock bands, you have shuffleboard business, after just going to play shuffleboard in Florida you just started this multi-million business and now you've got a cracker business and I'm just fascinated with it.

[00:24:48] Yes, so it's not a cracker store it's just a cracker company, it's called the matzo project and it's funny because it's very much based on my Jewish grandmother in South Florida, and shuffleboard also very much something I experienced with my grandparents or the kids. But somehow I'm just really all of my endeavors are just at one giant homage to my grandparents, but it's an artisanal matzah company and matzah is a cracker that traditionally eaten by Jewish people one week of the year Passover, and very stereotypically thought of as a spectacularly, un-delicious, not sexy cracker. It's called the bread of affliction for a reason, it is just dry and card boardie and not something that is, it’s beloved but in the way fruitcake is beloved the last thing you read much here and I'm not in any way religious.

But you know I buy matzah the way I would buy eggnog during the holidays like you know to participate and the festivities of it you might buy a box of matzah, but in the end, it's really just a good neutral crispy cracker. When I tell people about it is that it's more versatile than a pita chip, more flavorful than water cracker and more elegant than a Saltine, but it falls into that category. And so we have the traditional matzah crackers but we also invented something called the matzah chip, which is sort of like a pita chip or bagel chess but much you can eat many more of them, they're not quite as heavy.

And I have flavors which are revolutionary for matzo, so I have an everything flavor and the cinnamon sugar flavor and we just came out with a harissa flavor, and then I also make a matzo ball soup kit. Which is a new way that most people are familiar with matzo, and I don't think a lot of people don't realize that matzo balls are made for lots of matzahs because that's the thing you do eat year-round. And then I have a chocolate cluster called an egg Apache, that's a sort of wonder cluster of matzo caramelized rice and peanuts and salt chocolates really, dangerously delicious.

[00:27:07] You don't have to be Jewish to eat it because they sound really good, where can I get them?

[00:27:11] No, in fact I think Jewish people have the worst reaction to them, because they're like thanks anyway I've had enough matzah that'll last me a lifetime, it's really not Jewish people who are buying, it's a summons in a lot of little you know toolbox, specialty food stores and cheese shops and places where they don't even have a kosher section or a place where you would ordinarily go shopping for that sort of thing, it's really just an elegant cracker. And the box itself is very funny and eye-catching, so a lot of people apply it first for the package and then they try it, they go oh this is actually really delicious.

[00:27:52] Actually I'm serious I feel like we're just scratching the surface, but maybe we can have you on a follow-up maybe later this year, and see how things are going in, and see how many states you've moved into with your shuffleboard.

[00:28:04] Yes.

[00:28:05] Well thank you.

[00:28:06] Yes, thank you so much for taking the time, it was such a fun conversation, I really appreciate it.

[00:28:11] And when people want to contact you because you're just this awesome cool person, how do they get ahold of you?

[00:28:16] Well you know we're RoyalPalmsshuffle.com is our website, matzoproject.com is our matzo website, and yes that's the best way to find me and so personally you can find me on Instagram at PluckyT.

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month’s roundup shows an ongoing NYC building boom, with skyscrapers reaching even higher. In the background, the rent control regulation debate is still sizzling hot and could have a sizable impact on the future of commercial real estate throughout New York’s boroughs. Yet, billions are still being plowed into the real estate investment market, and a nonstop chain of towers are still filing for permits, breaking ground and opening up sales.

While there are still potential cracks and flaws in the property market, which could be opened by new regulations, most of the talk of a downturn appears to have subsided, with public opinion and transactions seeming to show new confidence in this strong market as the status quo for the foreseeable future.

Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors.

In the commercial real estate headlines…

NYC land prices continue to rise. While condo sales, retail, and Manhattan, in particular, continue to find their footing, land in Brooklyn has been trading at 6.5% more than in 2018, at $278 per buildable square foot.

Laguardia airport’s new concourse is set to open this fall. Delta has already invested $4B in the project. 7 of the new gates will open later this year, with a total of 37 planned.

Last month we reported on Google’s continued high level investment in NYC. This month is it Facebook making moves. The social networking giant who is working on its own digital currency is reportedly looking to ink a new lease a Hudson Yards. Once closed Amazon may be the only tech giant now really missing out on the new surge in expanding here.

The billionaires at One57 are getting some new neighbors, and not everyone is happy about it. A new homeless shelter right behind the famous building which has been setting sales records and sits on Billionaire’s Row. The shelter is to be located in the old Park Savoy hotel, and is expected to house at least 140 people.

The old Hells Angels clubhouse in the East Village is getting new residents too. A new $10M flip is preparing a conversion into condos which will rent from $3,500 a month.

Of course, the big news of the month is the new The Housing Stability and Tenant Protection Act of 2019. These new harsh and sweeping rent controls threaten to severely hamper landlords’ ability to raise rents. Even when units become vacant or are given substantial makeovers. Obviously, landlords groups are fighting to sue back. If they are unsuccessful, some worry the new rules will turn off lenders and financial conduits who won’t want to take the collateral.

This year also marks the first ever Central Park squirrel census, which counted over 3,000 of these furry friends living in the heart of NYC.

If you’re still commuting and doing business in the city Google Maps’ latest updates hopes to help you predict just how crowded your bus or subway ride will be.

Fannie Mae says there is still no lack of demand for housing in the US, and that a tightening of lending is designed to help reduce that demand in order to better match the tight supply of available housing to buy. This appears to especially be a challenge for first time home buyer.

New data forecasts a continued short fall of almost half a million new homes to keep up with demand each year. Especially for lower end priced units. Zillow’s director of economic research says that we’ll have to get used to paying out an even greater share of our income for housing.

Even inf the industrial sector, there appears to be no lack of demand. According to JLL research

“Global industrial close-ended fundraising has tallied a five year average of $94.4B, nearly double the 2004-2013 average of $49.7B. Global annualized average oversubscription for industrial-focused close-ended funds was $16.3B 2013-2018, with U.S.-based industrial funds tallying a annualized average of $10.2B oversubscription in the same period.”

For Brooklyn Real Estate News

In an effort to cut greenhouse gas emissions by 20%, Park Slope is planning 6 new curbside electric vehicle charging stations. Each will be able to charge two vehicles at a time. An initiative that will perhaps finally help more locals find it viable to switch to cleaner rides.

Sadly, Brooklyn borough’s president has warned of ongoing title deed schemes and fraud that have been plaguing the area and forcing long term owners from their homes. A great reminder to get title insurance and always retain a reputable real estate attorney.

Governor Cuomo just attended the groundbreaking of a new apartment complex in downtown Brooklyn. The 129 Nevins Street Apartments are a $72M redevelopment and new 10 story tower aimed at housing low income residents, the formerly homeless, and those with mental health and substance abuse challenges.

Before the summer is over, make sure you grab a blanket and head out to one of Brooklyn’s outdoor movie venues. Films will be playing at Prospect Park, Fort Greene, Narrows Botanical Gardens, Brooklyn Bridge Park and McCarren Park.

In other boroughs

In Manhattan, two 432 Park Avenue condos just sold for $61M. Though it’s worth noting that penthouse #94 sold for almost a $10M discount from the listing price, or 25% under what was being asked.

Two developers turned their eyes to the Bronx last month, partnering up on a $76M deal to convert 400 units back to affordable housing.

JP Morgan has officially pulled permits for its new building. Though has dramatically downside the final height to just 1,322 feet, taking it out of the running for the tallest building in the city by roof height. All while 350 Park Avenue building plans have been unveiled for a new 1,500 foot supertall.

In conclusion...

This month’s New York real estate news roundup is positive overall. There appears no shortage of capital or demand for well priced properties. Developers are still vying for titles to building the best and tallest buildings. Though there does seem to be more focus on the low income and affordable housing end of the market, and taking better care of all New Yorkers.

Well, that’s it for this month’s roundup. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com.

Thanks again to our sponsors, The Ratner Team, and Spartan Renovations for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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New York Real Estate Market Updates

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Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the 1stquarter of 2019.

Whether you already own or you’re looking to buy into the City’s fastest-growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Home of the New York Giants Manhattan’s iconic skyline is home to 1.6 million people and remains one of the most desirable places to live and visit on the planet. yet, the Multifamily market is still steadily suffering a decline – both across the borough and across the city. Sales volume this quarter totaled $996.9 Million: A shocking 36% percent decrease over last year’s first-quarter sales volume. Square-footage pricing actually substantially increased. Going up 36% from 2018, to an average of $794.

Average selling prices in Manhattan have increased, up 45% percent from last year’s records and coming in at $736,000 per unit across the island. While total transactions have decreased 34% percent, with just 74 sales in the 2018’s second quarter.

Though Manhattan’s volume market is trending down, the top sales numbers still rival the skyline in height. The 1st Quarter’s top sale is located in Tribeca, where 450 Washington St sold for a striking $260,000,000.Though, at just $851 per square foot, that sale is far below the average square-footage of the top ten most expensive Manhattan neighborhoods this quarter:

Lenox Hill tops off the list at an average of $1,170 per square foot. Carnegie Hill comes in second at $1,064. Upper West Side a close third, is at $811. Hell’s Kitchen listed at $706 per square foot, East Harlem at $640, East Village at $559, Harlem at $352 and Washington Heights rounds out this list at $322 per foot.

Harlem was the neighborhood with the highest volume of multifamily sales in the first quarter of 2019 again, with 15 total transactions. Both Lenox Hill and The East Village followed close behind, claiming 9-12 sales each. Bargain-seekers should consider looking in Hudson Heights & Inwood, as the average price per square foot was only $205 at the beginning of the year, despite growing interest and activity in the neighborhood.

You can visit our website,www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

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New York Real Estate Market Updates

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Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the 1st quarter of 2019.

Whether you already own or you’re looking to buy into the City’s most fashionable market, we’ll keep you up to date, so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on the rise since the second quarter last year. Brooklyn’s Multifamily market declined a big 34% percent from 2017’s first quarter. With sales volume this quarter coming out a bit low at $885M.

Yet, there is a great value to be found, with square-footage prices decreasing by 1% percent from last year’s quarter. Now standing at $401 dollars on average. Average selling prices went down to just$370,000 per unit –a difference of 1% percent from this time last year. Total transactions slowed down by 13% percent to 390 in 2019’s 1stquarter.

The Multifamily market is trending progressively higher during this time of year for the past several years. Brooklyn’s top sales are still numbers to marvel at. The top sale recorded in the first quarter of 2019 can be found in Williamsburg: 395 Leonard Street sold for $130,442,381 in February. At a $698 a foot.

Even at that high price, however, it doesn’t garner many square feet in the most opulent neighborhood of Brooklyn.

The top ten most expensive neighborhoods this quarter were as follows:

Park Slope, with its townhouses, brownstones & beautiful parks, tops the list at an average of $853 per square foot. Fort Greene comes in second at $820. With Clinton Hill coming in third at $665. Carroll Gardens comes next at $646 per square foot. Followed by Williamsburg at $626, Gowanus at $564, Greenpoint at $538, Kensington at $495, Dyker Heights at $495 and, tenth but certainly not least, the Prospect Heights area averaged in at $490 per square foot.

Bed-Stuy was the winner for the highest volume of Multifamily sales this quarter again at 45 total sales. East New York was the same at 45 sales. Bargain hunters check out Brownsville attractive average price per square foot, at just $218.

You can visit our website,www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

Plus, see our report on Brooklyn’s innovative piers, what they have to offer, what’s being built on them, and consider how they may change demand and prices in the near future.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

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Daniel Gordon is the founder of a content marketing organization that helps brands that truly cares about their audience in building a relationship with their customer. He believes that by helping them to make an effort to inform, educate, equip, engage, and inspire their customers they’d create a community of customers or clientele. I further explain the peeks of content marketing and how it involves providing anything that is just basically written, like articles, email, newsletters, social media posts, case studies, e-books, videos, brochures or things of that nature. He basically explains that business that engages in content marketing boils down to them thinking like a marketer, in terms of just going after it, care about the experience you're creating, build relationships, treat people well, connect people and thus not just thinking like a brand but becoming. Because by using the resources you're given and the success you’ve earned to keep feeding the machine and separating yourself from the pack.

[00:01:49] Hi, I'm Suzanne Lynn and welcome to the Brooklyn made show. Now you may have heard the term content marketing being thrown around and you kind of wonder what it is, maybe you summarize. that it could mean sharing information about your business or organization you would mostly be right, but it's actually about so much more than that, it's really a way to have a voice and a conversation with people around the world digitally but there's no point in me going on about it because we've got a real expert, His name is Daniel Gordon and he's doing some tremendous things for his clients in the content marketing arena. So let's dive right in.

All right, well Daniel I'm going to start out with what exactly content marketing is? I mean when I think about content marketing is like this gigantic universe of information and I don't exactly know what your world, you're part of that is.

[00:02:43] Yeah, yeah it's truly vast and nebulous, so content marketing boils down to truly caring about your audience and building a relationship with them. So it's making the same effort to inform, educate equip, engage, and inspire that you do to sell. So the way you do that tactically is by creating online content around your products and services. So I think articles, email, newsletters, social media posts, case studies, e-books, videos, brochures, things of that nature. You'll find varying definitions of what's considered content marketing and overlapping terms like Inbound Marketing, digital marketing, that's content used for online marketing, you can go ahead and call it Content Marketing, don't worry about it.

Even your traditional marketing collateral like sell sheets and flyers can be repackaged or repurpose for content marketing.

[00:03:42] Because it's got the information but it's the way you're presenting it to people that it's content marketing?

[00:03:47] Exactly.

[00:03:38] I got it, I got it. So what is the foundation of your business? Is it based on heavy blogs or web design, as a client what would I be coming to you for?

[00:04:05] Basically anything written, so again all those things I mentioned, they all have one thing in common which is written content. So if it's… I'd naturally get a lot of business for Blogs because that's really the foundation of it all and the web site concept and e-mail blasts and we'll probably get into how these things intertwine and bounce off of other as we go through the conversations.

[00:04:34] I would love that because I really want to understand more but I've got a good idea of what it is that you're doing. I want to how did you get into this and how are you able to turn probably something as a good writer that you enjoy doing into a business.

[00:04:47] Yeah-yeah I had to sell out a little.

[00:04:50]This is juicy stuff, turn the radio up, that's right.

[00:04:58] Yeah-yeah, so my background is in journalism and I always grew up writing when I was little all I cared about was writing and basketball. It’s all I wanted to do, I actually started… like around high school I started writing songs, which led me to a brief stint in the music industry, I was managing producers and songwriters, trying to get my own stuff noticed of course but that never quite hit as a career, definitely wasn't going to be prosperous. So I got a job in marketing as a copywriter, from there I took right to it ended up moving onto a marketing agency and I couldn't get enough of it, so I started taking freelance work on the side.

My 1st marketing job was actually still a client to this day about 6 years later. Yeah-yeah, it is hopefully a testament to how I do things and I at least believe that. So eventually I had enough freelance work to think I might be able to approach my salary that I had at the marketing agency which wasn't very high, so I took the leap it was very calculated, methodical, strategic, I talked to my family, talked to mentors they all supported him believed, so I knew the demand for writing was really high too, thanks to content marketing and the timing was right, so I was ready to go all in.

[00:06:25] Were you scared?

[00:06:28] Not necessarily scared, I think it's a huge risk right here, putting your life on the line in a sense again I thought I had everything in place and all you can really do is try to put yourself in a position to succeed and put something valuable out into the world and I thought I had that and that was really all there was to it.

[00:06:55] So basically you just tried to mitigate you know how bad worst case scenario can be but you know what I love about this and I'm getting so excited is hearing you bet on yourself, you didn't stay in a job that you felt like well I'm always going to need the security of a paycheck and you know I just bloom as much as I can under someone else, you went for it.

[00:07:19] That makes me so happy that you said that phrase because I tell people all the time you know really what a lot of these decisions come down to for life in business is betting on yourself and the way I put it is if I’m going to bet on myself every day, so what am I even doing? so not necessarily a coincidence that you phrase it that way, love it.

[00:07:42] I just love, that’s amazing. Ok so I want to talk more about the positive things but is there anything that you struggle with as a freelancer? Is there any advice you've got OK we know to mitigate worst case scenario prepare yourself and I love the fact that you say you had mentors, you didn't just try to do this on your own you were very strategic and tactical. What is one piece of advice that you would give people that maybe you didn't see coming?

[00:08:13] I think all the things that you're going to expect to be challenges, all the things that you read on you know article and managing your time and getting clients and running the books and all that those aren't going to be the things that become challenges. It really boils down to just running like a business and for me honestly, I've been fortunate, the biggest challenge has been managing growth and making sure I'm getting new clients and you know taking care of people who I have while I'm at it.

I'll tell you a little story that kind of puts this in perspective in terms of just like go, keep going and don't worry about all the things that you think are going to be challenged. So when I said leaving my job was calculated, part of that was I had been generating freelance leads for weeks and months prior, so my 1st day as a freelancer, I woke up I started checking my email in bed as we all do nowadays, first thing when we open our eyes.

I was laying there and the 1st thing I see now is my 1st-day freelancing, so the sun comes up is an email saying thank you for your interest in such and such we regret to inform you that you don't get this gig, it was a huge company. And a gig that I was thinking I was going to get and be like wow, I’m really hitting the ground running here, I didn't and luckily that wasn't the trend and one of the few times that's happened but the reason I tell that story is to put it in perspective like just you can't let anyone single thing build and turn into a big thing, you just have to have that mentality where you keep going and nothing's going to stop you.

[00:10:11] You know the day is going to end and there's going to be a new day a new opportunity.

[00:10:18] Yeah, I love telling that story.

[00:10:20] So I want to know how can a smaller mid-sized business build a content strategy you know said to come to us like Daniel, we have a lot of information, we just don't know how to get it out there, how can we partner?

[00:10:36] Yes, that’s a good question. So 1st you need to have a brand strategy. So you need to know who you are, who you're not, who are your audiences, who they're, not what your tone of voice is, what it's not and all of that. So a little bit of soul searching and the reason is that your brand identity helps you understand what type of content you want to create. So if my audience is very professional and my voice is sincere, I'm not going to be on Facebook posting my morning latte art or whatever coffee I've got, I'm probably going to be on LinkedIn posting my morning motivation and some snippet of business advice.

[00:11:18] So you have to be consistent with who you are?

[00:11:22] Yeah-yeah, otherwise you're just going to go with whatever the buzz is or whatever someone is in your ear about. So you really start with that, like I said soul searching. Once you have that budget obviously becomes a factor right, so the good news is you don't have to spend stupid money and you definitely don't need to spend it on software or tools, this is a concept marketing is a human thing, humans talking to humans.

So where a lot of people go wrong with budgeting is like I kind of mentioned spending it all in one area from a business owner and I see Instagram has all the buzz, it's all I see or hear anywhere. Everyone's telling me to do Instagram, so I spend all my marketing dollars on Instagram. Meanwhile, my website hasn't been updated in years, I haven't posted a blog in months, I'm not sending out an email blast to the people who have already purchased from me, Instagram might not even be the best social media platform for me. So content marketing is really an ecosystem of your entire online presence and my best advice from there is to put everything on the board that you think you might want to create. Almost like a wish less and from their work down to priorities.

[00:13:29] I want to put this into like a real business model let's say there's a real estate agent and they come to you, what would this look like for them as a real estate company?

[00:13:40] Yeah, so a lot of real estate agency and especially here in New York are doing content marketing really-really well and a lot of them aren’t. so there’s huge haves and have nots, especially in the real estate. For real estate agency, I think it's about building your brand so the corporate side of content marketing, meaning things that go on your company website blog and all of that and from there it's equipping your agents with content that they can use to educate and assist clients, their clients aka your clients at the end of the day if you're just bringing agents in and leaving it to them to do all the marketing with the business card and listing credits or whatever it is, you're setting most of them up for failure.

[00:14:33] They’re going to get lost in the crowd, right?

[00:14:35]Yeah yeah-yeah and with that you're hurting your brand in the process because you're going to create this huge shift fog of what people are representing you as or saying to people, so a content strategy for real estate agency will almost always include email marketing and social media, it's just the nature of the business of showing homes and apartments, quality photography and video is obviously huge too. And of course since real estate is so referral based and reputation base the ongoing element of content marketing is what you really want to tap into.

So keeping in touch with your past clients as much as you're trying to get new ones and if you have the resources to create you know your own brand or blog or publication or whatever it might be that even better. So think beyond the listings themselves and invest in your content and your space, your arena and your audience.

[00:15:41] So OK, let's say a real estate agent an independent person is listening to them and they can't do anything about how the companies themselves are branding but they can control and change and rethink the what they're doing and how they're content marketing. What would that look like for them specifically as marketers?

[00:15:59] Yeah!! So social media is usually the 1st place they go, I actually follow quite a few real estate agents across the country on like Instagram and stuff just because I think they do a good job and it's fun to see someone kind of creating their personal brand and doing it right. So if it's your real estate agent, you're essentially a freelance right? You wake up every day like you know how am I going to make a living, so I think what it really boils down to is thinking like a marketer in terms of just go after it, care about the experience you're creating, build relationships, treat people well, connect people and if you're a top performing real estate agent, I would take that a step further and say don't just think as a marketer think like a brand. Use the resources you're given and the success you’ve earned to keep feeding the machine and separating yourself from the pack.

[00:17:09] Daniel you know what I keep hearing you come back to is that you're thinking about the person you're marketing to, I haven't heard you say very much about I… we… you know it's about meeting people and what are the needs that you're helping to serve with?

[00:17:27] Yes!! so like I said a big part of it where I usually end up starting is helping companies understand themselves 1st before they try to understand who they're talking to and then the last piece of it is understanding how to reach them. So brand voice is a big thing as we kind of got into on you know the real estate agency part, especially for bigger companies or even mid-sized companies, you want your voice to be consistent across the board, either you have a great brand voice or you don't really have one at all and if you don't have one that can become a huge problem.

In terms of you know what I'm helping them with, there is so much content to create once you get this and you believe in it and you understand it, the floodgates just opened up, so I have clients who literally didn't do any content when I 1st met them and now they're doing you know several blogs a month or even a week, they're sending out emails blasts every week, their social media page is just sharp and with most of their own content, not just copied content and now they're wanting to create a study they want to market collateral and brochure and eventually after you master content marketing for a while is when you move on to paid advertising, particularly on social and digital ads and all that.

[00:19:17] My mind is just spinning, I've got so many questions.

[00:19:21] Hopefully, I'm not going to fast going great.

[00:19:23] I do have to kind of get into a little bit of a touchy question here and if this is uncomfortable for you, you know let me know, it might be too wide but we've got to talk about money, what does this cost?

[00:19:34] Most profitable businesses that truly want to grow and build brand value can comfortably spend at least say 3 grand a month on content marketing, the reason they might be hesitant is because they're thinking of it like the silver bullet that's just going to hit overnight or they get stuck in that vortex that I was describing of choosing one small part of content marketing and ignoring all the rest and then being like why isn't this working.

So really it's something that you should fill into your budget moving forward, the same way you calculate how much your payroll is, how much your insurance is. It goes into your marketing budget and the most important thing that I can share is either commit to it or don't. If you're just going to do it for 2 months, 5 months or some period of time or you think it's a project, it's not going to work.

[00:20:34] It's not a microwave.

[00:20:38] Yeah exactly and I'm not trying to give that soft you know it takes time and not overnight rhetoric but it really is true that content marketing is ongoing and builds on itself and with that don't worry, it's not a vacuum, it's very measurable by any means. You’ll know if you're doing it right and it's helping you know, you'll see it in the numbers and in your everyday interactions in terms of people knowing, caring and supporting what you're all about.

[00:21:09] So when you're talking about I mean 3 grand a month. You get a few clients and you're going to need to hire somebody on, how do you feel about that?

[00:21:20] That's a great question, so the short answer is I have people helping me who helped out with some of the foundational stuff. Not the long answer but the real answer is I can't get enough of this stuff I keep jamming hours into the day, into the week, I can't stop I truly enjoy it, it makes me feel excited and fulfilled. So as of now I just keep adding time and any of the administrative and more tactical stuff that I can offload, I can outsource but it's a core time for me now because I'm still doing most if not all of the writing myself.

[00:22:12] So you had to think about how do you avoid burnout. I mean it seems like you just keep saying I love this, I want more, I want more money but how do you be careful of that?

[00:22:22] Yeah, so this is pretty much all I do, anything else besides work is keeping myself happy and healthy, so I can continue to perform at a high level. One of the ways I avoid burnout is by traveling. I have clients all over, when I can get on a plane or a train, step into someone else's office for the day, make an impact and then break from there and keep the momentum going every day, that's just I mean no matter how tired or busy I always get up for that, who doesn't want to do that.

[00:23:05] Especially in New York.

[00:23:07] Yeah!! Exactly and I'm also very conscious and compartmentalize with my time which is which might be a takeaway for some people here, so I'm going to get my sleep and get my work out, so I'm going to spend time with family and friends, I’m going to watch sports, it really boils down to just preserving your passions and knowing the difference between working hard and running yourself into the ground.

And of course the underscore to all of this is that I can't say I've been maintaining that perfect balance all the time, so you just you know you keep going and if the share your mind your body you-you gotta slow down then you do and then you pick back up.

[00:23:49]Yeah I like the fact that you're very aware of all wholeness in your life, not just physical like getting enough sleep and eating right but I mean you're watching things on T.V. that you enjoy, you’re spending time with family, that's easy to forget, especially when you're busy and you’re passionate about what you do.

[00:24:05]Yeah-yeah, totally I'm a strong proponent of mental health and all those types of things. So that's very important to me and you know I hope important to everyone else doing the same thing that you know you're still living your life even if work is an interval part of it.

[00:24:30] And it sounds like what motivates you are the people that you get to work with?

[00:24:34] Yeah. I love my clients. Basically, all of my clients have been with me for years and the ones who are because they just started and part of that is just you know like I said being fortunate to meet good people, who value what I do and I think honestly you know I can say another big part of it is just…. That it's truly important to me to take care of the people who come to me for business and caring about what I give them and caring about them personally and their business.

[00:25:17] You can hear that, I know you talking about going to offices and visiting with people but technically you could do this from anywhere with you know the technology that we have today, why Brooklyn?

[00:25:29] There's no place I'd rather be. Brooklyn has so much heart, so much character, I'm from nowhere near here my grandpa actually grew up in Brooklyn, so I have a little of it in my blood in my background but once I moved to Brooklyn, I just fell in love with the grind. And just how you feel when you're there, I love all the neighborhood, all the local businesses that are doing nationally, globally, you’d be amazed at how many businesses are doing global things under the radar in small Brooklyn neighborhoods.

I spend about a 3rd of my time traveling and every time I come back, it just feels more like home.

[00:26:19]Oh that's great, well we're kind of having to wrap up a little bit but do you have any recommendations for business owners to get started in content marketing?

[00:26:27]Yeah, so if you're just getting started focus 1st on what I call the Big 3 of Content marketing; blog, e-mail, and social media. So those 3 things intertwine really nicely and you can get a lot of mileage and build a lot of just like I said brand value from them alone. Those 3 things, blog, email, social. So a couple blogs a month, a company email blast a months, a few social media post for a week, all based off of the same ideas that you're working with content-wise, to set the foundation to create a bigger and better things with your content and again don't put all your focus to one tactic. And definitely don't plan on doing it all yourself, put a team around you and like I said to buy into it, start small, start with the basics and just start from there.

[00:27:28]Start with Daniel Gordon that's what I think.

[00:27:30]Yeah-yeah you can just go to my website www.danielgordonwrites.net and just go to contact, fill out the form, it's just your name and email and a short message and I'll get right back to you.

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Welcome to the Brooklyn Residential Sales Real Estate Market Report for the 1st quarter of 2019

Whether you already own or you’re looking to buy into the City’s fastest growing market, we’re keeping you up to date so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

In this Brooklyn report, we cover the average residential sales in this sprawling borough of historic brownstones, row houses, and exciting new developments. Keep listening for the record-high sales of this quarter.

Residential average sales prices for Q1 2019 in Brooklyn are bit lower compared to last year’s report, with a 1.8% percent decrease over 2018. Median sale prices fell to $964,324,000. And this quarter, we saw a decrease of 8.1% percent in the number of transactions. Totaling 2,216 in Q1, 2019 compared to 2,474 in Q1, 2018.

New Development Condo sales in this 1st quarter sold for an average of $1,058,287 at an average of $984 dollars per foot. That’s in contrast to $1,173 per square foot last year. This was a 16.1% percent decrease in price per foot from the same quarter last year when the average sale price was $1,324,707. The average sales price of new condos saw a decline of 20.1%. According to this quarter’s data, these properties are spending a bit more time on the market: this year. It took an average of 107 days to sell a new development property, versus 104 days in Q1, 2018.

Existing condo sales prices are on a slight decline as well. The average condo sales price in the first quarter of 2019 was $1,000,769. A dip from $1,045,015 last year. And a 4.2% percent decline from the first quarter last year. The average marketing time for these properties increased: 102 days on market this year, versus 90 days in Q1, 2018.

Co-op sales prices increased this quarter. Selling at an average price of $595,819 dollars—an increase of 3.5% percent from last year’s $575,917 dollars. Selling time has also increased: co-ops sat on the market for 81 days in quarter 1, as opposed to 79 days in the same quarter last year.

1-3 unit family homes performed about the same, with a very small increase in price and an increase in marketing time. This quarter, the average 1-3 family home sale price was $1,107,993, up 0.1% percent from $1,106,656 last year. Houses also sold in 20 more days. Properties, on average, were on the market for 100 days, versus 80 days last year. The data shows that 1-3 family homes under $1,500,000 are still in high demand!

In the Luxury Market this quarter, the average luxury property sales price was $2,724,093 That’s a slight decrease. Down 2.3% percent from last year. These properties also took longer to sell, being on the market for an average of 105 days, versus 103 last year.

Across the board, the average recorded price discount was 0.6% percent. Yet, it is important to note that at least homes are still rising in demand and value.

Now, to Brooklyn’s top residential sales in Q1 2019:

The top single-family sale in Brooklyn in Q1 2019 can be found in Williamsburg. The selling price of 138 North First was an incredible $5,250,000 – about $1,400 dollars per square foot. This rare 25-foot wide, brand new constructed townhouse in the heart of Williamsburg is unlike any other. Designed for comfort, but aesthetically impressive with state-of-the-art technological adaptations and grand spaces. This magnificent 4,700-square foot, super-quiet home features herringbone-patterned pine floors throughout, hand-hewn structural beams from the iconic Domino Sugar Factory, with wood that can’t be found anywhere else in the world except the Whitney Museum of Art.

Dumbo took the top condo sale of the quarter. 51 Jay St Penthouse A sold for $4,709,915. This duplex penthouse commands stunning views across DUMBO with north, south, east and west exposures. The three separate multi-level terraces provide a total of 1,388 square of private outdoor space. The herringbone-patterned floors are smoked, wire brushed oak. The kitchen's custom wood cabinetry by Aster Cucine features antiqued details and stainless steel hardware. La Rochelle Gris marble slab countertops and basalt porcelain tile beautifully finish the space. The Gaggenau appliance package includes electric convection oven and gas cooktop with 6 burners, refrigerator/freezer, wine cooler, dishwasher, and microwave built-in drawer.

Park Slope took first place this quarter for co-op sales. Winning a record sale for the top co-op at $2,950,000. Located at 35 Prospect Park W #7C, in a full-service building, this classic six-bed home has a generous layout over 2,200 SF, original parquet floors and moldings, and other elegant original interior details intact. This apartment exudes warmth and sophistication and exemplifies the thoughtful combination of new with old. Enter into a gracious 23-foot long foyer leading to the south-facing 25-foot formal living room with sweeping views of Brooklyn, complete with a wood-burning fireplace encased by custom built-in shelving. The 21-foot formal dining room, accessible from the foyer through a set of glass doors or the kitchen, can easily accommodate entertaining on a grand scale and is cleverly configured with a second living area. The kitchen is fully complemented by a windowed breakfast area, Sub-Zero refrigerator, 48-inch Wolf range with warming oven and pot filler, full height Thermador wine fridge, Miele dishwasher, Italian cabinetry by Ceasar, Kallista nickel fixtures and original wall tile.

For bargain territory, head to Canarsie & East New York. These least-expensive residential areas in Brooklyn had a median sale price of $527,500 for a single family home this quarter. As far as Brooklyn is concerned, that’s a steal.

So, there are still deals out there. Some properties are still in high demand and rising. Others may be settling and could signal a good time to restructure portfolios.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

Plus, don’t miss our new report on Brooklyn’s vibrant piers and how they are being reinvented with community spaces and new condos.

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Welcome to the Manhattan Residential Sales Real Estate Market Report for the 1st quarter of 2019

Whether you already own or you’re looking to buy into the City’s most prestigious market, we’re keeping you up to date, so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

With an average selling price of $2,118,780, Manhattan’s Residential prices are continuing to increase over last year’s 1st quarter. Average price-per-square-foot rose again. This time by 4.2%,to $1,769 dollars, from $1,697 a foot in Q1 2018. This may always be one of the strongest global property markets, but today’s purchasers are getting less and less floor space for their buck.

Total transactions tallied in at 2,121 this quarter. Down 2.7% percent, from a total of 2,180 sales in Q1 2018. We expect Manhattan to maintain this slow but steady pace at least till the end of Q2 2019. This is likely happening due to a combination of interest rates, new condo inventory in some areas, and a few other macro factors.

On the bright side - the average selling price of new development condos rose 89.4% percent in this second quarter to $7,648,521. An absolute record so far!

That’s versus $4,038,067 in quarter 1 last year. The average time a new development condo spends on the market is up to around 246 days, compared to last year’s 213 days.

The data for Manhattan’s existing condominium sales is almost as cheerful as new developments. These units saw a 25.1% percent increase from 2018. The average sale price for these properties ran around $3,347,929 in Q1 2019, compared to $2,676,281 dollars in 2018. However, the market time for existing condos has decreased by a few days, now averaging 116 days vs 131 in Q1 2019.

Co-op sales fell 5.5% percent this quarter, recording an average sales price of $1,287,040. Market time increased fractionally as well, coming in at 90 days from 86 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.

The luxury market is showing a big rebound, bringing very impressive numbers this quarter. The average selling price of a luxury Manhattan property was $10,120,384. An amazing rise of 27.4% from last year’s average of $8,974,737.Though luxury properties have actually been moving slower, being on the market for 184 days this quarter, compared to nearly 149 days in Q1 2018.

Across the board, the average recorded price discount was just 1.4% percent.

Now for the top sales numbers for Q1 2019:

The well-known neighborhood of Carnegie Hill topped Q1 2019, single-family residential sales.

The most expensive unit was 25 wide, approximately 12,729 sq. ft. with 22 rooms, 9 bedrooms, 7 baths, 3 terraces, a garden, and soaring 13 ceilings. It’s one of the most beautiful spaces in Manhattan. Built in 1895, and located on a richly architected townhouse block off Fifth Avenue, adjacent to Central Park and the Metropolitan Museum of Art, the important 6 story neo-classical limestone facade with beautiful gated garden forecourt, was designed by the architect, Henry Andersen, and inspired by the leading architectural firm of its time, McKim, Mead and White.

This townhouse was sold for $30,139,360, or a fantastic $4,106 per foot.

In Central Midtown, the record condo sale for this quarter goes to the 1 Central Park South Penthouse.

A true oasis above Central Park, this unparalleled penthouse recently underwent a meticulous, floor-to-ceiling renovation, taking many years to perfect.

The most significant home to come to market this past Fall, Penthouse 2003 features more than 140 sq. ft. of Central Park views on two levels. An approx. 82 × 5.9 terrace is accessible through beautiful French doors leading to a glass parapet wall spanning the entire 21st floor. The home offers approx. 3,974 sq. ft. of interior living space and approx. 480 sq. ft. of terrace space.

The Penthouse condo sold for an incredible $29,000,000, or $7,297 per foot.

This quarter’s top co-op sold in Lenox Hill for an impressive $27,000,000.

778 Park Ave Located is on Park Avenue and East 73rd Street. This truly exceptional residence redefines luxury and elegance in apartment living. Encompassing the entire 11th floor, this is one of Rosario Candela's most prestigious white-glove pre-war cooperatives. This spectacular and grand residence meticulously renovated by Peter Marino blends pre-war style with spacious grand rooms, soaring 12-foot ceilings, and floor-to-ceiling windows. These grand scale rooms are beautifully appointed, combining traditional style with all the luxuries you need for contemporary living and entertainment. Sunlight flows in from 39 windows, spanning all four exposures. Open views include the city skyline, one hundred feet of Park Avenue frontage, and distant views of Central Park to the west. The private elevator landing opens onto an impressive almost 40-foot gallery leading to the grand 32 × 20 living room, an elegant 25 × 18 formal dining room, and a wood-paneled library, all facing Park Avenue

For bargain-seekers who still want Manhattan real estate, Washington Heights & Inwood are continuing to be the least-expensive residential areas. Average condos in these neighborhoods sold for $286,442 dollars, with average co-op sales for almost double at $514,373 dollars.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

Be sure to check out the new report on Manhattan’s piers - where to go, and how they are adding value to NYC’s communities.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

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New York Real Estate Market Updates

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Welcome to the New York Office Market Update

Here we dig into the latest data and trends to find out what is really happening in the local Office market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

This quarter rents appear to have cooled slightly, with more inventory becoming available, and new office models expanding. Still, big players like Google and WeWork continue to be bullish on NYC real estate, as well as JP Morgan which is planning to move their headquarters.

Among the most notable stats, this quarter are a 17.9% drop in inventory in the Brooklyn office market year over year. While Manhattan’s availability rate rose slightly to 12.3%.

In Manhattan

Total inventory stands at 451M square feet

Percentage available for lease is up to 12.3%

Absorption was negative by over 1.2 million square feet

Asking rents are up to $76.13 per foot

Over 19M square feet of office space is under construction

In Midtown leasing dropped 27.6% from the previous quarter

And down 49.1% in Midtown South

Leasing activity rose Downtown

The highest asking rents were found in the Far West Side at $119.03 per square foot.

The lowest asking rents were just $52.17 in the East Village

Notable leasing activity included:

Over 500,000 feet taken by in NYC Health & Hospitals in Downtown East 51,000 square feet taken by Google in Hudson Square

And 280,000 square feet taken at the Rockefeller Center by Akin, Grump Hauser & Feld

In Brooklyn

Total inventory rose to 33.6M square feet

Percentage available for lease fell to 15.9%

The absorption rate is up

Asking rents are up to $51 per square foot on average

Office space under construction is up to 3.3M square feet

Notable leasing activity included Amazon’s expansion from Manhattan, with 54,000 square feet at Liberty Industrial Plaza.

Notable construction and renovation projects include:

Dock 72
Domino Sugar Factory
One Willoughby Square

In Terms of Market Factors & Economic Indicators

NYC employment rose to 4.6M in Q1 2019

Unemployment fell to 4.2%

Vacancy rates stood at 10.2%

Additionally, in Manhattan, while subleasing reached its highest level of available space in 35 quarters, new leases in Downtown posted their strongest first quarter on record. Over 9M square feet of new office space is coming online this year. Though 84% of it is already reportedly pre-leased.

In summary…

Overall, this quarterly data suggests that the New York City office market is still in good shape. Far better than retail. Notable global corporations continue to prize prime property here. Many are expanding their footprints, with more expanding into Brooklyn, where rents are cheaper and more space is available.

While we should keep an eye on subleasing data, the strength of new and pre-leases suggests good balance in the market and not much to fear from new developments coming to market. There appears to be no lack of appetite for great properties in new locations.

With unemployment so low, upcoming job numbers may seem lean, though there isn’t much more of the population to employ. How much more office space we will need and be able to absorb may depend on recruiting more residents to the state, and continuing to make sure housing is affordable. Be sure to check out our multifamily reports for the latest data on the Brooklyn rental market.

Find out more about the current market, competing listings, and where to get the best help in leasing or finding the space you need by contacting The Ratner Team.

Well, that’s this quarterly NYC office market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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New York Real Estate Market Updates

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Welcome to the New York Real Estate Market Update

Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

This month’s Brooklyn rental market data is a refreshing change to the recent doom and gloom rumors about the economy and NYC property market. Leasing activity has surged, with intense competition between new apartment developers.

The most expensive rentals in March 2019 were found in Dumbo. The least expensive were all in Bay Ridge.

Among the most notable stats over the last month were a 48.1% increase in studio leases being signed. Followed by a 30.5% rise in two bedroom leasing.

Month over month, Across all unit, types price per square foot rose by 2%. Yet, listing inventory still rose by 6.1%. Days on market dropped by 7.1% to just 26 days on average.

Year over year, rental prices are up an average of 3.2% over the same period in 2018. The number of new leases being signed rose by 40.3%. Inventory is down by 1.6%, marketing time has reduced by 2 days. Free rent offered by owners rose 6.7%.

Now let’s take a look at rentals by unit type:

For studios

The average rental rate was: $2,500

Average price per foot is $55.30

1 studio was No Fee, and 21 were Fee apartments

Month over month changes saw rents down 4.8% but up 4.7% year over year.

Units with elevators rented for around $200 more per month more than walk-up units last month.

Gyms are still an in-demand amenity, adding almost $700 to the monthly rent.

Units with full-time lobby attendance rented for around $700 more per month more.

Having a laundry in the building added around $400 to rental rates last month.

For 1 bedrooms...

The average rental rate was: $2,856

Average price per foot is down to $49

3, 1 beds were No Fee, versus 108 Fee apartments

Month over month rents are up 3.2%

year over year rents are up 6%

No fee 1 bedrooms rented for around $500 less per month.

Having a laundry in the building saw 1 beds renting for $3 more per square foot

Units with private outdoor space are renting for almost $100 more per month

The difference in rents for elevator versus walk-up units is almost $900 per month

Units with gyms rented for $10 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $900 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average rental rate was: $3,471

A $400 per month increase since January 2019

Average price per foot is $45.06

average unit size is 951 square feet

Just 5, 2 bedroom apartment were a No Fee rental, versus 89 Fee rentals

Month over month rents are up 0.7%

Year over year they are down 1.1%

Having a laundry in the building added $5 per square foot to the rent last month

Those WITH private outdoor spaces rented for almost $700 more per month

A 2 bedroom with a gym in the building is renting for over $1,700 more per month

Those withfull-timee lobby attendant are renting for around $1,000 more per month.

There is around a $1,000 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

The average rental rate was: $4,615

The average price per foot was at $41.48 in March

The average unit size is 1,165 square feet

Month over month rents are up 7.3%

year over year rents are up 8.3%

Those with gyms rented for $11 more per square foot.

Having a laundry in the building made a difference of almost $700 a month in March.

Units WITHOUT private outdoor space rented for almost $300 less in March 2019

Elevator apartments rented for $10 more per square foot last month

In summary…

This data shows the Brooklyn rental market beginning 2019 on a healthy note, and marching upwards with some of the strongest gains we’ve seen in a while.

Year over year there seems to continue to be a nice pace of growth, and a great surge in new leases being signed. The sizable differences in rents for units with superior amenities also show how demanding tenants have become, as well as reflecting new construction units being snapped up.

Some of this surge in new leasing could be due to renters jumping to new landlords to take advantage of special deals and to avoid rent hikes in current apartments, making it worth consulting a local expert before you raise the rent again.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the New York Real Estate Market Update

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

This month’s Brooklyn rental market data was much better than in November when almost all trends were down. Finally, after 3 years, the amount of landlord concessions has begun to improve, those most still offered an average of 1.6 months of free rent to lure in new renters.

Among the most notable stats over the last month were a 40.6% increase in one bedroom leases being signed. Studio rental prices rose 41.6% year over year on a per square foot basis and 7.2% month over month.

Month over month, Across all unit, types price per square foot fell 2.4%. Listing inventory fell by 4.2%, and days on market reversed course, dropping by 4 days to just 31 days on average.

Year over year, rental prices are up an average of 0.8% over the same period in 2018. The number of leases being signed rose by 5.5%. Inventory is down by 2.3%, marketing time has reduced by 11.4%. Listing discounts decreased by 0.3%.

Now let’s take a look at rentals by unit type:

For studios

The average rental rate was: $2,481

Average price per foot is $52.89

4 studios were No Fee, and 86 were Fee apartments

Month over month changes saw rents down 5%, but up 2.9% year over year.

Units with elevators rented for around $300 more per month more than walk-up units last month.

While gyms are still an in-demand amenity, those without gyms actually rented for $16 more per square foot in December.

Units with full-time lobby attendance rented for around $400 more per month more.

Having a laundry in the building added around $400 to rental rates last month.

For 1 bedrooms...

The average rental rate was: $2,822

Average price per foot is down to $47.52

1, 1 bed was No Fee, versus 113 Fee apartments

Month over month rents are up 5.7%

year over year rents are up 4%

No fee 1 bedrooms rented for around $600 less per month.

Having a laundry in the building saw 1-beds renting for $10 more per square foot

Units with private outdoor space are renting for almost $400 more per month

The difference in rents for elevator versus walk-up units is almost $700 per month

Units with gyms rented for $18 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $900 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average rental rate was: $3,071

Average price per foot is $38

average unit size is 975 square feet

Just 2, 2 bedroom apartment was a No Fee rental, versus 81 Fee rentals

Month over month rents are down 3.5%

Year over year they are up 10.7%

Having a laundry in the building added $9 per square foot to the rent last month

Those WITH private outdoor spaces rented for $9 more per square foot

A 2 bedroom with a gym in the building is renting for over $700 more per month

Those with full-time lobby attendant are renting for around $700 more per month.

There is around a $400 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

The average rental rate was: $3,383

The average price per foot was at $35 in January

The average unit size is 1,153 square foot

Month over month rents are up 6.4%

year over year rents are down 7%

Those with gyms rented for $4 more per square foot.

Having a laundry in the building made a difference of almost $700 a month in January.

Units WITHOUT private outdoor space rented for almost $200 less in January 2019

Elevator apartments rented for $9 more per square foot last month

Having a full-time lobby attendant made an $11 per square foot difference

In summary…

In spite of all the negative media coverage on the New York real estate market, and a weak November, the data shows the Brooklyn rental market began 2019 on a healthy note.

Yet, year over year there seems to continue to be a nice pace of growth, and a great surge in 1 bedroom apartment leases. The sizable differences in rents for units with superior amenities also show how demanding tenants have become, as well as reflecting new construction units being snapped up.

However, some of this surge in new leasing could be due to renters jumping to new landlords to take advantage of special deals and avoid rent hikes in current apartments. Making it worth consulting a local expert before you raise the rent again.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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We create smart and electric bikes that we can sell to city dwellers around the globe, and our bikes recognize their riders. They have alarms, they have automatic lights, they have anti-theft tracking and a team of bike hunters that hunt them down and retrieve them when stolen.

Today we're super excited to be talking with Daan Rekkers of VanMoof USA, and that might not be a name that you're familiar with yet, but you're going to be at some point because VanMoof is rethinking the way the world is biking. So when you sit on one of their newly crafted smart bikes, you're kind of taken into the future where no one else has gone before, so let's jump in and Daan what do you do at VanMoof, did I say that right, VanMoof?

[00:02:14] Yes, VanMoof that's exactly how you say it.

[00:02:17] You say it better, you say VanMoof okay I have to work on that.

[00:02:21] VanMoof, the way you say it is perfectly fine because of course consumer, but I basically run the US operation.

[00:02:33] It's a big job.

[00:02:35] I know, yes.

[00:02:37] Well let's start from the very beginning, what is Van Moof?

[00:02:40] Very good question yes, we are a bike company, but we're also a tech company. So a bike meets Tech Company from Amsterdam with the aim of getting the next billion people on bikes in cities worldwide. We create smart and electric bikes that we can sell to city dwellers around the globe, and our bikes recognize their riders they have alarms, they have automatic lights, they have anti-theft tracking and a team of bike hunters that hunt them down and retrieve them when stolen.

[00:03:15] What? That's crazy. So when we talk about what's smart about them as a rider, what am I experiencing that's different than other bikes?

[00:03:24] After the basic like such automatic integrated lighting, an app that tracks and writes and reminds you where you parked, we're using tech to put bike thieves out of business. So our bikes are virtually theft proof, they have responsive alarms that kick in when a stranger touches it. The bike also sends messages when something fishy and something is going on basically in the area, and it also has anti-theft tracking in case it really happens that they get stolen.

[00:04:02] Wow, this is a big deal, I mean and I imagine these bikes they cost a lot, you know they're smart so you want to know that they're secure and that you're safe to invest in them.

[00:04:14] That's exactly right and that's why we trying to do, we try to tackle all those inconveniences that hold people from investing something in an actual good quality bike.

[00:04:24] What is the philosophy behind the bikes, how did this get started, what's the thinking behind it?

[00:04:30] We've really made it our mission to get the next billion people on bikes, so we're from Amsterdam and cycling capital of the world and we believe that cycling can really improve the ways we live. We breathe and move around cities in the world because we believe that the best and fastest most fun also way to get yourself from your A to B to get yourself around in the city is by a bike. That means we're constantly reimagining how the bike should work in cities of tomorrow, and we're taking down barriers to choose a quality bike.

[00:05:07] The other thing that's nice about bikes is not having horns, like taxicab horns.

[00:05:12] I also have to say that our newest model does have an actual horn, but it is actually a very like friendly sounding horn of which you can design any sound in a way you want. We basically chose for this option because like a classic bell, an addition is always like a sensitive and fragile part on the bike. Basically a part of can break and that's also how our company started, as we kind of redesigned the bike from scratch, like we saw a lot of additions to a bicycle like you don't really need or even stuff that you miss, and that's why we started from scratch again and we just wanted to design a very functional products, only the things you need basically.

Now, of course, our bike also has like most other bikes like wheels, the pedals, and the handlebar and that's actually to just like, of course, to make yourself move that's all you need. Now, what's the main difference actually, mainly resale is electric bikes, so the bike will assist you and it will assist you even up to 80 percent of what you can do, so it feels like you have a really strong wind in your back all the time.

[00:06:24] So not like a motor because that's kind of intimidating, but just a battery, just to help, just a wind.

[00:06:29] That's right exactly, just to help. We don't want to create a motorbike, we don't want to create anything really powerful that blows your mind, and we really want to still give people the feeling of cycling. Well cities are obviously so big and we want to basically offer a replacement for your train or for the car, and that's why you need to cross a bigger distance than on a regular bicycle.

[00:06:51] Daan I'm really interested in the security factor with your bikes, you spoke before about three stages, what are your three security stages?

[00:07:03] Yes, very good question about the three stages. The three stages of an alarm and it works a little different than a classic car alarm, so basically once you park your bike on the street and you walk away from it, the alarm will automotive call armed because the bike will recognize your phone will move away from your bike. And now once for example potential thief will approach the bike and touches the bike, the bike will give a soft warning and the soft warning is the first stage. It's a first like a kind of sonar, kind of beep; it's a very soft and polite warning that this bike is not a regular bike.

[00:07:46] So if somebody is walking by and they hear this which they do, is that a first indication, is that an alarm that you would know to call the police for?

[00:07:56] Maybe, but not immediately because the first date is very friendly. But if you actually still keep touching the bike and you even write it away the bike will automatically go in the second stage, and the second stage is actually a very loud crazy alarm, the bike will go completely crazy. The lights will start flashing repeatedly and you hear a very loud noise coming out of the bike.

[00:08:23] That's intimidating.

[00:08:25] That is indeed very intimidating, yes.

[00:08:27] And let's talk about the third and you're in trouble stage.

[00:08:31] Exactly, that's right. The third stage of the alarm we call lockdown mode and the bike will go crazy for a few minutes in the second stage, but once you actually take it and you take it around the block the bike will go in full lockdown, so all the smart futures are basically shut down, the light will turn off and the sound will stop.

It will basically use its remaining battery power to send tracking signal, and from that point, bike hunters and we have our own bike hunting team, they will engage, they will see the message and they will immediately search for the bike.

[00:09:08] You've got a bike search team, they're like the ghost hunters for bikes.

[00:09:15] Exactly you can see it like that, globally we have 17 bike hunters working full-time for us and they spend all their time in retrieving our bicycles for customers.

[00:09:29] Wow, can we get into what the average cost is per bike?

[00:09:32] Yes, definitely. Our bike cost average, an average it's hard to tell because we sell both smart and electric bikes, all of our bikes are smart but with the electric bikes are also is an additional battery and motor, so electric pedal assist bicycle. And the smart bike currently cost 798, but you could also get it for $25 per month, it's a subscription model, then we have our e-bike that currently cost in pre-order 25.98.

[00:10:10] Okay, and I mean honestly that's a lot less than a vehicle, so it's a good investment, makes a lot of sense.

[00:10:19] Exactly, it's a very good investment and in fact, this bicycle is a true competitor with a car, so that makes it actually very interesting.

[00:11:15] I'm just kind of curious you've been talking about the different countries that you're in, what are the different ways that people in the different countries and different cultures use your product like as far as leisure and work transportation and such?

[00:11:28] Yes, we try to accommodate and make our bike as universal as possible, but obviously all countries are different, cultures are different and people use their bike in different ways. What we see in Europe a lot is commuting, but way more to the extent as in the U.S. In the U.S. you want to go from A to B as an individual, for example, you go from home to work or back, sometimes you go to the grocery store, but you prefer to go separately with a bag and you want to go nearby even with your car you want to carry something, which in Europe actually people do in some countries everything on your bike.

So that means bringing their kids to school on a bicycle with child seats on the bike, that means food grocery so you go actually and grab your weekly groceries at the grocery store with your bicycle, it means you fully pack it with stuff and that's the main difference we actually see in culture.

[00:12:28] Interesting. As an American housewife, I can't imagine doing the full weekly shopping with a bicycle, how does that happen?

[00:12:36] Yes, well you obviously buy the same amount of stuff, but people in Europe try to accommodate, to try to figure out how to carry as much as possible stuff on their bicycles so that it means to add paneer bags on both sides of the bike, using an additional backpack so basically use every single space you have a bicycle to pack more stuff.

[00:13:02] Wow, that's very interesting knowing the cultural differences. And you know you've taken such a huge step with the smart bike, what do you see when you dream with your team, ten years what does the new model of the smart bike look like, possible wings?

[00:13:19] Possible wings, we obviously dreamed of a flying bike, but I have to say and I also have to disappoint you this is not our main goal, we probably don't come with a flying bike. Our main goal is to get as much as people on bicycles, so we really see the real changing and we would like to get the next billion people on bicycles, so our product will be more convenient mainly, we try to tackle things.

Think about for example even in the future we might have a weather tracker in your bike, you take for example every day you take the same commute, sometimes it's raining sometimes it's snowing, in the future bike is going to tell you which route is better to take or which moment is better to bike to avoid rain and snow for example, so that's stuff we can really do over the upcoming year.

[00:14:15] Let's talk about the founders, what was their inspiration?

[00:14:19] Yes, founders are two Dutch brothers, they're named This and Taco Collier which is a French name. They founded the move together in 2009, and they'd still run together ever since. This is based in Taipei office in Taiwan, so very close to our production and Taco is in our headquarters in Amsterdam. Now they started to move together with like industrial design in their blog, and they started with the philosophy to really improve the world, to really improve the way we commute in cities.

[00:14:53] It's genius, it's amazing what two minds sitting down to conquer something can do, to come up with smart bikes.

[00:15:00] Exactly.

[00:15:01] So what is VanMoof plus, I've heard about that I don't know what it is?

[00:15:07] VanMoof plus is our subscription service, so other than most bike companies who just like sell bicycles as they are, we basically also offer subscriptions. So, for example, our smart model right now and maybe even our e-Bike in the near future, you can ride for only $25 a month.

[00:15:30] Oh.

[00:15:31] Exactly, and that's why we try to make it accessible for like, of course, the society, where we want it to be more sustainable, but we don't want to own our own stuff anymore, this is the perfect solution. We offer also I have to say theft insurance, and maintenance are all included, all within this price of $25 so we make it accessible for everyone to ride it.

[00:15:54] Wow, I mean honestly you compare that to a car, just financially let alone the environment and health-wise and everything, why would you do anything else?

[00:16:06] Exactly, that's why we try to do also to get people out of those cars, even out of the subway and to write those bikes instead.

[00:16:17] So what cities are you in and where are you hoping to go?

[00:16:21] Yes, now we currently are selling our bikes in Europe, in the US, and in Taiwan. In the U.S. we have brand stores now in Brooklyn and in San Francisco, we want to expand this very rapidly, we wanted to be of course in this Marcius city as possible. Cities keep always are like our main focus, so we hope to expend much more in the U.S. in their future.

[00:16:50] That makes a lot of sense. What would you suggest for small, some mid companies that want to open stores for their businesses in New York or specifically Brooklyn, what advice do you have, what have you learned along the way?

[00:17:04] Yes, that's a very good question because like Brooklyn, of course, is a wild City, especially if you come from Europe, Brooklyn is actually a very communal city and your network around you is very important. So I would say build a network around you by becoming I say like a local hero, make yourself well known as the local heroes, so start local partnerships, share products and services and make sure you make a name for yourself.

[00:17:34] It's about relationships, isn't it?

[00:17:36] Exactly, that's right it's very much about relationships.

[00:17:40] So if you could go back, very beginning with your Brooklyn expansion, because we all have regrets, I would have done this differently, what are the one or two things be that you do differently?

[00:17:51] My biggest mistake here and I have to admit that was actually not using my network ultimately, like of course, you come here with an arrogant mindset from Europe, and you think that you know to get something in the market and to get something done and you really think you can do that alone. Well, I would say you always need others around you to help to spread the word, and to help you to become big, because everything, of course, is based on us as well other people have to buy a product part eventually and tomato queue.

[00:18:22] I appreciate your humbleness, I think that's pretty neat. And to be honest I think it's not just from country to country that we get kind of cocky and think that we can do it, but just going from city to city we think you know I've already done this, look at me, just follow me, I got this under control so I appreciate your humility, I think that's going to help you go a long way, very impressive.

[00:18:42] Thank you, thank you very much.

[00:18:44] So if someone wanted to contact you about more information, seeing your showroom, just trying out some bikes how would they get ahold of you?

[00:18:53] Very good question yes, people always want to combine I definitely recommend to check our showroom and check out our bikes, test riding can always be done it's for free. You can check out our showroom which is actually in Brooklyn and Williamsburg to be exact, and it's 326 by that in Brooklyn. And if they want more information first they're always welcome to call the number 347-227-7477.

[00:19:23] Well good luck, I mean it's going to be amazing, it's going to be so much fun watching you grow throughout the nation because you were onto something so special and unique, and it's good for people, it's good for the environment so way to go.

[00:19:35] Thank you very much, yes that's so cool, that's what we're trying to do here.

[00:19:39] I love it, thank you.

[00:19:41] For you the listeners of Brooklyn made podcasts, Audible is offering a free audiobook download with a free 30-day trial to give you the opportunity to check out their service. Please go to our special link and get your free copy at Brooklynmadebook.com, also check out our preferred vendor’s page on our website www.BrooklynMade.blog or at www.Ratnerteamvendors.com. Also, check out our resources page where we recommend essential tools and companies to grow your business. We hope that you found this episode valuable; we'd love to hear your opinion so please leave a review.

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month’s roundup shows how the DNA of NYC and its real estate continues to change. While property sales and retail has been soft lately, a new wave of buildings all coming to market at the same time, and plenty more permits behind them could push the market solidly into one direction or the other. A new spree of recorded sales could be great. If they don’t happen, competition might create great acquisition opportunities across the NYC map.

The landscape is changing with new developments, and over the long run, there seems but no stopping New York as an innovative playground for real estate developers, architects, and creatives.

Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors.

In the commercial real estate headlines…

Here come the defaults. While there are plenty of shiny renderings to show off new developments coming to market, it seems the commercial mortgage defaults are beginning to pop up again as well.

545 Madison Avenue’s $30M loan from Barclays has entered special servicing due to “severe cash flow issues.” Last month another of Thor Equities’ landed in default over a $37M mortgage in struggling Soho. Another property on Fifth Ave. Thor exited a few years ago has also gone into default with over $230M in non-performing debt.

None of this seems to have deterred Warren Buffett from lending Kushner Companies $800M to finance a $1.1B portfolio purchase for apartments in MD and VA. Kushner Companies also seem to be on a spree of moving into new Opportunity Zones down the east coast, all the way to Miami.

VRBO and Home Away join Airbnb in the hot water for its short term rental business in NY. HomeAway has so far failed to supply listing data to the city as required. Expedia has purchased 3 short term rental platforms since 2015, including HomeAway for $3.9B. You may well have seen many of these private home and condos listed along with hotels on Expedia over the past couple of years.

Google has been going all in on Chelsea, with another $600M purchase of The Milk Building. This growing monopoly adds on to its $2.4B purchase last year and is reportedly part of another $1B expansion spree.

If even some of Manhattan’s biggest dealmakers can’t afford their rent these days, it’s no wonder homelessness in NYC is still so big. Counts, which can be difficult to get right, already put the local population of homeless as big as the 10th largest city in the state. Shelter populations appear to remain flat, but the city continues to spend $3.2B on homeless services.

5G is coming. Well, they already have it in Chicago and Minneapolis. How long before we get it across NY is going to depend a lot on state and local lawmakers hashing out who gets what money from carriers and how much can be charged. Proposals call for $200 per ‘box’, versus what some are now charging over $2,000 for. If there isn’t a good compromise, it just isn’t going to make financial sense for the carriers to bring 5G here.

Among the newest amenities to hit the multifamily market is Brookfield’s new partnership with a delivery service and waste management firm which gives residents brand name items in reusable containers. Everything from popular brand cleaning products to ice cream and juices are now delivered like the old milkman in eco-conscious, reusable containers to improve the sustainability of existing and new developments.

Tour 24 also has an app which now facilitates self-guided tours for prospective renters, streamlining the process for landlords and making it more convenient for renters to apartment shop on their own schedules.

For Brooklyn Real Estate News

A part of the latest NYC budget calls for more taxes on those selling properties $25M and above. The new mansion tax can be as high as 4%, making it even more challenging for sellers.

The Domino Sugar factory project is moving along, with the second residential tower recently topping out. The waterfront tower in Williamsburg is now 42 stories. One South First will have 660 residential apartment units, 150k square feet of office space and 15k square feet of retail.

Something new is coming to Bedford Ave. RedSky Capital has amassed a line of properties along Bedford, and rumors are that a new big-box retailer could soon make it home. Current short term small tenants can pay as much as $36,000 per month for space here. A fraction of what might be charged to a large international retailer. RedSky is known for bringing top brands to Brooklyn, including Apple.

In case you missed it, the Brooklyn rental market had an amazing month in March, with a 40% surge in new leases being signed. That’s almost double the rate in Manhattan and Queens. Rents were up 5.8%, with the most leases signed in a single month over the previous 15 months. Bloomberg and National Real Estate Investor credit some of this activity to renters jumping to new buildings, rather than paying the rent increases being demanded by current landlords. 75% of new developments were offering an average special worth 1.6 month’s of free rent.

In other boroughs

Lots of new buildings have been launching sales this month, with more permits coming behind them. Even Queens and the Bronx have been quite active.

While not approved yet, the Bronx could get its own massive 5M square foot mixed-use waterfront project, ‘The Fordham Landing Project’.

The Rockefeller Group has opened sales for Rose Hill, it’s first condo development in Manhattan. The 600-foot tall building offers condos starting around $1.2M.

JP Morgan aims to revitalize East Midtown in one swoop with its newly approved HQ. The new 70 story tower is planned to replace the old Union Carbide Building.

Following a similar development in Downtown Brooklyn, Macy’s is reportedly planning a new 800-foot tower on top of its flagship store in Midtown Manhattan. A move that shifts the company away from relying on the ailing retail industry.

In conclusion...

This month’s New York real estate news roundup is positive overall. In spite of rising inventory levels in luxury condominiums and retail spaces and some defaults, the demand from residential tenants and major firms appears to be there. World class developers, architects, and innovators continue unveiling progressive new buildings and communities. If you have the right product, in the right place, at the right price, and it is marketed well, investors can still expect great successes.

Well, that’s it for this month’s roundup. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com.

Thanks again to our sponsors, The Ratner Team, and Spartan Renovations for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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The before-and-after are unbelievable, we usually do about five sessions on, at times it depends on how much that you have, what areas are we focusing on and so forth, but the result has been absolutely tremendous. Again a technology from Europe, that just came out to the market in 2015.

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[00:01:46.23] Well hello, I am Suzanne Lynn, I'm the host of the Brooklyn made show and today well we have such a unique business and special lady heading it up. We're going to be talking with Marie from the Nordic Edge and for many of us this concept of cryotherapy is like some futuristic stuff, but Marie's going to share about the amazing health benefits of cryotherapy, and getting your body into temperatures twice as cold as the coldest month in Antarctica. So if I've got your attention now, let's jump in and meet Marie. Marie you're the owner of Nordic edge, first of all before we dive into this, tell us what is Nordic edge?

[00:02:24.27] Sure, so Nordic edge is a modern Wellness Center, we are primarily known for cryotherapy which is delivery of extremely cold temperatures for array of different health benefits. But we also have other therapies halo therapy; compression therapy, infrared sauna and we sell a slew of CBD products, so we like to consider ourselves innovative and modern and health benefits that we offer.

[00:02:57.14] So when you talk about these different CBD, is it mostly about relaxation and tension release or is there weight loss included and firming up, what are some of the benefits of this?

[00:03:11.03] So every service has a different main benefit to it, whole body cryotherapy is extremely beneficial for reducing inflammation that could come from autoimmune diseases or arthritis, chronic pain, acute pain, injuries we can target a specific area on your body if it's sore or we can get the entire body through our whole body chambers.

For infrared sauna it's a little bit different, the main benefit is detoxing which also helps you lose weight and we also have others compression with blood circulation, halo therapy's more for respiratory conditions and our tea shock is really geared towards fat freezing, so we do have a different type of treatment pretty much for anyone.

[00:04:03.01] This is really cool, I mean this is truly groundbreaking stuff you're doing.

[00:04:07.03] Yes, a lot of this technology and therapies in general was taking from European countries, and bringing it to the United States and trying to keep again innovative and on top of all the new technologies that are out there. And frankly 10 years from now, cryotherapy the way that we deliver it now may be different and we always want to deliver the best and most modern therapies to our client.

[00:04:32.08] I'm interested by the fact that you said that a lot of this is coming from European traditions and things that they're doing, are they ahead of us?

[00:04:39.16] I like to think in terms of alternative medicines, absolutely. I would say even some types of medical procedures they are ahead of us, they're like experts in the field particularly on alternative medicine, say we are 10 years behind which is actually pretty spot-on for some of the therapies that were developed in Europe that I had brought along with other people to the United States about ten years later.

[00:05:15.21] Interesting. When I think about the way that we're eating in America compared to Europe, I mean we probably need to detox and get out this inflammation and everything because of the processed foods that are not approved in Europe, right?

[00:05:29.04] Yes, absolutely. I mean we spend an absolute fortune on health care costs in the United States, but yet our disease rates and our diabetes rates and heart disease rates are sky high compared to other European countries. We're spending a lot but the quality is not that great to compare to other, quality of life is not that great compared to other countries yes.

[00:06:00.24] Marie how did you get into cryotherapy in the first place?

[00:06:03.28] Well about five years ago I was working at the hospitals and mostly in the critical care section and a patient of mine had said that he had done the Cryo thing and that it's cured his back pain, and he's no longer on narcotics and being a nurse I was like yes, if it was that great it had to be all over the place. Anyway, I was interested, I just had a baby, I just went back to work, I was exhausted, and my hormones are all over the place, I did not feel good. I went on to this website, there was at the time one place in Manhattan doing whole body cryotherapy, it was owned by a Polish woman who had brought the technology over from Poland.

So I went down there and the minute I stepped out of the whole body machine I had not felt that good in a very long time, I was hooked right away. But what caught me is that the person that was administering the treatment to me, they couldn't tell me exactly what was going on with my body and I had the questions being a nurse. And I was why do I feel this way, why am I so energized and they couldn't really tell me. No needless to say I had just gone into my I think it was my second year, going into my second year of my doctorate program and I had to take a dissertation topic in a research study, so I ended up writing my research on cryotherapy.

[00:07:38.11] Well timing is everything, isn't it?

[00:07:41.08] I know. So I learned so much about it, I learn so much about that particular therapy in general and 99% of the research was again done in Europe and not in the United States and at the end of my program I knew so much about it and there was still nothing around aside this little places in Manhattan and I said you know what I probably know more than anyone I could just open my own, so I ended up opening my first location three years ago.

[00:08:15.01] Wow, and it's going well?

[00:08:17.20] Yes, it's going well we have a couple locations now and we're continuing to grow.

[00:08:23.20] Can you kind of talk about what Cryo-T-Shock is?

[00:08:27.06] Sure, Cryo-T-Shock is a brand-new service that we just started launching last month. It's very similar people compare it to Cool Sculpting, however Cool Sculpting does the fat freezing, what Cryo-T-Shock does is also does fat freezing, also does cellulite reduction, toning and tightening and facials for anti-wrinkles, so there's four different functionalities of it. What Cool Sculpting does is uses high-frequency ultrasound to kill fat cells, what we use in the Cryo-T-Shock is thermal shock, which goes between heat and cold to kill the fat cells, and then there are different mechanisms and different thermal shock regimens as toning and tightening and the other three modalities.

The before and after are unbelievable, we usually do about five sessions on a client, it depends on how much that you have, what areas were focusing on and so forth. But the results have been absolutely tremendous; again a technology from Europe, from Italy actually that just came out to the market this 2018.

[00:09:45.27] Wow, as you're talking about this I'm hearing several different types of sessions here in America that we would have to sign up for and prepare for, I mean you're getting these all in one session?

[00:09:58.01] Yes, so we're really trying to be convenient for people and cost effective, even our whole body treatment they're three minutes long.

[00:10:10.29] Wow, you haven't seen my body Marie, I don't know about three minutes.

[00:10:18.08] But so the T-Shock is a little bit longer but the longest is going to be an hour. And yes we're trying to be as convenient and cost-effective as everyone, we are in New York you're the busiest people around even we don't have something to do with making. I would say about 90% of the people that come into our facility they're all walk-ins, they're coming in they're getting their stuff and they're getting out, so convenient yes.

[00:10:48.18] Wow, so who is your ideal clientele, I mean we're looking for someone who needs to lose a certain amount of inches because they've got a wedding coming up or who are we looking at?

[00:10:58.21] Actually the majority of people that come into our facility are in pain, and a lot of our services are geared around that and actually that's where I'm particularly interested and that's where I did most of my research on pain reduction and reduction of inflammation. And again most of our therapies are dealt around pain or some type of ailment that an individual have.

The only thing that's more in the aesthetics or beauty arena would be the Cryo-T-Shock, which are those individuals that work out all the time or that constantly go to the gym, had babies or didn't have babies but they can't move that extra inch and they're trying to get that off or tighten it up, that's what perfect client for us or people that do have a couple of pounds on them, that wants to lose, that are trying to kick start a healthy lifestyle, that's what we're here for.

[00:12:01.12] You are listening to the Brooklyn made show, sponsored by the Ratner team. Follow us on iTunes, YouTube or our blog at Brooklynmade.blog.

[00:12:49.19] I keep hearing you talk about pain and inflammation that is really interesting to me. How are you getting rid of the inflammation, what are your processes?

[00:12:59.06] If you get injured, what's the first thing you put on? Let's say you sprained your ankle, the first thing you want to do is put ice on it, if you want to reduce that inflammation into that area. So we take that concept and actually cryotherapy, Cryo means cold and therapy obviously is therapy. So we just use cold therapy and we deliver it differently and a little bit more effectively than say a traditional ice bath or an ice oxygen, so we use extremely cold temperatures, we go down to about negative -200, -250 degrees for those three minutes and the whole point of that is to stop your system to bring all the blood. Once blood leaves your extremities, particularly areas that have arthritis let's say your knees or your or your fingers or your hand, all that blood is leaving those extremities and going to your core organs.

Anytime blood goes through your lungs which it will because it's going to your core organs, it gets filtered with oxygenated molecules, that's how your body regenerates itself. So then when you step out of the mission, all that healthy, rich, oxygenated molecules are returning back to those joints and those areas that had inflammation, so that's the concept around whole body cryotherapy and which is our number one service here at our store.

[00:14:24.23] That is really cool. To be honest with you I mean it's foreign, I guess no pun intended talking about Europe, but I mean it's foreign to us. What is the biggest hurdle when you're trying to grow your business, is it the in-familiarity with it?

[00:14:40.00] Yes, the number one hurdle is certainly education. We have about a sixty percent retention rate because once someone comes in here and tries it, it's those people that are difficult or they hear that number negative -200 or I could never do that and oh it's too scary.

And what we try to do is number one educate them on the benefits of it, number two educate them on the actual process, so we try to answer all these questions on our website with either questions or videos, trying to make them understand that this is not something like skydiving or something that you need to work up to do. I mean our regular clients come in three to four days a week and this is their routine, so the number one hurdle to answer your question is certainly the education.

[00:15:44.02] What are some of the items that you sell in your office, I mean in your stores and everything, some take away things?

[00:15:51.06] Sure, so we just started launching CBD products, what we found was people were asking about it. Our clients were telling me that they've tried CBD products here and what do I think of them, which one do you think would be the best and it got me to research it, what we could do. So I actually started with about three products and I had about ten of each product and they sold out within two days. So then it made me realize okay maybe I should bring in more and why someone was telling me about maybe we should get this and maybe I should get that, so we started looking for the different companies and the different way CBD is [Inaudible 00:16:38.08] through your body.

And not only that, but we also got into animal CBD products and coffees and cheese and so now we have I would say thirty cubes of different products, different milligram strengths of CBD. And CBD is best known for reducing inflammation, pain and anxiety, which again it's perfectly aligned with what our client want when they come in to see us.

[00:17:04.26] Absolutely, it's a match; I mean for sure, this is a way that you can continue to care for yourself once you've left your session.

[00:17:16.23] Where do you see yourself in five years?

[00:17:19.05] So we have nine stores open right now, where do I see myself I want to see a Nordic edge in every town or every major city? More importantly I want people to have access to alternative therapies, quick and convenience, you don't have to make an appointment for a massage a week from now and try to sort out babysitting and get your kids, I want you to be able to like the fast food of alternative therapies come in, get what you need to do to feel better, reduce the inflammation in your body, bring your kids in and just be accessible to the mass public, I want to be all over the country with our brand.

[00:18:14.16] I think you've got a pretty good chance of that happening, it's a pretty neat product that you're doing. Let's talk about your Brooklyn location?

[00:18:21.09] Yes, so we are in the midst of getting permits, we have an expected open date of May 3rd, so that location is our big association. We're really looking at that as almost a mother flagship of our locations, completely branded and we're going to have probably double the amount of CBD retail products, different types of one they're a little bit more alternative or not alternative but more edgy than say some of our other locations would be Brooklyn.

[00:19:07.03] So we're trying to fit into the community and the best way to do that is for me to get out around Brooklyn more and introduce myself and trying to make connections and partnerships with other local businesses and the people in the community. So I'm really open and my ears our open for any advice or opinions that you guys can give me.

[00:19:32.28] And that's a good reason why you're going to be successful, because you're open to that, the coaching and learning. I'm excited about the Brooklyn location, what is the best way to book a session?

[00:19:42.17] Sure, you can book everything online, we will be going live with open booking for Brooklyn about two weeks before we launch, so look out about mid-April for that announcement. If you want announcements now and keep on top of what our company is doing you can just go to the website which is TheNordicEdge.com and sign up for our newsletter.

[00:20:06.21] And how can people spread the word about what's going on with you, I mean this is so different and unique with social media, your clients can do a lot of the work for you.

[00:20:16.19] Absolutely, again 80% of our referrals are all client based. Exactly what you said social media is huge for us, I'm actually looking if there's influencers in the community, please reach out to me personally on my email, it's just Marie@theNordicedge.com and I would love to host you at our stores and you can get different treatments and as long as you post and blog about it, it's all on me.

[00:20:47.10] Wow, that's very cool. Are there any specials or promotions, especially for the grand openings?

[00:20:54.24] We haven't worked with my markings team just yet on what those promotions are, but absolutely we're going to have a big grand opening party that night and probably the week after the grand opening, we'll have major specials going and specials on memberships and services in general, so we're really excited to get to Brooklyn.

[00:21:35.04] Well good luck, this is so unique and so special Marie you're going to knock it out of the park.

Contact our guest

Website: www.thenordicedge.com

email: marie@thenordicedge.com

Facebook: The Nordic Edge Facebook Page

Intagram: The Nordic Edge Intagram Page

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

While we’re still dealing with rumors of a softening market and a lot of regulatory issues, this month’s data shows some surprisingly strong data, as well as ongoing strength in development. Many even think this could just be the beginning for the rebound of some property types.

The market may have changed, but there’s no holding back New York as an innovative playground for real estate developers, architects, and creatives.

Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors.

In the commercial real estate headlines…

Despite all the doom and gloom talk a few months ago NYC rental prices are still heading up. Manhattan rents just hit a 3 month high, while Queens and Brooklyn hit new all-time record high rental prices.

Protesters continue to march for universal rent control. We all know the rent is high. We all know that there are bad owners and landlords who have not been nice to renters. Yet, it is hard to have it all. It’s hard to demand government subsidies and public services, which end up coming out of landlords’ pockets in the form of higher property taxes, and then to expect the rent not to go up. Some landlords in NY have been facing property taxes going up by more than 50% per year. Unless they can pass those costs onto tenants, they may not have a place to live in soon anyway.

Airbnb continues to be a touchy subject in NYC. Prospect Leffert Gardens tenants recently sued their landlord after finding routine maintenance unsolved, while the property owner fitted empty units with luxury appliances so they would rent on Airbnb.

The hot new neighborhood amenity that’s trending in Brooklyn this month? Have you tried axe throwing yet? You’ll now find axe throwing venues popping up in Gowanus, Greenpoint, Downtown Brooklyn, and Williamsburg.

Crain’s says that NYC is still creating jobs, but is still bleeding residents. New York recently topped the list of US states for people leaving. People will always want to move to the Empire State. Especially from overseas. Yet, many New Yorkers are finally being forced to cave and move to where it’s cheaper and the taxes are lower.

This comes right when new legislation and regulations are set to make it even more expensive to build in NY, and maybe even block new developments like the Hudson Yards. This may be specifically true of carbon-cutting measures and forced cuts to buildings’ energy consumption levels. Someone has to pay for the changes, and that’s often going to fall on the building owners. This is all going to make it more expensive not only to build but in turn to renting the end units.

Another new hit to big developers is the recent closing of the mechanical void loophole, preventing supertall buildings from jacking up building heights with empty space to bolster their bragging rights and enable them to charge more for higher floor apartments.

One response to all of this is a new spree in building pod hotels. BD Hotels is planning 50 new buildings with micro rooms as small as a sixth of the size of a regular hotel room. They already have at least four across Manhattan and Brooklyn.

The really good news this month is that mountains of capital have been raised for investing in real estate. BisNow reports there is $338B in dry powder capital waiting in funds, ready to be invested as of April 2019.

Another incredible bright spot for commercial real estate may be what’s next for today’s hugely popular online retail brands. Some are arguing that instead of online replacing brick and mortar, physical stores may now be a must for eTailers. They may be the key to continuing growth. That could lead to a new hot spot in retail. Especially in smaller, right-sized stores.

For Brooklyn Real Estate News

If there is a downturn happening, someone forgot to tell Brooklyn.

According to The Real Deal, Brooklyn real estate just had its best month of the year. Brooklyn’s luxury market saw 18 contracts signed for almost $54M in just one week in the middle of April. The previous week saw 10 contracts signed for $30M.

Netflix is bullish on Brooklyn too, planning a $100M expansion between our borough and Manhattan.

Construction just wrapped up at 1 Flatbush in Downtown Brooklyn. The 201-foot tall building sports residential apartments with a coworking space, fitness center, bicycle storage and game room with vintage video games and arcade machines.

Brooklyn also has a new tallest tower, with Extell’s Brooklyn Point. The 720-foot tall high rise has 458 luxury units starting at $850k.

One project that may not happen yet is the twin 16 story towers proposed in Crown Heights. A judge has issued a temporary restraining order halting construction which could block sunlight from the botanical garden.

In other boroughs

Over in the Bronx, a former army reserve center is being transformed into housing for homeless veterans. The renovated building will offer 90 affordable and low-income housing units.

Manhattan’s luxury market also saw an uptick in the middle of April. In just one week 19 contracts were signed for $139M. 150 Charles Street topped the deal list at $15M. Selling in just 98 days after hitting the market.

Over on Staten Island, the Bay Street rezoning proposal has moved to the next level. The plan is hoped to bring 1,800 affordable housing units to the area. Though with units that could rent for upwards of $3,000, we may one day have to ask what affordable really means.

In conclusion…

This month’s New York real estate news roundup is definitely positive. In spite of rising inventory levels in luxury condominiums and retail spaces, those who can afford it are still clearly in love with NYC and are willing to pay a big premium for it. The new tech scene is likely to further feed the market, especially in Brooklyn. Any temporary slowdowns reported last year are certainly are not deterring world-class developers, architects, and innovators from unveiling progressive new buildings and communities. If you have the right product, in the right place, at the right price, and it is marketed well, investors can still expect great successes.

Well, that’s it for this month’s roundup. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com.

Thanks again to our sponsors, The Ratner Team, and Spartan Renovations for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month we’re taking a look at the latest developments, new technology that is scaring renters, what’s happening with the banks and lenders, tax issues, new design trends and celebrity property deals.

The market may have changed, but there’s no holding back New York as an innovative playground for real estate developers, architects, and creatives of all types.

Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors.

In the commercial real estate headlines…

Brooklyn tenants don’t appear to be too happy about the latest real estate tech their landlords are trying out. The landlord of the Atlantic Plaza Towers is attempting to install biometric security systems to limit entry to those passing the facial recognition technology. Renters are pushing back, and are for obvious reasons concerned about their privacy.

Despite all the debates over budgets and the need for more taxes, NYC appears to be literally flush with cash. The average public bathroom built by the New York City Parks Department has been costing taxpayers $3.6M. That may soon seem like a bargain. The Bronx is getting a new $4.7M bathroom at Ferry Point West Park. Staten Island is getting a new $6M public bathroom.

Banks and lenders finally seem to be adjusting to the new trajectory of the real estate market. That’s even causing problems for $47B giant We Work. ING appears to be the latest to turn them down, with Softbank pulling back from a plan to invest $16B in the company.

The FHA has also announced it is tightening underwriting standards. It will flag more loan applications as high risk after years of allowing subprime level credit scores, down payments and debt to income ratios.

A court has ruled that a case against a major landlord for rent inflation can proceed. While we all want to preserve affordable housing, who’s stopping the tax inflation. It is great to keep rent increases gradual, but landlords face constantly rising costs for workers, maintenance, materials, insurance and taxes. Without being able to pass some of those costs on, which the public (including renters) have approved, then who will operate these buildings which have such low or negative yields?

This includes the recent property transfer tax which levies a Realtor level commission against those selling their homes. The two levels of taxes from the state and NYC can now reach over 3% of the sales price.

With more people leaving New York due to high taxes, Governor Cuomo says he is having a hard time keeping up with calculating a budget. With tens of thousands of people leaving and spending rising, those bills must be spread across fewer taxpayers.

If you’d like a place that is a little less crowded, with a few less neighbors in NYC, then some of the newer luxury buildings on the market might be for you. At 520 West 28th St., the Zaha Hadid designed building has only seen 16 of 39 apartments sold. The building has been opened for two years already. More concerning is the fact that the building carries a $162M mortgage, but has only sold $132M in units.

Queens is working on an idea to rival the Hudson Yards by building above its own Sunnyside Yards rail hub. Not everyone is onboard. Some would like to see more development in existing neighborhoods. The complex master planned project would cover 180 acres and likely feature housing, schools and parks.

Who says they aren’t making more land? In a move possibly mirroring developments in Dubai and Monaco, Mayor Bill de Blasio has unveiled a $10B plan to extend lower Manhattan, two blocks out into the river.

For Brooklyn Real Estate News

Brooklyn has a new hub on the web for listing and finding creative offices and art studios. Check it out at www.brooklyncreativelofts.com.

Bed Stuy’s Restoration Plaza is set for a new renovation with the help of British Starchitect David Adjaye. Also in Bed Stuy, a new 235 unit apartment complex has been approved. Features include 108 bike parking spaces, a grocery store, a farm and aquaponics learning center.

The first of the new She Built NYC series of statues is becoming close to a final design. The memorial for Brooklyn Born Shirley Chisholm will rest in Prospect Park.

In Williamsburg, the lottery has opened for Eliot Spitzer’s waterfront building and a shot at one of its 121 low income units. Despite the ‘affordable’ price ta, residents can still expect to spend over 30% of their monthly income, if they win a spot.

Equinox has gone from a luxury gym chain to opening its own hotels. It’s first opens at the Hudson Yards, with 212 rooms, a thermostats set to 66 degrees for better sleep, and an on-call nurse for IV drips for overcoming hangovers. Nightly rates will start over $700.

In other boroughs

The $25B Hudson Yards project is now open. The arts center The Shed kicked off with a five-night concert on April 5th.

A deal gone bad in the Bronx has opened up a legal dispute over the $1.2M down payment put up by Hello Living.

While New York may be battling some woes in some sections of its real estate market, BisNow proclaims that as the new top home for tech companies, NYC, and Brooklyn and Queens, in particular, is seeing a new rise in demand. Not only for housing units, but also for creative office spaces and amenities to serve tech workers.

Still, Manhattan hasn’t lost its appeal to everyone. The Walking Dead’s Negan actor has just added a $2.85M, 2 bedroom unit in downtown to their holdings. Though, it’s unlikely they’ll leave their upstate farm to live in the city full time.

However, Tommy Hilfiger is the latest major retailer to pull out of Manhattan. It is quitting its flagship store on Fifth Ave., as local restaurants have shed thousands of jobs and over 25% of retail space in Manhattan is now believed to be empty.

In conclusion...

This month’s New York real estate news roundup is definitely positive. In spite of rising inventory levels in luxury condominiums and retail spaces, those who can afford it are still clearly in love with NYC property and are willing to pay a premium for it. The new tech scene is likely to further feed the market, especially in Brooklyn and Queens. Any temporary slowdowns certainly are not deterring world-class developers, architects, and innovators from unveiling progressive new buildings and communities. If you have the right product, in the right place, at the right price, and it is marketed well, investors can still expect great successes.

Well, that’s it for this month’s roundup. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com.

Thanks again to our sponsors, The Ratner Team, and SpartanRenovations.com for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This is episode is brought to you by our sponsors The Ratner Team and Spartan Renovations. The Ratner Team are your local New York real estate experts for buying, selling, leasing and investing in property in the Big Apple.

Spartan Renovations is a leading NYC firm specializing in architectural and engineering design, project design and management and general contracting services.

This month we’ve seen more positive signs of faith in the market. Even though at least one real estate brokerage is suffering with a big drop in profits due to slow sales. Amazon’s pull out of Long Island City is going to make a lot of people very unhappy, though plenty of other businesses are upping their stake in NYC.

We’re still seeing lot of big commercial real estate loans being made, and new permits being filed. Though new regulations see to be piling up just as fast.

Keep listening to get the scoop on all of this, the most notable deals of the month and what it means for landlords and investors.

In the commercial real estate headlines...

Despite all the great commercial leasing activity we reported last month, we also covered come of Extell’s pains and struggles. This month it is Douglas Elliman who is really feeling the pinch. The real estate brokerage’s profits are down 75% over the last year. Meaning in 2018 they only made a quarter of their profits of 2017. They say they are paring down, but won’t cut agent commissions.

While rebel startups Uber and Lyft are preparing for an IPO and are talking about handing out bonuses and stock to long term employees and top drivers, Airbnb continues to face plenty of legal challenges in NYC. The city sent 718 violations to 139 one and two family homes in the last year. Though that pales in comparison to the violations sent to apartments. Fines can easily reach into the thousands of dollars.

NYC’s mayor has now gone even further in issuing a subpoena to Airbnb demanding listing information to weed out illegal landlords who are breaking the law and operating with the same business licenses hotels require.

Zillow is also in hot water again. The company is being sued in federal court over incorrect data. Specifically by one spec builder whose home Zillow reported as sold for under the listing price. The property is still actively for sale. The seller is going after damages in the amount of $60M. Should the case win, who knows how hard Zillow could be hit. Countless individuals, real estate agents and investors have been hurt by the firm’s poor data and flawed home value tools over the years. It could certainly potentially become the largest class action suit in history when given the number of homes and individuals involved.

Say hello to universal rent control. Oregon just passed a measure that would cap virtually every property at rent increases of half the current pace. Brooklyn’s state senator has also moved in legislation aimed at doing the same. Only limiting local rent increases to 3.3% per year.

Of course, none of this is slowing down WeWork, who just leased over 200,000 square feet at 199 Water Street. It’s 7th location in the Financial District.

Coliving developers are also bullish. They say they are getting 44% more per square foot using their approach to shared housing. The question is, with rents running over $2,000 per person for shared digs, will it be sustainable?

Back to regulations, Cuomo wants to bar property owners from applying for property tax credits for six years if they are caught improperly applying for them. A rule he intends to work into other upcoming legislation.

New regulations could be coming to cap ceiling heights in new developments. Developers are accused of using abnormal ceiling heights and vast empty spaces to boost property height and charge buyers more for higher floor units. Regulations aim to discourage builders from any ceiling over 12 feet high.

Last month we covered the new record sale of a residential unit for $238M. The Manhattan penthouse that was purchased by hedge fund manager Ken Griffin. Ken’s property spree also includes a new decade record high $122M for a unit in London and a $58.5M unit in Chicago in November 2018. The penthouse at 220 Central Park South boasts an amazing 24,000 square feet. This unit was originally listed for $250M.

This month the hot news is the grumbling that his record breaking penthouse will only be taxed based on an assessment of $9M. A twentieth of the sales price.

For Brooklyn Real Estate News

In Brooklyn there is a push to speed up rezoning in Bushwick. A city council member is pushing to the move to be expedited

Over in Greenpoint a historic 1903 Bath Haus gets new look, as it is transformed into a residential building with studios, apartments, townhouses and a penthouse.

New architectural renderings have been revealed for an 11 story Park Slope building, and are definitely worth taking a look at. The progressive shape of 441 Fourth features lots of glass and brick, with staggered balconies.

960 Franklin Street is posed to be Crown Heights new megaproject. Close to the Brooklyn Botanical Garden it will feature two 39 story buildings and 180 parking spaces. Though will not be complete until 2024.

In other boroughs

Amazon’s pull out of the HQ2 deal in Long Island city is not the Valentine’s Day gift many were hoping for. There were a lot of expectations, and condo contracts in the area surge from November through February 13th. Now that Amazon is out, there’s a good chance those other buyers and developers will be looking for ways out of their contracts too.

Lyft isn’t being so shy. The ridesharing startup has just inked a lease for over 100,000 square feet alongside cardio startup Peloton, at Hudson Commons.

Among the big deals of the last month is the $200M sale of 250 Church Street to Normandy and Columbia.

The former Trump Soho hotel appears to be up for sale too, and doing much better since its name change.

Still, Kushner Co.s is on the move with a massive $1.2B purchase of apartments. A deal which some news sites have reported could involve a record sized loan from Fannie Mae.

In conclusion...

This month’s New York real estate news roundup is definitely more positive. Despite the losses for Elliman, there is plenty going on. It’s just going to pay to watch new regulations, and get involved to protect your interests and those of the community where necessary.

Thanks again to our sponsors, The Ratner Team, and SpartanRenovations.com for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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New York Real Estate Market Updates

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Welcome to the Brooklyn Residential Sales Real Estate Market Report for the 3rd quarter of 2018

Whether you already own or you’re looking to buy into the City’s fastest growing market, we’re keeping you up to date so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

In this Brooklyn report, we’ll cover the average residential sales in this sprawling borough of historic brownstones, row houses, and exciting new developments. Keep listening for the record-high sales of this quarter.

Residential average sales prices for Q3 2018 in Brooklyn are higher compared to last year’s reports, with a nice 7.2 percent increase over 2017. Median sale prices also rose to $808,000, up 2.3 percent. And this month, we saw a small decrease of -0.5 percent in the number of transactions, totaling 2,898 in Q3, 2018 compared to 2,683 in Q3, 2017.

New Development Condo sales in this 3rd quarter sold for an average of $1,210,357at an average of $1,240per foot. That’s in contrast to $1,057 per square foot last year. This was a 17.3% percent increase in price per foot from the same quarter last year when the average sale price was $1,193,471. The average sales price of new condos saw an increase of 1.4% from last year’s third quarter, from $1,401,298 to $1,193,471. According to this quarter’s reports, these properties are spending less time on the market: this year it took an average of 210 days to sell a new development property, versus 222 days in Q3, 2017.

Existing condo sales prices are at a slight increase as well. The average condo sales price in the third quarter of 2018 was $1,116,516, an increase from $1,082,398 last year and a 3.2% percent increase from the third quarter last year. Similarly to new condos, existing condo properties spent less time on the market this year, going down to 92 days versus 106 days in Q3, 2017.

Co-op sales prices rose this quarter, selling at an average price of $622,021—an increase of 10.6% percent from last year’s $562,410. Though prices went up, selling time decreased: co-ops sat on the market for 59 days in Quarter 3, as opposed to 69 days in the same quarter last year.

1-3 unit family homes performed similarly, with an increase in price. This quarter, the average 1-3 family home sale price was $1,186,423, up 6.8% percent from $1,110,419 last year. Houses spent a bit more time on the market, taking an additional 7 \days. Properties, on average, were only on the market for 83 days versus 76 days last year. This data shows that 1-3 family homes under $1,500,000 are still in high demand!

In the Luxury Market this quarter, the average luxury property sales price was $2,928,380. That’s a slight increase, up 1.3% percent from last year. These properties also took longer by one day to sell, staying on the market for an average of 109 days, versus 108 last year.

Across the board, the average recorded price discount was 0.9% percent. But it is important to note that homes are still rising in demand and value.

Now, to Brooklyn’s top residential sales in November 2018:

The top single-family sale in Brooklyn this May can be found in Brooklyn Heights. The selling price of 192 Columbia Heights was an incredible $11,750,000 – about $1,774 dollars per square foot. The restored mansion, originally built in 1856, was 6,500 square feet, four stories, and amazing views.

Brooklyn Heights took the top condo sale of the quarter as well. #6G, 1 Grand Army Plaza in Prospect Heights, which sold for $3,000,000. The three-bedroom unit was just over 2 thousand square feet and boasted multiple private outdoor spaces and an open floorplan. The condo was located in a building with a full-time doorman and many other amenities and is located near several Brooklyn cultural institutions.

Brooklyn Heights took first place in November for co-op sales. Winning a record sale for the top co-op at $2,995,000, this property was located at 62 Montague St on the 7th floor. This unit included four bedrooms, each with an incredible view, a separate bedroom wing, and a spacious shared living space. The co-op was located in a building near many options for public transportation, shopping, and restaurants.

For bargain territory, head to East New York, Georgetown & East Flatbush.

These least-expensive residential areas in Brooklyn had a median sale price of $531,488 for a single family home, $370,336 for a condo and about $300,000 for a co-op. Those prices are a deal for life in Brooklyn!

So, there are still deals out there. Some properties are still in high demand and rising. Others may be settling and could signal a good time to restructure portfolios.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

Plus, don’t miss our new report on Brooklyn’s vibrant piers and how they are being reinvented with community spaces and new condos.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

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Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

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New York Real Estate Market Updates

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Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the 3rd quarter of 2018.

Whether you already own or you’re looking to buy into the City’s most fashionable market, we’re here to keep you up to date, so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Home of the Giants and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on the rise since the second quarter last year. With the market falling 4% from 2017’s second quarter, the multifamily sales volume this quarter came out at a healthy $1.1B.

Yet there is a great value to be found, with square-footage prices decreasing by 18% percent from last year, now standing at $350 on average. Average selling prices went down to just$327,000 per unit –a difference of 13% from this time last year. Two thousand eighteen’s third quarter had 449 total transactions, showing a slowdown of 6%.

The multifamily market has been trending progressively lower during this time of year for the past several years, but it’s still easy to marvel at Brooklyn’s top sales. The top sale recorded in the third quarter of 2018 can be found in Coney Island: 2911 West 36th Street sold for $50,000,000 in July 2018 at a $218 a foot. The 20-story apartment building contains 250 units and five ground-floor retail spaces. The building is surrounded by new development and has a Section 8 affordable housing contract with the Department of Housing and Urban Development that ends in 2034.

Even at that high price, however, it doesn’t garner many square feet in the most opulent neighborhood of Brooklyn.

The top ten most expensive neighborhoods this quarter were as follows: Cobble Hill, with its townhouses, brownstones, and beautiful parks, tops the list at an average of $972 per square foot; Carroll Gardens comes in second at $902, and Fort Greene coming in third at $855.

Park Slope comes next at $694 per square foot followed by Williamsburg at $614, Greenpoint at $552, Clinton Hill at $528, Boerum Hill at $526, Prospect Heights at $525, and tenth but certainly not least, the Bath Beach area, averaging $517 per square foot.

Bed-Stuy was the winner for the fourth time in a row for the highest volume of multifamily sales this quarter at 64 total sales. East New York was close behind at 40 total sales. Bargain hunters, check out East Flatbush with an average price per foot of $188, and Bay Ridge has an attractive average price per square foot at just $106.

You can visit our website,www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

Plus, see our report on Brooklyn’s innovative piers, what they have to offer, what’s being built on them, and consider how they may change demand and prices in the near future.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Thanks for listening.

Resources:

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New York Real Estate Market Updates

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Welcome to the Manhattan Residential Sales Real Estate Market Report for the 3RD quarter of 2018

Whether you already own or you’re looking to buy into the City’s most prestigious market, we’re keeping you up to date, so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

With an average selling price of $1,928,049, Manhattan’s Residential prices are continuing to drop over last year’s third quarter. Average price-per-square-foot fell again this time by 4.1%. It’s now down to $1,610 from $1,678 a foot in Q3 2017. This may always be one of the strongest global property markets, but today’s purchasers are getting more and more floor space for their buck.

Total transactions tallied in at 2,987 this quarter, down 11.3% from a total of 3,369 sales in Q3 2017. We expect Manhattan to maintain this downtrend at least until the end of the year. This dip is happening due to a combination of an oversupply of new condos in some areas, increasing interest rates and new regulations for foreign buyers, along with consumer uncertainty as to where the market is heading.

On the bright side, the average selling price of new development condos rose 1.8% percent in this third quarter to $4,332,408. That’s versus $4,256,992 in Quarter 3 last year. Prices in this market are still rising, and the time it takes to sell is decreasing, too. The average time a new development condo spends on the market is down to around 194 days, compared to last year’s264 days.

The data for Manhattan’s existing condominium sales is not quite as cheerful as new developments. These units saw a 2.3% price decrease from 2017. Average sale price for these properties ran around $2.661,716 in Q3 2018, compared to $2,725,706 dollars in 2017. However, the market time for existing condos has decreased dramatically, now averaging 109 days vs 136 days in Q3 2017. It took 19.9% longer to sell a condo vs last year!

Co-op sales fell just 5.6% this quarter, recording an average sales price of $1,347,890. Market time increased fractionally as well, coming in at 79 days from 69 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.

Of course, even with a 3.2%decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $7,831,042, an almost invisible difference from last year’s average of $8,091,277. Luxury properties have actually been moving fast, staying on the market only 125 days this quarter, compared to nearly 217 days in Q3 2017. This is 42.7% faster than last year!

Across the board, the average recorded price discount was 0.3% percent.

Now for the top sales numbers for July 2018:

The well-known neighborhood of Upper West Side topped November’s single-family residential sales. The townhouse at 18 W. 75th Street sold for $15,000,000. A 10-unit building, the property has five bedrooms, six full baths and two half baths with 8,770 interior square feet and 2,100 exterior square feet. The building also has a live-in super and comes equipped with elevator access to all seven levels.

In the Lenox Hill neighborhood, the record condo sale for this November goes to 520 Park Ave #PH60 that finalized for an incredible $73,800,000. The condo is located at 520 Park Avenue, which is the tallest building of the Upper East Side and was designed by architect Robert A.M. Stern. The condo is one of 35 units in the 54-story building, which comes equipped with such amenities as a salon, a private garden, and a fully equipped fitness center.

This May’s top co-op sold in Lenox Hill again for an impressive $14,000,000 at 795 5th Avenue – The Pierre Hotel. Since 2009, the property has been part hotel, part co-op. Residents of any of the 77 co-op units can take advantage of the Pierre Hotel’s amenities, including an on-call physician, maid service, concierge, and a full-time doorman.

For bargain-seekers who still want Manhattan real estate, Washington Heights and Harlem are currently the least expensive residential areas on the island—average condos in these neighborhoods sold for $606,500 dollars in Washington Heights and $772,250 in Harlem, with average co-op sales of $570,000 in Washington Heights and $395,000 in Harlem.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Thanks for listening.

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the 3rdquarter of 2018.

Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Tourists come from all over the world to visit Manhattan, New York’s most iconic borough, and millions conduct their daily lives there. Yet the multi-family market is on the rise this quarter, as opposed to the borough. Sales volume this quarter totaled $1.6 billion, a shocking 31% percent increase over last year’s Q3 sales volume. Square-footage pricing increased as well, going up 10% from 2017 to an average of $658 per square foot.

Average selling prices in Manhattan have increased as well, up 32% percent from last year’s records and coming in at $586,000 across the island while total transactions have decreased 12% percent with just 92 sales in 2018’s second quarter.

Manhattan’s top sales numbers are almost as impressive as its skyscrapers. The third quarter’s top sale is located in the Lincoln Square, where 101 West End Avenue sold for a striking $416,100,000. The building, previously owned by Equity Residential, was sold to a Dermot Company and PGGM as a joint venture.

According to The Real Deal, the sale was brokered by Dough Harmon and Adam Spies for Cushman & Wakefield. The pair have previously worked on other West Side of Manhattan deals with Dermot and PGGM, the second-largest pension fund in the Netherlands.

Just 12 years ago, the building was sold to REIT Archstone-Smith for only $209 million. In 2013, it was acquired by Equity Residential in 2013 after the trust bought 60% of the assets.

Equity Residential President David Neithercut saw the 2018 sale as a chance to reduce the trust’s exposure to Manhattan’s West Side.

The 501-unit building is 630,000 square feet and 33 stories. It was developed by Tishman Speyer, which completed construction in 2000. Current residents enjoy a doorman, concierge service, and many other amenities.

At just $659 per square foot, that sale is below the average square footage of the top ten most expensive Manhattan neighborhoods this quarter.

At the top of the list is West Village, which averages $1,709 per square foot. At $1,306, Lenox Hill is next, followed closely by Greenwich Village at $1,182. The fourth is Yorkville at $1,076 with East Village just below at $1,066. Chelsea holds the sixth position with $893 per square foot, followed by the Upper West Side at $650 and Hell’s Kitchen at $601. Harlem is at $387, and Washington Heights sits at the bottom with just $298 per square foot.

Out of the top 10 neighborhoods, Harlem stayed the neighborhood with the highest volume of multi-family sales in Q3 2018, with 16 total transactions. Both East Harlem and Upper West Side followed close behind, claiming 9-12 sales each.

Although interest continues to grow, Hudson Heights and Inwood average $205 per square foot, making them great neighborhoods for bargain-seekers.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Thanks for listening.

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month’s roundup holds big news on new record-setting sales and developments. As well as the scoop on who might be suffering from failing to find buyers for their product. Find out the challenges, and the big movers this month and get ready for an exciting year ahead.

In the commercial real estate headlines...

One of the biggest news bites this month is the new record sale of a residential unit for $238M. The Manhattan penthouse was purchased by hedge fund manager Ken Griffin. Ken’s property spree also includes a new decade record high $122M for a unit in London and a $58.5M unit in Chicago in November 2018. The penthouse at 220 Central Park South boasts an amazing 24,000 square feet. This unit was originally listed for $250M.

While this new record is certainly encouraging, we’ve simultaneously seen the New York condo market run into challenges. Unsold, vacant new construction units have mounted up. This is especially true for companies like Extell. While builders are typically restricted in their ability to reduce public asking prices by lenders, big discounts could be on their way.

Extell’s One57 building just saw a unit sell at a 24% discount. That’s after having run a campaign offering three years of common charges paid for buyers. Savvy investors may find even deeper discounts available on bulk purchases to cash developers out of their projects.

Extell has even tapped a new outside CEO. Sush Torgalkar will take over the lead position effective immediately.

Despite the struggles, Extell has continued its buying spree, paying $63M for a parcel in the Diamond District. Other nearby parcels were acquired for $40M and $85M.

In fact, overall we’ve continued to see a huge boom in development. There were 42 million square feet of new development in NYC last year. That’s even a further 36% rise over 2017. Extell alone was responsible for around a quarter of that, with over 10 million square feet in new projects. Almost two-thirds were residential construction, spread over almost 2,000 projects, and adding 30,000 new units to the city. Brooklyn actually led the pack with almost 9,500 new units.

2019 could be an even bigger year for new construction in NYC. New York YIMBY reports there has been a massive 70% rise in multifamily house filings.

When it comes to amenities that are being put into these new buildings we’ve seen Studio Gang put a cinema and music studio into a Downtown Brooklyn condo project. There is also a Sky Club and room for virtual golf and gaming. Focuses on health and wellness see other buildings getting yoga studios, meditation rooms, and infrared saunas. Make sure to check out our monthly rental market reports to see which amenities are actually leading to faster leasing, the highest rent premiums and return on investment. There is no question that finding the right product-market fit will be one of the biggest differentiators between the inventory that collects dust on the market and gets heavily discounted, and units which are snapped up fast for record amounts.

Some of the top office leases inked in January 2019 included:

NYC Health - 527k sqft
Macy’s - 300k sqft
Hudson River Trading - 135k sqft
Citadel - 124k sqft
Diageo - 87k sqft
Spaces - 84k sqft
New Hope Fertility Clinic - 75k sqft
Casper Sleep - 70k sqft
Allianz - 70k sqft
National Cable Communications - 65k sqft

The Union Carbide Building will become the tallest NYC building to be voluntarily demolished in our history. Probably the tallest in the world. Deals are already being cut for space and air rights. It will be replaced by a 70 story skyscraper.

Some of the biggest developments this coming year could be in opportunity zone development and massive investments in new commercial real estate tech as venture capital catches onto these spaces.

However, investors may also face more pushback from building authorities and in taxes as we move toward 2020. NY has already announced it will be pushing hard to seize buildings where landlords push tenants out, or who fail to maintain good living conditions.

Nassau County has also carved out a dangerous new path in assessing every residential and commercial property, and potentially increasing effective property tax bills by over 50%.

For Brooklyn Real Estate News

Brooklyn continues to concrete its position against Manhattan this year. One major video and television equipment company has announced it is relocating across the river to Brooklyn. It just signed the lease for 25,000 square feet in Industry City. A further nod to how hot this borough is becoming for the film and entertainment industry.

The new 38 stories Brooklyn Heights Library Tower is bringing a new library and 133 apartments to town. Sales prices are starting just around $1M to over $5M.

Investors should be encouraged that year over year data in our monthly rental market report remains positive. Though there are clear signs that some growth may be skewed by many competitive deals being offered by landlords.

In other boroughs

Unfortunately, the Manhattan condo market clearly isn’t faring as well. On the bright side, Manhattan could soon be getting its own public beach.

Still, Crain’s reports the borough is suffering the worst decline in five years. Inventory has risen 11.8%, and many developers have reportedly been taking units off the market. However, townhouses appear to be moving faster, with sales prices rising by over 6.5%.

One big company that is still bullish on Manhattan appears to be tech giant Google. New plans have been announced for a $1B expansion at the St. John’s Terminal. Google Hudson Square will host a 1.7M square feet campus, enabling it to double the number of employees it has in the city.

Despite finally coming to market at a crowded time, the first Hudson Yard Tower is opening its doors. $800M in sales have been clocked, with 60% of units sold. Amenities include a children’s imagination center, beauty bar and much more spread across 40,000 square feet.

Midtown is getting a new super tall, which is planned to clock in at 1,776 feet. And if you aren’t afraid of heights, the Tower Fifth office building will boast a glass bottom slide from the observation deck.

For those looking for the most fashionable real estate, Armani and SL Green are partnering on a new Madison Avenue development. The 97,000 square foot building will become the new Armani flagship, with 19 luxury residences on offer, which are to be designed by Giorgio Armani himself.

Over in Long Island City another developer has acquired a $40M rental property in an attempt to cash in on Amazon’s HQ2.

A big issue for developers now is facing new regulations and deed restrictions. Extell faces losing its permits for an Upper West Side skyscraper for trying to squeeze in far too much space between floors to boost the building’s height. Most notably this includes fitting in a 160 foot ‘mechanical’ space.

Down on the Lower East Side another development has run into trouble for trying to get around a deed restriction which preserves the site for low income, elderly and disabled residents.

For Landlords and Investors

Don’t get too dug into business to forget Valentine’s Day. Here some ideas to make it special and check out a new part of New York City you may not have visited in a while.

Post your messages on custom lanterns on Washington Street in Dumbo
Visit Valentine’s Heart and X and Times Square
The Museum of Broken Relationships popup at rising New York
Take in Valentine's concert at 29 East 4th Street
Visit the Science of Love and the Museum of Natural History
Ice skate on a heart-shaped rink at Pier 17
Enjoy champagne at the Institute of Culinary Education
Visit the Valentine’s Market in Greenpoint
Dine blindfolded at Camaje

Leasing specials have been greatly responsible for helping New York City landlords speedily lease vacant units, and keep up rental rates. It’s very important for investors to be alert to competitors deals.

Among those on the market now are:

3 months free rent at Oskar
1 month free at 55 Hope Street
1 month free at The Landing
1 month free at 184 Eagle Street
1 month free at One Columbus Place
3 months free at Level BK

In conclusion...

There is already a lot happening just one month into the new year. While Manhattan continues to deal with rising inventory and slow condo sales, there are sweet spots. Townhouses seem to be performing better. The very top of the luxury market continues to see new records being set. Developers still have their sights on raising skyline changing buildings with ever new amenities.

Brooklyn seems to be gaining more and more of what Manhattan is losing. New construction is active, but year over year rentals still seems to be performing well for landlords willing to market their units well and who are being competitive.

We could quote likely see these diverging trends continue to play out through the year.

Well, that’s it for this month’s roundup. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com.

Thanks again to our sponsors, The Ratner Team, and SpartanRenovations.com for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the New York Real Estate Market Update

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

This month’s Brooklyn rental market data was much better than in November when almost all trends were down. While there are still some signs of a moderate correction, there was more positive data on a month over month basis. Year over year figures suggest the Brooklyn rental market is still growing.

Among the most notable stats over the last month were a 14% drop in one bedroom leases being signed. The luxury market really stands out on an annual basis, with a 15.2% rise in median rental rate, and 12.8% increase in new development rental rates.

Month over month, Price per square foot fell 0/7%. Listing inventory rose by 12.3%, and days on market reversed course, rising by 14.8% to just 31 days on average.

Year over year, rental prices are up an average of 3.7% over the same period in 2017. The number of leases being signed rose by 2.5%. Inventory is down by 13.8%, though marketing time has grown by 6.9%. Listing discounts decreased 0.2%.

Now let’s take a look at rentals by unit type:

For studios

The average rental rate was: $2,386

The most expensive leased was: $4,500 per month

The least expensive was: $1,495

The average price per foot is $56

average unit size is down to 606 square feet

5 studios were No Fee, and 73 were Fee apartments

Month over month changes saw rents up 4.8%, and 12% year over year.

Units with elevators rented for around $300 more per month more than walk-up units last month.

While gyms are still an in-demand amenity, those without gyms actually rented for $5 more per square foot in December.

Units with full-time lobby attendance actually rented for around $250 more per month more.

Having laundry in the building added around $200 to rental rates last month.

For 1 bedrooms...

The average rental rate was: $2,799

The most expensive leased was: $4,950

The least expensive was: $1,450

The average price per foot is down to $45

The average unit size is up to 758 square feet

4, 1-beds were No Fee, versus 78 Fee apartments

Month over month rents are down 4.7%

year over year rents are up 07%

No fee 1 bedrooms rented for around $200 more per month.

Having laundry in the building saw 1-beds renting for $7 more per square foot

Units with private outdoor space are renting for around $100 more per month

The difference in rents for elevator versus walk-up units is almost $400 per month

Units with gyms rented for $9 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $500 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average rental rate was: $3,734

The most expensive leased was: $8,500

The least expensive was: $1,700

The average price per foot is $44

average unit size is 1,027 square feet

Just 3, 2 bedroom apartment was a No Fee rental, versus 81 Fee rentals

Month over month rents are down 0.8%

Year over year they are up 5.5%

Having laundry in the building added $14 per square foot to the rent last month

Those WITH private outdoor spaces rented for $6 more per square foot

A 2 bedroom with a gym in the building is renting for over $900 more per month

Those with full-time lobby attendant are renting for around $1,800 more per month.

There is around a $1,400 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

The average rental rate was: $4,031

The most expensive leased was: $8,000

The least expensive was: $2,300

The average price per foot was at $38 in December

The average unit size is 1,291 square foot

2, 3 bedroom rentals were No Fee, versus 39 rentals with Fee

Month over month rents are down 5.2%

year over year rents are down 2.4%

NO FEE apartments rented for around $1,300 MORE than fee apartments last month.

Those with gyms rented for $23 more per square foot.

Having laundry in the building made a $10 difference per square foot last month

Units WITHOUT private outdoor space rented for almost $1,100 less in December 2018

Elevator apartments rented for $13 more per square foot last month

Having a full-time lobby attendant made a $23 per square foot difference

In summary…

In spite of all the negative media coverage on the New York real estate market, and a weak November, the data shows the Brooklyn rental market ended 2018 on a healthy note.

The numbers may show some signs of a correction. Yet, year over year there seems to continue to be a nice pace of growth. Certainly better than the performance of the stock market and bonds.

Those that refuse to be distracted or panicked by short term ticker type media, and keep their eye on the big picture can still do well. It’s all about long term leasing and asset management strategy, as well as smart marketing.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the New York Real Estate Market Update

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

The data shows overall the Brooklyn rental market was tough for landlords in November 2018. Although much of this may be typical seasonal softness, almost every data point was in negative territory in November on a month over month basis. Though it is important to point out that this does follow a stronger than expected October, and there are some year over year improvements.

Among the most notable stats over the last month were a 30% plus decline in new leases being signed in every size of the apartment. That was led by an almost 40% decrease in 3 bedroom leases. However, on an annual basis, 2 bedroom leases were still up 9%. With the median rental price on studios rising almost 9% as well.

Month over month, Price per square foot fell by 4.8%. Listing inventory fell by another 2.6%, but days on market fell as well, by 27% to just 27 days on average.

Year over year, rental prices are up an average of 2.2% over the same period in 2017. The number of leases being signed fell by 3.5%. Inventory is down by 20%, marketing time has dropped by 16 days. Negotiability and listing discounts are down by 0.6%.

Now let’s take a look at rentals by unit type:

For studios

The average rental rate was: $2,906

The most expensive leased was: $30,000 per month

The least expensive was: $1,250

The average price per foot is down to $53

average unit size is up to 824 square feet

12 studios were No Fee, and 69 were Fee apartments

Month over month changes saw rents up 3.5%, and price per square foot up by 1.2%

Units with elevators rented for around $800 more per month more than walk-up units last month.

While gyms are still an in-demand amenity, those without gyms actually rented for $10 more per square foot in November.

Units with full-time lobby attendance actually rented for around $400 LESS per month more.

Having laundry in the building didn’t add any benefit to rental rates last month.

For 1 bedrooms...

The average rental rate was: $2,907

The most expensive leased was: $4,850

The least expensive was: $1,250

The average price per foot is down to $47

The average unit size is up to 751 square feet

8, 1-beds were No Fee, versus 80 Fee apartments

Month over month rents are down 2.1%

year over year rents are up 4.1%

No fee 1 bedrooms rented for almost $600 more per month.

Having laundry in the building saw 1-beds renting for $6 more per square foot

Units with NO private outdoor space are renting for around $100 less per month

The difference in rents for elevator versus walk-up units is almost $500 per month

Units with gyms rented for $7 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $500 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average rental rate was: $3,788

The most expensive leased was: $8,500

The least expensive was: $1,600

Average price per foot is $44

average unit size is 1,030 square feet

Just 1, 2 bedroom apartment was a No Fee rental, versus 96 Fee rentals

Month over month rents are down 0.7%

Year over year they are up 2.8%

Having a laundry in the building added $5 per square foot to the rent last month

Those WITH private outdoor spaces rented for $5 more per square foot

A 2 bedroom with a gym in the building is renting for over $1,500 more per month

Those with full time lobby attendant are renting for around $1,600 more per month.

There is around a $500 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

The average rental rate was: $4,250

The most expensive leased was: $9,800

The least expensive was: $1,800

The average price per foot was at $40 in November

The average unit size is 1,256 square foot

Month over month rents are down 1.5%

year over year rents are up 1.8%

Those with gyms rented for $11 more per square foot.

Having a laundry in the building made a $5 difference per square foot last month

Units WITHOUT private outdoor space rented for almost $1,000 less in November 2018

Elevator apartments rented for $2 more per square foot last month

Having a full time lobby attendant made a $8 per square foot difference

In summary…

On the surface, month over month data looks like a disastrous month for Brooklyn landlords. Yet, year over year, the market is actually performing quite well. Those that refuse to be distracted or panicked by short term ticker type media, and keep their eye on the big picture can still do well. It’s all about long term leasing and asset management strategy, as well as smart marketing.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the New York Real Estate Market Update

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

The data shows overall that despite a lot of negative commentaries out there in the general media, the Brooklyn rental market has kept going strong. Although landlords have been offering a lot of concessions to move units quickly and for top dollar, all year over year stats appear to be positive. Priced and marketed well, rental units have been moving. Perhaps even better than expected during a month which traditionally suffers a seasonal slowdown.

Among the most notable stats over the last month were a 21% plus an increase in new leases being signed. Almost 30% more 1 bedroom leases were signed in October over September 2018. Luxury rental units rented for over 5% more this month. Though more than 50% of new leases included some form of concessions and deals by landlords.

Month over month, Price per square foot rose by 1.5%. Listing inventory fell by another 4.1%, but days on market rose by 42.3% to 37 days on average.

Year over year, rental prices are up an average 0.8% over the same period in 2017. The number of leases being signed rose by over 20%%. Inventory is down over 20%, marketing time has dropped by 2 days. Negotiability and listing discounts are down by 1%.

Now let’s take a look at rentals by unit type:

For studios

The average rental rate was: $2,486

The most expensive leased was: $5,00 per month

The least expensive was: $2,361

The average price per foot is down to $56

average unit size is up to 633 square feet

12 studios were No Fee, and 101 were Fee apartments

Month over month changes saw rents down 2.5%, and price per square foot fell 8.2%

Units with elevators rented for around $500 more per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of almost $700 per month to rents last month.

Units with full-time lobby attendance are renting for around $600 a month more.

Having laundry in the building made almost a $200 difference to rental rates last month.

For 1 bedrooms...

The average rental rate was: $2,882

The most expensive leased was: $5,685

The least expensive was: $2,300

The average price per foot is $50

The average unit size is down to 697 square feet

11, 1-beds were No Fee, versus 131 Fee apartments

Month over month rents are up 4.9%

year over year rents are up 5.9%

No fee 1 bedrooms rented for almost $500 more per month.

Having laundry in the building saw 1-beds renting for $6 more per square foot

Units with NO private outdoor space are renting for around $200 less per month

The difference in rents for elevator versus walk-up units is almost $500 per month

Units with gyms rented for $6 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $500 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average rental rate was: $3,678

The most expensive leased was: $10,000

The least expensive was: $1,750

The average price per foot is $46

average unit size is 979 square feet

Just 1, 2 bedroom apartment was a No Fee rental, versus 119 Fee rentals

Month over month rents are up 0.4%

Year over year they are up 3.8%

Having laundry in the building added $6 per square foot to the rent last month

Those WITH private outdoor spaces rented for $3 more per square foot

A 2 bedroom with a gym in the building is renting for almost $1,000 more per month

Those with full-time lobby attendant are renting for around $1,600 more per month.

There is around a $1,000 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

The average rental rate was: $4,374

The most expensive leased was: $7,750

The least expensive was: $2,300

the average price per foot was at $41 in October

The average unit size is 1,292 square foot

1, 3 bedroom rental was No Fee, versus 34 rentals with Fee

Month over month rents are up 1.6%

year over year rents are down 8%

FEE apartments rented for around $1,000 MORE than no fee apartments last month.

Those with gyms rented for $16 more per square foot.

Having laundry in the building made a $7 difference per square foot last month

Units with private outdoor space rented for $500 more in October 2018

Elevator apartments rented for $10 more per square foot last month

Having a full-time lobby attendant made a $12 per square foot difference

In summary…

What the break down in this data shows Brooklyn landlords, is that the market is still strong. Probably stronger than many realize. Year over year figures show growth on most data points. 1 and 2 bedroom rental apartments appear to be experiencing the best traction this month.. Positive movements in inventory and marketing time show that well priced and marketed units, with attractive deals, are still leasing within a reasonable period of time.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month we’ve seen bigger real estate moves in play, and see developers marching on with new projects that will continue to change the skyline and living trends over the next few years. Yet, the data continues to show the market is changing.

In this special episode, we’ll dig into this new data and the most notable trends of this year, and look forward to what’s coming up in the New Year…

The Real Estate Market in 2018

As a whole, the 2018 real estate market has been an exciting roller coaster ride. We’ve both seen new records set, and also what appears to be a cresting, and the beginning of a new correction. New York may be leading that new direction, with a reversal in price and transaction trends.

Property prices across America have reached new highs. As have rents. Tight publicly advertised inventory and cheap money fueled an acceleration in appreciation and competition for properties. The worst of that may be over for now.

A dive into Brooklyn rental market statistics show that overall the market is holding quite well, and prices are still high. Even though some gains may be only be maintained by an equal amount of discounts, and landlord concessions.

On the commercial property front, America’s largest corporations show no sign of lack of appetite for new offices. In fact, some continue to set records with big, bold deals in prime locations.

Factors that have been, and are likely to continue to affect these trends include:

Rising interest rates
New construction levels
The decline of the stock market
New innovations
New tax laws
A highly litigious business environment
Returns on investment property

Notable Properties in 2018

According to PropertyShark data, the most expensive home for sale in New York as of October 2018 was 90 Jule Pond Drive in the Hamptons. Listed for $175M, it came second only to California’s The One, listed at $500M.

Google claimed the first and second most expensive purchases this year with a $1B deal in Mountain View, California, and a $2.4B purchase in Chelsea Market.

Runners-up included the fall purchase of 425 Lexington Ave for over $700M by the VanBarton Group. That traded at $1,000 per square foot.

So, forget $100M, the new benchmark for bragging rights in buying elite property in 2019 is likely to be a billion dollars.

In Brooklyn

Brooklyn has continued to prove itself as one of the hottest destinations for global retailers, developers, and fashionable properties to rent and buy.

Proposed zoning changes and allowances for special permits in north Brooklyn could allow more entertainment venues, hotels, and residential projects to be built alongside the industrial zone. This could create more growth in Greenpoint, Williamsburg, and Bushwick over the next few years.

Unfortunately, Brooklyn Borough President Eric Adams has notified the Attorney General that some programs to eliminate the weight of ailing properties and put them into the hands of developers may be being misused. The program which allows developers to purchase property for as little as $1 or $8,750 per unit may be in the middle of illegal activities in which some property owners have been forced out.

Over at the Brooklyn Navy Yards, WeWork is preparing to lease 6 of 16 floors in the ground up development at dock 72. The dynamic space includes amazing views and plenty of amenities.

There continues to be a lot of mixed data on Brooklyn’s retail leasing front. Much of the confusion stems from the fact that all real estate is hyper local. Especially in New York. So, while some hot spots were at full occupancy, less desirable retail locations may have given tenants more negotiating power in the second half of the year. Retail rents may be down on some streets. Yet, according to the Real Estate Board of New York, rents were still up on 3 of 5 Williamsburg shopping strips. That includes North Fourth Street where rents rose 34% this year to $197 per square foot.

Make sure you check out our recent report on the Brooklyn Piers and how their transformation is creating exciting new spaces for live, work and play.

Over in Manhattan...

While this borough may never completely go out of fashion on the world map, it has certainly seen some moderation, and continues to fall at little less trendy than Brooklyn.

Still, we continue to see notable brands launch flagship stores here, developers competing for records with fabulous new and renovated buildings, lots of innovation and a magnet for the world’s wealthy.

Dutch CitizenM just completed the world’s tallest prefab building in the Lower East Side. The modular built hotel designed for mobile travelers always on the go appears to be doing well on occupancy rates and revenue per room as well.

Nike just completed its own new 6 floor flagship store as well. The high tech digital store offers plenty of innovative features for those who love technology and have been searching for the perfect blend between online and real life shopping. Nike experts are available for one on one appointments at the Fifth Avenue store. Though some may wonder if the real key to getting more millenials and other generations back to brick and mortar shopping is actually simply a more human, attentive and pleasant customer service experience. Something which seems sorely lacking, even at big name phone brand stores.

Perhaps this lack of customer service is partially to blame in the downturn in Manhattan retail rents as well. Retail rents have fallen an average of 25% in 15 of Manhattan’s 17 retail corridors. Some with cuts as deep as 37%. The two refusing to bend to this trend are Broadway which is up 5% and Harlem which is up 15%. Inventory levels are likely also a factor, and new inventory can take time to be absorbed. Yet, for those claiming there is no big downturn in real estate on the horizon, consider this is the most widespread decline in 18 years.

The Manhattan condo market is dealing with lots of new inventory as well. So much so that Extell is offering to pay 3 to 5 years of common charges for buyers who purchase any of its approximately 1,000 units before the end of 2018.

Still, the building continues. Trinity Commons at 74 Trinity Place just topped out at 424 feet tall in FiDi. Just a year after it reached the ground floor. Of the 26 storys, the first 5 floors will add more retail space in the city.

Fund manager Bill Ackman who is famous for buying the second most expensive condo at One57 (a building which is also among the deals being offered by Extell), just closed on the last apartment for his new, more modest $22.5M penthouse in the city. The Central Park West property is just across from the Museum of Natural History.

In other Boroughs

Queens certainly stepped up to garner plenty of attention for itself in the final quarter of 2018. The newly approved Skyline Tower is to both be the tallest in the borough, and the first to exceed $1B in unit sales. However, the actual units themselves appear to be quite modestly priced at just $600k to over $3M.

Queens is also of course the location chosen by Amazon for one of its new twin HQ2 destinations. The new Amazon project in Long Island City is sure to create a lot of headlines in 2019, though is perhaps one of the most controversial deals to date.

Taxpayers are not pleased about forking out close to $2.5B in perks, grants and breaks to the corporate giant, including providing discounts on property taxes. If Amazon fails to deliver on all of its promises it could prove to be one of the biggest scandals for the city so far.

This new venture for Amazon also happens to be in one of the new Opportunity Zones (O Zones). As part of the Tax Cuts and Jobs Act these zones provide those investing in them deferred taxes on their capital gains for coming to distressed areas.

New Rules & Taxes

It’s been a great and terrible year for tax changes. New Yorkers have unfortunately felt the brunt of a lot of these developments. The new tax rules implemented in 2018 brought new tax breaks, but also some limitations that hit states with state income taxes harder.

New rules cap the deduction for state and local taxes at $10,000. That’s not much if you live in Manhattan or Brooklyn. Especially when property taxes seem to keep rising one way or another.

On the bright side, we have new tax breaks for small business owners, the Opportunity Zones, and individuals can still invest in real estate tax free with self-directed Roth IRAs.

It’s going to be more important than ever to have a great CPA on your side when it comes to file taxes in April. Though a local real estate expert can also help direct you to excellent professionals for retirement account investing, 1031 exchanges, and other structures for reducing and eliminating future taxes, and keeping more of your gains.

Where to Go for the Holidays

Whether you are staying in the city or crave something completely new, there is plenty to explore this season.

The Rockefeller center and its skating rink are still a must for first time visitors to NYC. As is Santaland at Macy’s. Don’t forget to leave plenty of time to stroll down Madison avenue and Fifth Avenue to check out the holiday window displays.

For those looking for something a little different, why not a holiday brunch cruise from Manhattan, on a yacht with plenty of heating? Or head over to Harlem to The Apollo Theater and introduce your ears to some live gospel.

However, Brooklyn is continually becoming a more serious contender for holiday festivities for both visitors and residents of New York City. Perhaps most famous of all is now the Christmas lights of Dyker Heights. It’s a sight not to miss.

While in town, make sure you head over to Winterfest at the Brooklyn Museum where the kids can walk inside a giant snow globe and see the world’s largest snowman.

If you’re burned out on the mayhem of the Times Square ball drop for New Year’s Eve, Elle Decor recommends trying out the Brooklyn Bridge Walk instead. Or for a more sophisticated evening get tickets to see the New York Philharmonic Orchestra live.

If you’re looking for something a little more lively, consider the New Year’s Eve parties at The Empire Rooftop, the Penthouse at Hotel on Rivington or the Bushwick Bash at the Legendary Republic.

Tired of the snow and cold? There are plenty of great destinations around the globe for New Yorkers to head off to.

If you’re not feeling too adventurous Barcelona, Spain will give you sunnier weather, soccer, and great architecture. This is their off season, so look for great apartment deals on the beach.

Cyprus, is another English speaking country with plenty to do for the whole family, and even a little warmer. Also ,a good time to find travel deals here.

If you make it that far, you may want to keep going to Jerusalem. Take it in for yourself. Walk the markets, experience great cuisine and history.

For something a little closer to home, warmer and more exotic, try Nicaragua. It’s the new Costa Rica. Only much cheaper, less spoiled and more rugged. Just help keep it that way. If you’ve never been, this is a great place to learn to surf.

If there is no limit to how far you can go, why not Mumbai? India is one of the fastest growing countries today. Mumbai is the commercial capital and home to Bollywood. There are beaches, markets, new foods and much more to explore. It’s also much warmer and more metropolitan.

In conclusion...

It has been a busy year in the New York real estate market. Big players, buyers, and developers haven’t been shy. In fact, we continue to see a run of aggressive new projects coming onto the market, some with even larger price tags. Brooklyn continues to be one of the biggest beneficiaries of this action, and is receiving much of the investment capital. Rents have been blown around by a variety of factors. Manhattan condos and retail are facing some tough times. In Brooklyn, it is all about being on the right street. Though there are many economic factors which could impact the direction of the market in the new year.

Well, that’s it for this month and year’s round up. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com.

Thank you for being loyal listeners and readers this year. We’ll see you in 2019, with plenty of fresh new information.

Spartan Renovations is a leading NYC firm specializing in architectural and engineering design, project design and management and general contracting services.

Thanks again to our sponsors, The Ratner Team, and SpartanRenovations.com for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Brooklyn Residential Sales Real Estate Market Reportfor the 2nd quarter of 2018

Whether you already own or you’re looking to buy into the City’s fastest growing market, we’re keeping you up to date so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

In this Brooklyn report, we’ll cover the average residential sales in this sprawling borough of historic brownstones, row houses and exciting new developments. Keep listening for the record-high sales of this quarter.

Residential average sales prices for Q2 2018 in Brooklyn are bit lower compared to last year’s reports, with a 1.4% percent decreaseover 2017. Median sale prices fell 1.9% percent to $780,000. And this month, we saw a decrease of 5.7% percent in the number of transactions. Totaling 2,683 in Q2, 2018 compared to 2,845 in Q2, 2017.

New Development Condo sales in this 2nd quarter sold for an average of $1,209,911 at an average of $1,086 dollars per foot. That’s in contrast to $1,139 per square foot last year. This was a 4.7% percentdecrease in price per foot from the same quarter last year, when the average sale price was $1,401,298. The average sales price of new condos saw a decline of 13.7% from last year’s first quarter, from from $1,401,298 to $1,209,911. According to this quarter’s reports, these properties are spending substantially more time on the market: this year it took an average of 171 days to sell a new development property, versus 116 days in Q2, 2017.

Existing condo sales prices are on a slight decline as well. The average condo sales price in the second quarter of 2018 was $1,100,282. A dip from $1,161,431 last year. And a 5.3% percent decline from the second quarter last year. The average market pace for these properties increased: 115 days on market this year, versus 98 days in Q2, 2017.

Co-op sales prices fell this quarter. Selling at an average price of $563,709 dollars—a decrease of 3.6% percent from last year’s $584,529 dollars. Selling time has also increased: co-ops sat on the market for 102 days in quarter 2, as opposed to 73 days in the same quarter last year.

For the good news! 1-3 unit family homes performed the opposite, with an increase in price and a decrease in marketing time. This quarter, the average 1-3 family home sale price was $1,074,630, up 2.7% percent from $1,046,440 last year. Houses also sold in 15 fewer days. Properties, on average, were only on the market for 93 days, versus 108 days last year. This data shows that 1-3 family homes under $1,500,000 are still in high demand!

In the Luxury Market this quarter, the average luxury property sales price was $2,826,029. That’s a slight decrease. Down 3.5% percent from last year. These properties also took longer to sell, being on the market for for an average of 110 days, versus 101 last year.

Across the board, the average recorded price discount was 0.3% percent. Yet, it is important to note that at least homes are still rising in demand and value.

Now, to Brooklyn’s top residential sales in May 2018:

The top single-family sale in Brooklyn this May can be found in Brooklyn Heights. The selling price of 151 Clinton St was an incredible $5,500,000 – about $1,637 dollars per square foot. The large 21-foot-wide structure built circa 1851, has a beautifully appointed red brick and brownstone façade. Uniquely situated on a tree-lined corner in the heart of Brooklyn Heights.

Brooklyn Heights took the top condo sale of the quarter as well. #10, 167 Columbia Heights, which sold for $11,865,863. The 10th floor at the Standish is a 5,000 SF, 5 bedroom, four and a half bath with 360 views which includes direct city & water views of the harbor and lower Manhattan and Brooklyn downtown views. The original prewar elements of the Standish, like the bay windows in the 10th floor's entertaining space offers luxury in a blend of heritage and modernity. A balance between classic and state-of-the-art, 10th floor features wide-plank Austrian white oak flooring, a kitchen with Italian Cararra marble countertops and island, custom designed cabinetry and a separate pantry. The kitchen is appointed with premium Bertazzoni-Italia and Bosch appliances complemented with natural brass Fantini fixtures. Bathrooms feature rain showers, travertine and mosaic accents, and Fantini fixtures in natural brass.

Park Slope took first place this quarter for co-op sales. Winning a record sale for the top co-op at $2,575,000/ Located at 90 Eight Ave.

For bargain territory, head to Flatlands, Coney Island, & East Flatbush. These least-expensive residential areas in Brooklyn had a median sale price of $380,000 for a single family home this quarter. As far as Brooklyn is concerned, that’s a steal.

So, there are still deals out there. Some properties are still in high demand and rising. Others may be settling and could signal a good time to restructure portfolios.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

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New York Real Estate Market Updates

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Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the 2nd quarter of 2018. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Manhattan’s iconic skyline is home to millions and remains one of the most desirable places to live and visit on the planet. yet, the Multifamily market is still steadily suffering a decline – both across the borough and across the city. Sales volume this quarter totaled $877 Million: A shocking 22% percent decrease over last year’s Q2 sales volume. Square-footage pricing actually increased. Going up 12% from 2017, to an average of $653.

Average selling prices in Manhattan have decreased, up 25% percent from last year’s records and coming in at $580,000 across the island. While total transactions have decreased by 10% percent, with just 102 sales in the 2018’s second quarter.

Though Manhattan’s volume market is trending down, the top sales numbers still rival the skyline in height. The 2nd Quarter’s top sale is located in the Manhattan Valley, where 2568-2574 Broadway sold for a striking $66,000,000. The acquisition belongs to a Dalan and Elion Partners joint purchase. A 67-unit apartment building at the corner of West 97th Street in the Upper West Side. Though, at just $829 per square foot or $985,074 per door, that sale is far below the average square footage of the top ten most expensive Manhattan neighborhoods this quarter:

Chelsea tops off the list at an average of $1,260 per square foot. Yorkville comes in second at $1,180. Lenox Hill a close third, is at $1,045. The East Village listed at $840 per square foot, Upper West Side at $762, Harlem at $346 and Washington Heights rounds out this list at $284 per foot.

Harlem was the neighborhood with the highest volume of multifamily sales in Q2 2018 again, with 30 total transactions. Both the East Village and Upper West Side followed close behind, claiming 11-13 sales each. Bargain-seekers should consider looking in Hudson Heights & Inwood, as the average price per square foot was only $205 at the beginning of the year, despite growing interest and activity in the neighborhood.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

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New York Real Estate Market Updates

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Welcome to the Brooklyn Multi-Family Sales Real Estate Market Reportfor the 2ndquarter of 2018.

Whether you already own or you’re looking to buy into the City’s most fashionable market, we’re keep you up to date, so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on the rise since the second quarter last year. Brooklyn’s Multifamily market rose an incredible 67 percent from 2017’s second quarter. With sales volume this quarter coming out at a healthy $1.8B.

Yet, there is great value to be found, with square-footage prices decreasing by an astonishing 50% percent from last year. Now standing at $159 dollars on average. Average selling prices went down to just$167,000 per unit –a difference of 42% percent from this time last year. Total transactions slowed down by 14% percent to 423 in 2018’s second quarter.

The Multifamily market is trending progressively higher during this time of year for the past several years. Brooklyn’s top sales are still numbers to marvel at. The top sale recorded in the second quarter of 2018 can be found in Gravesend: 2470 West 1stStreet sold for $15,700,000 in June. At a $266 a foot.

Even at that high price, however, it doesn’t garner many square feet in the most opulent neighborhood of Brooklyn.

The top ten most expensive neighborhoods this quarter were as follows:

Fort Greene, with its townhouses, brownstones & beautiful parks, tops the list at an average of $777 per square foot.

Park Slope comes in second at $753.

With Prospect Heights coming in third at $666.

Greenpoint comes next at $537 per square foot. Followed by Greenwood Heights at $512, Carroll Gardens at $484, Sunset Park at $471, Dyker Heights at $457, Bath Beach at $446 and, tenth but certainly not least, the Bed-Stuy area averaged in at $392 per square foot.

Bed-Stuy was the winner for highest volume of Multifamily sales this quarter againat 60 total sales. East New York was close behind at 48. Bargain hunters, check out New Lots attractive average price per square foot, at just $126.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

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We’re full-time professionals and always here to help!

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New York Real Estate Market Updates

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Welcome to the Manhattan Residential Sales Real Estate Market Report for the 2ND quarter of 2018

Whether you already own or you’re looking to buy into the City’s most prestigious market, we’re keeping you up to date, so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

With an average selling price of $2,090,567, Manhattan’s Residential prices are continuing to drop over last year’s 2nd quarter. Average price-per-square-foot fell again. This time by 2.3%. Down to $1,733 dollars, from $1,773 a foot in Q2 2017. This may always be one of the strongest global property markets, but today’s purchasers are getting more and more floor space for their buck.

Total transactions tallied in at 2,629 this quarter. Down 16.6% percent, from a total of 3,153 sales in Q2 2017. We expect Manhattan to maintain this trend downtrend at least until the end of the year. This dip is happening due to a combination of oversupply of new condos in some areas, increasing interest rates and new regulations for foreign buyers along with consumer uncertainty as to where the market is heading.

On the bright side - the average selling price of new development condos rose 3.9% percent in this second quarter to $4,885,097. That’s versus $4,703,544 in quarter 2 last year. Prices in this market are still rising, and the time it takes to sell is decreasing too. The average time a new development condo spends on the market is down to around 194 days, compared to last year’s245 days.

The data for Manhattan’s existing condominium sales is not quite as cheerful as new developments. These units saw a 4.9% percent decrease from 2017. Average sale price for these properties ran around $2.970,576 in Q2 2018, compared to $3,122,946 dollars in 2017. However, the market time for existing condos has decreased by a few days, now averaging 121 days.

Co-op sales grew just 1.2% percent this quarter, recording an average sales price of $1,380,512. Market time increased fractionally as well, coming in at 90 days from 86 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.

Of course, even with a 0.2% percent decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $9,299,635. An almost invisible difference from last year’s average of $9,280,290. Luxury properties have actually been moving fast, being on the market for only 184 days this quarter, compared to nearly 231 days in Q2 2017.

Across the board, the average recorded price discount was 2% percent.

Now for the top sales numbers for July 2018:

The well-known neighborhood of Greenwich Village topped July’s single-family residential sales.

A Greenwich Village townhouse has now become the most the expensive townhouse sold in downtown Manhattan. TheWest 10th Street townhouse owned by a British interior designer sold for $37.2 million, surpassing a record set by another townhouse on the same street back in 2007, according to the Wall Street Journal, which first reported on the sale.

This five-story townhouse is located between Fifth and Sixth Avenue. It was purchased by the interior designer and her husband, in 2012, for $9.5 million. The couple then spent the next four years planning and executing a revamp of the townhouse. After all of the renovations, they weren’t actually able to live in it long term and now live outside of the city, according to the WSJ.

The townhouse now has a home theater system, a radiant heat system, including on the stoop, that helps melt snow, a home gym, a wine cellar, and a courtyard. The nearly 10,000-square-foot townhouse, which also comes with an attached carriage house, never officially came on the market, but instead traded hands privately in an off-market sale. The new owners reportedly intend to use this as their primary residence. The sellers were represented by Prime Manhattan Residential.

This townhouse was sold for $37,200,000, or a fantastic $5,949 per foot.

In the West Village, the record condo sale for this July goes to 160 Leroy St #PHN that finalized for an incredible $43,503,250. Or $5,613 per foot.

This unit on the edge of the water sports 7,700 square feet, with an almost 5,000 square foot terrace and 27 foot swimming pool. It includes 5 bedrooms, 4 fireplaces, and of course a private elevator.

This May’s top co-op sold in Lenox Hill again for an impressive $20,000,000

#7 at 640 Park Avenue encompasses the entire seventh floor. A white glove, prewar co-op, the building dates back to 1914 and has retained much of its highly prized design.

For bargain-seekers who still want Manhattan real estate, Washington Heights & Inwood are currently the least-expensive residential areas on the island – Average condos in these neighborhoods sold for $549,450 dollars, with average co-op sales almost the same at $550,000 dollars.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Thanks for listening.

Resources:

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the New York Real Estate Market Update

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

The data shows overall the Brooklyn rental market has kept its gains over the last year. In some ways, it has improved. Though recent data also shows predictable seasonal corrections following the busier summer period. The correlation between listing inventory and concessions suggest that landlords who are competitive and have great marketing can still expect good results in short timeframes.

Among the most notable stats over the last month were the 9.4% increase in studio prices per square foot, and 9.3% increase in 3 bedroom plus rental units by square foot over the same period in 2017. The biggest percentage drops were seen the number of new leases. All unit sizes saw an over 24% drop in new leases signed month over month. 35% fewer 3 bedroom leases were signed last month.

Month over month, Price per square foot fell by 0.2%. Listing inventory fell by 1.9%, and days on market held steady at just 26 days on average.

Year over year, rental prices are up an average 0.2% over the same period in 2017. The number of leases being signed dropped 0.7%. Inventory is down 23.8%, marketing time has dropped by 15 days. Concessions are up 22.8%, negotiability and discounts are down by over 1%.

Now let’s take a look at rentals by unit type:

For studios

The average rental rate was: $2,470

The most expensive leased was: $5,600 per month

The least expensive was: $1,850

The average price per foot is up to $58.01

average unit size is down to 594 square feet

22 studios were No Fee, and 110 were Fee apartments

Month over month changes saw rents down 0.5%, and price per square foot rose 3.6%

Units with elevators rented for around $400 more per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of around $500 per month to rents last month.

Units with full-time lobby attendance are renting for around $700 a month more.

Having a laundry in the building made little difference to rental rates last month.

For 1 bedrooms...

The average rental rate was: $2,728

The most expensive leased was: $6,500

The least expensive was: $2,495

The average price per foot is down by 2%

The average unit size is down to 757 square feet

7, 1 beds were No Fee, versus 106 Fee apartments

Month over month rents are down 4.3%

year over year rents are down 0.5%

No fee 1 bedrooms rented for almost $1,700 more per month.

Having a laundry in the building saw 1 beds renting for $7 more per square foot

Units with NO private outdoor space are renting for around $300 less per month

The difference in rents for elevator versus walk-up units is almost $700 per month

Units with gyms rented for $11 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $600 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average rental rate was: $3,479

The most expensive leased was: $7,500

The least expensive was: $2,800

The average price per foot is $43.74

average unit size is 970 square feet

3, 2 bedroom apartments were No Fee rentals, versus 90 Fee rentals

Month over month rents are down 2.1%

Year over year they are up 2.1%

Having a laundry in the building added $7 per square foot to the rent last month

Those WITH private outdoor spaces rented for $3 more per square foot

A 2 bedroom with a gym in the building is renting for over $1,000 more per month

Those with full-time lobby attendant are renting for around $1,500 more per month.

There is around a $1,200 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

The average rental rate was: $4,246

The most expensive leased was: $9,500

The least expensive was: $5,688

the average price per foot was at $43.19 in September

The average unit size is 1,261 square foot

2, 3 bedroom rental was No Fee, versus 34 rentals with Fee

Month over month rents are down 0.3%

year over year rents are down 3.8%

No FEE apartments rented for around $2,600 MORE than fee apartments last month.

Those with gyms rented for $9 more per square foot.

Having a laundry in the building made a $12 difference per square foot last month

Units with private outdoor space rented for $800 more in September 2018

Elevator apartments rented for $15 more per square foot last month

Having a full-time lobby attendant made a $15 per square foot difference

In summary

What the break down in this data shows Brooklyn landlords, is that the market is still strong. Perhaps stronger than many realize. While month over month data shows Brooklyn rentals might have been a little hotter in the summer months, year over year figures show growth. Positive movements in inventory and marketing time show that well priced and marketed units, with attractive deals are still leasing within a reasonable period of time.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

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Innovation & Recreation: Manhattan & Brooklyn Piers

New York City’s boroughs of Brooklyn and Manhattan are dotted with piers. They are rich in history, and if you haven’t been lately, they are transforming into some of the Big Apple’s most exciting slices of real estate.

In this special Brooklyn Made report, we dive into the backstory of these New York City waterfront spaces, how they are being reinvented, which you should visit and when, and what’s next…

New York’s Best Reviewed Piers

AM New York’s Favorite Piers

Pier A

This historic pier dates back to 1886. Now a three-story restaurant and bar, with outdoor seating for enjoying views of the harbor and Statue of Liberty. Find it at 22 Battery Place.

Hudson River Park

From 59th Street to Battery Park, this park encompasses more than 12 piers, including the Chelsea Piers, with many diverse things to do. There are dog parks, mini golf, skateparks, the Sea, Air & Space Museum and even a trapeze school. Find your way here with the water taxi at Pier 79 or Pier 45.

Louis Valentino Jr. Park & Pier

This Red Hook pier in Brooklyn offers fantastic views of many of New York City’s treasures. Look for free kayaking and movie screenings during some parts of the year.

Brooklyn Bridge Park

Again, encompassing multiple piers, this Brooklyn park offers a host of activities, as well as plenty of eats and concessions, including Luke’s Lobster. Get in by land or the water taxi.

Transmitter Park

One of Brooklyn’s newer pier and park spaces, this one offers fishing, gardens, and a bar along Greenpoint’s growing waterfront.

Canarsie Pier

If you’re looking to explore a new part of Brooklyn, head over to this pier. Check out views over Jamaica Bay and salt marshes. Watch fishing demonstrations and kite flying, or get in the water with a kayak.

Gantry Plaza State Park

Over in Queens, the East River Ferry will take you to this Long Island City park, with 4 piers. Choose from laying out in the sun, going fishing, running your pets, or enjoying a coffee with a view.

Hunts Point Landing

Even the Bronx is getting in on the action. This new fishing pier and park a part of the South Bronx Greenway revitalization project, with connecting bike paths and walkways.

Trip Advisor’s 6 Best Reviewed New York Piers

Trip Advisor users have voted these as the top landmark piers to visit:

Pier A
Pier 17
Pier 45
Louis Valentino Jr. Park and Pier
Pier 54
Pier 34

Trip Advisor also recommends the Weehawken Recreation Pier and Port Imperial in New Jersey.

Foursquare’s Hot List of Best Places to Visit

Foursquare’s new fourth quarter of 2018 list of best places to visit include these piers and their gathering places.

Pier 1 at Brooklyn Bridge Park
Red Hooks’ Steve’s Authentic Key Lime Pies
Pier 6 at Brooklyn Bridge Park
Transmitter Park
Louis Valentino
North 5th Street Pier
Pier 5 at Brooklyn Bridge Park
Red Hook Winery
Fornino at Pier 6
Shore Promenade at the 69th Street Pier
American Veterans Memorial Pier
Canarsie Pier
Steeplechase Pier
Brooklyn Ice Cream Factory by Pier 1

New York City’s Historic Piers

The Manhattan Cruise Terminal, the New York passenger ship terminal aka Luxury Liner Row handles an estimated 1.5M passengers each year. At Hell’s Kitchen, the port originally encompassed, piers 88, 90, 92 and 94. The last two have been sold off.

The cruise liner piers have been regularly renovated to make room for larger and more modern ships. The Queen Mary 2 and Norwegen have cruised from this site.

The Manhattan Cruise Terminal piers were originally built to replace the Chelsea Piers in 1935. The Chelsea Piers was the destination the Titanic was headed for when it famously sank.

Since being converted into a sports and entertainment complex, the Chelsea Piers has been the site of over 25 movies. The Apprentice filmed 3 episodes here. The TV shows Law & Order, Law & Order SVU and Law & Order: Criminal Intent has all been filmed here. This was also the broadcast headquarters location for CBS Sports Network.

Brooklyn Bridge Park and its 6 piers occupy 85 acres on the East River waterfront in Brooklyn Heights and DUMBO. The park really came alive in 2008, with the construction being started using reclaimed soil from the World Trade Center site. However, this location has been important historically, dating back to George Washington in 1776 and the first ferry landing being opened here in 1642.

New Renovations

Many of New York City’s aged and once abandoned piers and waterfront spaces have been going through great transformations in recent years. Many have breathed new life into the city, and have become vibrant community spaces. For many years these piers were the entry ports of the immigrants who built this great country. Now that flying is more popular that sea travel, they are becoming major attractions for visitors flying in and are making life even better for the New Yorkers and Brooklynites who live near them.

Just this year Brooklyn Bridge Park unveiled its re-working of Pier 3.
Pier 55 in Manhattan is being developed into a ‘floating park’, with an anticipated opening in 2019.
Pier 57 is slated as a new Google office and was meant to be the site of late chef Anthony Bourdain’s world food market.
The Howard Hughes Corporation has taken Pier 17 and has turned it into an upscale music and food venue.
Tribeca’s Pier 26 aims to become an eco-friendly education and play space by 2020.
Pier 45 at Hudson River Park is undergoing its own updating which is expected to be complete in mid-2019.
Pier 2 Uplands at BBP is adding another 3.4 acres of parkland which should be complete by the summer of 2020.

Piers in Manhattan

The borough of Manhattan has around 100 piers fronting on the East River and Hudson River.

The Manhattan Cruise Terminal has become an award-winning transport point. Even winning the status of “Best US Homeport.” Beginning in 2004 the cruise terminal launched a $200M plus investment into renovations and updating.

Manhattan’s Pier 17 launched its inaugural rooftop concert series in the summer of 2018. 18 of the 23 events sold out. Acts included Slash, Dead Mau 5, and Ziggy Marley. Fresh new culinary options being added to the venue include offerings from chefs Jean Georges, David Chang, Andrew Carmellini and farm to table favorite Malibu Farm.

South of FDR Drive Pier 42 is awaiting the completion of major redevelopment in the wake of superstorm Sandy. Once a vibrant public space with live music events, the community still needs $80M or more to complete the project.

Pier Sixty, offers an absolutely magnificent collection of breathtaking event spaces. Take in amazing views of the water, with glass enclosed all-weather terrace for year-round weddings, bar/bat mitzvahs, corporate award dinners, and philanthropic fundraisers.

As mentioned earlier, the Chelsea Piers has been reinvented. It is now premier sports and community destination. Visit and check out fitness clubs, over 25 sports, rock climbing, indoor soccer, golf, birthday party event spaces, the marina, pizza and the only year-round skating rink in the city.

For those looking for somewhere to let their four-legged friends be themselves, there are public dog parks in Chelsea, at Pier 84, Pier 40 in Greenwich Village and at Pier 26 in Tribeca.

Pier 84 is the largest public pier in Hudson River Park. Here you’ll find interactive activities for kids, a community compost dropoff, the dog park, a place to put your kayak in the water, and when the weather is good, a great place to relax and sunbathe.

As mentioned earlier piers 92 and 94 were sold off, and are now held by one of New York City’s largest investors and landholders - Vornado Property.

Piers in Brooklyn

The Brooklyn Bridge Park and its multiple piers and parks make for many fantastic weekend afternoons, morning runs, evening events and more.

You’ll find soccer fields, fun runs, an education center for the kids with aquarium, volleyball, and rolling hills for bathing in the sun.

For those that love the pier lifestyle at Pier 1, is Pier House, a collection of bright townhome style condominiums, with fantastic views over the parks and water. The forward-thinking architects of Pierhouse not only kept an enormous amount of glass for amazing views, but have built-in sustainability with a rainwater irrigation system, composting, and is expected to achieve LEED Silver Certification. Discover 18-foot ceilings and luxury stand-alone tubs. Plus, take advantage of an incredible collection of amenities, including a pet spa, children’s indoor playroom, fitness center, and meditation room, package acceptance, with refrigerators storage for grocery deliveries, and use of 1 Hotel facilities, spa, farm to table restaurant, and rooftop pool.

Also on Pier 1, enjoy outdoor play areas, dazzling views of Manhattan, artisanal lemonade at Lizzmonade, and transport via the NYC Ferry.

Pier 2 is perfect for those who love sports and want to get outdoors. Here you’ll find basketball, handball and bocce ball courts, a roller rink, fitness equipment, and kayaking.

Pier 6 offers a great day out for everyone. There is a dog run, volleyball courts, and five playgrounds, including the largest sandbox in New York and a water park. Plus a flower field and a seasonal ferry to Governors Island. Dine on pizza at Fornino’s, or climb aboard the schooner docked along the promenade to enjoy a taste of history and sustainable seafood.

Brooklyn Piers 7-12 saw new strategic development come together on this 120-acre waterfront site in 2008 incorporating industrial and creative spaces, cobbled street, and lots of open space.

In Summary...

New York has proven to continue to be a world-class innovator in the repurposing of its piers and waterfront spaces. In a sense, we are even making more land. A feat few imagined would happen.

The rebirth of these Manhattan and Brooklyn piers has created new destinations for international and domestic visitors, as well as building in an even greater sense of community, with countless healthy activities for locals and their families and pets.

If you liked this report, make sure you see our special report on Brooklyn’s 100-year plan, and what the future will look like here.

Also, please let us know your favorite pier in New York City and why you love it so much...

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

Spartan Renovations is a leading NYC firm specializing in architectural and engineering design, project design and management and general contracting services.

In the commercial real estate headlines...

So right into what we all really want to know - what’s going on with the real estate market?

While financiers still seem to be bullish on providing big funding for New York real estate projects, developers just seem to keep going and renters haven’t seen a massive windfall of truly affordable units yet, the data continues to suggest the market has plateaued.

Rents may still be strong for multifamily landlords and there may be pockets of greater New York City with plenty of room to grow, it may no longer be a matter of when the market pops again, but how low it will go, and of course, how to make money in the meantime.

According to coverage by CNBC, the Manhattan property market has already been in a correction for over a year. Some will stay say this is nothing like 2009. Yet, in the last quarter alone the Manhattan luxury real estate market has seen sales prices drop by 12%, while inventory grew 27%. New development sales fell 22%. Mortgage rates are rising, affordability is an issue, mortgage fraud is up, and many have been speculating. Are there really many more missing pieces required before some Realtors admit the market has turned and looks a lot more like the last bubble than anyone has been saying? If prices can fall 12% a quarter when most still have their bullish blinders on, how far might it slide when people actually get scared?

Of course, there will always be opportunities to make money in the market and room for innovation. Though many may be wise to restructure their portfolios now. Those that do this well, may be really grateful, and experience a lot of relief with where prices are over the next 12 months.

Among those willing to step up and make bets on New York City’s Market are BuzzFeed. The click-bait website is making its own play in retail, with toy store and selfie space covering 11,000 square feet, plus basement, with an asking rent of $300 per square foot. The store dubbed ‘Camp’ will be situated in the Flatiron District at 110 Fifth Ave. Look out for more Flatiron development news coming up in this month’s New York real estate report.

Investors who are considering cashing out of mature investments have an estimated $6 trillion to reinvest in capital gains right now. To avoid the big tax hit on those gains, many are being drawn to the new breaks being offered for investing in real estate in new ‘Opportunity Zones’. The Treasury Secretary estimates $100 billion in the capital will make it into the market. With some of these new reinvestment zones being in New York.

If you’d like more development in your neighborhood, you might just get picked for one of the new jails designed to replace Rikers. While no one thinks Rikers is a good place, there don’t seem to be many hands in the air, excited about building one of these new facilities next door to their homes. Even despite the fact that some plans call to combine retail shopping and rental apartments with new jail detention centers. What do you think about this? How crazy or genius do you think these plans are? Let us know on Facebook!

A slightly less controversial and more welcome development on the New York landscape are the new plans for the JFK airport. The new $13 billion makeover that is to get underway in 2020 will add two new terminals and tens of thousands of square feet of retail shopping space.

While all this public spending certainly isn’t doing wonders for our property tax bills and housing affordability, there continue to be new developments marketing themselves as more affordable options for renters. The 125 unit, 8 story complex in Brownsville, Brooklyn aims to split units between low income residents and the formerly homeless, with rents starting as low as $462 per month. It will include recreational space, retail and green building features.

New York City is also in the process of rolling out its new consolidated housing rental voucher system. The goal is to simplify, and hopefully bring some clarity for landlords and potential tenants. Unfortunately, in the process, many who had been receiving subsidies will be on their own to cover the rent as of 2019.

Sadly, no matter how much or little you have to spend on housing in New York, finding a safe and healthy place can be a challenge. 5 individuals were just indicted by the Brooklyn DA for covering up the presence of asbestos in luxury units. They face 61 criminal charges.

Though if you are a New York city real estate investor, and have a few dollars to throw down on a new pad, you might want to take a look at Anthony Bourdain’s Upper East Side apartment. Now on the market for $3.7 million, the 5 bedroom, 3 bathroom unit is just a block from Central Park, and obviously includes a well equipped chef’s kitchen.

For Brooklyn Real Estate News

First some sad news for Brooklyn. Williamsburg business owners and retail landlords are reporting an early hit from the L train shutdown fiasco. Many report consumer sales are down 10% to 15%, with rents the following suit. That could lead to more retail vacancies until the construction is finished.

Of course, there could be a healthy rebound when the L line work is complete, but a lot will depend on what’s left then, and how much capital everyone has to execute on their desire to revive the area and move in.

If the L train shutdown wasn’t enough of a pain for tourists and commuters between Manhattan and Brooklyn, a new contract has just been issued for a construction project on the Manhattan Bridge. The $80 million renovations scheduled by the New York City Department of Transportation will tackle cosmetic and structural repairs on the almost 110-year-old bridge that connected Downtown Brooklyn to Lower Manhattan. The work is expected to run through 2021. It’s not sure how travel may be impacted, though 340,000 transport riders, 4,000 bikers, and 85,000 vehicles use the bridge on the average weekday.

The rehabilitation of the Brooklyn Queens Expressway (BQE) could also result in the temporary closure of the Brooklyn Heights Promenade. That proposal has been unpopular with locals. Though many didn’t want it when it was first opened 68 years ago.

Developers are pushing for new zoning amendments to build a residential building on Summit Street, in the Columbia Street Waterfront District. While it should be a welcome addition to the neighborhood, some are worried it will open up more development.

Over at Pacific Park, Brooklyn’s mega-project is moving ahead with a new tower. Altogether the project is expected to deliver 6,430 new housing units to the neighborhood, plus retail and office. Work on the tallest building is scheduled to begin in 2019 and will rise to over 500 feet high.

80 Flatbush received its approval to go ahead. In addition to residential apartments, the development also brings office space and two new schools to the neighborhood.

One of the most severe hangovers from 2008 has been big building sites that needed major redevelopment.Greenpoint is finally tackling one of its own with a bold project to convert an abandoned hospital into a variety of new housing. Among the renovations will be adding hundreds of apartments, a shelter, workforce development center 109 senior housing units, housing for the formerly homeless and a community center.

In other boroughs

Despite some negativity around retail earlier this year, Brookfield is on a mission to revive the sector with new experimentation and investment. It is currently taking on a “Love Bleecker,” campaign to make Bleecker Street’s storefronts “the most interesting urban shopping street in the world.”

FiDi’s tall building boom continues with the construction of the crane for 77 Greenwich Street. The building will incorporate condominiums and a grade school.

At almost 500 feet tall, Trinity Church’s office tower at 74 Trinity Place is getting its own makeover, with a new bronze facade.

WeWork continues its big moves with the leasing of an entire building in the Flatiron District for its HQ by WeWork product. WeWork is now the largest office tenant in London, DC and New York. More additions to WeWork’s portfolio include locations in NoMad and Soho.

The Bronx is stepping up too, with multiple new projects filing for permits over the past month. While Queens is enjoying new record high property prices. Perhaps fastest growing fastest of all is Long Island City, which is in the process of getting a new waterfront innovation center.

For Landlords and Investors

Among those on the market now are:

3 months free rent at 525 West 52nd Street
1 month free at 345 East 94th Street
2 months free at Forty Gold
2 months free at 33 Bond Street
1 month free at One Sixty Madison
2 months free at 325 Lafayette Avenue

According to Curbed, your 10 biggest competitors and largest NYC landlords are:

The City of New York
Vornado Realty Trust
SL Green
Tishman Speyer
Blackstone
Related
Columbia University
Brookfield
RXR
NYU

Airbnb is trying to fight back against a new law passed by the City of New York demanding that under the new Homesharing Surveillance Ordinance, services like Airbnb must hand over extensive amounts of data about its users, and in particular landlords. Failure of these companies to disclose any individual listings can lead to big fines for each offense.

In conclusion...

It has been a busy year in the New York real estate market already. Big players, buyers, and developers haven’t been shy. In fact, we continue to see a run of aggressive new projects coming onto the market, some with even larger price tags. Brooklyn continues to be one of the biggest beneficiaries of this action and is receiving much of the investment capital. Rents have been blown around by a variety of factors, though have been kept up by attractive leasing deals. Inventory may be growing, though there are many economic factors which could impact the direction of the market through the end of the year.

Well, that’s it for this month’s roundup. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com.

Thanks again to our sponsors, The Ratner Team, and SpartanRenovations.com for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the New York Real Estate Market Update

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, the data shows the Brooklyn rental market has kept its gains over the last year, even though rental prices appear to have lost some of their momentum from July. This is not uncommon in the fall, after the busier summer leasing and home buying season.

Among the most notable stats over the last month were the 8.1% increase in studio prices Prospect Leffert Garden, and 6% rise in Downtown Brooklyn one-bedroom rental prices.

Last month the most expensive rentals leased were all in DUMBO, and the least expensive was all in Bay Ridge.

Month over month, Price per square foot rose by 0.5%. Listing inventory fell by 3.9%, and days on market fell again to just 26 days on average.

Year over year, the Brooklyn rental market appears to be in even better shape. Rental prices are up an average 1.7% over the same period in 2017. The number of leases being signed rose 0.3%. Inventory is down 24.2%, marketing time has dropped by 14 days. Although concessions are up 21.7%, negotiability and discounts are down by almost 1%.

Now let’s take a look at rentals by unit type:

For studios

The average rental rate was: $2,482

The most expensive leased was: $6,700 per month

The least expensive was: $1,100

The average price per foot is down to $55.97

average unit size is down to 614 square feet

19 studios were No Fee, and 141 were Fee apartments

Month over month changes saw rents down 0.6%, and price per square foot declined -2.5%

Units with elevators rented for just $39 per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of around $500 per month to rents last month.

Units with full-time lobby attendance are renting for around $200 a month more.

Having a laundry in the building added around $300 a month to rental rates.

For 1 bedrooms...

The average rental rate was: $2,850

The most expensive leased was: $7,500

The least expensive was: $800

The average price per foot is up slightly by 2%

The average unit size is down to 771 square feet

2, 1 beds were No Fee, versus 80 Fee apartments

Month over month rents are down 1.8%

year over year rents are up 1.2%

No fee 1 bedrooms rented for almost a $600 less per month.

Having a laundry in the building saw 1 beds renting for $4 more per square foot

Units with NO private outdoor space are renting for around $300 less per month

The difference in rents for elevator versus walk-up units is almost $600 per month

Units with gyms rented for $8 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $600 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average rental rate was: $3,552

The most expensive leased was: $6,825

The least expensive was: $1,750

The average price per foot is $45.53

average unit size is 1,000 square feet

4, 2 bedroom apartments were No Fee rentals, versus 79 Fee rentals

Month over month rents are down 0.3%

Year over year they are up 2.6%

Having a laundry in the building added $5 per square foot to the rent last month

Those WITH private outdoor spaces rented for $2 more per square foot

A 2 bedroom with a gym in the building is renting for over $1,000 more per month

Those with full-time lobby attendant are renting for around $1,400 more per month.

There is around a $1,100 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

The average rental rate was: $4,257

The most expensive leased was: $8,500

The least expensive was: $2,300

the average price per foot was at $42.60 in August

The average unit size is 1,151 square foot

1, 3 bedroom rental was No Fee, versus 32 rentals with Fee

Month over month rents are down 10.1%

year over year rents are UP 3.7%

No FEE apartments rented for around $4,000 MORE than fee apartments last month.

Those with gyms rented for $17 more per square foot.

Having a laundry in the building made a $2 difference per square foot last month

Units with no private outdoor space actually rented for $72 more in August 2018

Elevator apartments rented for $13 more per square foot last month

Having a full-time lobby attendant made a $20 per square foot difference

In summary…

What the break down in this data shows Brooklyn landlords, is that the market is still strong. Perhaps stronger than many realized. While month over month data shows Brooklyn rentals might have been a little hotter in June and July, year over year figures show growth overall. Any negative data is quite likely a reflection of seasonal changes. Positive movements in inventory and marketing time show that well priced and marketed units, with attractive deals are still leasing within a reasonable period of time.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Make sure you check out our vendor section for all the best resources you need for renovating, financing, managing and protecting your real estate assets in New York.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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Welcome to the New York Real Estate Market Update

www.NewYorkMarketReports.com

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, the data shows the Brooklyn rental market has posted some great gains. Probably even better than most think. Although the resulting reduction in rental inventory also happens to directly mirror the increase in concessions being offered by landlords..

Overall, it’s been a very strong month. Brooklyn rental prices rose by an average of 5.5% in July 2018.

Among the most notable stats over the last month were the 23.5% increase in new 3 bedroom leases being signed, and 6.3% rise in luxury rental unit leases.

Month over month, Price per square foot rose by 3.5%. Listing inventory rose by 4.8%, and days on market held steady at 27 days on average.

Year over year, Brooklyn rentals appear to be in much better shape by many measures. Rental prices are up an average 5.5%% over the same period in 2017. The number of leases being signed rose 11.2%. Though more landlords have been offering more appealing deals to lure tenants this year. Concessions are up 19.3% since last year.

Now let’s take a look at rentals by unit type:

For studios

The average rental rate was: $2,498

The most expensive leased was: $8,000 per month

The least expensive was: $1,350

The average price per foot is $57.40

average unit size is up to 637 square feet

23 studios were No Fee, and 149 were Fee apartments

Month over month changes saw rents down 0.6%, and price per square foot declined -2.4%

Units with elevators rented for almost $500 per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of around $600 per month to rents last month.

Units with full-time lobby attendance are renting for around $500 a month more.

Having a laundry in the building added around $100 a month to rental rates.

For 1 bedrooms...

The average rental rate was: $2,903

The most expensive leased was: $7,495

The least expensive was: $1,200

The average price per foot is up slightly by 0.3%

The average unit size is up to 779 square feet

13, 1 beds were No Fee, versus 170 Fee apartments

Month over month change rents are up 4.8%

year over year rents are up 5.6%

No fee 1 bedrooms rented for $15 more per square foot than fee apartments last month, for almost a $1,000 difference per month.

Having a laundry in the building saw 1 beds renting for $4 more per square foot

Units with NO private outdoor space are renting for around $300 less per month

The difference in rents for elevator versus walk-up units is almost $700 per month

Units with gyms rented for $9 more per square foot last month.

Buildings withfull-timee lobby attendants are renting for almost $900 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average rental rate was: $3,564

The most expensive leased was: $1,899

The least expensive was: $8,500

Average price per foot is $44.74

average unit size is 1,019 square feet

2, 2 bedroom apartments were No Fee rentals, versus 130 Fee rentals

Month over month rents are up 5.4%

Year over year they are up 2.9%

Having a laundry in the building can added $5 per square foot to the rent last month

Those WITH private outdoor spaces rented for $5 more per square foot

A 2 bedroom with a gym in the building is renting for almost $700 more per month

Those with full time lobby attendant are renting for around $1,400 more per month.

There is around a $1,100 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

The average rental rate was: $4,735

The most expensive leased was: $11,900

The least expensive was: $2,099

the average price per foot was at $44.17 in June

The average unit size is 1,235 square foot

2, 3 bedroom rental were No Fee, versus 50 rentals with Fee

Month over month rents are down 1.8%

year over year rents are UP 13.6%

No FEE apartments rented for around $1,000 less than fee apartments last month.

Those with gyms rented for $21 more per square foot.

Having a laundry in the building made a $9 difference per square foot last month

Expect to get as much as $1,100 more per month for units with private outdoor space

Elevator apartments rented for $9 more per square foot last month

Having a full time lobby attendant made a $10 per square foot difference

In summary…

What the break down in this data shows Brooklyn landlords, is that the market is still strong. Perhaps stronger than many realized. While month over month data shows Brooklyn rentals might have been a little hotter in June, year over year figures show great growth. Still, some of this is definitely due to many landlords are concessions and offering leasing specials.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Plus, make sure to check out the special edition of the Brooklyn Made blog revealing what’s in store for Brooklyn real estate for the next 100 years, including what’s being developed where, and the types of projects and zoning the Brooklyn Chamber of Commerce is pushing for.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month we’ve seen more big real estate moves in play, and see developers marching on with new projects that will continue to change the skyline and living trends over the next few years. Yet, the data continues to show the market is changing.

In the commercial real estate headlines...

It’s becoming harder and harder to deny or ignore the fact that the US real estate market seems to have turned. Despite a strong economy and still bullish stock market more data is showing up across the country, suggesting we passed a new peak.

It seemed to start with declining rents in San Francisco, followed by hitting Manhattan and The Hamptons. Now parts of Florida are revealing foreclosures has been growing month over month again. In some cases by as much as 59%.

US home sales fell for the fourth month in a row in July. CNBC reports luxury homes sales in New York City continue to drop in response to new tax laws and declining demand from international buyers.

Still, Manhattan remains home to America’s most expensive real estate. Prices can top $10,000 per square foot. That’s more than double of any others, including frothy San Francisco. However, Manhattan inventory has hit an all time high as of May 2018, and has grown at the fastest pace on record. This surge in residential inventory has also subsequently caused the most price cuts since 2010. 28% of Manhattan property listings slashed prices in quarter two 2018. 21% of Brooklyn properties saw a price cut last quarter.

The slowing market has even hit the former home of Jordan Belfort the ‘Wolf of Wall Street’. After failing to sell with one broker the property has been relisted with a 15% price cut. The $510,000 in savings gives it a new price tag of just $2.89M. Not bad for a Long Island home with 5 bedrooms, 8 bathrooms and over 8,000 square feet of living space.

While new construction may have been faring better than existing properties, those sales fell by over 5% between May and June 2018 as well. The National Association of Home Builders is also reporting that builder sentiment dropped to its lowest point in a year in August 2018. Buyer traffic is also down 2% according to the NAHB, which could signal more weak sales data to come later in the year.

SL Green has continued to liquidate commercial assets in New York City. After an April deal to exit a Broadway property for $633M,SL Green has now agreed to sell its 48.9% stake in 3 Columbus Circle for over $200M. The firm has said it aims to buy back its own stock versus making more acquisitions.

Owners of a 21st floor super-unit in the Central Park Trump Park building may soon seen their property hit the auction block. The New York Post reports they are currently owe over $99,000 in back taxes. That’s in addition to over $9,000 in back taxes on a unit in the building they exclusively use as a gym, and over $34,000 in past due association dues.

If you are in the mood to collect Trump branded real estate, a unit right below the president’s in Trump Tower just went on the market for a modest $25M. The unit offers 6,000 square feet and five bedrooms. Of course, you might have to jump through a lot of security checks and even compete with the president himself to be the next owner.

If that’s not presidential enough for your tastes, then you can always drop $39M on the mansion in the sky at Trump World Tower. You’ll gain an extra bedroom, have over $7,000 square feet, and most importantly, 360 degree views. It already boasts some pretty fine finishes, though you might as well drop a few more million to decorate to your own tastes.

If you’re just visiting the Big Apple, then it’s worth checking out the Empire State Building’s new Art Deco observatory entrance. It won’t be fully complete until 2019, but the work is already looking amazing. Efforts are being made to reduce wait times, though a new VIP lounge could help you enjoy the journey more, if you are willing to pay for it.

In other news, real estate professionals, builders, sellers and lenders just got a big wake up call from HUD. The government is now going after Facebook for allowing advertisers to use its platform to target real estate advertising towards different groups. This is considered a breach of fair housing laws. If HUD or the CFPB seek more data from Facebook to track down advertisers based on the targeting options chosen when running campaigns, this could just be the tip of the iceberg in lawsuits and mega fines for thousands of businesses and independent professionals.

The next major target of a lawsuit should probably be Zillow for the monopoly it is amassing. The online giant recently bought a mortgage lending business, has begun flipping houses itself, and aims to be the number one tenant screening and application portal. All while shooting to take a slice of rental payments to landlords.

In terms of real estate design and building trends, two big factors have come to the forefront of planning. One is social engagement. Social isolation has now been deemed as much of a threat to health and life expectancy as obesity or smoking. The other is using more healthy materials as designs to boost overall wellness. From lighting to airflow to materials used from the bedroom floor to the garage, there are a lot of improvements that can be made to improve health. Expect 2019 to 2020 to be much more about health and wellness in design, as being green and tech smart become the expected norm.

For Brooklyn Real Estate News

The L train shutdown effect seems to be showing up in a big way for Brooklyn renters and landlords. National Real Estate Investor reports that Williamsburg rental inventory has jumped by at least 25% over last year as tenants rush to find pads with better commutes. AM NY reports that while rents in Williamsburg are now down an average of $250 per month as landlords scramble to fill vacancies, and as much as $448 for some units, experts are warning rent stabilized tenants to stay in place. It may be getting cheaper for landlords to buy out rent stabilized tenants, and to boost the value of their assets with market rate leases, but it could be hard for movers to find such great deals elsewhere for the long term. This might be a great time for these tenants to find online work and cut out the commute altogether.

Brooklyn is making the new world of remote work even easier too. Over 38% or 2 in 5 workers in NYC are now freelancers. In response the city has sponsored a new freelancing hub in Dumbo. The site will offer free workspace, workshops and other training and consulting.

According to the Wall Street Journal, one Canadian commercial real estate lender is betting big on the Brooklyn office market too. One of Canada’s biggest lenders has pledged a loan of over $200M for a new downtown Brooklyn office building.

Other developers still seem overwhelmingly bullish on Brooklyn too. The City Council just approved a rezoning plan to allow a new 8 building project with over 1,100 apartments in The Broadway Triangle area of Williamsburg.

One Blue Slip, a part of Greenpoint Landing just launched leasing for its 30 story luxury tower. Studios start at $2,600 per month. 3 bedroom units start at $7,950 per month.

In other boroughs

Despite some negative data already covered, sales prices are actually being increased for the new supertall tower at 111 West 57th Street. New records show one two bedroom unit previously listed at $7.5M will now be sold for $15.5M. Also demonstrating the confidence builders have is a dispute with its lead sales agent who is now suing for $30M.

The Rikers Island shutdown is already in play and is expected to result in the building of 4 new jails in the Bronx, Brooklyn, Queens and Manhattan. This could change some neighborhood dynamics in the process. Though it is still a little unclear whether it will actually lower or increase the number of incarcerated in New York City, the majority of whom are sitting in Rikers, waiting for trials and not yet found guilty of anything.

A new 21 story tech training center has the greenlight to go ahead in Union Square with the aim of bringing new tech jobs to lower income workers and strengthening the local workforce and economy.

Citi Habitats reports that the Manhattan rental vacancy rate uncommonly rose to 1.34% this summer. That’s not much of a increase to ease things for renters desperately seeking affordable apartments, but is a stat landlords should keep watching.

Unfortunately, the Waldorf hotel renovations are now expected to extend into next year. On the brightside, now rooms are anticipated to be bigger than many city studio apartments. SO, if you’re ever feeling cramped but don’t have time to getaway, consider a staycation in the city at the Waldorf. The smallest rooms will now start from 650 square feet according to BisNow.

In what could finally be a win for truly affordable housing in New York City, a new Crown Heights building has opened a lottery with units starting at just $938 per month. Unfortunately, income requirements demant tenants earn at least $32,000 to $62,000 per year, meaning they might still have to pony up 50% of their income to get in.

Queens is about to see a new record setting commercial real estate transaction. The Carlyle Group has agreed to pay $284M for a 45 story building in Long Island City.

For Landlords and Investors

For landlords and real estate investors seeking to optimize current debt leverage or expand portfolios capital still appears more than plentiful. There are all types of lenders and funding sources eager to finance real estate investors. Among them are many nonbank lenders, who have increased their market share by 8% in the past 4 years, seeing a 40% increase in originations, and funding of at least $60B last year alone.

Sadly, Market Watch reports that while mortgage rates have actually been heading down, negative trending in the housing market are beginning to have their toll on the wider economy. This is showing up in slow building activity, few sales, low real estate commissions and jobs. This will likely only worsen affordability as workers suffer lower incomes and more unemployment, while property prices and rents remain relatively high in comparison.

In conclusion...

It has been a busy year in New York real estate market already. Big players, buyers, and developers haven’t been shy. In fact, we continue to see a run of aggressive new projects coming onto the market, some with even larger price tags.. Brooklyn continues to be one of the biggest beneficiaries of this action, and is receiving much of the investment capital. Rents have been blown around by a variety of factors, though appear to be solidly marching on. Housing inventory may be growing, though there are many economic factors which could impact the direction of the market through the end of the year.

Thanks again to our sponsors, The Ratner Team, and SpartanRenovations.com for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month we’ve seen some big real estate moves in play, and see developers going all out with new projects that will continue to change the skyline and living trends over the next few years.

In the commercial real estate headlines...

While the latest Brooklyn Rental Market Report shows improvements and ongoing growth in some sectors, and the rent certainly still isn’t cheap in New York, Manhattan is continuing to struggle, especially on the commercial front.

The economy is great, capital is flush, yet despite the fed holding rates steady, we are still seeing some diverging trends in the data and media.

Disney is going all in on New York real estate, with a new deal with Trinity Church for Four Hudson Square. Disney plans to relocate its corporate headquarters to the new site.

In other dealmaker news Z NYC Hotel on Long Island just sold for $43 million. The lot also includes a separate building with 109 apartments in the rear.

3 World Trade Center just made its formal debut on the market. Opening as the city’s fifth tallest building, with 44 elevators, and 80 floors, it is already 38% leased according to AM New York.

On the residential market, One Wall Street is nearing the end of its conversion, with sales expected to begin in the next few months. Current pricing is anticipated to average $3 million for entry apartments, with a triplex penthouse asking over $38 million. Over half of the units will only be studios or one-bedroom apartments. Retail space will include the building having its own Whole Foods supermarket.

Prices at One Wall Street may seem like even more of a steal when you look at the cost of today’s micro-apartments in New York City. Graham Hill who sold his last tiny living space for just under $1 million, just listed a 350 square foot apartment in Soho for $750,000.

Those looking for more of a deal might want to check out The Gallivant hotel in Times Square. The lender is reportedly set to hold a foreclosure sale of the mortgage, and may slash the debt on the property by around half according to the NY Post. This month will also see the foreclosure auction of One Bennett Park. The site has as much as 276,000 square feet to develop for a residential project.

Still, while some older buildings may still be struggling to find the right footing, there appears to be no lack of appetite for redeveloping and constructing new projects in the Big Apple. In fact, data from YIMBY shows an almost 70% surge in development filings in the first half of 2018.

More are in the works too. Like 185 Broadway in FiDi, and pre-filing plans to turn it into a 37 story residential building with 279 apartment units. Another 668-foot tower at 200 Amsterdam Avenue plans to bring 112 new apartment units to the Upper West Side.

New York City is also currently seeking proposals to develop and operate 200,000 square feet of media and film production space at the Sunset Park waterfront.

In other news, the start of the year long closure of the N, D and R subway lines in Brooklyn got off to a rough start, with the MTA relying on Twitter to remind travellers of the shutdown that will last at least until July 2019.

While New York may be far from rolling out an all solar mandate for building like California, a new energy efficient benchmarkand grading system is debuting for commercial buildings in the city. The letter based grade system, which will post ratings publicly on the properties is hoped to put peer pressure on owners to become greener and help reduce greenhouse gas emissions by 80% within the next 32 years.

Proving it still isn’t easy for renters in the city, one Bushwick building just launched a lottery for 3 ‘affordable’ housing units. These one and two bedroom units from from $1,979 to $2,387 per month. Income limits for applicants run from $67,852 to $146,510. That still doesn’t leave much left over for a family bringing in just over $5,000 a month, before taxes.

The Rent Guidelines Board has also voted in a new rent hike that begins this fall. Almost one million rent stabilized tenants in the city could see their rent go up by as much as 2.5%.

Coworking giant WeWork is making waves with a range of new services. That now includes designing office spaces, like UBS’ headquarters. In some good news for real estate brokers, WeWork appears to be reversing any downward pressure on brokerage commissions, by doubling its leasing rates to 20% from the traditional 10.

For Brooklyn Real Estate News

Brooklyn continues to advance with improvements in the rental market, new developments, and capital investment.

Earlier this year we saw some rent discounts due to the L train shutdown, and landlords offering more deals to attract new tenants and sign more leases. That pressure seems to have eased, with rents mostly coming back up again.

The Economic Development Corporation recently unveiled and opened another 500,000 square feet of space at the renovated Brooklyn Army Terminal. As part of a larger 4 million square foot space, the site houses innovative business including a 3D printed clothing company, and is heralded as an affordable location for housing startups and small businesses.

Another skyline redefining Brooklyn office tower just secured the financing to go ahead as well. The 34 story Class A tower at One Willoughby Square in Downtown Brooklyn will receive a $235M from Otera Capital.

Extell, has scored double that, with $530M in new financing for a new condo tower in Brooklyn. The project which is hoped to be completed in 2020, will rise 68 stories, becoming the tallest residential building under construction in Brooklyn right now.

Another luxury apartment conversionon Williamsburg’s North 7th Street is about to launch sales. 29 of the 45 units at the old soap factory site will have private outdoor space. Amenities include a children’s playroom with a view, rooftop fitness center, and additional amenities for purchase such as cabanas and parking spaces.

Dumbo is getting another gourmet market, with Wholesome Farms Market’s third location in Brooklyn being inked at 108 Jay Street. The chain will take on a 3,000 square foot retail condo at the site for 15 years according to the Commercial Observer.

The above activity has certainly added to the borough’s traction. BisNow reports that Brooklyn has seen $4 billion worth of commercial properties trade hands in the first half of 2018. 44% more than in 2017.

In other boroughs

NYC housing inventory has been rising to record levels. Im May, Manhattan inventory rose 16.7% year over year. Brooklyn inventory went up 23.4% and Queens saw listing levels up 42.8%. As a result 1 in 6 home listings saw a price discount.

While the US economy appears strong and growing, these increased inventory levels, high prices and higher property taxes, have even led to declining sales in the wealthy playground of The Hamptons. CNBC reports that quarter two sales fell by almost 13% in the Hamptons. Median home prices dropped by 5.3%, taking the average home price under $1 million.

For Landlords and Investors

New York City landlords are increasingly being pressured to make the most out of every square foot. Rental market reports show distinct differences in rates that various amenities can provide, and which may no longer make much of a difference. Now, between sky high housing costs, taxes and the trend in coliving, landlords are also looking at what they can get for each room. Should they be leasing by the room instead of an apartment? Or even by the bed or sofa? These strategies may boost potential income and help diversify assets, yet they can also be far more property management intensive.

However, New York City landlords still need to be very careful when considering engaging in short term leasing. A new bill passed in July 2018 claims to force Airbnbto had over listing data to authorities who can pursue them for violations with very expensive fines and penalties.

The New York City controller's office has found that upfront move in costs are just too expensive. A study shows many are paying as much as 25% of their annual income, just to move into a new apartment each year. That doesn’t include their ongoing monthly rent. Among the current solutions being worked on is capping the security deposit requirement allowed by landlords to no more than 1 month’s rent.

In conclusion...

It has been a busy first half of the year for New York real estate market already. Big players, buyers, and developers haven’t been shy. In fact, we continue to see a run of aggressive new projects coming onto the market and filing plans. Brooklyn being one of the biggest beneficiaries of this action, and receiving much of the investment capital. Rents have been blown around by a variety of factors, though appear to be solidly marching on. Housing inventory may be growing, though there are many economic factors which could impact the direction of the market through the end of the year.

Thanks again to our sponsors, The Ratner Team, and SpartanRenovations.com for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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Welcome to the New York Real Estate Market Update

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So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, the data shows the Brooklyn rental market has mostly maintained recent gains and should continue to gain steam through the rest of the summer break.

Some of the positive data may be credited to landlords offering better deals and concessions, though everyone should be pleased that the market appears to be on the better ground than at the beginning of the year. The exception may be renters who may not see a break coming in much lower rents.

Overall, Brooklyn rental prices nudged up by an average of 1.2% in June 2018. Overall, almost all of Brooklyn saw a positive month for rentals.

Among the most notable stats over the last month was the 6.3% rise in 3 bedroom rents and 27.4% drop in inventory over the same period last year.

Month over month, Price per square foot rose by 1.1%. Listing inventory fell 3.5%, and days on the market slide again, to just 27 days on average.

Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are down an average 0.1% over the same period in 2017. The number of leases being signed fell by 17.7%. More landlords have been offering more appealing deals to lure tenants this year, but the amount of free rent they are offering has been narrowing over the past 3 months.

Now let’s take a look at rentals by unit type:

For studios

The average price per foot is up slightly to $58

average unit size is down slightly to 539 square feet

1 studios were No Fee, and 31 were Fee apartments

Month over month changes saw rents up 4.1%, and price per square foot jumped 7.4%.

Year over year rents are up 4%

Units with elevators rented for almost $500 per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of around $400 per month to rents last month.

Units with full-time lobby attendance are renting for around $100 a month more.

Having a laundry in the building added around $200 a month to rental rates.

For 1 bedrooms...

The average price per foot is up slightly by 1.1%

The average unit size is up to 730 square feet

11, 1 beds were No Fee, versus 135 Fee apartments

Month over month change rents are up 0.1%

year over year rents are up 1.6%

No fee 1 bedrooms rented for over $12 more per square foot than fee apartments last month.

Having a laundry in the building saw 1 beds renting for $8 more per square foot

Units with NO private outdoor space are renting for around $100 less per month

The difference in rents for elevator versus walk-up units is $600 per month

Units with gyms rented for $11 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $700 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average 2 bedroom apartment in Brooklyn now rents for $3,837

The average price per foot is $45

average unit size is 1,030 square feet

3, 2 bedroom apartments were No Fee rentals, versus 122 Fee rentals

Month over month rents are down 1.7%

But year over year they are up 1.6%

Having a laundry in the building can add $5 per square foot to the rent last month

Those WITH private outdoor spaces rented for $4 more per square foot

A 2 bedroom with a gym in the building is renting for almost $1,000 more per month

Those with full-time lobby attendant are renting for around $1,300 more per month.

There is around a $1,000 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

the average price per foot was at $43 in June

The average unit size is up to 1,260 square foot

2, 3 bedroom rental were No Fee, versus 38 rentals with Fee

Month over month rents are up 6.3%

year over year rents are UP 5.4%

No FEE apartments rented for over $2,000 more than fee apartments last month.

Those with gyms rented for $7 more per square foot.

Having a laundry in the building made a $2 difference per square foot last month

Expect to get as much as $1,800 more per month for units with private outdoor space

Elevator apartments rented for $8 more per square foot last month

Having a full-time lobby attendant made a $9 per square foot difference, with total monthly rent almost $1,600 more for 3 bedroom units in these buildings

In summary…

What the break down in this data shows Brooklyn landlords, is that the market is still strong, but many landlords are making concessions to be able to rent faster and even keep rents heading up. The most growth in rental rates is being seen in existing 3 plus bedroom apartments.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

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Welcome to the New York Real Estate Market Update

www.NewYorkMarketReports.com

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, the data shows the Brooklyn rental market has maintained strength through the beginning of the peak summer real estate season, with more positive data possible as we experience the rush before school starts up again.

Overall, Brooklyn rental prices nudged up by an average of 1.2% in May 2018. Overall, almost all of Brooklyn saw a positive month for rentals, with existing rentals seeing the best performance compared to new development.

Month over month, Price per square foot fell by just 0.7%. Listing inventory fell 4.4%, and days on market slide further, to just 28 days on average.

Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are up an average 0.6% over the same period in 2017. The number of leases being signed also rose by a modest but encouraging 11.4%. While over 42% of Brooklyn landlords are offering special deals and concessions to lure tenants, on average landlords are now giving up only 1.5 months of free rent to new tenants.

Now let’s take a look at rentals by unit type:

For studios

The average price per foot is up slightly by 2.7%

average unit size is down slightly to 549 square feet

18 studios are No Fee, and 141 are Fee apartments

Month over month changes saw rents down 4.2%

Year over year rents are down 1.9%

Units with elevators rented for almost $400 per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of around $500 per month to rents last month.

Units with full-time lobby attendance are renting for almost $700 a month more.

There was only $4 per square foot premium for private outdoor space.

For 1 bedrooms...

The average price per foot fell slightly by 0.2%

The average unit size is up to 742 square feet

6 1 beds were No Fee, versus 163 Fee apartments

Month over month change rents are down 0.6%

year over year rents are up 2.4%

No fee 1 bedrooms rented for over $600 more per square foot than fee apartments last month.

Having a laundry in the building saw 1 beds renting for $5 more per square foot

Units with NO private outdoor space are renting for around $300 less per month

The difference in rents for elevator versus walk-up units is around $300 per month

Units with gyms rented for $11 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $600 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average 2 bedroom apartment in Brooklyn now rents for $3,442

The average price per foot is up to $43.42

average unit size is 993 square feet

4, 2 bedroom apartments were No Fee rentals, versus 131 Fee rentals

Month over month rents held their value

But year over year they are down 0.4%

Having a laundry in the building can add $9 per square foot to the rent last month

Those WITH private outdoor spaces rented for $7 more per square foot

A 2 bedroom with a gym in the building is renting for $100 more per month

Those with full-time lobby attendant are renting for around $1,30 more per month.

There is over a $1,000 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

the average price per foot was at $40 in May

The average unit size is up to 1,273 square foot

2, 3 bedroom rental was No Fee, versus 45 rentals with Fee

Month over month rents are down 5.8%

year over year rents are UP 5.2%

No FEE apartments rented for almost $1,500 more than fee apartments last month.

Those with gyms rented for $12 more per square foot.

Having a laundry in the building can make a $6 difference per rent per square foot

Units with private outdoor space rented for $1,300 more per month in May

Elevator apartments rented for $12 more per square foot last month

Having a full-time lobby attendant made a $3,000 more per month difference for 3 bedroom units in these buildings

In summary…

What the break down in this data shows Brooklyn landlords, is that the market is still strong, but many landlords are making concessions to be able to rent faster and even keep rents heading up. Over 40% are leasing with some type of special incentives. The strongest segment of the market last month was existing 2 and 3 bedroom apartments versus new developments and studios.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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New York Real Estate Market Updates

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Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the 1st quarter of 2018. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on a rise compared with same quarter last year. Brooklyn’s Multifamily market rose 18 percent from 2017’s first quarter reports, with sales volume this quarter coming out at $1.3B. Square-footage pricing also increased, up 18% percent from last year to $397 dollars on average. Average selling price went up, to $366,000 – a difference of 18% percent from this time last year. Total transactions were a bit less, down 7% percent to 436 in 2018’s first quarter.

The Multifamily market is trending progressively higher in the past years first quarter. Brooklyn’s top sales are still numbers to marvel at. The top sale of 2018 can be found in Prospect Heights: 461 Dean Street sold for a cool $156,000,000 in March. At a $468 a foot

Even that enormous price, however, doesn’t garner many square feet in the most opulent neighborhood of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows:

Carroll Gardens, with townhouses, brownstones & beautiful parks, tops off the list at an average of $910 per square foot. Cobble Hill comes in second at $856, with Boerum Hill coming in third at $758. Park Slope listed at $696 per square foot, Williamsburg at $626, Brooklyn Heights at $570, Prospect Heights at $558, Clinton Hill at $483, Greenpoint at $479 and, tenth but certainly not least, the Fort Greene area averaged in at $450 per square foot.

Bed-Stuy was the winner for the highest volume of Multifamily sales this quarter again at 61 total sales, with East New York close behind at 40. Bargain hunters, check out Bensonhurst attractive average price per square foot, just $180.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

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Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

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New York Real Estate Market Updates

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Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the 1st quarter of 2018.

Manhattan’s iconic skyline is home to millions, but the Multifamily market is still steadily suffering a decline – both across the borough and across the city. Sales volume this quarter totaled $1.6 billion: A shocking 52% percent increase over last year’s Q1 sales volume. Square-footage pricing continues to fall, down %35 percent from 2017 to an average of $584. Average selling prices in Manhattan have slightly decreased, down 14% percent from last year’s records and coming in at $506,000 across the island. While total transactions have increased 4% percent, with just 112 sales in the 2018’s first quarter, sales are still as lucrative as expected from this vibrant borough.

Though Manhattan’s volume market is trending down, the top sales numbers still rival the skyline in height. 1stQuarter’s top sale is located in the Manhattan Valley, where 122-178 West 97thStreet sold for a striking $287,000,000. A three-building, 420-unit Upper West Side rental complex known as Stonehenge Village. Sources said that the buyer, A&E is planning a long-term hold of the complex. The properties are 98 percent occupied, with a mix of free-market and rent-stabilized tenants. The complex has frontage on West 96th and 97th streets and Amsterdam Avenue in the Upper West Side’s Manhattan Valley neighborhood.

At just $570 per square foot or $637,000 per door, that sale doesn’t even begin to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter:

Lower East Side tops off the list at an average of $1,181 per square foot. Chinatown comes in second at $1,087, with Little Italy a close third at $941. Upper West Side listed at $838 per square foot, Yorkville at $822, Manhattan Valley at $585, East Harlem at $471, Harlem at $449, East Village at $344. Tenth but certainly not least, Washington Heights area averaged in at $250 per square foot.

Harlem was the neighborhood with the highest volume of multifamily sales in Q1 2018 again, with 27 total transactions. Both East Village and Manhattan Valley followed close behind, claiming 11-12 sales each. Bargain-seekers should consider looking in Hudson Heights & Inwood, as the average price per square foot was only $205 at the beginning of the year despite growing interest and activity in the neighborhood.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

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New York Real Estate Market Updates

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Manhattan’s grandiose allure of culture, history, and business continues to hold an enviable position in the real estate world for buyers and sellers alike. In our residential report, we’ll give you averages first, but keep listening for this quarter’s record high sales.

With an average selling price of $1,933,198, Residential Manhattan’s prices continuing to drop over last year’s 1st quarter. Average price-per-square-foot, fell, this time by an astonishing 18.5% percent down to $1,697 dollars, from $2,083 a foot in Q1 2017. Residential sales may be steadfast as ever, but purchasers are getting more and more floor space for their buck.

Total transactions tallied in at 2,180 this quarter, down -24.6% percent from a total of 2,892 sales in Q1 2017. Sales may be dropping, so are the prices, and we expect Manhattan to maintain this trend downtrend for at least till the end of the year. This downtrend is happening due to a combination of an oversupply of new condos in some areas, increasing interest rates and new regulations for foreign buyers along with consumer uncertainty to where the market is heading…

The average sale pricing of new development condos dipped 14.1% percent in this final quarter to $4,038,067 – last year, that number was much closer to $5 million. Prices in this market are declining but the time it takes to sell is decreasing, albeit slightly: the average time a development spends on the market is up around 213 days, compared to last year’s data of 225 days.

The verdict for Manhattan’s existing condominium sales is only marginally more cheerful than new developments, with a 10.9% percent decrease from 2017. Average sale price for these properties ran around $2,676,281 in Q1 2018, compared to $3,004,098 dollars in 2017. However, the market time for existing condos has decreased by a few days, averaging 131 days.

Co-op sales jumped just 9.6% percent this quarter, reporting an average sales price of $1,361,409 dollars in 2018. Market time increased fractionally as well, coming in at 86 days from 85 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.

Of course, even with a 15.1% percent decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $7,944,440, a rather steep dive from last year’s average of $9,360,794. This market is proving to reward those who may lack patience, however, as selling time is dropping: luxury properties were on the market for only 220 days this quarter, compared to nearly 290 days in Q1 2017.

Across the board, the average recorded price discount was 1.3% percent.

Now for the top sales numbers for May 2018:

The well-known neighborhood of Carnegie Hill topped May’s single-family residential sales. The amazing Upper West Side single-family townhouse at 113 East 79th Street sold for $30,000,000 – about $7,054 dollars per square.

In Central Midtown, the record condo sale for this May goes to 157 West 57th Street #85 that finalized for an almost incredible $53,967,250.

This recently-completed new development condo masterpiece is rising to over one thousand feet above midtown Manhattan, ONE57 elevates New York living with the longest South-to-North views of Central Park ever offered in private residences. Walls of glass illuminate expansive homes of extraordinary scale and light. A lifestyle enhanced by the exceptional personal service of Park Hyatt’s new five-star flagship hotel. Pritzker Prize-winning architect Christian de Portzamparc creates a landmark among landmarks that has forever redefined luxury living in New York.

This May’s top co-op sold in Lenox Hill again for an astonishing $24,500,000

For bargain-seekers who still want Manhattan real estate, Washington Heights & Inwood are currently the least-expensive residential areas on the island – each square foot costs on average only $628 dollars. Average condos in these neighborhoods sold for $455,250 dollars, with average co-op sales only slightly lower at $450,000 dollars.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

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New York Real Estate Market Updates

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In our Brooklyn report, we’ll keep you up to date with the average residential sales in this sprawling borough of historic brownstones and row houses. Keep listening for the record-high sales this quarter.

Residential average sales prices in Brooklyn a bit lower over last year’s reports, with 1.2% percent decrease over 2017. Median sale prices grew 3.2% percent to $795,000, and in this quarter, we saw a decline of -13.9% percent in the number of transactions, totaling 2,411 in 2018 compared to 2,627 in Q4 2017. If you’re looking for robust market growth, Brooklyn is where you’ll find it.

New Development Condo sales this 1st quarter sold for $1,324,707 with an average $1,173 dollars per foot comparing to $1,265 last year. This was a -7.3% percent decrease in price per foot from the same quarter last year, when the average sale price was $1,613,137. The average sales price saw a decline of -17.9% from last years first quarter, decreasing from $1,613,137 to $1,324,707. According to this quarter’s reports, these properties are substantially less time on the market: this year it took an average of 104 days to sell a new development property, versus 147 days in Q1 2017.

Existing condo sales prices are on a slight decline. The average condo sales price in the first quarter of 2018 was $1,045,015, a dip from $1,203,255 last year. A -13.2% percent decline from the first quarter last year. The average market pace for these properties decreased: 90 days this year, versus 101 days in 2017.

Co-op sales prices rose this quarter, selling at an average price of $575,917 dollars—an increase of 10.3% percent from last year’s reports of $521,953 dollars. Also optimistic for this market is the fact that selling time has decreased: co-ops sat on the market for only 79 days, as opposed to last year’s number of 87 days in the same quarter.

1-3 family homes performed similarly, with an average increase in price and a decrease in market time. This quarter, the average 1-3 family home sale price was $1,106,656, up 5.9% percent from $1,045,305 last year. Houses also sold in 19 fewer days; properties, on average, were only on the market for 80 days, versus 99 days last year.

In the Luxury Market this quarter, the average luxury property sale price was $2,788,647. That’s a slight decrease, down -3.7% percent from last year, but these properties also sold in fewer days, only on the market for 103 days, versus 130 last year.

Across the board, the average recorded price discount was 2.1% percent.

Now, to Brooklyn’s top May 2018 residential sales:

The top single-family sale in Brooklyn this May can be found in the Brooklyn Heights. The selling price of 140 Columbia Heights was an incredible $15,500,000 – about $2,191 dollars per square foot. An enormous 25-foot-wide structure, this historic, landmarked townhouse is completely renovated and offering breathtaking Sunset River, Manhattan Harbor & Skyline Views.

Brooklyn Heights took the top condo sale of the quarter at 90 Furman St #210, which sold for $4,636,449. This modern condo has a luxurious, spacious design with timeless appeal – well worth the $1,604 per square foot. The residents have access to countless amenities, including two 24-hour attended lobbies, valet parking, two fitness centers, a meditation studio, a resident event space, pet-wash, refrigerated storage, playroom, and bike storage. Electric car charging station will be available in the Pierhouse garage for residents' use.

Brooklyn Heights is breaking all the records this quarter. Winning a record sale for the top co-op this May at $3,875,000/ Located at 138 Columbia Heights #2.

For bargain territory, head to Flatlands, Coney Island, & East Flatbush. These least-expensive residential areas in Brooklyn had a median price-per-foot of $358 this May. Single-family homes averaged just $384,554. As far as Brooklyn is concerned, that’s a steal.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Thanks for listening.

Resources:

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Our Proud Sponsors:

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Welcome to the New York Real Estate Market Update

www.NewYorkMarketReports.com

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, the data shows the Brooklyn rental market has maintained recent gains as we move through the peak spring and summer real estate season.

Overall, Brooklyn rental prices nudged up by an average of 0.18% in April 2018. Overall, almost all of Brooklyn saw a positive month for rentals. The few exceptions where some minor softness was seen include Williamsburg, Cobble Hill, DUMBO, Brooklyn Heights and Bushwick.

DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.

The most affordable rental apartments are being seen in Bay Ridge.

Among the most notable stats over the last month was the almost 7.2% rise in rents in Prospect Lefferts Gardens. Followed by a 6.52% rise in Crown Heights, a 6.19% increase for 2 bedroom apartments in Downtown Brooklyn and a 6.1% bump up for Clinton Hill studio prices.

Month over month, Price per square foot fell by 1.1%. Listing inventory rose 7.1%, and days on market slide further, to 29 days on average.

Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are up an average 1.5% over the same period in 2017. The number of leases being signed also rose by a modest 1.6%. That’s despite an almost 40% rise in OP and concessions. On average landlords are now giving up almost 2 months of free rent to new tenants.

Now let’s take a look at rentals by unit type:

For studios

The average price per foot is up slightly to $55

average unit size is up slightly to 650 square feet

23 studios are No Fee, and 124 are Fee apartments

Month over month changes saw rents up 5.4%, though the price per square foot dropped 2.2%.

Year over year rents are down 0.7%

Units with elevators rented for almost $400 per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of around $500 per month to rents last month.

Units with full-time lobby attendance are renting for almost $300 a month more.

There was only a minor premium for outdoor space.

For 1 bedrooms...

The average price per foot is up slightly at $48

The average unit size is up to 722 square feet

12 1 beds were No Fee, versus 143 Fee apartments

Month over month change rents are up 3.1%

year over year rents are up 2.5%

No fee 1 bedrooms rented for over $500 more per square foot than fee apartments last month.

Having a laundry in the building saw 1 beds renting for $8 more per square foot

Units with NO private outdoor space are renting for around $300 less per month

The difference in rents for elevator versus walk-up units is $600 per month

Units with gyms rented for $11 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $700 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average 2 bedroom apartment in Brooklyn now rents for $3,165

The average price per foot is $41

average unit size is 941 square feet

4, 2 bedroom apartments were No Fee rentals, versus 226 Fee rentals

Month over month rents are down 1.9%

But year over year they are down 3.1%

Having a laundry in the building can add $5 per square foot to the rent last month

Those WITH private outdoor spaces rented for $3 more per square foot

A 2 bedroom with a gym in the building is renting for almost $800 more per month

Those with full-time lobby attendant are renting for around $150 more per month.

There is around a $400 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

the average price per foot was at $35 in April

The average unit size is up to 1,061 square foot

1, 3 bedroom rental was No Fee, versus 99 rentals with Fee

Month over month rents are down 0.5%

year over year rents are UP 2.9%

No FEE apartments rented for almost $3,000 more than fee apartments last month.

Those with gyms rented for $22 more per square foot.

Having a laundry in the building can make an $18 difference per rent per square foot

Expect to get $150 more per month for units with private outdoor space

Elevator apartments actually rented for $5 less per square foot last month

Having a full-time lobby attendant made a $30 per square foot difference, with total monthly rent almost $3,000 more for 3 bedroom units in these buildings

In summary…

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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Welcome to this Special Edition of Our News Report.

We are celebrating our 1 year anniversary with this special report on Brooklyn, local development, the economy and how the borough is being shaped for the next 100 years.

Thank You!

Thank you for listening, reading and being a part of our mission here at Brooklyn Made.

Over the past year, we’ve been so lucky to have enjoyed a booming audience of intelligent and caring people who want to learn more about Brooklyn, support local businesses, serve their neighbors and invest in making this borough even better for tomorrow and the next generation.

We’re so grateful to have helped so many local businesses and entrepreneurs gain more visibility and credit for their dedication, and connect them with so many who have benefited from their help.

It’s also been so exciting to see how many of you have invested yourselves in building up the community, and have been rewarded well for your efforts.

Over the last 12 months, we’ve brought together much of the best of Brooklyn in our Brooklyn Made Blog, Podcast, and Resource Website.

If you haven’t had a chance to fully explore it yet, today is a great day to do it:

● The Brooklyn Made Show features many local business owners and experts, including great artists, designers, architects and renovation specialists.

● Our New York Real Estate Newscast tracks what’s happening in the local market, and where the investment opportunities are.

● On our Vendors tab, you’ll find great local merchants from home services contractors to finance professionals, home automation consultants, and local furniture stores.

● In our resources center, you’ll find our recommended providers for filing your own business, identity protection, creating a website, and finding a coworking space in Brooklyn.

● With network thousands of listeners, readers, viewers, and connections interest in our Brooklyn updates, we also offer exciting advertising opportunities for you to get your own venture in front of locals. Just pick up the phone and ask us how we can help.

Whatever you do, don’t forget to share the things you love best about Brooklyn Made with others. Send them a link by email, and share it on your social media. We’re all better when we work together. Our email address is Contact@BrooklynMade.Blog.

Coming Up in this Show…

In this special anniversary edition we’ll be celebrating Brooklyn, how far we’ve come, and looking ahead at what’s next.

Including:

● The next 100 years in Brooklyn

● Comprehensive Economic Development Strategy (CEDS)

● Our shared goals of retaining, attracting, and future proofing Brooklyn businesses, equipping locals for future jobs and enhancing vitality in neighborhoods

● Recent successes and existing business

● The challenges Brooklyn and Brooklynites face ahead

● Our need to be proactive in shaping the future

● Plans and ideas submitted by hundreds of local business experts and entrepreneurs on how we can craft a sustainable and successful borough for everyone

Special Acknowledgements

Before we dig into the data and unveil some of what’s planned for Brooklyn, the opportunities, and how you can play a part we’d like to take a moment to acknowledge and thank everyone that has been a part of this.

That definitely includes you. Because without you, your loyalty and shares we wouldn't be able to have the impact we do.

It definitely includes our whole production team. Without whom none of this would be possible either. We are constantly working to improve the experience, but couldn’t do it without our video and audio team, designers, writers, and editors. That includes all the great people who work so hard at our vendors making, improving and maintaining the framework of our sites and podcasts too.

Special thanks to all of the local Brooklyn business owners, entrepreneurs, and leaders who have generously shared their insights, tips, knowledge, and workings with our audience too.

We could spend an hour listing them all, but some of the most recent include:

● Haim Shemesh

● Barry Koven

● Joseph Feldman

● Barbara Biziou

● Dmitry Gutman

● Maurice Frumkin

● Joe Ginsberg

● Anthony Grevstov

● Claire Brown

We can’t forget Spartan Renovations or Brooklyn’s leading real estate experts at The Ratner Team, including David Ratner, Jessie Torres and the rest of the team.

For the data and research we’ll be covering in this special report we also thank all those involved in participating, contributing their ideas, and compiling the information.

That includes:

● The Brooklyn Chamber of Commerce

● The United States Economic Development Administration

● Brooklyn Alliance Capital

● All of the Elected and Appointed Officials who gave their time

Where are We at Now?

So, before casting a vision for the future and the opportunities we have, where are we right now? Where is Brooklyn at?

How are we doing, not only in terms of attracting development, trendiness, and high property prices but in terms of growth, strength, sustainability, equitability and creating a resilient destination?

Private employment has grown 5 times faster than population growth between 2010 and 2016 to 596,000 jobs. Of course, that comes on the heels of the weaknesses and losses that may have been experienced around 2008. Some worry that this job creation has also been focused on few concentrated areas, and has mostly been low wage jobs which don’t offer stability or long-term prosperity for workers.

Between 2010 and 2016 Brooklyn’s population grew by 35%, to 2.629M residents. The share of residents with higher incomes may be larger now, but there may still be significant gaps between job openings for higher paid jobs and skills.

Brooklynites are far more educated than before. As of 2016, 45% had a bachelor’s degree or higher. That compares to just 29% in 2012. The percentage of households with an income over $75,000 has grown from 28% to 38% as well.

Unfortunately, an American Community Survey shows that the percentage of Brooklyn residents living below the poverty line has risen too. That’s now at 23%. 5% or 135,000 are NYC Housing Authority residents. So, more people are making more money, but more people are poorer too.

The Brooklyn Economy

There does appear to be a lot of disparity in the Brooklyn economy. That could be a hurdle for long-term growth. Though by examining the fundamentals and making opportune investments and changes, we can create a more equitable Brooklyn. As they say “a rising tide lifts all boats.” Well, at least it should.

According to the Brooklyn Chamber of Commerce, only 34% of local residents also work in the borough. That’s compared to 73% in Manhattan. That may be a red flag in terms of sustainability.

Rapid population growth in recent years has sped up local economic growth. Yet, population growth could be slowing, and that could eventually have an impact on economic growth.

Long commute times, poor connectivity and real estate conditions can be blamed for being a barrier to attracting and retaining workers, and future workers. Infrastructure plays a big part in how jobs and incomes are spread out, or not, and what the future may hold for many Brooklyn neighborhoods.

According to Wikipedia, Kings County is not only the most populous in the state of NY but is already the second most densely populated in the US. On its own, as a city, Brooklyn would be the 3rd more populous in the country after LA and Chicago.

Brooklyn Employers & Jobs

The Brooklyn Chamber of Commerce report shows employment in the borough being dominated by healthcare, government, retail and accommodation jobs. It acknowledges a growth in knowledge industry jobs but maintains it is still a small share of the job market. Though tech, knowledge industries, and some new manufacturing are responsible for high wage growth. Social assistance and healthcare jobs reportedly grew by 36,000 jobs between 2010 and 2016, or by 23%. 75% of those jobs do not require a degree.

Retail and the food services and accommodation industry have produced some of the greatest employment growth over the last decade. Brooklyn has found itself as a hot shopping and culinary destination. Retail added more jobs in the same period than healthcare. New hotel development has been highly controversial, as is Airbnb. Some say hotel development in industrial areas has stolen manufacturing jobs. And new regulations to block development are going into place. Yet, others acknowledge these hotel developments have done a lot more for the economy than old industrial and manufacturing sites. Accommodation and Food Services employment grew by 73% in the same period and generated $2B in revenue in 2016 alone. In addition to 23 new hotels which are expected to be completed from 2016 to the end of 2018, home sharing like Airbnb has generated at least $157M in direct spending that we know about Probably a lot more.

Tourism spending is now up by $10B. Business visitor spending is believed to account for around 30% of this spending.

New apartments are being added too. Over 5,000 new residential units are planned for Downtown Brooklyn by 2022, and 10,000 in Greenpoint by 2019.

According to Industrial and Occupational data the top sectors by average wages paid in Brooklyn are:

Information jobs $100,000
Government jobs $95,500
Professional, scientific and technical $73,000
Manufacturing $52,500
Healthcare $49,000
Retail $37,000
Accommodation and food service $27,500

Food manufacturing added the most jobs in the manufacturing sector at 1,180 between 2010 and 2016. The most grow was in electrical equipment at 202%.

While larger firms with 500 plus employees have been responsible for the most employment growth in Manhattan, smaller employers with 0-29 employees have been responsible for the most job growth in Brooklyn. Wikipedia states that in 2000 91% of local businesses had fewer than 20 employees. By 2014 only 29% had less than 20 employees. More recently, 40% of all employment growth has been attributed to companies with less than 50 employees.

Construction is also a major employment sector these days. The rezoning of Downtown Brooklyn alone has generated over $300M in public improvement since 2004, along with more than $10B in private investment.

Brooklyn also now has over 35 coworking spaces like WeWork. Along with co-living trends, there appear to be many more freelancers and entrepreneurs in Brooklyn today.

The Real Estate Challenges

Brooklyn faces some real estate challenges.

Some owners and investors are enjoying today’s sky-high prices and rents and record amounts of equity. Yet, those same factors present some of the biggest risks and challenges for Brooklyn as well.

High real estate prices and property taxes, along with recent caps put on deducting property taxes can make it difficult to attract and retain workers in NYC in general. This, in turn, creates challenges for the profitability of businesses and the attractiveness of Brooklyn as a location due to the impact on the local talent pool and high wages which must be paid. That could limit quality jobs for existing Brooklynites who would like to stay.

The majority of Brooklyn employers are clustered around major transit hubs. The most active areas are within a half mile of a subway station.

While offshoring isn’t made as much noise about today, many companies are ‘nearshoring’. Meaning they are moving locations to domestic US cities with lower costs.

To provide a full cycle business environment a destination really needs a mix of incubation facilities, Class B and C commercial property, Class A property, manufacturing and back office and warehouse space and more than ever - fulfillment centers.

Brooklyn went through a sizable correction after 2008. A lot of commercial space has been replaced by residential properties and hotel development. With less inventory, commercial rents have spiked.

Since 2010:

● Retail rents are up 30%

● Office rents are up 42%

● Industrial rents are up 70%

Much of the new growth in business in Brooklyn is in the ‘gig economy’. Solo business owners who are working for themselves. Often in freelance, new startups, and ridesharing services. These independent professionals can add hundreds of millions of dollars to the local economy.

However, if they desire to grow they can be hampered by both real estate costs and access to capital. They are often stuck between sources which won’t lend enough, and banks who won’t make smaller loans. Some help is coming in this area.

Including:

● The SBA Community Advantage

● Brooklyn Alliance Capital

● The Brooklyn Fund

● New sources of business lines of credit and merchant advances

The People

Poverty is still a sizable problem in Brooklyn. Much of it is concentrated in areas further from subway stations, major employment centers, and education.

Although education levels have certainly risen in Brooklyn, poverty has still risen too.

Even though it is not a part of this report, this quirk should be alarming or at least a red flag. Many jobs and high growth jobs may no longer need higher education degrees. Massive student debt can also leave many individuals stepping out of higher education at a serious financial disadvantage, which may also limit their mobility.

Today more people live in New York City Housing Authority projects in Brooklyn than the entire populations of other well-known cities in the United States.

Brooklyn’s net population growth has been slowing since 2011. As of 2016 is was lower than the NYC overall average and lower than Queens.

High housing costs may have been driving out some strong workers. So, more than lacking education facilities, degrees or jobs, often the issue today is a gap between the skills the workforce has, and the skills and roles employers need to fill.

The Center for Urban Future conducted a study which reports 1 in 10 NYC jobs could be replaced with automation that exists right now. It is believed that nationally, 80% of jobs could be replaced by automation in the next few years.

In 2016 there was a gap of 59,100 jobs, suggesting one of the biggest problems is training and equipping Brooklynites with the skills they need for higher paying future-proof jobs.

The Neighborhoods

Brooklyn is rich in culture and has 23 Business Improvement Districts and 10 Community Development Organizations all working to make things better. We’re seeing exciting new mixed-use developments that often combine retail and ‘affordable’ housing elements. Like what’s happening with the old Domino Sugar Factory.

There are still challenges too. Just as green space isn’t very evenly spread out through the borough, new investment and developments of the commercial real estate have been very concentrated in certain areas too. New retail space enjoyed the broadest delivery between 2010 and 2016. Office and hotel space was very restricted. Almost exclusively in trending neighborhoods in the northwest. Areas like Downtown Brooklyn, the Navy Yards, Williamsburg, Fort Greene and Red Hook have been some of the biggest beneficiaries.

The Rents

This activity has also driven up apartment rental prices by 30%, changing the demographics and character of many areas. Brooklyn real estate has been so hot that it is now easily on par with Manhattan, despite longer commute times and distance to subway stations.

Internet Connectivity

Internet access is clearly vital to small business activity, education, employment, and closing much of the disparity in Brooklyn. Yet, there is also much disparity in access to the affordable broadband internet.

Currently, there are many areas of Brooklyn where less than 20% of households have access to affordable broadband. Efforts are being made to better level opportunity and digital equity with affordable and free Wi-Fi access.

Weather Risks

Sea level and climate change arguments aside, Brooklyn flood maps show a scary amount of property, development, and people at risk of flooding. Projections expect the most intense hurricanes will increase 50% as well, causing an increased risk of storm surge, wind damage, and flooding. Smart building and intelligent investment will be needed to protect capital invested and vitality.

A Quick History of Brooklyn

Breuckelen started out with Dutch settlement in the 17th century. The Brooklyn Bridge was completed in 1883. It finally became a part of the new consolidated New York City in 1898.

In the mid-19th century, Brooklyn began to get serious about urban development. Starting with the Kings County shore facing Manhattan. In the 1930s Brooklyn became a major industrial supplier to the nation. In the 60s the Bed Stuy Restoration Corporation was founded and became the first Community Development Corporation. In the 80s revitalization began. And in the early 2000s, Brooklyn attracted billions of dollars in investment and grew into a fashionable global trendsetting brand. Today it is famous for its art, shopping, innovation and for its fabulous real estate.

Where Are We Going?

In order for Brooklyn to thrive with people, employers, and great neighborhoods, we not only need great vision but concrete goals, strategy, tactics and to track the right metrics.

Strategic Goals

There are some common goals development organizations are working on that most of us can agree on.

Future Proof Employers & Attract New Ones - so that all sizes of ventures can start, grow and thrive now and in the long-term
Improve Brooklynites Incomes - by equipping them with skills for today’s jobs and businesses with a talent for tomorrow
Enhance Neighborhood Vitality - so that there are housing, transport, and amenities available and Brooklyn businesses still have a good customer base

Success Metrics

Some of the indicators and metrics we may be able to use to gauge success include:

● New jobs and jobs paying over $50k per year

● New business starts in targeted industries

● New commercial space and commercial hubs

● Higher education program completions

● Lower worker turnover

● A decreased gap between available jobs and unemployed workers

● Increased percentage of residents with access to transit

● Increased number of residents with fast and affordable internet

● A higher percentage of residents and businesses protected from flood, weather and utility interruption risk

● Percentage reduction in rent-burdened households

● New mixed-use developments in underserved neighborhoods

● A higher percentage of public open space assets to residents and proximity

● Reduction in pedestrian deaths and injury

● High social and economic activity

Solutions

How do we achieve improvement in these metrics?

The CEDS proposes the following strategies and tactics.

For employer attraction and retention we can:

Unlock new commercial development and office space
Leverage public assets to support new commercial property development
Reduce costs of doing business with new tools - like reforming property taxes and regulation and increasing access to capital

This may include:

● Redefining manufacturing zones for more businesses

● Expanding the industrial development fund

● Rezoning transit accessible commercial districts

● Expanding convention and meeting space

For workforce development we can:

Create education and workforce development programs to match future jobs
Co-locate education facilities with new commercial development

This may include:

● Repositioning publicly owned vacant land

● Redeveloping New York Housing Authority property

● Expanding training for data science and cybersecurity industries

● Better systems for educational institutions to keep updating curriculum

● Helping students with financial costs

For infrastructure we can:

Implement smart transport technology throughout the borough
Leverage connectivity to expand economic opportunity
Strengthen investments and assets with resilience to climate change

This may include:

● New rail projects (BQX, X-Line, Utica, South Brooklyn and Red Hook)

● New ferry service

● Expanding bicycle usage

● New internet service architecture

● Implementing storm surge barriers

● Public-private partnerships for creating green spaces

For housing and neighborhood quality we can:

Use smart city technology to improve delivery of municipal services
Increase density to add more housing opportunities
Preserve and strengthen retail corridors
Create new open space in underserved neighborhoods

This may include:

● Cloud-based tech for sustainability and efficiency

● Rezoning to create more residential housing opportunities

● Incentivizing affordable retail space and eliminating permit requirements

● Creating a new park at the Brooklyn Queens Expressway

Project Clusters

The CEDS highlights several areas for making these efforts in project clusters for maximizing impact and acting as a catalyst for current and future growth.

These new commercial centers are designed to form a ring around Downtown Brooklyn.

They include:

● Downtown Brooklyn

● Brooklyn Wellness District

● Broadway Junction

● Coney Island

● North Brooklyn

● Extension of the BAM Cultural District from Flatbush Avenue to Brooklyn College

Timelines

Implementation of these tactics will take time and a lot of different organizations to pave the way for removing regulatory and economic blocks and adding investment.

State, city and federal organizations would be involved, in addition to private investment.

Various parts of these plans have different timelines:

Short-term (0-5 year) projects include:

● Creating new education and workforce programs

● Reducing the cost of doing business

● Implementing smart city and transportation technology

● Increasing housing density

● Preserving and strengthening retail corridors

Medium term (5-15 year) projects include:

● Unlocking new commercial real estate development space

● Leveraging public assets for new commercial development

● Expanding transit infrastructure

● Leveraging connectivity for a more economic opportunity

● Creating new open spaces

● Fostering cultural innovation

● Strengthening investments and assets from climate events

Long-term (15-30 year) projects include: expanding the educational infrastructure.

What Does it All Mean?

So far we’ve covered an enormous amount of information about Brooklyn. How far it has come, where it could go, the big plans serious organizations have for the borough for the next 100 years. As well as the challenges facing Brooklyn and its residents and businesses today.

We’ve learned about:

● The Brooklyn economy

● Brooklyn employers

● The jobs

● Workforce development

● The real estate challenges

● Neighborhood challenges

● Challenges for renters

● Internet connectivity

● Weather risks

● Brooklyn’s History

● Tracking success Metrics

● 4 strategic goals to act on and invest in

● Key questions to ask and solve

● Potential solutions

● The benefits of unlocking commercial development

● The benefits of leveraging public assets

● Strategies for reducing the costs of business

● Practical methods for tackling future workforce development

● Uses for smart transportation technology and expansion of infrastructure

● And housing and neighborhood quality

So, what does it all mean?

There’s an Exciting Future Ahead for Brooklyn

There are some cities and destinations on the map which may have peaked and have failed or ceased to be as relevant and vibrant as they once were. There a lot of people just along for the ride and perhaps very short-sighted planning.

Brooklyn has long been a rising star. It is already one of the most famous and exciting destinations on the planet. With the participation of many great minds and organizations, their commitment and funding, this may just be the beginning of Brooklyn’s story. There is an exciting future ahead.

One in which Brooklyn becomes an even more important financial center, trendsetter, global destination for visitors, investors and students. A model for sustainable development and an inclusive society which offers a great quality of life to its residents and workers.

If we can implement plans like these we can expect to see:

● A cutting-edge workforce

● Innovative and strong businesses and employers

● Low unemployment

● A global center for industry and finance

● More arts and entertainment and fashionable food

● More retail and vibrant commercial centers

● Better public transportation

● Less poverty

● An engaged community

● More mixed-use developments

● Better land use

● More opportunity

It’s an exciting place to live and the future is even brighter.

The Need to Participate

Of course, in order to realize all of this, and to avoid falling off the track as some places have, and as parts of New York have been threatened with due to high taxes, costs, lack of innovation and great disparity, it is going to take a lot of participation.

We can’t just sit back and hope someone else will do it all.

We can’t just hope that thousands of others will commit themselves, their time, money and lives to creating and supporting a greater Brooklyn. Not without support.

If they aren’t encouraged and supported why would they continue. Especially since it does require some work and sacrifice to conduct studies like this and work to get the enrollment of politicians and government organizations and the buy-in of the public.

The great news is that we all have a role to play in the future of Brooklyn. We each have an opportunity to play a role, and it would be a shame if we miss out on that.

This applies whether you were born here and grew up here all your life, are returning after college, migrated here from the other side of the world or another state, or live somewhere else and just want to invest in this place you love so much, and a model that could be used to create more great smart cities around the world.

How can we participate?

Whatever your strengths, talents, passions, and careers are, there are ways to be engaged. This can include…

● Volunteering at agencies working to improve Brooklyn

● Getting involved in organizations which are conducting studies and strategizing future developments and planning

● Becoming a member of the Brooklyn Chamber of Commerce

● Voting and engaging at every level of these decision-making processes

● Donating to local projects

● Starting and building local Brooklyn businesses

● Helping advance workforce development and education

● Supporting smarter transport and connectivity

● Investing in local real estate and smart commercial property developments

● Financing intelligent developments

● Shopping locally

● Engaging in the community and making a Brooklyn a friendlier and more enjoyable place to live as we go about our everyday lives and business

The Potential Benefits of this New Brooklyn

There are clearly many benefits to living in, participating in, working in, and investing in Brooklyn as these future plans unfold over the next 5 years and 100 years.

It means living in one of the most exciting world cities on the planet.

It means making a great contribution to history and creating a legacy for future generations, here, around the world, and perhaps even ultimately for societies, we plant on other planets.

There will certainly be the pride of ownership of your stake in Brooklyn. Whether that is educating others, being employed in a valuable career, building a great local business, helping to shape the landscape, or owning and investing in Brooklyn real estate.

This can sound like a lot of work and sacrifice. For many, it will be. Yet, that doesn’t mean all of these investments and efforts won’t be highly rewarding and profitable either.

Launching and sticking it out with a business here could prove to only become increasingly profitable as these plans are implemented.

Raising a family here and being involved in the community can pay many dividends.

Directly investing in new commercial developments and operating housing or mixed-use properties could deliver some of the best financial returns you can get, while playing a role in creating a far more prosperous Brooklyn. Something which will not only increase your own net worth, income, and financial freedom but can have a positive impact on your entire family, friends, future heirs and the world.

We hope you are as excited about the future of Brooklyn and what we can do to make a difference today as we are.

Perhaps you want to get behind some of the ideas and plans we covered today. Or maybe you have better ideas to contribute. We’d love to hear from you!

Leave us your comments. Post to our social pages. Or email us.

Maybe you already own a local business or are working on a project and we can feature you on Brooklyn Made. Or maybe you know someone who has been working hard and should be featured on the show. Send them our way!

Once again, we’d like to thank each of you for listening, reading, being involved, sharing and engaging. We look forward to another 100 years of Brooklyn and can’t wait to see the role you all play, along with Brooklyn Made over the next year.

Episode Links:

http://www.brooklynmade.blog/
http://www.brooklynmade.blog/vendors
https://www.spartanrenovations.com/
http://www.theratnerteam.com/
http://download.brooklynchamber.com/TheNext100Years.pdf
http://www1.nyc.gov/site/nycha/index.page
https://www.wework.com/
http://www.crainsnewyork.com/article/20171107/SMALLBIZ/171109940/five-businesses-pick-up-loans-from-brooklyn-chamber-under-new-grant
https://www.sba.gov/sites/default/files/resource_files/Community_Advantage_Flyer_with_Lenders.pdf
http://www.brooklynmade.blog/reale-state-news
http://www1.nyc.gov/site/planning/data-maps/flood-hazard-mapper.page
https://en.wikipedia.org/wiki/Brooklyn
https://www.ny.gov/counties/kings
https://en.wikipedia.org/wiki/Downtown_Brooklyn
http://www.d16brooklyn.com/health-and-wellness.html
https://www.nycedc.com/project/brooklyn-cultural-district
http://www.1031exchangeblog.com/blog/-1031-exchanges-for-renovating-real-estate
http://www.willstrustsestate.com/blog/types-of-real-estate-investment-for-building-a-legacy
https://www.tax.ny.gov/pit/property/learn/proptaxbill.htm
https://www.suny.edu/impact/business/start-up-ny/

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Welcome to the New York Real Estate Market Update

www.NewYorkMarketReports.com

Welcome to the New York Real Estate Market Update

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, the data shows the Brooklyn rental market has continued to thaw out, and is seeing more improvements as we head toward the peak spring and summer real estate season.

Even though some of the positive data may be credited to landlords offering better deals and concessions, everyone should be pleased that the market appears to be shaking off the gloom of last winter. That is with the exception of renters who may not see a break coming in much lower rents.has seen seasonal softness in rentals over the past few months.

Overall, Brooklyn rental prices nudged up by an average of 1% in March 2018. There was still some softness in a few neighborhoods which saw rents down by less than 1%. Those included; Bay Ridge, Bed-Stuy and Williamsburg.

Top performers, include this month include Bushwick, Crown Heights and Prospect Lefferts Gardens again.

DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.

The most affordable rental apartments are being seen in Bay Ridge.

Among the most notable stats over the last month was the almost 16% rise in DUMBO 2 bedroom rental rates, taking the average up by over $900 per month.

Month over month, Price per square foot rose again. This time by 3.5%. Listing inventory rose 1.2%, and days on market slide further, by 8.8%, standing at 28 days on average.

Year over year, Brooklyn rental prices are still not in much better shape. Rental rates are down an average of almost 1.4% over the same period in 2017. The number of leases being signed also fell this month, by over 21%. That’s despite an over 30% rise in OP and concessions. On average landlords are now giving up 1.5 months of free rent to new tenants.

Now let’s take a look at rentals by unit type:

For studios

Average price per foot is down slightly to $52

average unit size is up slightly to 542 square feet

30 studios are No Fee, and 127 are Fee apartments

Month over month changes saw rents fall 4.9%, though price per square foot rose another 1.5%.

And year over year rents are down 9.1%

Units with elevators rented for more than $400 per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of around $600 per month to rents last month.

Units with full time lobby attendance are renting for almost $300 a month more. Less, than last month, though we could see even more digital and virtual assistants and doormen close this gap.

There was only a minor premium for outdoor space.

For 1 bedrooms...

Average price per foot is up slightly at $46.23

The average unit size is down again, to 711 square feet

6 1 beds were No Fee, versus 124 Fee apartments

Month over month change rents are down 1%

year over year rents are down 2%

No fee 1 bedrooms rented for $12 more per square foot than fee apartments last month.

Having a laundry in the building saw 1 beds renting for $4 more per square foot

Units with NO private outdoor space are renting for around $244 less per month

The difference in rents for elevator versus walk-up units is $7 per square foot

Units with gyms rented for $7 more per square foot last month.

Buildings with full time lobby attendants are renting for almost $500 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average 2 bedroom apartment in Brooklyn now rents for $3,004

Average price per foot is $44

average unit size is 827 square feet

3, 2 bedroom apartments were No Fee rentals, versus 35 Fee rentals

Month over month rents are up 1.9%

But year over year they are up 0.1%

Having a laundry in the building can add almost $400 per month to the rent.

Those WITHOUT private outdoor spaces actually rented for $5 more per square foot

A 2 bedroom with a gym in the building is getting $16 more per square foot

Those with full time lobby attendant are renting for around $8,000 more per month.

There is around a $600 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

the average price per foot is down to $36

The average unit size is down sharply to 759 square foot

1, 3 bedroom rental was No Fee, versus 73 rentals with Fee

Month over month rents are down 6.4%

year over year rents are UP 0.8%

No FEE apartments rented for around $2,000 more than fee apartments last month.

Those with gyms rented for $6 more per square foot.

Having a laundry in the building can make a $16 difference per rent per square foot

Expect to get as much almost $1,000 more per month for units with private outdoor space

Elevator apartments rented for $9 more per square foot last month

Having a full time lobby attendant made a $10 per square foot difference, with total monthly rent almost $3,000 more for 3 bedroom units in these buildings

In summary…

What the break down in this data shows Brooklyn landlords, is that the market is still strong, but those who make concessions seem to be able rent faster and even keep rents heading up.

Once again, one of the biggest changes in March was for 2 bedroom rental prices, suggesting that contrary to some media suggestions, NY renters actually want more space. However, most categories seem to have seen size of units being leased shrinking over the last month. That may reflect smaller new construction units coming onto the market.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new rental report every month and sales reports every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Thanks for listening!

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Haim Shemesh is the co-founder of Sunlight Fine Rug Care & Restoration. A company that specializes in Oriental/ Antique rug, wool rug, cleaning repair & restoration as well as furniture restoration.

We discuss everything from how Persian handmade carpets are made to cleaning them and restoring them from bad stains and conditions. He’ll also share with us how to choose the best type of carpet fabric for residential as well as commercial use.

[0:22-0:44] Intro: Today we are joined by carpet expert Haim Shemesh.

[0:44-1:23] Tell us about yourself? I’m 42 years old. I came to U.S 18 years ago when I came to study acting, but ended up getting involved in the rug business and got fascinated by the oriental Persian handmade rugs.

[1:23-1:35] How long have you been in the rug business? Since 2003. I took a few years off then got back in 2006 which makes it 12 years.

[1:35-2:06] Tell us more about your fascination with the art and symbols in different regions and countries in the rug industry? It’s interesting to see the difference in the way they weave the symbols with different elements and technics as well as how they take care of them.

[2:06-4:42] How delicate are the rugs to clean? Persian handmade rugs are very delicate and need special soaps to wash them otherwise using regular ones may cause bleeding of the colors thus destroying the rug.

[4:42-6:10] what are the price ranges for carpet cleaning and caring? The prices are dependent on the condition of the rug. Some need more time and attention than others, but for a regular standard wash prices start from 150 dollar onwards.

[6:10-6:56] Do you do offers cleaning services to people outside Brooklyn since your based here? Yes we do. We have a pick-up and delivery service to clients around areas such as Queens, Hamptons, and long island, and for those far away we accept shipping.

[6:56-8:09] Do you also clean regular carpets? Yes. As a company, we don't only clean fancy Persian carpets, we also clean different types of carpets and do upholstery as well.

[8:33-10:39] What kind of chemicals do you use to clean the carpets? We use soaps and not chemicals that are green seal approved and that have a low pH value. This ensures that the carpet or rug maintains its color and texture after been cleaned.

[10:39-11:59] What’s the difference between residential and commercial clients? Residential clients are more sensitive to their carpets and rugs because they are more valuable compared to commercial ones.

[11:59-14:00] Who are some of your most famous client and places you’ve gone? One of the places I enjoyed the most was a church in Brooklyn where the Father had tapestry and rugs that I saw he really loved and had become quite dirty; that was an honor for me to do for him. Another one was Alec Baldwin who had a banana silk rug that was stained and after cleaning it, he wrote a review back to us and allowed me to post it on our website.

[14:00-16:15] What are some of the things to look for when buying a normal residential carpet? For a wall to wall, synthetic or plashet are the best but also keep in mind the color because some stain easily such as white and off-white. As for aerial rugs, choosing one that has been made from one fabric such as wool is the best when I comes to cleaning. For example, sisal rugs do not absorb the drying process very well and tend to leave water marks when they dry. Others to avoid are the overdyed rugs because once they are washed the colors fade off.

[16:15-16:45] What specials do you have for our listens here in the North east? At the moment we have a 50 dollar coupon and 10% off for new customers. We run promotions now and again too.

[17:38-18-24] How important are the customer’s reviews? It’s important for us because we want to know that we made our clients happy with the work we’ve done.

Contact our guest

Website: www.sunlightfinerugcare.com

Toll free number: 1-888-810-8120

Facebook: Sunlight Fine Rug Care & Restoration

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Welcome to the newest New York Real Estate Update from The Brooklyn Made Show.

This month we’ve seen some big trends and real estate moves in play, and see the market preparing for the peak spring and summer home buying season.

In the commercial real estate headlines

Rents don’t appear to be faring well in New York City this year. What looked like it may have been only a period of seasonal softness, appears to have been extended. All market segments are unique, but asking prices are down, rents are down, and negotiability and concessions are up. This may be an extension of the winter due to ongoing poor weather. Things could spring into action over the next few months and catch up after this correction. Though we may just have to wait and see.

Retail property landlords seem to be especially feeling the pinch this season. Retail rents fell 20% in the first 3 months of 2018. That’s after Manhattan rents fell to their lowest level in 17 years in 2017. Over 209 ground floor rent spaces are on the market, being actively advertised.

Some investors and retailers are taking advantage of this. While Toys R Us and Michael Kors are closing stores, TJ Maxx expanded with the first quarter’s biggest deal at 18,000 square feet on West 57th St. Mango signed the second most expensive lease for 19,000 square feet on Broadway in SoHo according to BisNow. Forever 21 has also announced it is signing a five year lease for 43,000 square feet at 435 Seventh Ave.

Investment activity has still been strong, but not though yesterday’s common channels. The Real Deal reports that investors have been shunning real estate stocks and publicly traded REITs, despite the fact they are trading with discounts as deep as 16.4% below the value of their assets. Instead investors are plowing far more capital into direct investment and private real estate funds. These funds had accumulated $1.2T in real estate by the beginning of 2017, and attracted $71B in new capital over the last year.

Brookfield just bought seven retail storefronts on Bleecker Street in April, where it wants to test out new retail concepts.

While apartment rents in New York have fluctuated as well, there doesn’t appear to be a lot of hope for those looking for affordable housing today.

According to the Department of Housing and Urban Development (HUD) residents are considered rent burdened if they have to pay 30% of their gross monthly income for housing and utility payments. Those who pay 50% or more of their income towards these housing expenses are considered extremely cost burdened. Yet, a report from 6sqft reveals that hundreds of Section 8 tenants are shelling out as much as 80% of their income for rent each month, or more.

New rules could also mean that Section 8 renters have to cough up even more of their own cash to pay for housing. The same goes for those living in New York’s rent stabilized housing. Brownstoner says that efforts to make renters less reliant on government housing subsidies could see housing costs triple under new legislation.

In mid-April, the New York Rent Guidelines Board voted to allow landlords to hike rents on stabilized apartments by up to 3.75%. That’s only around half of what the landlords’ Rent Stabilization Association asked for. Yet, far more than the rent freeze tenants attending the meeting where hoping for.

Fortunately, some affordable housing projects are making it to the market. A new 293 apartment complex in East Flatbush recently celebrated its opening. The project is dedicated to be 100% affordable, with 183 units being dedicated to formerly homeless individuals and families. The building also just won The Urban Land Institute’s 2018 Excellence in Affordable Housing Development.

In other news, what was expected to be the biggest test of cryptocurrencies in real estate so far appears to have fallen apart. The Initial Coin Offering, tied to purchasing the historic Plaza Hotel, which was formerly owned by President Trump for $675M does not seem to be attracting enough investors according to Business Insider.

Bad news for hotel developers. The New York City Planning Commission is blazing ahead with new rules that would limit the ability to build in industrial areas. Both sides have very different opinions on the impact of these developments. Some claim they have stolen jobs and opportunities from those without college degrees. Others point to the data which shows all the jobs and income developments like these have created.

For those looking to score themselves a notable property this month, it’s worth checking out the William Lescaze house. Considered the first modern home in New York City, the renovated and restored townhouse is asking $5M. For those looking for spending more, another of Lescaze’s architectural designs went on the market last year for $20M. The Two family property next door is up for sale for an even cheaper price tag of just $3.95M.

Now, if you thought the NY property tax situation was already bad, those over in Suffolk County, Long Island could be hit far worse in the coming months. Neighboring Nassau County is reassessing all residential and business properties at their new high values. While Suffolk County residents are about to start dealing with new groundwater pollution and sanitation targets. An estimated 75% of properties in the county are not connected to the public sewer system. New units to manage the negative impact cesspools are having on the local water system could cost $20,000 each, plus ongoing maintenance. That may be at least 50% funded by new taxes to offer residents loans to buy them.

In terms of the changing season impacting the real estate market...

The weather has not been kind to the region this winter, with a seemingly endless strong of nor’easters rolling through. By the time they settle down, we'll be rolling right into the 2018 Atlantic Hurricane season which is also expected to be more active than normal.

This storm activity may show up in some slightly dampened sales and leasing figures over the next few months. It is important to keep in mind that these numbers may be more the result of the difficulty in getting out to view property in bad weather, and delays in closings, rather than any reflection of demand for homes, condos, and development sites in Manhattan and Brooklyn.

Property Tax Adjusters limited on Long Island reminds us that this is a more important year than ever to appeal property tax assessments and bills. Deadlines for filing some state and local property taxes and appeals may have been slightly extended this year due to the storms, new tax bill, and the number of property owners expected to file appeals. Check the appropriate deadlines for your county to see if you still have time.

As we move through spring to the busiest time of the year for property sales, this is an important time to reinspect our homes, investment properties and apartment buildings. Inspecting trees, foundations, cleaning out gutters and checking smoke alarms are all basics to be covered.

For Brooklyn Real Estate News

Brooklyn is still perhaps the hottest area of the country. Netflix has even been on the ground shooting new film work. DUMBO is currently working to install an urban fitness trail to give Brooklynites a free workout, complete with workout obstacles. The Business Improvement District is accepting pitches for the design which will be trialed for one year.

The City Council just paved the way for a sprawling new 8 building affordable apartment complex in Williamsburg’s Broadway Triangle area. Out of 1,146 apartments, 287 would be subsidized.

Of course, not all affordable housing projects turn out to be that successful. DNA Info reports that following a lottery last year which attracted 93,000 people to get in line for a shot at 300 units in Prospect Heights, many apartments are still empty. In fact, 100% of some classes of units in the Atlantic Yards are still vacant. The developers are still looking for tenants for the studio to 3 bedroom subsidized apartments which run from a little over $2,000 per month to over $3,000 per month.

The old Domino sugar factory is moving closer to bringing even more green space and affordable apartments to Brooklyn as well. Once complete 700 of the 2,800 new rental apartments will be designated as affordable. The developer has also just released new renderings for the site’s 6-acre waterfront park.

Next to Macy’s in Downtown Brooklyn Studio Gang is developing an iconic new 51 story condo tower, with a refreshing staggered design. The building will host 480 apartments and 55,000 square feet of outdoor and indoor amenities. The same developer is also working on giving the Macy’s building a facelift as well.

The biggest deals in Brooklyn for quarter one this year include:

1 North 4th Place in Williamsburg for $167.6M (40% Buyout)
461 Dean Street for $156M (a modular building)
95 Evergreen Avenue for $120M
670 Pacific Street for $69.2M
1-37 12th Street for $65M

Other new developments in Brooklyn which have filed or received permits include, a 4 story, 8 unit apartment building at 898 Bushwick Ave. 253 Mother Gaston Blvd is also to get a new 16 unit apartment building, just 5 blocks from the Atlantic Avenue subway station.

The proposed 80 Flatbush development with 900 new apartments and 2 new schools still continues to be protested by some, even despite gaining overwhelming 3 to 1 backing from those voting in an online poll.

For coffee lovers, Starbucks has announced it is bringing its brand to Bed-Stuy. Taking over part of the Fat Albert department store, many wonder whether this is the next step in the gentrification of the area, an attempt to secure cheaper labor by the big coffee brand, or just a new place to gather and connect.

In other boroughs

The Bronx looks set to continue its rise in popularity and investment this year. JLL Capital Markets has announced receiving a $41.6M loan to acquire 12 rent stabilized multifamily apartment properties in the Bronx.

New York City’s first soccer stadium also looks like it is coming to the South Bronx. The stadium is part of a larger mixed-use development costing $700M. In addition to the stadium, the development is set to include an 85,000 square foot park, 150,000 square feet of retail, 25,000 square feet of medical facilities and 550 affordable apartments.

Over in Queens Handel Architects have released new images of what will be the borough’s new tallest tower that will rise next to Long Island City’s clock tower. The new 63 story tower will include a play area, fitness center, library and coworking space.

The Winklevoss Twins’ Gemini Trust exchange for digital currencies is expanding its offices in Midtown South, taking their space up to 51,000 square feet.

For Landlords and Investors

If you really want to upgrade your properties, a report from the New York Post reveals some of the high-end materials being built into New York City Properties.

They include:

Numidian marble
Swarovski crystal encrusted wallpaper
24 karat and gold leaf ceilings
Wood from recycled vintage wine barrels

The one big issue now is that many Brooklyn and NYC real estate owners, renters and investors are just getting tired of the high prices and even higher taxes. They see how high the market is now, and see it as a good time to move, or at least their capital somewhere else.

For New York landlords dealing with vacancies, there are always creative solutions. It could just be a matter of deploying the right broker to handle things. It could be Airbnb or opening up basement apartments for extra rent. Or it could be partnering with corporations for corporate rentals.

Some are investing in and moving to California and Florida for the weather. Many others are moving to Ohio cities like Cincinnati and Cleveland in order to get far more home for their money and to get started acquiring rentals properties. CNBC says that over 800,000 people from California and New York are about to flee new higher taxes.

In conclusion...

It has been a busy quarter in the New York real estate market already. Big players, buyers, and developers haven’t been shy. In fact, we continue to see new plenty of new projects coming onto the market. Rents have been blown around by a variety of factors, though sales appear to remain strong, and capital bullish on all major New York boroughs.

Spartan Renovations is a leading NYC firm specializing in architectural and engineering design, project design and management and general contracting services.

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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Geoffrey Cobb is the author of the book Rise and Fall of the Sugar King which shows what it really cost to create the sugar industry. He’s got touching stories of how Henry Havemeyer would stop at nothing just to see his company thrive. We discuss how this has personally affected him and we’re sure from this, you won't be able to view sugar the same way.

Buy The Book

[01:48-2:25] Intro: Today we are joined by Geoffrey Cobb who is the author of the book 'The rise and fall of the sugar king'.

[2:25-3:05] Can you tell us more about Dominos sugar? It was started by two brothers, Henry who did the marketing and Theodore who handled the technical side. It was doing well, but then after the civil war ,more people discovered that they too could refine sugar which created a lot of competition and in turn forced them to cut down on their prices which put a strain in the business.

[3:05-6:31] Could you please tell us more about the conditions of the refinery? They picked Polish-speaking immigrants that didn’t know English and this was because they knew that they were desperate and would do anything. They would work for 12 hours a day in temperatures that ranged from 110 to 130 degrees and at almost 100% humidity. Most workers would wear loin cloth because of the heat. There were a number of accidents in the refinery that left some workers sick and/or disable and without compensation. There were deaths, too, especially on hot summer days yet the refinery didn’t stop working even after the workers demanded for better working conditions.

[6:31-8:29] Tell us more about the turmoil in the States and around the world because of this? In 1882, there was a fire that completely engulfed the refinery to the ground. It cost them 1.5 million, which in today’s economy is about 1.5 billion to reconstruct. The workers then protested about the poor working conditions which was resolved, but went onto becoming a recurring problem.

[8:29-10:53] The sugar industry really shaped the economy and the skyline when it comes to the sugar industry. What would the city have been without it? In the 1830's there was a vision of Williamsburg being a posh residential area. It didn’t happen due to a real estate bubble burst which left large tracks of land which later became sugar refineries. Henry Havemeyer later remarried Louisine Havemeyer who brought great awareness to impressionist art, which some she later donated to metropolitan museum.

[10:53-12:03] Did the art come from the mansion facing central park? Yes. The mansion was decorated by Louis comfort Tiffany.

[12:03-14:35] Could you tell us more about the sugar trust? In the 1880's the competition became cut throat and the only way to survive was to limit the amount of sugar produced and to increase the price. Henry Havemeyer then convinced other sugar producers to set up a sugar trust that would control the price and supply. This, in turn, made them very wealthy, affecting the economy of the United States. In 1858 with the start of the civil war in Louisiana where most of the sugar come from, the supply was cut off and sugar had to be imported from different places such as Cuba, Egypt, Puerto Rico, and Brazil but mainly from Cuba. This sparked the Spanish-American war.

[14:35-14:55] What made Henry Havemeryer push the American government to fight with Spain? He wanted to buy up the sugar plantation where the raw sugar way raised.

[14:55-15:24] It was all about the money, right? Right. And as soon as Cuba was freed from Spain and Puerto Rico became an American territory, they reconfigured the economy to best suit them.

[15:24-16:13] Stay in touch with the podcast by subscribing to the mailing list. Text Brooklyn to 66866.

[16:13-18:09] Does Met Museum have a responsibility to talk about the money and the history of the art hanging on their walls? Unfortunately, there is no stipulation for this even though there is a lot of criminality surrounding the Havermeyer's wealth acquisition.

[18:09-19:39] What did the president of the United States say about this? He asked that justice be served for the fraudulent behavior that cost the country a lot.

[20:06-21:34] What kind of emotion does seeing sugar evoke from you knowing what you know now? I am now aware of how many lives were lost and ruined for the production of that sugar. I cut my story off at 1909 but this went on till 2005. I have a visual attachment to sugar.

[21:34-22:33] Why did the union solider need so much sugar a month? It’s not clear but a logical argument would be that they were cooking up boozes.

[22:33-27:41] What was the influence of the Sherman act? After the sugar trust was formed, the New York State sued them for being illegal which they won. They then incorporated in New Jersey and they were able to run the sugar trust fund through Henry Havermeyer. Through bribing top government officials, Henry Havermeyer was able to maintain and run his business empire without problems despite breaking the law. Henry was also known to destroy anyone that attempted to come into competition with him as in the cause of Claus Spreckels, a sugar king from California, and The Arbuckle which cost a lot of money.

[27:41-30:09] Let’s talk about his family that’s living today.
After his death, there was an investigation and they found out that Henry had illegally received a huge amount of stock in the American Sugar refining company which violates the security exchange commission laws. The family divested and the sugar monopoly was broken up by the government, but they still held huge amount of stock worth millions.
His daughter, Electro, set up foremost museum of Americana, and the son became a family historian. They’re still wealthy people to date.

[30:09-31:10] What’s happening to the modern Domino sugar building? The building is landmark and it rapidly transformed into something different. It was set up as an industrial building but now it's going to be luxury offices and condos. I would love people to remember that there's a unique and tragic history attached to this building which is one of the reasons I wrote the book.

Special thank you to Michael Kawochka from Warren Lewis Sotheby's International Realty for making this introduction and helping with the interview!

Contact our guest

www.Geoffreycobb.com

Resources:

The Rise & Fall of The Sugar King

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The Rise and Fall of the Sugar King: A History of Williamsburg, Brooklyn 1844-1909

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Manhattan Residential Sales Real Estate Market Report for the 4th quarter of 2017

Manhattan’s grandiose allure of culture, history and business continues to hold an enviable position in the real estate world for buyers and sellers alike. In our residential report, we’ll give you averages first, but keep listening for this quarter’s record high sales.

With an average selling price of $1,897,503, Residential Manhattan’s prices held steady over last year’s ending quarter. Average price-per-square-foot, however, continues to drop, this time by an astonishing 20.6 percent down to $1,609 dollars. Residential sales may be steadfast as ever, but purchasers are getting more and more floor space for their buck. Total transactions tallied in at 5,280 this quarter, down 14.4 percent from a total of 6,027 sales in Q4 2016. Sales may be dropping, but prices are not, and we expect Manhattan to maintain this balance.

The average sale pricing of new development condos dipped 16.8 percent in this final quarter to $4,062,036 – last year, that number was much closer to $5 million. Prices in this market are declining but the time it takes to sell is increasing, albeit slightly: the average time a development spends on the market is up around 190 days, compared to last year’s data of 181 days.

The verdict for Manhattan’s existing condominium sales is only marginally more cheerful than new developments, with a 14.9 percent decrease from 2016. Average sale price for these properties ran around $2,654,848 in December 2017, compared to $3,121,095 dollars in 2016. However, the market time for existing condos has neither increased nor decreased, averaging 116 days.

Co-op sales jumped just 1.6 percent this quarter, reporting an average sales price of $1,235,038 dollars in 2017. Market time increased fractionally as well, coming in at 79 days from 75 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.

Of course, even with a 20.7 percent decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $7,580,185, a rather steep dive from last year’s average of $9,558,062. This market is proving to reward those who may lack patience, however, as selling time is dropping: luxury properties were on the market for only 252 days this quarter, compared to nearly 300 days in Q4 2016.

Across the board, the average recorded price discount was 0.1 percent.

Now for the top sales numbers for December 2017:

The well-known neighborhood of Lincoln Square topped December’s single-family residential sales. The lovely Upper West Side brownstone at 39 West 70th Street sold for $15,000,000 – about $2,280 dollars per square foot – just prior to the close of the quarter. Previously owned by The Weinstein Company and Miramax Films co-founder Bob Weinstein, the home was originally listed at 19 million. Its ideal location just steps away from Central Park wasn’t even the main attraction of this property; a complete gut restoration, including five interior fireplaces and an extravagant combination home gym/indoor basketball half court, demanded an impressive price tag.

In Central Midtown, the record condo sale for this quarter goes to a 432 Park Ave multi-sale that finalized for an almost inconceivable $91,125,497 -- just shy of breaking the record for NYC’s most expensive apartment sale ever. This recently-completed construction masterpiece is the tallest residential building in not only Manhattan but the entire Western hemisphere, and its top-floor apartments have claimed incredible prices the past few quarters. This combination sale of three properties on the 92nd and 93rd floors comes out to $22,913 per square foot.

This December’s top co-op sold in Lenox Hill again for a solid $12,000,000.

For bargain-seekers who still want Manhattan real estate, Washington Heights & Inwood are currently the least-expensive residential areas on the island – each square foot costs on average only $627 dollars. Average condos in these neighborhoods sold for $455,250 dollars, with average co-op sales only slightly lower at $472,500 dollars.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full time professionals and always here to help!

Thanks for listening.

Resources:

Organifi

Wix

Our Proud Sponsors:

The RATNER Team

Spartan Renovations

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the fourth quarter of 2017. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on a steep decline year-over year. Brooklyn’s Multifamily market fell 27 percent from 2016’s reports, with sales volume this quarter coming out at $824.6M. Square-footage pricing also decreased, down 9 percent from 2016’s Q4 to $375 dollars on average. Average selling price held fairly steady, if slightly down, at $331,000 – a difference of 7 percent from this time last year. Total transactions were similarly solid, down only 3 percent to 435 in 2017’s final quarter.

The Multifamily market is trending progressively lower than past years, but Brooklyn’s top sales are still numbers to marvel at. The top sale of 2017 can be found in Park Slope: 409-412 14th Street sold for a cool $20,750,000 in December. The mix of 44 rent-stabilized and free-market apartments are located just a block from Prospect Park, making them prime real estate for potential tenants and justifying the price tag of $752 per square foot.

Even that enormous price, however, doesn’t garner many square feet in the most opulent neighborhood of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows:

Brooklyn Heights, with envy-inducing promenade views and landmark brownstones, tops off the list at an average of $1,264 per square foot. Gowanus comes in second at $832, with Park Slope coming in third at $798. Boerum Hill listed at $750 per square foot, Williamsburg at $749, Carroll Gardens at $660, Greenwood Heights at $468, Greenpoint at $467, Borough Park at $466 and, tenth but certainly not least, the Sheepshead Bay area averaged in at $457 per square foot.

Bed-Stuy was the winner for highest volume of Multifamily sales this quarter again at 55 total sales, with Bushwick close behind at 43. Bargain hunters, check out East Canarsie’s attractive average price per square foot, just $191.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full time professionals and always here to help!

Thanks for listening.

Resources:

Organifi

Wix

Our Proud Sponsors:

The RATNER Team

Spartan Renovations

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the fourth quarter of 2017.

Manhattan’s iconic skyline is home to millions, but the Multifamily market is still steadily suffering a decline – both across the borough and across the city. Sales volume this quarter totaled $1.7 billion: a large number in theory, but a shocking 30 percent decline over last year’s Q4. However, there is good news. Square-footage pricing continues to rise, up 29 percent from 2016 to an average of $630. Average selling prices in Manhattan have increased enormously, up 37 percent from last year’s records and coming in at $554,000 across the island. While total transactions have decreased 40 percent, with just 103 sales in the 2017’s fourth quarter, sales are still as lucrative as expected from this vibrant borough.

Though Manhattan’s volume market is trending down, the top sales numbers still rival the skyline in height. December’s top sale is located in the Two Bridges neighborhood, where 275 South Street sold for a striking $167,500,000. This magnificent waterfront property commands not only impressive views but also impressive living spaces: 19 newly-renovated floors with modernist appeal and prime access to nightlife, galleries and restaurants.

At just $637 per square foot, that sale doesn’t even begin to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter:

Chelsea, home to the High Line elevated park and art galleries galore, tops off the list at an average of $1,802 per square foot. Greenwich Village comes in second at $1,535, with the Upper West Side a close third at $1,225. Lincoln Square listed at $1,020 per square foot, Kips Bay at $1,011, East Village at $983, Lenox Hill at $920, Yorkville at $881, and Manhattan Valley at $843. Tenth but certainly not least, Clinton – Hell’s Kitchen area averaged in at $728 per square foot.

Harlem was the neighborhood with the highest volume of multifamily sales in Q4 2017, with 25 total transactions. Both Yorkville and Washington Heights followed close behind, claiming 10 sales each. Bargain-seekers should consider looking in Washington Heights, as the average price per square foot was only $276 at the close of the year despite growing interest and activity in the neighborhood.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Brooklyn Residential Sales Real Estate Market Report for the 4th quarter of 2017

Residential average sales prices in Brooklyn held fast over last year’s reports, with a mere one percent increase over 2016. Median sale prices grew 2.7 percent to $770,000, and in this quarter, we saw another increase of 3.1 percent in the number of transactions, totaling 3,114 in 2017 compared to 3,020 in 2016. If you’re looking for solid market growth, Brooklyn is where you’ll find it.

New Development Condo sales this 4th quarter sold for $1,171,254 with an average $1,029 dollars per foot. This was actually a 25.9 percent decrease from 2016, when the average sale price was $1,580,741. According to this quarter’s reports, these properties are also spending considerably more time on the market: this year it took an average of 188 days to sell a new development property, versus 168 days in Q4 2016.

Existing condo sales prices are on a slight decline. The average condo sales price in the third quarter of 2017 was $1,037,209, a dip from $1,141,570 last year. While not as drastic a drop as for new developments, that’s still a 9.1% percent decline. Average market pace for these properties also increased: 107 days this year, versus 101 days in 2016.

Co-op sales prices rose this quarter, selling at an average price of $563,040 dollars—an increase of 12.7 percent from last year’s reports of $499,718 dollars. Also optimistic for this market is the fact that selling time has decreased: co-ops sat on the market for only 73 days, as opposed to last year’s number of 82 days in the same quarter.

1-3 family homes performed similarly, with an average increase in price and a decrease in market time. This quarter, the average 1-3 family home sale price was $1,053,850, up 3.8% percent from $1,041,891 last year. Houses also sold in 3 fewer days; properties, on average, were only on the market for 93 days, versus 96 days last year.

In the Luxury Market this quarter, the average luxury property sale price was $2,787,519. That’s a slight decrease, down 0.7 percent from last year, but these properties also sold in fewer days, only on the market for 108 days, versus 114 last year.

Across the board, the average recorded price discount was 2.4% percent.

Now, to Brooklyn’s top residential sales:

The top single-family sale in Brooklyn this December can be found in the Downtown Brooklyn district. The selling price of 160 State St was an incredible $4,375,000 – about $1,250 dollars per square foot. An enormous 25-foot-wide structure, this historic, landmarked townhouse was owned by the same family for over 50 years and retains many of its original details.

Boerum Hill took the top condo sale of the quarter at 321 Pacific St, which sold for $5,912,437. This modern home features a privately-heated garage, an elevator servicing all five floors, and a luxurious, spacious design with timeless appeal – well worth the $1,154 per square foot.

Park Slope held the record for the top co-op sale this December at $2,215,000.

For bargain territory, head to Flatlands, East New York, & East Flatbush. These least-expensive residential areas in Brooklyn had a median price-per-foot of $364 this December. Single-family homes averaged just $517,444. As far as Brooklyn is concerned, that’s a steal.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

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Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

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Welcome to the New York Real Estate Market Update

www.NewYorkMarketReports.com

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, Brooklyn has seen seasonal softness in rentals over the past few months. Strong leasing activity, landlord concessions, and better marketing may have begun turning that around this year according to the latest data.

Overall, Brooklyn rental prices nudged up by an average of $10 per month in February 2018. While rents and the market continued some modest improvements in February, some of Brooklyn’s most fashionable neighborhoods and recent top performers like Fort Greene lost ground. Top performers, include this month include Bushwick, with a 10.2% rise in studio prices. Crown Heights and Prospect Lefferts Gardens once again showed positive growth.

DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.

The most affordable rental apartments are being seen in Bay Ridge.

Among the most notable stats over the last month was the 13.9% jump in Cobble Hill studio rental prices.

Month over month, overall Brooklyn rents have moved up. Price per square foot reversed previous trends as rose 8.5% in February. Listing inventory fell another 4.2%, and days on market slide further, by over 11% to just 31 days on average.

Year over year, Brooklyn rental prices are still relatively flat. The number of leases being signed are up again this month. This is likely directly linked to an over 30% increase in concessions over last year.

Overall:

New leases are down by over 15.1%%

OP + Concessions are up 31.8%

Negotiability and discounts fell by just under 1%

Inventory levels dropped by over 21%

And marketing time has dropped to 31 days

This data may be very encouraging landlords after several months of softness. Landlords do appear to be responding to recent softness with stronger offers for new tenants. Lower inventory levels should keep a good balance and leasing activity over the next few months as we warm up for the busy summer season.

Now let’s take a look at rentals by unit type:

For studios

The average price per foot is down slightly to $56

average unit size is up slightly to 532 square feet

30 studios are No Fee, and 127 are Fee apartments

Month over month changes saw rents fall 5.6%, though the price per square foot soared by 44%.

And year over year rents are down 0.9%

Renters paid around $6 more per square foot for no fee studio rentals last month.

Having on-site laundry facilities in the building made a positive difference of $2 per square foot in February.

Units with elevators rented for $301 per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of around $400 per month to rents last month.

Units with full-time lobby attendance are renting for almost $660 a month more. Less, than last month, though we could see even more digital and virtual assistants and doormen close this gap.

There was only a minor premium for outdoor space.

For 1 bedrooms...

The average price per foot is down slightly at $42

The average unit size is down again, to 715 square feet

8 1 beds were No Fee, versus 236 Fee apartments

Month over month change rents are up 3.6%

year over year rents are down 3.1%

No fee 1 bedrooms rented for $8 more per square foot than fee apartments last month.

Having a laundry in the building saw 1 beds renting for $6 more per square foot

Units with NO private outdoor space are renting for around $30 less per month

The difference in rents for elevator versus walk-up units is $1 per square foot

Units with gyms rented for $9 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $400 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average 2 bedroom apartment in Brooklyn now rents for $3,088

The average price per foot is $42

average unit size is 952 square feet

13, 2 bedroom apartments were No Fee rentals, versus 232 Fee rentals

Month over month rents are up 4.1%

But year over year they are down 0.1%

Having a laundry in the building can add almost $300 per month to the rent.

Those with private outdoor spaces rented for $3 more per square foot

A 2 bedroom with a gym in the building is getting $10 more per square foot

Those with full-time lobby attendant are renting for over $1,000 more per month.

There is around a $600 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

the average price per foot is flat at $42

The average unit size is 1,219 square foot

1, 3 bedroom rental was No Fee, versus 91 rentals with Fee

Month over month rents are down 1.2%

year over year rents are UP 16.1%

No FEE apartments rented for almost $6,500 less than fee apartments last month.

Those with gyms rented for $20 more per square foot.

Having a laundry in the building can make a $16 difference per rent per square foot

Expect to get as much almost $1,000 more per month for units with private outdoor space

Elevator apartments rented for $15 more per square foot last month

Having a full-time lobby attendant made a $20 per square foot difference, with total monthly rent almost $3,400 more for 3 bedroom units in these buildings

In summary…

What the break down in this data shows Brooklyn landlords, is that the market is still strong, but concessions may still need to be offered to rent faster. A new dip in inventory levels could mean better conditions over the next few months.

One of the biggest changes in February was the year over year leap in 3 bedroom rental prices. The following growth in the 3bedrooms rental market, suggesting that contrary to some media suggestions, NY renters actually want more space.

Other notable changes show a shift in demand and acceleration of rents to emerging and affordable areas.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Thanks for listening!

Resources:

Organifi

Wix

Our Proud Sponsors:

The RATNER Team

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In the commercial real estate headlines

For the first time in years, more air rights for office buildings are changing hands in New York City than for residential condominium towers. That activity spurred a new record high of $315 per square foot for office air rights as we moved into 2018.

Google has emerged as an even bigger player in the New York real estate market with a new $2.4B purchase of the old Nabisco factory in Chelsea Market. That makes the deal the second priciest in the city and sets a new record of $2,000 per square foot. In total Google’s parent company is believed to hold over $14B in real estate, with around 30% of its portfolio in New York.

The DOJ has become a big New York real estate player too. Under its asset seizure program, the government agency is currently working to sell the $1 billion Park Lane hotel and 650 Fifth Avenue, which is valued at over $500 million.

Things could get even busier in New York soon as real estate developers and airlines vie for roles in expanding the JFK airport. This could ultimately be an effort that pumps over $10 billion of new public and private capital into the development over the next few years, according to Crain’s New York.

With such big numbers and rising asset prices, The Wall Street Journal reports that the number of fractional interest sales in offices buildings worth $1 billion or more has virtually doubled since 2015.

In terms of seasonal factors impacting the real estate market

The weather has not been kind to the region this winter, with a seemingly endless string of nor’easters rolling through. By the time they settle down, we'll be rolling right into the 2018 Atlantic Hurricane season which is also expected to be more active than normal.

Property Tax Adjusters limited on Long Island reminds us that this is a more important year than ever to appeal property tax assessments and bills. Deadlines for filing some state and local property taxes and appeals may have been slightly extended this year due to the storms, new tax bill, and a number of property owners expected to file appeals. Check the appropriate deadlines for your county to see if you still have time.

As we move into spring, this is an important time to reinspect our homes, investment properties and apartment buildings. Inspecting trees, foundations, cleaning out gutters and checking smoke alarms are all basics to be covered.

For Brooklyn Real Estate News

Sales in Brooklyn’s tallest residential tower launched in mid-March 2018. Studios, one, two, and three bedroom condos in Brooklyn Point, Downtown Brooklyn are asking $837,000 to $3.413M. The building offers a stroller valet and a rooftop pool on top 720 feet in the air. It’s billed as ‘the highest in the Western Hemisphere’.

For those looking for a more boutique building, over on 14th Street in Park Slope a new 9 unit apartment building has begun sales at $1.675M. Each unit has its own outdoor space. Other amenities include a 24 hour ‘cyber doorman’, package room, and children’s playroom.

Over in rapidly rising Greenpoint, SL Development has decided to convert a 1930s church it acquired last year into 18 condo units. Mixing modern glass and elements with the current brick facade buyers can expect a building with great character and a sleek new look.

In other boroughs

Street Easy reports that Manhattan and Queens have been experiencing record levels of price cuts on rentals. Rents in Queens have reportedly fallen back to 2015 levels, as more choose to buy, and have spurred an all-time price high at an average of $512,082.

The East Village has opened its first official Dog-Friendly cafe. Boris & Horton’s boasts a dog photo booth, complete with costumes for dressing up your four-legged friends. Pet owners can enjoy a gluten-free and vegan menu along with their coffee.

While the Bronx may not be known as New York City’s most expensive place to live, concerns over a lack of affordability have caused a new drive to use shipping containers to provide lower income housing. However, some experts are concerned that even at far lower construction and material costs the rent still won’t be low enough to truly be affordable.

Long Island has taken two different approaches to its stance on housing recently. On one hand, we have extreme property taxes, which could go up again this year. The state comptroller says school property taxes in Nassau and Suffolk County will go up between 2-3% this year. School taxes can account for 60% of total property tax bills. Towns like Southold aren’t trying to make this burden any lighter by threatening new legal actions against short-term rental landlords.

ALTA’s ironically “live large” tagline building in Long Island City incorporates living units, which may be slightly less expensive than private apartments. There are plenty of amenities and could catch on as an alternative, as long as you aren’t worried about having your own private bathroom.

Meanwhile, Mayor Bill de Blasio has committed $5.7M to piloting a new program that legalizes basement apartments. The idea is that this will unlock thousands of more affordable apartments in New York City, without having to build.

If you’re not concerned about price and are shopping for a new pad in New York City than you can always check out Justin Timberlake and Jessica Biel’s SoHo penthouse. The 2,600 square feet unit comes with a wraparound terrace and 3 bedrooms and can be yours for just under $8M.

For Landlords and Investors

While savvy landlords in Brooklyn have already been accepting Bitcoin for a while, 6 square feet reports 2 units at 389 East 89th Street recently sold for Bitcoin. One traded for the equivalent of $875,000. The other for $1.48M.

Sadly, we’ve seen more investors dangerously skirting the rules when it comes to rent-regulated units and redeveloping properties. Street artists have finally won a $6.75M lawsuit against a property owner who whitewashed over there graffiti, which was known as the 5Pointz street museum in Queens. The Kushner Companies are now reportedly under investigation for failing to report rent-stabilized units in buildings which were subsequently flipped for an estimated $30M plus in gross profits.

For those looking for investment opportunities, PropertyShark reports that foreclosures have been rising in New York City. Data shows first-time foreclosure auctions have hit their highest level since 2009. 2017 saw 58% more of these auctions than the previous year, with a triple-digit increase being reported for Staten Island.

Transportation is expected to be one of the big game changers and influencers in the NYC and Brooklyn real estate market this year. There is ongoing talk about the gateway tunnel. Expansion of the ferry service is expected to have some uplifting effect on rents near new stops. Data shows that Greenpoint has already benefited from its ferry service along the East River.

An even bigger factor is likely to be the extended shut down of the L train. Analytics company NeighborhoodX believes the news already brought down Williamsburg rents by 5% and will continue to put pressure on the neighborhood through the re-opening of the L train. Other neighborhoods like Greenpoint could benefit from this.

In conclusion...

It has been a busy few weeks in the New York real estate market already this year. Big players, buyers, and developers haven’t been shy. In fact, we continue to see new records set, and great new projects coming onto the market. Rents have been blown around by a variety of factors, though sales appear to remain strong, and condos in good demand.

Well, that’s it for this month’s roundup. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at www.NewYorkMarketReports.com.

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

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Interview with Barry Koven

Hosted by Suzanne Lynn

Barry Koven is one of the top producing renovation loans specialists. Twelve years ago, Barry made a complete career change into the mortgage business. He has a passion for making homeownership and home renovation dreams a reality.

In this podcast, Barry lets you in on the best-kept secret in the mortgage industry. He talks about what renovation loans are, their advantages over second mortgages and how they often make the most sense.

[02:19] How Barry got started in the mortgage industry

[03:15] The best-kept secret in the mortgage industry

[05:29] Why people should consider a renovation loan over a second mortgage

[07:11] How getting a renovation loan works

[08:24] How renovation loans look at the future value and usage of the property

[09:39] How renovation loans are appropriate for both big and small renovations

[12:09] Why are renovation loans not talked about more?

[13:48] What can be included in a renovation loan

[15:18] Can you choose the contractor?

[16:39] Are these loans harder and more complicated to get?

[18:53] The importance of working with someone experienced in renovation loans

[20:40] How the contractor gets paid

[23:39] How renovation loans have the advantage of consumer protection

For you Brooklyn Made Podcast listeners, it’s easy to stay up to date with new interviews, events, new listings, real estate news, rental market reports, new listings, a whole lot more. Text the word Brooklyn to 66866 and you’ll be set up with our exclusive Brooklyn Made email.

Contact Our Guest:

Send Barry an email at bkoven@loandepot.com

Give him a ring at 718-907-7420 or at 917-597-1330

www.Barrykoven.com

Resources:

Extreme Ownership: How U.S. Navy SEALs Lead and Win

The seven spiritual laws of Success

How to win friends and Influence People

Think and Grow Rich

Learn more about Renovation Loans Here

Wix

About Barry Koven

As one of the top producing Renovation Loan Specialists in the country, Barry Koven is known for his product knowledge, customer service, professionalism, and integrity. Barry’s success is not limited to only renovation loans, he is proficient with all real estate financing including

Renovation/Construction financing is what Barry refers to as “The best-kept secret in the mortgage industry”. This product allows one to borrow the funds for both the purchase and renovations of a home, to fix up a home already owned, or to build a new home. Barry can finance

Barry’s passion and desire to help people make their homeownership dreams a reality is evident in every transaction. Known for his customer service and loyalty always as his top priority has enabled Barry after 13 years in the mortgage industry to be an extremely successful top producer in his marketplace.

Prior to his highly successful mortgage career Barry spent over 20 years in the music business achieving great success ending up as the Senior Vice President of National Sales at one of the largest and most innovative record labels TommyBoy Music / Warner Music Group where he was responsible for the sales and marketing of many gold and multi-platinum recording artists.

Barry lives in Brooklyn NY with his wife of over 20 years and could not be more proud of his 2 children in high school and college.

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Extreme Ownership: How U.S. Navy SEALs Lead and Win

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The Seven Spiritual Laws of Success: A Practical Guide to the Fulfillment of Your Dreams

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the New York Real Estate Market Update

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, Brooklyn has seen seasonal softness in rentals over the past few months. Strong leasing activity, landlord concessions and better marketing, may finally be turning that around according to the latest data.

Overall, Brooklyn rental prices nudge up slightly in January 2018, by 0.7%. While rents continued to slide in some of Brooklyn’s most fashionable neighborhoods in January, less expensive ones picked up steam. Top performers, include: Bushwick, Crown Heights, and Prospect Lefferts Gardens.

DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.

The most affordable rental apartments are being seen in Bay Ridge, Prospect Lefferts Gardens and Fort Greene.

Among the most notable stats over the last month was the 3.8% jump in Fort Greene rental prices. Showing more tenants leaning towards more affordable Brooklyn neighborhoods.

Month over month, overall Brooklyn rents have nudged up. Price per square foot fell by 6.8%, Listing inventory is down by over 15%, and days on market are up by 20% to 33 days.

Year over year, Brooklyn rental prices are relatively flat. The number of leases being signed are up dramatically, by 42.1%. However, this could be directly linked to a near 30% increase in concessions over last year.

Overall:

New leases are down by over 40%

OP + Concessions are up 29.4%%

Negotiability and discounts rose just under 1%

Inventory levels dropped by over 21%

And marketing time has dropped to 33 days

This data may be very encouraging landlords after several months of softness. Landlords do appear to be dealing with the correction or season with stronger offers for new tenants. Hopefully, lower inventory levels will help keep a good balance and strong leasing market over the next few months.

Now let’s take a look at rentals by unit type:

For studios

Average price per foot is up slightly to $57

average unit size is down to 510 square feet

Average Days on the market is up sharply to 56 days

17 studios are No Fee, and 115 are Fee apartments

Month over month changes saw rents rise 3.4%

And year over year rents are up 3.2%

Renters paid around $3,000 more per month for no fee studio rentals last month.

Having on-site laundry facilities in the building made a positive difference of approximately $900 per month in January

Units with elevators rented for around $500 per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of $2,300 per month to rents last month.

Units with full-time lobby attendance are renting for over $1,200 a month more.

In all, we are seeing a big premium outdoor space.

For 1 bedrooms...

Average price per foot is steady at $47

The average unit size is down to 722 square feet

Average Days on the market is up substantially to 71 days

6 1 beds were No Fee, versus 128 Fee apartments

Month over month change rents are down 0.8%

year over year rents are up 3.2%

No fee 1 bedrooms rented for $17 more per square foot than fee apartments last month.

Having a laundry in the building saw 1 beds renting for $8 more per square foot

Units with NO private outdoor space are renting for around $200 less per month

The difference in rents for elevator versus walk-up units is $9 per square foot

Units with gyms rented for $13 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $500 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average 2 bedroom apartment in Brooklyn now rents for $2,820

Average price per foot is $40

average unit size is 949 square feet

Average Days on the market is up a lot to 80 days

8, 2 bedroom apartments were No Fee rentals, versus 217 Fee rentals

Month over month rents are up 1.5%

But year over year they are down 0.2%

Having a laundry in the building can add over $300 per month to the rent.

Those with private outdoor spaces rented for $11 more per square foot

A 2 bedroom with a gym in the building is getting $14 more per square foot

Those with full-time lobby attendant are renting for over $1.000 more per month.

There is around a $500 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

the average price per foot is flat at $39

The average unit size is 1,400 square foot

Average Days on the market is up to 75 days

2, 3 bedroom rentals were No Fee, versus 113 rentals with Fee

Month over month rents are down 11.7%

year over year rents are UP 13.2%

No FEE apartments rented for almost $2,000 less than fee apartments last month.

Those with gyms rented for $19 more per square foot.

Having a laundry in the building can make a $13 difference per rent per square foot

Expect to get as much as $1,133 more per month for units with private outdoor space

Elevator apartments rented for $17 more per square foot last month

Having a full-time lobby attendant made a $20 per square foot difference, with total monthly rent almost $4,000 more for 3 bedroom units in these buildings

In summary…

What the break down in this data shows Brooklyn landlords, is that the market is still strong, but concessions may need to be offered to rent faster. A new dip in inventory levels could mean better conditions over the next few months.

One of the biggest changes in January was the luxury market up the most at over 8% month over month. We are also seeing a massive premium on special features, and more growth in the 3 bedrooms rental market, suggesting that contrary to some media suggestions, NY rentals actually want more space.

Other notable changes show a shift in demand and acceleration of rents to emerging and affordable areas, like Fort Greene.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Thanks for listening.

Resources:

Organifi

Wix

Our Proud Sponsors:

The RATNER Team

Spartan Renovations

View Details

New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the New York Real Estate Market Update

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, Brooklyn has seen seasonal softness in rentals continue, with rents down at least an average of just over 0.5% since last month. However, there were some strong performers, including; Bayridge, DUMBO, Fort Greene, and Greenpoint.

DUMBO holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.

The most affordable studio to two bedroom rental apartments are still in Bay Ridge.

Among the most notable stats over the last month was the 13.4% jump in Greenpoint studio rental prices. This is due to new construction developments, existing oversized loft units coming onto the market, and more interest in the neighborhood due to the upcoming train shutdown.

Month over month, overall Brooklyn rents have fallen an average of $15 to $80 per month. Price per square foot fell slightly by just over 1%, inventory is down, and days on market fell by over 10%, to just 23 days. However, this is likely due to a lot of concessions on new leases.

Year over year, Brooklyn rental prices have fallen even further. The number of leases being signed are down, and we’ve seen over a 30% increase in concessions over last year.

Overall:

New leases are down by over 10%

OP + Concessions are up 32.4%

Negotiability and discounts rose just under 1%

Inventory levels dropped by over 11%

And marketing time has dropped by 32.6%

A lot of this data reflects normal seasonal challenges for landlords, though there could be a larger trend in play as well. Those attempting to lease their units now will definitely need to be competitive in offers special deals.

We are also definitely seeing a shift in interest, leasing, and growth to emerging areas like Bay Ridge and Greenpoint.

Now let’s take a look at rentals by unit type:

For studios

Average price per foot is up slightly to $51

average unit size is down to 520 square feet

Average Days on the market is 42 days

100 studios are No Fee, and 133 are Fee apartments

Month over month changes saw rents down 2.7%

And year over year rents are down 15.1%

Renters paid around $170 less per month for no fee studio rentals last month.

Having on-site laundry facilities in the building didn’t make much difference month.

Units with private outdoor space, rent for around $240 more per month.

Units with elevators rented for around $300 per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They can add an average of $400 per month to rents.

Tenants are now paying around $400 more per month in buildings which have a full-time lobby attendant. That’s twice as much over the previous month.

In all, we are seeing a big premium being put on gyms, attended lobbies, and outdoor space.

For 1 bedrooms...

Average price per foot is up to $43

The average unit size is up to 759 square feet

Average Days on the market is up to 56 days

138 1 beds were No Fee, versus 104 Fee apartments

Month over month change rents are down 2%

year over year rents are down 1.7%

No fee 1 bedrooms rented for the same amount per square foot as fee apartments last month.

Having a laundry in the building saw 1 beds renting for $4 more per square foot

Units with NO private outdoor space are renting for almost $100 less per month

The difference in rents for elevator versus walk-up units is $7 per square foot

Units with gyms rented for $7 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $400 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average 2 bedroom apartment in Brooklyn now rents for $3,198.

Average price per foot is $41

average unit size is 937 square feet

Average Days on the market is up to 58 days

134, 2 bedroom apartments were No Fee rentals, versus 104 Fee rentals

Month over month rents are down 3.4%

But year over year they are up 0.4%

Units with an extra bath or half bath meant renting for $400 to $500 more month last month

Having a laundry in the building can add $178 per month to the rent.

Those with private outdoor spaces rented for $5 more per square foot

A 2 bedroom with a gym in the building is getting $3 more per square foot

Those with full-time lobby attendant are renting for over $600 more per month.

There is around a $500 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

the average price per foot is $41

The average unit size is 1,394 square foot

Average Days on the market is up to 63 days

85, 3 bedroom rentals were No Fee, versus 120 rentals with Fee

Month over month rents are down -1.6%

year over year rents are UP 3.9%

No FEE apartments rented for $3 more per square foot than fee apartments last month.

Those with gyms rented for $15 more per square foot.

Having a laundry in the building can make a $5 difference per rent per square foot

Expect to get as much as $340 more per month for units with private outdoor space

Elevator apartments rented for $9 more per square foot last month

Having a full-time lobby attendant made a $13 per square foot difference, with total monthly rent almost $2,500 more for 3 bedroom units in these buildings

In summary…

What the break down in this data shows Brooklyn landlords, is that there is a notable seasonal correction in play. Year over year data may suggest a larger downward trend in play. Certain features offer little benefit, but others are commanding even bigger premiums. This month’s data may also be impacted by the leasing of some larger units, and concessions and deals being offered by landlords.

Other notable changes show a shift in demand and acceleration of rents to emerging and affordable areas, like Greenpoint.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

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Interview with Joseph Feldman

Hosted by Suzanne Lynn

Home disaster, injury on property or loss of precious items can hit when you least expect it. On the podcast today, we'll talk to Joseph Feldman from Prime Insurance to discuss the importance of property insurance. We will also discuss the components of an insurance policy, the importance of having the right insurance for your needs, some mistakes insurance buyers make and how to prevent making these mistakes.

We put a lot of time, effort and expense into building our lives. It’s essential to make sure that what we do acquire is safe, secure and will not cause us financial or emotional detriment in the future. Led by Joseph, we’ll learn that purchasing insurance that fits your needs is the best investment you can make.

[0:00-0:35] Introduction to show

[0:35-1:08] Introduce Joseph Feldman from Prime Insurance and his background. Joseph grew up in Belgium, has lived in England, the US, and Israel. He has now settled down back in the United States.

[1:09-2:45] Why did you choose this line of work? Drew me in with the solid professionalism. Insurance is all about helping people. It brings me great satisfaction to use my nature as a perfectionist to help people. You caught the vision and now are able to do good.

[2:46-3:57] What is the importance of having insurance? The best investment you can make.

[3:58-6:04] What does a typical home policy cover? Property and liability coverage. Property coverage to protect from fire, disaster, etc. and liability coverage to protect yourself from injury on your property.

[6:05-6:57] What are some of the mistakes landlords make these days getting a new policy? The commodification of insurance has been harmful. It’s a personal investment to ensure what you have and your needs will be different from the next person. Going shopping for the cheapest insurance price ends up hurting you more than helping. It’s important to have a personal conversation with an insurance representative to discuss your specific needs to then get a quote that covers your specific needs.

[6:58-9:33] High-Value Home Insurance: what does it mean and what is the difference?

High-value home insurance is a package designed to cover people who have high-value homes, which is calculated per square foot. This package also covers a larger percentage of the content coverage as well as specific add-ons not in typical policies, such as jewelry coverage.

[9:34-10:39] What are the most common property insurances that the industry offers right now? There are many different types of property insurance policies available, including tenant-occupied, vacant property, construction policies, homeowner, condo owner and renter insurance to name a few.

[10:43-11:50] What is the most important thing to include in your insurance policy today?

Property and liability will already be included in your policy so it is crucial to ensure the policy is personalized to your needs. For example, including options such as water backup, replacement costs, structure coverage, etc.

[11:51-12:30] Stay in touch with the Podcast by subscribing to the mailing list. Text Brooklyn to 66866

[12:31-14:22] Are you able to get a better deal if you insurance multiple buildings at once? Is bulk pricing available? You can get a packaged rate (between 10-50% savings) instead of having multiple buildings covered with different policies from different insurance companies. More coverage, better policies.

[14:23-16:03] What is the number one thing that people overlook? Add-ons to policies. Worker’s compensation added to the home insurance policy, in the case that you have anyone in your home doing a job. For example a cleaner, someone to install fans or fix a clogged drain. ($2-3 a year). Added peace of mind.

[16:04-19:16] Your situation can change over the years. Is there a certain amount a time you need to reconsider what you’re covered for? Adjust for more or less coverage. Things do change. Most insurance policies have added an inflation guard. They will increase coverage to keep up with inflation every day. Important to have a personal relationship with the insurance company to discuss if you need to changes made to your policy, or you need to be re-quoted. Helpful to get re-quoted after a couple of years or annually. Prime Insurance automatically requote customers annually with the all the companies that would be a good fit for the product they have. Saves money and keeping the personal coverage they need.

[19:17-22:56] A story of Joseph making a difference and stories of those who decide not to go forward with insurance policies - Business owner and manager didn’t realize the need of getting workers comp for the employees he workers with and hires day-to-day. Legally it was required but no one brought it up to him. Joseph offered him coverage to help him get him what he needed to ensure he would not be hit with hefty fines, ensure his employees would be safe and secure.

[22:57-25:12] Get in contact with Joseph and Prime Insurance.

Contact Our Guest:

Send Joseph an email at joseph@primeins.com

Give him a ring at 732-886-5751 x148

www.primeins.com

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Brooklyn Residential Sales Real Estate Market Report for the third quarter of 2017.

This is the Brooklyn report, and we’ll give you the average residential sales in the land of timeworn brownstones and historic row houses. Keep listening for the record-high sales this quarter.

Residential prices in Brooklyn increased 9 percent over last year’s reports, with a median sale price of $680,000 in this ever-growing borough. The average price per square foot? $621 dollars – up 12 percent from last year. This quarter alone, we saw an astonishing number of 715 total transactions. That’s up, again, 12 percent from last year’s 3rd quarter, and demonstrates how relentless this market growth truly is.

On to condos: the average New Development Condo this 3rd quarter sold for $1,193,471 with an average $1,057 dollars per foot. Considering that in 2016, the average sale price was just under two million at $1,869,810, we’ve seen a decrease of 36.2 percent this year. Data also shows us that the average market time for these properties has increased considerably: last year, it took an average of only 161 days to sell a new development condominium property, versus 222 days in 2017.

Existing condo sales prices have also declined. The average condo sales price in the third quarter of 2017 was $1,082,398, versus $1,145,401 last year. While not nearly as big as the drop for new developments, that’s still a 5.5 percent decline. The average market pace for these properties also increased: 106 days this year, versus 78 days in 2016.

Co-op sales prices were predictable this quarter, with an average price of $562,410 dollars. Compared to $557,853 dollars this same time last year, that’s an increase of only 0.8 percent. Selling time, too, has remained fairly steady: co-ops sat on the market for only 69 days, as opposed to last year’s number of 70 days in the same quarter.

Single and multi-family homes performed similarly, with an average increase in price and a decrease in market time. This quarter, the average 1-3 family home sale price was 1,110,419, up 4.2 percent from $1,065,982 last year. Houses also sold in 23 fewer days; properties, on average, were only on the market for 76 days, versus 99 days last year.

Across the board, the average recorded price discount was 3.7 percent.

Now, to Brooklyn’s top residential sales:

The top single-family sale in Brooklyn this October was, a residence in the Boerum Hill neighborhood. The selling price of 377 Pacific St was an incredible $4,850,000 – about $1,918 dollars per square foot for the modern 6-bedroom home.

The top condo sale was found in Williamsburg, selling for $3,250,000, or $1,822 per square foot.

Park Slope held the record for the top co-op sale this quarter at $3,500,000.

However, if you’re looking for a bargain, head to Brownsville. This least-expensive residential area in Brooklyn had a median price-per-foot of $250 this quarter. Single-family homes averaged just $345,000. As far as Brooklyn is concerned, that’s a steal.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Thanks for listening.

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the New York Real Estate Market Update

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, Brooklyn has seen its seasonal price correction continue, with rents down an average of just over 0.8% since last month. The best performers of the month, with positive rental growth were DUMBO, Fort Greene, Brooklyn Heights, and Boerum Hill.

DUMBO holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.

The most affordable studio and one bedroom rental apartments are being found in Bay Ridge.

Among the most notable stats over the last month was the 2.3% jump in Fort Greene rental prices.

Month over month, overall Brooklyn rents have fallen to an average of $2,730.56 per month. Price per square foot fell slightly by 1.6%, inventory is down, and days on market rose by over 10%, but is still healthy at 43 days.

Year over year, Brooklyn rental prices actually grew by 0.5%, and 4.9% more leases were signed last month, but concessions are up 3.2%.

Overall:

New leases are up by 4.9%%

OP + Concessions are up 3.2%

Negotiability is almost flat

Inventory levels are up 15.8%

And marketing time has dropped by 5 days

If you look at this trending data on the graph charts, landlords should note that this is likely to be the one of the best moments to sign new leases. At least until mid-2018. This is due to seasonal rental price dips and peaks.

If you have vacant units, it is time to fill them.

If leases are signed in Oct through Feb, consider signing 15 to 19 month leases to get the units back during the best rental months to get the highest possible rent due to high seasonal demand.

Now let’s take a look at rentals by unit type:

For studios

Average price per foot is down to $50

average unit size is 617 square feet

Average Days on the market is 37 days

17 studios are No Fee, and 123 are Fee apartments

Month over month changes saw rents down 3.8%

And year over year rents are down 3.2%

Renters can currently expect to pay $100 more per month for no fee studio rentals, than those with fees.

1 bathrooms are currently renting for around $600 more per month than those with an extra half bath.

Having on-site laundry facilities in the building can increase rents by over $200 a month.

Units with private outdoor space, rent for around $400 more per month.

Units with elevators paid less than per month than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They can add an average of $300 per month to rents.

Tenants are now paying around $200 more per month in buildings which have a full-time lobby attendant. A substantial decrease from last month.

In all, we are seeing a big premium being put on gyms, attended lobbies, and outdoor space.

For 1 bedrooms...

Average price per foot is down to $41

The average unit size is up to 714 square feet

Average Days on the market is down to 43 days

Just 24 1 beds were No Fee, versus 224 Fee apartments

Month over month change rents are, up 0.2%

year over year rents are down 0.8%

No fee 1 bedrooms rented for $2 per square foot more than fee apartments last month.

Having a laundry in the building saw 1 beds renting for $4 more per square foot

Units with NO private outdoor space are renting for almost $300 less per month

The difference in rents for elevator versus walk-up units is $5 per square foot

Units with gyms rented for $15 more per square foot last month.

Buildings with full time lobby attendants are renting for almost $400 more per month

Now on to 2 bedroom rentals…

The average 2 bedroom apartment in Brooklyn now rents for $3,186.

Average price per foot is $42

average unit size is 961 square feet

Average Days on the market is 45 days

Just 35, 2 bedroom apartments were No Fee rentals, versus 209 Fee rentals

Month over month rents are up 0.3%

But year over year they are up 4.6%

Units with an extra bath or half bath rented for $119 to $467 more month than 1 bath units

Having a laundry in the building can add $6 per month to the rent.

Those with private outdoor spaces rented for $2 more per square foot

A 2 bedroom with a gym in the building is getting $7 more per square foot

Those with full time lobby attendant are renting for over $600 more per month.

There is around a $400 premium for elevator versus walk-up apartments.

There is very little difference between 2 bedroom pet friendly units, or short or long term rentals.

For 3 bedroom apartments

the average price per foot is $41

The average unit size is 1,372 square foot

Average Days on the market sits at 47 days

Just 10, 3 bedroom rentals were No Fee, versus 93 rentals with Fee

Month over month rents are down almost 11%

year over year rents are UP 9%

No FEE apartments rented for $3 less per square foot than fee apartments last month.

Those with gyms rented for $18 more per square foot.

Having a laundry in the building can make a $9 difference per rent per square foot

Expect to get $8 more per month for units with private outdoor space

Elevator apartments rented for $13 more per square foot last month

Having a full time lobby attendant made a $12 per square foot difference, with total monthly rent over $3,300 more for 3 bedroom units in these buildings

In summary…

What the break down in this data shows Brooklyn landlords, is that there is a notable seasonal correction in play. Certain features offer little benefit, but others are commanding even bigger premiums. Consider these adjustments when renovating buildings, or developing new ones, so that you are maximizing ROI at every level.

As we go through these seasonal changes, and look at how some property types are accelerating, while others have cooled off, some investors may find this the opportune moment to restructure portfolios to capitalize on the best yields and growth ahead. Though it appears many are being more realistic about the overall market and how competitive it is today, and are pricing that in to their asking prices.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the third quarter of 2017. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Brooklyn, while home to huge venues such as the Barclays Center and countless shops and restaurants, still remains a primarily residential borough. While not as drastic as Manhattan, Brooklyn’s Multifamily market declined from last year’s reports, with sales volume this quarter coming out at $1.2 billion – a 10 percent decline from 2016. Square-footage pricing did increase to $430 dollars on average, up 18 percent from last year’s quarter. The average selling price per unit across Brooklyn was $390,000 dollars, which is a 20 percent increase from this time last year; however, the total transactions in the third quarter were down 15 percent from last year, recorded at just 473.

While the overall Multifamily market is trending lower than in the past, Brooklyn top sales still don’t disappoint. In 2017’s third quarter, our top sale of $141,500,000 was in Prospect Park South neighborhood at 130 East 18th Street, coming in at $559 per foot for a total of 253,265 square feet.

That price, however, won’t buy you many square feet in the most opulent neighborhoods of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows:

Cobble Hill, home to independent shops, young families and schools, tops off the list at an average of $1,152 per square foot. Carroll Gardens comes in second at $1,065, with Boerum Hill coming in third at $690. Park Slope listed at $690 per square foot, Brooklyn Heights at $684, Gowanus at $652, Williamsburg at $622, Clinton Hill at $620, Prospect Heights at $591 and, tenth but certainly not least, the Bushwick area averaged in at $570 per square foot.

Of all the neighborhoods, Bed-Stuy had the highest volume of Multifamily sales this quarter again at 54, with East New York following up with 38 sales. If you’re hunting for a deal, East Flatbush’s average price per square foot this quarter was a mere $183.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full time professionals and always here to help!

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Manhattan Residential Sales Real Estate Market Report for the third quarter of 2017.

A grand epicenter of business, arts and economics, Manhattan is a one-of-a-kind borough and demands price tags to match. This is our residential report, and as usual, we’ll give you averages first, but stay around for this quarter’s record high sales.

Residential Manhattan’s prices stayed flat over last year’s October data, with an average selling price of $995,00 dollars. However, the average price per square foot actually dropped 3 percent, down to $1,316 dollars. This means that, while residential sales are gradually climbing, the amount of floor space purchased is also growing. In total, there were 1,087 residential transactions recorded this quarter – an increase of 11 percent over October 2016. That’s an increase that we expect will only continue to rise in the future.

New Development Condo sales prices decreased rather dramatically: the average sale price this third quarter was $4,256,992 dollars, down an astonishing 26.8 percent from last year’s October numbers. And while prices are declining, the average length of time a development sits on the market is only increasing: selling times shot up about 65 percent to around 264 days, versus 160 days last year.

Existing condominium sales are performing only slightly better that Manhattan’s new developments. This quarter, we saw only a 7.6 percent decrease over last year’s numbers, from $2.950,460 dollars to an average sale price of $2,725,706 dollars. Similar to last quarter, these condos are sitting on the market for longer lengths of time, averaging 136 days rather than last year’s 86 days. This 58.1 percent increase in selling time may be a burden for sellers, with a decreased sales price not even making the market worth the long wait.

Co-op sales had a slightly more exciting quarter, with an average sales price of $1,427,544 dollars – that’s 10.8 percent higher than this time last year. Market time decreased fractionally as well, from 73 days to 69 days. Overall, the co-op market is showing itself as a pool worth diving into in New York’s sea of real estate.

Of course, Luxury property sales hold the highest numbers this quarter, even with an 8.3 percentage decrease. The average Luxury sales price was $8,091,277, which is down from last October. Nonetheless lucrative, these properties also require patience: selling a luxury property took an average of 217 more days this quarter than this time last year.

Across the board, the average recorded price discount was 2.6 percent.

Now, on to the exciting top sales numbers for October 2017:

The well-known West Village boasts Manhattan’s top single family residential sale for October. 26 Bank Street sold for $17,850,000, coming out to about $4,281 dollars per square foot for the exquisite 4-bedroom townhome that was featured in a 2015 edition of “Home and Garden,” designed by the famed architect Basil Walter.

In Central Midtown, the record condo sale for this quarter goes to a penthouse apartment at 551 West 21st St that sold for an almost inconceivable $38,053,728. Recently constructed, the prime positioning of this residential building allows for some magnificent waterfront sunsets.

This October’s top co-op sold in Lenox Hill for a cool $17,250,000

For bargain-seekers who still want Manhattan real estate, Washington Heights is currently one of the least-expensive residential areas on the island, demanding a median price per foot of only $697 dollars. The average condo there sold for $686,707 dollars, with an average co-op only slightly lower at $423,500 dollars.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the third quarter of 2017.

Home to millions, Manhattan’s apartment complexes help to make up the iconic one-way streets and skyline of the prized island. However, the Multifamily market is one that’s actually on a relative volume decline in New York City, and this quarter’s data in Manhattan reflects the downward trend.

Sales volume this quarter totaled $1.2 billion, which is a startling 31 percent decline over last year’s report. Square-footage pricing increased minimally, settling around $599 dollars on average—up just 10 percent from last quarter. The average selling price across the island was $445,000, increasing 11 percent from last year. Overall, we saw 104 total transactions in the third quarter, which is down 35 percent from last year.

The overall market may be trending low, but the top sales for Manhattan still sit in familiar sky-high territory. Our top sale in the third quarter of 2017 was a block of units in the Manhattan Chelsea neighborhood of 109-111 West 27th Street, selling for $141,500,000. Built in 1908, these 11-story units are located just outside the Flatiron district with enviable proximity to landmarks like Madison Square Park and multiple transit lines, demanding a price tag of $559 per square foot.

That price, though, doesn’t come close to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter:

Carnegie Hill, the land of historic lineages, groomed brownstones and museums tops off the list at an average of $1,840 per square foot. The West Village comes in second at $1,356, with the Upper West Side a close third at $1,140. The East Village listed at $1,019 per square foot, Kips Bay at $907, Chelsea at $755, Yorkville at $696, East Harlem at $450, and Harlem proper at $387. Tenth but certainly not least, the Washington Heights area averaged in at $322 per square foot.

Of all the neighborhoods, Harlem had the highest volume of Multifamily sales this quarter with 18 transactions, followed closely by East Harlem, which claimed 15 sales. If you’re hunting for a bargain, Inwood’s average price per square foot this quarter was a mere $204. As one of Manhattan’s up-and-coming neighborhoods, this area is certainly worth watching.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Thanks for listening.

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When StreetEasy debuted its Premier Agent in March, it was met with anger and condemnation by the brokerage community. But now, agents and brokers are fighting each other for a seat at the table. Thanks to auction-based pricing, the cost to participate in StreetEasy’s agent advertising program — where agents purchase buyer leads in specific ZIP codes — has shot up over the past few months. On the Upper West Side, for example, the price per lead skyrocketed 183 percent to $196.88 in October, compared to just $72.07 in May, according to data obtained by The Real Deal. On the Upper East Side, the cost per lead climbed to $166.84 from $107.08 over the same time period.

StreetEasy’s parent company, Zillow Group, acknowledged the price jumps last week, when it reported revenue from Premier Agent rose to $197 million during the third quarter, up 24 percent year over year. CEO Spencer Rascoff said Premier Agent’s rollout in the five boroughs “exceeded” expectations, and fees have gone up “materially” as a result of the auction-based pricing model. While Zillow doesn’t break out revenue from New York, the real estate giant made over $600 million off Premier Agent last year. And it could make $86 million more off New York agents over the next two years.

Following initial protests over Premier Agent from some of the city’s biggest residential brokerages, several firms — including the Corcoran Group, Douglas Elliman, Nest Seekers International and BOND New York — signed on to participate in “Premier Broker,” a version of the program that lets companies purchase bundles of buyer leads. Halstead Property adopted Premier Broker two months ago, and has put together an “e-team” of 15 agents to manage the leads as part of a six-month beta test.

Jim Cahill, executive vice president and chief information officer of Halstead’s parent company Terra Holdings, said the brokerage is currently advertising in various markets — from the Upper East Side to Long Island City — to measure the effectiveness. Ultimately, how much the firm spends will be dictated by those results. “It’s a lot of work to make it work,” he said. “We’re evaluating how it goes.”

https://therealdeal.com/2017/11/14/premier-agent-prices-soar-but-brokers-pay-up/

One of Manhattan’s biggest contractors filed for bankruptcy Wednesday, leaving the Manhattan West and One Vanderbilt projects mired in uncertainty. For now work at the two sites continues, but the contractor Navillus said in the filing that they face “numerous issues” due to union payments owed. On Sept. 22, a judge ordered Navillus to pay $76 million into union funds, which the company claims forced it into bankruptcy.

Navillus, which specializes in concrete and masonry, had allegedly set up two non-union, alter-ego companies to avoid these payments, spurring a lawsuit. Navillus is currently negotiating a $135 million loan to allow it to continue working on the two job sites.

At One Vanderbilt, SL Green Realty is building a $3.17 billion office tower next to Grand Central Terminal. Manhattan West, developed by Brookfield Property Partners and Qatar Investment Authority, is a $8.6 billion mixed-use development near Penn Station.

https://therealdeal.com/2017/11/10/contractor-insolvency-roils-one-vanderbilt-manhattan-west/

Redfin, the online brokerage, generated $109.5 million in third-quarter revenue — up 35 percent from the prior year — even as tight inventory took a bite out of potential home sales.

The Seattle-based firm said last week that net income for the quarter has increased over 85 percent from the prior year . But CEO Glenn Kelman told investors that the profits were seasonal, and Redfin still does “not expect money on the full year.”

Overall, he said Redfin gained market share during the third quarter, several months after raising $159 million in a highly-watched IPO. Kelman said “Our agents have as much demand as they can handle, so there hasn’t been as much pressure on ad driven contact growth,”.

Redfin, which charges buyers a lower commission rate, said it saved customers $37 million in fees during the third quarter. Traffic to its website — growing exponentially even before the company’s IPO — grew 38 percent to an average of 24 million monthly visitors during the quarter. That’s almost double what it was 2 years ago. Redfin, which Kelman described as the “Amazon of real estate,” recently launched a mortgage origination business.

The industry has been watching Redfin’s performance closely, treating the company as a barometer for the potential for technology to disrupt real estate. Its IPO in July was seen as a boon to other real estate tech companies. But Wall Street is still getting a feel for Redfin, whose stock dipped 6 percent after its earnings report last week after missing its revenue target.

Part of investors’ questions have to do with profitability. The Seattle-based brokerage generated $267 million in 2016 revenue, but losses totaled over $22 million.

https://therealdeal.com/2017/11/10/redfins-revenue-hits-109-5m-but-home-sales-are-flat/

For nearly five years, Compass’ rivals have strongly doubted their methodology. The company’s $100 million funding round this week has prompted a gut check from industry stalwarts, however, who are no longer predicting Compass’ demise. Compass’ successful Series E — along with Redfin’s IPO in July — are a proxy for how investors view real estate tech. “People are willing to bet on it,”.

There’s still plenty of skepticism from traditional operators who said it’s unclear how Compass can justify a $1.8 billion valuation. The company has raised $325 million to date from investors, and the latest round included funding from Fidelity Investments, IVP and Wellington Management.

Since its founding in 2013, Compass has grown to 2,000 agents in 10 regions, with plans to add another 10 markets by 2020. It claims it had $180 million in revenue last year and is on track to make $350 million this year. While brokerage valuations are typically based on multiples of a firm’s earnings, Compass is instead being evaluated as a tech firm — which is why there’s a strong chorus of voices claiming that the valuation is not realistic. Compass has been coy about its endgame — saying it’s backed by patient capital — but many speculate it plans to go public at some point. Even before then, however, it’s likely that investors will want to see returns.

https://therealdeal.com/2017/11/10/compass-stokes-industry-skeptics-with-1-8b-valuation/

WeWork continues its push into every facet of modern life, with its newest component aimed at children. They recently announced the creation of WeGrow, an elementary school program currently in the first year of its pilot program. The program is currently run out of a New York Chabad school and includes seven children. WeGrow is meant to give students a learning experience more focused on “a culture of kindness,” “conscious entrepreneurship,” and a connection to nature. Focused on participatory and collaborative learning, the 5-, 6- and 8-year-olds have already had hands-on experience raising crops at an upstate New York farm. The children then set up a farm stand at a WeWork location in New York, where they sold their goods and made connections with members, including one child who started a mentorship program with a design-focused member. Next year, when WeGrow launches in earnest, it will be located in WeWork's temporary Chelsea headquarters to encourage future encounters like that — and for members to bring their kids to learn in their parents' workplaces. https://www.bisnow.com/new-york/news/office/wework-school-wegrow-young-entrepreneurs-81203?utm_source=CopyShare&utm_medium=Browser

In Brooklyn news, the Jehovah’s Witnesses have sold yet another of their Brooklyn properties as they make their move to upstate New York. This time, it’s a single-story repair garage at 74 Adams Street in Dumbo. The site was purchased by developer Jeffrey Gershon of Hope Street Capital. Gershon has since filed plans with the Department of Buildings to demolish the one-story structure at the site, but it remains to be seen what he will build in its place.

The site is zoned for a 145,000 square-foot, mixed-used development, so Gershon could create apartments, offices, retail, or a combination. The sale follows the $200 million blockbuster sale of the Witnesses’ Towers building. That property is being converted into a luxury senior home courtesy of a Florida-based developer, this according to NY Curbed. This latest sale means that the Witnesses now have just a handful of properties left to sell from what was once a massive real estate empire in Brooklyn Heights and Dumbo.

In CROWN HEIGHTS news, the City Planning Commission on Monday approved a plan to repurpose the Bedford-Union Armory over community protests and concerns about the controversial redevelopment project. The CPC voted 11 to 1 to give the 540,000-square-foot development a green light as protesters attempted to interrupt the commission’s hearing in Manhattan. The plan still needs approval from the City Council and mayor before it's finalized. Dozens of people opposed to the project chanted throughout the start of the hearing, forcing security staff to move them outside. Two demonstrators were arrested in the process. Jabari Brisport, the Green Party candidate for City Council, and Crown Heights Tenant Union founding member Joel Feingold were led away in handcuffs and issued civil summonses, they told DNAinfo New York.

In Greenpoint news, the developer Halcyon Management is in the process of filing plans for a 33-story, 532-apartment building on the Greenpoint waterfront, putting into focus a flurry of activity at the undeveloped site bound by Quay and Oak streets along the East River. Wednesday’s filing, which is still being processed but was confirmed by a source close to the project, hints that the developer has megaproject aspirations for the waterfront site.

At 33 stories, the tower will be among the tallest new buildings on the Greenpoint waterfront. The developer’s been long at work on nearby sites: In September 2015, it filed for a 19-story tower at 27 West Street with 234 apartments. The developer also filed in September 2017 for a 14-story building at 37 West Street with 92 apartments with 97 parking spaces. That application is still pending with the Department of Buildings, and may be a preliminary filing for the project’s affordable housing component. Halcyon Development is also behind the behemoth Williamsburg rental complex 101 Bedford.

Lonely Planet, the largest travel guide book publisher in the world, named Sunset Park in Brooklyn one of the 10 U.S. neighborhoods you need to visit. The guide touted the booming art and commercial scene in Industry City as well as the community’s diversity as major attractions for tourists from around the world.

It wrote, “On the east side stands Brooklyn’s Chinatown, with its rows of restaurants, bubble tea shops and boutiques. The west is home to a large Latin American community and plenty of friendly bars, not to mention the historic Melody Lanes bowling alley.” Other neighborhoods that made the list include Avondale in Chicago, Frelard in Seattle and Capitol Riverfront and Yards Park in Washington, D.C. Lonely Planet also dubbed Sunset Park one of the “World’s Coolest Neighbourhoods to Visit Right Now,” back in August.

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Interview with Barbara Biziou

Hosted by Suzanne Lynn

Places collect energy – in the same way, that your clothes and hair get dirty. Just as you need to do the laundry and shower daily, spaces also need to be cleansed. This is especially important when you want to transform your life in a BIG way.

I believe that everything is alive, filled with spirit. Everything has an energetic field. It just so happens that quantum physics also agrees with me. There has been a multitude of research studies, which support that everything in our physical world is actually vibrating energy. Whenever I clear and bless a client’s space, I’m actually literally revitalizing and re-charging the energy in the atmosphere. I love to help harmonize my clients’ spaces so that they can bring in more joy and prosperity. Space Clearings and Space Blessings are especially important to do after a breakup or divorce, so as to clear the space thereby allowing in new energy.

Barbara is the author of the Joy of Ritual and The Joy of Family Rituals and she has been featured in The New York Times, Chicago Tribune and Oprah.com. She has also appeared on television shows on CBS, NBC, FXand the Hallmark Channel. Biziou’s weekly newsletter currently reaches thousands of people and she contributes to Huffington Post, Mind Body Green, Rewireme, and What Now, What Next.

[1:31-2:06] Intro: Barbara Biziou has a spiritual calling. She clears rooms and helps people live life to the fullest potential.

[2:06-3:44] How did you get involved with practical spirituality and ritual cleansing? I'm a Sagittarian so I love travelling and I was also a seeker. But through a tragedy that happened in my life, I started to look for answers. I started discovering spiritual practices that people do around the world and through that I discovered these rituals and ceremonies that almost every culture around the world does, which is space clearing and blessing. This can be anything from blessing a business to a home to a Broadway show. I realized this was missing in the western culture and I started researching on it. I then integrated it into my business and practical life.

[3:44-4:20] To Americans, this is abnormal compared to what you’ve seen around the world. If you ask anybody’s great grandmother, they’ll tell you they did space clearing rituals which involved brooms, oils, and salts.

[4:20-5:20] What does a ritual look like? Spiritual cleaning goes on the premise that we are all connected and we’re all energies. Quantum physics also proves this. This means that any time we’re in a space, we have energy experience in that space. It could be happiness, sadness, or anger. And just as we pick dirt on clothes and hair, we pick energy from spaces. It is therefore essential to clear out energies from spaces we plan to live in.

[5:20-6:23] What does it look like when you enter into a room when doing a clearing? There are two ways. If you're trained, you learned to sense what places are holding stuck energy. For an average person, you might walk in to a place and immediately feel good or bad. A spiritual cleanser breaks up stuck energies and then raise the vibration to make it more in harmony and balance with what you want.

[6:23-8:26] Is this done with sense and sounds? Yes. The best ritual involves all your 5 senses. The smell sense is one of the most important to the brain and it boosts your energy and immune system when you smell something good. Citrus smells boosts your energy. Traditionally, people used sage, frankincense, and copal although they set up the fire alarms. Now, I make a line of aromatherapy sprays.

For sounds, traditionally, bells, clapping, chanting, and sometimes drums, were used to break up energy.

[8:26-9:33] Is there a difference between older and modern buildings with how you clear energy? Yes. Older buildings have more people who have lived there and unless people have been clearing the energy, it's going to be heavier with time.

[9:33-10:41] What are some of the fun results that you’ve had? Simple things like clearing a space and having it sell. I also do a lot of space clearing when people have changes in their lives. For example, when someone goes through a divorce, we clear the space to relieve the old person’s energy. New businesses, and Broadway shows are also part of my job. These are just some of my success stories.

[10:41-11:23] Are you high in demand? More and more people are understanding this now and it's more accepted just like yoga is. When I first started this, I had a non-disclosure clause but now as soon as I do it, they’re hashtagging us on Instagram.

[11:23-12:11] Stay in touch with the podcast by subscribing to the mailing list. Text Brooklyn to 66866.

[12:11-14:31] Since not everyone can hire you, are there tips to perform cleansing on our own? Absolutely. On my website, I have simple tips and videos and weekly offerings where I show people how to do it themselves. The simplest thing is to make a connection to the space. Ask permission to be there and ask the spirit of the land to cocreate a safe, happy, and wonderful space. After this, walk around with space clearing sprays such as lemon in water, sage, copal, and clap very hard around the corners. This will do a light cleaning and start opening it up.

I also create little altars where I light candles and put a crystal or it could be anything that you like that makes you feel happy, and dedicate the space to whatever it is you want. Whether it's the right person to come live there if you're selling it, or whatever you want if you're moving in.

[14:31-16:04] What’s the difference between your two books? The Joy of Ritual is more of an overview. It's like a spiritual cookbook of ‘this is how you do it, here are some of the ingredients’. I also give real life stories with this.

For The Joy of Family Rituals, I show how to do this with your children. Children love doing this kind of stuff and they really understand it.

[16:04-16:37] Is it possible for you to do this on Zoom or Skype? Absolutely. With these apps, it's great that I can see and can tune in and give suggestions on what people do.

[16:37-17:14] You're so much involved in a career world. How does spiritual cleansing and career combine? The good thing is I can bring both of them together. When I'm in the career world, I'm either helping people jumpstart their careers and get clearer or I'm going to corporations and I'm talking about women’s leadership and emotional intelligence. This brings in meditation, spirituality, but it grounds it into practical reality.

[17:14-19:03] What would you say if you met someone and they told you that their life is in chaos? I just did a video called email appnia which says so many people today when sending texts, answering calls, or sending emails don't breathe. When you don't breathe you aggravate your stress response in your body.

If you're in chaos, you need to stop and take a deep breath or do some technique to get yourself grounded. Usually, when someone is in chaos, their life is clattered. Whether it’s physical or emotional clatter.

[19:03-19:42] Are there teams of spiritual people that we can reach out to in our area? In most areas, you might want to look for a good Feng Shui person because a lot of them do space clearing. Hay House has a lot of good spiritual teachers and also The Shift Network has a lot of courses that they do. In my weekly newsletter, I always do recommendations for my community.

[19:42-19:57] Is what you're doing part of Feng Shui? It's tied to it but I'm not a trained Feng Shui practitioner. In my 30 years’ experience, I've learned to incorporate some Feng Shui techniques.

[19:57-22:53] What is the difference? Space clearing is part of Feng Shui but Feng Shui could also tell you the best colors to put where you would like to move furniture. Feng Shui practitioners help you make energy flow.

[22:53-23:21] There are a lot of spaces we don't think we should cleanse. - Right. I did a space clearing for a car for the Car Show in Java Center New York. Some people get new boats and they do ceremonies. People do this all the time.

Contact Our Guest:

Send Barbara an email at Barbara@BarbaraBiziou.com

Give her a ring at 212-741-3358

www.barbarabiziou.com

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the newest New York Real Estate Market Update. Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, Brooklyn is seeing a seasonal price correction continue. Rents are down an average of just over 1% since last month. The best performers still include Cobble Hill, and Bay Ridge.

Brooklyn Heights and Clinton Hill have moved up with strong performances.

DUMBO holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.

The most affordable rental apartments are being found in Bay Ridge.

DUMBO studio prices rose 8.7% in the last month, or an average of $253.

However, 1 and 2 bedroom apartment prices in DUMBO fell by almost as much.

Month over month, overall Brooklyn rents have fallen to an average of $2,751.80 per month. Still, price per square foot is up slightly, inventory is down, and days on market have dipped to just 39.

Year over year, Brooklyn rental prices may be softer, and there may be more concessions, but there are positive trends too.

Overall:

New leases are up by 13.6%

OP + Concessions are up 7.2%

Negotiability is now flat

Inventory levels are down 11.9%

And marketing time has dropped by 4 days

If you have vacant units, it is time to fill them.

If leases are signed in Oct through Feb, consider signing 15 to 19 month leases to get the units back during the best rental months to get the highest possible rent due to high seasonal demand.

Now let’s take a look at rentals by unit type:

For studios

Average price per foot is down to $52

average unit size is 623 square feet

Average Days on the market is 31 days

33 studios are No Fee, and 121 are Fee apartments

Month over month changes saw rents down 1.5%

And year over year rents are down 1.3%

Renters can currently expect to pay almost $543 more per month for no fee studio rentals, than those with fees.

1 bathrooms are currently renting for around $7 more per square foot than those with an extra half bath.

Having on-site laundry facilities in the building can increase rents by over $200 a month.

Units with private outdoor space, rent for around $300 more per month

Units with elevators are averaging around $230 more per month than walk-up units.

Gyms are still one of the top amenities tenants are looking for. They can add an average of $500 per month to rents.

Tenants are now paying around $500 more per month in buildings which have a full-time lobby attendant. A substantial increase over last month.

In all, we are seeing a big premium being put on gyms, attended lobbies, and outdoor space.

For 1 bedrooms...

Average price per foot is up to $48

The average unit size is down to 695 square feet

Average Days on the market is up to 53

Just 37 1 beds were No Fee, versus 207 Fee apartments

Month over month change rents are, down 0.5%

year over year rents are down 2.1%

No fee 1 bedrooms rented for $1 per square foot than fee apartments last month.

Having a laundry in the building saw 1 beds renting for $5 more per square foot

Units with NO private outdoor space actually rented for slightly more per last month too

The difference in rents for elevator versus walk-up units is $7 per square foot

Units with gyms rented for $5 more per square foot last month.

Buildings with full time lobby attendants are renting for $509 more per month

Now on to 2 bedroom rentals…

The average 2 bedroom apartment in Brooklyn now rents for $3,063.

Average price per foot is $38

average unit size is 1,031 square feet

Average Days on the market is 48 days

Just 9, 2 bedroom apartments for No Fee rentals, versus 240 Fee rentals

Month over month rents are down 1.3%

But year over year they are up 3%

Units with an extra bath or half bath rented for $600 to $900 more month than 1 bath units

Having a laundry in the building can add $10 per month to the rent.

Those with private outdoor spaces rented for $3 more per square foot

A 2 bedroom with a gym in the building is getting $13 more per square foot

Those with full time doorman are renting for over $600 more per month.

There is around a $400 premium for elevator versus walk-up apartments.

There is very little difference between 2 bedroom fee or no fee apartments, pet friendly ones, or short or long term rentals.

For 3 bedroom apartments the average price per foot is $39

The average unit size is 1,254 square foot

Average Days on the market sits at 51 days

Just 12, 3 bedroom rentals were No Fee, versus 84 rentals with Fee

Month over month rents are UP 6.3%

year over year rents are UP 6.8%

No FEE apartments rented for $2 more per square foot than fee apartments last month.

Those with gyms rented for $11 more per square foot.

1.5 bath units actually rented for $7 per square foot less than 1 bath units last month! Though expect to get $9 to $17 more per square foot if you go all the way up to a 3 or 3.5 bath unit.

Having a laundry in the building can make a $5 difference per rent per square foot

Expect to get $3 more per month for units with private outdoor space

Elevator apartments rented for almost $5 more per square foot last month

Having a full time lobby attendant made almost a $11 per square foot difference, with total monthly rent almost over $1,000 more for 3 bedroom units in these buildings

In summary…

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of our reports, as well as take a closer look at the individual neighborhood reports.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Brooklyn Residential Rental Market Report for the month of September.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, there were price increases in over half of Brooklyn’s neighborhoods. The hottest have been Cobble Hill, Bay Ridge, Boerum Hill, and Williamsburg. Rents in Cobble Hill are up 7.3%. Though DUMBO holds the title for most expensive studios and 1 bedroom apartments in Brooklyn. The most affordable rental apartments are being found in Bay Ridge.

Most notable of all is the 14.5% spike in Boerum Hill studio
rental prices. That’s adding about $309 per month to leases.

Month over month, overall Brooklyn rents have risen 0.77%, to an average of $2,819 per month. Studio rental prices rose the most, gaining 3%, to $2,287 per month.

However, new leases fell almost 28%, and days on market rose 2.5%, even though inventory fell 2.4%

Year over year, Brooklyn has actually seen rental rates decrease 5.1%

The strongest performer since last summer has been Greenpoint, with a 4.8% increase in rents.

However, overall:

New leases are down 4.1%

OP + Concessions are up 11.4%

Negotiability has risen a modest 0.5%

Though inventory levels are down 1.4%

And marketing time has dropped by 2 days

If you look at this trending data on the graph charts, landlords should note that this is likely to be the best moment to sign new leases. At least until mid-2018. This is due to seasonal rental price dips and peaks.

If you have vacant units, this is definitely time to fill them.

If leases are signed in Oct through Feb, consider signing 15 to 19-month leases to get the units back during the best rental months to get the highest possible rent due to high seasonal demand.

Now let’s take a look at rentals by unit type:

For studios

Average price per foot stands at $54

average unit size is 703 square feet

Average Days on the market was 43 days

27 studios are No Fee, and 146 are Fee apartments

Month over month changes saw rents up 0.9% to $2,526

And year over year rents are up 6.5%

Renters can expect to pay almost $700 more per month for no fee studio rentals, than those with fees.

1 bathrooms are currently renting for around $8 more per square foot than those with an extra half bath.

Having on-site laundry facilities in the building can increase rents by over $200 a month.

Units with private outdoor space, rent for around $183 more per month

Units with elevators are averaging around $411 more per month than walk-up units.

Gyms are still one of the top amenities tenants are looking for. They can add an average of $346 per month to rents.

Tenants pay around $300 more per month in buildings which have a full-time doorman.

For 1 bedrooms...

Average price per foot is $43

The average unit size is 726 square feet

Average Days on the market stands at 41

Just 20 1 beds were No Fee, versus 226 Fee apartments

Month over month change rents are, down 3.6%

year over year rents are down 1.8%

No fee 1 bedrooms rented for the same price square foot as others last month.

Renters should expect to pay dramatically more for units with 2 bathrooms. Or even an extra half bath.

Having a laundry in the building saw 1 beds renting for $5 more per square foot

Units with NO private outdoor space actually rented for an average of $5 more per last month too

The difference in rents for elevator versus walk-up units is over $400 per month

Units with gyms rented for $2 more per square foot last month.

Buildings with full-time lobby attendants rented for $8 more per square foot

Now on to 2 bedroom rentals…

The average 2 bedroom, 1 bath apartment in Brooklyn now rents for $3,102.

Average price per foot is $40

average unit size is 963 square feet

Average Days on the market is 44 days

Just 9, 2 bedroom apartments for No Fee rentals, versus 240 Fee rentals

Month over month rents are down 1.6%

But year over year they are up 0.4%

Units with an extra bath or half bath rented for $8 more per square foot

Having a laundry in the building can add $6 per month to the rent.

Those with private outdoor spaces rented for $3 more per square foot

A 2 bedroom with a gym in the building is getting $10 more per square foot, or about an extra $500 per month, as are those with pools, and garages.

Those with full-time doorman are renting for over $1,000 more per month.

The same goes for elevator versus walk-up apartments.

There is very little difference between 2 bedroom fee or no fee apartments, pet-friendly ones, or short or long term rentals.

For 3 bedroom apartments, the average price per foot is $37

The average unit size is 1,335 square foot

Average Days on the market sits at 53 days

Just 9, 3 bedroom rentals were No Fee, versus 141 rentals with Fee

Month over month rents are down 0.1%

year over year rents are down 2.9%

No FEE apartments rented for $8 more last month, as did those with gyms.

1.5 bath units actually rented for $7 per square foot less than 1 bath units last month! Though expect to get $9 to $17 more per square foot if you go all the way up to a 3 or 3.5 bath unit.

Having a laundry in the building can make a $10 difference per rent per square foot

Expect to get $5 more per month for units with private outdoor space

Elevator apartments rented for almost $10 more per square foot last month

Having a full-time lobby attendant made almost a $20 per square foot difference, with total monthly rent almost double for 3 bedroom units in these buildings

In summary…

What the break down in this data shows Brooklyn landlords, is that some trends are significantly changing. Some amenities no longer carry the attraction they used to. Specifically, what generates extra income for studio apartments can be very different than what helps to create greater spreads in 1, 2, or 3 bedroom apartments. Some may consider making these adjustments when renovating buildings, or developing new ones, so that they are maximizing ROI at every level.

As we go through upcoming seasonal changes, and look at how some Brooklyn neighborhoods are accelerating, while others have cooled off, some investors may find this the opportune moment to restructure portfolios to capitalize on the best yields and growth ahead. Though many need to be realistic about the overall market and how competitive it is today.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Well, that’s this month’s NY rental market update.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of our reports, as well as take a closer look at the individual neighborhood reports.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at Contact@TheRatnerTeam.com.

We’re full-time professionals and always here to help!

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

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Our Proud Sponsors:

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Brooklyn Residential Sales Real Estate Market Report for the second quarter of 2017.

This is our Brooklyn edition: the sprawling, trendy borough which plays host to bourgeoning hipsters and decades-rooted residents alike, but still retains its old-New York charm. We’ll follow the rule of averages and give you those first, but keep listening to the record-high sales this quarter.

Residential prices in Brooklyn increased 13 percent over last year’s reports, with a median sale price of $720,000 in this ever-growing borough. The average price per square foot? $671 dollars – up 12 percent from last year. This year alone, we saw an astonishing number of 957 total transactions. That’s up, again, 13 percent from last year, and demonstrates how relentless this market growth truly is.

On to condos: the average New Development Condo this year sold for a colossal $1,401,298. Consider this: in 2016, the average sale price was just under one billion at $917,619. That means in 2017 alone, we’ve seen an increase of 52 percent. However, data also shows us that the average market time for these properties has increased considerably: last year, it took an average of 79 days to sell a new development condominium property, versus 116 days in 2017. Just over a month longer to sell for 50% more? You do the math.

Existing condo sales prices have also risen, if not with quite the same veracity. The average condo sales price in the second quarter of 2017 was $1,161,431, versus $953,456 last year. While not as big as the spike for new developments, that’s still a 21.8 percent growth. The average market pace for these properties also increased, though less dramatically: 98 days this year, versus 71 days in 2016.

Co-op sales prices rose predictably this quarter, with an average price of $584,529. Compared to $507,315 same time last year, that’s a 15.2% increase, which is notable but not unordinary. What makes this market unique is that the selling time has actually decreased: co-ops sat on the market for only 108 days, as opposed to last year’s number of 122 days in the same quarter – that’s an average of 15 fewer days.

Single and multi-family homes performed similarly, with an average increase and a decrease in market time. This quarter, the average 1-3 family home sale price was 1,046,440, up 8.4 percent from $871,977 last year. Houses also sold in 14 fewer days, however; properties, on average, were only on the market for 108 days, versus 122 days last year.

Across the board, the average recorded price discount was 1.8 percent.

Now, to Brooklyn’s top residential sales:

The top single-family sale in Brooklyn this August was, of course, a residence in the Brooklyn Heights neighborhood. The selling price of 31 Garden Place was an incredible $8,350,000 – about $1758 per square foot.

The top condo sale was found in Dumbo, selling for $6,083,006, or $2284 per square foot.

We’ll go back to Brooklyn Heights for the top co-op sale this quarter at $2,995,000.

However, if you’re looking for a bargain, head to Coney Island. This least-expensive residential area in Brooklyn had a median price-per-foot of $421 this quarter. Condo prices in Coney Island averaged $665,000; co-op prices averaged $412,000, and single-family homes averaged at just $535,000. As far as Brooklyn is concerned, that’s a steal.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Manhattan Residential Sales Real Estate Market Report for the second quarter of 2017.

This is our Manhattan edition. An island all its own, this borough boasts one of the most recognizable skylines on earth and is an epicenter of business, economics and arts. As usual, we’ll start with averages, but keep listening for this quarter’s record high sales.

In residential Manhattan, sales prices increased an average of 15 percent over last year’s August data, with an average selling price of $1,120,000. However, the average price per square foot actually dropped a single percentage point, down to $1,288. This means that, while residential sales are increasingly more expensive, the amount of floor space purchased is also growing. In total, there were 1,547 residential transactions recorded this quarter – an increase of 19 percent over August 2016 – and that’s an increase that we expect will only continue to rise in the future. Manhattan real estate is a ravenous industry.

New Development Condo sales prices are also increasing, but at a less dramatic rate: the average sale price this second quarter was $4,702,544, up just 7.3 percent from last year’s August numbers. And while prices are rising, so is the average length of time a development sits on the market. Selling times increased about 25 percent to around 245 days, versus 196 days last year.

Existing condominium sales are performing better that Manhattan’s new developments. This quarter, we saw a 13.2 percent increase over last year’s numbers, from $2,758,468 to an average sale price of $3,122,946. These condos are sitting on the market a little longer as well, an average of 135 days as opposed to last year’s 107 days. That’s a 26.2 percent increase in selling time, but if you’re selling, the increased sales prices make this market well worth the potential wait.

Co-op sales had perhaps the least exciting quarter, with an average sales price of $1363,916, just 4.8 percent higher than this time last year. Market time increased fractionally as well, from 75 days to 86 days; overall, the co-op market is holding as relatively firm as anything does in New York’s world of real estate.

Luxury property sales of course hold the highest numbers this quarter, if not the highest percentage change. The average Luxury sales price was $9,280,290, which shows a 7.6 percent increase from last August. These properties may be extremely lucrative, but they also require the most patience: selling a luxury property took an average of 70 more days this quarter than this time last year, around 239 days.

Across the board, the average recorded price discount was 3.9 percent.

Now, on to the exciting top sales numbers for Aug 2017:

The illustrious Carnegie Hill neighborhood boasts Manhattan’s top single family residential sale for August. 8 E 93rd Street sold for $8,900,000, coming out to about $1977 per square foot for the decadent 19th-century house.

In Central Midtown, the record condo sale for this quarter goes to a unit in 432 Park Ave that sold for an almost inconceivable $37,745,776. This recently-constructed masterpiece is the tallest residential building in Manhattan, and this condo on its 81st floor sold for $6,963 per square foot. It’s a fortune, but imagine those stunning panoramic views.

This August’s top co-op sale was also found in Carnegie Hill, with a selling price of 23,500,000 for some prime Upper East Side real estate.

And, for all the bargain hunters out there, Inwood is currently the least expensive residential area in Manhattan, demanding a median price per foot of only $541. The average condo sold for $350,000, with an average co-op only slightly higher at $380,000.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?

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New York Real Estate Market Updates

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Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the second quarter of 2017. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

This is our Brooklyn multifamily episode. A significant part of this huge borough is dedicated to multifamily apartment complexes, and Brooklyn’s vibrant residential reputation is well-known.

While not as drastic as Manhattan, Brooklyn’s Multifamily market also declined significantly from last year’s reports. Sales volume this quarter totaled $995 million, a stark 37 percent decline from 2016. Square-footage pricing did increase to $352 dollars on average, up just 12 percent from last quarter. The average selling price per unit across Brooklyn was $322,000, which is a 9% increase from this time last year. The total number of 474 transactions in the second quarter is down 22 percent from last year.

While the overall Multifamily market is trending lower than in the past, Brooklyn top sales still don’t disappoint. In 2017’s second quarter, our top sale was a block of units in the Sunset Park neighborhood of 5301 – 5311 6th Ave, selling for $45,839,605. Part of an affordable housing agreement, the early 20th-century block came with a price tag of $271 per square foot.

That price, however, won’t buy you many square feet in the most opulent neighborhoods of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows:

Fort Greene, with its namesake park and prime positioning in the heart of downtown, tops off the list at an average of $998 per square foot. Cobble Hill comes in second at $845, with Carroll Gardens a close third at $828. Park Slope listed at $803 per square foot, Brooklyn Heights at $757, Gowanus at $750, Greenwood Heights at $614, Greenpoint at $562, Prospect Heights at $526 and, tenth but certainly not least, the Clinton Hill area averaged in at $469 per square foot.

Of all the neighborhoods, Bed-Stuy had the highest volume of Multifamily sales this quarter at 59, with East New York following up with 49 sales. If you’re hunting for a deal, East Flatbush’s average price per square foot this quarter was a mere $204.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the second quarter of 2017.

This is our Manhattan multifamily episode. While New York plays host to many styles of historic homes, the multifamily apartment complexes are doubtlessly one of the most iconic and highly-prized.

The Multifamily market is one of the few that’s actually on a relative decline in New York City, and this quarter’s data in Manhattan reflects the downward trend. Sales volume this quarter totaled $982.7 million, which is a startling 55 percent decline over last year’s report. Square-footage pricing increased minimally, settling around $584 dollars on average which is just up 5 percent from last quarter. The average selling price across the island was $477,000 – the same as this time last year – and altogether, we saw 106 total transactions in the second quarter, which is down 32 percent from last year.

However, while the overall market is trending low, the top sales for Manhattan still sit in familiar sky-high territory. Our top sale in the second quarter of 2017 was a block of units in the Manhattan Valley neighborhood of West 107th St, selling for $38,250,000. Built in 1940, these six-story units have an enviable location just off Central Park West, hence the price tag of $507 per square foot.

That price, though, doesn’t come close to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter:

Gramercy Park, with its groomed neighborhoods and affluent cafes, tops off the list at an average of $2,160 per square foot. Greenwich Village comes in second at $1,275, with Yorkville a close third at $1,214. Carnegie Hill listed at $1,031 per square foot, West Village at $974, Hell’s Kitchen at $967, Lenox Hill at $962, Upper West Side at $954, Tribeca at $852 and, tenth but certainly not least, the Lower East Side area averaged in at $831 per square foot.

Of all the neighborhoods, Harlem had the highest volume of Multifamily sales this quarter at 25, with East Harlem following up with 13 sales. If you’re hunting for a deal, East Harlem’s average price per square foot this quarter was a mere $181. As one of Manhattan’s most rapidly growing neighborhoods, this area is certainly worth watching.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

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The world’s population is getting richer, and the evidence shows that many of the world’s rich want to spend their new wealth on luxury real estate. The international luxury residential market will see more demand than supply over the next three years, according to a report published by the Real Deal, with 25 percent of high-net-worth individuals expected to buy high-end real estate compared to the 17 percent who want to sell. The report also noted the numbers of wealthy people across the world is increasing significantly.

There were 1.6 million households around the world with more than $10 million in net worth during 2016. That figure is an 11 percent increase from 2015 and a whopping 91 percent increase since 2010. Most of the world’s wealthy consumers live in North America, with the number of $10 million-plus households increasing 146 percent in the last eleven years. Europe is the second largest “wealth region” in the world and is home to nearly 20 percent of the world’s wealthy households.

The Asia Pacific region has seen an explosion of wealth, with the high-net-worth individuals in that part of the world increasing more than 20 percent between 2015 and 2016. China is producing 100,000 new millionaires each year, according to a report earlier this year. Despite the report’s rosy outlook for the international luxury market, New York City continues to experience an excess of high-end product. Manhattan real estate sales of over $10 million in the first half of the year increased 12 percent from the same period the year. However, that jump is driven largely by both closings from contracts signed in 2014 and luxury sellers’ growing willingness to negotiate on price. In Los Angeles this year, there were 65 sales in the $10 million to $20 million range, up from 50 during the same period of last year.And in Miami, there have been 46 properties sold in the over-$10 million market so far this year.

https://therealdeal.com/2017/09/27/demand-will-outstrip-supply-in-global-luxury-market-report/

In London news, the London housing market hasn’t looked this bad since 2009, with its housing prices posting the first annual decline in almost a decade, according to the Nationwide Building Society. The cause of the slow is generally blamed on Brexit. Despite this, analysts claim there is cause for optimism - consumer confidence appears to be on the upswing, while Lloyd’s Bank saw business confidence rise from its lowest point. TRD reported this summer that the sky-high prices London is known for may be a thing of the past — and if London real estate prestige falls internationally, New York City would stand to gain.

WeWork and Airbnb have formed an alliance in a bid to take over the corporate travel market.

Customers who book a room on Airbnb will also be able to reserve a desk at the nearest WeWork co-working space under a pilot program in six cities, Bloomberg reported.

As of Thursday, the service will be available in Chicago, New York, Los Angeles, D.C., London and Sydney. Earlier this year Airbnb introduced a feature allowing users to search for homes with a desk and high-speed internet. WeWork, meanwhile, has offered overnight stays at its WeLive co-living location in Lower Manhattan. The company recently raised $4.4 billion from Japanese conglomerate SoftBank to bring Wework’s valuation to $20 billion.

https://therealdeal.com/2017/10/04/airbnb-and-wework-are-joining-forces/

In far west side news, the online retail giant Amazon just signed a 15-year lease for 360,000-square-foot at Brookfield Property Partners’ 5 Manhattan West. It will serve as New York’s main location for Amazon Advertising, and jobs at the site will include software engineers, data analysts, and economists.

Amazon will take all of the sixth and seventh floors of the 16-story building on 10th Avenue between 31st and 33rd streets, as well as parts of the eighth and 10th floors. It will bring the building’s occupancy rate to 99 percent, with other notable tenants including JPMorgan Chase and Whole Foods, which is anchoring the building’s ground floor with 60,000 square feet of space.

Amazon’s expansion into 5 Manhattan West will create 2,000 new jobs with average annual earnings of $100,000, according to Gov. Andrew Cuomo’s office. The company was offered up to $20 million in tax credits to expand in the state, and it will invest $55 million to outfit its new space with energy-efficient standards.

5 Manhattan West is part of an eight-acre, six-building mixed-use development that Brookfield is constructing on Manhattan’s west side from Ninth Avenue to 10th Avenue and 31st Street to 33rd Street. It will feature roughly 6 million square feet of office space, residential space and a boutique hotel. Amazon has set up multiple projects in New York State over the past five years, including investing $9 million into a fashion photography and videography studio in Brooklyn and setting up a 350,000-square-foot administrative office at 7 West 34th Street. The company is also planning to open its first distribution center in New York on Staten Island’s West Shore, which is expected to create over 2,200 jobs.

The Seattle-based company most recently shook up the business world by announcing that it would seek to open a second headquarters, which should represent a $5 billion investment. Although New York is expected to be in the running for this as well, Related Companies chairman Stephen Ross recently said in an interview with Bloomberg Television that he “can’t see them really coming to New York, realistically” because of the city’s high cost of doing business.

https://therealdeal.com/2017/09/21/its-official-amazon-is-coming-to-5-manhattan-west/

In Brooklyn news, workers with the U.S. Environmental Protection Agency are set to start scooping toxic sludge from the bottom of the Gowanus Canal the first week of December and will begin prepping for the excavation next week. Starting this week, barges will cruise into the heavily polluted canal's Fourth Street Basin, where dredging will clear the way for EPA equipment to access the sludgy sediment, known as "black mayonnaise," marking a key step forward in the canal's $506 million cleanups.

Before work on the Superfund site begins, the EPA will "stabilize the shore" with bulkheads along the basin's neglected banks, with that work likely to occur during the last week of October. Come December, workers will begin scraping muck from the basin's floor for a pilot study that will work out the logistics of the project and inform the EPA's final plan for the entire 1.8-mile waterway.

The pilot dredging is expected to last until the spring of 2018 and will culminate with a report to help shape the EPA's overall plan, including where excavators will eventually dredge the canal.

It is possible that the agency will unearth some hidden gems, or at least buried junk, during the work. Last year, debris removal from the the Fourth Street Basin yielded two boat wrecks, eight support pilings, a tree and 25 other items that measured greater than 5 feet across. Toxic sediment removed from the canal will be ferried down the waterway and mixed with cement to ensure it does not leach contaminants, Tsiamis added. EPA officials anticipate finalizing plans for cleaning up the northern portion of the canal by February 2019. The cleanup for that portion of the canal will be completed around 2022 at the earliest, this according to DNA Info.

In Downtown Brooklyn news, JEMB Realty is planning to bring a 37-story building to the heart of Downtown Brooklyn at 420 Albee Square. The tower would span about 385,000 square feet and contain office and commercial space, including a 300-seat school on the first six floors. FXFOWLE Architects is designing the project, and JEMB received a $56.5 million loan for the project in July. JEMB originally planned for the tower to be significantly higher but scaled down the proposed height from 65 stories to 35 stories in March 2015

https://therealdeal.com/2017/10/05/the-top-10-biggest-real-estate-projects-coming-to-nyc-6/

In Upper West Side news, an apartment building at 200 Amsterdam that would be the tallest tower on the Upper West Side recently received the green light from the Department of Buildings.

The 51-story, 112-unit building is being developed by SJP Properties and Mitsui Fudosan America, and has faced vehement opposition from the local community, Crain’s reported. Critics of the project claimed in was in breach of the building code. The DOB had shut down the site, but last week, the DOB said the companies had addressed all concerns. The developers will need to refile for permits. SJP and Mitsui Fudosan paid $275 million for the parcel at 200 Amsterdam Avenue in 2015 and filed permits with the DOB last year. [Crain’s] — Miriam Hall

https://therealdeal.com/2017/09/27/city-allows-construction-on-uws-skyscraper-to-resume/

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Hudson Yards will require another $440 million to prevent a partially finished tunnel from becoming a useless component of the massive project.

The $750 million plan by Related Companies to deck over the western half of their megaproject in 2018 has increased the pressure on state politicians to raise the extra millions needed to complete a concrete box tunnel under the construction site linking the Gateway tunnel underneath the Hudson River to Penn Station, according to Crain’s. The Gateway project would collapse without this link, which would go under the West Side Rail Yards. Not completing the link would also make the tunnel’s first two segments unusable, wasting the $250 million investment in them.

Most of the tunnel’s first two sections were funded with federal funds from Amtrak and Hurricane Sandy, and the final section is meant to be largely funded by New York and New Jersey, according to an earlier agreement.

John Porcari, interim head of the government entity Gateway Development Corp. which is responsible for coordinating the project, told Crain’s they would secure the funding soon.

“All of us realize that the entire Gateway project is dependent on this last piece being constructed before the Hudson Yards development overtakes it,” he said. “There are no easy ways to fund it, but there are ongoing discussions right now.” [Crain’s]

In financing news, n ine months after agreeing to a $7.2 billion settlement with U.S. regulators, Deutsche Bank is on top of the New York City real estate lending world. The German institution was the most active lender in NYC in the second quarter with $1.5 billion to $2 billion in loan originations ahead of Wells Fargo and Morgan Stanley. It ranked fourth in the first quarter.

Two big-ticket loans helped Deutsche Bank over the top: the $2.3 billion refinancing of Boston Properties’ GM Building and the $1.75 billion mortgage to fund HNA Group’s acquisition of 245 Park Avenue.

Last year’s fine over Deutsche’s role in the subprime mortgage crisis had some observers worry what would happen if it retreated from the market, but the bank dismissed the concerns.

While big banks expanded their market share, smaller multifamily lenders continued to fall in the rankings. Signature Bank, the top lender a year ago, came in seventh with $700 to $800 million in originations. New York Community Bank just about made it into the top 10, down from third a year ago. Overall, New York lending volume in the second quarter was $24 billion, the same as a year ago and down from $27 billion in the second quarter of 2015.

Just five landlords lay claim to about half of Midtown East’s commercial square footage that the city plans to rezone to allow for taller offices.

SL Green Realty has 8.7 million square feet in the area slated for rezoning, and is therefore the biggest landlord in the area, Crain’s reported. The real estate investment trust is making use of 1.2 million square feet of air rights from Grand Central in order to build One Vanderbilt.

Tishman Speyer, with 3.8 million square feet, comes in second and Vornado Realty Trust, with 2.9 million square feet, is third.

The City Council passed the Midtown East rezoning in August, which paved the way for 6.5 million square feet of new office space in the area. More than 70 blocks in the district were rezoned and developers are now allowed to build a

Hong Kong is still the world’s most expensive prime office market by a healthy margin, but NYC is close to the top. Midtown Manhattan came in fourth in CBRE’s ranking of the world’s most expensive prime office markets in the second quarter of 2017, behind Hong Kong’s Central district, Beijing’s Finance Street and Hong Kong’s West Kowloon neighborhood.

At the end of 2016 Midtown ranked sixth but it has since overtaken London’s West End and Beijing’s Central Business District. However, CBRE noted in the survey that its methodology recently changed meaning shifts in the ranking don’t necessarily reflect actual rent growth.

Midtown’s prime rent averaged $153.50 in mid-2017. That’s still not even close to Hong Kong, where prime office space in the Central Business District averages $269.26 per square foot.

Midtown South ($113.53) ranked ninth and Downtown Manhattan ($75.35) ranked 24th. “New York’s Midtown South recorded double-digit, year-over-year growth, and Downtown Manhattan and Seattle (Downtown) also placed among the 10 markets with the fastest growing prime office rents,” the report noted.

Redfin, the residential brokerage that went public this summer in a closely-watched IPO, reported year-over-year revenue growth of 35 percent in the second quarter. Still, the company said it expects to once again lose money for the overall year.

Redfin pulled in $105 million in the second quarter, compared to $77.7 million during the same period last year. Net income for the quarter was $4.3 million, up from $1.4 million in the second quarter of 2016. During the second quarter, Redfin closed 10.2 million home sales, compared to 7.5 million during the same period last year. It pulled in $101 million in brokerage commissions, a 33 percent year-over-year jump.

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Interview with Dmitry Gutman

Hosted by Nate Pfaff

Dmitry Gutman was born in Moscow and has lived in Brooklyn for the past 17 years. He is the CEO of a
title insurance company E-Title Direct. He was in the mortgage business for 18 years and made the shift
to the title business 4 years ago. His company removes all the junk fees associated with purchasing title
insurance and in the process educates and saves his customers money.

[1:32-2:01] Intro: Today we are joined by Dmitry Gutman. He is the CEO of the Title Insurance Company E-title direct. He was born in Moscow and has lived in Brooklyn for the past 17 years. He was in the mortgage business for 18 years and then shifted to the title business 4 years ago. His company specializes in removing the junk fees associated with purchasing title insurance, helping his customers to save money and giving them quality options to purchase title insurance.

[2.01- 2:51] Can you tell us about yourself and what you specialize in? I specialize in title insurance. I’ve been a specialist for the past 4years. I did mortgages for past 18 years for various mortgage share brokers and bankers.

[2:51- 3:24] How did you get into the title insurance business? A good friend of mine who owned a title insurance company for the past 12 years thought it would be a great idea for me to join the company and that it could be a game changer for me to become partners with him in the title insurance company. I said yes to the opportunity because I always like challenges.

[3:24-4:02] Why does someone need title insurance? When someone purchases a property they need protection against forgery and fraud and any missing arrears to show the property is clear of any type of violations judgements. This is also to make sure the future buyer will get a clean and good sale and this will ensure that there is nothing that can affect the buyer after the deal closes.

[4:02-4:49] How does title insurance protect the buyer and specifically what is the process? Title insurance protects the buyer. The day of the closing we issue through our underwriters. The day of the closing, an underwriter will issue a policy which protects the buyer to make sure there is no fraud and to make sure the deed has been exchanged properly.

[4:49- 6:20] What kind of options do people have when it comes to title insurance? Title insurance is shoppable in terms of a lot of title companies charge fees such as search fees, abstract fees or municipality fees. The only thing that’s standard and regulated by the state is the fee policy and mortgage policy fees which is based from how much they are going to borrow from the bank. For us, we don’t charge any of these fees commonly known as junk fees .We remove them from the caliber hence absorbing them and not passing them to the buyer. Title insurance is shoppable just like life and health insurances.

[6:20- 7:12] Is it good to have big underwriter? Absolutely. The reason being, in case there is a claim of something missing , big underwriters will pay the claim without a problem since they have big and healthy budgets whereas the small underwriters have small budgets thus may go out of business .

[7:12- 8:13] What’s the most unique or challenging job you’ve done in the past few years? The unique one is joining a new industry which is Title Insurance, since I had done mortgages for 18years, and became successful in it. My challenge always is educating the consumer and the realtor that the insurance is shoppable.

[8:13- 8:43] What have you found to be the most effective way in which you can educate people that title insurance is shoppable? Organically, using social media. This is through educational videos that we have on my website going over what is title insurance, when and why you need it, and also educating the consumer and the realtor that title insurance is shoppable.

[8:43-9:31] Stay in touch with the podcast by subscribing to the mailing list. Text Brooklyn to 66866.

[9:31-9:38] Where in Brooklyn do you live? I live in Sheepshead Bay in the southern heart of Brooklyn.

[9:38- 10:20] What’s your favorite part of Brooklyn and why? I love the whole entire of Brooklyn. I like the Northern part since it’s very diverse such Williamsburg, Brooklyn heights - they are upcoming areas - and I love Sheepshead Bay because it’s close to the water.

[10:20-10:51] What’s your favorite restaurant in Brooklyn? I have a lot, they are too many mention though if I was to mention one it would be Maggie’s, a Russian cuisine.

[10:51 -11:38] What’s one of the biggest ways Brooklyn has changed over the past decade or two? There are a lot of new condos developing projects emerging in the last 10 -15years and people are buying them like hot cakes.

[11:38- 12:20] Which neighborhoods are giving you the most business? I am so much diversified over Brooklyn therefore I get calls in Sheepshead Bay in the southern part of Brooklyn, Williamsburg among others. This areas became very desirable although not as desirable as Manhattan. I think downtown Brooklyn has become the new Manhattan.

[12:20 -13:00] Downtown Brooklyn has become the new Manhattan .When can you say this shift really began? The last five years.

[13:00-13:41] If you were to buy property in Brooklyn as personal investment where would your focus your search? The southern region since there are coastern restaurants, it’s close to the beach, and everything is 5 minutes way such a taxis, or Uber.

[13:41- 14:23] So do you think that South Brooklyn has a big appreciation potential over the next 10 years? I will definitely say so and hopefully towards areas like Marine Park which is a prominent single family residence and I think those are the areas that will soon be coming up into the market.

[14:23-14:34] If you could speak to the You of ten years ago, what professional advice would you give yourself? I would advise myself to invest in good location.

[14:34- 14:52] What advice would you give to a person looking for a title investment company? I would advise that one should do their homework, explore social media, google title insurance, don’t be afraid. and shop for a title insurance company on your own.

[14:52 -15:40] What do you feel is the most valuable thing that you will bring to the table in terms of services to your consumers? I will provide to them my best knowledge with expertise and my quick response time. My service is impeccant since I strive on service and transparency. Also I give quotes on my website.

Contact Our Guest:

Send Dmitry an email at dmitry.gutman@abstitle.com

Give him a ring at 718-975-2175

www.etitledirect.com

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Interview with Maurice Frumkin

Hosted by Nate Pfaff

Maurice Frumkin owns NYC Admissions Solutions. He attended business school, was an independent school admissions officer for several schools, and was at the department of education for 5 years, where he was involved in all areas of running the admissions process. He started NYC Admissions Solutions to help individual families get into the schools of their choosing.

In the interview, he outlines the admissions process that NYC schools go through in admitting students and how families can best position themselves to get into their desired school. He recommends reading Launching a Leadership Revolution by Chris Brady and Orrin Woodward.

[1:32-2:04] Intro; We are joined by Maurice Frumkin. He is owner of New York City admissions solutions. He started his business in order to help families through the very complicated process of getting admissions into schools in New York. Maurice attended business school, and was an independent schools admission officer for several different schools. He was at the department of education for 5 years where he was involved in all areas of running the admissions process.

[2:04-2:59] Tell us about yourself and what you specialize in?

My Company focuses on helping families and schools across the city navigate the school admission process with a particular focus on middle and high school admissions.

[2:59-3:32] Is your work primarily focused in Brooklyn or is it spread through the whole city? It is spread throughout the city. However, for a variety of reasons, majority of my businesses tend to come from families in Brooklyn and Manhattan. Recently I started working with families in Queens.

[3:32-4:34] What are the most important qualities one must have in order to be successful in your profession? First is credibility and trustworthiness. The person needs to have experience and know what they are talking about and give the families accurate and trustworthy information.

[4:34 -6:38] If a family lives somewhere that is zoned to go to a particular school, is it guaranteed a spot in the school? The city developed a choice process some years ago where families can choose from school throughout the city and decide which one best fits for them. This was after they didn’t want to force people into going into schools in their zones. However, you are guaranteed a spot if you choose it somewhere in your applications.

[6:38-7:42] What kind of process does the school go through in order to select those who they are going to admit into their schools?

It involves a variety of the schools admissions methods. That is, the way that you are evaluated. Depending on the school, they might be looking for an interview or a writing supple or showing up unknown at a house and in other cases just putting it on the application will do it. So depending on the admissions method program that’s going to determine what they are looking for and how selective the school might be.

[7:42-8:51] What schools in Brooklyn have the longest waiting list and are the hardest to get into? Some of the more popular school are hard to get into especially because of demand and selectivity. This includes schools like the specialized high schools for example Brooklyn state, Brooklyn Latin, Leon Goldstein among others.

[8:51- 10:35] What are the most important things that parents should know about getting their children into a public schools? In New York City, there are a lot of schools to select from so they have the opportunity to shop around and to decide what works for them and their child. Most importantly, have some type of plan. It’s unlikely that you will accomplish anything in a short amount of time so it is advisable to have a consistent approach over time. Start early, have a plan, understand what to do with the help of experts and counselors such as myself.

[10:35-13:39] What is the best way to find out about a school tour in your district and what are the most important questions that you would recommend parents to ask the school while they are on the tour? Use the school website. Also check with the schools by calling, checking their websites, or book marking their websites.

[13:39-14:28] Stay in touch with the podcast by subscribing to the mailing list. Text Brooklyn to 66866.

[14:28-16:28] If schools improve in the neighborhood, does it lead to a spike in real estate values in that neighborhood and vice versa? It is tough to quantify since it can take a number of years for a school to evolve itself. So even if afterwards real estate prices in the neighborhood may increase, it will still be after a couple of years. Although it is true to say that improved schools can cause a spike in real estate values.

[16:28- 17:53] How long have you lived in Brooklyn and what’s your favorite area there? I’ve lived in Brooklyn for about 10 years and my favorite area is Quantel, because it feels like a real neighborhood to me as compared to where I used to live in Manhattan.

[17:53-18:39] Do you have any favorite cafes and restaurants in Brooklyn? I am a pizza lover so I go to a place called Emily’s. They serve the best pizzas.

[18:39-19:46] From which areas of Brooklyn are you getting the most business? I get calls from all areas of Brooklyn but mostly Williamsburg.

[19:46-20:55] What advice would you give to someone looking for a school consultant? Find someone with experience and one that is trustworthy. Someone who knows what they are talking about and has credibility. It is equally important to choose the right fit in terms of style and personality. Choose someone whom you and your children can get along with easily. That will lead to more effective results and better communication.

Contact Our Guest:

Send Maurice an email at mfrumkin@nycadmissionssolutions.com

Give him a ring at 347-709-2258

www.nycadmissionssolutions.com

Resources:

Launching a Leadership Revolution

Wix

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Spartan Renovations

Kings Auto Group

Launching a Leadership Revolution: Mastering the Five Levels of Influence

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Interview with Joe Ginsberg

Hosted by Nate Pfaff

Joe Ginsberg is a painter and sculptor and brings that temperament to interior design. He’s an interior designer based in Manhattan and brings an extremely customized and personalized approached to his work. He’s been most influenced by Picasso and Brancusi.

On his website, he states that “The challenge is never to design and build a space but how to create an experience that my client’s and guests deeply connect with, touching upon their sensibilities and emotions, giving them a sense of belonging.”

[1:32-2:13] Intro: Joe Ginsberg is an artist and interior designer. He has a background and formal training in design, art and sculpture, color signs, and photography. He brings a unique approach to designing a space from his art and sculpture background. He starts with a pencil and paint and collaborates with his clients to turn their vision into reality. Joe is a native New Yorker and has been living and working in New York for almost his whole life.

[2:13-3:54] Can you tell us a little about yourself and what you specialize in? My firm is Joe Ginsberg design. First and foremost, I'm a painter and sculptor and I bring this artistic sensibility to the spaces I design. I treat my spaces as a canvas every time. The way I bring those temperaments or those different challenges of when I create canvas or sculptor, is the same approach I use to create a space with the correct proportions and scale.

[3:54-4:51] How did you first get into your field? For painting and sculpture, I started getting involved in set productions in Hollywood, Los Angeles, and New York. I used to create sets for video and film and I got contracted to do one of the VP’s homes. This gave me entry into designing spaces for clients.

[4:51-5:36] Is there an artist that has been influential in your life? Yes, a number of them. However, I mostly relate to Picasso and Brancusi. These two had a really big impact on me from an early age. I'm always inspired with their work.

[5:36-6:42] How do you know where to start implementing your vision when you first walk into a space? It’s immediate. I'm always excited about recreating space whether it's a renovation or transforming an interesting space to say something original. Light, line, and scale of a space is very inspirational to me.

[6:42-8:10] What are the two most important qualities of a successful interior designer? One is being a master of your craft and understanding your limitations, but also what you can provide and bring to a client with their needs and requirements. It's also important to understand scheduling, price point, and bringing it to a level to something that is original.

The second quality is being able to listen. You need to examine and be sensitive to the client’s needs.

[8:10-10:28] What can an interior designer do to help people through the process of renovating and saving time? First, they need to evaluate the plan and understand what the requirements are. Every client has a priority and limitations. Taking the client through the process makes them feel at ease and assures them that you're moving in the right direction.

[10:28-11:17] Stay in touch with the podcast by subscribing to the mailing list. Text Brooklyn to 66866.

[11:17-11:32] Where is the hottest place in Brooklyn for you in terms of overall activity and growth? For me, it's mostly Williamsburg and Bushwick.

[11:32-13:00] What is it about Bushwick that is so attractive right now? It's on the verge of moving into a commercial nature and artists’ sensibility will always create the neighborhood first because it’s affordable.

[13:00-13:37] If you could speak to the you of 10 years ago, what professional advice would you give? Just stay on course, keep your heart intact, and keep your sensibility and confidence in front. Also, keep honing your craft to make yourself more original and vital.

[13:37-14:34] What advice would you give to someone looking for an interior designer? Check out an interior designer’s past work and look how they take a space and transform it. Look for references from past clients and ask for recommendations on how the designer works with clients.

[14:34-16:00] How would describe your aesthetic? I have no colors I'm attracted to. I'm a painter and sculptor so I have to be versatile with color and texture. I'm very sensitive to color and tonalities when I enter a space. I also tend to be very experimental so that I am inspired. I also tend to never repeat myself twice and I let space and light dictate me.

[16:00-16:53] Do you have a favorite kind of job or specific type of task when designing a space? I like hospitality. It has a very wide range of international clientele and you’ve got to bring universal sensibility to a space. This is challenging but very thrilling.

In addition to that, I love clients who are open to new ideas and who can explore with me through the process. This is something that adds to a productive collaboration between me and the client.

Contact Our Guest:

Send Joe an email at joe@joeginsberg.com

Give him a ring at 212-465-1077

www.joeginsberg.com

Resources:

Wix

Our Proud Sponsors:

The RATNER Team

Spartan Renovations

Kings Auto Group

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Interview with Anthony Grevtsov

Hosted by Nate Pfaff

Anthony Grevtsov was raised in Brooklyn and co-founded European Kitchen Center in Greenpoint, Brooklyn. His company handles all aspects of the kitchen renovation, from design to installation. They help clients through the decision-making process when buying a new kitchen or renovating an old one. Unlike many renovation companies, European Kitchen values sticking to a schedule and honoring time commitments as a top priority.

Anthony says that minimal and modern designs are most in demand right now, with black, white, and grey as the most popular colors currently used for kitchens. The kitchen is the center of the home and where the family often comes together to spend time, laugh and conversate, and eat food, so Anthony puts high value in the design and ambiance of a kitchen.

[1:32-1:56] Intro: Anthony Grevtsov was raised in Brooklyn. He’s co-founder of European Kitchen Center in Greenpoint, Brookyln which was started a little over a decade ago. The company handles all aspects of kitchen renovation.

[1:56-2:20] Where did you grow up? Although I'm from Russia, I grew up in Brooklyn, NYC and I'm still living here up to date. I have always enjoyed what it has to offer including incredible parks, restaurants, and local shops.

[2:20-2:47] How did you get into the kitchen design business? From an early age, I enjoyed cooking with my family and spent quite a lot of time in the kitchen. I believe the kitchen is heart of the home for many people and it should be showcased. I began this business when my entrepreneurial spirit and love of cooking propelled me to kitchen designing.

[2:47-3:15] Did you start your business or did you team up with someone else to take charge of the business? I teamed up my partner 12 years ago and we’ve been doing great so far.

[3:15-3:40] Why did you choose Greenpoint? To me, the Greenpoint area represents a transforming area that embodies the Brooklyn spirit. Local shops, fine dining, and real estate development is emerging in Greenpoint. It's going through a modernization phase where you can find a lot of architects and designers working on the idea to improve the neighborhood with creative design buildings and projects.

[3:40-3:59] Which area of Brooklyn is most in demand for your products and services right now? Right now, Park Slope, Williamsburg, and Bed Stuy is where we get our business, and we hope to bring our product to Greenpoint.

[3:59-4:30] What styles are popular right now? This is dependent on the customer, but statistics show that people prefer a minimal, contemporary design even though transitional style is getting a substantial market share. We teach our customers to choose a functional and proper applicable kitchen that would work according to their needs.

[4:30-4:58] What are the specific traits of a modern design? A modern kitchen design often has an appealing, clean look and we use materials that would create a contrast in the space.

[4:58-5:32] Which colors are customers more drawn to? The mainstream colors are black, white, grey, and in some cases we combine colors to create a specific design look for our customers. These created looks create a contrasting, stylish look for the whole kitchen space in general.

[5:32-5:45] Which European style is currently most fashionable? It's hard to say. There are tons of companies working with European manufacturers. For us, we deal primarily with Italian companies.

[5:45-6:38] In what ways does your company help people save time and money in renovating their kitchen? We play a huge role in making a kitchen efficient and attractive. We design the entire area from start to finish and work on literally every detail to get a professional final look.

Our company provides all aspects of a renovation. We provide design, we give our expertise, we educate the customer, and lastly we do the installation for them. We’re also very accurate and precious with time and that helps us continue the project without any delays.

[6:38-6:50] So you handle the process from start to finish? Yes. We complete the whole project from A to Z.

[6:50-7:13] How many people work in your company? We have 3 designers that work in our office at Greenpoint, a construction team that’s always installing cabinetry, and we have a marketing team which I act as the director of sales.

[7:13-7:36] What’s the most popular brand of kitchen appliances right now? Again, this is a really personally matter, but the statistics show that our customers mainly use Themador. I don't want to criticize or appraise any other brands, though.

[7:36-8:00] What type of finishes are people really liking these days? The fashion shifts all the time but people tend to stay with wood vinyl’s of different colors from white to black. The color depends on the area in general. If you have a dark space, we’d use the light colors and vice versa.

[8:00-8:49] What role do you play in helping guide people to make the right decision? We are very specific on helping people make decision on what finishes and appliances to purchase. I’d advice anyone looking to design their kitchen to hire a professional who would save them money and time with their immense knowledge in the industry.

[8:49-9:21] Why do you recommend purchasing European Kitchen? European kitchen, in regard to price and quality, balances out to the point where you would get a perfect, clean European look for a competitive price.

[9:21-10:06] Do you have a favorite area of Brooklyn you hang out? I hang out in Greenpoint but one of my favorite points is in Williamsburg. I enjoy the restaurants, and all types of shows.

[10:06-10:33] What professional advice would you give to the you of 10 years ago? I think keeping in touch with your customers and having referrals is the best thing any business would want. It's important to have a great network of customers who are happy with your work and are willing to refer you to their family and friends.

[10:33-10:48] What advice would you give someone looking to renovate their kitchen? Hire a professional. This saves you money and they use their knowledge to the fullest.

[10:48-11:42] How does your company avoid or deal with delays? Like I said, we have a constructor’s team that works for us. We make sure everything goes on time and every delivery and planned work is done at a certain time. We value time therefore, we split up the process as much as we can.

[11:42-12:30] Stay in touch with the podcast by subscribing to the mailing list. Text Brooklyn to 66866.

[12:50-13:25] Obviously, styles of home and kitchen designs are constantly changing. How do you keep up to date in your field? We participate in different architectural and product shows in Italy and New York. We meet and consult with the manufacturers for any changes and we’re always on top of our game in our industry. It's important for us to update our knowledge and expertise.

Contact Our Guest:

Send Anthony an email at anthonynyckandb@gmail.com

Give him a ring at 347-502-9823

www.nyckandb.com

Resources:

Wix

Our Proud Sponsors:

The RATNER Team

Spartan Renovations

Kings Auto Group

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One of the top stories of the past week is the continued struggle of the Manhattan luxury market, with just 14 contracts signed for homes priced at $4 million or more last week. It’s the sixth week in a row the number of luxury contracts has fallen below 20. The top contract was on unit 56A at 252 East 57th Street. The five-bedroom, 5k square foot apartment was last asking $14.7 million, down from its 2015 asking price of $19 million. The development launched in 2014, and the sponsors have cut asking prices and offered increased commissions to buyers’ brokers. The median asking price for luxury apartments last week was $5.5 million. The average discount from original ask to the final asking price was 7 percent. The average number of days on market was 357, as reported by the Real Deal.

Glamorous high-end deals have become common in Brooklyn’s real estate market over the past few years, but during the second quarter of 2017, the biggest deal in the borough was fairly dull purchase. The government of NYC purchased the $160 million purchase of a Williamsburg storage facility. Residential sales dominated the biggest sales in BK list for Q2, taking up 5 of the top 10 spots. The top 10 sales were worth about $468.3 million in total. Although this is much less than the roughly $1 billion worth of deals that took place in Brooklyn during the year’s first quarter, the difference is largely due to that quarter’s $600 million purchase of a Dumbo Heights portfolio by Kushner Companies, LIVWRK and RFR Realty.

The second largest Brooklyn deal in Q2 was another Jehovah’s Witnesses building that went for $87.5 million.

633 Fulton Street, in Downtown BK came in 3rd place at $68 million

Buyer: Rabsky Group

Seller: JJ Operating

Rabsky Group purchased this 36,000-square-foot property in May as part of its expansion plans for a Downtown Brooklyn skyscraper. The company was initially planning to build a 36-story office tower that was roughly 618,000 square feet, but the addition of 633 Fulton Street gives them 770,000 square feet of space to work with.

109 Montgomery Street

Buyer: CIM Group

Seller: LIVWRK

CIM Group purchased this 12-story Crown Heights building with 173 units from LIVWRK in June. Real Capital Analytics did not publish a sales price but believes it is likely still in the top 10 Brooklyn deals. LIVWRK has retained an interest in the property.

61 North 11th Street, $35.5 million

Buyer: CW Realty

Seller: Eleven North Capital

Brokerage: Cushman & Wakefield

CW Realty purchased this 42,000-square-foot industrial property in May with plans to demolish it. They will be able to redevelop up to 575,000 square feet if they include an affordable housing component.

70 Dahill Road, $33 million

Buyer: DiMaggio Realty

Seller: First Ocean Realty, Sentinel Real Estate

Brokerage: Rosewood Realty

DiMaggio Realty purchased this 122-unit rental building in Kensington in June. The 149,450-square-foot, six-story property is rent-stabilized, as are multiple other properties that DiMaggio owns in Brooklyn.

722 Metropolitan Avenue, approximately $23.3 million

Buyer: SL Development

Seller: Barnett Brickner

Brokerage: JLL, Kassin Sabbagh Realty

SL Development plans to convert this Williamsburg warehouse into a residential building with 69 condominiums. The 34,500-square-foot building comes with roughly 70,000 square feet of development rights, and SL plans to add four stories to the building and put retail in on the ground floor.

218 South 3rd Street, $23 million

Buyer: Millennium Venture Capital

Seller: BCB Property Management, Hager Pacific Properties

Brokerage: TerraCRG

This Williamsburg building is Millennium’s first purchase in New York City. The six-story building contains 41 units, and BCB had purchased it in 2014 for $12.8 million.

https://therealdeal.com/2017/08/07/these-were-the-10-biggest-brooklyn-sales-for-the-second-quarter-of-2017/

For the auto-mechanics and other small business owners who call Ridgewood’s radioactive Superfund site home, Federal plans for cleaning up and demolishing their businesses could mean the end of an era. There are six businesses at the intersection of Cooper and Irving Avenues in Ridgewood slated for demolition under the cleanup plan overseen by the Environmental Protection Agency. The radioactive Superfund project now promises to change a long established part of the neighborhood and eventually turn it over to new development.

But the long-time neighborhood business owners say they have nowhere else to go and that compensation from the EPA is not enough. An EPA spokesman stated that “we’re not just cleaning up for today and tomorrow. Eventually the intention is to clean up on a long-term basis.” [NYT]

Resources:

Organifi

Wix

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The RATNER Team

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Interview with Claire Brown

Hosted by Nate Pfaff

Claire Brown was born and raised in Minneapolis, went to Northwestern for college but always saw herself eventually coming to NYC. She lives in Williamsburg and works for Sugarlift, an online gallery, and art consulting company. They connect young, talented artists with art buyers.

She’s observed that abstract, colorful, impressionistic, big statement pieces as most in demand right now. Artists have to have an original vision combined with technical skill in order to succeed in the art world. Her job is to match skilled artists with people who are looking to fill their homes with art in line with their own taste and vision. One her company’s goals are to help sustain the artist community and allow them to work full-time as artists.

Greenpoint and Williamsburg are Claire’s favorite parts of Brooklyn. She's seen Greenpoint as having a similar character to Williamsburg but has less of the crowds and chaos. She recommends The Founder’s Dilemma by Noam Wasserman and The Art in Painting by Albert Barnes.

Claire Brown was born and raised in Minneapolis and moved to NYC right after college. She works for Sugarlift, an online gallery, and art consulting company. Her job is to connect young, talented artists with art buyers. One her company’s goals are to help sustain the artist community and allow them to work full-time as artists. She lives in Williamsburg and we’re very pleased to have Claire Brown on the show.

[1:32-2:01] Intro: Claire Brown was born and raised in Minneapolis and moved to New York City immediately after college. Claire currently lives in Williamsburg. She works for Sugarlift which is an online gallery and art consulting company. Her main job is to connect young, talented artists with art buyers. Her company’s goal is to help sustain the artist community and allow them to work fulltime as artists.

[2:01-2:18] Where did you grow up? I grew up in South Minneapolis in Minnesota. I then lived in Chicago for a few years during college and then moved to NYC.

[2:18-2:40] Why did you move to New York? It was a natural move for me after college because I never thought of moving to any other city. I knew I wanted to work in art and in art, if you're going to stay in the US, New York is the place to be.

[2:40-3:19] Did you move straight to Brooklyn? I didn’t. I was a journalism major in college and I double majored in Art History. I went to Northwestern University where they had a program where you had to work at a publication for 3 months during undergrad. So I lived in New York doing that and worked at Conde Nast Traveler. When I moved in New York fulltime, I lived in Williamsburg.

[3:19-3:58] Why did you choose Williamsburg? I always loved it. I had lived there for 6 months before moving in permanently and I just loved Brooklyn. Also, working in the art world, the salary tends to be a little lower and Williamsburg was a little cheaper than most places I’d seen in Manhattan.

[3:58-4:48] Your Company’s name is Sugarlift. What exactly do you guys do? We are an online gallery and art consultant company. We find young, talented artists who are 75%-80% New York based, but we also find artists outside New York. We represent them and sell their art as a way to support their careers. Through this, we help New Yorkers and other clients around the country find awesome, unique art for their homes and offices. Basically, we connect young, talented artists with buyers.

[4:48-6:50] What does an average day in the office look like for you? One of the things I like about Sugarlift is that there really isn’t a basic day. There are a lot of different things, which I like because it fits my personality well.

The routine is we get at the office in the morning and we do a team group at 9:00 or 9:30 and catch up on what we’re working on, the goals for the week, and put a little plan for the day just to make sure we’re on the same page. After that, it varies. For me, I spend a lot of time emailing with our artists where they send me photos of what they're working on, ideas on pricing, and then I do short phone calls with clients.

For clients, we have digital mark ups of art pieces. This is where if a client has moved into a new apartment and they have a blank wall which they don't know what to do with, I have an intro call with them and ask about their space, style, what type of art they like, what they don't like, their budget, and eventually I'll ask them to send me a picture of their home or sometimes I'll go do a walkthrough. With all this information, I’ll curate ideas for them. This is how I spend my day.

[6:50-7:41] So a lot of your work involves people who bought a home or those looking to fill a space with art? Definitely. When people move into a new home, they often times have more space than they had in their old place. So even if they had art in their previous apartment, they now have more walls to fill.

[7:41-8:22] What kind of art is in most demand right now? We’re seeing a lot of people that are looking for abstract, colorful paints - this is where you see the artist brush strokes – and also big, statement pieces.

[8:22-9:31] What are the two most important qualities of a successful artist? For me when potentially looking to bring artists in, I look for artists that are technically talented. Whatever it is they’ve chosen to do with their art, whether it’s oil painting or sculpture, I make sure they’ve mastered the medium. This means they can manipulate the medium in any way they want to to achieve the outcome.

Secondly, a person that has a meek and interesting point of view. There are plenty of talented artists now but if they're not doing something interesting that tells a unique story, I find it hard to look at.

[9:31-10:19] Stay in touch with the podcast by subscribing to the mailing list. Text Brooklyn to 66866.

[10:19-12:00] What’s the most unique or challenging job you’ve taken over the last few years? One that is challenging but also very rewarding is that we work with clients on doing commissioned pieces of work. Most clients that come around have really large walls which need large, unique pieces. So we ask them if they can have commissioned piece of work. This is awesome because they get to work with the artist who they develop a relationship with and finally they have a piece they helped contribute to which is just for their space. However, this is challenging because it's often hard for them to articulate what they want. This ends up being a back and forth process.

[12:00-12:39] Where in the city are you getting most business right now? I haven’t noticed a big trend in terms of neighborhoods. Our clients are mostly in Manhattan and also in Connecticut, Westchester, and Brooklyn. There isn’t a huge trend of a specific city or area.

[12:39-13:36] Do most of the artists you work with fit under the starving artist cliché or can they make good money? A big goal of Sugarlift mission is to have our artists be able to support themselves and sustain their careers as artists. Most of the artists we work with have other jobs on the side. Our goal is to sell enough of their art so they can reserve more time to make more art, but we’re not quite there yet.

[13:36-13:52] What’s your favorite area of Brooklyn? I'm biased to Williamsburg. Greenpoint is my new favorite and if I’d have to move from Williamsburg this is where I’d live.

[13:52-14:30] What is it about Greenpoint? Williamsburg is so fun and has so much going on but it has drastically changed over the years. Greenpoint has the character of Williamsburg but is less chaotic.

[14:30-14:59] What’s your favorite restaurant in Williamsburg or Greenpoint? I have so many. There's one in Greenpoint, Selamat Pagi that has amazing Indonesian food. Fette Sau and The Commodore are also on top of my list.

[14:59-15:32] Any art galleries or hotspot you recommend checking out? There are so many galleries but I don't go to galleries in Williamsburg that much. I mostly go to artist studios. A lot of our artists have studios in Bushwick and that’s where I spend a lot of my time as well as in museums in Manhattan.

[15:32-16:29] What professional advice would you give yourself 10 years ago? I was in high school by then so I would tell myself to be quick to speak up. It can be easy to come in at 22 and think that you just need to do what people tell you to do, but you have to speak up and know that you're there for a reason and people want to hear a 22 year-old’s voice. At 22, I always did what I was told and I wish I’d thrown myself out there a little bit more.

Contact Our Guest:

Send Wright an email at wright@sugarlift.com

Give him a ring at 917-370-5030

www.sugarlift.com

Resources:

The Founder’s Dilemma

The Art in Painting

Wix

Our Proud Sponsors:

The RATNER Team

Spartan Renovations

Kings Auto Group

The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup (The Kauffman Foundation Series on Innovation and Entrepreneurship, 13)

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According to Street Easy’s latest market report, Strong price appreciation in Upper Manhattan finally slowed in Q2 2017, maintaining its stronghold as the most affordable submarket in the borough with a median home resale price less than half of the borough median, at $496,881.
Brooklyn prices continue to rise, with South Brooklyn neighborhoods
reporting the greatest annual price growth, up 9.7 percent since Q2 2016. Prospect Park prices cooled off, as the median resale price of the popular submarket is down 10.1 percent from its peak levels in April. Despite the price appreciation, the share of homes that cut their asking prices rose in Brooklyn, with cuts made on 35 percent of the homes for sale in Q2 2017,
compared to 31 percent in Q2 of last year. Brooklyn rents increased slightly, as Brooklyn’s median rent price was $2,442, 1.3 percent higher than its Q2 2016 levels and just one dollar below its all-time peak in Q3 2016, proving to landlords that the rental market is still healthy.

Prices rose the most in Queens among the big 3 boroughs. The median resale price increased 8.3 percent year-over- year to $500,351. Median resale prices went up across the borough, increasing more than 5 percent in every Queens submarket except the Rockaways, which remained flat. Rent prices in Queens hit an all-time high. Median rent prices were up 1.3 percent year-over- year, reaching an all-time high of $1,989 per month. Home sales in Brooklyn and Queens outperformed Manhattan during the second quarter — with more deals and faster-growing prices, according to a new report. The number of sales in Queens jumped 17 percent during the quarter, compared to the prior year, followed by Brooklyn, with 15 percent growth. Sales in Manhattan, the most expensive borough, rose just 6 percent. Citywide, the number of residential sales increased 15 percent, according to the Wall Street Journal.

In New York suburb news, New Rochelle, which is just a few miles north of New York City, enacted a plan ago 2 years a to spur $4B worth of development, streamlining the permitting process and welcoming developers. Two major proposals for towering residential projects show the plan is working. New Rochelle and RXR Realty, the master developer for New Rochelle’s downtown revitalization, revealed a $300M, two-tower proposal that, when completed, would bring up to 700 housing units and 40K SF of retail to what is currently a parking lot. The announcement came on the heels of the city awarding the rights to develop a major housing project on the current site of a fire station, less than a block from its renovated train station.

In luxury market news, a court decided against a loan for the skyscraper going up at 111 West 57th St., also known as the Steinway Tower. The project is slated to be among the tallest residential skyscrapers in the world and the world’s most slender, with a height-to- width ratio of 24:1. But after rising only 20 stories, the SHoP Architects -designed Billionaires’ Row addition has stalled. Michael Stern’s JDS Development and Property Markets Group, in raising finances for the project, enlisted AIG Global Real Estate for a construction loan of $400M, and later took out a mezzanine loan with Apollo Global Management for $325M. Their attempt to get another mezzanine loan from Spruce Capital Partners for $25M was temporarily blocked by a judge after a lawsuit filed by another investor in the project. There have been lawsuits back and forth between the developers and financers, making the development of the supertall much more complicated than anticipated. This has only added to the stress of the developers that’s been brought on by the glut of luxury inventory hitting market, bringing the overall profitability and financial health into question.

https://www.bisnow.com/new-york/news/multifamily/steinway- tower-jds- pmg-funding-lawsuit- abase-77091utm_source=CopyShare&utm_medium=Brows
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In Upper East Side news, the power of good transit isn’t just one of the most important factors for New Yorkers when buying real estate — it also drives up interest of foreign buyers, as the Yorkville neighborhood has quickly seen. This quiet neighborhood on the Upper East Side, which had to endure years of dust and construction noise during the construction of the Second Avenue Subway,
is undergoing rapid transformation since the new Q train stations opened this year. Swanky residential towers rising in the area are attracting more families, as well as an influx in foreign buyers — especially from China — as brokers increasingly lure them to the neighborhood to take advantage of the lower price points relative to Downtown or even other parts of the Upper East Side.
Foreign investors tend to look for something “safe” or “blue chip” when buying, or a name they recognize, like the Four Seasons or the Ritz. They’ve continued to buy on Billionaire’s Row because they keep hearing about pricey new developments on that strip. But buyers are also looking for a good return on their investment and that is why their attention is now on Yorkville, where buyers can get a “two-bedroom, high floor, luxury condo” in a new development for roughly $1,500 per square foot —compared to $2,500 west of Lexington Avenue.

Agents in the area have said that their traffic has been at an all-time high for in April May and June, and they haven’t seen a slowdown in foreign buyers, because the city’s real estate market continues to provide a safe haven to park their money.
In real estate tech news, the online brokerage firm Redfin debuted on the stock market last week, as investors boosted the online brokerage’s stock price a 45%.Ahead of its Wall Street debut, the Seattle-based brokerage priced its shares at $15, valuing the company at roughly $1.2 billion. But the stock rose steadily throughout the day to close at $21.70— valuing the company north of $1.7 billion. It was great news for real estate tech companies and other venture-backed
brokerage with IPO ambition, like COmpass, which is valued at over $1 billion and is planning an international expansion. Redfin takes a total of 4.5 percent in commission from the home seller (with 1.5 percent going to the salaried Redfin listing agent and 3 percent going to the buyer’s agent), which is less than traditional brokerages.

In Hamptons news, buyers in the Hamptons are taking some of their equity in stocks and investing it homes along the South Fork resort towns. The median sale price for a single-family Hamptons house has reached a record $1.07 million, up 7.5 percent from a year ago, according to a report late last week. The higher end seems to be flourishing as well, with 48 homes priced at $5
million or higher being sold in the three months leading up to the summer season. Buyers still demanded a deal, however, with 86 percent of houses and condos bought in the quarter selling for less than what the seller sought. The average discount was 12 percent from the last asking price. This shows that sellers expectations have gotten lofty across the New York market, and even with discounts, there is still a lot of money left over for profit.

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Interview with Andrew Ayers

Hosted by Nate Pfaff

Andrew Ayers is an attorney who has offices in Brooklyn and Minnesota. His practice is focused on small businesses and helping them get up and running, as well as estate planning associated with real estate ownership. Estate planning involves planning for the unexpected with respect to the ownership of real estate and who will own what in case there is a death in the family. Through his experience, Andrew sees adaptability and understanding your clients as the most important qualities of a successful attorney.

He loves the Carroll Gardens/Cobble Hill area. He loves Baba’s Pierogies on 3rd avenue for lunch, and often takes his wife out to La Avara on Clinton street and highly recommends the fried artichokes. He’s getting a lot of calls from the Gowanus and Red Hook area and sees those two neighborhoods as having huge upside moving forward. Andrew is big on technology as a means to streamline his work and he thinks one’s position on technology is an important consideration when finding a good match for an attorney. It’s essential that you feel comfortable with your attorney and trust that they have your best interest in mind.

Andrew is a huge reader. A judge told him that the most important thing you can do is read every day. His current goal is the read a book every week. He recommends Alex Ferguson’s Leading on leading in a business environment. For history, he recommends the Teddy Roosevelt trilogy by Edmund Morris and for fiction, he recommends A Gentleman in Moscow by Amor Towles.

[1:32-1:57] Intro: Andrew Ayers is an attorney in Brooklyn with offices in Brooklyn and Minnesota. His specialty is in estate planning and helping small businesses get up and running. He has a degree in political science a law degree from New York Law. Andrew is an avid reader and will share with us numerous book recommendations.

[1:57-3:14] Can you tell us a little about yourself and what you specialize in? I'm a lawyer with 3 small children. I grew up in the East Coast and moved to Minnesota when I was in high school, then moved back to the East Coast for law school, and now I've got offices in both Brooklyn and Minnesota because I'm always bouncing back and forth between the two places.

My practice is located around small businesses. Helping set them up and getting them up and running with negotiations of commercial leases and doing collection work for lenders in the customers they work with. I also do estate planning for younger couples when they come to me to buy a house and we realize it’s part of a real estate purchase. Sometimes there may be a divorce or child custody issues so I also do family law as well.

[3:14-3:43] What made you want to practice law? I really longed to be in the entertainment industry. In college, I worked at a radio station where I was a manager and music director. I then went to law school and realized entertainment wasn't really my thing and I concentrated on consumer focusing area of law with the stuff I'm doing these days.

[3:43-4:35] What specifically is involved in estate planning? Estate planning is conceptualizing what’s going to happen in the unfortunate event where a client is no longer with us. Estate planning puts together, especially with young couples with children, a definitive plan to protect the children and their assets. And as the children get older and they come back, we may set up a trust. We do tax planning and more advanced things.

[4:35-5:21] When would you recommend someone who owns a property to reach out to an Estate Planning Attorney? I recommend that everybody should have an estate plan. Strive to reach out to a lawyer if you’ve bought a property and make sure an estate plan is in place especially if you're married or have children. It takes away the uncertainty of what would happen when you’re gone. I don't recommend for anyone to do it themselves online, though. Find someone to help you with a basic estate plan to get going.

[5:21-5:59] How long does the process take and what are the costs? The process doesn't take long. Depending on your plans complexity, it can be turned around in a couple of weeks. The online forms are $99 or thereabouts but if you go with a lawyer, it ranges between $500 to $1500 on the low end, and $5000 - $10,000 when it gets complex.

[5:59-7:25] What are the two most important qualities of a successful attorney? The most important quality is to be able to understand your client and what their needs and motivations are. Another quality is adaptability. Situations, cases, and deals vary greatly and it's important to be able to change the situation.

[7:25-9:29] Whats the most unique or challenging deal you’ve done in the past few years? First, that came to mind has to deal with a litigation that I was in. it rose from a divorce action where the parties owned a brownstone in Brooklyn Heights and the wife wanted to sell the building, take the money, and go somewhere else. However, the building was set up as a 1031 exchange. We brought in professionals trying to explain why selling the building would lead to losing all the tax advantage of the 1031 exchange but the woman and her divorce attorney would not listen and it took forever for them to understand the tax basics.

[9:29-10:32] For the 1031 story, how much specifically is the tax difference for a 1031 exchange for something like a townhouse in Brooklyn Heights? I don't remember what the underlying cash basis was going to be and what they’d purchased it for but they’d purchased it years ago in the early 80s. It was a significant difference. I would say it would come up to at least $1million difference.

[10:32-10:45] What’s your favorite area of Brooklyn? I'm partial to Cobble Hill and Carroll Garden because I lived there for about 15 years.

[10:45-11:15] Do you have a favorite restaurant in that area? I do. If I'm going to lunch I always go to Baba’s Pierogies in Park Slope. If I'm doing happy hour I love Bar Bruno on Henry Street and my wife and I love to go to La Avara for dinner. La Avara has amazing fried artichokes.

[11:15-13:22] What are some of the biggest ways New York city has changed over the past 2 decades? The ride services like Uber. Years ago trying to get home from a night out would always be hectic with taxis refusing to go out to Brooklyn. This has changed the way we get around the city. Also, all the apps that can deliver anything to your door. Back in the day, we never had those options. But as a result of this, many retail stores are really struggling.

[13:22-14:11] Where’s the hottest place in Brooklyn right now in terms of activity and growth? For me, I’d still stay local and look at Gowanus and Red Hook. These are building out and they’ll be the next area to fully turn over. I heard Antonio Bolzano died and now it's only a matter of time before all old places are taken over and turned into developments.

[14:11-14:44] Does the lack of public transportation in Red Hook concern you at all? It doesn’t simply because it's actually a nice walk. I'm sure there will be more infrastructure put in future to help people get down there.

[14:44-15:15] If you were to buy in Brooklyn, where would you focus your search? It depends. Right now, I would stay in the family neighborhoods like Park Slope and Brooklyn Heights. If I was single, I’d branch out a bit and find an older building in Dumbo or Bed Stuy and renovate it to make it my family home for the next few decades.

[15:15-16:04] Stay in touch with the podcast by subscribing to the mailing list. Text Brooklyn to 66866.

[16:04-17:40] If you could speak to the you of 10 years ago, what professional advice would you give? I would say leave and never look back. I was working for somebody and after I went out on my own, I had more freedom. The transition was scary because I wasn't certain when the next paycheck was going to come. Gladly, former clients started contacting me asking to work with me. It was a swift ride from there.

[17:40-19:08] What have you learned about cycles in your business and how do you weather the storm of recession? You have to take a long-term view. I have my goals for 1 year, 5 years, 10 years, and 20 years out but you need to realize there are going to be bad years among this. I've learned that cycles are never what you expect them to be especially in New York. A new infrastructure can completely change the market, so it's always advised to be on the lookout.

[19:08-20:47] What advice would you give to someone looking for an attorney? I have a passion for technology and I use it on my clients. One thing that’s important for me and my clients is that our technology matches us. It's important that a client and an attorney can work together because there are so many collaboration tools to use these days.

Another advice is to ask friends if they have a recommendation of an attorney. I'm often referred by people so it's essential for me to have a good rapport.

Contact Our Guest:

Give him a ring at 718-568-0221

www.andrewmayers.com

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Teddy Roosevelt trilogy

A Gentleman in Moscow by Amor Towles

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According to this week’s market report from Property Shark, the second quarter of 2017 brought a period of renewed price growth to many areas of New York City, particularly to its most expensive neighborhoods. Median sale prices trended upwards in most of the city’s 50 most expensive neighborhoods. Only 11 areas saw prices decline in Q2, a significant change from Q1, when 20 neighborhoods saw median sale prices trend downwards.

Maintaining its #1 position from a year ago, TriBeCa’s median sale price continued to grow, expanding 24% compared to Q2 2016. As sales activity also increased year-over-year, the landmark New York neighborhood finished the second quarter with a $5,175,000 median sale price.

The Financial District reshuffled the city’s top 10 most expensive neighborhoods, becoming New York City’s #6 most pricey neighborhood. Following a whopping 88% year-over-year increase, the Financial District’s median sale price surged to $1,900,000. Luxury developments such as 50 West Street contributed significantly to the District’s extraordinary rise – high-priced units here have inspired a veritable feeding frenzy in the city’s tight real estate market.

The city’s most remarkable price increase came from Brooklyn, in Fort Greene as median sale prices ballooned by a jaw-dropping 151%. Barely making the city’s to at #97 in 2016, the historic South Brooklyn neighborhood saw median sale prices jump from just $451,612, to $1,135,000 over the past 12 months, landing at #18.

Brooklyn maintained 2 neighborhoods, Boerum Hill and DUMBO, among the city’s top 10 most expensive, even if median sale prices have started trending towards more established levels. Sales activity cooled off at several luxury developments which artificially inflated median prices in Q1, but other areas continued to experience fast-paced and high-priced sales.

Boerum Hill was barely the city’s 46th priciest neighborhood in early 2016. Now, with a median sale price of $1,975,000, Boerum Hill ranks as the 5th most expensive neighborhood in New York City and the most expensive in BK, as high-end condominiums such as The Boerum continue to see rapid sales in their luxury inventory. Overall, the priciest neighborhood in Brooklyn experienced a 51% growth in the median sale price in the past 12 months.

In listing platform news, within 24 hours of introducing a new $3-per-day fee for rental listings, the number of rentals posted on StreetEasy’s platform plummeted 55 percent from almost 31,000 on Monday to close ot 14k on Tuesday, according The Real Deal.

In Brooklyn, the number of listings fell from around 10,700 on Monday to 4,000 on Tuesday, which is a 62% decline. Queens experienced a 69 percent drop. Although the fall in listings was expected, this could potentially be a defining moment for a site that has come to dominate the market.

In finance news, More and more investor are putting their money into real estate instead of hedge funds because of geopolitical risk and high fees. At the end of the second quarter, wealthy investors had 33 percent of their portfolios in real estate. Bloomberg reported that the average allocation in hedge funds by those who took the survey fell to a record low of 4 percent. Last year and for much of this year, hedge funds have trailed the S&P 500. Though the industry has seen eight consecutive months of growth, the increases in gains have been small. In September, the Wall Street Journal reported that the hedge fund slowdown was contributing to a drop in rental growth and landlord concessions at office properties.

In overseas investment news, Private equity leader Ralph Rosenberg thinks prices for London’s core commercial and residential properties could fall by 5 to 10 percent following the Brexit vote. The real estate head at investment firm KKR also told Bloomberg that there could be opportunities found in Manhattan’s luxury condo and hotel markets, which he said are suffering from imbalance. The hotel market in particular has suffered from excess supply and reduced international demand because of a strong U.S. dollar.

Rosenberg also said he thinks the U.S. commercial real estate market as a whole is in “equilibrium” and that demand from Chinese investors continues to be strong even though a recent increase in regulatory pressure could kill the “outlier bid” for trophy buildings, reported by the Real Deal.

In inventory news, New York City’s metro region is expected to see a massive 27,000 new rental units hitting the market by the end of this year, up from the 16,000 units that opened in 2016, according to a report from search engine RentCafe. This is likely a key reason why agents are experiencing a slowdown in the rental market. As reported by DNAinfo, Long Island City leads the pack with more than 3,700 units projected this year. Downtown Brooklyn came in second with more than 2,300 units expected to open, followed by Jersey City. Several neighborhoods near Downtown Brooklyn were also in the top 10, including Fort Greene, Boerum Hill/Gowanus and Prospect Heights. Overall, Manhattan was projected to have more than 7,000 units across Hell's Kitchen, Chelsea, Murray Hill and the Financial District.

In Hudson Yards news, the towers that make up Hudson Yards on Manhattan’s far west side are rising fast. But two key pieces of infrastructure — the tubes that would link a new tunnel under the Hudson River to Pennsylvania Station — have run out of funding. Work on the project came to a halt after the federal Department of Transportation pulled out of the development in the latest sign that the Trump administration is losing interest in a $23.9 billion infrastructure project considered vital to New York City and New Jersey.

Currently, the first and second sections of the casing are complete, while the third is fully designed but lacks construction funding. According to the Times, it could be a long wait for funding to materialize, since a recent report estimated that the new Hudson River tunnels will cost nearly $13 billion, more than $5 billion over the original estimate. If Congress funds the project in the near future, construction could begin by fall 2019 and wrap up in spring 2026.

Despite its political reputation taking a hit worldwide, The United States is still a world leader in attracting foreign money to its real estate market, while countries like Canada, the United Kingdom, Australia, and New Zealand are starting to see foreign buying tapering.

The United States has been seeing a surge in foreign buying according to the National Association of Realtors (NAR). These numbers are showing explosive growth in both the transactions, and dollar volume. Over the past year, there has been a 32.4% growth from the previous 12-month period. The US has foreign buyers from all over the world, but just five countries are estimated to make up the majority of sales by dollar volume. Chinese buyers lead the way, while Canadians came in 2nd, with a massive 113% increase YOY. Residents of the United Kingdom came in 3rd, a 72% increase YOY. Mexico came in 4th, while India was in 5th. This is huge growth, and will likely contribute to upwards pressure on home prices.

In terms of the number of homes, the same five countries are estimated to top the list. Chinese buyers bought 40,572 homes, a 38% increase YOY. Canadians bought 33,819 homes, a 25% increase YOY. Mexicans bought 28,516 homes, a 59% increase YOY. Indians bought 14,934 homes, a 2.86% increase YOY. Residents of the UK bought 12,869 homes, a 40% increase YOY. That’s 46% of the 284,455 foreign purchases made across the US, according to the Real Deal.

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Interview With Tony Castoro

Hosted By Nate Pfaff

Tony Castoro is the owner of Gotham CIty Home Inspection. He’s been in the business for over 8 years and is well known throughout Brooklyn for providing a highly competent and honest service. He’s a native New Yorker, growing up in Bensonhurst, and has seen the city undergo a massive transformation.

He got into the home inspection business when his son was buying a house and hired a home inspector who was unable to clearly communicate what he found in the inspection. He asked his father to inspect the house to cover the missing pieces and after Tony went through the house and issued an informal report, his son said he was much better than the professional inspector he hired and he should get into the inspection business. Many years later, he wishes his son had bought that house sooner. Tony highly recommends the E-Myth Revisited by Michael Gerber and Think and Grow Rich by Napoleon Hill

[1:32-1:54] Intro: Tony Castoro is the owner of Gotham City Home Inspection. He’s been in the business for over 8 years and is well known throughout Brooklyn for providing a highly competent home inspection service. He’s a native New Yorker, growing up in Bensonhurst.

[1:54-2:17] Can you tell us about yourself and what you specialize in? I am the owner of the Gotham city home inspection which is a small company with two inspectors and we specialize in home and termite inspection for anticipated purchases.

[2:17-3:13] How did you get into the home inspection business? My son was purchasing a house and had a home inspection done. He received a complicated report and since I had knowledge in buildings he asked me to review it for him. We went back to the realtor and I explained the report and at the end, the realtor said I should become a home inspector since I could explain to people and they could understand. A year later, I become a licensed home inspector.

[3:13-3:52] Is it a difficult process to become a licensed home inspector? You’re licensed by the state and you have to attend classes from classes with a licensed instructor then you go out into to the field and do an inspection.

[3:52-4:22] What are the two most important traits of a home inspector? First, is the knowledge of the systems of a home. Second is to be experienced but the most important of all is to be a good listener. It’s paramount to pay attention to the needs and questions of the buyer.

[4:22- 6:52] What are the most unique or challenging inspections that you’ve done in the past few years? The challenging inspection was one that we went to Brooklyn and we went down to the settlement and found that it was covered with sewerage. At first, I was about to give up on the inspection but then decided to go on with it since the buyers were really interested in the property. The unique one was also in Brooklyn and the home was kind of like a dungeon with the chains, whips video camera. It was really unusual.

[6:52-7:18] What is your favorite area in Brooklyn? My favorite area in Brooklyn has to be Bed Stuy. I love the architecture of the Brownstones.

[7:18-7:42] Do you have a favorite restaurant in the area? Not really. I dine with my family so we usually don’t eat out that much.

[7:42-8:30] Stay in touch with the podcast by subscribing to the mailing list. Text Brooklyn to 66866

[8:30- 9:14] What are some of the biggest ways New York City has changed over the past decade? The face of the city has changed since there is more population. There is a revival going on as far as the real estate is concerned since a younger and more educated group is coming in and taking care of homes thus changing the face of communities.

[9:14- 10:00] Which neighborhood in Brooklyn did you grow up in and has it changed in a specific way that stands out to you? I grew up in Bensonhurst and it has changed in that growing up it was a Jewish and Italian area but now there are influxes of Russians and eastern Europeans and Asians. It has become more populated due to the construction of extra condos.

[10:00-10:44] Where is the hottest part for you in terms of most activities? Apart from the staples of Park Slope and Bushwick to name a few, I have started to see construction going away from Manhattan like areas of Cypress Hill and East New York which are potential upcoming areas.

[10:44-11:10] What professional advice would you give to you 10 years ago? My son should have bought that house earlier.

[11:10-11:51] What have you learned from the cycles in your business? The economy plays a lot with the way our business is profitable or not, but marketing helps to constantly put your name out there. It takes extra effort and more work, though.

[11:51-12:22] What is your favorite mode of advertising? We do everything from online advertising, sending emails to realtors and also direct marketing to buyers through our offices.

[12:22-12:41] How would you advise a person looking for a home inspector? Find someone who is knowledgeable and has good reviews. Also ask around from your friends and realtors.

Contact Our Guest:

Send Joseph an email at tonyc@abrooklynhomeinspection.com

Give him a ring at 718-360-1868

www.abrooklynhomeinspection.com

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One of the leading stories of the past week is the growing popularity of the office space in Downtown Manhattan. Many creative companies are making the move from neighborhoods like SOHO and Chelsea to Lower Manhattan. More than 100 architecture and engineering firms plan to or already have migrated to Lower Manhattan over the last few years.

Many of these firms fled climbing rents in Midtown South.

Asking rents in Midtown South have been around $83 per square foot. Lower Manhattan has been catching up: Average asking rents there hit an all-time high of $62 per square foot this past May. A number of firms said that the area’s access to mass transit and new restaurants and businesses were key reasons to head Downtown. “If the Stock Exchange relocated, we could call it the Design District,” one commentator said.

In financing news, RXR Realty secured $125 million in construction financing from JPMorgan Chase and People’s United Bank to fund its 363-unit rental development 810 Fulton Street in Clinton Hill. JPMorgan Chase bought $75 million worth of bonds, while People’s United chipped in $50 million. The deal cements JPMorgan’s status as one of New York’s most active construction lenders in 2017. The bank already pledged $900 million to Extell Development’s Central Park Tower project and $850 million to Harry Macklowe’s office-to-residential conversion at One Wall Street.

In coworking space news, WeWork is now worth more than real estate investment trusts like Boston Properties and Vornado Realty Trust following the latest funding round that pegged its valuation at $20 billion, according to Forbes. Boston Properties’ market cap is $18.25 billion and Vornado’s is $17.7 billion.

According to paperwork filed with the Delaware Secretary of State on June 30, WeWork issued 13.2 million new shares of preferred stock at $57.90.

The fundraising follows a $300 million investment Japan-based Softbank made in March that reportedly valued the company at $17 billion. WeWork CEO Adam Neumann last month confirmed that the company plans to go public, but said he still hadn’t decided when and where to list its shares. The company restructured itself internally as rumors swirled about an IPO, the Real Deal reported.

In music streaming news, industry leader Spotify's growth continues to have a major impact on the Manhattan office market.

Less than a month after Bisnow reported the music streaming giant would likely keep its offices with RXR in Chelsea, Spotify exercised its option to lease an additional 100K SF in 4 World Trade Center. Its footprint will cover nearly 500K SF at Silverstein Properties' new skyscraper downtown. The tower will be 100% occupied when Spotify moves in next year.

Walmart’s online shopping platform Jet.com is teaming up with real estate startup Latch to make it easier for tenants in non-doorman buildings to accept packages ordered online. The partners are teaming up to test out a program that will install Latch’s keyless entry system free of charge in lobbies at 1,000 buildings. Landlords in New York are struggling to keep up with tenants’ online shopping habits .

The hardware and software allows entry into buildings via a passcode, smart phone or smart card, and allows delivery personnel to use temporary passcodes created with Jet.com to get into lobbies and drop off online purchases.

The pilot program will initially focus on Brooklyn and Manhattan, and could reach 100,000 people, the Real Deal reported.

The sales price of homes in Brooklyn and Queens continues to skyrocket. Record high sales prices were set in Brooklyn and Queens last quarter. Brooklyn’s median sales price reached $795,000, jumping more than 20 percent from the same time a year ago, the report found.

The median price in Queens was $510,000, rising nearly 10 percent from the year before as the borough saw a “spillover” effect from Brooklyn’s hot market, pushing its prices up, too. In Brooklyn, more than 23 percent of all sales went for more than the listed price — at an average 3.8 percent more, according to a report by Douglas Elliman. In the hot areas of Brownstone Brooklyn — including Brooklyn Heights, Carroll Gardens and Park Slope — as well and North Brooklyn’s Greenpoint and Williamsburg, median sales prices jumped 9.6 percent from the same time a year ago, to $1.25 million, according to a report from Ideal Properties. The average sales price spiked more than 21 percent, to $1.687 million.

Rents, however, have been going in the opposite direction. N et effective rents in the borough dropped for the second consecutive month. With concessions factored in, the median Brooklyn rent was $2,813 per month, a 2% decrease from a year ago. Brooklyn has had 22 consecutive months of increasing rental inventory, which undoubtedly contributes to a rise in concessions as landlords compete in the tenant pool to drive occupancy rates in their new buildings. It is also possible that the sort of consumer who can afford $3K rents can also afford a down payment on a condominium. If sale prices and rents continue to dovetail, construction in Brooklyn may finally cool down, though plenty of projects remain in the pipeline.

Staten Island may no longer qualify as the forgotten borough, at least among real estate agents. After months of watching housing prices rise in Richmond County, some of the larger Manhattan-based real estate firms are expanding their reach to the smallest outer borough.

Local agents said they welcomed the move as a sign of the market’s ascent, particularly in the North Shore neighborhoods.

Earlier this month, Keller Williams opened an office in Midland Beach. And after months of studying the market, Keller Williams’ TriBeCa-based Thomas-Gabay team started working in Staten Island this September. The duo said new housing developments, a planned outlet mall and the construction of what has been billed as the tallest observation wheel in the Western Hemisphere have helped put the North Shore area on the radar of New Yorkers searching for a bargain not easily found in other boroughs. Progress on the massive ferris wheel, however, has all but collapsed.

Housing costs have spiked on Staten Island. The average monthly rent has grown to $2,239 this April from $1,828 in April 2012, according to Zillow. The average sales price for a one- to three-family home rose 10% from the first quarter of 2016 to 2017, according to amny.com

Chelsea Piers is set to make its Brooklyn debut. As the Wall Street Journal reports, the company behind the sprawling Chelsea Piers Sports & Entertainment Complex on the far west side of Manhattan has signed a lease for 52,000 square feet at 33 Bond Street in Downtown BK. The original Manhattan location, which spans 28 acres, boasts a golf club, ice rink, a fitness club, and bowling lanes. Chelsea Piers described the new facilities as a “world class fitness club.”

It’s just one more sign the area is booming, according to many analysts. “Downtown Brooklyn has transformed into a multi-faceted, diverse marketplace,” he said in the release, citing the recent arrival of other “top retailers” like Apple and Whole Foods. While the fitness center is confirmed, it’s not clear yet what else will be going into the remaining 8,700 square feet of retail space at the base of 33 Bond. Right now, realtors on the project are “actively speaking with a variety of similarly upmarket retailers—including artisanal food services, pantry operations, home goods and high-quality restaurants.”, as reported by NYcurbed.

Coney Island-bound N trains will start skipping seven stations in Brooklyn while the MTA does renovation work starting July 31 and lasting through the end of 2018, officials said Friday. The $395 .7 million project will upgrade a total of nine stations with new platforms, lighting and stairs, according to the MTA. During the work, trains will run express from Eighth Avenue to Coney Island, potentially harming property values in a number of Brooklyn neighborhoods for the short term future.

In Long Island City News, Tishman Speyer’s massive three-building rental development in Long Island City is gearing up for its launch this fall. The three buildings together will now be known as Jackson Park, and bring over 1,800 apartments to the neighborhood. They’re part of the thousands of new apartments coming to Long Island City, a neighborhood that now outpaces the rest of the United States in terms of new apartment construction. Jackson Park’s rentals will be spread out between three towers: a 53, 44, and 42-story tower located Jackson Avenue and Queens Boulevard.

In addition to the residential buildings, Tishman Speyer is also constructing a five-story “amenity clubhouse,” that will include a plethora of indoor and outdoor amenities, including an outdoor pool and lounge. The clubhouse will be directly connected to all three rental buildings underground. Above ground, all four of these structures, will be connected and surrounded by a 1.6-acre private park. Residents will start moving into the first of the three rental buildings by the end of this year. Tishman’s residential towers are also located across from their massive office complex, now being called JACX, which will bring two 26-story towers to the neighborhood. Already, WeWork has signed for a 250,000-square-foot space here. A food hall, coffee shop, restaurants, and a fitness center are also all in the works at the office complex, according to nycurbed.com.

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Interview With Adrienne D'agata

Hosted By Nate Pfaff

Adrienne D'agata an interior designer and native New Yorker. She attended the Fashion Institute of Technology and specialized in interior design. She opened up the design firm Dimension New York with several partners, which specializes in residential and hospitality design. Adrienne heads the residential department. She got into interior design through her innate creativity and how she found the design of a surrounding space could powerfully affect her mood. She wanted to create spaces for people where they really enjoy being and elevates their lifestyle.

She likes to get to know her clients and what they like and dislike and create their own personal style and help refine it. Her main objective is to understand their vision and not only elevate it but make it functional and translate to an easier life. She’s partial to the color white because she feels it create a space that is timeless and sophisticated and creates brightness and openness.

Her favorite area of Brooklyn is Williamsburg because it places a strong emphasis on creativity and individual expression. Her favorite restaurant is Maison Premiere on Bedford Avenue, for its great atmosphere and interior design and it has a wonderful cocktail bar and great oysters. The interior design in a restaurant is just as important to Adrienne as the food they serve. She also sees Sunset Park, Crown Heights and Bushwick as hot spots because they retain the old Brooklyn neighborhood vibe that’s attracting the younger crowd and artists. Adrienne recommends The Women I Wanted to Be by Diane von Furstenberg and Ladies Who Launch by Victoria Colligan and Beth Schoenfeldt as inspirational business books.

Adrienne D'agata an interior designer and native New Yorker. She attended the Fashion Institute of Technology and opened up the design firm Dimension New York with several partners, which specializes in residential and hospitality design. Adrienne heads the residential department there. Her focus is to design spaces that are timeless and sophisticated as well as elegant and functional.

[1:32-1:57] Intro: Adrienne Dagata is an interior designer from New York. She opened up a design firm, Dimension New York, together with several partners which is a firm that specializes in residential and hospitality design. She heads the Residential department.

[2:00-2:59] Tell us about yourself and what you specialize in.

I’m a native New Yorker. I went to the Fashion Institute of Technology and specialized in interior design. After school, I worked under a great interior designer who has been featured in many publications. I later worked my way up from a design assistant to a director over the course of about 10years.Then 2 years ago, my partners and I came together and started the company and now I head the Residential department.

[3:00-3:30] What is the name of the person you stayed under and what influence did he have on you? Mark Cunningham Inc. He made sure that the quality of everything that you put into someone’s home is there and that they are pieces that can last a lifetime and can be passed from generation to generation.

[3:36-4:33] How did you first get into interior design? Interior design has kind of been a background for my life. My father would bring architectural digest and out décor for me and I would tear pages from there and keep for myself for inspiration when I get older and that lead me into doing interior design.

[4:34-5:32] How do you know where to start implementing your vision when you first walk into space? There are two main elements, the first being the client. I like to know their likes and dislikes and create their own personal style and then refine it. The second is the style of the built space.

[5:33-6:11] What are the most important questions you ask clients or potential clients when you’re first taking on a job? I first discuss what their wants are and needs for the project by pulling up pictures off magazines and seeing what they like from the images. Then I try and implement that into their home. I find out what their personal style is and elevate it.

[6:11-6:23] Is there a favorite color that you like to work with? I like the color white because it’s pure and it makes everything bright and airy.

[6:24-7:38] What are the two most important qualities of a successful interior designer? The first is listening. It is important to listen to your clients’ wants and needs and make sure what we design delivers what they want. The second is communication. Both verbal and virtual communication is important since we work with so many people and this is what can make or break a project.

[7:39-8:37] Stay in touch with the podcast by subscribing to the mailing list. Text Brooklyn to 66866.

[8:38-8:59] What is your favorite area of Brooklyn? I still really like Williamsburg reason being it has set the bar for other boroughs in New York to aspire to be like. Over the years, it has evolved from being a kind of a grumpy area to a place that has some of the most creative restaurants and music venues. It is such a dynamic area.

[9:00-9:24] Do you have a favorite restaurant in Williamsburg? It is the May Zone premier located on the south side of Williamsburg. It is beautifully designed and has a great atmosphere. It also serves great oysters which is my favorite.

[9:25-9:50] Are restaurants and spaces with a good interior design just as important to you as the food they serve? Yes. As soon as I walk into a restaurant I start looking around taking some of the spaces inspiration and seeing what I would do differently.

[9:51-10:36] Where are you taking most activities in New York? People are now buying property further away from Manhattan like Sunset Park and Prospect Heights. They are liking more of the old Brooklyn vibe of east and upcoming areas. They have more of a sense of community area that makes them feel like a neighborhood.

[10:37-11:16] What kind of jobs are you working on right now? For residential, we are working on two apartments that were combined into one. Another project that we are working on is a townhouse renovation.

[11:17-12:16] What kind of innovations or renovations, specific jobs excite you? I love all different types of projects whether an apartment or a townhouse. They all have their different interests. What I like the most about it is the challenges and that no project is the same. Whatever project I do I have to ensure that it is time worth and that the clients feel like they can live there forever.

[12:17-12:58] What are the ways that you can make a space feel timeless? Keeping your colors on the neutral instead of using bright colors since they tend to become boring over time. Instead, use decorations with color.

Contact Our Guest:

Send Adrienne an email at adrienne@dimensionny.com

Give her a ring at 646-751-8497

www.dimensionny.com

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The Women I Wanted to Be

Ladies Who Launch by Victoria Colligan and Beth Schoenfeldt

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Ladies Who Launch: Embracing Entrepreneurship & Creativity as a Lifestyle

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One of the top stories of the past week was news from a report published by Douglas Elliman that prices for Manhattan real estate are at an all-time high. In the second quarter of this year, apartments sold for an average price of $2.19 million, an 8% increase from last year, and the median sales price also hit a record, up 7 percent to $1.19 million. The total number of sales jumped 15 percent compared with last year.

Despite soft sales in the second half of 2016 and an uneven start to the year that led many to predict a slowdown at the high end, sales in Manhattan showed surprising resilience in the second quarter, this according to CNBC.

While homes were sitting on the market slightly longer, inventory fell modestly. The author of the report believes that the strong sales and prices were driven by two factors: more realistic sellers and continued pent-up demand from buyers who held off purchases in 2016. Condos — especially new condos — continue to fuel the rise. The average condo sales price jumped 13 percent over the same quarter last year, to $3.12 million. The average sales price for new condos jumped 7 percent to $4.7 million.

Shifting to hotel news, New York City’s average hotel room rates slid 11 percent over the past three years as the city has grappled with an influx of new supply and increasing competition from short-term rental platforms like Airbnb. And by one measure, profits were down roughly 23 percent last year.

The average nightly room rate was $224 during the first quarter, down 11 percent from the average of $252 per night in the first quarter of 2014, the New York Post reported. The culprit, in part, is a flood of new rooms developers have built. The number of hotels in the city has grown 55 percent since 2008 to 634 properties and 115,000 rooms, according to the hotel-research firm STR.

As the new hotels come to market, owners are more willing to push rates lower in order to keep the properties at higher occupancies. Occupancy rates are in the mid-80 percent range, which is one-third higher than the national average, which is in the mid-60 percent area, according to CBRE.

Hotel revenues dipped for the fourth consecutive winter to a record low earlier this year, and experts are projecting that metrics may turn positive for the first time next year, this according to the Real Deal.

In coworking space news, Regus plans to launch its co-working concept called Spaces in Manhattan at RXR Realty’s Helmsley Building, where the executive-suites company recently inked a 55,000-square-foot renewal. Spaces, Regus’ answer to the co-working giant WeWork, has 35 locations already open worldwide and another 28 scheduled to open in the near future, according to the company’s website. In New York, the sole location is at the Falchi Building in Long Island City, where Regus signed a 34,000-square-foot lease in 2015.

The company’s been a longtime tenant at RXR’s Helmsley Building at 230 Park Avenue near Grand Central Terminal, and when its lease came due, Regus took the opportunity to reposition its space.

As part of the 15-year deal, Regus is relocating from the building’s 10th floor to space on the third and fourth floors, and will enjoy a private entrance on Vanderbilt Avenue.

Asking rent for the space was in the low-$80s per square foot, this according to the Real Deal.

Shifting to teh high rise luxury market, with massive condominiums, private elevators and a 100th-floor ballroom that overlooks Central Park, Gary Barnett and Extell Development if looking to lure the world’s richest to their ambitious $4 billion Central Park Tower. Although the building at 217 West 57th Street, slated to be the tallest residential tower on Earth and most expensive in NYC, won’t be completed until 2019, the Real Deal discovered the building’s floorplans and the price breakdown for each unit. According to filed documents, 20 of the 179 condominiums in the building have a price tag of $60 million and above. The most expensive unit listed is a $95 million penthouse that contains four bedrooms, a 2,000-square-foot terrace and an outdoor pool.

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Interview With Rolan Shnayder

Hosted By Nate Pfaff

Rolan Shnayder is a mortgage banker with CItizen’s Bank and has been in the business for over 15 years. He specializes in the new development and is the preferred lender that developers choose to represent them in the sale of their units. Since 2008 he’s been the preferred lender on over 200 projects. He is currently the preferred lender on over 72 projects.

Rolan has seen a lot of people saying they want to buy real estate now before interest rates go up. This past January, which is usually a slow month in real estate, was Rolan’s best month. His business is split evenly between Brooklyn and Manhattan. He gets a ton of calls from Downtown Brooklyn, Park Slope, Fort Greene, Williamsburg, and he attributes much of the changes in some of these neighborhoods to some of the rezoning laws, which has allowed for bigger and taller buildings.

The recession of 2008-09 brought about some of Rolan’s best years in the business because he managed to secure a lender that would do business with developers when the other big banks wouldn’t touch new developments that were under 50% occupied. This showed him the importance of finding a niche and a clear competitive edge. He’s bullish on real estate and the economy for the next 3-5 years and sees new policies that should be enacted over the coming years as giving new life to the economy. He highly recommends E Myth by Michael Gerber.

[1:32-1:53] Intro: Mortgage banker of Citizen’s Bank, Rolan Shnayder, was the number one loan officer in 2016, and is one of the leading experts on the mortgage financing business. He’s based in Manhattan with his family and does most of his businesses in Brooklyn.

[1:53-2:45] Can you tell us a little bit about yourself and what you specialize in? I'm a mortgage banker at Citizen’s Bank. I live in Chelsea in New York with my wife and 2 kids. My specialty is in residential mortgage banking with over 15 years’ experience in the business. I focus on new development where I'm the preferred lender that developers choose to represent them for the loan buyers.

[2:45-4:12] How did you get into banking? I was a stockbroker at a college for about 6 years and I left after the technology burst in 2001. I became a day trader for myself but quickly realized that it was a very lonely business because I enjoyed sales and being around people. Later, a neighbor who was in mortgages taught me about mortgages. It was very fulfilling to me and that’s how I started banking.

[4:12-4:38] What kind of advice would you give to someone starting out in the mortgage business? This is a universal advice but if you want to be successful at what you do, you’ve got to love it and you’ve got to put a lot of time into it.

[4:38-5:46] How many projects have you been on since you started your career as a preferred lender? The first project I got on was right when the market collapsed in 2008. Since then, I've been on more than 200 projects as a preferred lender.

[5:46-6:37] When you say less than 50% sold, what exactly do you mean? When you build a building and you start selling out units in it, banks at the time wouldn’t lend to a building that was under 50% in contract. The developers had a very tough time because there weren’t many buyers at the time and those that were willing to buy had a difficulty finding a mortgage. This meant they could only sell to all-cash buyers. I was able to find a lender that would lend to buildings that were under 50% in contract, and this is how I got my start in the new development space.

[6:37-7:06] How many new development projects are you currently a preferred lender on? They range in size. I'm currently on 72 buildings as a preferred lender.

[7:06-8:48] How do you see interest rate changes affecting the market in 2017? I don't know if you’ve noticed but since the elections, everything that was said about the economics has been wrong so far. Interest rates went up a little after the elections but they're coming back down now. This hasn’t affected the mortgage rate as much as it had been predicted. If everything continues like this, it's going to be tremendous for the marketplace. We’ve seen a huge uptake of mortgages since December because people are predicting the rates will go up.

[8:48-10:13] What advice would you give to someone looking for a mortgage broker? People are always asking what the rates are but they don't realize the difference between a 1/8th of a point, up or down, is actual dollars. People don't pay interest rates, people pay dollars. Some of these percentage differences will hardly affect the way you live through life but what it will affect is if you go to an unsophisticated loan officer who agrees with you on everything and then 2 weeks before closing they come back saying they couldn’t close the mortgage for you.

I recommend you go to a professional and go with a recommendation. You don't have to go with the best rate but with the most qualified person that can get you to the closing table.

[10:13-10:41] What percentage of your business is in Brooklyn? My business is evenly between Brooklyn and Manhattan though I still do a few things outside of these two cities. I have customers buying homes in other states. But I’d say it's 50/50 between Manhattan and Brooklyn.

[10:41-12:03] Where in Brooklyn do you see the most activity? Downtown, Park Slope, Fort Greene, and Williamsburg are the usual suspects because of the rezoning that went on along the waterways.

[12:03-13:24] If you were to buy anywhere in Brooklyn where would you focus your search? To me the most beautiful neighborhood in Brooklyn is Brownstone. There are a few high rises that are getting converted now but it's still a gorgeous neighborhood.

For investment, it depends on what you're looking for. Whether it's cash flow or appreciation. But right now the hottest neighborhoods I’ve been investing in have been along Brooklyn, Queens’s border. If you want to know the next hot area, get on a train when everyone goes home at night and see where everyone is getting off the train, then buy the next stop.

[13:14-14:13] Stay in touch with the podcast by subscribing to the mailing list. Text Brooklyn to 66866.

[14:13-15:08] What are some of the biggest ways New York City has changed over the past decade? I think there have been some great developments. Our waterfront has seen the biggest changes whether it's Brooklyn, Manhattan, the West Side etc.

[15:08-15:42] Mortgage brokers were hit the hardest by the recession. How did you manage to weather that storm? I found something that no one else had and I was the only game in town. If you were trying to sell units and you were under 50% sold, I was the only savior for about 2 years straight. When you have a monopoly on something like that you tend to do well.

[15:42-17:37] How do you see the market doing over the next 2 to 4 years? In a mortgage, if the purchase market takes a hit, it can spell trouble for mortgage banks and loan officers. In real estate market, refinancer is never part of a relators business. I think we’re strong because I tend to believe the economy is growing by the day.

[17:37-18:28] What are the two most important qualities of successful real estate agents? Folks that I work with that are on top of their game are always working, treating people right, and they're always making smart decisions. In business, you can either be shady or straight, but the most successful people are straight.

[18:28-19:11] if you could go to the beginning of your career and do something different, what would that be? I think a lot of life is the mentality. If you want something you will get it. So I would make my dreams bigger than they were because it would’ve been easily attainable to get to where I am much quicker if I’d set my sight that high.

Rolan Shnayder died on March 23rd, 2019 at the age of 44 after a battle with pancreatic cancer.
Rest in peace Ronald and thank you for your contribution to the Real Estate Industry. I am so grateful to meet you and have such a guest like yourself on our show.
May your soul rest in peace!

Contact Our Guest:

Send Daniel an email at rolan.shnayder@citizensbank.com

Give him a ring at 212-857-6686

www.rshnayder-citizens.mortgagewebcenter.com

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One of the top stories of the past week is the continuing monetization efforts of Zillow owned StreetEasy. Less than a week after industry leading StreetEasy announced that it would begin charging brokers $3 per day per rental listing advertised on its website, the Real Estate Board of New York, or REBNY, has announced that it’s launching its own listings syndication feed. The service will be free to REBNY member firms. REBNY is hailing the service as a means for agents to more efficiently list properties and deliver them to consumers.

REBNY is seeking to launch the feed on August 1. BOND New York, Brown Harris Stevens, Citi Habitats, Compass, The Corcoran Group, CORE, Fox Residential Group, Halstead Property, Leslie J. Garfield & Co., Stribling & Associates, TOWN Residential, and Warburg Realty have all already signed on to list with the service.

New York City tourism is expected to reach a record high in 2017, with close to 62 million visitors expected to roam the Big Apple this year. That’s 1 million more than last year, and the sixth consecutive record-high year for tourism in the city and the first year where visitors broached the 60 million mark.

The city’s moving on expanding its tourism office—even Queens has a tourism council now—that’s pushing tourists to visit destinations like St. George on Staten Island, this according to NY Curbed.

In NYC transit news, the summer of hell is almost upon us at Penn Station, as repairs will begin July 10 and last until September. There will be major service disruptions on Long Island Rail Road, New Jersey Transit, and Amtrak itself. The good news is that by the end of the six-week period of repairs, service should be improved to the point where derailments and massive delays could be a thing of the past. Amtrak’s aging infrastructure has been a problem for years, but things came to a head earlier this year, when two trains derailed near Penn Station. While no one was seriously injured in either accident, they brought to light the major flaws underground; the more than 40-year-old tracks, coupled with a huge increase in riders over the years, have put a tremendous strain on the station’s infrastructure, this according to NY Curbed.

Staying with transportation, Gov. Andrew Cuomo declared a state of emergency for the problem-plagued MTA following a series of high-profile failures within the transit system. "We know the system is decaying, and we know the system is decaying rapidly," Cuomo said at a press conference last week, adding that he will sign an executive order declaring the state of emergency to allow his office to "expedite many of the normal government processes.”

He also announced plans to commit an additional $1 billion in the transit authority's capital plan "so the MTA has the resources they need to get that done."

Cuomo oversees the MTA through appointments to its board, but has blamed the current problems on "decades of under-investment, deferred maintenance and deferred modernization" of the system compounded by increasing ridership.

The governor noted that subway cars are designed to be on the tracks for 40 years, but that more than 700 cars in the system are past the expiration date — with some of the oldest subway cars in use for 52 years. The MTA announced it's launching of the Genius Transit Challenge, a straphanger competition aimed at improving signals, modernizing subway cars and upgrading communication systems, this according to DNA Info.

TAMI tenants, which stands for Technology, Advertising, Media, and Information, have been drawn to midtown south in the past decade, are now flocking to the Downtown office market, pushing the average asking rent to a record $62 per square foot in May, this according to the Real Deal. The submarket has seen a “steady increase” in rents, the report said. Despite that uptick, average asking rents are still well below the Manhattan average asking rent of $75 per foot and some 23.5 percent below Midtown, where asking rents are in the low $80s per square foot. Downtown has more than 1.2 million square feet of available space asking $50 per foot or less, and 4.2 million square feet available asking between $51 and $60 per foot, according to the brokerage’s report. TAMI tenants accounted for nearly 30 percent of leasing activity in the Downtown submarket this year.

In Brooklyn news, sales opened last week at Greepoint’s first condo skyscraper — a 40-story waterfront tower featuring luxury amenities like a BBQ beach, hammock grove, speakeasy and basketball court — with one-bedroom apartments going for nearly $1 million. The Greenpoint, at 21 India St., is slated for completion by summer 2018 and will followed soon after by a series of towering apartment buildings, as the residential boom along the Brooklyn waterfront continues to spread north. The project includes 95 condos starting on the 28th floor, as well as 508 rental apartments on lower floors and in adjoining, lower-rise buildings — 140 of which will be subsidized for moderate- and low-income New Yorkers. The project also includes a 29,000 square foot public park, and celebrity chef Marcus Samuelsson of Harlem's Red Rooster is slated to open a massive restaurant in the building.

The Greenpoint-Williamsburg waterfront was rezoned under former Mayor Michael Bloomberg in 2005, allowing for an explosion of mostly luxury housing development along the North Brooklyn waterfront. Projects like Greenpoint Landing, which is under construction a few blocks north of The Greenpoint, are expected to pull thousands more residents into Greenpoint in the coming years, this according to DNA Info.

Heading south to Fort Greene, The public plaza at 300 Ashland Place opened to the public last week. Located at the corner of Flatbush and Lafayette avenues, the elevated plaza gives the public access to open space at the center of the busy cultural district.

The southern section of the development is yet to open, which will include additional green space and a 50,000 square foot space that will be dedicated to cultural organizations. These will include a branch of the Brooklyn Public Library, BAM Cinemas, the Museum of the Contemporary African Diasporan Arts and 651 ARTs. Also still under construction are the retail spaces planned for the base of the tower, including a 365 Whole Foods store and Brooklyn’s second Apple store. The lower-priced Whole Foods spinoff is slated to open by the end of the year, this according to Browstoner.

In Queens news, the Durst Organization is moving forward with yet another rental project - a 63-story building on Northern Boulevard in Long Island City.

The developer filed plans on Friday for a nearly 1-million-square-foot mixed-use project, which will include 763 rental units across 786,355 square feet and 8,702 square feet of commercial space. According to DOB records, the project looks to be one of the largest residential projects in Queens by unit count. Durst paid $175 million for the site last year, The Real Deal reported at the time.

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Interview With Larry Haber

Hosted By Nate Pfaff

Larry identifies as a born yet recovered real estate developer. He used to manage more than 4 million square feet of real estate. He got into law because he likes negotiating and saw a venue that would fully allow him to channel his skill set. To do well in real estate, he says you have to start from the bottom and have a thirst to learn and succeed.

He loves North Brooklyn - Williamsburg, Bushwick, Greenpoint. They still have an edge, they’re up and coming and you can feel the energy. He still sees “chicken on the bone” there, if you buy right, which he says is a big if. He recommends checking out Lilia’s restaurant and cafe on Union Ave and North 10th. He’s amazed at how areas like Williamsburg and Dumbo and even Soho have changed so dramatically over the past few decades. People usually wouldn’t even want to touch those neighbors back in the 80s and even into the 90s. He sees a lot of change and development in these kinds of neighborhoods as starting with developers who see potential and are willing to invest, combined with various market conditions.

Larry sees Bay Ridge as having big potential, being by the water and its proximity to nice areas of the city. He also sees Sunset Park as having an opportunity, but it depends on where you want to take a chance. He encourages investors to avoid always trying to hit a home run and focus on singles and doubles. You can build a hall of fame career in singles and doubles. Larry offers free consultations and has created the website www.LeasingReality.com as a means to fully educated yourself on the real estate business.

[1:32-2:00] Intro: Brooklyn born Larry Haber is the managing partner of the commercial real estate department at Abrams Garfinkel Margolis Bergson simply known as AGMB. He’s worked every angle of a commercial real estate deal given his business experience of over 30 years.

[2:00-2:50] Can you introduce yourself and tell us a bit about what you specialize in? For starters, I have a varied background. I am a reformed yet recovered developer in my prior real estate life with a number of strengths, some of them from childhood. We used to own and manage 4 million square feet of real estate in SoHo, Downtown New York, Harlem, and a little town in Jersey. I was also general counsel, attorney, and CPA for our company.

[2:50-3:30] How did you get into law? I like to negotiate, to verbal, and to mentor. I saw this as a way of being able to make a difference with my skillset. When I initially got into law, I did accounting and law simultaneously and with my personality, I wanted to be on the business side of things. My goal was to use my analytical skillset of legal and accounting and apply it in the real world.

[3:30-4:26] What advice would you give to someone starting out in your field? To any real estate professional, I would advise them to be nice and work hard. Try and maximize the 24 hours in the day especially when you're young and I also like to quote Snoop Dogg, ‘‘Master your craft.’’

[4:26-5:52] What’s your favorite rapper of all time? I like an album by The Clash which had a song called Magnificent 7. This was one of the first rap songs in the late 70s. I also happen to like Drake. I think he’s a real estate coach with his songs.

[5:52-6:56] What’s your favorite area of Brooklyn? Williamsburg because it's such a fun place to be. But if I was buying right now in my old age, I would be looking at Bushwick and Greenpoint. Greenpoint isn’t easy to get to from certain parts of the city but it's a great place.

[6:56-7:27] Do you have a favorite restaurant, café, or bar in Brooklyn? I went to Lilia’s restaurant on Union Avenue and North 10 two weeks ago. It has a nice vibe and really great food.

[7:27-10:35] What are some of the biggest ways New York has changed over the past few decades? When I was growing up, most of the places we’d go to, like SoHo and Williamsburg, you were always looking over your shoulder. But right now they’re safe.

Investors were looking at us crazy in the early 2000s when we’d ask them to invest in such areas. But over the years, that has changed particularly because some big names were willing to bet on such cities and definitely people followed suit. Nobody wants to be the first, but the ones who are willing to take the risk are the ones who succeed.

[10:35-12:22] Does a neighborhood transformation start with the developer? It does. For example, I went to New York, New Jersey in ’97 and there were nice people, there was infrastructure, but not enough people were going there and spending money. Developers couldn’t overcome the perception of what New York was back from the ‘60s. What’s needed is someone to strongly believe in the neighborhood and improve its market condition by investing in it.

[12:22-13:10] Stay in touch with the podcast by subscribing to the mailing list. Text Brooklyn to 66866.

[13:10-14:32] What advice would you give someone looking to buy or sell property in Brooklyn right now? This is an obvious advice, but don't buy at the top of the market. An important question to ask yourself is what are you looking for? Do you have a long-term vision or are you a flipper? If you're a flipper, going into an area that is saturated is never a good idea. If you have a long-term vision and you go to a ‘virgin’ market and have patient money, you’ll rake in some good money in some years to come.

[14:32-15:22] what neighborhoods in Brooklyn would you look to flip right now? Bay Ridge. I don't know the area so well as to give an educated opinion but I love the proximity it has to the water. Sunset Park is also a nice place. However, it's a matter of where you’d want to take a chance.

[15:22-17:00] What advice would you give to someone looking for an attorney to represent them? Find an attorney who is passionate, wants to make a difference, one who is reasonably priced, and one who is willing to give important knowledge. It all comes down to a person who has a long-term vision and is going to work with you. You can find this by going online and searching an attorney and seeing what they do and how they try to make a difference to the client they represent.

[17:00-19:25] If you could go back to the beginning of your career and do something different, what would it be? If it's something different than real estate, I would be GM of the MEST. I tried to be an agent earlier on in my career but life got in the way.

From an investment side, I wouldn’t be looking to hit run home runs all the time. You can hit it bigtime with singles and doubles.

[19:25-21:38] Based on your experience on market cycles, where do you see the market over the next 5 years? Put on your seatbelt and enjoy the ride. Life in real estate is like a rollercoaster. I see it going up and down. More and more people are coming to New York and as a consequence, residential will be okay. But the bottom line is, who are you catering to?

Contact Our Guest:

Send Larry an email at lhaber@agmblaw.com

Give him a ring at 212-993-8681

www.agmblaw.com

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