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NYC Multifamily Sales Volume Down 62% in Q1 as Slumping Rents & High Vacancy Rates Exacerbate Prior Slowdown

After a rough 2020, Q1 2021 suggests depressed activity will continue for NYC multifamilyNYC sales volume remains below $1B for fourth consecutive quarterMultifamily sales activity records year-over-year drop for 9th consecutive quarterThe city’s most expensive deal traded for a mere $22,875,000Manhattan sales volume falls 70% Y-o-Y, closing only $277 million in multifamily salesBrooklyn prices down across the board, average price per unit contracts $103K Y-o-YBronx unit volume slashed by 60% Y-o-Y, only 329 units sold in Q1 2021Down 9% Y-o-Y, Queens’ sales activity experiences least-sharpest rate of decline among the four boroughs While 2020 was a year of massive change throughout the real estate industry, for the NYC multifamily…

Top 5 Stories on Brownstoner This Week: An Estate-Condition Brownstone, a Garden With History

Clinton Hill Estate-Condition Italianate Overflowing With Original Details Asks $2.795 Million Here is one for the true brownstone lover who is ready to put the work in to preserve the abundance of intact interior details in this 1870s Clinton Hill Italianate. Plasterwork, mantels, marble sinks, lighting fixtures, interior shutters; it is… Read More >The post Top 5 Stories on Brownstoner This Week: An Estate-Condition Brownstone, a Garden With History appeared first on Brownstoner.

JLL explores sale of China property management wing

JLL is considering offloading one of its global businesses. The Chicago-based firm is exploring a sale of its China property management business, which is estimated to be worth at least $500 million, Bloomberg News reported. JLL is working with an advisor on the potential sale, which would not include its brokerage or valuation business in the country. The potential sale has drawn some interest from other property management firms and investors, according to the report.

Can You Over-Improve Your Brooklyn Home?

Yes, you can over-improve your Brooklyn home.  What does it mean to over-improve Brooklyn home? Simply put, you over-improve your Brooklyn home when you make improvements that are not typical for the neighborhood. More money is spent on the improvement than you can recoup when the property sells. A home’s value is determined by the location, square footage, and comparable home sales in a neighborhood. The finishes inside may help the home sell quicker but may not increase the home’s value equal to the cost. You cannot expect a …

Let’s Name the Noisy Building

Update:Curbed interviews an acoustician who suggests some possible solutions. Big hat tip to reader Remsen Street Dweller for alerting us to Mary Frost’s Eagle story about 347 Henry Street, or 5 River Park (photo by your correspondent), a nearly completed high rise residential building two blocks south of Atlantic Avenue in Cobble Hill, that is “driving neighbors crazy with its ‘screeching noises’ at all hours.” According to Brownstoner the sound has been heard “as far north as Joralemon…

Top 5 Stories on Brownstoner This Week: Progress at Crown Heights’ Nassau Brewery Site

Brooklyn Heights No-Fee Two-Bedroom in Hunts Lane Carriage House Asks $2,800 a Month One long-ago resident of this tiny carriage house-filled Brooklyn street claimed the location “inspires goodness in children.” While it’s not clear if that 1940s wisdom about Hunts Lane holds true, the picturesque spot does still have plenty of… Read More >The post Top 5 Stories on Brownstoner This Week: Progress at Crown Heights’ Nassau Brewery Site appeared first on Brownstoner.

Overheated? DC-area fixer-upper gets 88 offers — 76 all-cash

For the latest evidence of a surging suburban sales market, look just outside Washington, D.C. There, a serious fixer-upper sold for 70 percent above its appraisal after receiving 88 offers — 76 all-cash, according to the New York Post. A buyer closed on the four-bedroom home in Silver Spring, Maryland, for $460,000, well above the $275,000 court-mandated appraisal that followed the owner’s death, according to the report. With home prices peaking in the area, the

Considerations When Buying A Brooklyn Home

Are you considering buying a Brooklyn home this year? There are many considerations you will need to work through before you are ready to purchase. First, you need to decide whether purchasing a home is the best move for you at this time. Financially, buying a home can be a brilliant decision, but there are times when it doesn’t make sense. There are many reasons why you may decide to purchase a home. It may be the right time in your life – both financially …

Top 5 Stories on Brownstoner This Week: A Noisy Building Rattles Cobble Hill Residents

Brooklyn Heights No-Fee Two-Bedroom in Hunts Lane Carriage House Asks $2,800 a Month One long-ago resident of this tiny carriage house-filled Brooklyn street claimed the location “inspires goodness in children.” While it’s not clear if that 1940s wisdom about Hunts Lane holds true, the picturesque spot does still have plenty of… Read More >The post Top 5 Stories on Brownstoner This Week: A Noisy Building Rattles Cobble Hill Residents appeared first on Brownstoner.

Data centers poised for record year of leasing

Data centers appear poised for record growth this year. A recent CBRE report found that demand is strong, and preleasing suggests 2021 a sustained surge, CNBC reported. Data centers https://therealdeal.com/chicago/tag/data-centers/ — essentially large warehouses filled with computing and data storage systems — are measured in power instead of square footage. “We know that there’s already 500 megawatts of new build coming online now, almost 70 percent of which is pre-leased,” said CBRE’s

Do You Pay a Premium to Live Near a Subway Station?

It seems intuitive that the more amenities something offers, the higher the price tag. A new base-model car can be expensive, but a fully loaded performance model is more expensive. Real estate is no exception. Choosing to live close to parks, stores, public transportation, and entertainment should theoretically draw a premium, right? We wanted to know just how much more you would pay to live near a subway station in each of the five NYC…

Top 5 Stories on Brownstoner This Week: A Detail-Filled Bed Stuy Limestone on the Market

Ornate Stuy Heights Limestone With Wood-Filled Interior, Working Dumbwaiter Asks $2.75 Million Practically bursting at the seams with details, this 1890s Stuyvesant Heights beauty is sure to appeal to lovers of Gilded Age interiors. Elaborate woodwork, pier mirrors, a columned divider with stained glass, mantels, pocket doors, built-ins and a working… Read More >The post Top 5 Stories on Brownstoner This Week: A Detail-Filled Bed Stuy Limestone on the Market appeared first on Brownstoner.

Phat flat: Hedge funder nears deal for $153M London penthouse

Hedge fund billionaire Suneil Setiya is said to be in talks to buy a massive London penthouse for around $153 million. The 14,000-square-foot unit that the Quadrature Capital founder is eyeing is located in the luxury residential complex known as One Hyde Park, according to Bloomberg. The unit has no internal walls and is completely unfinished, making its price tag all the more jaw-dropping. The deal would be one of the priciest residential sales to

Is Staging Important Before You List Your Brooklyn Home?

If you want to list your Brooklyn home for sale, you have probably heard about home staging as part of the preparation process. What exactly is home staging? Home staging is not to be confused with interior design or interior decorating. Home staging is a marketing tool used to help a home sell faster and for more money. By preparing the home to appeal to most buyers, you will have more people looking at the house and possibly receive multiple offers. According to statistics from the National Association of …

NYC Multifamily Market Continues Slowdown in September, Y-O-Y Sales Volume Declines 76%

Key Takeaways: September slowest sales month for NYC multifamily, down 51% Y-O-Y Queens doubles September sales volume Bronx prices hit lowest figure in 18 months YTD unit volume down 74% in Brooklyn Y-O-Y sales volume falls 81% in Manhattan City-wide sales volume drops 76% Y-O-Y New York City’s new Housing Stability and Tenant Protection Act of 2019 (TPA) sent shockwaves through the residential and commercial real estate market, especially the multifamily sector. While plenty has been said about the new law’s effects, we were curious to see exactly what dynamics were at play in a post-TPA multifamily market. We analyzed multifamily sales in Manhattan, Brooklyn, Queens and the Bronx …

“Moonstruck” House For Sale Again

As reported by House Beautiful, 19 Cranberry Street, a.k.a. the “Moonstruck House” because it was the principal location for the 1987 romantic comedy Moonstruck, starring Cher and Nicholas Cage, is for sale with an asking price of $12.85 million. Our founder, John “Homer Fink” Loscalzo, noted here that the house was for sale in 2008 with an asking price of $3.95 million, down from an earlier ask of $5 million. Of course, 2008 was the year financial markets

Top 5 Stories on Brownstoner This Week: The ‘Moonstruck’ House in Brooklyn Heights for Sale

Brooklyn Heights ‘Moonstruck’ House With Lush Interior, Parking Asks $12.85 Million The 1987 film used the exterior of 19 Cranberry Street as the home of the multi-generational Castorini family, and the surrounding area figured prominently in the movie along with stars Cher, Nicholas Cage and Olympia Dukakis. — Affordable Housing Lottery Opens for… Read More >The post Top 5 Stories on Brownstoner This Week: The ‘Moonstruck’ House in Brooklyn Heights for Sale appeared first on Brownstoner.

Return of the retailer: Century 21 relaunches

Attention shoppers: Century 21 is coming back. The New York-based discount retail chain that built a loyal following but folded after declaring bankruptcy in September, announced its planned return last week. In a statement on Tuesday, Century 21 Stores said the decision to relaunch came “in response to the outpouring of love from the Big Apple and the admiration” of their “loyal shoppers from around the world.” The announcement was light on details, but the

Top Most Expensive U.S. Zip Codes in 2019

Editor’s Note: PropertyShark is saddened by the losses caused by the California wildfires. The article below is simply a presentation of hard data and in no way attempts to ignore the devastation that these areas are experiencing. Key Takeaways: At $7 million, Atherton’s 94027 is the #1 most expensive zip code for the third year in a row.San Francisco boasts 13 of the nation’s priciest zip codes, the highest number in any city.California remains unchallenged in its leading position, featuring 91 …