What the Luxury Real Estate Market Looks Like Currently The luxury real estate market in New York City consists of properties with a price tag north of $4 million. After the pandemic caused lows in sales and pushed people outside of the city in 2020, the current luxury real estate market in New ...
Q3 2021 Multifamily Sales Figures In New York City, investment sales were dominated by multifamily properties in the third quarter of 2021. More than half of the 498 overall transactions for real estate investment sales involved apartment buildings during this time, and 281 total deals accounted...
While sustainable real estate is nothing new, many real estate investors are choosing greener buildings when looking at investment properties in the hopes of lessening their carbon footprint and attracting more climate-conscious residents. Low carbon emissions, reduced water usage, and fewer cars...
If you've been asking yourself, “what's going on with NY property taxes?” lately, you aren't alone. According to a recent Bloomberg report, city officials are levying property taxes on New York real estate owners in a manner that might disproportionately benefit the wealthy. Hypothetical Propert...
After months of record rental price cuts and unprecedented compromises by commercial property owners in New York City, some metrics suggest that a rebound is in order. However, signs of rising demand remain balanced by opposing factors. Ongoing uncertainty regarding coronavirus and the recent ex...
Coronavirus has changed the way many people live, particularly in large cities like New York. City dwellers who had tolerated small, tight spaces suddenly found those same spaces intolerable as the places, activities, and workplaces that made city life necessary and fun went dormant. Working fro...
The Predicted Demise of Big City Living The COVID-19 pandemic caused many people to move out of big cities such as New York City and led to one comedy club owner claiming that “New York City is Dead Forever.” Employees started to work more from home, companies moved out of their office spaces, a...
Google's Big Investment The tech giant Google recently announced they are buying a massive office building on the Hudson River for $2.1 billion. This is not only one of the highest prices paid for a building in the United States in recent years, it has also given a boost to the New York real est...
What Is Causing the Current Hot Streak In Q2 2021, the median resale price for a Manhattan apartment reached almost $1 million, the highest it's ever been. During this time, average sales prices increased by 12% to nearly $2 million. In taking advantage of lower prices, families are looking to ...
The Supreme Court Allows Evictions Again In a 6-3 decision, the Supreme Court recently ruled to end the eviction moratorium initially put in place by the Centers for Disease Control and Prevention (CDC). The CDC put the eviction moratorium in place in response to the COVID-19 pandemic to curb th...
It should come as no surprise that home prices in the U.S. remain higher than they were a year ago. According to Realtor.com, the median cost to purchase a house, $380,000, represents a 9% increase over prices from August 2020. Naturally, it's also quite a jump from 2019's numbers, when the media...
Current Industrial Real Estate Rental Trends in New York New York City real estate has seen an increase in demand and prices in residential and commercial markets over the recent quarter, and industrial real estate appears to be on a similar positive track. In Q2 2021, leasing activity rose to 5...
What is Inflation? Inflation refers to the simultaneous decrease in buying power and the increase in prices for common necessities such as food, clothing, and housing. Put more simply, the buying power of a dollar decreases when there is inflation. Inflation typically occurs when there is an inc...
Vaccines Facilitate Office Returns Dow Jones & Company's news magazine Barron's, a particularly prominent financial media outlet, sees New York City's office market heating up. The Barron's story indicates that Goldman Sachs recommends that its clients buy call options on real estate investment ...
Pre-Covid, Chinese buyers topped the list as the most profitable international source for foreign home purchases in the United States. In fact, Chinese real estate buyers spent $11.5 billion on New York City home purchases in 2019 alone. Post-Covid, those numbers are waning. In 2021, China droppe...
It's been a crazy year for real estate, and that isn't likely to change anytime soon. One of the most unexpected developments has been the excitement and resiliency of the commercial real estate market. With many offices still closed or operating with fewer in-person staff, you might expect to f...
Back in June 2021, the Biden administration extended the foreclosure moratorium for renters until the end of July with the hopes of helping state officials better distribute $46 billion in federal aid. The foreclosure moratorium did not extend past July 31, 2021, as the United States Supreme Cour...
With more than 6 million renter households behind on rent, the Biden administration set into motion a slew of measures to prevent people from losing their homes. Originally, the Treasury Department allocated $46 billion in federal aid to protect struggling tenants from eviction, but the state and...
In part 1 of this series, we talked about COVID's impact on commercial tax assessments and New York City's tax revenues. In this post, we will examine how some property owners are thriving based on a pandemic windfall and the outlook for NYC's commercial real estate market going forward. A Pande...
Just about every aspect of New York City's real estate market has been turned upside down by COVID-19. Commercial property values and tax revenues are down. Landlords are still reeling from the City's moratorium on new eviction and foreclosure actions, and everyone is watching to see what happens...
When the COVID-19 virus first took hold of New York City, the outlook was dire. The wealthy were fleeing New York, businesses were shutting down, and the restaurant market was essentially closed for business. Everything that made NYC special was snuffed out overnight. The fear that the wealthy, w...
Rental Rates During the Pandemic The COVID-19 pandemic has resulted in record price cuts and concessions across New York City's rental market. Concessions such as a month or more of free rent have become popular, along with landlords agreeing to cover broker fees. Broker fees in New York can add...
A widely-read report documents the recent wild ride in New York's housing market. Or, one might better say, the wild rides in the City's several housing sectors, each in a way its own market. For many homebuyers, home sellers, and City residents generally, the current question may be whether to g...
How the COVID-19 Pandemic Affected New York City Real Estate The COVID-19 pandemic brought about countless unprecedented events and is being described as the event of our lifetimes. One of the most significant outcomes of the COVID-19 pandemic is the exacerbation of inequalities in social and ec...
Albany to the Rescue? To address pandemic shocks to New York's real estate market, the state's legislature hopes to spend $100 million to turn vacant commercial real estate into affordable housing. Governor Cuomo has yet to sign the bill that both state houses passed. But the bill is similar to ...
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