The New York Post reports, “The average price of an apartment in Manhattan increased by 19% over the first quarter of last year — jumping to $2,042,113.” In fact, Manhattan real estate sales in the first quarter of 2022 broke records, totaling over $7 billion. To put it another way, there were ov...
Few cities offer luxury real estate like New York City. Essentially, the sky's the limit so long as the buyer has the funds for it. For the past few years, those dealing in multi-million dollar homes have enjoyed a fast-paced seller's market, but a recent Forbes article points out how the luxury ...
Over the last few years, the pandemic drove hundreds of thousands of people out of New York City. Some of these individuals were escaping NY rent prices, while others just wanted more space to spread out during the peak of social distancing mandates. Now, there's a new wave of people seeking prop...
At first glance, it would appear that all is well with the real estate market in NYC. Investors have experienced record sales over the last several months, and a recent MPA article notes more than $300 billion in real estate sales across the nation in the last quarter of 2021. The article, citing...
Residential lease renewals are down in New York City, according to an article published by Bloomberg. As Equity Residential CEO Mark Parrell notes in the piece, the company has seen renewal rates at its properties decline by 5% since the beginning of 2022. Although the pandemic has become largel...
When they invest in luxury buildings or condos, buyers expect many things, and defects aren't one of them. Despite the universal expectation of “you get what you pay for” when you buy into luxury real estate, the reverse is unfortunately true for many New Yorkers. The New York Times recently publ...
The ripple effects of Covid-19 continue to make waves through almost every facet of daily life. Over the last few years, shutdowns have given way to work-from-home policies, and these significant disruptions caused many employees to reevaluate their professional happiness. Perhaps unsurprisingly,...
During the early days of the pandemic, when residents were leaving NYC in droves, landlords put on the bargain blowout sale of the century. With so many properties available for rent, landlords had to lower rental rates to keep tenants in their units. For a while, this benefited both parties, but...
Although NYC office space rentals are up in some respects, the numbers can be deceiving. When examining the status of commercial office space in New York City, it's important to distinguish between square footage leased and new leases signed. As an article by BISNOW reports, the amount of square ...
Mark Twain once said: “Buy land; they're not making it anymore.” The sentiment rings as true now as ever, and if you're a real estate investor, this isn't news to you. Twain might be surprised to see how the real estate market has changed since his day, back when real estate investments might hav...
The spring 2022 housing market is expected to surpass all price growth records since the beginning of growth record keeping in the 1980s. According to an article recently published by Forbes.com, the rate of home price growth topped 20% in August of 2021, and while many experts predicted a decrea...
Those looking to purchase a home in New York are in for a wild and possibly frustrating ride. According to Mansion Global, the price growth rate of homes on the market this year remains in the double digits, and low inventory coupled with low interest rates have contributed to the skyrocketing ho...
As reported by The Real Deal, the Second Circuit recently heard oral arguments on the constitutionality of rent stabilization in New York. Rent stabilization has long been a hot-button issue. Proponents argue the need to protect affordable housing while property owners argue that rent stabilizati...
NYC leads the nation on many fronts, unfortunately not all of them good. When COVID-19 hit the United States, New York City was among its first victims. As a result, renters and property owners have suffered the impacts of the pandemic-related economic crisis longer than most others in the nation...
New York real estate is known for many things: skyscrapers, brownstones, and art deco, to name a few. These days, NYC also has another building variety making the news: ghost condos. Ghost condos are multi-million-dollar endeavors, situated in NY's financial district, that have remained unfinishe...
A year and a half ago, only the most optimistic speculators would have told you that NYC real estate would be back with a bang in 2022. Fortunately, they were right, and at least in the NY residential real estate sector, it's a seller's market with small, one bed/one bath apartments listing at ov...
While some real estate investment trust (REIT) sectors have suffered over the past few years due to struggling economies and the pandemic, the industrial REIT sector has not. In fact, industrial real estate investments have enjoyed a steady increase in profitability over the last decade, and expe...
What Happened On December 10, 2021, a tornado hit an Amazon warehouse in Edwardsville, IL causing it to collapse and killing six people. 40 Amazon employees survived the EF-3 storm, and lawsuits have already been filed. The tornado reportedly caused the roof to tear off, allowing the walls to fa...
The Life Science Industry Explained The life science industry includes companies and organizations that deal with the research, development, and manufacturing of products that seek to improve life on earth in general. Some of the life science industry sub-industries include the development of m...
According to a recent Motley Fool article, the prime time to invest in industrial real estate “was about six months ago.” That said, the article notes that even now, investors can find opportunities within the industrial real estate market. While many of us lament the economic chaos and uncertain...
New York City real estate values have demonstrated remarkable resilience in what's commonly become an era of bad economic news. In the wake of the COVID-19 Pandemic, commercial real estate seemed an apparent ghost town, and quarantine shutdowns stifled residential renters' ability to pay their la...
The Current NYC Rental Market The current New York City residential rental market is experiencing significant competition and increased prices among rentals across the city. While a short dip occurred as Omicron worked its way through the city's population, New York City residential rentals have...
In November 2021, renderings of an upside-down New York skyscraper called Affirmation Tower were unveiled by developer Don Peebles and Ghanian-British architect Sir David Adjaye. The newest skyscraper to line the skies of New York City will be the second tallest, right behind One World Trade Cent...
Even though most cryptocurrencies are still finding their footing, it is increasingly clear that they are not going anywhere. With that in mind, real estate investors are exploring new ways of including crypto among their buying options. Magnum Real Estate Group is the first of many New York ins...
Previous Pandemic Effects on NY Commercial Real Estate In Q1 2021, New York City experienced significant losses in commercial real estate due to the COVID-19 pandemic. As business tenants scrambled to stay in business, New Yorkers as a whole felt the pinch as many workplaces were forced to clos...
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