J A N U A RY 2014 A Publication of Sokol Media Inc.
INSTRATA Branding Luxury
Publisher’s Page CAUSE TO CELEBRATE Sokol Media, Inc.
A
s we enter the New Year, it is important to remember that the year we have just left behind has actually provided us which a strong foundation upon which to build, and to celebrate. According to the Manhattan Rental Market Report (pp. 8-12), the average rental growth rate was 3.4% in 2013, indicating a strong rental market that is expected to keep pace this year. The largest growth by volume in 2013, in fact, was Doorman One-Bedroom units, as average prices increased by 3.7% from $3,825 to $3,965 compared to the previous year, and non-Doorman units peaked at $3,344 in September, while Doorman units rose to $4,050 in October, the highest level in 2013. Sales in 2013 tell a similar success story. According to REBNY (pp. 20-26), the market maintained particularly high levels of activity and average prices during the fourth quarter of 2013, with 12,677 homes sold, which is 31 percent higher than the fourth quarter of 2012. Further, the number of sales of homes over 10 million dollars increased by 1 from last year’s fourth quarter to 31. And perhaps one of the finest examples of the growth New York City is experiencing is exemplified in this issue’s cover story featuring Instrata, a unit of leading global investment management firm Invesco, Ltd., which has introduced a new luxury lifestyle concept by bringing condominium-caliber design, finishes, amenities and services to rental developments. The success of its projects are a further testament to the growth and trust in the promise of New York City residential real estate. So here’s to a highly successful 2014, which provides a strong foundation like none other.
FOUNDER & PUBLISHER Lori M. Sokol ART DIRECTOR Kerstin Vogdes Diehn PUBLISHING CONSULTANT James Janson CONTRIBUTING WRITER Faith Hope Consolo WEB DESIGN Design Disegno ACCOUNTING Citrin Cooperman PRINTING AmericasPrinter Sokol Media, Inc. 75 West End Avenue, #P15F New York, NY 10023 Ph: 973-769-7012 www.sokolmediaonline.com Copyright by Sokol Media, Inc. No part of the publication may be reproduced or transmitted in any form or by any means without prior written consent from the publisher. The publisher reserves the right to accept or reject any advertising or editorial materials. Advertisers and/or their agents assume the responsibility for all content of published advertisements and assume responsibility for any claims against the published based upon the advertisement. Editorial contributors assume any claims against the publisher based on the published work. No part of this publication may be reproduced in any form or by any electronic ormechanical means, including information storage and retrieval systems without permission in writing from the publisher. All items submitted to Sokol Media, Inc. become the sole property of Sokol Media, Inc. Editorial content may not necessarily reflect the views of the publisher. All correspondence and inquiries should be addressed to: Sokol Media, Inc., 123 Town Square Place, #427, Jersey City, NJ 07310.
Lori Sokol, Ph.D. Founder & Publisher Please address all comments and questions to lori@sokolmediaonline.com
Contents 2
INSTRATA – BRANDING LUXURY Instrata’s Lifestyle Residences are elevating New York City’s standard of living
8
MANHATTAN RENTAL MARKET REPORT The Manhattan rental market maintained a stellar performance throughout 2013, with the highest overall rents achieved in October
17
DISTRICT FOR DESIGNERS FiDi is Reborn
20 REBNY REPORT Residential sales maintained high levels of activity during the fourth quarter of 2013 www.sokolmediaonline.com • 1
INSTRATA Branding
Instrata Gramercy
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Luxury
Instrata Brooklyn Heights
B
Strata at Mercedes House
Instrata NoMad
y taking a holistic approach to luxury in New York City, Invesco Real Estate’s INSTRATA Lifestyle Residences is “creating – and elevating – the NYC standard of living by customizing each building within the portfolio to match what today’s renter wants,” says Lesley Lisser, LEED AP and a director of asset management for Invesco. INSTRATA’s success in doing so is becoming increasingly clear within the assets since all are being renovated and re-launched with condominium-caliber design, finishes, amenities and services. The first four assets in the INSTRATA portfolio introduced to the NYC market include: INSTRATA at Mercedes House (550 West 54th Street); INSTRATA NoMad (formerly the Madison Belvedere at 10 East 29th Street); INSTRATA Gramercy (formerly The Elektra at 290 Third Avenue); and INSTRATA Brooklyn Heights (located at and formerly known as 75 Clinton Street).
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Located in some of the most vibrant neighborhoods throughout Manhattan and Brooklyn, INSTRATA Lifestyles Residences is focused on providing its residents with an exceptional experience. Walk into one of the buildings in the INSTRATA portfolio and residents will quickly notice the multitude of thoughtful touches and precise attention to detail. It’s this level of care that defines INSTRATA’s approach and, in fact, the success of its entire collection. But it doesn’t stop there. Invesco understands that a great lifestyle occurs both inside and outside the home, so its goal with the INSTRATA Lifestyle Residences is to create a level of service that combines convenience, practicality and luxury. “We’ve made a major, long-term commitment to the New York residential market and we’re focused on
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providing our residents with an exceptional experience,” says Michael Kirby, Managing Director of Invesco Real Estate. “INSTRATA Lifestyle Residences offers superb amenities and design elements on par with the finest high-end condominiums.” For example, INSTRATA NoMad – acquired by Invesco in November 2012 – is currently undergoing major renovations. Soaring above historic Madison Square Park, the fully occupied 404-unit, 50-story building is not only debuting upgraded homes, but also expanding its luxurious lifestyle offerings. “As part of INSTRATA Lifestyle Residences, the building has been elevated to a new level, now offering the kind of condo-level finishes, appliances and amenity spaces found throughout the luxury portfolio,” said Rob Neiffer, the property’s asset manager and a di-
rector at Invesco Real Estate. “We’ve just unveiled a new leasing gallery and three model apartments, and are continuing to roll out exciting upgrades including the building’s roof deck, which offers inspiring 360-degree views of the New York City skyline, a barbeque area, sundeck, reflecting pool and more. The studio, one-, and two-bedroom apartments all feature a number of distinctive finishes and convenient amenities, each equipped with stainless steel appliances, granite countertops, Kohler fixtures, hardwood floors, marble bathrooms, and sizeable closet space. Balconies are found off many of the apartments and the building is remaining occupied throughout the renovation. All unit upgrade work and common space work is planned to be completed by December 2014. Moving west to Hell’s Kitchen,
Invesco acquired the top 11 floors of Mercedes House located at 550 W. 54th Street in February 2013 upon completion. The 162 one-, two-, and three-bedroom rental apartments, on these top floors were originally intended to be sold as condos by the developer of Mercedes House. Upon purchase, Invesco rebranded these homes as INSTRATA at Mercedes House and brought them to market as luxurious rental units, adorned with the highest quality – and sophisticated – touches and finishes. Homes include kitchens equipped with Viking ranges, SubZero refrigerators, Caesarstone and stainless steel countertops, as well as bedrooms with custom built-in closets. Additionally, many apartments feature oversized private terraces directly overlooking the Hudson River or the sprawling cityscape.
Rounding out its Manhattan properties, Invesco Real Estate closed on INSTRATA Gramercy as a fully occupied asset in January 2011, just after the property had been renovated to condo level standards. It has enjoyed very high occupancy and increasing rental rates since Invesco’s acquisition. Representative of the INSTRATA Lifestyle Residences’ unmatched quality, the building recently unveiled a brand new roof-deck with a misting station, outdoor brook and cell phone charging station. Rising 33-stories above one of New York City’s most desirable neighborhoods, INSTRATA Gramercy is a sought-after address with in-demand rental apartments featuring slate countertops, Whirlpool appliances, polished chrome fixtures, high ceilings, marble bathrooms, and track lighting – representing just a few of the high-end finishes found in all 160
Caption
(Top Left Page) Bathroom, Kitchen: Instrata NoMad (Bottom Left Page) Roof Deck and Lobby: Instrata Gramercy (Right Page) Kitchen, Roof View, and Pool: Strata at Mercedes House
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Roof Deck and Living Room: Instrata Brooklyn Heights homes. Spacious terraces enhance the scenic views from many of the apartments, a major perk for those appreciative of a little outdoor space and picturesque urban landscapes. Introducing its luxury brand to Brooklyn, Invesco also purchased 75 Clinton Street in Brooklyn Heights in 2011, which was originally designed and built by a local developer to be sold as condos. Rebranded as INSTRATA Brooklyn Heights, Invesco instead created 74 luxury rental homes, which accomplished lease-up in approximately seven months under the firm’s ownership. The building’s studio, one-, two-, and three-bedroom apartments reflect the artistic verve of the neighborhood and the modern luxury expected in a premier New York City residential rental building with visually stunning interior finishes that include bamboo flooring, high ceilings, ubiquitous natural light through oversized windows, stone countertops and backsplashes, and stainless steel appliances. Topping INSTRATA Brooklyn Heights’ amenity list is the landscaped, fully furnished roof deck overlooking NY harbor, Governors Island and all of Brooklyn Heights – the ideal space for entertaining guests or watching a relaxing sunset. On lower floors, other key features include a fullservice concierge, storage bins, bike racks, and an upgraded fitness center. The thriving Brooklyn Heights neighborhood just steps away is also a major benefit. “We are very strategic in the neighborhoods we buy in,” says Neiffer. “We play to the demographic we see there and feed their lifestyle.” And while the INSTRATA Lifestyle Residences always include spacious layouts and fantastic outdoor spaces, from communal rooftop gardens and courtyards to private balconies, its residents also benefit from even more – including unparalleled services and lifestyle offerings produced by 6 • www.sokolmediaonline.com
INSTRATA Concierge. Featuring a robust schedule of interesting,
informative and entertaining events, this service further exemplifies life at all INSTRATA properties, which is built upon a year-round luxury resort-like experience that allows residents to engage with each other in many new and exciting ways whether it be through a running club, wine tasting, cooking class or book club. Other services from scheduling dog walking to dinner reservations to securing theater tickets for a new hit show, or coordinating travel and transportation can be arranged by the well-connected concierge staff, each of whom have a finger firmly on the pulse of the city. Collection residents also receive personalized INSTRATA Concierge Club Cards, which provides members with up to 15 percent savings at a well-curated list of more than 100 top New York City restaurants. “We found that in creating this lifestyle brand, we had to look even beyond the apartment walls and engage key partners who could help us to curate an authentic and luxurious living experience,” continued Lisser. “We would not have been able to execute this branding strategy without our dynamic team including property management firms Adellco and Bozzuto, Silver Creative Group, Abigail Michaels concierge, and Nancy Packes Signature Marketing Services. Our stellar leasing team has also been instrumental in creating a comfortable and seamless experience for residents.” “Invesco is dedicated to investing in the highest quality rental properties and to providing lifestyle offerings unmatched anywhere for the benefit of INSTRATA residents. We look forward to the future growth of INSTRATA Lifestyle Residences collection,” concluded Kirby.
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Nancy Packes Inc. congratulates Invesco on the creation of the Instrata Lifestyle Residences collection. We would like to thank Invesco for inviting us to participate in the launching of New York City’s most exciting new residential brand.
MNS Year End Report 2013
INTRODUCTION We are proud to present MNS’ seventh annual Year End Report, the summation of a year’s worth of data collected from our monthly Manhattan Rental Market Reports. We hope you find these pages useful in determining the rental trends of Manhattan’s major neighborhoods, as well as the overall climate of the Manhattan rental market during the course of 2013. The Manhattan rental market maintained a stellar performance throughout 2013. Each Non-Doorman and Doorman unit type increased in price compared to the previous year. Additionally, this year’s average price points remained well ahead of prerecession levels, as average Non-Doorman and Doorman prices were up 23% and 7% compared to the end of 2007. Quickly rising condo prices in the borough alongside slowly rising interest rates has crowded the rental market. Coupled with low available rental inventory across Manhattan, this trend has contributed to a significant upturn in pricing throughout the year. The highest overall rents in Manhattan were achieved in October. The borough’s overall average rent peaked at $3,905, up from $3,762 in January. This trend was anchored by strong performances across the One-Bedroom sector which drove average prices upward throughout Manhattan in 2013. Average prices for Non-Doorman One-Bedrooms units climbed 5.8% and Doorman units increased 3.7% since the previous year. Growing demand contributed to consistent month over month price hikes for OneBedrooms in Harlem, the Upper West Side and Financial District (see pages 8-11). Also, Non-Doorman Studios saw the largest relative price increase since 2012, increasing by 7.3% in 2013 to $2,422 from $2,258 in 2012. Smaller, Non-Doorman rental units showed impressive returns this year as renters are finding it more difficult to find Doorman units in a low-inventory rental market. In the pipeline the following neighborhoods are slated to receive a high volume to new rental units: Midtown West/Hell’s Kitchen (9,073 units); Upper West Side (1,176 units); Financial District (2,656 units). Upward price trends throughout 2013 in each of these neighborhoods would indicate that demand for these new rental properties will be strong. It is also worthy to note that a growing volume of new luxury rental units coming to market in Brooklyn in 2014 year may attract traditional Manhattan renters to seek out comparable rental property in Brooklyn.
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MNS Year End Report 2013
MEAN RENTAL PRICES 2013 Mean Manhattan Rental Prices
Doorman Studio $2,789 Doorman One-Bedroom $3,965 Doorman Two-Bedroom $6,087
Non-Doorman Studio $2,422 Non-Doorman One-Bedroom $3,176 Non-Doorman Two-Bedroom $4,331
2013 Mean Studio Rental Prices Non-Doorman
4,335
Doorman
$
3,404
$
3,158
$
2,988
$
2,801
$
3,050 2,834 $ $ 2,504 2,603 $
2,877
$
2,501
$
2,354
$
2,336
$
2,795
$
2,965
$
2,765
$
$
2,638
$
2,627 $2,607
$
2,491 2,638 2,390 $2,225 $2,245 $
$
$
2,153
$
$ 1,996 2,091
$
1,833
$
1,542
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MNS Year End Report 2013
PRICE TRENDS Battery Park City Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
not available
3.49%
One-Bedrooms
not available
6.31%
Two-Bedrooms
not available
5.60%
Chelsea Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
12.70%
1.54%
One-Bedrooms
3.82%
2.75%
Two-Bedrooms
6.92%
6.59%
East Village Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
12.46%
7.24%
One-Bedrooms
4.88%
4.11%
Two-Bedrooms
2.03%
0.76%
Financial District Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
3.48%
3.92%
One-Bedrooms
11.14%
0.71%
Two-Bedrooms
2.39%
2.74%
* This figure represents the percentage change in pricing from 2012 to 2013 for each unit type.
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MNS Year End Report 2013
PRICE TRENDS Gramercy Park Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
10.65%
0.28%
One-Bedrooms
7.80%
1.95%
Two-Bedrooms
0.58%
1.86%
Greenwich Village Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
3.91%
7.82%
One-Bedrooms
4.90%
4.92%
Two-Bedrooms
7.32%
2.21%
Harlem Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
4.01%
13.21%
One-Bedrooms
9.57%
5.06%
Two-Bedrooms
8.95%
0.02%
Lower East Side Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
3.60%
8.41%
One-Bedrooms
1.09%
0.70%
Two-Bedrooms
3.46%
2.60%
* This figure represents the percentage change in pricing from 2012 to 2013 for each unit type.
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MNS Year End Report 2013
PRICE TRENDS Midtown East Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
13.19%
10.42%
One-Bedrooms
10.24%
6.16%
Two-Bedrooms
9.54%
4.77%
Midtown West Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
12.38%
1.20%
One-Bedrooms
2.61%
5.58%
Two-Bedrooms
3.30%
4.48%
Murray Hill Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
6.28%
4.41%
One-Bedrooms
5.36%
1.92%
Two-Bedrooms
0.17%
0.48%
SoHo Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
4.85%
3.37%
One-Bedrooms
5.95%
6.67%
Two-Bedrooms
10.99%
2.53%
* This figure represents the percentage change in pricing from 2012 to 2013 for each unit type.
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MNS Year End Report 2013
PRICE TRENDS TriBeCa Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
5.69%
2.14%
One-Bedrooms
15.83%
3.68%
Two-Bedrooms
1.11%
0.48%
Upper East Side Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
4.38%
2.39%
One-Bedrooms
4.40%
2.81%
Two-Bedrooms
0.04%
7.39%
Upper West Side Price Changes of 2013* Type
Non-Doorman
Doorman
Studios
5.37%
4.17%
One-Bedrooms
0.45%
3.45%
Two-Bedrooms
0.67%
1.29%
* This figure represents the percentage change in pricing from 2012 to 2013 for each unit type.
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MNS Year End Report 2013
REPORT EXPLAINED
REPORT EXPLAINED
The Manhattan Rental Market Report™ is the only report that compares fluctuation in the city’s rental data on a monthly basis. It is an essential tool for potential renters seeking transparency in the NYC apartment market and a benchmark for landlords to efficiently and fairly adjust individual property rents in Manhattan. The Manhattan Rental Market Report™ is based on data Author MNS has been helping Manhattan landlords and renters cross-sectioned from over 10,000 currently available listings navigate the rental market since 1999. From large companies to The Manhattan Report™ the only report that compares fluctuation in the city’s rentalto data onyour a monthly It isus locatedRental belowMarket 125th Street and is priced under $10,000, with individuals, MNS tailors services meet needs.basis. Contact an essential tool for potential renters seeking in the NYCtoday apartment benchmark for landlords to efficiently ultra-luxury property omitted to obtaintransparency a true monthly rental to seemarket how weand canahelp. and fairlyaverage. adjust individual rents in Manhattan. Our dataproperty is aggregated from the MNS proprietary Contact Us Now at 212.475.9000 database and sampled from a specific mid-month point Note All market data is collected and compiled by MNS’s The Manhattan Rental Market is based on dataduring Author MNS has been helping Manhattan landlords and renters to record current rentalReport™ rates offered by landlords marketing department. The information presented here is to cross-sectioned from over 10,000 currently available listings navigate the rental market since 1999. From large companies that particular month. It is then combined with information intended for instructive purposes only and beenContact gatheredus located below 125th Street priced under $10,000, MNS tailors services to meet yourhas needs. from the REBNY Realand Estate Listings Source (RLS),with OnLineindividuals, sources reliable, though it may be subject to errors, Residential com)to and R.O.L.E.X. Plus).rental todayfrom ultra-luxury property(OLR. omitted obtain a true(Real monthly to see howdeemed we can help. omissions, changes or withdrawal without notice. average. Our data is aggregated from the MNS proprietary
database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR. com) and R.O.L.E.X. (Real Plus).
Contact Us Now at 212.475.9000
If you would like to republish this report on the web, please be
Note All market data is collected and compiled by MNS’s sure to source it as the “Manhattan Rental Market Report” with a marketing department. The information presented here is link back to its original location intended for instructive purposes only and has been gathered fromhttp://www.mns.com/manhattan_year_end_market_report_2013 sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice. If you would like to republish this report on the web, please be sure to source it as the “Manhattan Rental Market Report” with a link back to its original location http://www.mns.com/manhattan_year_end_market_report_2013
Manhattan Year End Market Report 2013
mns.com
page 13
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Congratulations Lesley
We are proud to be working with you on many exciting projects
Drive Digital and New York YIMBY congratulate Invesco on the launch of the Congratulations
to an exceptional brand that delivers their residents what they didn’t even know they needed. THE TEAM AT ABIGAIL MICHAELS CONCIERGE
INSTRATA Brand Saying Yes In My Backyard to New Development www.drivenyc.com and www.nyyimby.com
Strata at Mercedes House is changing the cityscape forever.
Visionary architect Enrique Norten has designed a luxury apartment community spiraling 30 stories above the city with unobstructed views of the Hudson River. A modern tower of glass and greenery. Bold design. Midtown convenience.
DISTRICTS FOR DESIGNERS
FAITH’S FASHION FOCUS:
FiDiReborn I
t’s the center of U.S. (and thus, world) commerce, a historic site that helped give birth to this country – and one of the busiest new retail neighborhoods in town. Once a commercial district that focused on making money, not spending it, in recent years the Financial District (known as FiDi) has become more residential, and its retail more posh, and prevalent. Even better, the changes are fast and furious—and still ongoing. ABOUT FIDI Roughly considered the area south of City Hall (but not including Battery Park or Battery Park City), the Financial District was home to the first U.S. Capitol and saw our first Presidential inauguration (at Wall and Nassau Streets). In time, though, the heart of the region, Wall Street, became home to stock exchanges and insurance
companies. In the last 20 years, however, many older office buildings have been converted to condos, coops and apartments, at long last turning FiDi into a 24-hour neighborhood, one that continues to rebuild after September 11 terrorist attacks. Retail and restaurants are flocking to the area to serve these new residents, as well as the affluent
By Faith Hope Consolo Chairman, Retail Leasing and Sales Division Prudential Douglas Elliman
www.sokolmediaonline.com • 17
Rosie Pope Maternity
daytime office population and growing number of visitors. Today, we are seeing retail build again on the World Trade Center site, as well as redeveloping high-end shopping at Brookfield Place (formerly the World Financial Center). Add in the redevelopment of the South Street Seaport area, and FiDi will be vibrant and ever new for some time to come.
SHOP FIDI The area has a number of major shopping streets in the area, featuring national, designer and local shops. Broadway dominates, but also look to other areas for an eclectic shopping experience. Everyone stops in for luxury items at great prices at the neighborhood’s department store Century 21 (22 18 • www.sokolmediaonline.com
Cortlandt Street), while Barnes & Noble serves bibliophiles at 97 Warren and 41 Park Row. (I personally love The Mysterious Bookshop at 58 Warren Street). And don’t forget one of the great electronics stores anywhere at J&R Music & Computer World Superstore (1 Park Row). Look for a little of everything on Broadway, from women’s wear at LOFT (2) to workout gear at City Sports (50). Look at the glittering gems at New York Diamond Center (65) or get ready for your next trip with luggage from Tumi (67). Jos. A. Bank (111) and Men’s Wearhouse (115) offer terrific value for menswear – or indulge yourself at DeNatale Jewelers (111) or Charles Patrick Jewelers (120). Sephora’s downtown outpost is at (150) or pick up something for your favorite sports lover
at Modell’s (150). I love the amazing gems and watches from William Barthman Jewelers (176). Get crafty at Seaport Yarn (181) or find some new footwear at Aldo (181), Easy Spirit (183) or Payless (187). Staples (217) serves the area’s small offices. Or check out the latest apparel at Illusions of Broadway (225), Renaissance Fine Jewelers II or eyewear from Cohen’s Fashion Optical at the same address. Wrap up your gifts with paper from Papyrus (233) or check out the value fashion at New York legend Strawberry (253). Wall Street also has become a retail headquarters, serving both the affluent, and those who want to be. Find great buys at TJ Maxx (14) or celebrate success with a bauble from Wall Street Jewelers (14). True Religion Brand Jeans (also 14) takes care of casual wear – or find –
even more fine jewelry from Tiffany (37) and Tourbillion Boutique (45). Get a souvenir from The Museum of American Finance Gift Shop (48), or update your wardrobe at Thomas Pink (63). Have a really great year? BMW of Manhattan (67), or check out the latest fashions at Laila Rose (99). Broad Street has become the go-to place for luxury menswear, with options including Hermès (15), Canali (25), My Suit (30) and Sarar (50). The Seaport may be redeveloping, but Water Street has interesting shopping including Super Dry (199), Abercrombie & Fitch (also 199), Bowne & Co. Stationers) and Artion Galleries (275). Meander along John Street, Trinity Place and Fulton Street for local shops. Elsewhere, outfit your kids at Polarn O. Pyret (200 Chambers Street), or your expecting self at Rosie Pope Maternity (55 Warren Street).
DINE IN FIDI Delmonico’s (56 Beaver Street), Bobby Van’s Steakhouse (25 Broad Street), PJ Clarke’s on the Hudson (4 World Financial Center), MarkJoseph Steakhouse (261 Water Street) and The Porterhouse at the historic Fraunces Tavern (54 Pearl Street) can satisfy your meat lovers. Blue Smoke (255 Vesey Street) offers great barbecue. Favor seafood? Consider Luke’s (26 South William Street) or the North End Grill (104 North End Avenue). If you’re looking for something quicker, Shake Shack (215 Murray Street) is the downtown outpost of Danny Meyer’s chain, or Terri (100 Maiden Lane) is great for vegetarians. Italian cuisine lovers can head to Acqua at 21 Peck Slip.
STAY IN FIDI Those looking for the ultimate in luxury should head straight to the Ritz Carlton New York, Battery Park (2 West
Street), the Andaz Wall Street (75 Wall Street) or the Conrad New York Hotel (102 North End Avenue). The W New York – Downtown (123 Washington Street) offers a more boutique experience. Of course, we have outposts from our great international chains at the New York Marriott Downtown (85 West Street), Doubletree Hotel (8 Stone Street) and Millenium Hilton (55 Church Street). The Wall Street Inn (9 South William Street) offers affordable accommodations near the Stock Exchange. If you’re a member, The Club Quarters (52 William Street and 140 Washington Street) hotels in the area offer great value at this great location. We’re still in the middle of the story of the rebirth of the Financial District – but so much has already been done that the key is to just come again and again to learn, shop and enjoy. Happy Shopping!
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4th Qtr. 13
Real Estate Board of NY
New York City Residential Sales Report
NYC Residential Sales Report, 4th Quarter 13
Executive Summary Introduction
The New York City Residential sales market maintained high levels of activity and average prices during the fourth quarter of 2013. The number of homes sold during the fourth quarter of 2013 was 12,677, 31 percent higher than the fourth quarter of 2012. The average sales price of a NYC home slipped 2 percent to $760,000 from last year due to a higher percentage of sales occurring outside of Manhattan, where the average price of a home is substantially lower. The number of sales of homes over 10 million dollars increased by 1 from last year’s fourth quarter to 31. The total consideration for all residential sales in New York City during the fourth quarter of 2013 was $9.6 billion, up 29 percent from the fourth quarter of last year. Total consideration for Manhattan was $5.3 billion for the fourth quarter of 2013, up 20 percent from the fourth quarter of last year. In Brooklyn, the total consideration of residential sales was $1.9 billion. The total consideration for residential sales in Brooklyn was an increase of 38 percent over the fourth quarter of last year. This was another quarter where residential sales activity was focused on the sale of 1-3 family homes and coop sales in Brooklyn and Queens, not just the Manhattan apartment market and prime Brooklyn areas. The number of sales of both Brooklyn and Queens of 1-3 family homes and coops were tremendous compared to the fourth quarter of last year. The number of Brooklyn 1-3 family homes increased 34 percent to 1,739, while in Queens sales increased 31 percent to 2,333. There was a 41 percent increase in the sale of Brooklyn coops to 716 and a 62 percent increase in Queens coops to 1,349.
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Manhattan neighborhoods with the most home sales this quarter were; the Upper East Side (888 sales), the Upper West Side (640), Midtown East (302), Midtown West (264), Gramercy/Kips Bay (240), Chelsea/Flatiron (182). Brooklyn residential home sales activity was focused in Bedford Stuyvesant (215), Park Slope (172), East New York / Spring Creek (153), Bay Ridge / Fort Hamilton (150), Gravesend / Mapleton (139), and Williamsburg (139). Queens neighborhoods with the most home sales were; Rego Park/Forest Hills/Kew Gardens (465), Flushing (430), Jackson Heights/Elmhurst (414) and Richmond Hill/ South Ozone Park/Woodhaven (288), Bronx neighborhoods with most residential home sales this quarter were Riverdale/Fieldston (140), Parkchester/Westchester Square/ Castle Hill/Soundview (109 sales), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (99), and Woodlawn/Williamsbridge (95). All Homes The average sales price of a home in New York City during the fourth quarter of 2013 was $760,000, a 2 percent decrease from the fourth quarter of last year. The average sales price of a home in Manhattan increased 1 percent from last year’s fourth quarter to $1,397,000. When compared to the fourth quarter of 2012, average sales price in Brooklyn rose by 5 percent to $621,000. The average sales price of a home in Queens was $432,000, up 3 percent from the fourth quarter of 2012. The Bronx, with an average sales price of $353,000, had a 2 percent increase in the average sales price of a home since the fourth quarter of last year.
4th Qtr. 13
Real Estate Board of NY
New York City Residential Sales Report
NYC Residential Sales Report, 4th Quarter 13
Executive Summary All Apartments The average sales price of an apartment in New York City during the fourth quarter of 2013 was $881,000, a decrease of 4 percent year over year. The average sales price of an apartment in Manhattan this quarter was $1,338,000, an increase of 1 percent since the fourth quarter of 2012. Brooklyn, with an average sales price of $534,000, had a 1 percent decrease since the fourth quarter of last year. The average sales price of an apartment in Queens during the fourth quarter of 2013 was $285,000, a 1 percent decline over the year. The Bronx average sales price of $260,000 was down 8 percent from last year’s fourth quarter. Condominiums The average sales price of a condominium unit in New York City increased 1 percent in the fourth quarter of 2013 from the same quarter of last year to $1,200,000. The average sales price of a condo in Manhattan during this quarter was $1,708,000, a 5 percent increase over the year. The Brooklyn average sales price went up 2 percent to $689,000 from the fourth quarter of 2012. . The average price in Queens was $492,000 this quarter, a 5 percent increase from last year’s fourth quarter average. The average sales price of a condo in the Bronx had an increase of 3 percent to $323,000 over the same time period. Cooperatives The average sales price of a cooperative unit in New York City during the fourth quarter of 2013 was $704,000, down 5 percent from last year’s fourth quarter average. When compared to the fourth quarter of 2012, the average sales price of a coop in Manhattan increased less than a percent to $1,114,000. Brooklyn saw an increase in average sales price of 2
percent to $406,000 since the fourth quarter of 2012 and the average sales price of a coop in Queens rose 1 percent to $227,000. The average sales price of a coop unit in the Bronx decreased 13 percent to $241,000 since last year’s fourth quarter. 1-3 Family Dwellings The average sales price of a 1-3 family dwelling in New York City during the fourth quarter of 2013 increased 5 percent from last year’s fourth quarter average to $604,000. The Brooklyn average sales price for a 1-3 family home was $686,000, up 9 percent from the fourth quarter of 2012. The average sales price in Queens rose 8 percent to $541,000 compared to last year’s fourth quarter. The average sales price in the Bronx increased 4 percent to $393,000 when compared to the fourth quarter of last year. The average sales price of a 1-3 family home in Staten Island was $443,000 in the fourth quarter of 2013, a decrease of less than 1 percent compared to the average price during the fourth quarter of last year. Manhattan Neighborhoods The average sales price of a condominium in Financial/Seaport during the fourth quarter of 2013 increased 11 percent compared to the fourth quarter of last year to $1,092,000. The number of sales of condos in Financial/Seaport also increased 43 percent over the same period to 126. The average sales price of a coop unit on the Upper East Side during the fourth quarter of 2013 decreased 14 percent compared to the fourth quarter of last year to $1,465,000. The number of sales on the Upper East Side increased 26 percent over the same period to 673.
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4th Qtr. 13
Real Estate Board of NY
New York City Residential Sales Report
NYC Residential Sales Report, 4th Quarter 13
6
NYC Average Home Sales Price (Thousands)
$1,600 $1,397
$1,400
$1,383
$1,200
$1,000 $775
$760
$800
$621 $600
$589 $432
$419
4q13
4q12
$400
$353
$347
4q13
4q12
$416
$422
4q13
4q12
$200
$0 4q13
4q12
NYC
4q13
4q12
4q13
4q12
Queens
Brooklyn
Manhattan
Bronx
Staten Island
NYC Median Home Sales Price (Thousands)
$900 $818 $800
$790
$700
$600 $495
$510
$488
$500
$500
$375
$400
$375 $337
$350
4q13
4q12
$390
$376
4q13
4q12
$300 $200 $100
$0 4q13
4q12
NYC
4q13
4q12
Manhattan
4q13
4q12
Brooklyn
4q13
4q12
Queens
Bronx
Staten Island
NYC Home Sales Volume
14,000 12,677 12,000
9,665
10,000
8,000
6,000 4,061
3,793
4,000
3,195
3,046
2,903
2,332 2,000
1,010 767
557
4q13
4q12
678
0 4q13
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4q12
NYC
4q13
4q12
Manhattan
4q13
4q12
Brooklyn
4q13
4q12
Queens
Bronx
4q13
4q12
Staten Island
4th Qtr. 13
Real Estate Board of NY
New York City Residential Sales Report
NYC Residential Sales Report, 4th Quarter 13
7
Home Sale Price (includes all condominium, cooperative units & 1-3 family dwellings) AVG PRICE
New York City Manhattan Bronx Brooklyn Queens Staten Island
4q13 $760 $1,397 $353 $621 $432 $416
3q13 $806 $1,404 $358 $645 $431 $417
Change From 4q12 3q13 4q12 $775 -6% -2% $1,383 -1% 1% $347 -1% 2% $589 -4% 5% $419 0% 3% $422 0% -1%
4q13 $495 $818 $337 $510 $375 $390
3q13 $515 $858 $350 $525 $380 $392
Change From 4q12 3q13 4q12 $488 -4% 1% $790 -5% 3% $350 -4% -4% $500 -3% 2% $375 -1% 0% $376 0% 4%
4q13 $594 $1,217 $229 $465 $338 $263
3q13 $626 $1,203 $231 $474 $339 $263
Change From 4q12 3q13 4q12 $570 -5% 4% $1,151 1% 6% $232 -1% -1% $435 -2% 7% $318 0% 6% $259 0% 1%
4q13 $393 $1,093 $213 $392 $313 $246
3q13 $420 $1,081 $212 $392 $311 $243
Change From 4q12 3q13 4q12 $379 -6% 4% $1,016 1% 8% $215 0% -1% $372 0% 5% $294 0% 6% $242 1% 2%
4q13 12,677 3,793 767 3,046 4,061 1,010
3q13 14,073 4,726 700 3,480 4,201 966
Change From 4q12 3q13 4q12 9,665 -10% 31% 3,195 -20% 19% 557 10% 38% 2,332 -12% 31% 2,903 -3% 40% 678 5% 49%
MEDIAN PRICE
New York City Manhattan Bronx Brooklyn Queens Staten Island AVG PPSF
New York City Manhattan Bronx Brooklyn Queens Staten Island MEDIAN PPSF
New York City Manhattan Bronx Brooklyn Queens Staten Island SALES
New York City Manhattan Bronx Brooklyn Queens Staten Island
Note: sale price in thousands
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4th Qtr. 13
Real Estate Board of NY
New York City Residential Sales Report
NYC Residential Sales Report, 4th Quarter 13
8 24 • www.sokolmediaonline.com
Apartment Sale Price (includes all condominium & cooperative units) AVG PRICE
New York City Manhattan Bronx Brooklyn Queens Staten Island
4q13 $881 $1,338 $260 $534 $285 $244
3q13 $937 $1,353 $261 $582 $297 $242
4q12 $920 $1,324 $283 $540 $289 $275
Change From 3q13 4q12 -6% -4% -1% 1% 0% -8% -8% -1% -4% -1% 1% -11%
4q13 $500 $810 $183 $418 $228 $245
3q13 $565 $850 $204 $472 $235 $221
4q12 $530 $785 $245 $460 $225 $260
Change From 3q13 4q12 -12% -6% -5% 3% -11% -26% -12% -9% -3% 1% 11% -6%
4q13 $858 $1,212 $263 $613 $359 $231
3q13 $887 $1,198 $268 $623 $367 $228
4q12 $868 $1,144 $277 $597 $370 $257
Change From 3q13 4q12 -3% -1% 1% 6% -2% -5% -2% 3% -2% -3% 1% -10%
4q13 $770 $1,093 $238 $564 $326 $225
3q13 $821 $1,081 $263 $599 $331 $224
4q12 $786 $1,013 $261 $592 $342 $231
Change From 3q13 4q12 -6% -2% 1% 8% -10% -9% -6% -5% -2% -5% 0% -3%
4q13 7,138 3,740 229 1,307 1,728 134
3q13 8,373 4,657 199 1,592 1,792 133
4q12 5,575 3,151 182 1,037 1,126 79
Change From 3q13 4q12 -15% 28% -20% 19% 15% 26% -18% 26% -4% 53% 1% 70%
MEDIAN PRICE
New York City Manhattan Bronx Brooklyn Queens Staten Island AVG PPSF
New York City Manhattan Bronx Brooklyn Queens Staten Island MEDIAN PPSF
New York City Manhattan Bronx Brooklyn Queens Staten Island SALES
New York City Manhattan Bronx Brooklyn Queens Staten Island
Note: sale price in thousands
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