Jeffrey R Nolan, Licensed Associate Real Estate Broker at The Corcoran Group
Volume 15: Issue 8 | August 2015
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This month's issue is all about the Flatiron. Believe it or not, the designation "Flatiron District" dates from around 1985, and came about because of its increasingly residential character, and the influx of many restaurants. Before that, the area was primarily commercial, with numerous small clothing & toy manufacturers, and was sometimes referred to as  the Toy District. 

Whether you're grabbing some food at Eataly, relaxing in Madison Square Park or enjoying some cocktails at Cosme or Birreria, there is always fun to be had in Flatiron. In addition to the entertainment scene, the Flatiron district is one of the most sought after and fastest growing neighborhoods in the city! All you need to do is look at the city's skyline and you can easily see One Madison, just one of many towering icons that defines the Flatiron. 

Also included are the most recent monthly snapshots with details of both the Manhattan and Brooklyn markets and our latest featured property...a phenomenal 4000+ sf Penthouse duplex in a beautiful neo-Georgian townhouse on the Upper West Side.

Manhattan :
  • Sales figures were strong. Sales figures were strong in July with condo and co-op sales up 19% compared to last year. Listed inventory dropped this month, despite a robust new development market. Summer is typically a slow time.
  • Co-op and condo gap widening. Seller negotiability is increasing in the condo market while conversely sales over asking price are increasing in the co-op market. The discount offered by co-ops relative to condos is attracting more buyers and thus discounts on co-ops were infrequent and the average time a unit stayed on the market dropped.
  • Mixed prices. Co-op price indicators are slightly more positive than condos. Condos saw nominal year-over-year decreases in average and median price and average price per square foot. Both markets saw price per square foot increases among one bedroom units and price per square foot decreases among two and three+ bedroom units.

Brooklyn
  • Prices grow. Brooklyn average and median sale price continued to grow in July, increasing year-over-year 26% and 22%, respectively. There was an 11% decrease in average sale price month-over-month from June 2015, which had the second highest average sale price since the peak in 2008.
  • Average PPSF decreased. The average price per square foot decreased year-over-year by 6%. The decrease was driven by a limited number of townhouse sales in July. The average price per square foot of three plus bedrooms, including townhouses, decreased by 11% year-over-year.
  • More listings. Total inventory in Brooklyn increased 9% year-over-year, to 4,853 units. The number of listings in July 2015 was down 7% month-over-month and was 2% lower than the average number of listings over the last 12 mths.


All About the Flatiron
Rizzoli Bookstore has Turned the Page

The renowned bookshop, best known for its wide selection of art, architecture and design titles, opened the doors Monday to its new, 5,000-square-foot space near the corner of 26th Street and Broadway. The new store is situated on the ground floor of the St. James building, a 16-story beaux-arts structure built in 1896. Rizzoli vacated its longtime home on 57th Street ...  Read More
Road Trip!
Destination: NYC's Flatiron District

The Flatiron District is a new name for an old part of New York City, one which came into use in the mid-1980s when the area was being revived by commercial and residential development.  The neighborhood was one of the city's elite areas in the late 19th century. Winston Churchill's grandfather Leonard Jerome built an elaborate mansion alongside Madison Square Garden Park ...  Read More
 
Flying Tiger
Copenhagen's Doodad Emporium

The company, founded 20 years ago, has expanded to more than 400 locations sprinkled across Europe and Japan, but the recent addition in the Flatiron district of Manhattan is the first to appear on these shores. As retail experiences go, it is like walking into a junk drawer that was blown up to theme-park scale. If your reaction to that sentence is to physically swerve away from your reading device, you may cruise along to the next article. If your reaction is "Tell me more," ... More Here
Featured Property
6 West 74th Street, 3/4

A Unique Combination of Exceptional Location, Expansive Size, European Elegance, and Privacy rarely offered. This exquisite over-sized Penthouse duplex in a circa 1904 Belle Époque neo-Georgian mansion just off Central Park West, offers the finest appointments in one the city's most coveted locations and renders a tasteful blend of contemporary amenities amidst turn of the century ambiance. Gas heat and hot water are included. Minimum one year lease. Pets are allowed.... View Listing Here

Jeff Nolan
Licensed Associate RE Broker
Multi-Million Dollar Club (2011-15)
Top 1% of 45,000 NRT Sales Associates

Corcoran Group Real Estate
Union Square Office
30 Irving Place, 5th Floor, NY 10003
Cell Phone - 212.260.0562
Office Line - 212.500.7022
jeff.nolan@corcoran.com
CURRENT LISTINGS  

 

Active

6 West 74th Street, 3/4

 

In Contract

1991 Broadway, 8C

5 Riverside Drive, 5D

225 Lincoln Place, 2D

 

Recent Transactions

530 E 84th Street, 2NPRS/1N

437 Prospect Place, 3

125 N 10th Street, S3I

215 E 81st Street, 2A

125 N 10th Street, S3A

25 W 64th Street, 9F

150 E 49th Street, 3D 

276 Hawthorne Street

305 2nd Avenue, 725

155 E 91st Street, 5D

170 North 11th Street, 4A 

280 Hawthorne Street

125 N 10th Street, S4D

300 E 74th Street, 23F

125 N 10th Street, S2G

Market Rates
Conforming 30 yr fixed: 4.000%
Conforming 15 yr fixed: 3.375%
Jumbo 30 yr fixed: 3.750%
Jumbo 15 yr fixed: 3.125%
Jumbo 10/1 ARM: 3.375%
Jumbo 5/1 ARM: 2.500%
Please contact me for Mortgage Banker recommendations in New York City.