Manhattan Insight: Opportunity Awaits

Volume 19: Issue 2 | February 2019

What a start to the year it has been for New York City! It's only the second month and we have seen some massive real estate shake ups. First the L-train is scheduled to shut down, and now its not. Shortly thereafter, Amazon selects Long Island City as one of two sites for their new headquarters, and now those plans are off. Poor speculators; they just can't seem to catch a break.

This month, we have the Year-End in Review (2018) and the January Market Snapshots for Manhattan and Brooklyn. Both markets are seeing increases in activity at the edges of the bell-curves. Sales are increasing in the ultra-luxury range (30+ million in Manhattan and $6+ million in Brooklyn) as well as in the lower end of the markets, where value-seekers can still score deals. Speaking of ultra-luxury: the most expensive home to ever sell in the United States has just set a record, and you will not believe the 9-figure price tag.

In this edition, the largest opportunity for real estate developers, since the 1031 exchange to come along in decades - Opportunity Zones. We also cover the latest news about the ongoing rental legislation, both proposed and recently enacted and find out more about the controversial congestion tax.

There are also some ideas to make the most of petite outdoor spaces, an internationally-inspired must see orchid show, as well as a secret bar to check out this weekend. Finally, we have previews for two off-market properties. Both will be coming to market shortly, and you heard about them here first. If you'd like to schedule a private showing before the masses have access, please call or e-mail Jeff Nolan.


Manhat tan Review Year End Summary for 2018 2018 was challenging for the Manhattan real estate market. Buyers & sellers continued to grapple with an ongoing market reset as sales declined and inventory increased. Prices were down vs. 2017 with fewer new development closings, widespread negotiability, and price reductions. Read More		Brooklyn Review Year End Summary for 2018 2018 in Brooklyn was a strong year on many fronts. Sales over $2M surged in the resale market, but slipped in the new development market compared to last year. Buyers felt some hesitation to high prices in prime areas, but activity further out in the borough continued to grow. Read More


Manhat tan Report January Monthly Snapshot Condo sales in January fell 4% vs. 2018 to reach the lowest January total since 2012. Condo pricing metrics varied this month; average price increased 15% due to more sales above $30M compared to last year, while median price fell 6% with fewer homes sold between $10M - $30M. Read More		Brooklyn Report January Monthly Snapshot During January, the Brooklyn market saw a mix of market indicators including varied price statistics and higher contract activity, but also lengthening days on market and expanding its inventory. The median price fell 11% driven by growth in contracts below $1.000M in January 2019. Read More


Congestion Tax Surcharge Now In Effect A congestion pricing surcharge for all for-hire vehicles traveling through some parts of Manhattan has begun. The surcharge kicked in last week, meaning Ubers, Lyfts and other car services driving south of 96th Street in Manhattan will see a $2.75 surcharge. That's on top of the base fares . Read More		New Legislation Rentals More Affordable & Attainable New proposa l would limit brokers' fees to a max of one month's rent. The stipulation aims to make brokers' fees reasonable & predictable for lower-income renters. The legislation also proposes requiring brokers to provide an itemized list of what the fee is being used for. Read More


Amazon Gone! Locals Politicians Cause Havoc Amazon on Thursday canceled its plans to build it's HQ2 in Long Island City after facing an unexpectedly fierce backlash from lawmakers, progressive activists and union leaders, who contended that a tech giant like Amazon, did not deserve nearly $3 billion in government incentives. Read More		Top Sale on Record Griffith buys 220 CPS for $238M The penthouse at 220 Central Park South that billionaire Ken Griffin bought may not have been the most expensive listing in the world (that honor goes to an empty lot above Beverly Hills ), but at $238 million it set a record for the most anyone has ever paid for a home in the United States . Read More


Opportunity Zones Generous, yet Complex Tax Savings The tax bill that was passed in 2017 to help investors forgo capital gains tax included the Investing in Opportunity Act , which established the Opportunity Zone program, consisting of Opportunity Zones and Opportunity Funds . While there are still many questions, investors are enamored. Read More		Urban Design Great Garden Ideas for Spring A little greenery can go a long way when it comes to sprucing up your home in a urban environment. Not only do plants and flowers clean the air, boost your mood, smell wonderful, and brighten your space, but they are key to crafting a home in a big city. Read on for small-space garden ideas. Read More


Death & Co. Lost Hours 4 Elements Inspire 16 Cocktails The team behind craft cocktail institution Death & Co is bringing another hip drinking den to NYC's booze scene, opening Lost Hours, a hidden bar in Midtown Hotel 3232 at 32 East 32nd St., between Madison and Park avenues. Tucked behind a discreet sliding door in the hotel's lobby. More Info		Singapore Orchids Dazzling Tribute to "City in a Garden" Singapore, where the national flower is an orchid, is the inspiration for the 17th annual Orchid Show. Developed in partnership with Singapore Botanic Gardens, the must see exhibition pays homage to the sites' iconic Supertrees-dramatic vertical habitats, and famed Arches . Read More


Spectacular Views Off Market Opportunity on Central Park This listing is getting a refresh! Some minor updates and it will be ready for prime time. This is a tremendous opportunity to purchase a high-floor 2 bedroom, 2 bath home offering stunning vistas of Central Park from every window in the apartment. To set up a private showing e-mail today! Stay Tuned		Federal Style Clinton Hill, Duplex or Triplex This is a tremendous opportunity to lease the owner's Duplex or Triplex of a beautiful Federal style house in the desirable Clinton Hill neighborhood. The generous floor plan features three bedrooms, one and a half baths, a large kitchen with formal dining room, and separate living room. Coming Soon!

Jeffrey R. Nolan

Licensed Associate RE Broker

Gold Council Member

Multi-Million Dollar Club Since 2011

Top 1% of 54,000 NRT Associates

The Jeff Nolan Team

Corcoran Group Real Estate

Union Square Office

30 Irving Place, 5th Floor, NY 10003

Cell Phone - 212.260.0562

Office Line - 212.500.7022

[email protected]

www.corcoran.com/jnolan

CURRENT LISTINGS

Active

298 Clinton Ave (Duplex)

298 Clinton Ave (Triplex)

372 Central Park West, 15C

56 Pine Street, 7E

In-Contract

333 E 109th Street, PHE

Recent Transactions

1609 Bergen Street, 2

112 2nd Place (MFTH)

111 Murray Street, 34B

298 Clinton Ave (MFTH)

22 N 6th Street, 3J

333 Rector Place, PHS2

125 N 10th Street, NGD

125 N 10th Street, N4D

61 W 62nd Street, 15B

125 N 10th Street, N5F

610 Warren Street, 5F

215 E 81st Street, 2A

555 Main Street, 513

140 Rutland Road (SFTH)

MARKET RATES

30 yr fixed Jumbo: 4.000%

Conforming 20-Year Fixed: 4.375%

Conforming 15-Year Jumbo : 3.890%

10/1 ARM Jumbo: 3.625 %

7/1 ARM Jumbo: 3.375%

5/1 ARM: 3.960%

Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Avenue, NY, NY 10065. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire an architect.