Hello and welcome to our Manhattan luxury real estate blog. Halstead Property, LLC is one of the most visible and fastest growing residential real estate brokerage firms in New York. Headquartered at 770 Lexington Avenue, the firm has more than 600 sales and rental agents throughout eleven prime retail offices in New York City including six in Manhattan.
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Recession in Manhattan, are you sure?
Mercedes–Benz just announced that they are going ahead with plans to invest over $220 million in a new flagship dealership and showroom on Manhattan’s west side. It is scheduled to be operational by 2011 and will replace its current show room on Park Avenue.
With everything that’s happening in our economy one would think that this is not quite the right time for such an investment in luxury ticket items like cars but Donna Boland, a Mercedes-Benz spokesman disagrees in this NY Times Article.
(rendering of the new showroom from the NY Times Article)
On the other hand, Citigroup announced slashing another 53,000 jobs which may impact their New York City work force dramatically. Another sigh of ailing economy in the city are retail discounts on Fifth Avenue, which in the past was immune to being on sale. Even some luxury items are being slashed in price and some stores that never needed incentives are offering cash cards if you spend certain amount.
Recession or not, judge for yourself.
Posted By: 
Senad Ahmetovic
Buying New Condos, Fear Free
The “Fear Market” has buyers questioning whether to buy now or wait and see what happens. In the new condo world where the closing date may be up to 12 months away, the uncertainty plays an even greater role.
To combat this issue, some developers have turned to price protection guarantees. Such clauses in sales contracts essentially guarantee that a purchaser will pay only the lowest price available at the closing, regardless of the amount originally agreed to months before.
For more information, read the New York Times article.
Several new developments represented by Halstead Property are currently offering this program:
Williamsburg, Brooklyn
halsteadpdm.com/detail/?id=64307&lprice=&hprice
halsteadpdm.com/detail/?id=68282&lprice=&hprice
Chelsea, Manhattan
halsteadpdm.com/detail/?id=68222&lprice=&hprice
Riverdale, The Bronx
halsteadpdm.com/detail/?id=62141&lprice=&hprice
Harlem, Manhattan
halsteadpdm.com/detail/?id=60732&lprice=&hprice
halsteadpdm.com/detail/?id=40755&lprice=&hprice
Upper West Side, Manhattan
halsteadpdm.com/detail/?id=42651&lprice=&hprice
Posted By: 
Sharon Michnay
Macy’s Thanksgiving Day Parade
If you’re lucky enough to own an apartment on Central Park West in the 70s with an eastern exposure, then you most likely don’t have any troubles finding friends on Thanksgiving.
The Macy’s Thanksgiving Day Parade starts at 77th Street and Central Park West and travels a path south to Herald Square. Since first being televised in 1945, the 75 year-old parade has entertained children for decades and become a family holiday tradition.
Almost as much fun as the actual parade is the night before when they inflate the balloons. It has become as much a tradition as the actual parade and draws crowds to the Upper West Side streets from 77th to 81st between Central Park West and Columbus. While activities take place from 4 – 6pm, chances are you will want to get there early.
For information about watching the parade including when to go and where to stand, visit: www.nyctourist.com/macys_menu.htm
Posted By: Sharon Michnay
Luxury Rentals – No expenses spared
When it comes to luxury, there is no lack of it in New York City. This is also true when it comes to apartment rentals. You have probably seen those $20,000-$30,000 per month rentals advertised and wondered, my goodness who can afford to pay this much per month.
Well, you don’t have to break the bank to get a taste of Manhattan luxury living. Here are some “affordable” luxury rentals:
299 Riverside Drive
2BR, 2BA – 7 room apartment, asking $10,500
Here are some excerpts from the apartment description: “Panoramic Hudson River views….. Multi-million dollar home…. Italian marble mosaic floors…. Spectacular 35’ long, corner living room….. Oversized, Chef’s kitchen…. Professional grade, stainless steel Viking stove with double oven and sub- zero refrigerator…. Featured in several international magazines…. Glass enclosed, steam room with body sprays and mosaic floors also features Jacuzzi tub…. State of the art digital CRESTRON audiovisual system is wired throughout offering access to your PC, I-Tunes, DVR, turntable and more, from every room – including your master bath.”
At $10,500 per month it is considered a bargain in the luxury Manhattan market.
Take a Virtual Tour of this home
Click here for more information.
If you are more interested in the Manhattan’s East Side, this luxury family apartment may be for you. Offered fully furnished you can just bring your suitcases and relax in the serenity of this three bedroom, three bath home with formal dining room. This is a fabulous location and the perfect way to get to know the Upper East Side.
200 East 71st Street
3BR, 3BA – FDR, asking $14,000
Here are some excerpts from the apartment description:
“Large three bedroom apartment with 3 full baths…. Formal dining room…. This amazing apartment has triple exposure (S, E, N)…. California King sized bed….. Large plasma screen TVs in every room…. Hardwood floors throughout….. Just steps from Grace’s Market…. Luxury 24Hr doorman building…. Available fully furnished for 6-12 months.”
Take a Virtual Tour of this home
Click here for more information.
So there you have it…if you’ve always wanted to soak up in luxury while in Manhattan, next time consider renting one of these “affordable luxury rentals.” In a lot of cases it may end up costing you less than a luxury hotel.
Posted By: Senad Ahmetovic
New York Bounce Back
The financial crisis has definitely had an impact and the nervousness associated with the stock market uncertainty has given buyers more negotiability than they have had in awhile, but for sellers, 2010 looks like when the pendulum might swing back again in your favor.
“New York market slated to be among first to bounce back, report says
The economic downturn will drag down the real estate market, but New York City, along with other 24-hour coastal cities like Seattle, L.A., Boston, San Francisco, and D.C., will be among the first to recover, beginning in 2010, according to the Emerging Trends in Real Estate 2009 report released today by PricewaterhouseCoopers and the Urban Land Institute. The report predicts that among most property types throughout the country, vacancies will rise and rents decrease in 2009, and lending problems will spread from the residential to the commercial markets. Of the various property types, the report predicts that only the apartment rental market will remain strong, as people who are unable to purchase homes will continue to rent, and industrial, business, hotel and retail markets will take a beating.” – The Real Deal (click here for the article).
An important fact to consider regarding this article is that real estate is local. Nationwide studies can be predictive of major market trends, but this one does not take into consideration several variables that protect and insulate the Manhattan market. One important issue is that the 421a Abatement which spurred developments in the city was repealed this summer. By 2010, sellers will not have as much new product on the market to compete against as they do currently.
Posted By: 
Warner Lewis
More Homes Sold in the U.S. than Predicted
On Friday, the National Association of Realtors released data that showed the greatest increase in home sales since July 2003. Although economists had predicted an increase in sales, the jump to 5.18 million-unit annual rate exceeded expectations and indicates a positive turn for the U.S. real estate market.
Read the entire Reuters article at the Terra Economics website.
Greg Heym the Chief Economist for Terra Holdings, parent company of Halstead Property regularly posts articles of interest on the Manhattan and greater U.S. real estate markets to the Terra Economics site.
Posted By: Sharon Michnay
Not a “Typical” Recession
If you read a newspaper, blog or switch on the TV for just a moment, it is impossible to avoid terms like Financial Crisis, Bail-Out and Foreclosures. The last chart I saw depicting Wall Street activity more closely resembled a spirograph I made in second grade than a financial reporting tool.
As a self-proclaimed cautious optimist, I was happy to come across an article on Forbes.com today written by Brian S. Wesbury, chief economist and Robert Stein, senior economist at First Trust Advisors in Lisle, IL.
While they compare their brighter predictions for the economy to “Conventional” wisdom, they provide a compelling argument that lays the blame for our current woes squarely on the credit crunch and predict a soon-to-come healthy period of economic growth.
http://en.wikipedia.org/wiki/Spirograph
Posted By: Sharon Michnay
New Prewar Condo Listing-79th and Broadway
Once a rental, now a condominium. The one and only time you will ever get to own a piece of Manhattan like this. Listed on 10-20-2008.
The Famous Apthorpe built in 1909. Renaissance Revival Grand, rare pre-war condo with gateman and interior planted garden w. old fashioned lamp posts. There are 4 sections to this complex. Lobby being restored with gold, gilt ceilings, marble tile floor. Magnificent building. 
They have a doorman that stands outside of building before you enter the court yard where you can enter one of the 4 wings. In the middle, there is a beautiful courtyard where cars can drive through (around) and out. Each wing has its own entrance with its own elevator man. Only 3 homes per floor, per wing.
Prices range around from $2,900,000 to $12,000,000 and up. There is nothing like this building or apartments. The layouts are one of a kind and they “just don’t build them like they used to.” This is evident as soon as you see the building.
Please call Edward Herson, VP for more information 212-381-2293 or eherson@halstead.com.
Posted By: 
Ed Herson
Cash Is King
Being able to put in an all cash offer has always helped deals get done more quickly and made possible a greater chance of successful negotiations for buyers. Today, this is more true than at any other time in recent history, and cash buyers are very aware of their position of strength.
In the past week, I have gotten an accepted offer while dictating the terms of the agreement for one of my all cash buyers while another all cash buyer is patiently waiting to see which sellers will be most inclined to work with him and give him the greatest “bang for his buck.”
Even those who are not all cash, but willing and able to put down at least 40%, are starting to have greater positions of power than ever before in terms of their ability to negotiate. Hordes of friends and acquaintances, who have been waiting for years for it to become a buyer’s market or who are now starting families and know they will be here for the foreseeable future and are cash rich, are now looking to put down firm roots in the city they love.
I doubt there has ever been a time when being cash rich was not extremely helpful in deal making, but in today’s market, it really is king.
Posted By: 
Warner Lewis
Third Quarter Manhattan Market Report from Halstead Property
Even with the recent turmoil in the financial markets, the Manhattan real estate market remains relatively steady. According to the 3rd quarter market report released last week, the average apartment price rose 12 % from a year ago to $1,473,351. The median price also increased 12 % from the 3rd quarter of 2007.
Diane Ramirez, Halstead’s Presidents stated, “While the average sale price for Manhattan apartments increased year over year, it fell slightly from last quarter. This is due to two main factors: we are starting to see the effects of the credit crisis from last year and the large number of closings at two prestigious developments are completed.”
To view the report in its entirety, click here: http://www.halstead.com/resources_reports.aspx
The Halstead Property Market Report utilizes data provided by ValuExchange, which is a proprietary database containing the largest collection of closed sales data in New York. Based on 3,165 reported Manhattan apartment sales, the report provides the largest and most comprehensive survey available on the real estate market.
Posted By: Sharon Michnay
I love the MTA
Over the past month, I’ve spent more time outside New York City than I have in it. I’ve had the chance to visit some fantastic places and meet with friends both old and new. My travels have reacquainted me with a common mode of transportation – driving. I must say that I grew up in a location where you needed to drive just to pick up a gallon of milk, but 15 years of the New York lifestyle have definitely had an effect on me.
The public transportation in NYC is, dare I say second to none. No matter the time of day, there is always a fleet of buses and trains to get you where you want to go quickly. On the subway, I can read, return emails or even take a few moments to let my mind wander without threat of injury (note to all who read emails while driving, I did state ‘without threat of injury’).
There are some positives to driving – it can be fun and you can hold a private sing-a-long without offending anyone. But after a frightening drive down the Amalfi Coast and a substantial amount of time wasted in bumper-to-bumper traffic during a torrential Chicago downpour, I was never so happy to join my fellow New Yorkers (Including Mayor Bloomberg) on the subway this morning.
Posted By: Sharon Michnay
The Men's Health Urbanathon
On September 27, New York City Sports Commissioner Kenneth J. Podziba and New York City Department of Parks & Recreation Commissioner Adrian Benepe will welcome the Men's Health Urbanathlon & Festival to New York City. The multi-disciplinary race incorporates iconic landmarks and will require competitors to run, climb stairs and negotiate urban obstacles. The race begins at 7:00am near the Band Shell in Central Park.
From Central Park, racers will run across 72nd Street to Riverside Park and head south down the West Side Bike Path stopping at Hudson River Park Trust's Piers 84 and 54 for various obstacles. After completing the obstacles at Pier 54, participants will continue south to the skyscraper stair climb at 7 World Trade Center. Racers will then head down the bike path to the finish in Battery Park where they must hurdle a taxi and climb an 8-foot rope wall before completing the race. The race is 7.6 miles long (8.1 including stair climb) and can be executed individually or as a 3-person relay.
This year's event will be hosted by celebrity chef, author, triathlete and "Dancing with the Stars" contestant Rocco Dispirito. DiSpirito will warm up with the athletes and sound the starting gun.
In addition to the race, Men's Health will also host a post-race festival on Piers 16 and 17 of the South Street Seaport. The festival is open to the public and will feature live entertainment, great food, urban challenges and prizes.
For more information, please visit http://www.menshealthurbanathlon.com.
Posted By: Ed Herson
Make this Market Work for You
There is no question that there is a lot of uncertainty in the Manhattan residential real estate market right now. That said, for many property owners, now may actually be one of the best opportunities in many years to sell their current home and to upgrade. Let me explain…
Let’s say that the tide has turned, or is turning, to a buyer’s market in Manhattan. With that shift, we’ll say that prices are down or are in the process of coming down 10% across the board, to use a round number.
For simplicity’s sake in this scenario, we’ll say that you currently own a home that, during a strong seller’s market, you would expect to sell for $1,000,000, and that you would be looking to upgrade to a new property that, during a strong seller’s market, would cost $2,000,000.
Today, with prices coming down 10%, your current home will now sell for $900,000, or $100k less. However, the home you’d be looking to purchase, would now sell for $1,800,000, or $200k less. The ultimate result is a net “gain” of $100k over what you would have spent in a seller’s market.
Of course this is an overly simplified scenario, and assumes across the board even price reductions as well as a large difference between your current home and ideal new purchase. Nevertheless, we’re also leaving out some of the best intangible and tangible aspects of the current market for purchasers – you can take more time, consider your options in a more relaxed fashion, view more properties, negotiate better terms of the contract, etc.
Email me at aharkov@halstead.com to discuss your particular situation and how to make this market work for you.
Posted By: 
Ari Harkov
Real Insights into the Manhattan Real Estate Market
The state of Wall Street has many people wondering what will happen to the New York real estate market. The truth is, it’s still too early to tell and anyone who says different is just jumping to conclusions.
Diane Ramirez, Halstead’s President recently shared some Real facts about the financial crisis and our market:
- The rescue of Fannie Mae and Freddie Mac has added much needed liquidity to the mortgage markets. Already, 30-year conforming mortgage rates have fallen from 6.47% a month ago, to 5.78% last week. Not surprisingly, mortgage applications rose sharply last week with many homeowners able to refinance at lower interest rates.
- The government has taken steps not seen since the 1930s to shore up our financial system. The most recent announcement is a plan to purchase up to $700 billion of troubled mortgage-backed assets from Wall Street firms. The stock market reacted very favorably to this news, rallying at the end of last week.
- Goldman Sachs and Morgan Stanley, the nation’s last 2 stand alone investment banks, will now become bank holding companies. This will put them under much closer federal scrutiny, and allow them to borrow money more freely from the Federal Reserve. This move goes a long way towards ensuring the future of these 2 firms.
- The government has temporarily banned the short-selling of over 800 financial companies. Many attributed the rapid decline of financial stocks to this practice.
- While jobs have been lost in this crisis, it’s far too early to predict how many. While Lehman Brothers was forced into bankruptcy, Barclays has purchased its investment banking and trading businesses (and possibly saving 10,000 employees), and Nomura has purchased its Asian operations. Early indications are also that Bank of America plans to keep a majority of the Merrill Lynch employees located in the city.
- Our economy remains stronger than the nation’s. Employment in the City in August, the latest month available, was 31,000 higher than during August of 2007. The City’s unemployment rate remains below 6%, very low historically, and below that of the nation.
Posted by: Sharon Michnay
Vive Roma!
I’ve had the pleasure of participating in two back-to-back conferences last week in the lovely city of Rome.
Halstead’s President, Diane Ramirez and I met together with our affiliates of the European Real Estate Network (EREN) and Leading Real Estate Companies of the World®. While much of our time was spent attending meetings on the topics of real estate practices, cross-border referrals and web marketing, we still managed to find some time to enjoy Rome.
Our host member, Maurizio Pezzetta of La Commerciale SRL made sure that we received a “local’s” view of the magnificent city including fantastic restaurants and historical homes. He even arranged for a welcome address by the Mayor of Rome, Mr. Gianni Alemanno during the LeadingRE opening ceremony.
It would be difficult not to enjoy Rome, but being there with many friends from around the world certainly made this trip meraviglioso!
Posted by: Sharon Michnay
