One year ago, at the end of September 2015, we noted to our readers that the market had slowed but we were waiting to see how October played out before making any generalizations. By the end of March 2016, it was very clear that the market had changed, and in the luxury sector, with property getting hit hardest... pricing was going to need to adjust accordingly.
Certain 2015 sellers - those with sky-high asking prices and too rigid to make reductions, simply chased the market down for the past 12 months. Now, we see those same sellers dropping prices, and in some cases below where we actually think the value is. In our opinion, these properties are not just well priced, but possibly even looking like a "good deal". Buyer's should keep their eyes out. Opportunity awaits.
Rates continue to be stable and look as if they may even decrease in the imminent future. This can be attributed to some weak numbers regarding housing statistics and no recent increase from the Fed.
Additionally, there are new lenders in the marketplace called "niche" lenders who are now providing mortgages based on assets and bank statements and using only one-year tax returns instead of two. It appears as if many banks may be easing their income requirements in the near future, which is very good news.
Our Latest Launches & Best Values!
641 Fifth Ave | Midtown East | $4,950,000
605 Park Ave | Upper East Side | $3,195,000
43 Clarkson St | West Village | $10,500,000
We recently placed several spectacular apartments on the market, each with unique features and offering incredible value!
641 Fifth Ave: This dramatic two-bedroom apartment at the white-glove Olympic Tower features floor-to-ceiling windows in every room, offering jaw-dropping views of Central Park, Rockefeller Center, and St. Particks Cathedral - all in the heart of Midtown Manhattan.
605 Park Ave: Rarely does such an impeccably renovated, turn-key property come to market. This stunning three-bedroom, three bath apartment offers serene treetop views over Park Ave. Located in prime Lenox Hill, within a full-service co-op with 24-hour doorman, newly renovated gym, and common landscaped garden. More Information
43 Clarkson St: Just reduced and priced to sell! Distinguished by a stunning double-height Great Room with 17'5" soaring ceilings and a wall of south-facing windows, this immense triplex offers townhouse living within a boutique condominium. Perfectly situated on a quiet corner at the intersection of the West Village and SoHo, this glamorous high-style residence epitomizes New York loft living. More Information
The Elizabeth St Garden in the heart of NoLIta
Pasquale Jones | 187 Mulberry St
Emporio | 231 Mott St
Little Cupcake Bake Shop | 30 Prince St
Rendering of 34 Prince St
Deriving its name from "North of Little Italy," NoLIta is smack in the middle of Lower Manhattan, and benefits from the best that Downtown has to offer. Straddling SoHo, Little Italy, the Lower East Side and NoHo on its four sides, NoLIta is a unique blend of its surrounding 'hoods - offering the high-end restaurants, boutiques, and pricey digs that SoHo and NoHo are known for, while maintaining that neighborhood charm that the LES and Little Italy enjoy.
When it comes to eating out, NoLIta has some of the best restaurants in Manhattan. Pasquale Jones is one of the hottest tables in town this fall, offering Neapolitan-style pizza, a nod to the area's Italian roots. And a visit to NoLIta wouldn't be complete without a stop at Emporio, one of the neighborhood's best kept secrets, specializing in pastas. If you have room for dessert, the Little Cupcake Bake Shop has become a destination for locals and tourists alike.
A real neighborhood gem is the Elizabeth Street Garden. Transformed from a derelict lot to a sculpture garden in 1991, the neighborhood has rallied to vehemently protect the garden, as the park continues to serve as a calm oasis in a highly trafficked junction of Downtown Manhattan.
If you visit NoLIta and find you don't want to leave, the area's latest new development is 34 Prince Street. Like its neighborhood, 34 Prince is a blend of historic and contemporary design. Set within the landmarked Old St. Patrick's School and Convent, the project encompasses seven condominiums and two townhouses that will enjoy an attended lobby, landscaped private common garden, fitness area, private yoga studio, and climate controlled wine cellar.
Robert A.M. Stern (born May 23, 1939)
30 Park Place, The Four Seasons Residences designed by Robert A.M. Stern
Robert A.M. Stern
Renowned New York City architect and Dean of the Yale School of Architecture, Robert Stern's work is representative of New Classical architecture, while he likes to describe his own work as "modern traditionalist."
If you've ever walked by one of his New York buildings - and chances are, you have (there are several dozen) - it may have left you with a good feeling that's hard to place. His architecture doesn't evoke a wow so much as an mmm. Instead of indulging in outrageous height, bendy walls, or glittering facades, Stern dazzles with subtle details: the interplay of pale limestone and black steel, a pattern of bricks fanning out above a shallow arch. It is understated opulence, and here are some of his "greatest hits."
200 E 59th St | Midtown East
42 Crosby Street | SoHo
The Standish | Brooklyn Heights
New Development Round-Up!
200 E 59th ST | MIDTOWN EAST
200 E 59th St will rise 35 stories and will include 67 one- and two-bedroom apartments (each of which will have its own terrace), along with some full-floor penthouses. Pricing hasn't been revealed yet but some of the CetraRuddy-designed tower's amenities include 24/7 white glove services, a fitness center, lounge, private dining room with catering kitchen, and a landscaped outdoor common terrace.
42 CROSBY ST | SOHO
The überluxe condo development at 42 Crosby St in SoHo just launched its sales last week and the over-the-top 5-bedroom, 7-bath 5,852 square-foot (plus 4,024 square-feet of outdoor space) penthouse is already in contract for $25 million! Known for it's $1 million parking spaces, the building will have 10 units, and amenities such as an attended lobby, "robot" parking, landscaped porte cochere, and cold storage.
THE STANDISH | BROOKLYN HEIGHTS
Developer DDG, in collaboration with Westbrook Partners, is set to transform the former Standish Arms Hotel into luxury condos. Re-envisioned for a new age, the residences of The Standish embody the classic qualities of turn-of-the-century design: beauty, timelessness and practicality, inspired by the essence of the Beaux-Arts aesthetics. The building's current 90 units will be converted into just 31 condos, ranging in size from one- to five-bedrooms. The apartments' amenities will include a fitness center, children's playroom, and bike storage.
The World of Sotheby's
Explore ART & HOME
It is our pleasure to share with you the latest edition of ART & HOME, a magazine jointly published by Sotheby's and Sotheby's International Realty. This literary collaboration showcases all the elements of an extraordinary life. It presents sophisticated content and beautiful images related to the art and real estate worlds. Enjoy the digital edition below.