Manhattan
Brooklyn vs. Manhattan: A Handy Price Guide
Here's a breakdown of Manhattan and Brooklyn housing prices in the second quarter of 2008, according to reports from Miller Samuel and Douglas Elliman.
Average sales price
- Manhattan: $1,669,729
- Brooklyn: $588,441
Median sales price
- Manhattan: $1,025,000
- Brooklyn: $525,000
Average condo sales price
- Manhattan: $1,937,090
- Brooklyn: $601,280
Median condo sales price
- Manhattan: $1,267,000
- Brooklyn: $514,725
Average co-op sales price
- Manhattan: $1,280,201
- Brooklyn: $332,250
Median co-op sales price
- Manhattan: $755,000
- Brooklyn: $255,000
Manhattan Housing Market as Six Degrees of Kevin Bacon
Next Tuesday is April 1, and the first-quarter housing market reports for Manhattan will start trickling out from brokerages like Halstead, Corcoran and Douglas Elliman. What will they say about home sales?
No one knows for certain, of course, but the speculation should pick up noticably in the next few days so here goes:
The first quarter of any year is usually relatively paltry in terms of the number of closed deals because those deals were cut in the winter months, which are normally among the slowest in Manhattan housing. read more »
STAT OF THE DAY: That Boxed-In Feeling
Manhattan's population grew 3.8 percent from July 1, 2001--two months before September 11--to July 1, 2007, according to new Census estimates. The borough's population now stands at an estimated 1,620,867. That's roughly 71,403 Manhattanites per square mile.
Brooklyn, Queens Among Nation's 10 Most Populous Counties
Brooklyn is the seventh-largest county in the United States, according to new census estimates. The County of Kings has 2,528,050 residents. Queens was No. 10 with 2,270,338; and Manhattan was No. 19 with 1,620,867 residents. The census' estimates run through July 1, 2007.
Although all three experienced population gains over previous years' estimates going back to 2000, none were among the nation's 100 fastest-growing counties; nor were the Bronx or Staten Island. The Bronx was No. read more »
STAT OF THE DAY: Two-Bedrooms Too Pricey Too
I wrote in this week's paper about how, even after all the calamitous economic news (like Bear Stearns' collapse), Manhattan rents appear buoyant if not strong. Most of the average rents I cited were for one-bedroom apartments. read more »
Fed to Manhattan: Shine On, You Crazy Diamond!
Brokers, developers, and the media have been trumpeting the resilience of Manhattan’s condo and co-op market for nearly a year, and now even the Federal Reserve has singled it out in the latest installment of its regional survey known as the “Beige Book.” read more »
What Do Septembers Teach Us About Manhattan Housing?
The Wall Street Journal this morning asked the eternally burning question: Will Manhattan home sales drop like sales have been dropping in other markets around the country?
The Journal cites a Corcoran Group analysis which showed a 9.9 percent year-over-year September drop in the number of Manhattan home sales going to contract.
That got us to wondering: What do the borough's home sales usually do in September? The answer is they go up--or they go down. read more »
Manhattan America's Wealthiest County!
Congratulations to us all! Manhattan has maintained its spot as America's wealthiest county. A Manhattanite's salary averages $2,821 a week, according to the Wall Street Journal (and that's sans bonuses).
Rents Slightly Down In Manhattan! Thank Your Landlord
Believe it or not, rents are going down in Manhattan.
At least that is what a report from The Real Estate Group is saying. In their August 2007 Manhattan Rental Market Report, the brokerage states that, after a peak this summer, rents are down boroughwide.
And the neighborhood where one-bedrooms had the steepest decline? Soho. In July, you would be paying close to $3,800 for a one-bedroom in a non-doorman building in the trendy neighborhood. Now, rentals are available for about $3,400.
According to the report, landlords are not reducing rents to deal with increasing vacancy. Rather, they are offering to pick up all or part of an apartment’s broker fee. Well, that is nice of them.
The full release about the report is after the jump. read more »
Letters
Mutual Assured Construction
But Where Will the Video Clerks Go?
Second Avenue Subway Convert Protects First Leg of Biggest Dig

A Love Letter to New York Friendship

Smith & Wollensky Takes It in the Chops
Spitzer Gets Into National Politics
According to a reader, the governor's finance people discussed the PAC, Excelsior Committee, at a breakfast this morning in Manhattan with approximately 75 potential supporters.
According to a reader, they explained that "because federal candidates can't accept corporate funds, it was hard for Spitzer to support them with campaign funds and this federal PAC, which can't accept corporate money, would be able to fill that void."
According to another person familiar with the committee, the purpose is to "support other candidates across the country."
The treasurer for Excelsior Committee is Jerry Barbanel, who is also the treasurer for Spitzer 2010. The operations are both headquartered out of the same offices at 330 Madison Avenue, 19th Floor.
-- Azi PaybarahIn This Week's Observer...
The Round-Up: Wednesday
- 66 Pearl Street sells for $19 M. [Real Deal]
- Ethan Allen leasing 37,000sf in 1010 Third Ave. [2nd item] [NY Post]
- Health Department crackdown snares big-name eateries. [NY Post]
- City Housing Authority faces $225 M. deficit. [NY Times]
- Manhattan office rents hit record highs. [NY Times]
- A look inside retail condos in Manhattan. [NY Times]
- In the housing slump, maybe it's time to rent. [NY Times]
- Commission names Jackie Robinson Pool a landmark. [NY Sun]
Did we miss any New York City real estate news this morning? Please send along tips and links.
Grannis Resigns
His resignation was delayed because of the prolonged process of confirming Grannis as the state's DEC Commissioner. While that process unfolded, the list of Democrats vying for his seat swelled, then shrunk. The list of contenders now reads as follows: Micah Kellner.
I'm told that several Republicans have expressed a vague interest in the race, but none have committed to running yet.
A date for the special election should be announced shortly.
-- Azi PaybarahBloomberg and Clinton
"New York City will serve as the host city for the second C40 Large Cities Climate Summit, May 14-17, 2007. The international conference, which will include sessions at Manhattan venues, will feature keynote addresses by William Jefferson Clinton, 42nd President of the United States of America, and New York City Mayor Michael R. Bloomberg."
There's more on the event over here.
-- Azi PaybarahReport: Manhattan Investment-Sales Market Positively Smashing!
More than $13.6 billion in real-estate sales closed in the borough in the first quarter of 2007, with another $11 billion under contract. That puts the 2007 investment-sales market at a pace to whip last year's $34 billion record.
The numbers were unveiled at a quarterly breakfast on Tuesday morning hosted by Cushman & Wakefield at the Midtown power eatery Michael's.
Other reasons you'd want to be a landlord: Average office asking rents now stand at $53.43 per square foot--the highest average ever--and the office vacancy rate fell to 5.7 percent from the fourth quarter of 2006, its lowest mark since September 11, 2001.
"We have seen unprecedented rental growth in the Manhattan office market over the past year," said Cushman & Wakefield big man Joe Harbert.
More analysis on the record-setting numbers in this week's print edition of The Observer, out on Wednesday. And find the entire Cushman & Wakefield press release after the jump. read more »
- John KoblinThe Afternoon Wrap: Monday
- This week's New York magazine real-estate section answers pertinent questions like: How much are New York "street trees" [above] worth? How "ultraminimal" can a designer's house get? And what does Manhattan real-estate style look like in Fargo, ND? [NY]
- There's also a piece on real-estate cult figure Jonathan Miller, which somehow omitted interviews with his friends Woody Wheeler ("my group leader when I rode my bike across the US in '76") and Bart Simpson ("really! and he happens to be an appraiser"). [Matrix]
- You know a Brooklyn neighborhood is getting too hip when neighbors start complaining about churches. "It starts with this wood clacking, like two sticks beating together, and then it goes into an all out jump-fest, with mics," a brownstone renter complains. "It's drumbeats and a keyboard all day long. And then this one guy starts singing--pretty poorly, I might add."[Brooklyn Paper]
- Being a race car driver married to a model, being an actress who played Margaret Anderson in "Father Knows Best," or having the name Dean Witter III are all dandy ways to get expensive real estate. [WSJ]
- The only thing better than Manhattan real estate is a Manhattan real estate-related birthday. Thusly, our best wishes go out to Cushman & Wakefield's Cara Greenberg, who is still younger than all the Cushman bosses. - Max Abelson
New York Co-Founder Sells ‘Medieval’ West 67th Street Duplex for $4.1 M.
Mixing Legal and Liquor
The Crisis of the Upper-Middle Class: Big Pay Is Piddling in New York

Quarterly Figures Defy Dour Predictions
Letters
Letters
The Afternoon Wrap: Thursday
- The West Village is really getting old: the chimney of famous Bedford Street speakeasy Chumley's "separated from the interior wall and collapsed into the bar area." Thankfully, the Department of Buildings promises that demolition is "not being considered at this time." [Curbed]
- The subprime mortgage catastrophe has even hit uber-fancy homes: Palaces from Laguna Beach to Savannah (but, sadly, not Manhattan) will be auctioned off this spring, making for "something of a fire sale in the luxury sector." [Forbes]
- What New York really needs is a green hotel-condo. Luckily, there's one (and it's 61,000 square feet) under construction at 250 Bowery between Prince and Houston. The design firm is "targeting tourists concerned with environmental responsibility as well as aesthetics." Creepy. [Real Deal] - Max Abelson
Manhattan Housing Inventory Drops; L.A., San Fran, Not So Much
While inventory here dropped in the first quarter of 2007, inventory in markets like Los Angeles and Washington, D.C., increased. In the quarter ending March 31 in Manhattan, the inventory of unsold homes on the market was down 0.2 percent from the quarter before, according to appraisal firm Miller Samuel. (It was also down more than 14 percent from the first quarter of 2006.)
In other markets, though, inventory went up--sometimes by a lot--during recent months. The Wall Street Journal reports that inventory in Los Angeles was up 12.8 percent from February through March, and, in the San Francisco Bay Area, it was up 12.2 percent. In fact, the inventories of unsold homes in 18 major metropolitan areas, not including New York, was up 6.5 percent in March from a month earlier.
- Tom AcitelliShott On Location: After 'Isolated Incident,' Manhattan's 'First Juice Bar' Now 'Scrubbed And Polished'
After racking up one of the city's worst health-inspection scores so far this rat-crazed year, the original Papaya King outpost at the corner of Third Avenue and 86th Street is once again grilling its trademarked "Tastier Than Filet Mignon" franks.
Waiting in line to order at 5:30 p.m. on Wednesday, this reporter passed the time by reading juice joint C.E.O. Dan Horan's letter posted at the register, which described the eatery's efforts to rebound from a "tough couple of days."
The Health Department shuttered "New York's First Juice Bar" two weeks ago, after the TV program Inside Edition aired footage of rodents at the Upper East Side sausage factory--a situation Mr. Horan downplayed as "an isolated incident."
Citing the 75-year-old venue for "conditions conducive to vermin," among a host of other health-code violations, inspectors on March 20 slapped management with a horrendously high score of 111--just 84 points shy of the passing mark.
That's 19 points worse than the infamously rat-infested KFC-Taco Bell in Greenwich Village, which remains shuttered, but still 49 points behind Manhattan's most recent high scorer, Cafe Fonduta, which, like Papaya King, has since reopened.
According to Mr. Horan, it took "five days of scrubbing, cleaning and polishing this notably old, but historically significant space," in order to pass re-inspection.
- Chris ShottThe Round-Up: Thursday
- MTA mulls sliding glass doors for Second Ave. Subway. [NY Times]
- Atlantic Yards work under way as doubts, suits dog it. [NY Times]
- Upper East Side residents argue over dog run. [NY Sun]
- Foye: ESDC may lower developer subsidies. [NY Sun]
- Loehmann's opens Upper West Side location. [NY Sun]
- Jean Nouvel's condo rising in Chelsea a 'vision.' [NY Sun]
- City may create a historic district out of NoHo. [NY Sun]
- Pension funds feast off Manhattan real estate. [NY Sun]
- Scorsese sells Upper East Side townhouse. [NY Post]
- Newer lower Westchester high-rises draw city buyers. [NY Post]
Did we miss any New York City real estate news this morning? Please send along tips and links.
In This Week's Observer...
Viva West 10th Street: $33.15 M. Townhouse Sets Downtown Record
The glory days of Manhattan's stratospheric real estate market continue: the 55-foot-wide townhouse at 11 West 10th Street, which The Observer reported on when it went to contract in November, has sold.
The blogging venture capitalist Fred Wilson owns the 15,000-square-foot townhouse, which he listed in July with Debbie Korb at Sotheby's International Realty. The asking price was $37.5 million. If it closed near there, this 1847 mansion would be the most expensive single-family residence downtown.
Well, it has closed--and it is indeed a record setter.
- Max AbelsonThe Round-Up: Tuesday
- West 54th Street building sells for $110 M. [GlobeSt]
- Upper Manhattan portfolio sale could top $1 B. [Real Deal]
- Manhattan home sales rise sharply in first quarter. [NY Post]
- Coney Island's Astroland may stay open next summer. [NY Post]
- Survey: City's middle-class disappearing. [NY Post]
- Toy Building selling for nearly $500 M. [NY Post]
- Morningside Heights mansion lowers asking to $20 M. [NY Times]
- Subprime giant New Century files for bankruptcy. [NY Times]
- Chelsea residents foil seminary's development plans. [NY Sun]
Did we miss any New York City real estate news this morning? Please send along tips and links.
Catsimatidis Switching Parties
Why?
"Because of my future plans," he said when reached by cell phone in Manhattan, back from from a trip to his home in the Hamptons.
Crain's has something on Catsimatidis today [looking for link now].
Previously, Catsimatidis said he'd run for mayor as a Republican "Because I'm a moderate business man. I don't' think a moderate businessman has a chance in hell winning the Democratic primary."
-- Azi PaybarahFarrell Defends the Budget Process
Speaking on the floor of the Assembly Saturday night, Assemblyman Herman "Denny" Farrell of Manhattan defended this year's budget process, saying that it was open and publicly negotiated.
Which some people might disagree with.
-- Azi PaybarahOf Mice and Mangia in Midtown
Editorials
Vacancy! High-End Renters Flee to Buy
Editorials
High Line Park Spurs Remaking Of Formerly Grotty Chelsea
Fidler's Pre-Emptive Strike Against Congestion Pricing
The bill argues two sides of the same coin: that London's congestion pricing scheme was so ineffective that only 2 percent fewer people entered the city as a result, but that a Manhattan model would be so effective that it would result in a $2.7 billion loss in economic output.
Anti-anti-congestion forces are fighting back: Streetsblog has some data showing that in Mr. Fidler's district, only 25 percent of commuters to Manhattan drive and the rest use mass transit. That factoid, however, does not deter the bill's sponsor.
"It's economically unjust. Only those who can afford it will pay and those who can't, can't," said Mr. Fidler, who added that there is not a single subway stop in his district, which includes Canarsie and Marine Park. "I believe in subsidizing mass transit. I also believe that it is not the only transportation that New Yorkers use, and it cannot be."
He has a more radical solution, at least to the issue of clean air.
"I would have the federal government ban the manufacturing and importation of combustion engines in 10 years or 12 years or something like that," Mr. Fidler said, "and see how quickly they adapt the technology to cleaner air and alternate sources of energy."
- Matthew SchuermanThe Afternoon Wrap: Thursday
- The booming home-security market now offers "super-luxe security" [above]. For example: It costs $5,000 to "monitor 20 video cameras in your Manhattan home--via PDA--from a beach in Cote d'Azur." It's a wonderful world. [Forbes]
- Gotham Bar and Grill has everything anyone could want from a Village eatery: Maine lobster, artichokes, and Jay McInerney's new wife repeatedly assaulting Ed Koch. [House & Garden]
- It's a bad time for New York music: Tonic, "one of the city's most popular small clubs," is closing on Friday the 13th. Plus, the hip Mercury Lounge may or may not be doomed, and the essential Irving Plaza is being reborn (or, at least renamed). [Time Out New York]
- The 'UWS Asian-Food Crisis' is tragically spreading, claiming three of the five Ollie's restaurants. Maybe the restaurant deserves their problems: Workers claim they were being paid $1.40 an hour. [NY Mag, D.I.] - Max Abelson
Advice for Political Women
"The b-word word," a few people yelled out.
"A bitch," continued Weingarten.
Chuck Schumer's deputy state director, Teri Coaxum told the mostly female audience that the key for women in politics is to maintain a certain level of decorum.
"People will, you know, ask inappropriate questions. And my thing is stand for something or fall for anything. Keep your integrity in tact, never compromise your values, and, I'm going to be a little bit blunt: you can't sleep with everybody you meet. I'm sorry.
[skip]
The main point is, we're already seen as sex symbols. End of story. We all talked about it. We're already seen as sex symbols. You have to keep your integrity in tact. This is business."
Fellow panelist Gigi Georges, a longtime Hillary Clinton adviser, agreed with Coaxum -- to an extent.
"Women have a lot of power in who we are. Frankly, in some ways, women have a lot more power then men in who we are because we're able to be tough when we need to be, and at the same time, be charming and gracious and yes, a little flirtatious when it works for us."State Democratic Party Chair June O'Neill, who introduced the panel, also had some advice for women in politics: Learn to shake hands. "It's a code," she said.
-- Azi PaybarahRichard Rogers Wins Pritzker
[He] now has four projects under way in the city: an expanded Jacob K. Javits Convention Center on Manhattan's Far West Side; a tower a


















