NY landlords embrace 7-line extension to NJ - Crain's New York Business

It may seem like pie in the sky for now, but as things get under way, all those condo buyers on the far west side of the 40s are going to get a great amenity to boost their property values.

The same is true of the eventual beneficiaries (who may currently feel like victims!) of the 2nd Ave subway. Hang in there guys - Rome wasn't built in a day.

NY landlords embrace 7-line extension to NJ - Crain's New York Business

Condo Sales Report Show 20% Jump Below 14th St

Condo Sales: Manhattan condominium sales report

Monthly data reported by the website Condo-Sales.com show a nearly 20% jump in per-square-foot condo sales below 14th Street from August 2009 - August 2010.

Per square footage sales in the area that covers the East, Greenwich and West Villages, Soho, Tribeca, Little Italy, Chinatown and the Financial District jumped from $1,055 per square foot in August 2009 to August 2010, the most recent month for which data has been compiled.

While it is possible that mass closings in a large new building may have skewed this average, no large buildings (such as 15 Central Park West) closed that we are aware of. Buyers searching for a condo should take into consideration the higher per square foot price and adjust their budget - or expectations - accordingly.

West Village Rezoning Approved by City Council

The grassroots movement to down zone the unlandmarked portion of the West Village has succeeded. According to this article, the NYC City Council approved a rezoning of 6 blocks of the western-most West Village - blocks just below the Meatpacking District - to prevent any prospective large scale hotel construction.

In the immediate term, this ruling will hurt the value of some lots in the area that were potential development sites. However, in the long run, it will preserve the value of small residences in the area, as prospective buyers won't have to worry that a long term construction project might move in next door.

Council approves 2 Village rezonings - Crain's New York Business

Multi-family sales lag in the Village | The Real Deal | New York Real Estate News

Multi-family sales lag in the Village | The Real Deal | New York Real Estate News

It appears that apartment buildings are not doing so well in sales, with both sales volume by dollar and price per square foot being below the numbers for January - September 2009. In comparison, the rest of Manhattan is doing quite well, with more than twice the dollar volume of property having sold during the same time period of January - September 2009 as for the same period of 2010.

It seems that the Village, which experienced a 5% increase in the 2009 period, has lead the rest of Manhattan. That it should take a breather this year may or may not be a cause of alarm. Apartment house owners who are considering listing their properties for sale may have more interest from buyers strictly interested in the Village. But they should be aware of the drop in per square foot price, as appraisers most certainly are, and adjust their expectations accordingly.

In major reversal, apartment vacancies rise - Crain's New York Business

I wasn't surprised to see this little article on crains.com today. August was pretty slow. We actually didn't have any listings to rent after the beginning of the month, but the perceived turnaround in the economy tends to hurt people.

Also true are the comments about landlords taking away concessions - not a surprise given the vacancy rate's decline over the previous year. But some landlords probably shouldn't have ended their incentives, particularly those at the higher end, and maybe those with properties in less desired areas.

Will renters see a nice return of incentives such as no-fee and free rent? We'll have to see. But any renter who rents in the off season (November-February) will typically see lower rents on the same apartments, just by virtue of the lower moving volume during the winter months. So put on a parka and pack your boxes!

In major reversal, apartment vacancies rise - Crain's New York Business