Manhattan office sales quadruple in the third quarter

According to this week’s market reports, Manhattan office sales more than quadrupled and FiDi home prices dropped 51 percent in the third quarter. Residential Sales | Corcoran In the third quarter, the median sales price in Brooklyn dropped 3 percent year over year to $702,000. The price decline coincided with weaker sales activity. During the period, the number of closed sales dropped 7 percent to 1,574 transactions and the number of contracts signed decreased by […]… Read More Manhattan office sales quadruple in the third quarter

New options open for homeowners seeking a reverse mortgage

You’ve probably seen actor Tom Selleck suavely pitching federally insured reverse mortgages on TV and thought, hmm, that sounds interesting. He says you can turn your home equity into cash and not pay back anything — no principal, no interest, no fees — for years after your retirement. And it’s true: Some form of a reverse mortgage could be a good choice for you, but it might not be the government-backed type Selleck is hawking. […]… Read More New options open for homeowners seeking a reverse mortgage

Why this billionaire art dealer is allowed to sell an UES townhouse during a divorce

A Manhattan Supreme Court judge has ruled that he cannot block billionaire art-dealer David Mugrabi from selling an Upper East Side townhouse for $72 million while he is going through a divorce. David is currently in the middle of a bitter divorce battle with his estranged wife Libbie Mugrabi, and she has concerns that he might send their money “south,” according to the New York Post. However, Justice Douglas Hoffman has said he can’t legally […]… Read More Why this billionaire art dealer is allowed to sell an UES townhouse during a divorce

Ekstein Development puts Bushwick luxury resi building on the market for $34M

Erik Ekstein’s Ekstein Development placed a luxury residential building in Bushwick on the market for $34 million. The property, at 951 Madison Street near the corner of Broadway, is a 41,000-square-foot property with 37 apartments, according to B6 Real Estate Advisors, which is marketing the building on behalf of Ekstein. It also contains two retail spaces spanning 10,000 square feet. Ekstein commenced construction on the property in 2012, four years after filing building permits with […]… Read More Ekstein Development puts Bushwick luxury resi building on the market for $34M

Brooklyn, Queens, Riverdale all saw record high median sales prices in Q3

It was a strong quarter for sales in Brooklyn, Queens and Riverdale. Median sales prices hit record highs in all three areas of the city, according to the latest report from Douglas Elliman. In Brooklyn, they increased 2.3 percent year over year to hit $808,000; in Queens, they increased 4.3 percent to hit $573,500; and in Riverdale, they increased 15.2 percent to hit $345,500. Overall sales in Brooklyn declined year over year for the third […]… Read More Brooklyn, Queens, Riverdale all saw record high median sales prices in Q3

The penthouse pileup: Inventory swells thanks to the new dev glut

Penthouse listings — despite their catchet — aren’t immune to the new development glut. A flurry of post-Labor Day listings has brought the total number of penthouses on the market to 443. That’s a 19 percent uptick in the number of listings between September and March and a 16 percent year-over-year increase, according to data compiled by StreetEasy. Luxury inventory generally increases in the fall, as many units are taken off the market during the […]… Read More The penthouse pileup: Inventory swells thanks to the new dev glut

Citi Habitats and Michael Stern’s JDS break up at American Copper Buildings

Just a few months after Corcoran Sunshine Marketing Group hit JDS Development with a $30 million lawsuit at 111 West 57th Street, the brokerage’s sister company and the developer are breaking up at another massive Manhattan project. As of Oct. 31, Citi Habitats will no longer market Michael Stern’s American Copper Buildings rental project, sources said. At that point Bold New York will take over the lease-up. Citi Habitats sent JDS a notice of termination […]… Read More Citi Habitats and Michael Stern’s JDS break up at American Copper Buildings

Fake broker faces six years in jail for affordable housing scheme

A Sheepshead Bay woman who posed as a real estate agent will soon be moving into jail. Yelena Litvak was sentenced to six years in prison on Thursday after pleading guilty to larceny charges. According to the Brooklyn District Attorney, Litvak pretended to be a leasing and sales agent for Mitchell-Lama affordable housing buildings across the city, targeting Russian immigrants from her local South Brooklyn neighborhood and promising she could secure them housing in exchange […]… Read More Fake broker faces six years in jail for affordable housing scheme

Mortgage rates hit 7-year high amid slowing housing market

Would-be homebuyers have another reason to be concerned: mortgage rates rose to nearly 5 percent, the highest in more than seven years and the biggest weekly increase in two years. Rising mortgage rates slow the housing market, which is an indicator of the overall economy. Long-term rates are now up nearly a full percentage point from the start of 2018, the Wall Street Journal reported. According to Freddie Mac, the average 30-year fixed-rate mortgage is […]… Read More Mortgage rates hit 7-year high amid slowing housing market

NYC sales prices hit 10-year high, discounts continue at One57 and more of the biggest trends in resi right now

NYC sales prices notch 10-year high in volatile market A full decade after the financial crisis, New York City’s housing market has rebounded and then some. Average citywide sales prices are now 2 percent higher than their peak in November 2007 and 28.5 percent higher than the bottom of the market in September 2008, according to StreetEasy. In a new report, the Zillow-owned listings site found that wealthy buyers who bought in September 2008 saw […]… Read More NYC sales prices hit 10-year high, discounts continue at One57 and more of the biggest trends in resi right now