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Thread: NYC real estate values rose 9 percent

  1. #1

    Default NYC real estate values rose 9 percent

    NYC real estate values gain 9 pct despite slowdown
    Reuters, 01.16.03, 1:57 PM ET

    NEW YORK, Jan 16 (Reuters) - New York City real estate proved a solid investment as values rose 9 percent, according to the city Department of Finance, bucking the fickle economy whose shabby performance has clipped tax revenues.

    Both homeowners and commercial property owners benefited as the total value of their property hit a staggering $468 billion, according to preliminary assessments.

    One-, two- and three-family homes -- and some condominiums -- gained 13.6 percent.

    Family homes proved much more desirable than rental buildings and most cooperatives and condominiums, which chalked up a more modest 3.7 percent gain.

    Though that increase exceeded the inflation rate, office buildings, hotels, factories, garages and the like saw their values rise by 6 percent.

    The latest estimates will be finalized in May and take effect on July 1.

    A list of well-known landmark buildings showed a few exceptions to the generally rosy picture. For example, the Woolworth Building, located downtown near City Hall, saw its estimated market value fall to $70 million from $73.8 million.

    In contrast, 1 Liberty Plaza, which is located just across the street from Ground Zero and which was used as a temporary morgue on Sept. 11, saw its value leap to nearly $387 million from just over $323 million.

    A finance department spokesman was not immediately able to say whether the preliminary assessments were adjusted to reflect the attacks that destroyed the World Trade Center, explaining any market uncertainty that resulted might have been taken into account last year.

    Some midtown landmarks leaped in value, such as the Chrysler Building, whose assessment rose to $241 million from $186 million.

    The jagged pattern of the gains -- the Sony Building, for example, saw its value only rise $3 million to $208 million, might have been produced by factors that were specific to each building, the finance department spokesman said.

    The AOL Time Warner building, which will occupy the west side of Columbus Circle when completed, is the most expensive property in the city, assessed at $820 million.

    Many homeowners and commercial property owners should face stiff tax hikes.

    Property owners already have been socked with an 18.5 percent increase in property taxes that went into effect in January.

    Copyright 2003, Reuters News Service

  2. #2

    Default NYC real estate values rose 9 percent

    The AOL Time Warner building, which will occupy the west side of Columbus Circle when completed, is the most expensive property in the city, assessed at $820 million.

    It was one of the biggest investments, too.

  3. #3

    Default NYC real estate values rose 9 percent

    At 2.1 million sq feet of space (or was it 2.7 million?), room for 60 retail places, a jazz concert hall, a residential complex on one tower, a hotel on the other, and room for CNN news studios, the $820 million price tag for the AOL-TWC may well be worth it.

    (Edited by Agglomeration at 8:18 pm on Jan. 17, 2003)

  4. #4

    Default NYC real estate values rose 9 percent

    Not to mention the prestigious address.
    I still have the feeling it could have been even bigger.

  5. #5

    Default NYC real estate values rose 9 percent

    I still have the feeling it could have been even bigger.
    In some other city, perhaps. *It was an epic battle to get it to the size it is now. *It should have been bigger, but I don't know what it would have taken.

    I do agree with you, though. *I mean, it's already huge. *What's another 100-200 ft? *It would have really helped. *It's always going to look kind of stunted in my eyes

  6. #6
    Forum Veteran
    Join Date
    Jan 2003
    Garden City, LI

    Default NYC real estate values rose 9 percent

    True, but this project probably would not have even happened in other cities.

  7. #7

    Default NYC real estate values rose 9 percent

    You mean with so many different uses and activities ?
    That's what impresses me the most.

  8. #8


    Manhattan apartment prices shoot through the roof

    Sales were up in the first quarter of 2012 - and bidding wars are popping up again

    By Phyllis Furman / NEW YORK DAILY NEWS

    Tuesday, April 3, 2012, 11:03 AM

    Newly constructed "Laureate," a full service luxury condominium at 2150 Broadway.

    The good times are coming back to Manhattan’s residential real estate market.
    After a sleepy fourth quarter, sales rebounded, prices rose and inventory fell during the first three months of the year, according to several real estate reports.
    Even bidding wars, which were common during the boom years, are popping up again for must-have properties.
    “We are back to a normal, positive market,” said Diane Ramirez, president of Halstead Property.
    The average price of a Manhattan apartment hit $1.48 million, up 9% from the same period last year, and up 7% compared with the previous quarter, according to a report from Halstead. The number of sales rose 2% to 1,800.
    Prices were pumped up by a 42% increase in the number of sales of apartments priced $10 million and above.
    Among the hot closings in the quarter: a record-breaking $88 million sale at super-upscale 15 Central Park West, as well as several megadeals at plush upper West Side condo the Laureate.
    But there was also a healthy number of sales of studios and one-bedrooms, which accounted for 56% of what was sold, according to a report from Prudential Douglas Elliman. That was the highest share for this lower end of the market in two years.
    “Because rents are rising, it is pushing people to become buyers,” said Jonathan Miller, CEO of appraisal firm Miller Samuel, which compiles reports for brokerage firm Prudential Douglas Elliman.
    The improving Manhattan real estate numbers are calming fears that a decline in Wall Street bonuses will stall the borough’s recovery.
    “New York is a lot more diversified,” said Prudential Douglas Elliman CEO Dottie Herman. “We are becoming less dependent on the financial sector.”
    “Look at the economy,” Ramirez added. “We have a surging stock market. New York is back and it’s leading the nation.”
    The outlook for the spring looks promising.
    The number of contracts signed in the quarter rose 9% compared with a year ago, according to real estate website
    Price cuts decreased by 4.7% from last year, while the amount of time apartments remained on the market fell 4.1%.
    In another sign of an improving market, inventory fell 5% to 7,411 listings, according to Halstead.
    “There is growing confidence from both buyers and sellers,” said Sophia Song, StreetEasy’s vice president of research. “The spring selling season is off to a really good start.”
    While Manhattan is improving, the recovery has been slow. Prices are still about 22% below the peak reached in the first quarter of 2008, and are up just 3.5% from the low point reached in the fourth quarter of 2009.
    “New York has been stable for 21/2 years,” Herman said. “It’s not going anywhere but up, but it’s going slowly.”

    Read more:

  9. #9


    You dug up a nine year old thread for this one post?

  10. #10


    Thought for sure there'd be a more current thread on NY real estate prices, but this is good news anyway (except if you're a buyer). Stumbled across it on the Daily News website.

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