Real Estate News Roundup

JUNE 20, 2012

Not-yet-built condominium Chelsea Green is 50% sold. With an occupancy date set for fall 2013, apartments at the environment-friendly 41-story, 51-unit building-to-be at 151 West Street average about $1,396 per square foot (CurbedNY).

List prices for new developments in Manhattan are up 10 percent from last year, according to new development market reports. In Manhattan, the number of new contracts was up 80.3 percent from a year ago, while inventory was down 10.2 percent; the latter statistic is even higher in Brooklyn, where inventory was 33 percent lower year-over-year; Williamsburg was the priciest neighborhood in that borough, with median listing prices increasing 74 percent–to $1.23 million–over last year. Manhattan’s most expensive neighborhood on a per-square-foot basis was the Upper West Side; among that neighborhood’s most popular buildings were the Aldyn and the Rushmore at 60 and 80 Riverside Boulevard, and the Laureate at 2150 Broadway (via The Real Deal).

Residential developments in TriBeCa are drawing an increasing number of buyers to the already-popular area. New buildings have been in high demand, with few apartments on the market in the historic neighborhood that manages to avoid the overcrowding that has plagued other sought-after districts. The full-block landmarked building at 250 West Street typifies TriBeCa’s popular new residences; 75 percent of the 106 units at the 11-story former warehouse with views of the Hudson River have been sold (WSJ).

The 26 apartments at 144 North 8th Street in Williamsburg have sold out, with average prices at $902 per square foot. Apartments in new developments like this one have been snapped up quickly as supply has failed to keep pace with torrid demand (CurbedNY).

Ugly retail signs have been a recent cause for complaint on the Upper East Side. Residents of the classic Carnegie Hill area around East 86th Street and Lexington Avenue contend that the in-your-face signage displayed by chains like PC Richard & Son and Staples makes their neighborhood look “like Times Square.” There are apparently long-standing laws in place that limit tacky signage, and local community board members are pushing to have the stores comply, hoping to set precedents that limit further “environmental clutter” (NYPost).