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Category: Luxury Real Estate

What is the Luxury Real Estate Market like in New York?

The luxury real estate market in New York is continuing to thrive. The opening and second quarters of 2022 saw more deals signed to add to the already growing count of luxury properties.

The COVID-19 pandemic had a deep impact on the market, which has now recovered, and even risen to higher prices than pre-pandemic levels. There is indeed still an increasing demand for high-end homes, especially in Manhattan.

How high is the interest rate expected to rise?

The interest rate has risen since the beginning of the global pandemic and is expected to continue to rise throughout the rest of the year. Right now, it is expected that the interest rate could increase from 5% to as high as 7% by the end of the year.

What is the current luxury market like in New York?

Simply put, the luxury real estate market is competitive, and people are looking to buy. So, with a supply shortage and an influx of demand, the prices rise with the interest rates.

Material and labor shortages add to this as well, making it another case where the demand is greater than the supply. To combat this, some sellers are opting to renovate their properties before listing so that they can charge more in the market. The results vary, but generally, the newly-renovated properties sell for more than similar, non-renovated properties.

As of the second Quarter 2022, the average sales price for luxury residences in Manhattan was around $8,800,000, and the average price per square foot is about $2,814/sq. ft. Overall, this represented a 14.5% increase year-over-year.*

*Data obtained from UrbanDigs

Is the luxury real estate New York market the same all over the city?

Luxury real estate in NYC offers a type of living that is one of a kind and cannot be found anywhere else. Because of this, the market is highly sought after, making the boroughs and neighborhoods surrounding Manhattan just as expensive. Of course, different areas offer different things, which is why BARNES, as the exemplar of luxury real estate in New York City, offers its services as a top brokerage to help you find what you need.

View of an apartment interior in a luxury building, showing the kitchen and living area with oversized windows and urban views.
Night view of the Manhattan skyline from an apartment in Long Island City.

What can I expect in New York luxury real estate?

New York City is a historical city with many historical buildings and homes built long ago. Those interested in living in luxurious, historical buildings will thus find no shortage of options in the big city. Many of them have been completely renovated or revived to their original glory and beauty.

Alternatively, New York City offers plenty of new buildings with picturesque views of the city with all of the modern-day amenities like a workout gym, a rooftop or a swimming pool.

Where are the best neighborhoods for luxury living?

There are so many options around New York City, but perhaps, the most prevalent are TriBeCa, SoHo, and Central Park, to name a few. TriBeCa is in downtown Manhattan. It is home to countless five-star restaurants, landmarks, and celebrities. It’s got the luxurious lifestyle that goes along with its many luxurious living options.

SoHo is an upper-class neighborhood in Lower Manhattan with many high-end shops and designer boutiques. In addition, there are many historical buildings here for luxury living.

The name Central Park says it all. It is indeed the iconic park located in the heart of New York City. The forested space is walled off entirely by high rises, both old and new, and the neighborhood offers a plethora of luxury living spaces. If you want the most picturesque views of New York City, you will find what you need here. Central Park Tower is actually the world’s tallest apartment building, located on New York City’s Billionaires’ Row. One of the most famous street, renowned for its luxury new developments with incredible amenities, is Park Avenue, south of Central Park.

How do I get more information on the luxury real estate market?

New York has a rich and storied history that dates back to the beginnings of modern-day America. It is a city like none other in the world and is host to some of the best luxury real estate options out there. New York City really has it all, from buildings built over a century ago to new constructions with all the amenities one could dream of.

A great place to begin your in-depth search into New York luxury real estate is here, with BARNES New York. BARNES is a top brokerage and can help guide you to finding the best possible option for luxury living.

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Where to find the best luxury real estate in New York?

New York City consists of five boroughs: Manhattan, Brooklyn, the Bronx, Queens, and Staten Island, and each has its own style and way of life. Sometimes, passing between the borders of each borough can feel like traveling to an entirely different state.

Each borough comes with its own historical significance, urban centers, and array of diversity. And New York remains one of the most popular places to live in America.

With popularity comes luxury living, a category where New York City is in no way lacking. With neighborhoods such as Noho, Hudson Yards, Tribeca, and Central Park, the options are limitless in luxury real estate in New York.

What about Hudson Yards?

Hudson Yards is unlike any other neighborhood in New York City. It is well known for its first time visiting New York experiences and its incredible and artistic architecture. It’s very close to Central Park and borders the Hudson River. Its abundance of luxury townhouses and luxury homes, and skyrise properties offer stunning views of some of New York’s most iconic buildings, the river, and Central Park. Some properties offer views of all three. In any case, you will have an incredible view of Manhattan to take in and enjoy.

Hudson Yards was top on the list in terms of median sales price for their luxury spaces, the Manhattan neighborhood coming in at $8.5 million.*

What about NoLIta?

NoLIta stands for North of Little Italy, and is a intimate neighborhood with a distinctly, unique charming vibe. You will find numerous boutiques and vintage shops, bakeries and pop-up art galleries throughout the area. Apartments can be hard to find, because the neighborhood is very small, and consists mostly of pre-war walk-ups, although there are a few newer doorman buildings and new developments.

NoLIta was second only to Hudson Yards in terms of median sales price for their luxury spaces, the Manhattan neighborhood coming in at just a shade under $7.5 million as of May 2022.*

What about Central Park?

Central Park is home to some of New York City’s most iconic views, so it only makes sense you will find a lot of luxury real estate around it. And the hundreds of highrises and historically-significant and renovated buildings that line the famous park, especially on its southern border, are the most sought-after properties in the city.

The neighborhood of Central Park South, located on the southern stretch of Central Park, is tiny. It is only three blocks long by two blocks deep, but it packs a lot into that small space. It is home to many of New York City’s picturesque views.

Luxury properties sharing a border with Central Park will be the most expensive in the neighborhood, but, on average, the sale price for properties here was just a shade over $6,645,500.*

View of Central Park and its pond in autumn, with luxury buildings and red trees.
Central Park at The Mall in New York City during predawn, with street lights on and orange leaves and autumn colors on the trees.

What is NoHo’s Style?

NoHo, or north of Houston Street, is a neighborhood within Manhattan and has an incredible view of Manhattan. The area has some of the city’s best critically-acclaimed restaurants and entertainment as well as designer boutiques. It’s been described as laid-back, but with something always going on—you will never be bored.

Housing-wise, NoHo’s well-known luxury buildings are some of the most highly-sought after in the city, and they are chock-full of architectural history or their own unique style.

NoHo is third on the list in median sales price at just over $5,150,000.*

Where is TriBeCa?

TriBeCa is located on the southern tip of Manhattan and is known for its industrial look. This portion of Manhattan has been restored and renovated while maintaining its original, more turn-of-the-century beauty. Historical lovers would be at home here. It has riverside views, notable restaurants, and plenty of sleek bars to fit a luxury lifestyle.

TriBeCa is also well known for its annual film festival, the TriBeCa Film Festival. Properties here, on average, go for a little above $3.2 million.*

Luxury kitchen, well decorated in a white, beige palette. Two round chandeliers are hanging from the ceiling, an island countertop with two stools is in the foreground.
Luxury bathroom of light brown marble, with a standing shower with glass panels and a bathtub.

Are there any luxury options outside of Manhattan?

Of course there are! The luxury apartments market in NYC is prevalent in more than just Manhattan. Of course, the options are a little bit more limited outside of Manhattan, and the surrounding areas don’t necessarily offer the same prevalence of luxury amenities, like fine dining or theaters, but they are there.

The borough of Brooklyn would be Manhattan’s biggest rival in terms of luxury living, especially DUMBO, with a median sale price of $2 million.

What neighborhood would you recommend?

Any of the neighborhoods mentioned above would be a good starting point when looking for luxury housing. But it’s nearly impossible to beat the views of New York City’s skyline that are available only in Manhattan—not to mention Central Park. With Central Park within commuting distance from anywhere in Manhattan, the area is really unrivaled.

To begin a more in-depth search into luxury real estate in New York, contact BARNES. BARNES New York is an international luxury brokerage that can help you find the best possible option for luxury living in the big city.

* Data from PropertyShark

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How to buy a brand new apartment in Brooklyn?

Buying a brand new apartment in Brooklyn is an amazing and rewarding experience to be had by buyers of all backgrounds and lifestyles. Brooklyn is a city filled with life, color, and culture that shows in nearly every neighborhood and part of the city.

While searching for an apartment to buy and going through the process can be time-consuming, it can be made easy by understanding your budget, each neighborhood, and the overall steps to buying a brand new apartment in Brooklyn. When looking for a space in Brooklyn to call your own, BARNES New York is here to help guide you.

What is your budget?

View of the NYC skyline at the back, with the Brooklyn skyline in front, during sunset.

How much are you willing to spend on your apartment? In Brooklyn, the median sale price of an apartment market-wide, including resale and new developments, is around $980,000 as of July 2022*. When considering brand new apartments in new developments in Brooklyn, the median sale price increases to $1,200,000 in July 2022*. Like other New York neighborhoods, co-op apartments are often cheaper than condominiums, but it’s fairly rare to find a brand new co-op building. In general, homes in a new development in Brooklyn will cost more than existing resale. Important tip: it is best to save about 20% of the cost of the apartment before buying, if possible. This gives you plenty of wiggle room when looking for a brand new apartment to buy and greatly strengthens your offer.

Having a reasonable budget of $1,000,000 or more will ensure you find new apartments and condos for sale in Brooklyn that will meet your needs. But, of course, prices also go up with more accommodations, features, and luxuries available. Depending on what you’re looking for, set yourself a limit to finding hidden gems in your home and avoid overspending. It’s best to talk to your banker or mortgage broker to request a pre-approval letter to help you pinpoint your budget.

*Market data from UrbanDigs

What about location?

The price of the apartment you buy in Brooklyn can vary greatly depending on the neighborhood it is located in. While areas such as Williamsburg and Dumbo tend to be more expensive, Greenpoint and Carroll Gardens can be much cheaper options.

Williamsburg

Williamsburg is one of the trendiest area in Brooklyn, filled with bars, restaurants, and retail stores, feeling much like a giant city within an even bigger city. An apartment in Williamsburg is ideal for Manhattan Bridge views, easy access to luxury shops, and a comfortable residential feel. Although there are also plenty of work opportunities in Williamsburg, it is great for many residents to settle in as well. There’s always an new apartment to buy in Williamsburg thanks to several solid new development programs.

Dumbo

Dumbo is priced similarly to Williamsburg, emerging as a hotspot in recent years as former industrial spaces are converted to cozy residential homes. However, the price is worth it, as it is filled with lovely streets lined with vintage shops and unique pieces, and it’s a popular spot for older groups. Several new development programs offer beautiful housing options in the neighborhood. Whether you are buying a new condo or co-op in Brooklyn, Dumbo’s vision is sure to make it a stunning home.

Greenpoint

Greenpoint is a great area to settle in as there’s less hustle and bustle than Williamsburg, which is just south of it. The area has many beautiful brownstone apartments and is home to a large Polish community. The food at Greenpoint is excellent and varied, so it’s great for people of almost every culture, especially Europeans. New buildings in the area offer brand new condos with good amenities and easy access to the subway.

Carroll Gardens

Carroll Gardens offers a small selection of brand new apartments, but provides a small-town feel from within Brooklyn’s big city, and even though it is smaller than many other neighborhoods in Brooklyn, the close-knit community can make any newcomers feel welcomed. An apartment in Carroll Gardens is not only beautiful, but it is also great for those who are looking for a quiet house in a smaller neighborhood.

What is the buying process like?

As a potential buyer who wants to buy a brand new apartment in Brooklyn, you should work with an experienced buyer’s agent. By working with a buyer’s agent, you can save money by helping you find great deals on apartments, working with your best interests in mind, and help you navigate the different neighborhoods in the city, especially with agents specialized in new constructions in Brooklyn and its different areas.

In addition, it is important to prepare documents for your offer and to find a real estate attorney. Once the offer is accepted, your attorney will review the offering plan before you enter a purchase contract.

Because it can be difficult to get a mortgage on a new development, you might want to consider working with the “preferred lender” for the building, who is usually familiar with the construction and able to give loans more easily. Start building requests as soon as possible to stay on top of additional messages and information while staying organized with important information.

How do I secure the apartment I want?

Once the offer is accepted for your Brooklyn apartment, you can begin the process of closing on your new home. After signing off, your brand new apartment in Brooklyn, New York, is now completely yours!

The process usually takes about up to 2 months for condos and up to 3 months for co-ops for resale, but for brand new homes and buying off the floor plan, the timeline can greatly vary, especially when some apartments are being sold before the construction even begins! If possible, provide documents such as IDs, tax returns, and other important records to be as thorough as possible. Buying an new apartment in Brooklyn can be a long but highly rewarding process, and having these resources available will help streamline it. Owning a home in a beautiful city filled with color, friendliness, and diversity is a huge step forward in life. Contact BARNES New York to start looking for your brand new apartment in Brooklyn!

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What kind of housing and properties are available in Westchester?

Westchester County, located immediately north of New York City, has been an increasingly desirable place to live. More than ever, the lure of living outside the heart of New York City has grown, and interested buyers are turning their attention to the surrounding areas. According to a report by the New York City Comptroller, the population in Westchester has risen more than 9% since the start of 2020.

Westchester County is perfect for those who want to be close to one of the greatest cities in the world without being right there in the thick of it. Many of the houses in Westchester are under 30 minutes away from Manhattan by car or under one hour by train, making commuting and staying in touch with the New York City scene extremely easy.

Plus, Westchester offers a wide array of living options, from luxury apartments to homes to villas, and pockets of its cities even offer affordable housing programs. There’s a little something for everyone in Westchester.

What comprises Westchester County?

There are 6 cities, 19 towns, and 23 villages throughout Westchester County. The county is the second most populated county in New York (the first is Bronx County). But if you exclude New York City, Westchester becomes the most populated. The county has an area of 450 square miles, roughly the size of Rhode Island.

What are Westchester’s cities like?

Westchester’s 6 cities are Peekskill, White Plains, Mount Vernon, Port Chester, New Rochelle, and Yonkers. Peekskill is located at the northwesternmost tip of the county along the Hudson River. White Plains and Mount Vernon are located inland, whereas Port Chester, New Rochelle, and Yonkers are located along the eastern shoreline of the county.

What kind of property is available in Peekskill?

Peekskill has a plethora of living options and is home to some of the best villas in Westchester. Homes here typically range from $250,000, on the low end, to $1 million on the high end. Most homes offer multiple bedrooms as well as two or more bathrooms.

Its villas, which are expansive and often riverside, typically fall under the $300,000 price tag and similarly include multiple beds and baths. However, some villas are offering less space for cheaper.

There are no shortages of luxury apartments in Peekskill. Most are strategically placed so that each room offers picturesque views of the Hudson or one of the area’s surrounding parks.

What is Peekskill like?

Peekskill is just under 50 miles north of New York City. It takes around an hour, by car or train, to reach Grand Central Station in Manhattan.

Peekskill is heavily invested in its art scene and is where many of New York’s artists live. It is home to a thriving performing arts center and several attractive nature parks, historical sites, and museums. There is a diverse array of restaurants in the city as well as a Farmers Market located in Peekskill’s beautiful downtown.

What kind of property is available in White Plains and Mount Vernon?

Larchmont Aerial Drone Photos of Marina and Premium Point

White Plains offers a more suburban feel despite being just 33 minutes away from New York City by train. As a result, it has a wide array of homes priced from around $500,000 on the low end to over a million on the high end, all of which typically yield multiple beds and baths. White Plains also offers luxury apartments in its downtown high rises.

Mount Vernon is the southernmost city of Westchester and touches New York City’s Bronx borough. Being so close to the city, homes can easily surpass $1 million, and the travel time to New York City’s Grand Central Station is under 30 minutes by car or train. As a result, there is a spattering of luxury homes and apartments in Mount Vernon.

What are White Plains and Mount Vernon like?

White Plains ranks among the best suburbs of New York. It has a strong downtown scene, small neighborhoods, and its own thriving economy. Over 100 businesses have their headquarters in White Plains, and because of that, the suburb is ever-growing. As a result, there is always something going on in White Plains, from performing arts to museums to nature parks to recreational activities like golf, blading, or kayaking.

Despite being in Westchester County, Mount Vernon has a strong New York City feel to it. It is one of the county’s most diverse cities and offers an array of restaurants, shops, and parks that support that diversity. Its homes will be more compact than Westchester’s other cities, but that is to be expected given its proximity to New York City.

What kind of property is available in New Rochelle, Larchmont, and Yonkers?

New Rochelle and Larchmont are located along the eastern shoreline of Westchester County, and their housing options range from $300,000 on the low end to over $5 million on the high end. Condominiums can fall under $150,000 in either city. They also offer waterside and luxury villas.

Yonkers is located on the western side of Westchester along the Hudson River. It offers villas and luxury apartments/condominiums. Its housing options range from $400,000 on the low end to over $1 million on the high end.

What are New Rochelle, Larchmont, and Yonkers like?

Yonkers began as an industrial extension of New York City but has since been transformed into its own thriving community. The developers kept the city’s history intact, and many of its living options are in newly-renovated historical buildings. The city has a wide array of culturally-diverse restaurants and shops in its booming downtown, as well as a host of walkable parks.

New Rochelle and Larchmont border each other, and both are chock full of everything water-related. Between the two cities, they share sailing schools, yacht clubs, and rowing clubs, plus play host to sprawling nature preserves, top-rated museums, and fun beer gardens. Each city has its own downtown and offers everything you need, so you don’t need to make the trip to New York City if you don’t want to.

What other property is out there?

There are over 1,000 Westchester homes for sale throughout the county’s 450 square mile area. Plus, there are an array of villas and luxury apartments in Westchester, NY, which means there is bound to be something for everyone.

Westchester is a growing and thriving county just north of New York City that offers all of the same conveniences while stretching your money. Its properties yield more land, bigger homes, and a quieter lifestyle all while remaining easily accessible to the heart of New York City.

Read more on Westchester’s real estate and let BARNES guide you to the right house, villa, or luxury apartment in Westchester, NY.

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Pied à Terre: A Home Away From Home – Redfin

BARNES New York was recently featured in Redfin article “Pied à Terre: A Home Away From Home”. A pied à terre is a luxury apartment or condo in a big city that someone uses as their second home. People generally invest in pieds à terre for convenience, proximity to work, to visit a particular city, or as a home away from home.

There are many advantages to owning a Pied à Terre, especially in New York City, the city that never sleeps. Read on to learn about where you can find pieds à terre and how you can choose one that makes the most sense for you.

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BARNES Magazine n°31 is hot off the press

The BARNES Spring-Summer 2022 magazine is hot off the press, featuring Corinne Mentzelopoulos, French-Greek businesswoman who owns and runs the prestigious Bordeaux wine estate, Château Margaux. She did BARNES the honor of giving a tour of her magnificent vineyard, surrounded by two of her children, Alexandra and Alexis, who have also joined the family venture.

Learn about the story of Christofle, a renowned silversmith and tableware company, who revolutionized culinary arts, introducing new innovations and revolutionary techniques. You’ll be able to learn more about architecture and interior design with the launch of the new BARNES department, BARNES Interiors.

Discover a selection of Art, wine, top holiday destinations and the latest about fashion. Browse through a selection of our most exceptional properties in international cities, France, as well as destinations on the countryside, seaside and mountainous regions. Click on the link to access the online version of the magazine:

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Why is Westchester county attracting more and more French families?

Read the article in FrenchMorning

Do you want to buy a property in New York, but the prices of the goods you are interested in quickly become unaffordable? Want to make more room for your family? Have you considered Westchester county? This county, just north of New York, is attracting more and more French people and offers a very pleasant living environment. French Morning spoke with Yann Rousseau, director of the BARNES Westchester agency, a subsidiary of BARNES New York.

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BARNES Global Property Handbook 2022

During the health crisis, acquisitions continue! Everyone had to adapt during those two years and the wealthiest did the same. In a context of faster than expected economic recovery, the ranking of major international cities has once again been turned upside down. The BARNES Global Property Handbook, published once a year, dives deep inside the global real estate markets and the last edition is fresh off the press, showing promising results for cities like Miami, Austin, Tokyo, Geneva and Paris, making up the Top 5 of the BARNES City Index, a mix of safe bets and bets on economic attractiveness.

«In 2022, the BARNES City Index has never been so varied,highlighting meteoric rises like Madrid, Moscow and Prague, but also traditional safe bets like London, New York and Tokyo. The reflection of the changes caused by the health crisis and especially the ability of the great fortunes to adapt», comments Thibault de Saint Vincent, President of BARNES.

At the top of the ranking appear five cities that haveconvinced investors both for their attractiveness and their fundamentals: Miami, already surprised by the Top 2020 where it was 4th, takes 1st place, followed by Austin which jumps from 24th to 2nd place. Tokyo remains good third, followed by Geneva which progresses from 8th to 4th place and Paris, rising from 7th to 5th place. The United States are therefore taking the lion’s share due to rapid economic developments, while Japan and Europe, the «Old Wave», are managing to reinvent themselves.

«Old Europe is regaining its former status, with five cities in the Top 10 (Geneva, Paris, London, Madrid, Stockholm), testifying to a return to the traditional safe values that were, before the health crisis, the great regulars of the BARNES City Index,» explains Thibault de Saint Vincent. The same is true for New York and Toronto, which are also making a comeback. 

Read the BARNES Global Property Handbook 2022 online

Luxury real estate in New York is still strong

Article courtesy of Challenges.fr

BARNES New York had the opportunity of giving a short market update for French-language weekly business magazine Challenges.fr

The high-end real estate market is back in New York. The supply of properties for sale could even still increase thanks to offices being turned into residential housing. While the United States has just reopened its borders to foreigners and international tourists back in November, workers are busy renovating the One Wall Street building. Located in the heart of Manhattan’s Financial District, at the corner of Broadway and Wall Street and opposite Trinity Church, this historic 56-story Art Deco building, which rises to nearly 200 meters in height, built between 1929 and 1931 for the Irving Trust Company and then occupied by the Bank of New York, is the largest office-to-residential conversion project in New York City’s history.

This 90-year-old building will yield 566 new units ranging from studios to four-bedroom apartments and a single penthouse. Residents will benefit from access to the on-site amenities, including a state-of-the-art athletic club complete with a 75-ft enclosed pool, event and entertainment space, and spa services – all with clear views of the Statue of Liberty and New York Harbor.

The project, scheduled for delivery next year, could have turned into a fiasco with the Covid-19 epidemic and the uncertainties surrounding the future of real estate market. But the demand has returned and prices are close to their pre-pandemic levels. But the client’s requirements and needs have changed. Young couple and families with children are looking at neighborhoods offering open and green spaces and a better quality of life.

In terms of price, in new buildings, prices reach 17,000 euros per m² in the Dumbo district of Brooklyn, one of the most popular, and “climb to 19,000 euros per m² in TriBeCa, 20,000 euros per m² in the Upper East Side, 22,000 euros per m² in the Upper West Side and 25,000 euros per m² in Hudson Yards, compared to 11,000 to 19,000 euros per m² in the former, depending on the sector”, indicates Yann Rousseau, Managing Partner at BARNES New York.

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Rightmove’s most-viewed international property listings of 2021

Rightmove, or rightmove.co.uk, is the UK’s largest online real estate portal and property website, allowing users to discover more than 1 million property in the UK and abroad on their large property marketplace.

Rightmove has shared which international homes attracted the most interest online, and along properties in highly coveted California, France and Portugal, BARNES New York’s property made it to the fourth position, with its incredible castle in the sky at 515 Park Avenue. Located just a few steps from Central Park, this extraordinary mansion combines over 2,000 sq. ft. of spectacular terraces overlooking Park Avenue with 6,000 sq. ft. of magnificent interiors in this enormous mint-condition duplex, including 7 bedrooms, 7 bathrooms, and a separate studio, in a premier full-service condominium building.

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