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Category: New York Real Estate

Discover everything about New York Real Estate, market updates, trendy properties and new developments opportunities you shouldn’t miss. New York Real Estate can be a rollercoaster, and you need to be on top of it. Read our articles presenting you all the recent developments in tern of Real Estate news in new York and things you should absolutely be aware of.

The New Manhattan – REAL ESTATE IN DEPTH

By Mary Prenon. Source: www.realestateindepth.com/news/the-new-manhattan

Despite the recent uptick in Delta variant COVID cases in the New York metro area, New York City is essentially open for business. Most Broadway theaters are reopening in September, restaurants and bars are now allowing vaccinated patrons to dine indoors and the residential real estate market is back in full swing.

New developments are soaring—from Hudson Yards to Penn Station to Roosevelt Island—and both the sales and rental markets in Manhattan are experiencing an influx of young professionals, as well as empty nesters, who are ready to call the Big Apple their home.

Brian Tormey, President, TitleVest

Over the past year, Brian Tormey of TitleVest in Midtown Manhattan has had his hands on the pulse of the residential real estate market, hosting a series of “Be Your Best” webinars on “Getting the Deal Done”, sponsored by the Hudson Gateway Association of Realtors and OneKey MLS, throughout the length of the pandemic. Awarded the “Best Title Agency” by the New York Law Journal reader rankings since 2013, TitleVest and Tormey have been at the forefront of a topsy-turvey real estate market since March of 2020.

“I’ve been impressed with the resilience I’ve seen from real estate professionals throughout the New York area,” said Tormey. “The pandemic has proven again one of the strengths of our region—we know how to take care of one another.”

On September 9, Tormey will host another one of his popular webinars, this time with the topic of “The New Manhattan.” Tormey and a panel of real estate experts will discuss how the once seemingly abandoned “city that never sleeps” is making its official comeback from a harrowing year with streets teeming with moving vans barreling toward the suburbs.

Now, new civic and private developments seem to be fueling a newfound interest in New York City, and Manhattan, especially. “To quote a good friend and past panelist, Bruce Cohen, ‘for every sale, there is a purchase.’ Now we’re starting to see time on market shorten and prices rising—both indicators of a strengthening market,” said Tormey.

As a result of increased seller concessions, low interest rates and available inventory during the height of the pandemic, Tormey and his team began to see an interest from buyers who may not have ordinarily been able to afford Manhattan. “People from all walks of life have taken advantage of that to shift from renting to owning, upsizing, downsizing or, for the first time, snagging their own slice of the Manhattan pie,” he noted. “I believe that we will see a vibrant Manhattan again, and soon, but it may look and feel a bit different than before, with adjusted work schedules, new commuting patterns and a renewed appreciation of alfresco living.”

Brian Phillips of Douglas Elliman Real Estate in the Bronx agrees that New York City real estate is back. “I’m definitely seeing people moving back in and I’ve noticed a lot of younger people—especially those without children,” he said. “While the post-pandemic prices are lower, I think they’re going to start slowly creeping back up.”

Phillips, who lists and sells throughout the five boroughs, noted that studios and one-bedrooms are being snatched up very quickly. “I’m also finding that there’s a lot less loyalty to specific neighborhoods—people are looking in Manhattan, Brooklyn, Queens or wherever they can find good deals,” he added.

Some of his clients are traveling from as far away as Florida, while others tend to be from Westchester, Long Island, New Jersey and Connecticut. “People still want to be in New York City—offices are reopening, Broadway is coming back, and restaurants and bars are opening again. There’s definitely a new influx into the city.”

Currently, in upper Manhattan, one-bedroom co-ops are starting at about $300,000 for a walk-up building, where an elevator or doorman building starts at about $400,000. Two bedrooms are much higher, averaging $500,000. “The further north you go, the less expensive it gets, and the more space you have,” added Phillips.

A 3,436-square-foot, five bedroom, five-and-a-half bath two-family townhouse in Hamilton Heights, Manhattan, offered for sale by the Brian Phillips Team of Douglas Elliman for $2,450,000.

A lot of his clients are also requesting terrace space, as well as a washer and dryer located in the unit. “After COVID, I think everyone is more concerned about having their own personal laundry appliances rather than using a public laundry room in the building,” he said.

As for rentals, Phillips sees landlord concessions starting to fade away. “During the pandemic, a lot of landlords had been offering one month free on a one-year lease and two months free on two-year leases,” he explained. “Also, we’re starting to see the real estate fees being paid by the tenant again, as opposed to the landlord paying them.”

Because of Phillips’ diversified listings, he didn’t experience a downturn during the pandemic. He found properties under $500,000 were moving in all five boroughs. “Since last year, transactions are faster now as well,” he noted. “There are electronic signatures and other forms of technology that make the deals go much quicker and smoother.”

Magdalena Ferenc of Corcoran on Manhattan’s West Side has seen a huge jump in sales and rentals this summer. Handling rentals in 10 buildings in Morningside Heights, she credits returning Columbia University students with helping her business soar. “July has been the craziest month of my real estate career,” she revealed. “I rented over 50 apartments and it felt like I was working day and night due to the time differences in other countries.”

Many of her rental clients are returning college students from India and China, who often share larger apartments to keep the costs affordable. Ferenc expects to rent at least 200 apartments by the end of the year. “I’m basically playing catch up from 2020, when things were a lot slower,” she added.

Like Phillips, Ferenc has also experienced the trend of landlords now cutting back on incentives. In the Morningside Heights area, two-bedroom rentals can typically start at $2,200, while three bedrooms can fetch $2,700 or more and four-bedrooms, $3,000 and up.

On the sales side, she’s also witnessing a sort of Renaissance in Inwood and the Bronx with Origin North, a collection of nine restored affordable co-op buildings. All of the renovated units have new kitchens, bathrooms, flooring, electrical work, and the buildings also offer new lobbies and outdoor landscaping.

“People are starting to discover upper Manhattan or Bronx neighborhoods like Bedford Park, Norwood and University Heights,” she said. “They’re getting priced out of other areas and are beginning to realize the value of home ownership in good areas with generous space and easy commutes to Midtown Manhattan. One-bedroom units at some Origin North locations start at just $265,000.

Ferenc said the response has been great and she has completed almost 20 deals already. “When I’d hold open houses in these areas before, it was only curious neighbors who often showed up,” she said. “Now, it’s very encouraging to see a lot of people who are interested.”

A one-bedroom, one-bath co-op in Bedford Park, Bronx, listed for sale by Corcoran for $265,000.

Yann Rousseau, of BARNES New York in Midtown Manhattan, found that higher end rentals were hit the hardest during COVID times. “Business did start to pick up at the beginning of 2021 and right now, we’re starting to see rental prices that we haven’t seen in a couple of years,” he said.

For Rousseau’s team, the Financial District and Midtown were the most affected for sales and rentals, while Soho, Greenwich Village and parts of Brooklyn remained strong. In 2020, some landlords were offering up to four months free, but now, he said, there are hardly any concessions.

In Midtown, and Manhattan’s upper east and west sides, studio rentals can range from $2,000 to $4,000 per month, while one-bedrooms can demand monthly rentals of $3,000 to $5,000, depending on the neighborhoods and age of the buildings. The average starting sales price of a studio in these areas is $500,000.

“I think the market for rentals will always be there because New York City can be transient,” explained Rousseau. “People may come here for a while to work, then move to the suburbs when they’re ready to start a family.”

Many of his co-op and condo sales are to foreign investors who are looking for a home base when they travel to the U.S. Others are purchasing properties to rent out. Rousseau is also seeing an influx of young professionals as well as some empty nesters who want a secondary home in Manhattan. “New York will always be New York, so to say that the real estate market is finally coming back is a little overstated,” he said.

BARNES New York is also opening its first Westchester office in Larchmont to deal with its European clients seeking a second residence in the suburbs. “The French American School in Mamaroneck is a big attraction, along with proximity to New York City, added Rousseau. BARNES International Real Estate operates a third U.S. location in Miami and offers more than 100 locations in 20 countries worldwide, with more than 1,000 agents.

Read the article on REAL ESTATE IN DEPTH

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Is investing in Brooklyn real estate a good choice?

By Annie Newman

Is Brooklyn the next Manhattan? When you hear of Brooklyn, you may think it’s only one neighborhood but Brooklyn comprises of many different neighborhoods with various cultures, lifestyles and architecture for you to choose from.  Some areas have become very exclusive and expensive. Brooklyn is geographically larger than Manhattan and many areas have wonderful water views and sceneries. Even though some parts of Brooklyn include post war buildings, there are many new developments and high rises that are newly built and offer all the modern facilities that you may need. Brooklyn is a short drive from Manhattan and many people work and commute every day between those two boroughs. One can live in Brooklyn and have an apartment that faces the Manhattan Skyline without the prices of living directly in Manhattan itself. Some Brooklyn apartments for sale may actually be as expensive as some Manhattan condos and some houses for sale in Brooklyn may be even more expensive than some found in Manhattan. Brooklyn is becoming more popular and trendy amongst young people, investors and those who desire to work in Manhattan but prefer the more quiet or affordable neighborhoods of Brooklyn.

Luxury condos in Brooklyn

One Brooklyn neighborhood that is developing quite quickly and is becoming popular among investors and residents is Williamsburg. Some people may not realize that Brooklyn also offers luxury real estate but some homes and apartments are priced and sold reflecting a true luxury market. There are luxury condos in Williamsburg that face the water and have beautiful views of the city and nicely built boardwalks and parks with access to ferries at all times of the day. Some other communities also offer single family homes or semi-detached houses that are surrounded by beautiful nature and peaceful settings. Some apartments in Brooklyn are very spacious and you can choose a brand new construction or a completely renovated historical structure. One historic Brooklyn mansion in Prospect Park went on the market for $30 million. Not many suburbs of big cities offer such exclusive properties.

The future of Brooklyn Real Estate

A view of buildings of different styles in Brooklyn, with historic style, red-brick low-rise building in front, and modern, glass buildings in the background.

During the Covid pandemic, some investors realized that due to certain business closures, some of the Manhattan real estate had temporarily dropped in value or prices but the Brooklyn real estate market maintained a more balanced and stable demand during that challenging period. Over time, Brooklyn homes and townhouses increased in value and the last couple of years have seen an even bigger increase in the value of real estate in Brooklyn. Many millennials keep moving from the densely populated and expensive Manhattan districts to the nearby neighborhoods in Brooklyn that are up-and-coming. Brooklyn has just as much access to public transport and subway systems as Manhattan and it is therefore very easy to reach Manhattan from there. It encourages more people to live in Brooklyn and go to Manhattan for business or entertainment. Brooklyn itself though has enough public places and entertainment venues that are attractive enough to compete with the Big Apple.

How to choose a property and neighborhood in Brooklyn

Brooklyn is one of the 5 boroughs of New York City and is an area in demand when it comes to real estate and purchasing land or residences. Brooklyn is the fastest growing borough in terms of population. There are so many condos in Brooklyn as well large homes and even mansions that offer great views, exciting lifestyles and proximity to the glamor of Manhattan. There are dozens of Brooklyn neighborhoods and choosing the right place to live is an important decision. One has to decide if they prefer to be as close as possible for work purposes to the big City, or if they prefer more quiet areas. They need to decide if they prefer certain cultural aspects of the different regions or if they prefer a certain type of architecture. Brooklyn has many respected and visited museums. Some parts of Brooklyn are definitely older and have typical post war buildings but many are renovated and quite expensive. If you prefer brand new constructions, there are many new buildings that are constantly being built. Just like Manhattan, many buildings are constructed as high rises due to the large population and the desirable real estate market. It is worth taking the time to explore the different areas of this large borough as each neighborhood has a lot to offer to its population.  

Brooklyn luxury condos are now competition to homes and townhouses

The number of luxury contracts for properties is increasing steadily in Brooklyn and many buyers are choosing to purchase luxury condos over traditional houses or townhouses in the borough. The reason for this phenomenon is that these residences are more likely to be newer constructions; they offer more special views due to their high rise nature and don’t need the renovations necessary for many of the Brooklyn homes that were built quite a few decades ago. Some of these condos have more than one floor and can offer a similar or better lifestyle than a house and includes more modern amenities. Some older houses are even included in the luxury real estate market in Brooklyn because many buyers choose to renovate them to a great extent after purchasing them. The median asking price for Brooklyn luxury apartments and condos are often in the millions. Being so close to Manhattan and even having direct views of the city contributes to the value and price range of these homes. Many other big cities in the world can offer exclusive properties and have prices to reflect them, but usually the direct suburbs are significantly less expensive. Not in Brooklyn though because being close to a city such as Manhattan is truly special as it is one of the most popular places in the world.

BARNES New York is at your disposal to guide you and help you choose the right Brooklyn apartment or residence of your dreams thanks to a strong team of experts to assist you in all aspects of your real estate goals and expectations. We look forward to presenting you with the most prestigious and exclusive properties that Brooklyn has to offer.

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Should you invest in Manhattan real estate now?

By Annie Newman

Manhattan is often described as the financial and cultural center of the United States, and even considered by some as a world capital. Historically, it has been a constant attraction for tourists and immigrants from all over the globe and it is now recognized as one of the most desirable and exciting places to live and work. It is not surprising that the value of Manhattan real estate exceeds the sale prices of most metropolitan cities in the United States and around the world.

Why is it special to buy an apartment or home in Manhattan?

Those who call Manhattan their home feel a sense of tremendous pride and even though it is densely populated, people are willing to go the extra length to find their place in the city that never sleeps. The skyline of Manhattan is unmistakably recognized by people all over the world, including those who have never even visited New York. Songs, movies, television and theatre shows have been produced about Manhattan as it captivates the minds of all those who have heard of its bustling business and entertainment life.  This massive metropolitan area has a record number of skyscrapers that offer some of the most incredible views in the world.

Owning a property in Manhattan is a prestigious advantage.  Almost any apartment there can offer views that even penthouses in other cities don’t offer. Due to the large population, the buildings in the city are known to be built as high rises and skyscrapers and many apartments offer spectacular sceneries since the structures are built with such elevation. Some of the world’s tallest skyscrapers are found in Manhattan.

Manhattan real estate is in high demand

Manhattan not only has a large population, but it has an influx of workers from other boroughs or even states that commute there on a daily basis, creating a landscape that requires constant building and expansion. Every centimeter of land is precious and many in the construction industry have to win over bids to build more properties over those who want to try to maintain green spaces. This is the reason why one may find beautiful and spacious homes or townhouses for sale in Manhattan, but the main landscape can be seen from far as a city with tall buildings and limited space to build large private properties. Owning a home in Manhattan is truly glamorous.

View over Manhattan at night, with the lights from the city.

The city is known for its industrial past and some of the historical factories have been transformed into luxury and spacious lofts that can be found in many districts of Manhattan. The condos for sale reflect the prices of some of the most desired pieces of real estate in the world. Some apartments for sale in Manhattan can actually comprise of multiple floors and have as many rooms as a suburban house elsewhere in the United States. Unlike the suburban homes, these multi-floor condos offer breathtaking views at all times of a city whose lights shine and light up the sky from miles away.

Choosing a neighborhood or district to live in Manhattan is a wonderful experience as almost every corner of the city has special attractions for the local residents. Some people may prefer areas where the entertainment and theatres are world renown, others like the more quiet areas of the city. The city has mass transit subway and buses systems that create efficient and quick access to all areas of interest.

Local and International investment in Manhattan properties

Foreign investment in Manhattan real estate has been desirable for many people around the world who are looking to invest in valuable properties that are always in demand. Aside from investments, some people who reside in other cities who are looking to own a second home often choose Manhattan as their preference. Home owners in places such as Miami, Los Angeles, Paris, London and other big cities pride themselves to own a place to call their home in New York. Manhattan will always be on the top of the list of the world’s most famous and attractive cities.

Manhattan’s luxury real estate market

During the Covid pandemic, prices did fall to a certain degree but the real estate market in Manhattan is now bouncing back and is especially growing in the high end luxury property market. Some of the world’s most expensive homes and apartments have been sold right in Manhattan and it is no wonder that the buyers chose this city as their residence. Not many people would accept to invest over 100 million dollars for properties in other cities but Manhattan is able to attract such great investment due to its special character. A Manhattan penthouse was sold for $238 million in 2019, making it one of the most expensive homes ever sold in the United States. It would be challenging to sell a property of that price range in most other cities across the continent! Real estate professionals know that living in a Manhattan home can be priceless. Having a presence in New York City by purchasing real estate there is exciting, profitable and unique. Every square foot of land and real estate has tremendous value and worth.

Manhattan is not only multicultural in regards to its population, but the actual architecture and buildings that comprise this city can vary greatly in style. Some residents and buyers prefer the more historical look of the typical New York apartment buildings while others are more impressed by the shine and glamor of the new constructions that offer more modern styles of living. Both types are charming because they either represent the long history of a city of opportunities or the new shine of a constantly growing and fast paced world superpower.

The real estate market in Manhattan is booming and experts are predicting that the trend of record sales and contracts will continue in the coming years. BARNES New York has the exceptional resources to provide you with all your luxury real estate interests and can guide you in your search for your dream Manhattan home or project. Our properties are unparalleled in prestige and luxury and we are looking forward to present you with the most exclusive places.

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«New York City Neighborhoods» : Exploring Hudson Heights

Interview by Rachel Brunet, director and editor-in-chief of Le Petit Journal New York

BARNES New York invites you in its series of articles untitled “New York City Neighborhoods”, where you can regularly discover the different districts of the city, in the eyes of French speakers who have settled there. They tell us all about their neighborhood, in their words, their tastes, their habits. Today this article is exceptionally written in the first person because I personally invite you to follow me to my neighborhood: Hudson Heights. I am Rachel Brunet and I am the director and editor-in-chief of Petit Journal New York. I’m telling you about this little-known neighborhood, maybe because it’s hidden away, up there in Manhattan …

A family-friendly neighborhood

I moved to Hudson Heights in January 2019. A neighborhood that I had absolutely no knowledge of and which, over time, has completely conquered me. Basically, it was the rent prices that drove me to move north to Manhattan. Admittedly, an apartment of over 100 square meters and three bedrooms for less than $ 3,000 does not leave room for too long a reflection. Especially when the express metro is almost right downstairs of your building.

Station 175. “It’s far away,” some friends told me, “it all depends on where you are going,” I retorted. I quickly realized that in less than 40 minutes, I was still connecting my daily destinations. So, no, it’s not too far away. And frankly, in 2020 it was far from nothing …

Hudson Heights is a neighborhood that stretches from George Washington Bridge – itself located at 178th Street – to Fort Tryon. And from the Hudson River to Broadway. A small, secluded haven in Washington Heights, between the Hudson River and Fort Tryon. From street to street, English gives way to Spanish, the official language of this Hispanic neighborhood of Washington Heights. But in Hudson Heights, everything changes. As elsewhere in the city, this district is a joyous melting pot of communities. There are Americans, and many communities from Eastern Europe. There is also a strong community of the Jewish faith. In the course of my urban wanderings, I often come across an image that sends me back to France. Most of the buildings here were built in the 1930s, and some are Art Deco inspired. It reminds me of Boulogne-Billancourt, just at the entrance to the Bois. On Pinehurst Avenue, across from Bennett Park, Hudson View Garden. A residential complex. Inside, small alleys, well-tended grass, a pond with large fish, a flower garden. Absolute serenity. Architecture brings me back to Trouville-sur-Mer. Half-timbering is everywhere.

181st Street is the street for restaurants. Japanese, Italian, Thai, American, there is something for everyone and the prices are very affordable. There is really something for everyone too since there is even Café Bark, a cafe for our four-legged friends … New York will always be New York. On the 181, I have my little habits, between the Thai restaurant Tung Thong 181 and the Japanese restaurant Sushi Yu, my heart is still swinging. Not to mention Le Chéile and its superb pink terrace reminiscent of the Canal Saint Martin. Eight streets to the north, another spot for restaurants and shops. Here again, I’m used to it. Fresco’s Pizza, the best in New York according to my son or Kismat, the Indian restaurant in the neighborhood. But also, my little Ozzie’s supermarket. And hold on tight, I’m constantly discovering French products that are much cheaper than elsewhere in Manhattan. Jams, pains au chocolat, baguettes, brie, this shiny supermarket is my Ali Baba cave.

A little further up 187th Street, an exceptional wine shop, Vines on Pine, with a large selection of wines from all countries. The owner’s joke: tell me “have a good one, kid!”

Manhattan’s highest point

When I think of my neighborhood, I think “up” or “down”. And it’s not for nothing. In Bennet Park, nestled between 183rd and 185th Streets, is a treasure, little known to New Yorkers: Manhattan’s tallest natural point. 265 feet above sea level, the level of the Statue of Liberty torch. Suffice to say that it goes up and that it goes down. What a surprise the first time I found myself at the bottom of the long staircase to 181st Street. For a few seconds, I couldn’t tell if I was in New York or Montmartre.

Bennett Park is the meeting place for parents and children from this very family-friendly neighborhood, but also for older people who come to catch a ray of sunshine in the spring or a little cooler in the summer. It is not uncommon to see a group of musicians there, residents of the neighborhood. Their voices mingle with the cries of the children, each day a little more numerous. A little happier. For the record, this park is built on the site of the old Fort Washington where the Continental Army routed the British troops in 1776.

My pleasure in this area: take Cabrini Boulevard and go up to Fort Tryon. I walk along Birds of Cabrini Woods Nature Sanctuary. The wood is located at the southwest corner of Fort Tryon. A natural sanctuary, it is a favorite spot for bird watching and stunning views of the Hudson and Palisades across the river.

Cabrini boulevard ends at the entrance to Fort Tryon, a veritable urban forest that is home to The Cloisters, but not only! Coyotes, raccoons, opossums, groundhogs, snakes, bees, butterflies, and thousands of squirrels share this vast 27 hectare land, in addition to 81 species of birds, including hummingbirds and hawks. At the entrance to Fort Tryon, Heather Garden – many times voted the city’s finest garden – a pathway overgrown with flowers and shrubs, 60 meters above the Hudson. In summer, I often see hummingbirds there … My little piece of paradise …

In a few weeks, I’ll be leaving this neighborhood, life taking me further down in Manhattan, but still near a park. I won’t tell you which one …

Experts Discuss – Hudson Heights

Rental market:

As of January 2021, the average rent for an apartment in Hudson Heights is $1,600 for one bedroom, $2,500 for two bedrooms and $2,995 for a three bedroom apartment.

Sales market:

In December 2020, across Hudson Heights, the median asking price of sellers for available properties was $590,000, up about 3% year-on-year to $672/square foot. The median recorded final sale price is $780,000. This difference is mainly explained by the low number of transactions as a result of the Covid period, which significantly slowed the market in 2020 and therefore reduced the reference sample.

Interview by Rachel Brunet, director and editor-in-chief of Le Petit Journal New York

Read the article in Le Petit Journal New York

25 Park Row at 34B takes over RENTCafé blog

Take a look at the article about our latest luxury rental listing, unit 34B at 25 Park Row, by RENTCafé blog, introducing you to this magnificent brand new, never lived-in, grand 2 (Convertible 3)-Bedroom and 3.5-Bathroom residence.

Take a seat and get lost in the majestic views from this brand new, never lived-in, grand 2(Convertible 3)-Bedroom 3.5-Bathroom residence at 25 Park Row, the luxury condominium building with the best views of the historic City Hall, Woolworth Building, Manhattan skyline, and the Hudson River, on the border of FiDi and Tribeca in the New Downtown.

Residents may enjoy a 24/7 attended lobby with concierge, and access to a massive Park Row Club, overlooking City Hall Park, including a reading room with fireplace, a private dining area, a 65’ swimming pool, a fitness center, a spa treatment room, yoga and meditation studios, a playroom and a great lawn with outdoor dining terrace.

Read the article:

https://www.rentcafe.com/blog/apartmentliving/luxury-apartments/luxury-rental-park-row-nyc/

Real Estate Opportunities in New York City post-pandemic

While the Covid-19 pandemic does not seem to be slowing down, or resuming as a second wave depending on the location, there are many lessons to be learned, almost six months after the start of the first containment measures.

From a global perspective, real estate has reasserted itself as a safe haven at a time when economic activity is contracting and stock markets are fluctuating nervously, both as a source and consequence of notorious instability.

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As far as New York real estate is concerned, it is interesting to note, once again, the very strong resilience of this market, which has so far had only limited impact. Although historically there has been virtually no room for negotiation, in 2019 and early 2020 we saw the first signs of a “buyer’s market“, i.e. that it was (finally) possible to negotiate a little bit on asking prices, at a rate of a few percent depending on the neighborhood and the property. Since the second quarter, this trend has increased somewhat as demand has contracted in the wake of containment measures and restrictions on international travel. The fact that at the same time the inventory has also been reduced by around 30% (some people have taken advantage of the situation to withdraw their goods from the market in anticipation of better days) has tempered the increase in this margin for negotiation; we are now seeing price reductions of around 5% to 10% in the former.

On the other hand, it is a sector that is particularly affected by the effects of the pandemic, and especially by travel restrictions (especially international travel). These are new programs that are mostly targeted by buyers who do not live in New York, and/or rental investors. Moreover, these new programs have much more impactful scheduling and financing constraints than an individual owner, and they must “sell off their inventory” as quickly as possible in order to honor the commitments made to the various stakeholders, including financing and regulations.

It is on the strength of this observation and the recent negotiations conducted by BARNES New York with various developers, which revealed unprecedented commercial discounts, that we now recommend that wise investors take a close look at this real estate sector. Although this varies by project, inventory and neighborhood, we are relatively confident that we will achieve negotiation targets that go even beyond 15%. In some places, our clients have even been fortunate enough to exceed 25% cumulative discount (price and closing fee concessions). While the New York real estate market has historically, and on many occasions, demonstrated its strong resilience and ability to absorb various economic shocks, the exceptional discounts currently granted (until the health and economic situation in the world normalizes) should translate into as many gains in value in the short to medium term.

Do not hesitate to contact us now so that we can present you with the most relevant options today; as well as to pre-register for the next webinar we will be holding on this topic in the coming weeks.

Register for the next webinar – New Developments

Last but not least, which mainly concerns residents more than investors (although), the containment measures and the risks incurred in high-density areas have favoured a significant growth of the residential real estate market in the inner suburbs. Any property located less than an hour’s drive from Manhattan, in a lower density area, with a stock of single-family homes and a several schools, has seen its appreciation increase considerably since the beginning of the year. It is still uncertain at this stage what the long-term effect of such an exodus will be: is it for secondary use (weekends, holidays) or for permanent settlement? In any case, “suburbia” has a bright future ahead of it, and this could be more sustainable than the pandemic. With this in mind, BARNES New York is preparing to open an agency in Westchester, as close as possible to the French-speaking communities of Larchmont and Mamaroneck. Although we are already working on this project through our network of agents active in the area, we will be making a new panel of resources and an office available to you by the end of the year.

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«New York City Neighborhoods» : Exploring TriBeCa

Interview by Rachel Brunet, director and editor-in-chief of Petit Journal New York

BARNES New York invites you in its series of articles untitled “New York City Neighborhoods”, where you can regularly discover the different districts of the city, in the eyes of French speakers who have settled there. They tell us all about their neighborhood, in their words, their tastes, their habits. Today we explore TriBeCa, TRIangle BElow CAnal Street with Séverine Cohen, Co-founder of the website “Frenchy Moms” and of the Facebook group “Parents of New York and New Jersey”. She tells us about her neighborhood of TriBeCa, on the edge of two other neighborhoods, Battery Park and Financial District.

You live in TriBeCa. What attracted you to this neighborhood?

We left Paris with our two children, very young at the time, almost 8 years ago. After several trips and long exploratory walks around New York City, I happened to find myself in lower Manhattan and discovered this neighborhood. I fell in love with TriBeCa straight away. I am Parisian, I wanted to live in a neighborhood on a human scale with small streets, small shops, green spaces and a real community, I found my happiness in TriBeCa.

You live in TriBeCa, but you feel like you live in three different neighborhoods. Can you explain to us why, when you live in TriBeCa, you also live in Battery Park and in the Financial District?

Oddly, my building has three different entrances and three different addresses: TriBeCa, Financial District, and Battery Park. My daily trips and commute are made in those three districts. My older daughter goes to school in the Financial District, my other daughter goes to school in TriBeCa, and we end our days in Battery Park for play dates. It is very easy to move from one neighborhood to another by walking, and sometimes we even can’t tell the difference between the three neighborhoods. To live in TriBeCa, for me, is to live in three neighborhoods at the same time.

How is life in this neighborhood, its atmosphere? What makes it live, what drives it?

TriBeCa is like a small village full of families with children of all ages, we all know each other: the hairdresser, the ice cream parlor, the local deli, the families … I like being able to say hello to people I know and meet in the street just like in Europe.

You are a mom. How is life with children and a family at TriBeCA? Are there many families?

There are a lot of families with older, younger children, strollers … We like to call TriBeCa the “diaper district”. There are families all over the world. There are no French schools, but in my youngest daughter’s American public school, there is an “after school” program in French. For families, there is a huge choice of children’s activities, gardens, dance lessons, music, swimming, and even a center where families can meet.

You are the co-founder of the group “Parents of New York and New Jersey” as well as the founder of the website “French Mums”. What are your mom’s addresses in your neighborhood? What about wife’s addresses?

I am the co-founder of the group “Frenchy Parents de New York et du New Jersey” with Capucine de Marliave, a mother who lives in Battery Park and whom I met a few years ago while shopping with the children at J.Crew. This really tells you how friendly this neighborhood is! We created this Facebook group to exchange views and opinions between French-speaking families in New York and New Jersey as well as a website with all our family-friendly addresses, in French and in English.

My favorite places in the neighborhood: Bonjour Kiwi for the youngest children with great activities in French. Le District, the supermarket with French products to enjoy a pastry by the water. The Ever After store to dress the children. I love spending time at Target just down the road from where I live and Century 21 to find bargains. I also like to relax in a spa at Air Ancien Bath.

Tell us about where you live, what attracted you, what do you like about your apartment?

Like I said, my building has three addresses. It’s a very tall building but weirdly we almost all know each other. I love the view of the Hudson River, it makes me feel like I’m not living in a big city and taking a break.

As a Frenchwoman, do you find a little European side to this district through the inhabitants, the shops, the schools?

What I love about TriBeCa is that everything is on a human scale: shops, schools, businesses. Of course, my building is big, but around me there are a lot of small red brick buildings and small townhouses. The schools are also very European with playgrounds like in France. I love talking to the people in my neighborhood: they all have an accent like me and a story to tell.

Your favorite places in TriBeCa?

In the summer, I enjoy taking a walk by the water in Battery Park, biking with the kids. Fetch food from the Food Court at Brookfield Place and land on the lawns of Battery Park. In the winter, I like to have a family brunch while listening to jazz music at the Roxy Hotel. I also like to walk around the Westfield Mall during the holidays, the decorations there are magical.

Is this a neighborhood that you recommend for those who want to buy or rent?

If you can buy or rent, go for it! TriBeCa is a super endearing neighborhood, I found a real little family there.

How did you manage the quarantine and lockdown in your neighborhood? Does being by the water and in a ventilated neighborhood give you a feeling of security when you are in the midst of a health crisis?

I have always felt safe in TriBeCa. People are very responsible, and everyone in the building wears a mask. I walked around Battery Park to get some fresh air, people were, and still are, very respectful of social distancing and preventive measures and wearing masks.

The TriBeCa neighborhood suffered a lot after September 11, but it has recovered. Next to the 9/11 pools, I love looking at the Oculus Calatrava which represents a bird in flight. I am sure that after the Covid-19 crisis, this district will recover as well as after September 11. New York is strong!

To conclude, what if you had to describe TriBeCa in three words?

Village-like, family-friendly, calm!

EXPERTS DISCUSS – TriBeCa

Rental Market: With an average monthly rent of $ 5,607 TriBeCa rents out much more than the Manhattan average ($ 4,208 / month). TriBeCa’s rent is 33% higher than the Manhattan average. As of June 2020, the average rent for an apartment in Tribeca was $ 3,618 for a studio, $ 4,714 for one bedroom, $ 6,976 for two bedrooms, and $ 9.397 for three bedrooms. The rent for apartments in TriBeCa has decreased by -3.0% over the past year.

Sales Market: In Q1 2020, the median selling price stood at $ 3.337,000, down 25% from a year ago. There were a total of 59 transactions, down 13% from the first quarter of last year. The median price per square foot was $ 1,716, a decrease of -13% year-over-year. In the first quarter, the median Manhattan selling price was $ 1,060,000. TriBeCa stays one of New York’s most desirable neighborhoods.

EXPERTS DISCUSS – Battery Park

Rental Market: With an average monthly rent of $ 5,605, Battery Park rents much more than the Manhattan average ($ 4,208 / month). Battery Park rent is 33% higher than the Manhattan average. In June 2020, the average rent for an apartment in Battery Park was $ 2,681 for a studio, $ 3,585 for one bedroom, $ 5,574 for two bedrooms, and $ 8,264 for three bedrooms. Rent for apartments in Battery Park has fallen by -6.1% over the past year.

Sales Market: In Q1 2020, the median selling price stood at $ 960,000, down 29% year-over-year. A total of 25 homes were sold, which is only a -3% difference from year to year. The median price per square foot in the first quarter was $ 1,254, a -15% year-over-year change. In Manhattan, the median selling price was $ 1,060,000 over the same period.

EXPERTS DISCUSS – Financial District

Rental Market: With an average monthly rent of $ 4,142 Financial District rents less than the Manhattan average ($ 4,208 / month). The Financial District rent is 2% lower than the Manhattan average. As of June 2020, the average rent for an apartment in the Financial District was $ 3,061 for a studio, $ 3,878 for a bedroom, $ 5,516 for two bedrooms and $ 8,068 for three rooms. Rent for apartments in the financial district has fallen by -2.8% over the past year.

Sales Market: In Q1 2020, the median selling price was $ 999,000, a -2% year-over-year change. A total of 69 properties changed hands, up 15% from the same month last year. In the first quarter, the median price per square foot was $ 1,103, a change of -4% year-on-year. The median selling price of homes in Manhattan was $ 1M.

Interview by Rachel Brunet, director and editor-in-chief of Petit Journal New York

Read the article in Le Petit Journal New York

The New York real estate market as the pandemic subsides

For several months now, the Covid-19 pandemic has changed our personal and professional habits. In order to keep the economy going in the face of hardening instructions, particularly with the “stay at home order” announced by the Governor, employees have adapted and have had to find solutions to work remotely. In New York State, even though the pandemic is gradually fading, containment is still required. Nevertheless, the real estate market continues to move forward, pending an official reopening of the sector, expected at the end of June.

An enhancement of outdoor spaces, views and ancillary rooms

This episode of confinement shows new awareness of the quality of life and well-being at home, sought after by the population as a whole. When the confinement orders were announced, many city dwellers left to take refuge in their country homes or in vacation rentals in the nearby mountains or by the ocean. Away from pollution, noise and stress for several weeks, some of them took a taste for peace and serenity. Also, in order to be able to work efficiently in one’s own home, many have set up a functional office in their own accommodation.

This situation benefits holders of property, both for sale and for rent, who have an extra room to facilitate teleworking, an outside space of any kind, an unobstructed view, but also a more natural and pleasant nearby environment: getting away from the workplace thanks to the emergence of teleworking.

New working tools for the real estate sector

Despite the slowing of the epidemic, New York State is still far from returning to “normal life”, even though car (and pedestrian) traffic in the city is beginning to increase again. Throughout the containment, with the ban on physical visits, BARNES New York, like its counterparts, has adapted and developed a range of digital tools such as virtual tours, 3D plans, video and videoconferencing, to best support its clients in the fulfilment of their real estate needs or projects, which cannot be delayed for several months. These new tools have demonstrated their performance and real usefulness throughout this period; but beyond that, a certain efficiency, which is quite sufficient for a contract formalization despite the absence of physical visits.

A real estate market that is gradually recovering

For every crisis that New York has experienced in recent years, real estate has always proved to be a safe haven. Even if the number of transactions and inventory are down compared to 2019, the market seems to be picking up again. It will take a few more weeks to see a recovery to levels equivalent to the pre-pandemic period, or if a new market correction, even modest, and necessarily to the advantage of buyers, is forthcoming. After six weeks of continuous decline in the number of transactions, the number of transactions started to rise again in mid-May, with the first week at over 40 transactions, although still well below 2019 levels (-80%). The same is true for new properties entering the market, with more than 130 new properties (although still 70% below 2019 levels). The bottom of the curve seems to have been reached.

Backlog of new programs

While an individual New York homeowner is rarely in a hurry to sell, the economic solidity of the assets generally allows a wait of several months without the need to drastically reduce a selling price for a quick sale. This is not the case for new developments. Just as much as “resales” in the old one, they necessarily suffer from a deficit of acquisitions. But to this is added a halt in construction (which could finally resume in the coming days), which will delay the anticipated delivery dates of the buildings by the same amount, and thus the collection of 80-90% of the amounts under contract. The recurrent operating and financing costs of these megaprojects make even a limited capital investment extremely heavy to bear; the promoters are all the more conciliatory in their negotiations.

Historically, there was virtually no room for negotiation in the New York real estate market, with even fairly frequent “bidding wars”, where transactions closed above the asking public price. Recently, a small margin of around 5% was beginning to be seen on both new and existing properties. Since the pandemic, this figure has been constant and is expected to increase slightly for a while, especially when it comes to new programmes. The best deals are currently to be found in new developments.

In New York City, Covid-19 is shaking up the real estate market

Over the past several weeks, the world as we know it has changed profoundly. The Covid-19 pandemic has impacted our society and caused a crisis of rare magnitude. As the months went by, countries became confined and the economy came to a virtual standstill. In the United States, particularly in New York State, containment became mandatory and quickly had many repercussions on the New York real estate market.

Offering new solutions to support customers

Very quickly, it was necessary to adapt to the strict confinement instructions, especially with the “stay at home” imposed by the Governor. Although real estate is considered an essential sector, physical visits are no longer allowed. However, some people have to move in or out; many tenants are at the end of their lease, families have to settle in the coming months, employees are in the process of being transferred, … Thanks to digital tools such as “virtual showing”, 3D plans, video and virtual conferences, BARNES New York, like its New York counterparts, has quickly adapted its processes in order to be able to best accompany its customers in the accomplishment of their real estate needs or projects.

A general halt to construction in progress

Despite a grace period that lasted only a few more weeks, the State of New York has ordered a halt to real estate construction, with the exception of a few strategic projects (infrastructure, social housing, etc.). As a result, the delivery of dozens of new programs, for which the keys were scheduled to be handed over in the second and third quarters of 2020, has been postponed by the same amount. It is still too early to judge the impact on those with later delivery dates, as it could be that “continuous” construction permits will be issued later on to make up for the delays.

For many projects, whose financing structures are highly dependent on delivery times, there have recently been communications aimed at attracting even more buyers, despite this period that might be thought to be calmer. The promoters are offering various offers and discounts, both on tender prices and on acquisition and operating costs, for any new contracts awarded during this difficult period, in order to offset this notorious drop in activity and compensate for the delivery delays already anticipated.

A crisis that generates opportunities for buyers

In line with this rarely conciliatory offer of New York’s new housing programs, and in a context, already before the crisis, favorable to buyers, the impact of the pandemic on New York real estate prices is beginning to be felt, and could be amplified in the coming weeks. And this will continue until the situation is normalised, with reassuring prospects for the medium term.

Historically reluctant to trade, since mid-2019 the New York market has offered trading margins close to 5% in places, due to massive inventory. In recent weeks, we have been seeing transactions with trading above 5%, reaching as high as 10% on some products and even higher.

Luxury real estate as a safe haven

While the constant, and recently exacerbated, fluctuations in the stock markets have once again demonstrated the structural inconsistency of such investments, the real estate market continues to show a certain robustness tending to reassure the medium- to long-term investor. The US economy, the strength of the dollar, and the rare robustness of the New York market in particular, make luxury real estate investment a singularly attractive safe haven. Historically showing an annual appreciation of 3%, a one-off slowdown is certainly expected, but it is not expected to last more than two or three quarters, with a resumption of growth in value terms by the end of the year.

Editorial by Thibault de Saint-Vincent, President of BARNES

“Hope is a loan made to happiness.” Joseph Joubert

Over the last few weeks, the world has been experiencing a crisis on an unprecedented scale due to the exponential spread of COVID-19. One by one, countries have gone into lockdown and their economies have been brought to almost a standstill.

We would like to pay tribute to all of those involved in this combat: to the health care staff first and foremost, for their relentless fight and their courage and determination as they seek to stem the pandemic; and to all those working to provide essential services (pharmacists, shopkeepers, checkout assistants, lorry drivers, dustmen, security services, etc.). All of those undervalued occupations, without which our day-to-day lives would be unbearable. With regard to the real estate sector, we would also like to thank the notaries and banks that have stepped up their efforts recently to allow our clients to finalise their transactions. Lastly, we would like to extend a token of friendship to all of our teams, our partners and our clients to thank them for their loyalty and to assure them of our support. We would like to say those two simple words that are so often forgotten: thank you.

Many of you are questioning the future of the high-end property market in which BARNES has become a benchmark thanks to your trust. Staying true to our values of attentiveness and proximity, we have endeavoured to meet all of your needs and will continue to do so. The initial information available shows that luxury real estate will weather the storm. Although they have slowed, transactions are continuing. Cancellation and withdrawal rates are low, and downward pressures on prices remain limited to a small margin at all of our destinations.

At a time of great scepticism on the equity market, when liquidity seems risky, high-end real estate is asserting its status as a safe haven. Indeed, everyone can measure the precious benefit that owning a premium property brings during this period of lockdown. Both a sound and vital investment, bricks and mortar are proving to be an invaluable asset in these difficult times.

In this highly volatile situation, having a clear view of the market and its environment is of crucial importance. Thanks to its local knowledge, the quality of its expertise and the scope of its services, BARNES is able to provide a precise response to your needs when it comes to the art of living. Its extensive experience has seen it endure and overcome numerous crises. Its global vision that is constantly updated positions it as the guarantor of clear and immediate arbitration.

Both now and in the future, we will be by your side to support and guide you in your choices by remaining faithful to the values that unite us. Together, we will weather the storm and come out stronger.

Take care of yourselves and your families. And above all, don’t lose hope.

Because in the words of Joseph Joubert, “hope is a loan made to happiness.” What could be more fitting and inspiring in these times than to have happiness as a creditor.

Thibault de SAINT VINCENT, President of the BARNES Group

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