Despite some small hiccups, the market in New York is still going strong.
According to a Q2 Corcoran sales report, the second quarter of 2016 had close to record-breaking high prices and some improvement in sales after a dip at the beginning of the year. The market is showing some signs of rebounding from a small slowdown.
Sales closings in Manhattan were up 6% from the first quarter in 2016, though they are 14% lower than the same time last year. Although the increase in new developments on the market and re-sales of existing condominiums have resulted in an 11% increase in inventory, the market is still moving briskly, with days on the market only increasing 5% from last year and still moving faster than normal.
Across the river in Brooklyn, demand continues to be strong, with rising prices and above average closings 9 percent above the quarterly average, according to Corcoran’s Q2 Brooklyn report. In Brooklyn, inventory is more limited, with 21 percent fewer listings than five years ago. Sales in new developments have kept the Brooklyn prices moving up. Many new and exciting developments are coming to Brooklyn in an attempt to keep up with the growing demand for the borough.
In all areas of New York, exciting new projects bring luxury and specificity to the buyer, whether it is design that celebrates its Brooklyn location, extensive amenities, high floors, or high design.
New developments on the market this fall include The Standish, 125 Greenwich Street, One Manhattan Square, d’Orsay, 565 Broome Street, 287 East Houston Street, The Inkwell, The Chamberlain, 15 Hudson Yards, The Clare, 42 Crosby, and The Twenty1.
Live in a piece of Brooklyn history in this building, a new condominium in a Beaux Arts style building originally designed in 1903 by F.S. Lowe. The façade has brick walls, copper bay windows, and terracotta lintels on a limestone base and stands as a beautiful example of turn of the century ornamentation.
For contemporary times, the building offers a concierge and doorman, a fitness studio and yoga/stretching area, a children’s playroom, and has resident storage and bicycle storage available for purchase. It offers Bertazzoni-Italia and Bosch Appliances in the kitchen, and beautiful views of the East River, the Manhattan, Brooklyn and Williamsburg bridges, Brooklyn Heights and the Statue of Liberty. Its location, close to lower Manhattan but in an old world section of Brooklyn, matches the building’s combination of old and new. Sales just launched in recent days.