House of Red Bricks

By wisdom a house is built, and through understanding it is established

The Puck Penthouse

The Field Team’s exclusive Puck Penthouse apartments are truly remarkable apartments for those who seek convenience as well as style in one of the trendiest neighborhoods in Manhattan (if not the world). There are six apartments in the building currently available for sale. The prices range from $20 million to $66 million. The price doesn’t tell the whole story about how posh these apartments are, so I included some pictures that I shot when I visited the duplex unit last week. Professionally shot photographs and details about the apartments can be found on Sotheby’s website.

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Real Estate in Manhattan Set New Records in 2014 (NYT)

Puck2-640x360 

  • Last year in 2014, many sales indicators exceeded that of the 2008.
    • Higher average sales price at about $1.7 million in 2014 vs. $1.5 million in 2008
    • Slightly higher average dollar per square foot at about $1,297 in 2014 vs. $1,251 in 2008
    • Lower median sales price at about $940,000 in 2014 vs. $955,000 in 2008
    • Average days on market is about 46 days vs. 64 days in 2008
  • Inventory is expected to increase in 2015 but only for the higher priced units.
  • New construction activities tend to generate more buzz in respective neighborhoods and are propping prices for all units for sale.
  • Overall price level is expected to stay the same or drop slightly in 2015

 

http://www.nytimes.com/2015/01/06/nyregion/real-estate-in-manhattan-set-sales-records-in-2014.html

 

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January Manhattan Residential RE Market Snapshot

The most active buildings in Manhattan in the past six months are spread out among upper Manhattan, Midtown West, and a few spots in downtown.

The most actively closed building is One Morningside Park  at 321 West 110th Street. The building was just closed in October and some of the amenities are still being constructed, so it’s in mint condition. Its proximity to Columbia University makes it an attractive investor target. There is a 20-year abatement as well! It’s the tallest building in that part of the neighborhood so it enjoys great view of either Morningside Park or Central Park, not to mention bragging rights for the unit owners. It’s not difficult to imagine why this was the most popular building in the past 6-month.

Chelsea Green at 151 West 21st is completely sold out. Those who purchased during construction is expected to flip for 50% profit.

The Leonard at 101 Leonard Street is a condo conversion. Posh interior and convenient location in downtown are the main selling points. There is a soul cycle across the street, close to Whole Foods. There is quite a few new construction projects nearby which upon completion can prop up the value of all surrounding apartments.

Note: The deal count is a cumulative sum that carries over the numbers from last month’s snapshot.

Most popular buildings 最受歡迎的大樓

Most popular buildings
最受歡迎的大樓

Below are the average closing price levels and average area prices by neighborhood and zip code.

Neighborhood Closing Average 社區平均成交價

Neighborhood Closing Average
社區平均成交價

Neighborhood USD-Sqft Average 社區平均面積價位

Neighborhood USD-Sqft Average
社區平均面積價位

Average price for 2-bedroom mapview 平均二臥價位地圖顯示

Average price for 2-bedroom mapview
平均二臥價位地圖顯示

Zip code Closing Average 郵編平均成交價

Zip code Closing Average
郵編平均成交價

Zip code USD-Sqft Average 郵編平均面積價位

Zip code USD-Sqft Average
郵編平均面積價位

The patterns in the price points for one-bedroom, two-bedroom, and three-bedroom units did not change very much since November market snapshot. The sweet spots are:

  • For one-bedroom: $700k-$1.0m (Unchanged)
  • For two-bedroom: $1.4m – $2.0m (Range widened upward)
  • For three-bedroom: $1.8m-$5.4m (Range flattened across)
Closing price distribution for one-bedroom 一臥室成交價機率分佈

Closing price distribution for one-bedroom
一臥室成交價機率分佈

Closing price distribution for two-bedroom 兩臥室成交價機率分佈

Closing price distribution for two-bedroom
兩臥室成交價機率分佈

Closing price distribution for three-bedroom 三臥室成交價機率分佈

Closing price distribution for three-bedroom
三臥室成交價機率分佈

Disclaimers: Historical patterns do not imply future performance. Typical assumptions apply when looking at statistical analysis, including but not limited to: The average assumes homogeneity in properties (not true) or that the differences can be diversified away given sufficiently high data points. Some opinions are my personal interpretation of the data and should not be construed as facts. For more accurate pricing analysis, we need to look at specific comparables in the same building, neighborhood, with similar floorplans.

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