Opportunity Knocks as New Buildings Rise If you own a luxury property in Manhattan it has likely doubled in value since it was sold by the developer. There is a sweet spot in the New York market. New luxury projects that are in the works in Manhattan present great investment po
The changes on 57th street have begun. We have been watching One57 rise and anticipate the ultra luxury 432 Park Avenue join it in the skyline shortly. There are many other preparations being made on 57th Street in anticipation of the influx of new residents and new money. Along with
The aftermath of 9/11 left downtown Manhattan in a terrible state. Many jobs were lost and residents were quickly fleeing the area. It has been 11 years since the attack and lower Manhattan is not only regaining its population, (between 2000 and 2010 the census bureau reported the pop
Future planning of the Grand Central Terminal now includes a set of commercial skyscrapers to be erected surrounding the zone. Already plagued with unprecedented pedestrian traffic from tourists and commuters, the city began viewing offers for a solution, soliciting three top NYC arc
In 2013 a new 3.8% surtax will come into effect that could clobber investors with gains from the sale of an investment property or vacation home. This tax, dubbed “Medicare Tax”, was passed in 2010 to help fund the revamping of the healthcare system. In a nutshell, the Medicare Tax wi
What a difference a year makes. Last year at this time, buyers were being very cautious about stepping into buying for the first time and many preferred renting over buying. That pattern has reversed itself as rents have climbed considerably and now buying is looking much more attract
At the corner of 79th Street and Lexington Avenue, developer of this new residential property is now taking orders for units ranging from $6.8 million to over $20 million. The Brodsky Organization is converting the Hunter College School of Social Work building into 19-floor, 32-unit c
The penthouse at 432 Park Avenue has just come on the market for $85 million. When the 1,397 foot (425.8 m) high tower is completed in 2015, the 8,255 SF (766.9 m2) six-bedroom apartment on the 95th floor is likely to be the highest residence in all of New York City. The glass and alu
If you are thinking about selling your apartment, now is a perfect time to get it on the market. Manhattan apartment sales have hit a new post-boom record in the third quarter. Sales are up 9.3% from last year. Inventory is shrinking and buyers are competing for apartments. The market
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The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own qualified advisor, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom. Each Engel & Völkers brokerage is independently owned and operated.