ny residential magazine

INSTRATABranding Luxury

A Publication of Sokol Media Inc.

233-18 8.5x11-Instrata-Resid-Mag-v1.ai 1 12/5/13 4:49 PM

www.sokolmediaonline.com • 1

Sokol Media, Inc.

FOUNDER & PUBLISHERLori M. Sokol

ART DIRECTORKerstin Vogdes Diehn

PUBLISHING CONSULTANTJames Janson

CONTRIBUTING WRITERFaith Hope Consolo

WEB DESIGNDesign Disegno

ACCOUNTINGCitrin Cooperman

PRINTINGAmericasPrinter

Sokol Media, Inc.75 West End Avenue, #P15FNew York, NY 10023Ph: 973-769-7012www.sokolmediaonline.com

Copyright by Sokol Media, Inc. No part of

the publication may be reproduced or

transmitted in any form or by any means

without prior written consent from the

publisher. The publisher reserves the right to

accept or reject any advertising or editorial

materials. Advertisers and/or their agents

assume the responsibility for all content

of published advertisements and assume

responsibility for any claims against the

published based upon the advertisement.

Editorial contributors assume any claims

against the publisher based on the published

work. No part of this publication may be

reproduced in any form or by any electronic

ormechanical means, including information

storage and retrieval systems without

permission in writing from the publisher.

All items submitted to Sokol Media, Inc. become

the sole property of Sokol Media, Inc. Editorial

content may not necessarily reflect the views

of the publisher. All correspondence and

inquiries should be addressed to: Sokol Media,

Inc., 123 Town Square Place, #427, Jersey City,

NJ 07310.

2 INSTRATA – BRANDING LUXURYInstrata’s Lifestyle Residences are elevating New York City’s standard of living

8 MANHATTAN RENTAL MARKET REPORTThe Manhattan rental market maintained a stellar performance throughout 2013, with the highest overall rents achieved in October

17 DISTRICT FOR DESIGNERSFiDi is Reborn

20 REBNY REPORTResidential sales maintained high levels of activity during the fourth quarter of 2013

Contents

CAUSE TO CELEBRATE

As we enter the New Year, it is important to remember that the year we have just left behind has actually provided us which a strong foundation

upon which to build, and to celebrate. According to the Manhattan Rental Market Report (pp. 8-12), the average rental growth rate was 3.4% in 2013, indicating a strong rental market that is expected to keep pace this year. The largest growth by volume in 2013, in fact, was Doorman One-Bedroom units, as average prices increased by 3.7% from $3,825 to $3,965 compared to the previous year, and non-Doorman units peaked at $3,344 in September, while Doorman units rose to $4,050 in October, the highest level in 2013.

Sales in 2013 tell a similar success story. According to REBNY (pp. 20-26), the market maintained particularly high levels of activity and average prices during the fourth quarter of 2013, with 12,677 homes sold, which is 31 percent higher than the fourth quarter of 2012. Further, the number of sales of homes over 10 million dollars increased by 1 from last year’s fourth quarter to 31.

And perhaps one of the finest examples of the growth New York City is experiencing is exemplified in this issue’s cover story featuring Instrata, a unit of leading global investment management firm Invesco, Ltd., which has introduced a new luxury lifestyle concept by bringing condominium-caliber design, finishes, amenities and services to rental developments. The success of its projects are a further testament to the growth and trust in the promise of New York City residential real estate.

So here’s to a highly successful 2014, which provides a strong foundation like none other.

Lori Sokol, Ph.D.Founder & Publisher

Please address all comments and questions to [email protected]

Publisher’s Page

2 • www.sokolmediaonline.com

Instrata

BrandingLuxuryInstrata Gramercy


y taking a holistic approach to luxury in New York City, Invesco Real Estate’s INSTRATA Lifestyle Residences is “creating – and elevating – the NYC standard of living by customizing each building within the portfolio to match what today’s renter wants,” says Lesley Lisser, LEED AP and a director of asset management for Invesco. INSTRATA’s success in doing so is becoming increas-ingly clear within the assets since all are being renovated and re-launched with condominium-caliber design, finishes, amenities and services.

The first four assets in the INSTRATA portfolio introduced to the NYC market include: INSTRATA at Mercedes House (550 West 54th Street); INSTRATA NoMad (formerly the Madison Belvedere at 10 East 29th Street); INSTRATA Gramercy (for-merly The Elektra at 290 Third Avenue); and INSTRATA Brooklyn Heights (located at and formerly known as 75 Clinton Street).

BLuxury

Instrata Brooklyn Heights Strata at Mercedes House Instrata NoMad

L


Located in some of the most vibrant neighborhoods throughout Manhat-tan and Brooklyn, INSTRATA Lifestyles Resi-dences is focused on providing its resi-dents with an exceptional experience. Walk into one of the buildings in the INSTRATA portfolio and residents will quickly notice the multitude of thoughtful touches and precise atten-tion to detail. It’s this level of care that defines INSTRATA’s approach and, in fact, the success of its entire collection.

But it doesn’t stop there. Invesco un-derstands that a great lifestyle occurs both inside and outside the home, so its goal with the INSTRATA Lifestyle Residences is to create a level of service that combines convenience, practical-ity and luxury.

“We’ve made a major, long-term commitment to the New York resi-dential market and we’re focused on

providing our residents with an excep-tional experience,” says Michael Kirby, Managing Director of Invesco Real Es-tate. “INSTRATA Lifestyle Residences offers superb amenities and design ele-ments on par with the finest high-end condominiums.”

For example, INSTRATA NoMad – ac-quired by Invesco in November 2012 – is currently undergoing major reno-vations. Soaring above historic Madi-son Square Park, the fully occupied 404-unit, 50-story building is not only debuting upgraded homes, but also ex-panding its luxurious lifestyle offerings.

“As part of INSTRATA Lifestyle Residences, the building has been el-evated to a new level, now offering the kind of condo-level finishes, appliances and amenity spaces found throughout the luxury portfolio,” said Rob Neiffer, the property’s asset manager and a di-

rector at Invesco Real Estate. “We’ve just unveiled a new leasing gallery and three model apartments, and are con-tinuing to roll out exciting upgrades in-cluding the building’s roof deck, which offers inspiring 360-degree views of the New York City skyline, a barbeque area, sundeck, reflecting pool and more.

The studio, one-, and two-bedroom apartments all feature a number of distinctive finishes and convenient amenities, each equipped with stain-less steel appliances, granite counter-tops, Kohler fixtures, hardwood floors, marble bathrooms, and sizeable closet space. Balconies are found off many of the apartments and the building is remaining occupied throughout the renovation. All unit upgrade work and common space work is planned to be completed by December 2014.

Moving west to Hell’s Kitchen,

Caption www.sokolmediaonline.com • 5

Invesco acquired the top 11 floors of Mercedes House located at 550 W. 54th Street in February 2013 upon completion. The 162 one-, two-, and three-bedroom rental apartments, on these top floors were originally intended to be sold as condos by the developer of Mercedes House. Upon purchase, Invesco rebranded these homes as INSTRATA at Mercedes House and brought them to market as luxurious rental units, adorned with the highest quality – and sophisticated – touches and finishes. Homes include kitchens equipped with Viking ranges, Sub-Zero refrigerators, Caesarstone and stainless steel countertops, as well as bedrooms with custom built-in clos-ets. Additionally, many apartments feature oversized private terraces di-rectly overlooking the Hudson River or the sprawling cityscape.

Rounding out its Manhattan prop-erties, Invesco Real Estate closed on INSTRATA Gramercy as a fully occupied as-set in January 2011, just after the prop-erty had been renovated to condo level standards. It has enjoyed very high oc-cupancy and increasing rental rates since Invesco’s acquisition. Representative of the INSTRATA Lifestyle Residences’ unmatched quality, the building recently unveiled a brand new roof-deck with a misting station, outdoor brook and cell phone charging station. Rising 33-sto-ries above one of New York City’s most desirable neighborhoods, INSTRATA Gramercy is a sought-after address with in-demand rental apartments featuring slate countertops, Whirlpool appli-ances, polished chrome fixtures, high ceilings, marble bathrooms, and track lighting – representing just a few of the high-end finishes found in all 160

(Top Left Page) Bathroom, Kitchen: Instrata NoMad(Bottom Left Page) Roof Deck and Lobby:

Instrata Gramercy(Right Page) Kitchen, Roof View, and Pool:

Strata at Mercedes House


homes. Spacious terraces enhance the scenic views from many of the apartments, a major perk for those appreciative of a little outdoor space and picturesque urban landscapes.

Introducing its luxury brand to Brooklyn, Invesco also purchased 75 Clinton Street in Brooklyn Heights in 2011, which was originally designed and built by a local developer to be sold as condos. Rebranded as INSTRATA Brooklyn Heights, Invesco instead created 74 luxury rental homes, which ac-complished lease-up in approximately seven months under the firm’s ownership. The building’s studio, one-, two-, and three-bedroom apartments reflect the artistic verve of the neighborhood and the modern luxury expected in a premier New York City residential rental building with visually stun-ning interior finishes that include bamboo flooring, high ceilings, ubiquitous natural light through oversized windows, stone countertops and backsplashes, and stainless steel ap-pliances. Topping INSTRATA Brooklyn Heights’ amenity list is the landscaped, fully furnished roof deck overlooking NY harbor, Governors Island and all of Brooklyn Heights – the ideal space for entertaining guests or watching a relaxing sunset. On lower floors, other key features include a full-service concierge, storage bins, bike racks, and an upgraded fitness center. The thriving Brooklyn Heights neighborhood just steps away is also a major benefit. “We are very strategic in the neighborhoods we buy in,” says Neiffer. “We play to the demographic we see there and feed their lifestyle.”

And while the INSTRATA Lifestyle Residences always include spacious layouts and fantastic outdoor spaces, from communal rooftop gardens and courtyards to private balco-nies, its residents also benefit from even more – including unparalleled services and lifestyle offerings produced by

INSTRATA Concierge. Featuring a robust schedule of interesting, informative and entertaining events, this service further exemplifies life at all INSTRATA properties, which is built upon a year-round luxury resort-like experience that allows residents to engage with each other in many new and excit-ing ways whether it be through a running club, wine tasting, cooking class or book club.

Other services from scheduling dog walking to dinner reservations to securing theater tickets for a new hit show, or coordinating travel and transportation can be arranged by the well-connected concierge staff, each of whom have a finger firmly on the pulse of the city.

Collection residents also receive personalized INSTRATA Concierge Club Cards, which provides members with up to 15 percent savings at a well-curated list of more than 100 top New York City restaurants.

“We found that in creating this lifestyle brand, we had to look even beyond the apartment walls and engage key part-ners who could help us to curate an authentic and luxurious living experience,” continued Lisser. “We would not have been able to execute this branding strategy without our dy-namic team including property management firms Adellco and Bozzuto, Silver Creative Group, Abigail Michaels con-cierge, and Nancy Packes Signature Marketing Services. Our stellar leasing team has also been instrumental in creating a comfortable and seamless experience for residents.”

“Invesco is dedicated to investing in the highest quality rental properties and to providing lifestyle offerings un-matched anywhere for the benefit of INSTRATA residents. We look forward to the future growth of INSTRATA Life-style Residences collection,” concluded Kirby.

Roof Deck and Living Room: Instrata Brooklyn Heights

112-SilverRealEstateAd-v1-ol.ai 1 12/5/13 5:26 PM

Nancy Packes Inc. congratulates Invesco on the creation of the

Instrata Lifestyle Residences collection.

We would like to thank Invesco for inviting us to participatein the launching of New York City’s most exciting new residential brand.


page 3Manhattan Year End Market Report 2013 mns.com

INTRODUCTIONWe are proud to present MNS’ seventh annual Year End Report, the summation of a year’s worth of data collected from our monthly Manhattan Rental Market Reports. We hope you find these pages useful in determining the rental trends of Manhattan’s major neighborhoods, as well as the overall climate of the Manhattan rental market during the course of 2013.

The Manhattan rental market maintained a stellar performance throughout 2013. Each Non-Doorman and Doorman unit type increased in price compared to the previous year. Additionally, this year’s average price points remained well ahead of pre-recession levels, as average Non-Doorman and Doorman prices were up 23% and 7% compared to the end of 2007. Quickly rising condo prices in the borough alongside slowly rising interest rates has crowded the rental market. Coupled with low available rental inventory across Manhattan, this trend has contributed to a significant upturn in pricing throughout the year.

The highest overall rents in Manhattan were achieved in October. The borough’s overall average rent peaked at $3,905, up from $3,762 in January. This trend was anchored by strong performances across the One-Bedroom sector which drove average prices upward throughout Manhattan in 2013. Average prices for Non-Doorman One-Bedrooms units climbed 5.8% and Doorman units increased 3.7% since the previous year. Growing demand contributed to consistent month over month price hikes for One-Bedrooms in Harlem, the Upper West Side and Financial District (see pages 8-11). Also, Non-Doorman Studios saw the largest relative price increase since 2012, increasing by 7.3% in 2013 to $2,422 from $2,258 in 2012. Smaller, Non-Doorman rental units showed impressive returns this year as renters are finding it more difficult to find Doorman units in a low-inventory rental market.

In the pipeline the following neighborhoods are slated to receive a high volume to new rental units: Midtown West/Hell’s Kitchen (9,073 units); Upper West Side (1,176 units); Financial District (2,656 units). Upward price trends throughout 2013 in each of these neighborhoods would indicate that demand for these new rental properties will be strong. It is also worthy to note that a growing volume of new luxury rental units coming to market in Brooklyn in 2014 year may attract traditional Manhattan renters to seek out comparable rental property in Brooklyn.


Non-Doorman Studio $2,422Non-Doorman One-Bedroom $3,176 Non-Doorman Two-Bedroom $4,331

Non-Doorman Doorman

Doorman Studio $2,789Doorman One-Bedroom $3,965 Doorman Two-Bedroom $6,087

2013 Mean Manhattan Rental Prices

2013 Mean Studio Rental Prices

Upp

er W

est S

ide

Har

lem

Upp

er E

ast S

ide

Mid

tow

n W

est

Mid

tow

n Ea

st

Mur

ray

Hill

Chel

sea

Gra

mer

cyG

reen

wic

h Vi

llage

East

Vill

age

SoH

o

Low

er E

ast S

ide

TriB

eCa

Fina

ncia

l Dist

rict

Batt

ery

Park

City

MEAN RENTAL PRICES

$2,801$2,988

$2,501$2,336

$2,354$2,504

$2,603

$1,542

$2,153

$2,390 $2,225 $2,245

$2,638

$4,335

$1,996$2,091

$3,158$2,877 $2,834

$3,050

$1,833

$2,795$2,638

$2,765$2,491

$2,965

$3,404

$2,627 $2,607

MNS Year End Report 2013



INTRODUCTIONWe are proud to present MNS’ seventh annual Year End Report, the summation of a year’s worth of data collected from our monthly Manhattan Rental Market Reports. We hope you find these pages useful in determining the rental trends of Manhattan’s major neighborhoods, as well as the overall climate of the Manhattan rental market during the course of 2013.

The Manhattan rental market maintained a stellar performance throughout 2013. Each Non-Doorman and Doorman unit type increased in price compared to the previous year. Additionally, this year’s average price points remained well ahead of pre-recession levels, as average Non-Doorman and Doorman prices were up 23% and 7% compared to the end of 2007. Quickly rising condo prices in the borough alongside slowly rising interest rates has crowded the rental market. Coupled with low available rental inventory across Manhattan, this trend has contributed to a significant upturn in pricing throughout the year.

The highest overall rents in Manhattan were achieved in October. The borough’s overall average rent peaked at $3,905, up from $3,762 in January. This trend was anchored by strong performances across the One-Bedroom sector which drove average prices upward throughout Manhattan in 2013. Average prices for Non-Doorman One-Bedrooms units climbed 5.8% and Doorman units increased 3.7% since the previous year. Growing demand contributed to consistent month over month price hikes for One-Bedrooms in Harlem, the Upper West Side and Financial District (see pages 8-11). Also, Non-Doorman Studios saw the largest relative price increase since 2012, increasing by 7.3% in 2013 to $2,422 from $2,258 in 2012. Smaller, Non-Doorman rental units showed impressive returns this year as renters are finding it more difficult to find Doorman units in a low-inventory rental market.

In the pipeline the following neighborhoods are slated to receive a high volume to new rental units: Midtown West/Hell’s Kitchen (9,073 units); Upper West Side (1,176 units); Financial District (2,656 units). Upward price trends throughout 2013 in each of these neighborhoods would indicate that demand for these new rental properties will be strong. It is also worthy to note that a growing volume of new luxury rental units coming to market in Brooklyn in 2014 year may attract traditional Manhattan renters to seek out comparable rental property in Brooklyn.


Non-Doorman Studio $2,422Non-Doorman One-Bedroom $3,176 Non-Doorman Two-Bedroom $4,331

Non-Doorman Doorman

Doorman Studio $2,789Doorman One-Bedroom $3,965 Doorman Two-Bedroom $6,087

2013 Mean Manhattan Rental Prices

2013 Mean Studio Rental Prices

Upp

er W

est S

ide

Har

lem

Upp

er E

ast S

ide

Mid

tow

n W

est

Mid

tow

n Ea

st

Mur

ray

Hill

Chel

sea

Gra

mer

cyG

reen

wic

h Vi

llage

East

Vill

age

SoH

o

Low

er E

ast S

ide

TriB

eCa

Fina

ncia

l Dist

rict

Batt

ery

Park

City

MEAN RENTAL PRICES

$2,801$2,988

$2,501$2,336

$2,354$2,504

$2,603

$1,542

$2,153

$2,390 $2,225 $2,245

$2,638

$4,335

$1,996$2,091

$3,158$2,877 $2,834

$3,050

$1,833

$2,795$2,638

$2,765$2,491

$2,965

$3,404

$2,627 $2,607




Battery Park City Price Changes of 2013*

Chelsea Price Changes of 2013*

East Village Price Changes of 2013*

Financial District Price Changes of 2013*

* This figure represents the percentage change in pricing from 2012 to 2013 for each unit type.

PRICE TRENDSType Non-Doorman Doorman

Studios not available 3.49%

One-Bedrooms not available 6.31%

Two-Bedrooms not available 5.60%

Type Non-Doorman Doorman

Studios 12.70% 1.54%

One-Bedrooms 3.82% 2.75%

Two-Bedrooms 6.92% 6.59%


Studios 12.46% 7.24%




Studios 3.48% 3.92%




Gramercy Park Price Changes of 2013*

Lower East Side Price Changes of 2013*

Greenwich Village Price Changes of 2013*

Harlem Price Changes of 2013*



Studios 10.65% 0.28%




Studios 3.91% 7.82%




Studios 4.01% 13.21%




Studios 3.60% 8.41%






Battery Park City Price Changes of 2013*

Chelsea Price Changes of 2013*

East Village Price Changes of 2013*

Financial District Price Changes of 2013*



Studios not available 3.49%

One-Bedrooms not available 6.31%

Two-Bedrooms not available 5.60%


Studios 12.70% 1.54%




Studios 12.46% 7.24%




Studios 3.48% 3.92%




Gramercy Park Price Changes of 2013*

Lower East Side Price Changes of 2013*

Greenwich Village Price Changes of 2013*

Harlem Price Changes of 2013*



Studios 10.65% 0.28%




Studios 3.91% 7.82%




Studios 4.01% 13.21%




Studios 3.60% 8.41%






Midtown East Price Changes of 2013*

Midtown West Price Changes of 2013*

Murray Hill Price Changes of 2013*

SoHo Price Changes of 2013*

PRICE TRENDS



Studios 13.19% 10.42%




Studios 12.38% 1.20%




Studios 6.28% 4.41%




Studios 4.85% 3.37%




TriBeCa Price Changes of 2013*

Upper East Side Price Changes of 2013*

Upper West Side Price Changes of 2013*

PRICE TRENDS



Studios 5.69% 2.14%




Studios 4.38% 2.39%




Studios 5.37% 4.17%






Author MNS has been helping Manhattan landlords and renters navigate the rental market since 1999. From large companies to individuals, MNS tailors services to meet your needs. Contact us today to see how we can help.

Contact Us Now at 212.475.9000

Note All market data is collected and compiled by MNS’s marketing department. The information presented here is intended for instructive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice.

If you would like to republish this report on the web, please be sure to source it as the “Manhattan Rental Market Report” with a link back to its original location

http://www.mns.com/manhattan_year_end_market_report_2013

The Manhattan Rental Market Report™ is based on data cross-sectioned from over 10,000 currently available listings located below 125th Street and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR. com) and R.O.L.E.X. (Real Plus).

REPORT EXPLAINED

The Manhattan Rental Market Report™ is the only report that compares fluctuation in the city’s rental data on a monthly basis. It is an essential tool for potential renters seeking transparency in the NYC apartment market and a benchmark for landlords to efficiently and fairly adjust individual property rents in Manhattan.


Author MNS has been helping Manhattan landlords and renters navigate the rental market since 1999. From large companies to individuals, MNS tailors services to meet your needs. Contact us today to see how we can help.

Contact Us Now at 212.475.9000

Note All market data is collected and compiled by MNS’s marketing department. The information presented here is intended for instructive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice.

If you would like to republish this report on the web, please be sure to source it as the “Manhattan Rental Market Report” with a link back to its original location

http://www.mns.com/manhattan_year_end_market_report_2013

The Manhattan Rental Market Report™ is based on data cross-sectioned from over 10,000 currently available listings located below 125th Street and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR. com) and R.O.L.E.X. (Real Plus).

REPORT EXPLAINED

The Manhattan Rental Market Report™ is the only report that compares fluctuation in the city’s rental data on a monthly basis. It is an essential tool for potential renters seeking transparency in the NYC apartment market and a benchmark for landlords to efficiently and fairly adjust individual property rents in Manhattan.


Congratulations LesleyWe are proud to be working with you on many exciting projects

Congratulations to an exceptional brand

that delivers their residentswhat they didn’t even

know they needed.

THE TEAM AT ABIGAIL MICHAELS CONCIERGE

Drive Digital andNew York YIMBY

congratulate Invesco on the launch of the

INSTRATA Brand

Saying Yes In My Backyard to New Developmentwww.drivenyc.com and www.nyyimby.com

Strata at Mercedes House is changingthe cityscape forever.

Visionary architect Enrique Norten has designed a luxury apartment community spiraling 30 stories above the city with unobstructed views of the Hudson River.

A modern tower of glass and greenery. Bold design. Midtown convenience.

ABOUT FIDIRoughly considered the area south of City Hall (but not including Battery Park or Battery Park City), the Financial District was home to the first U.S. Capitol and saw our first Presidential inauguration (at Wall and Nassau Streets). In time, though, the heart of the region, Wall Street, became home to stock exchanges and insurance

companies. In the last 20 years, however,

many older office buildings have been converted to condos, coops and apartments, at long last turning FiDi into a 24-hour neighborhood, one that continues to rebuild after September 11 terrorist attacks. Retail and restaurants are flocking to the area to serve these new residents, as well as the affluent

It’s the center of U.S. (and thus, world) commerce, a historic site

that helped give birth to this country – and one of the busiest

new retail neighborhoods in town. Once a commercial district

that focused on making money, not spending it, in recent years the

Financial District (known as FiDi) has become more residential, and

its retail more posh, and prevalent. Even better, the changes are

fast and furious—and still ongoing.

By Faith Hope ConsoloChairman, Retail Leasing and Sales Division Prudential Douglas Elliman


Districts for DEsiGNErs

Faith’s Fashion Focus:

FiDiRebornFiDiReborn

daytime office population and growing number of visitors.

Today, we are seeing retail build again on the World Trade Center site, as well as redeveloping high-end shopping at Brookfield Place (formerly the World Financial Center). Add in the redevelopment of the South Street Seaport area, and FiDi will be vibrant and ever new for some time to come.

SHOP FIDIThe area has a number of major shopping streets in the area, featuring national, designer and local shops. Broadway dominates, but also look to other areas for an eclectic shopping experience.

Everyone stops in for luxury items at great prices at the neighborhood’s department store Century 21 (22


at Modell’s (150). I love the amazing gems and watches from William Barthman Jewelers (176). Get crafty at Seaport Yarn (181) or find some new footwear at Aldo (181), Easy Spirit (183) or Payless (187). Staples (217) serves the area’s small offices. Or check out the latest apparel at Illusions of Broadway (225), Renaissance Fine Jewelers II or eyewear from Cohen’s Fashion Optical at the same address. Wrap up your gifts with paper from Papyrus (233) or check out the value fashion at New York legend Strawberry (253).

Wall Street also has become a retail headquarters, serving both the affluent, and those who want to be. Find great buys at TJ Maxx (14) or celebrate success with a bauble from Wall Street Jewelers (14). True Religion Brand Jeans (also 14) takes care of casual wear – or find –

Cortlandt Street), while Barnes & Noble serves bibliophiles at 97 Warren and 41 Park Row. (I personally love The Mysterious Bookshop at 58 Warren Street). And don’t forget one of the great electronics stores anywhere at J&R Music & Computer World Superstore (1 Park Row).

Look for a little of everything on Broadway, from women’s wear at LOFT (2) to workout gear at City Sports (50). Look at the glittering gems at New York Diamond Center (65) or get ready for your next trip with luggage from Tumi (67). Jos. A. Bank (111) and Men’s Wearhouse (115) offer terrific value for menswear – or indulge yourself at DeNatale Jewelers (111) or Charles Patrick Jewelers (120). Sephora’s downtown outpost is at (150) or pick up something for your favorite sports lover

Rosie Pope Maternity


even more fine jewelry from Tiffany (37) and Tourbillion Boutique (45). Get a souvenir from The Museum of American Finance Gift Shop (48), or update your wardrobe at Thomas Pink (63). Have a really great year? BMW of Manhattan (67), or check out the latest fashions at Laila Rose (99).

Broad Street has become the go-to place for luxury menswear, with options including Hermès (15), Canali (25), My Suit (30) and Sarar (50).

The Seaport may be redeveloping, but Water Street has interesting shopping including Super Dry (199), Abercrombie & Fitch (also 199), Bowne & Co. Stationers) and Artion Galleries (275).

Meander along John Street, Trinity Place and Fulton Street for local shops. Elsewhere, outfit your kids at Polarn O. Pyret (200 Chambers Street), or your expecting self at Rosie Pope Maternity (55 Warren Street).

DINE IN FIDIDelmonico’s (56 Beaver Street), Bobby Van’s Steakhouse (25 Broad Street), PJ Clarke’s on the Hudson (4 World Financial Center), MarkJoseph Steakhouse (261 Water Street) and The Porterhouse at the historic Fraunces Tavern (54 Pearl Street) can satisfy your meat lovers. Blue Smoke (255 Vesey Street) offers great barbecue. Favor seafood? Consider Luke’s (26 South William Street) or the North End Grill (104 North End Avenue). If you’re looking for something quicker, Shake Shack (215 Murray Street) is the downtown outpost of Danny Meyer’s chain, or Terri (100 Maiden Lane) is great for vegetarians. Italian cuisine lovers can head to Acqua at 21 Peck Slip.

STAY IN FIDIThose looking for the ultimate in luxury should head straight to the Ritz Carlton New York, Battery Park (2 West

Street), the Andaz Wall Street (75 Wall Street) or the Conrad New York Hotel (102 North End Avenue). The W New York – Downtown (123 Washington Street) offers a more boutique experience. Of course, we have outposts from our great international chains at the New York Marriott Downtown (85 West Street), Doubletree Hotel (8 Stone Street) and Millenium Hilton (55 Church Street).

The Wall Street Inn (9 South William Street) offers affordable accommodations near the Stock Exchange. If you’re a member, The Club Quarters (52 William Street and 140 Washington Street) hotels in the area offer great value at this great location.

We’re still in the middle of the story of the rebirth of the Financial District – but so much has already been done that the key is to just come again and again to learn, shop and enjoy. Happy Shopping!

Real Estate Board of NYNYC Residential Sales Report, 4th Quarter 13


New

York

City

Res

iden

tialS

ales

Rep

ort

Executive Summary

Introduction

The New York City Residential sales mar-ket maintained high levels of activity and aver-age prices during the fourth quarter of 2013.The number of homes sold during the fourthquarter of 2013 was 12,677, 31 percent high-er than the fourth quarter of 2012. The aver-age sales price of a NYC home slipped 2 per-cent to $760,000 from last year due to a high-er percentage of sales occurring outside ofManhattan, where the average price of ahome is substantially lower. The number ofsales of homes over 10 million dollarsincreased by 1 from last year’s fourth quarterto 31.

The total consideration for all residentialsales in New York City during the fourth quar-ter of 2013 was $9.6 billion, up 29 percentfrom the fourth quarter of last year.

Total consideration for Manhattan was$5.3 billion for the fourth quarter of 2013, up20 percent from the fourth quarter of last year.In Brooklyn, the total consideration of residen-tial sales was $1.9 billion. The total consider-ation for residential sales in Brooklyn was anincrease of 38 percent over the fourth quarterof last year.

This was another quarter where residen-tial sales activity was focused on the sale of1-3 family homes and coop sales in Brooklynand Queens, not just the Manhattan apart-ment market and prime Brooklyn areas. Thenumber of sales of both Brooklyn and Queensof 1-3 family homes and coops were tremen-dous compared to the fourth quarter of lastyear. The number of Brooklyn 1-3 familyhomes increased 34 percent to 1,739, while inQueens sales increased 31 percent to 2,333.There was a 41 percent increase in the saleof Brooklyn coops to 716 and a 62 percentincrease in Queens coops to 1,349.

Manhattan neighborhoods with the mosthome sales this quarter were; the Upper EastSide (888 sales), the Upper West Side (640),Midtown East (302), Midtown West (264),Gramercy/Kips Bay (240), Chelsea/Flatiron(182).

Brooklyn residential home sales activitywas focused in Bedford Stuyvesant (215),Park Slope (172), East New York / SpringCreek (153), Bay Ridge / Fort Hamilton (150),Gravesend / Mapleton (139), andWilliamsburg (139).

Queens neighborhoods with the mosthome sales were; Rego Park/Forest Hills/KewGardens (465), Flushing (430), JacksonHeights/Elmhurst (414) and Richmond Hill/South Ozone Park/Woodhaven (288),

Bronx neighborhoods with most residentialhome sales this quarter wereRiverdale/Fieldston (140),Parkchester/Westchester Square/ CastleHill/Soundview (109 sales), CityIsland/Pelham Bay/Pelham Strip/CountryClub/Throgs Neck/Schuylerville (99), andWoodlawn/Williamsbridge (95).

All Homes

The average sales price of a home inNew York City during the fourth quarter of2013 was $760,000, a 2 percent decreasefrom the fourth quarter of last year. The aver-age sales price of a home in Manhattanincreased 1 percent from last year’s fourthquarter to $1,397,000. When compared tothe fourth quarter of 2012, average salesprice in Brooklyn rose by 5 percent to$621,000. The average sales price of a homein Queens was $432,000, up 3 percent fromthe fourth quarter of 2012. The Bronx, withan average sales price of $353,000, had a 2percent increase in the average sales priceof a home since the fourth quarter of lastyear.

2

4th Qtr. 13



New

York

City

Res

iden

tialS

ales

Rep

ort Executive Summary

All Apartments

The average sales price of an apartmentin New York City during the fourth quarter of2013 was $881,000, a decrease of 4 percentyear over year. The average sales price ofan apartment in Manhattan this quarter was$1,338,000, an increase of 1 percent sincethe fourth quarter of 2012. Brooklyn, with anaverage sales price of $534,000, had a 1percent decrease since the fourth quarter oflast year. The average sales price of anapartment in Queens during the fourth quar-ter of 2013 was $285,000, a 1 percentdecline over the year. The Bronx averagesales price of $260,000 was down 8 percentfrom last year’s fourth quarter.

Condominiums

The average sales price of a condomini-um unit in New York City increased 1 percentin the fourth quarter of 2013 from the samequarter of last year to $1,200,000. The aver-age sales price of a condo in Manhattan dur-ing this quarter was $1,708,000, a 5 percentincrease over the year. The Brooklyn aver-age sales price went up 2 percent to$689,000 from the fourth quarter of 2012. .The average price in Queens was $492,000this quarter, a 5 percent increase from lastyear’s fourth quarter average. The averagesales price of a condo in the Bronx had anincrease of 3 percent to $323,000 over thesame time period.

Cooperatives

The average sales price of a cooperativeunit in New York City during the fourth quarterof 2013 was $704,000, down 5 percent fromlast year’s fourth quarter average. When com-pared to the fourth quarter of 2012, the averagesales price of a coop in Manhattan increasedless than a percent to $1,114,000. Brooklynsaw an increase in average sales price of 2

percent to $406,000 since the fourth quarter of2012 and the average sales price of a coop inQueens rose 1 percent to $227,000. The aver-age sales price of a coop unit in the Bronxdecreased 13 percent to $241,000 since lastyear’s fourth quarter.

1-3 Family Dwellings

The average sales price of a 1-3 familydwelling in New York City during the fourthquarter of 2013 increased 5 percent from lastyear’s fourth quarter average to $604,000.The Brooklyn average sales price for a 1-3family home was $686,000, up 9 percentfrom the fourth quarter of 2012. The averagesales price in Queens rose 8 percent to$541,000 compared to last year’s fourthquarter. The average sales price in theBronx increased 4 percent to $393,000 whencompared to the fourth quarter of last year.The average sales price of a 1-3 family homein Staten Island was $443,000 in the fourthquarter of 2013, a decrease of less than 1percent compared to the average price dur-ing the fourth quarter of last year.

Manhattan Neighborhoods

The average sales price of a condomini-um in Financial/Seaport during the fourthquarter of 2013 increased 11 percent com-pared to the fourth quarter of last year to$1,092,000. The number of sales of condosin Financial/Seaport also increased 43 per-cent over the same period to 126.

The average sales price of a coop uniton the Upper East Side during the fourthquarter of 2013 decreased 14 percent com-pared to the fourth quarter of last year to$1,465,000. The number of sales on theUpper East Side increased 26 percent overthe same period to 673.

3

4th Qtr. 13



New

York

City

Res

iden

tialS

ales

Rep

ort

6

4th Qtr. 13

$760 $775

$1,397 $1,383

$621 $589

$432 $419 $353 $347

$416 $422

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

4q13 4q12 4q13 4q12 4q13 4q12 4q13 4q12 4q13 4q12 4q13 4q12

NYC Average Home Sales Price (Thousands)

NYC Manhattan Brooklyn Bronx Staten Island Queens

$495 $488

$818 $790

$510 $500

$375 $375

$337 $350

$390 $376

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

4q13 4q12 4q13 4q12 4q13 4q12 4q13 4q12 4q13 4q12 4q13 4q12

NYC Median Home Sales Price (Thousands)


12,677

9,665

3,793 3,195 3,046

2,332

4,061

2,903

767 557

1,010 678

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

4q13 4q12 4q13 4q12 4q13 4q12 4q13 4q12 4q13 4q12 4q13 4q12

NYC Home Sales Volume




New

York

City

Res

iden

tialS

ales

Rep

ort

Home Sale Price (includes all condominium, cooperative units & 1-3 family dwellings)

7

Change From4q13 3q13 4q12 3q13 4q12

New York City $760 $806 $775 -6% -2%Manhattan $1,397 $1,404 $1,383 -1% 1%Bronx $353 $358 $347 -1% 2%Brooklyn $621 $645 $589 -4% 5%Queens $432 $431 $419 0% 3%Staten Island $416 $417 $422 0% -1%


New York City $495 $515 $488 -4% 1%Manhattan $818 $858 $790 -5% 3%Bronx $337 $350 $350 -4% -4%Brooklyn $510 $525 $500 -3% 2%Queens $375 $380 $375 -1% 0%Staten Island $390 $392 $376 0% 4%


New York City $594 $626 $570 -5% 4%Manhattan $1,217 $1,203 $1,151 1% 6%Bronx $229 $231 $232 -1% -1%Brooklyn $465 $474 $435 -2% 7%Queens $338 $339 $318 0% 6%Staten Island $263 $263 $259 0% 1%


New York City $393 $420 $379 -6% 4%Manhattan $1,093 $1,081 $1,016 1% 8%Bronx $213 $212 $215 0% -1%Brooklyn $392 $392 $372 0% 5%Queens $313 $311 $294 0% 6%Staten Island $246 $243 $242 1% 2%


New York City 12,677 14,073 9,665 -10% 31%Manhattan 3,793 4,726 3,195 -20% 19%Bronx 767 700 557 10% 38%Brooklyn 3,046 3,480 2,332 -12% 31%Queens 4,061 4,201 2,903 -3% 40%Staten Island 1,010 966 678 5% 49%

AVG PRICE

MEDIAN PRICE

SALES

AVG PPSF

MEDIAN PPSF

4th Qtr. 13

Note: sale price in thousands



New

York

City

Res

iden

tialS

ales

Rep

ort

8

Apartment Sale Price (includes all condominium & cooperative units)

4q13 3q13 4q12 3q13 4q12New York City $881 $937 $920 -6% -4%Manhattan $1,338 $1,353 $1,324 -1% 1%Bronx $260 $261 $283 0% -8%Brooklyn $534 $582 $540 -8% -1%Queens $285 $297 $289 -4% -1%Staten Island $244 $242 $275 1% -11%

4q13 3q13 4q12 3q13 4q12New York City $500 $565 $530 -12% -6%Manhattan $810 $850 $785 -5% 3%Bronx $183 $204 $245 -11% -26%Brooklyn $418 $472 $460 -12% -9%Queens $228 $235 $225 -3% 1%Staten Island $245 $221 $260 11% -6%

4q13 3q13 4q12 3q13 4q12New York City $858 $887 $868 -3% -1%Manhattan $1,212 $1,198 $1,144 1% 6%Bronx $263 $268 $277 -2% -5%Brooklyn $613 $623 $597 -2% 3%Queens $359 $367 $370 -2% -3%Staten Island $231 $228 $257 1% -10%

4q13 3q13 4q12 3q13 4q12New York City $770 $821 $786 -6% -2%Manhattan $1,093 $1,081 $1,013 1% 8%Bronx $238 $263 $261 -10% -9%Brooklyn $564 $599 $592 -6% -5%Queens $326 $331 $342 -2% -5%Staten Island $225 $224 $231 0% -3%

4q13 3q13 4q12 3q13 4q12New York City 7,138 8,373 5,575 -15% 28%Manhattan 3,740 4,657 3,151 -20% 19%Bronx 229 199 182 15% 26%Brooklyn 1,307 1,592 1,037 -18% 26%Queens 1,728 1,792 1,126 -4% 53%Staten Island 134 133 79 1% 70%

AVG PRICE

MEDIAN PRICE

AVG PPSF

Change From

Change From

MEDIAN PPSF

Change From

Change From

Change FromSALES

4th Qtr. 13

Note: sale price in thousands

AMERICA’S LARGESTWHOLESALEAPPLIANCE

DISTRIBUTOR

PROFESSIONAL NEXT DAY DELIVERY AVAILABLE

For OVER 100 years P.C. Richard & Sonhas been providing the building industry with

unbeatable service, integrity and reliability.

SAVINGSGUARANTEED LOW PRICES

ALL QUALITY BRANDSFOR LESS

SELECTIONTHE LARGEST SELECTION

OF BRAND NAME DESIGNER KITCHEN APPLIANCES

SERVICETHE LARGEST INVENTORYFOR NEXT DAY DELIVERY

BY OUR VERY OWNDELIVERY TEAMS

P.C. RICHARD & SON ...

HERE FOR YOU ... ALWAYS

THE COMPANYYOU CAN TRUST

SINCE 1909

1.800.368.6869 [email protected]

Fax# 1.800.479.0336

150 PRICE PARKWAYFARMINGDALE, NY 11735

DISTRIBUTING TO: NEW YORK, NEW JERSEY, CONNECTICUT,PENNSYLVANIA, DELAWARE, MARYLAND, WASHINGTON DC, MASSACHUSETTS, RHODE ISLAND

Built-in Appliances

ny residential magazine

Documents