New York City is Already at its 2020 Population Forecast

Last week, New York YIMBY published two articles concerning the Census Bureau’s estimates for 2014 and revised numbers for 2013.  Some highlights of the articles as as follows: “If the latest Census estimate is indeed accurate, New York City is probably over 8.5 million people as of today. With the urban renaissance now in full […]

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The Port Authority of New York and New Jersey Should Sell Its Real Estate

Crain’s reports today that Democrats in New Jersey’s State Senate have called upon the Port Authority to sell its real estate, including the iconic One World Trade Center. I couldn’t agree more, especially given that we are at a time in history where commercial real estate values have hit an unprecedented high and regional transportation infrastructure is […]

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220 Riverside Boulevard, PH3A, Manhattan

July 2003 – Sold for $3,044,786 March 2015 – Listed for $11,995,000 This week’s Digs Watch takes us back to the Upper West Side, where a curious example of a seller (or their broker) trying to jump on the billionaire bandwagon is taking shape.  After nearly 12 years, the owners of PH3A at 220 Riverside […]

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REBNY Clarifies to NYC Brokers that Sharing Commissions with Buyers is Legal

Every week, REBNY sends its members a “Legal Line Question of the Week” email, which answers a legal question asked by one of REBNY’s members.  This week’s topic dealt with the legality of the real estate brokerage commission rebate and the answer, copied below, was written by Neil Garfinkel, REBNY Broker Counsel.   Legal Line Question of the […]

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Digs Realty and the Broker Commission Rebate in New York

What is the typical commission structure of residential real estate deals in New York City? In New York City residential real estate deals, the seller typically pays 6% of the purchase price to his or her broker, which is split with the buyer’s broker if the buyer has a broker. On larger transactions, the commission […]

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If You Build it, They Will Come…But How Will They Get To Red Hook?

Red Hook, the sleepy enclave of large warehouses, industrial buildings and housing projects situated on the western side of the BQE, southwest of Brooklyn’s vibrant Carroll Gardens neighborhood, is back in the news this week as Estate Four, a Los Angeles-based developer, announced plans to transform a 12-acre expanse on the Red Hook waterfront into […]

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Brooklyn Brownstones

2009 – 11 Brooklyn townhouses sold for over $3MM 2014 – 98 Brooklyn townhouses sold for over $3MM This week’s Digs Watch takes us back to Brooklyn for a look at the bananas townhouse market. Just how bananas is it, do you ask? Well, according to a new report from Brooklyn-based brokerage Ideal Properties Group, […]

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140 West 69th Street, PH11, Manhattan

October, 2004 – Sold $575,000 May, 2007 – Sold $650,000 November, 2009 – Sold $865,000 December, 2014 – Listed $1,850,000 This week’s Digs Watch takes us to the Spencer Arms, a building located in the prime Lincoln Square area of the Upper West Side. Built in 1903, this former hotel was converted to co-ops in […]

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Move the Javits Center from West Midtown to Long Island City/Sunnyside Queens!

Prince Akeem, sole heir to the throne of Zamunda (in the 1988 Eddie Murphy masterpiece Coming to America), was ahead of his time. After exiting the airport following his flight to a very different 1980s New York to find his bride, he stepped in front of a moving taxi cab, held up his hand to […]

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Digs Watch Quick Update – Dec 2014

In the past few weeks, several Digs Watch listings have been cut down a bit from their lofty goals. While I wouldn’t necessarily look at these price chops as indicative of any broad market trends, other than that aspirational pricing almost always retreats to a more market-driven level before meeting a buyer (which is always […]

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One Brooklyn Bridge Park, 360 Furman Street, #205

February, 2008 – Sold $4,250,000 December, 2011 – Sold $3,500,000 October, 2014 – Listed $6,350,000 This week’s Digs Watch takes us to the former Jehovah’s Witnesses printing and shipping facility turned amenity-rich Brooklyn waterfront condo behemoth One Brooklyn Bridge Park. The building is located on the southwestern fringe of Brooklyn Heights, and as the name […]

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Stay Away from NYC Ground Lease Co-ops!

Ground leases are relatively common in New York City commercial real estate, and some of New York’s most notable properties, like the Chrysler Building, are encumbered by one. In a ground lease, the owner of land leases it to a developer with the intent that the developer will build something valuable on it. The term […]

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One Morningside Park, 321 West 110th Street, PH1, Manhattan

October 22, 2013 – listed $4.187MM (removed October 23, 2013) October 24, 2014 – listed $5.9MM Rather than examine a resale’s wild price swing, this week’s Digs Watch takes a look at a wild price swing from a prior list price (albeit for a listing that was removed from the market after only 1 day). […]

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Move Madison Square Garden to Hudson Yards!

I recently read an article that discussed the future of Madison Square Garden. Here are my thoughts: For more than 60 years, the destruction of the original Penn Station –  McKim, Meade and White’s 1910 Beaux Arts masterpiece – has relegated proud New Jersey Transit, Long Island Railroad and Amtrak commuters to an existence akin […]

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Replacing a Poorly-Conceived Upper West Side Public Space with Retail?

Developer Ashkenazy Acquisition is seeking special approval to install ground floor retail space to replace the good-intentioned, but ill-conceived, public space located in the ground floor retail component of the Bel Canto condominium, a residential tower adjacent to the Upper West Side’s Apple Store near Lincoln Center (and Grandma Bunny).  In 1985, when the condominium […]

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