High Line project Receives Urban Land Institute Award

New York City is the recipient of the 2009 Urban Land Institute award for excellence for the West Chelsea/ High Line Project.

Ten awards are given out to projects throughout North America. The Urban Land Institute has been recognizing excellence in land use and development for the past thirty years.

By adopting land use policies that support development in specific transit-oriented areas, NYC has created thousands of new housing units, commercial and cultural space and acres of new open space.

The High Line, once an abandoned elevated rail line, is fast becoming one of the City's - and world's - most innovative new parks. The redevelopment of the abandoned elevated railroad structure has created a residential new construction boom on the far west side along the High Line and the Hudson river.

The High Line runs through three of Manhattans most dynamic neighborhoods, Hells Kitchen, West Chelsea and the Meat Packing District.

The park's first phase, which runs from Gansevoort Street to 20th Street, is set to open by June of this year. The second phase, which runs from 20th Street and to 30th Street, is slated to open by the end of 2009.

Thinking about living in a new condo building with new park views and 21st century luxury amenities? Qualified buyers can join my VIP Manhattan Buyer Profile System and receive new condo listings by email. For High Line Condos click here.

Happy Earth Day: Photos by Astronaut Sunita Williams

photos courtesy of Astronaut Sunita Williams

Go Green for Earth Day:

Green Real Estate Glossary
Tips for Greening Your Apartment in 2009
Green Condo Buildings in Manhattan
Nation's First Multi-Story Green Industrial Facility Opens In NYC
Empire State Building Going Green
Broadway Goes Green
Green NYC

Construction Update: 535 West End Avenue

Construction at 535 West End Avenue at W 86th Street is expected to be completed by the fall.

The building features half-floor and full floor residences. 5, 6 and 7 Bedroom homes ranging from 3744 square feet to 8451 square feet are currently for sale.

535 West End Avenue features luxurious Pre-war details: choice of rosewood or oak flooring, traditional moldings, well-proportioned rooms and a formal library.

All homes feature custom Smallbone of Devizes kitchens with attached family room. The kitchens offer La Cornue, Miele and Subzero appliances.

Bathrooms are available in 2 different color palettes, and outfitted with Waterworks fixtures, double sink, mahogany or white cabinetry and a selection of mosaic tiled floors and polished stone walls.

Homes are fully equipped with Miele side by side Washer & Dryer and AMX technology. Anticipated occupancy Fall 2009.

Click here to receive current available listings.

Nation's First Multi-Story Green Industrial Facility Opens In NYC

The nation's first multi-story green industrial facility opened at the Brooklyn Navy Yard. Mayor Bloomberg also announced the creation of Duggal Greenhouse, a 60,000-square-foot LEED Platinum certified facility that will be used to manufacture eco-friendly products and will become a laboratory for new sustainable products.

These and other green initiatives underway at the Navy Yard will create 1,700 new permanent jobs, 40 percent of which will be green industry jobs. The projects will also create more than 800 construction jobs.

The expansion of the Brooklyn Navy Yard and creation of green sector jobs is part of the City's Five Borough Economic Opportunity Plan to create jobs for New Yorkers today, implement a vision for long-term economic growth, and build affordable, attractive neighborhoods.

The $25 million Perry Avenue Building, which is on track to receive LEED Gold certification, features the first permanent building-mounted wind turbines to be operating anywhere in New York City. Along with the building's rooftop solar panels, the turbines will provide electricity for the building's lobby and other common areas.

The facility incorporates other green features such as reflective roofing and pavement to reduce surface temperatures, the use of recycled rain water in toilets, recycled building materials, high-efficiency lighting fixtures, natural ventilation systems and special accommodation for bicyclists and low-emission vehicles. The three-story, 89,000-square-foot Perry Building will be leased to SurroundArt, which will create a Museum Resource Campus to serve the art industry and institutions in New York City and beyond.

For more information: Complete Press Release

StreetEasy Q1 2009 Manhattan Market Report

StreetEasy released the following report for the 1st quarter 2009

Significant findings in Q1 2009

CLOSING PRICES CONTINUE TO DECLINE. Condo and co-op resale prices have continued to decrease. New development closings have actually shown price gains but these reflect contracts that were signed months, and in some cases, years ago.

The average Manhattan sales price increased by 0.7% to $1.435M since last quarter, but decreased by 12.1% since last year.

• Condo resale median price declined to $895K, a 4.7% decrease since last quarter and a 7.5% decrease since last year.

Average price is down 7.6% for the quarter and 10.8% since last year.

• Co-op resale median price declined by 11.3% compared to last quarter and by 16.7% since last year. Average sales price declined by 17.1% since last quarter and by 25.8% since the prior year.

• New Developments median sales price continued to increase by 10.4% since last quarter to $1.275M and increased by 26.4% since last year.

Average sales price also increased by 17.5% since last quarter, and by 7.4% since last year.
VOLUME OF SALES KEEPS FALLING. The number of closings has decreased by 47.1%, from the 2,826 closings of last quarter.

Co-op resale closings have decreased by 40.3% since last quarter, while condo resales decreased by 39.6% and new developments dropped by 57.1%. New development closings made up 34.5% of the closings, while co-op resales dominated activity at 44.6%.

WEEKLY INVENTORY CLIMBS OVER 11,000. Inventory of available units in Manhattan has steadily increased every week this quarter, staying above 9,400, and peaking above 11,700 in late-March.

According to Sreet Easy's listings database, an average of 403 new listings came onto market every week in this quarter, an increase of 9.2% since last quarter where we saw an average of 369 new listings per week. Condos made up 52.1% of all available listings on market this quarter (co-ops 46.9%, townhouses 1%).

Inventory level this quarter is 40% higher than they were a year ago.
FEWER BROKEN CONTRACTS AND INCREASE IN NEW CONTRACTS. This quarter, there were 107 broken contracts, a 24% decrease compared to last quarter’s 141. Additionally, there was a 7% increase in the number of listings (1,324) that have entered into contract compared to last quarter’s number of 1,233 listings.

MORE DRAMATIC PRICE CUTS. This quarter, 37% of all Manhattan listings had price cuts. There were over 2,500 listings with price cuts in available listings for condos, a 33.5% increase since last quarter but more than 1.6 times the number of cuts since last year.

Co-ops had a 31% increase in the number of price cuts, to just about 3,100 listings. The average price cut this quarter for condos was 9.4%, and for co-ops, the average cut was 9.3%.

LISTINGS SPEND A LONGER TIME ON MARKET. The average time on market for condo resale listings increased by 24.1% since last quarter, while co-ops sat on the market for 8.1% longer than last quarter. This quarter, condo resales stayed on the
market for an average of 137 days, while co-op resales were on the market for an average of 112 days.

Empire State Building Going Green

The Empire State Building is going green to significantly reduce the building's energy consumption. Renovations will include replacing all 6,500 windows to reduce summer heat load and winter heat loss.

Tenants in the building will also be able control their own power on a new web-based system, so that energy can be managed more efficiently.

The goal is to cut energy use by 38 percent, which will save $4.4 million a year in energy costs.

Former President Clinton joined Mayor Bloomberg for the annoucement yesterday.

The building will use private money to fund the $20 million project.

Mortgage Rates Fall Again This Week

Mortgage rates fall again this week, hitting another record-breaking low.

In its Primary Mortgage Market Survey, Freddie Mac reports that the 30-year fixed-rate mortgage averaged 4.78 percent with an average 0.7 for the week ending April 2, 2009, down from last week when it averaged 4.85 percent. This 30-year FRM is the lowest it has ever been since the survey began back in 1971.

DEFINITIONS

Commitment Rate is the interest rate a lender would charge to lend mortgage money to a qualified borrower exclusive of the fees and points required by the lender. This commitment rate applies only to conventional financing on conforming mortgages with loan-to-value rates of 80 percent or less.

ARM Index - is the One-year Treasury

Loan to Value Ratio (LTV) is the ratio of the loan amount of a mortgage loan to the lower of the appraisal value or purchase price of the property securing the loan.

Origination Fees and Discount Points are the total charged by the lender at settlement. One point equals one percent of the loan amount.

Margin is a fixed amount added to the underlying index to establish the fully indexed rate for an ARM.

The Boulevard: 2373 Broadway - Upper West Side

"The Boulevard" condop is a full service post-modern grand building with simplex, duplex and penthouse apartments. Many residences have glass-enclosed "greenhouse" rooms, walls of windows, herringbone floors, high ceilings, terraces, balconies and other details not found in most modern buildings. A gracious residence that recaptures pre-war urban traditions with a variety of layouts that combine light and space with modern convenience, comfort and flexibility.

Building amenities include a two level health club with 75' pool, squash and racketball courts, steam room and sauna. Building features include, attended garage, two landscaped sundecks, a roof top solarium, duplex party room, children's playroom, six (6) elevators: (4 passenger, 1 freight and 1 to garage), laundry rooms on every floor, bicycle and storage rooms, a doorman and concierge. In Manhattan the boulevard is Broadway. Everything happens on "The Boulevard."

Located in the center of the best of the Upper West Side at 86th St. and Broadway.

Building Highlights:

Price Range: $525,000 - $4,000,000
Sq Ft Range: 550- 3200
Size Range: Studios - 4 bedrooms
Type: Condop Post War
Number of Floors: 23
Number of Apts: 354
Year Bldg. was Built: 1988
Neighborhood: Upper West Side 86th Street and Broadway
Financing: 80%

Building Amenities:

* Concierge
* Health Club
* Childrens Room
* Roof Deck
* Storage Bins
* Garage
* Pool
* Outdoor Space
* Bike Room
* Internet Access
* Doorman Bldg.
* Attended Lobby
* Gym
* Pvt. Storage
* Laundry Room
* W/D allowed
* Pets Allowed
* Garden/Outdoor Space

Duplex Party Room

Click here for available listings in The Boulevard or any other Manhattan building.

Click here to find out how much your apartment is worth