Jeffrey R Nolan, Licensed Associate Real Estate Broker at The Corcoran Group
Volume 15: Issue 2 | February 2015
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Luxury Sales Pushing Prices in both Manhattan and Brooklyn
The snow and cold have gotten old, but the promise of something fresh and new is around the corner as Fashion week once again descends on our fair city this month. In honor of this, we take a look at how the worlds of Fashion and Real Estate have become forever entwined in the luxury real estate market, as well as take a peak at where some of Fashion's brightest stars call home. Last by not least, Valentine's Day will be warming the hearts of many this weekend, and while we all know relationships across the park are doomed from the start, how else can your housing status affect your love life? But first, a look at the Monthly Market Snapshots for both Manhattan and Brooklyn: 

Winter is traditionally the slowest time for Residential Real Estate in Manhattan and this January was no different. Contracts were down 12% compared to last January, mainly die to a lack of affordable inventory, as there are 12% fewer listings under $1MM than last January. On a positive note, more high end inventory means both Co-ops and Condos saw significant price increases year over year, 13% and 23% respectively, although price per square foot was down in Co-ops due to a decline in sales of three+ bedroom units, which are often priced higher per square foot than smaller units.

2015 is off to a strong start in Brooklyn, where contracts were up 32% over last January and 68% of all sales were at or above asking price. In addition, the average sales price was up 21% from January of last year, and price per square foot was up as well. Just like, Manhattan, it is is important to note that numbers were skewed by several high end sales this month, most notably at the new luxury development, The Boreum, on Atlantic Avenue.  



   
For the LOVE of Fashion
Real Estate as the Ultimate Accessory

If, as Coco Chanel once said, "Fashion is architecture," then architecture, by way of residential real estate, has become fashion. Apartments make as much of a statement about their owners as a bespoke Savile Row suit about its wearer. A person who buys in 165 Charles is visionary and exacting, uncompromising on details. Fifty Gramercy Park North: refined. The Urban Glass House: bold. Donald Trump's Riverside South: arriviste. We cloak ourselves in these spaces the way we do in designer clothes. If you live for Prada, chances are you'd like the Richard Meier towers in the West Village. (It could become a parlor game: Does Frank Gehry link to Giorgio Armani or Tom Ford?) Real estate has become another luxury good. "In a way, it's the ultimate luxury good," says public-relations guru Harriet Weintraub, whose client roster used to include Christian Dior and Burberry, and who now also reps high-profile buildings. Full Article  
The Fashionable Homes...
of Fashion's Finest

    
 
Romance and Real Estate
Is Housing Affecting Your Love Life?

Where you live affects who you date-and who will absolutely refuse to date you. In honor of Valentine's Day, the real estate website Trulia commissioned Harris Interactive to conduct a survey looking at the intersection of attitudes about housing and romance. Are homeowners regarded as "marriage material" more so than noncommital renters? Are people more interested in potential mates if they live alone? Just how bad is your love life impacted if you live with your parents? When it comes to dating and housing, what's hot and what's not? How does co-habitation to save on rent stack up for men vs. women, and more, importantly what do each of the sexes fall in love with (in real estate terms) once they DO decide to shack up together? Find the answers in this fun and illuminating article from Time Magazine. Full Article
305 2nd Avenue, 725
For Rent: $7000/month

Large two bedroom, two bathroom duplex condo available at Rutherford Place! This sun-flooded unit features a master bedroom with an en-suite bath. The dining area has soaring double-height ceilings and windows facing east overlooking Stuyvesant Square Park. The windowed, open kitchen was recently renovated with Viking range, Sub-zero refrigerator, Poggenpohl cabinetry, Bosch dishwasher, and black granite countertops. Solid oak hardwood floors throughout. W/D in unit. Rutherford Place is a full-service condominium with a 24 hour doorman, laundry on every floor, on-site valet service, rooftop sun deck, and bike room. Very pet friendly building. The building is conveniently located just south of Gramercy with the best restaurants and shopping in Union Square, Flatiron, and the East Village right outside your door. Shares and Guarantors allowed. View Listing

Jeff Nolan
Licensed Associate RE Broker
Multi-Million Dollar Club (2011-14)
Top 1% of NRT Sales Associate

Corcoran Group Real Estate
Union Square Office
30 Irving Place, 5th Floor, NY 10003
Cell Phone - 212.260.0562
Office Line - 212.500.7022
jeff.nolan@corcoran.com
CURRENT LISTINGS  

Active

305 2nd Avenue, 725

 

In Contract

170 N 11th Street, 4A

155 E 91st Street, 5D

125 N 10th Street, S4D

278 Hawthorne Street, 3

378 Hawthorne Street, 2

 

Recently Sold

300 E 74th Street, 23F

125 N 10th Street, S2G
120 N 7th Street, 3A  

9040 Ft Hamilton Parkway, 6E

278 Hawthorne Street (Townhouse)

250 W 94th Street, 13E

50 W 127th Street, 8B

400 E 54th Street, 7D 

649 Vanderbilt Avenue, 2A

305 Second Ave, 725

425 E 79th Street, 7A 

749 Union Street, 3L 

970 Park Place (Townhouse) 

Market Rates
Conforming 30 yr fixed: 3.75%
Conforming 15 yr fixed: 3.25%
Jumbo 30 yr fixed: 3.75%
Jumbo 15 yr fixed: 3.125%
Jumbo 10/1 ARM: 3.125%
Jumbo 5/1 ARM: 2.5%
Stephan Aroun Hagege
Private Mortgage Banker
Wells Fargo Home Mortgage
150 E 42nd Street, 32nd Floor
New York, NY 10017
Cell Phone - 914.417.9001
Office Line - 917.260.1121