Volume 18: Issue 6 | June 2018
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This month, we are mad about townhouses! They are trading like crazy in Brooklyn and Queens. To offer insight, we have the updates for you including yearly reports for both the Brooklyn and Manhattan townhouse markets, a featured article highlighting some of New York's most unique townhouses, as well as a grand 25 wide Neo-Grec townhouse as one of our featured listings.
 
Manhattan townhouse sales in 2017 were rare, and high-end. There were fewer than 200 closings last year, but the average price per square foot (PPSF) was $1,530, and the average price tag for a Manhattan townhouse was above $6.5 million.
 
Brooklyn on the other hand, had more than 6x the number of closings compared to Manhattan, with an average PPSF at less than ½ of that commanded in Manhattan. For both markets single family homes garnered higher PPSF compared with MFTHs.
 
Of course, we have both Manhattan and Brooklyn monthly snap shot reports for May. We are starting to see contrasting conditions between the Brooklyn and Manhattan markets... 
 
AND, to round out this month's issue we have an article about the implications of the new tax law for condo and co-op owners, as well as potential bad news for real estate web portals like Zillow and Streeteasy, and a profile on a new hot-spot in Nomad with the longest bar in Manhattan. As always we have our featured properties, and both are stunning. Enjoy the summer!

Manhattan Report 
Monthly Snapshot - May Analysis
There was a divergence in May sales activity between condos and co-ops, as contracts signed fell for condos but rose for co-ops. Pricing metrics for condos were down across the board, while co-op pricing metrics rose over the last year, with average and median price up by double-digits.   Read More
Brooklyn Report
Monthly Snapshot - May Analysis
Buyer enthusiasm was reflected during May with robust contract activity. The Brooklyn market experienced an increase in contracts signed, up 7% versus last year, driven by significant new development sales. New Development also improved price metrics compared to last year.  Read More  

Townhouse Report
Manhattan West Side Outperforms 
With fewer than 300 sales in any calendar year, townhouses represent one of the most niche segments of Manhattan's residential real estate market. Corcoran's 2017 Manhattan Townhouse Report surveys sales of single-family and multi-residence townhouses in the borough.   Read More
Townhouse Report
Overall Brooklyn Pricing is Up  
The Brooklyn townhouse market is as diverse as the borough's population, with grandiose brownstones, deceptively-modest homes with marvelous interiors, a large variety of multi-family buildings with rental apartments upstairs from the landlord's flat, and a steady stream of new construction.  Read More  


A "Carroll Garden" Sublime 
1850's Townhouse with Historical Roots 
A 19th century Carroll Gardens townhouse that was once home to an influential labor reform activist is now on the market. Located on 2nd Place, between Smith and Court Streets, the four-story townhouse measures 5,000 square feet and comes with nine bedrooms and five bathrooms.ts.  Read More
DUMBO House
Step Inside the Newest House Club  
DUMBO House features rooftop pools,  gorgeous interiors, and a vista that extends from the Brooklyn Bridge to the Manhattan Bridge. The brand's first club in Brooklyn features art that is architecture-themed. The collection includes contributions from Adjaye, Buckman, and Siegel.  Learn More    


Carriage House Gems  
Some of New York's Most Unique Houses
Carriage houses make up some of New York's most stunning and unique historic properties. New Yorkers began building them in the late 18th century to store horses and carriages, the only real means of transportation on the city's craggy cobblestone streets. Here are four standouts.  Read More
Tax Abatement Review
LLC or Trust - Thats the Loop Hole  
NYC passed new laws last year, effectively phasing out tax abatements for condos and coops that are not used a primary residence. While this doesn't affect anyone living in the apartments they own and live in, it affects investors greatly. Here is the article about the law changes:  Learn More    

Is Zillow Doomed?
Money Maker for Sites Could be Illegal
Programs in which real estate agents pay up to have their names, faces and contact information posted alongside listings of other agents, have become popular among listing sites. However the Department of State is looking into the legality of this practice, and changes may be coming soon   Read More
Longest Bar in NYC   
Victorian inspired Cocktails Galore
Stepping inside Oscar Wilde is akin to walking through a portal. Whereas subdued shades of grey and brown characterize the city, its streets and the surrounding buildings, warm, gold light emanates from within the gastropub - drawing visitors in for a few Victorian and Prohibition-era inspired cocktails Check it Out

25 Foot Brownstone 
112 2nd Place, Carroll Gardens 
This rare and grand 25-foot-wide four story, multi-family townhouse is now being offered in Carroll Gardens. This beautiful brownstone was built in 1920 and still has much of its original detail and grandeur. This  four family home offers more than 5,000 square feet of interior space.  Learn More
Bright 2 Bedroom
125 North 10th Street, Apt N4D
This high-floor, triple mint, south facing apartment has 1090 square feet of interior space. The open layout, high ceilings, and large windows create a bright and spacious living area. Included in the sale is a beautiful rooftop cabana, and for an additional cost -there is a private parking space.  View Listing


Jeff Nolan
Licensed Associate RE Broker
Multi-Million Dollar Club Since 2011
Top 1% of 50,000 NRT Associates

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
112 2nd Place, MFTH
125 North 10th Street, NGD
125 North 10th Street, N4D
1609 Bergen Street, 2

In-Contract
125 N 10th Street, N5F
276 Hawthorne St, 1
133 Essex St, 503
426 Sterling Place, 4A

Recent Transactions
48-15 11th Street, 6E
245 E 54th Street, 21B555 Main Street, 512 (Roosevelt Isle) 
215 East 81st Street, 2A
140 Rutland Road (Townhouse)  125 North 10th Street, S5D
125 North 10th Street, SGE
125 N 10th Street, SPHF
689 Ft Washington Ave, 4K
125 N 10th Street, N2B
930 St. Nicholas Ave, 57
58 Metropolitan Ave, 6F
255 Eastern Parkway, B6
MARKET RATES
Contact us for Private Mortgage Banker recommendations in NYC.
Conforming 30 yr fixed: 4.250%
Conforming 20-Year Fixed: 4.375%
Conforming 15-Year Fixed: 4.125%
Non-Conforming fixed: 4.5000%
Non-Conforming 10/1 ARM: 4.250%
5/1 ARM JUMBO: 3.500%

Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Avenue, NY, NY 10065. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire an architect.