“It’s exploding with young people and tattoos,” a woman tells the Wall Street Journal today about the Upper East Side.”These hipsters were moving in — you could tell they were hipsters because I used to be one too, so they stand out — and they were moving a mounted moose head into their apartment.” Manhattan, she says, “has the charm that you would want in Brooklyn that is quickly disappearing.” Oh, Lord. The larger point she’s speaking to, supposedly, is that rents in Brooklyn (by which the Journal mostly means Williamsburg) are now high enough to drive young people back to Manhattan. It’s a renaissance or something! We’ve heard this one before.
By Robert Frank
- Associated Press Monaco
If you think real-estate in Manhattan or San Francisco is expensive, consider Monaco.
The price of real-estate in Monaco — the world’s most expensive locale — is now an average of $5,408 a square foot, according to a report from Citi Private Bank and Knight Frank, the London real-estate firm. Spending $1 million will get you a 200 square-foot closet – presumably without a water view.
The second most expensive locale is Cap Ferrat in the south of France, at more than $4,800 a square foot. That’s followed by London, at $4,534 a square foot, and then by Hong Kong, at $4,406 a square foot.
New York is a relative bargain, coming in at number 17, at more than $2,161 a square foot (this seems to be a little high, even for Manhattan). The only other U.S. locations on the top 50 are Aspen, at number 39, with $974 a square foot, followed by Telluride ($760 a square foot) and Miami, at about $580 a square foot.
Here is the list of the Top 10
LOCATION AVG PRICE PSF
Monaco – $5,408
Cap Ferrat — $4,800
London — $4,534
Hong Kong (houses) — $4,406
Courcheval 1850 — $4,081
St. Moritz — $3,951
Gstaad — $3,701
St. Tropez — $3,600
Geneva – $2,959
Hong Kong (apartments) — $2,625
Residences The residences at 45 Wall Street are as varied as they are spacious, with unique layouts that make traditional boxy Manhattan apartments pale by comparison. All homes feature extra high ceilings, pass-thru kitchens, oak parquet floors, and oversized windows. Some residences feature walk out terraces and home offices with seperate entrances.
Amenities 45 Wall Street is geared not just for today but tomorrow as well, wired and inspired to make your life easier. With seven subway lines steps from your door, communting is a breeze. Incomparable features include 24 hour concierge, walet service, on-site parking, golf driving and putting green, tenant storage facilities, bicycle room, conference center, and cold storage for grocery delivery. Tenants may tone up at the complimentary fitness center or relax at Club 45, both located on the Penthouse level. The Club offers leather lounge seating, a pool table, large screen TV and a huge wrap terrace for sunning.
Neighborhood The financial district has become one of Manhattan’s most exciting new neighborhoods. This is the neighborhood of 45 Wall Street. As convenient as it is beautiful with trendy restaurants, waterfront parks, museums, galleries, choice of retailers, speciality merchants and historical sites. Enjoy the renaissance of 45 Wall Street where the heart and energyis truly unparalleled.
Availability Choose from a wide array of studio, one, two and three bedroom apartments. Several residences offer party-size terraces with dramatic skyline views and many apartments are large enough to share. For those who prefer to work from home, there are specially designed home/office residences featuring two entrances – which provide completely seperate living and work areas.
For appointments call 212-227-0021
Something For The Wanna Have’s.
The battle between The Tenant’s association and PCVST management company Tishman Speyer ended yesterday with the highest court in New York ruling in favor of the The Tenants. This was the last possible appeal from Tishman after an Amicus brief was prepared which served to prove Tishman’s double dipping in the form of receiving J-51 tax breaks and market rate rent hikes. The law clearly bars deregulating units “which became or become subject to [stabilization] by virtue of receiving tax benefits” under the city’s J-51 program. This was a huge victory for the lower and middle class. During this time of excessive corporate greed and massive bonus payments justice was served today with a very clear message; You can’t expect to break the law, make a profit while also receiving tax benefits and not be punished. You can’t have it both ways and enjoy a capitalist compensation and a socialist compensation while you screw the people in the community. That’s called exploitation. This was a risk taken to earn a profit and the risk has not paid off. The beauty of which is pure capitalism. There are some commentator’s and journalists out there who see this as an unjust verdict. One of which is Steve Cuozzo in his NY Post article. He suggests that Jerry and Rob Speyer had another interpretation of the law (yeah no kidding) and writes “With so much hanging on the meaning of “by virtue of,” Jerry and Rob Speyer nonetheless rolled the dice. Now the court has made things far worse for them and for the entire decontrol cause, which too briefly offered a way out of the system’s socialist-style deathlock on the rental housing scene.” My answer to that is, Are you friggin serious Steve? So you’re supporting tax theft at the very least? This was a victory for pure capitalism and justice. If you take a profit gamble and you fail due to what is written in law then it’s game over. And the fallout from this can neither be protected or rationalized. If other landlords profit margin were based on the same expectations then that too is their big gamble. For the record I am a resident in Stuyvesant Town making $150,000 a year and I cannot save any money. This is a true victory also for the middle class. We deserve a victory after all our money has been either stolen from us or simply gobbled up by credit card companies and rent.
The final question I have is, now what? What happens from here with the decision. How will the money be parceled up for the victors? I live in a market rate apartment but I signed a lease agreeing to those terms. While it’s true that 4,352 apartments are now market rate, I signed my lease agreeing to pay that rate. I have asked employees working for Tishman Speyer whether I will receive a new re-regulated apartment and at this time it is not certain what the costs will be to TS or the re-structuring of the leases. I do not expect pro rated rent payments to be awarded but an apartment rate that could help me save would be nice.
- Brokers help build affordable housing
- Hearst’s UES co-ops sell for $36.5M
- Top-floor 15 CPW penthouse sells for $21.5M
- Versace to design Clock Tower interiors
- Union Square Hospitality Group expands
- PropertyShark to offer residential listings
- Feds want long sentence for ex Newark mayor
- Trump Jr. to launch $1B India fund
- Books get examined at Fannie, Freddie
- Wall Street bonuses may see cuts
Grove Street (Jersey City) published a new entry entitled “Hoboken / Downtown Jersey City” on 6/17/2008 5:19:32 PM, written by Grove Street JC.
Hoboken / Downtown Jersey City
In response to a JCList.com thread on “The State of the Hoboken (Real Estate) Market.”
So one poster posited that Hoboken real estate isn’t selling well, and another post stated that “all of the buyers are over in Jersey City.” Is this true? Our view, is yes, it is true. Let us examine:
Hoboken real estate, particularly in the areas more than a 10 min walk, is not selling well. The only desirable locations are really the places that are close to the PATH. Of course there are nice condos/apartments way out from the PATH, but typically it requires a shuttle bus or lightrail. While not terrible, your typical first-time homebuyer is looking for proximity to mass transportation. Especially if they work in Manhattan and would be taking the PATH or Ferry. Areas closer to the Hoboken PATH surely may be in higher demand, but there isn’t as much new construction (which is what homeowners are looking for
On the other hand,Jersey City is developing rapidly, and 95% of all the new developments/construction are located within a 5 minute walk to either the Grove Street, Exchange Place, or Newport PATH trains (depending on which neighborhood you are in, Paulus Hook, Powerhouse, Liberty Harbor, Hamilton Park, Newport, etc). Putting yourself in the shoes of a first-time homebuyer (most likely a NYC transplant looking for more space), why would anyone desire to live in a condo where a shuttle bus is required? In Hoboken, when RE was booming and before JC started to develop, homebuyers accepted the shuttle bus as they may have been priced out of waterfront Hoboken property (lack of supply as well). Now that Jersey City has started to revitalize (in the Grove Street area particularly), first-time homebuyers are flocking to downtown JC – because of its excellent proximity to PATH trains and also brand-new luxury construction/amenities. So, when faced with the choice of living in a brand-new apt 3 minutes from the PATH, or an older Hoboken apartment with the shuttle bus — obviously homebuyers are leaning toward downtown Jersey City.
Currently, in terms of neighborhood, Hoboken offers much more currently in the way of cafes, restaurants, nightlife, shopping. But for a first-time homebuyer, looking to invest in an area – JC is certainly a better value because much of the new construction is located near the waterfront and the PATH train. Add in the fact that you’re part of an exciting, growing neighborhood, and JC is the better option over (established) Hoboken. Already there are a number of excellent restaurants, cafes, and boutiqe shops lining the streets of Grove Street. To be fair, it’s nothing like (established) Hoboken, but it’s definitely a different feel — a type of urban, dynamic vibe that permeates through the streets, shops, and people.
Our view is that Hoboken real estate has seen a ceiling, while JC still has room to grow (once the US economy recovers, JC should soon exceed Hoboken RE growth).