Douglas Elliman

According to Douglas Elliman's latest market report, landlord concessions (covering broker's fees, offering free months' rent, doling out $1,000+ giftcards) have doubled over the past year for Manhattan and Brooklyn rentals, coinciding with a roughly 30 percent increase in inventory in both of the boroughs. Jonathan miller, author of the report, told DNAinfo, "There’s just been more product brought into the market through more development. More inventory has brought more concessions, more modest price growth and kept vacancy rates elevated. This has been a five-year development boom. It’s already having an impact."
What's going on?

Real Estate Trends

May 17, 2016

This $3M Duplex Townhouse Was Carved Out of a 1902 Waterworks Building in Brooklyn Heights

If you're looking for a home that feels like a townhouse, co-op and loft all rolled into one, this Brooklyn Heights property may be your best bet. It's located at 25 Joralemon Street, a waterworks building constructed in 1902. It has since been converted into six co-ops, each laid out like duplex "townhouse" units. All six townhouses have their own separate entrance and a unique floorplan, with this one boasting a totally lofty aesthetic.
There's also a private courtyard entrance

Distinctive Homes

May 11, 2016

Clinton Hill Mansion Designed by Iconic Brooklyn Architect Hits the Market for $3.85 Million

Once upon a time, Clinton Hill was a neighborhood of mansions designed by some of Brooklyn's most prominent architects. Many have since been demolished and replaced with either townhouses or apartment buildings. But this one at 186 Clinton Avenue still stands, on a stretch that was known as the neighborhood's "mansion row." Montrose Morris, a prolific Brooklyn architect, designed it in 1891 for William H. Beard, the son of the third wealthiest man in Brooklyn, William Beard, Sr. It's so massive it's been divided into several apartments—the property being offered is only one-half of the mansion, which holds eight units.
Take a look

April 1, 2016

Average Sales Price in Manhattan Exceeds $2M For the First Time

Last July, the average Manhattan sales price hit a record of $1.8 million, which signaled it was only a matter of time before it crossed the $2 million mark for the first time ever. Eight months later, that's exactly what's happened, notes DNAinfo. According to Douglas Elliman's 2016 first quarter Manhattan sales report, the average sales price climbed $2,051,321, a five percent increase from 2015's fourth quarter average of $1.9 million and an 18 percent increase from the same time last year when the average was $1.7 million. Additionally, the average price per square foot is now $1,713, a 35.6 percent from last year. The rise is attributed to limited resale inventory and increased closings in new developments, further evidenced by the fact the average sales price in this high-end market is $3.9 million, and the number of closings nearly doubled over the past year. And when we look at the luxury market, average sale prices hit a whopping $8.3 million.
More facts and figures this way

Uncategorized

January 5, 2016

Median Sale Price in Manhattan Hits 27-Year High at $1.15M

If you thought you were going to get a deal on a Manhattan apartment this year, you might want to reconsider your big plans. A new report from Douglas Elliman shows that in the fourth quarter of 2015, the borough's median sale price jumped 17 percent to $1.15 million, breaking a 27-year record, according to The Real Deal. If that wasn't enough to make you pause, the report also shows that the average sale price increased 12 percent to $1.9 million and the average price per square foot rose more than 28 percent to $1,645, both record setters. And while co-op sales were down 4 percent, condo sales were up a staggering 28.6 percent, with a median price of $1.7 million. Luxury listings are in a class all their own; their median sale price reached $6 million, a 25 percent increase.
More on the trends ahead

Real Estate Trends

January 2, 2016

Greenwich Village Apartment With Cottage-Like Charm Asks $2.25 Million

There's definitely something quaint about this apartment at 13 Downing Street, a 16-unit cooperative right in the middle of Greenwich Village. Its cottage-like vibe comes from exposed brick, a fireplace and lots of earth tones. It also feels cozy without being cramped, and spacious without being sprawling. The two-bedroom home is now on the market for $2.25 million after last selling in 2013 for $1.199 million.
Take a look

Distinctive Homes

December 14, 2015

A Massive Living Room Defines This Two-Bedroom Soho Co-op, Asking $2 Million

This two-bedroom, two-bathroom loft comes from a historic building at 37B Crosby Street, between Broome and Grand in Soho, that's been converted to a cooperative. Like many other downtown loft apartments, it is distinguished by its massive "great room"–an open living room, dining room and kitchen. Unlike the traditional loft, the bedrooms are built out in separate spaces. The design is completely modern and refined, paired with those great old loft details like high ceilings, big windows and exposed brick (there are even two working fireplaces throughout the apartment). It's all up for sale asking a cool $2 million. The apartment last sold in 2008 for $1.495 million.
Check it out

Distinctive Homes

This Greenwich Village Co-op, With Exposed Brick and Fireplaces, Is Like a Mini Chateau

This co-op apartment at 7 Gay Street in Greenwich Village packs in a lot of rustic charm for a one-bedroom. Flanked with exposed brick, with four wood-burning fireplaces, you could pretend like you're in a miniature mountain chateau rather than a NYC pad. Although there's only one bedroom, this co-op has been renovated to include a second apartment so it spans a total of 1,000 square feet. It's also a corner unit with both southern and western exposures. In case you're rushing to buy it–hold tight. The owner has only put it up on the rental market for either short- or long-term tenants. It's asking $6,250 a month unfurnished, or $7,000 a month for all the furniture to stay.
See more

Distinctive Homes

September 22, 2015

A Gigantic Duplex Loft Is Priced at $14.95 Million in SoHo

When it comes to this condo listing at 158 Mercer Street in SoHo, it is go big or go home. The apartment is actually a combination of two units, making for a duplex with an impressive 7,000 (!) square feet. Throw in five bedrooms, six bathrooms, and direct elevator access, and you've got one very fancy, very huge loft apartment. As you may guess, something like this doesn't come cheap. It's now on the market for $14.95 million.
Take a look

Distinctive Homes

September 10, 2015

A Totally Modern Brooklyn Townhouse With a Rock Climbing Wall Asks $4.25M

The best thing about shiny new modern townhouses? They can be really fun. Take this townhouse at 113A Columbia Street, along the Columbia Street Waterfront in Brooklyn, for example. It's a new-construction home, built in 2010. And over five stories you get lots of unique, fun custom details that really make this house one of a kind. The design, most of all, is kid friendly, with a rock-climbing wall making for one of the coolest kid's rooms ever.
Check it out

Distinctive Homes

August 28, 2015

Enchanting 1930s Tudor Home Is Just $429K, but Also Way Out in Queens

Have you ever heard of Laurelton? If not, start Googling. It's a neighborhood in Queens where you can buy a single-family home for $429,000—a very impressive price in today's real estate market. It's a Tudor built in around 1930 with a charming exterior, unique details on the interior, a small front and back yard and a garage. Of course, at that price, you'll make some kind of sacrifice—it's not located anywhere near a subway station. But if you're in the market for an affordable single-family, don't write this one off.
Check it out

Distinctive Homes

August 13, 2015

Rents Are Soaring Everywhere; Brooklyn and Queens Set New Records

We always hear that the summer months are the worst time to move, and the July rental report from Douglas Elliman confirms this belief, as median rental prices rose in Manhattan, Brooklyn, and Queens. Like they did in June, median Brooklyn rents set a new record, rising 4.1 percent to $2,968, just $450 less than the median Manhattan rent. If you thought you could seek refuge in Queens, you'd better go to your plan B; the borough's median rent rose 14 percent, coming in at $48 above Brooklyn, also setting a new record after several months of decline. And unlike Manhattan and Brooklyn, large apartments in Queens had higher rent increases.
More from the report

Real Estate Trends

July 1, 2015

Average Sales Price in Manhattan Hits Record High of $1.8M

The second-quarter market report from Douglas Elliman is fresh off the presses, and it shows that Manhattan sales have never been more expensive, averaging $1.87 million for all apartments, which is an 11.4 percent jump from this time last year. New developments averaged $2,011 per square foot, which is the first time ever prices have exceeded the $2,000 per square foot mark. Other records set during this quarter are for median co-op sale price ($795,000, up 9.7 percent from last year) and average price for luxury apartments ($8.2 million, up 12.8 percent from last year).
More from the report here

Real Estate Trends

June 11, 2015

98 Percent of Manhattan Rentals Are Occupied, Rents Keep Rising Everywhere

Looking to change apartments? Well apparently so is everyone else in the city as they get slammed with rent hikes. According to Douglas Elliman's latest rental report prepared by real estate guru Jonathan Miller, there was an 85.1 percent increase in new leases signed last month with units lingering on the market an average of only 41 days before being scooped up by a new tenant. Landlord concessions have also pretty much disappeared, they report, and the city's vacancy was a mere 1.65 percent in May. The takeaway: Even in the face of insane, and ever-rising rents—we're now talking a median $3,380 in the city (up for the 15th consecutive month)—Manhattan's is still full of crazy people (including us) willing to pour their paychecks into one-bedroom apartments with no views. Brooklyn, of course, was no better, with median rents also climbing to $2,961.
more here

Real Estate Trends

April 9, 2015

Renting a Studio in Manhattan Now Costs an Average of $2,691, Brooklyn Hardly Better

Remember the days when renting a studio was all about saving cash until you've really made it? That era is most definitely over as those looking to live humbly in small quarters should expect to shell out an average of $2,691 for a studio apartment in Manhattan, according to Douglas Elliman's latest rental market report.
Find out more here

Real Estate Trends

New Report Shows It’s More Expensive to Rent in Queens than in Brooklyn

Ridgewood via Cameron Baylock

February 12, 2015

New Report Shows It’s More Expensive to Rent in Queens than in Brooklyn

A new report released today by Douglas Elliman shows that Queens has surpassed Brooklyn in most expensive rents. The median montly rent in Western Queens rose to $2,905 in January, a 30.7 percent jump from the same time last year. That's $4 more than North and Northwest Brooklyn's median rent, which only rose 2.5 percent to $2,901. We shouldn't be so surprised, though. With constant news of skyrocketing prices in Brooklyn, a lot of attention has been turned to Queens, especially up-and-coming neighborhoods like Ridgewood, as well as already-established hip spots such as Long Island City and Astoria.
READ MORE

Real Estate Trends

January 6, 2015

Average Manhattan Sale Price Reaches All-Time High in 2014

According to Douglas Elliman’s fourth-quarter sales report, 2014's average sale price climbed to a new record high of $1,718,531, surpassing the pre-recession record of 2008. Plus, the fourth quarter had the second-highest sales volume in 25 years with 2,718 closed sales (the highest was in 2013, with 3,297 closed sales). What's to thank (or blame, depending on your feelings)? Jonathan Miller, author of the report and president of real estate appraisal firm Miller Samuel, told Curbed "Prices are up for two key reasons. New development contracts from the past few years are beginning to close, and new development is skewed towards high end. Plus, inventory is up 20 percent from last year's 15-year record low but most of that increase is from new development."
More findings from the report here

Real Estate Trends

September 16, 2014

Real Estate Wire: Inside 1110 Park Avenue; Oosten Condos Hit the Market

Renderings of what 1110 Park Avenue will look like inside. [Buzz Buzz Home] Condos at Ian Schrager’s upcoming Public hotel on the Lower East Side are poised to break a sales record for the neighborhood. Prices are said to start at $7M. [TRD] Condos at the Oosten have hit the market. The building offers up […]

Real Estate Trends

July 23, 2014

Greenwich Goes Industrial: Apartments in the Karl Fischer-Designed Nathaniel Now Up for Rent