Gizmodo has posted several beautiful pictures of a new hotel that will be next to the Williamsburg Savings Bank and near the Williamsburg Bridge. The location is ideal for some stunning views of Manhattan.

Williamsburg has been a trendy hotspot in the city for a while, so it is no surprise that an ultra luxury spot will be gracing the once grimy and now edgy hipster enclave. Designed by Oppenheim Architecture, the new building will extend over 400 feet into the sky, but it will remain svelte with a 16-foot deep footprint in a shape familiar to most Manhattanites, where the grid has encouraged long, tall, slender skyscrapers for decades.

The hotel will feature rhomboid windows to give it a unique shape and texture from the outside and breathtaking views of the Manhattan skyline from the inside. The architects hope to produce a “kaleidoscope” effect from the window shapes, reflecting light throughout the interior. This will surely give it an airy, roomy effect while maximizing exposure to the architectural marvels of Manhattan just across the East River.

The building also has a number of green features that should please environmentalists, such as the use of geothermal, wind, and solar power that will help the building to generate its own energy. The project has already received a Platinum LEED rating.

While the design and technology behind the building look toward the future, the architects have also tried to create a building that would flow freely with the traditional architecture and building styles of the area. According to chief architect Chad Oppenheim, the designers “did not want the hotel’s form to be in constant battle with the adjacent historic bank. We tried to accomplish more with less, opting for a timeless solution that delivers grace, and drama through powerful manipulations of scale, proportion, and materiality.”

The 86,000 square feet project has only just begun, so it will take a few years to see the project’s completion. With Williamsburg property values constantly on the rise, the new project will surely help that trend continue.

It’s no surprise that the Seaport Museum has endured such hard times. Unlike other museums throughout the city, this one’s sole purpose is to truly be a nautical themed museum that displays historical maritime relics of New York City.
The Museum of the City of New York has always been a stable organization that hasn’t seen the types of issues the Seaport Museum has seen with budgeting. City Museum’s director Susan Henshaw Jones made a statement stating that “We assume full responsibility for its management and its budget. We have complementary missions and complementary collections. The early ideal of the Seaport Museum and the entire district was to combine the ships and the buildings in a way that educated people about New York’s great seafaring past. We are committed to that combination.”
Although the grant money would not be put towards lowering the museum’s overall debt, it will aid the museum’s operating costs. Hopefully the merging of the two museums will provide a revitalization of the Lower Manhattan landmark.

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Recently, there has been a boom in rental developments throughout the city, as investors (not least of which is Toll Brothers) realize that the demand for housing is growing in Manhattan as the economy recovers and the city booms (even while the rest of the nation struggles, again confirming that NYC is a world of its own).

Savvy private investors with sufficient capital will avoid rentals because they would prefer to build equity instead of losing money on rent, so the demand for luxury properties has remained strong. Thus, it is no surprise that developer and real estate investor Harry Macklowe has filed plans to convert two properties from rentals to condominiums. The two properties are not too far from each other, at 737 Park Avenue (pictured) and 150 East 72nd Street, with sales to begin at the end of 2012 at the earliest (I expect them to be sold old by the autumn of 2013). Prices will range from $2.9 million to $18 million at the Park Avenue property; at 150 East 72nd Street, the 34 two- and three-bedroom units will go for anywhere between $3.5 million and $6 million.

Stuart Saft, who is head of Dewey & LeBoeuf LLP and who filed the plans on Macklowe’s behalf, was quoted as saying:

The expectation is that we probably will be out of the recession by then, and the economy will be booming and it will just be the right time to start selling apartments.

If successful, Macklowe will earn a huge profit. According to public records filed with the city, he purchased the prewar building on Park Avenue for $253 million in August. The quick turnaround from purchase to conversion also suggests that Macklowe expects an aggressive and profitable property market in Manhattan’s future.

However, Macklowe has made some big mistakes before; in 2008, he had to relinquish control of seven office towers in Manhattan after he was unable to refinance $7 billion of debt used to buy them.

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This isn’t surprising at all. Some investors have shied away from uptown, because the rest of Manhattan has seen higher rent increases than uptown, as the WSJ reports. This has kept prices from going up as much as they have in the midtown and particularly downtown areas, where demand has far outstripped supply and seems to be on track to do so for years to come.

At the same time, more recent increases in rent uptown have made it a prime investment opportunity, especially considering the fact that vacancy rates are staying low. Demand for rentals has surged so much that concessions to renters are starting to disappear, as reported by Business Week.

What makes this particularly interesting is that Business Week is reporting sluggish sales figures for co-ops and condos in the city, which directly contradicts the WSJ report and our own experience. While it is undeniable that the market slowed in 2009 and 2010, it seems that the sluggish sales are a thing of the past. The increase in rent and slowdown of new development construction has caused a severe decline in inventory that is already driving prices up in Manhattan Valley, and will continue to do so in the rest of the city.

We maintain that now is an ideal time to buy, whether it is an investment or a personal home. I personally have just purchased my own co-op in the city, because I believe so strongly in the strength of the NYC property market. Already I’m earning dividends; I am going abroad for a three-month project, and I wanted to rent out my apartment. It took less than 24 hours for me to rent my place out at the price I asked–which was exactly in the median for my neighborhood.

I cannot recommend enough buying a piece of Manhattan for your very own. If you are interested in taking a look at what is available in your price range, give Condodomain a call at 1-877-852-6636 or have a look on the website.

The machines are so big and the process is so laborious that the machines themselves are extremely worn by the end of the project–so worn, in fact, that the MTA has decided to bury one of the machines underground and seal it with concrete at the end of the tunnel, which they claim is cheaper than trying to scrap the machine itself. What an interesting site to see for archeologists in a few thousand years.

Downtown is a good place to live for a number of reasons, although I’ll discuss most of those in a separate post. One perk is transport: almost all of the subway lines that run north-south are accessible by a short walk in downtown. Travel to Brooklyn is fast and easy, too, and taxis are easier to hail at the bottom of Manhattan than any other part of the city (although, in all honesty, it’s not as hard to get a cab in the city as a lot of non-New Yorkers seem to think). Towncar services are also readily available in the area.

With all that in mind, it’s worth paying attention to new developments in the area, such as the new complex going up at 111 Washington. This 54-story building will be approximately 430,000 square feet high and will offer about 500 studios, one-bedrooms, and two-bedroom apartments. This increase in rental properties in downtown is in keeping with recent trends, as a number of new apartment complexes such as  the 76-square feet behemoth at 8 Spruce Street, the Gehry masterpiece on the eastern edge of the Financial District.

What does this mean for the real estate market? In such a small area, an increase in rental properties will probably drive up the price of condominiums because they are being crowded out by rentals. At the same time, it might not put much of a dent in the price of renting, since supply cannot keep up with demand, and an overabundance of luxury apartments don’t tend to lower rental prices in any case. Manhattan is a good market for buying, and you can see what is available to purchase at our website.

Whether their partner will be as efficient is another story. The Port Authority (the public authority that both is and is not a government body, and is one of the biggest powerhouses of the city) is infamous for its glacial pace and tough line negotiations, but it seems that we might see real progress on the venture soon. Construction at the site has developed in recent days, and there is visible progress to be seen through the chain linked fences surrounding the construction site.

The retail space will be prime retail property both for its location and for its symbolism. Knowing this, the developers have made plans for approximately 360,000 square feet of retail space to be built immediately. Only half of this will be available to shopkeepers, since around 200,000 square feet is reserved for the transit hub designed by Santiago Calatrava, itself a beautiful sight:

Alison Gregor at the New York Times is reporting that renters in the Financial District are already upping their asking prices for rents, with a staggering 36 percent increase in rents since spring 2010. Compared to a rent increase of 2 percent in downtown overall, this is a noteworthy spike.

Want to live in the Financial District? Care to see what residential properties are available near the WTC and around Wall Street? Why not visit our website or give one of our agents a call at 1-877-852-6636 today!

And while they’re always fixing up other people’s homes; they have also managed to rebuild and redesign their current home in NoHo. The six-story townhouse which was a gun store in its past life was a project that Rob Novogratz probably took extra care and love to design; turning it into an urban oasis for the entire family

Of their new show, Rob and Cortney say “Our new show is more design-centric than the other one. It’s all about how to re-create an environment, and show the viewers how to make it happen in their own space. And to inspire people to take design chances! Every week, we go into a space and do a makeover quickly, with a limited budget. It was a lot of fun for us, and very challenging to come up with so many fresh ideas under the gun and without a lot of money. But we always say that style and good taste is not about cash!”

And one thing that’s obvious from the get-go is that the Novogratzes are not afraid of color. They use it to brighten up spaces and liven up a drab, cold home to make it instantly more inviting. Perhaps the beginner won’t be able to execute every design, but they definitely show some fun and easy design ideas that can be implemented to any space.

When you decide that you’ve found an area of Manhattan that you want to live in; then it’s time for you to give us a call! The Novogratzes can give you design help and we’ll find you the right place!  Dial 877-852-6636 to speak with a representative today!

His replacement has been writing for the New York Times for quite a while and hasn’t (yet) earned many barbs from naysayers. Not to say there won’t be time for that, since the architecture critic for the New York Times will forever be facing the electron microscope of the design, architecture, and real estate worlds. We should know what to expect. Already a critic and foreign correspondent for the Times, Kimmelman has written on a number of political, social, and cultural issues across the globe, and the New York Times seems to hope this will make him a loved architecture critic as well:

He’s a native New Yorker who notes how growing up in the West Village made him “instinctively aware of the tenuous and evolving life of cities, and of people’s stake in how cities change.”  This, he adds, “was when Ada Louise Huxtable was the paper’s groundbreaking and inspired architecture critic.”

If Kimmelman can give the column the insider’s perspective that some believed was lacking in Ouroussoff’s work, the Times will be happy. I expect plenty of criticism to focus on his lack of an architectural background, but it still remains to be seen if this isn’t actually an asset for the column.

It’s only been six days since the announcement so we have yet to see his first offering, but I expect it to be impressive. With plenty of new developments in the city, there is plenty to write about.

Do you want to live in one of the architectural gems of Manhattan? Our agents can help. Have a look at our website or give us a call at 1-877-852-6636 to arrange a consultation today!

Real Estate markets in cities across the United States have had a rocky few years. The combination of downtown overbuilding and the economic recession was a one-two punch that drove property values down and increased uncertainty in the major cities. As we head into the dog days of summer, there are strong signs that many cities have started to emerge from their dog markets and present a viable, and in many cases a very strong, investment opportunity.

There are industry-wide influences, of course. Prices are at very reasonable levels in most cities and interest rates are at or near historic lows. If rates increase, the same property will cost you quite a bit more. A good rule of thumb is for each 1% increase, there is a 10-15% loss in purchasing power for the buyer. It’s likely that over the next few years, rates will rise 2-3% back to historical norms and buying power will drop rapidly. For many investors, this means that the time to buy is now when prices and rates are low and buyers have power.

Rising rents in many cities have outpaced ownership expense, making a purchase more cost efficient than renting and also increasing the likelihood of strong rental income and a cash flow positive opportunity. Additionally, strong foreign investment in several top US cities, buoyed by stronger foreign currency, the continued security of American investment, and the cache of a US address, provide built-in demand for city properties.

We at CondoDomain.com are big believers in city real estate in general, but I highlight 5 cities where I believe the current opportunity is especially strong. My opinions are based on a combination of data, our agent experiences and client sentiment. This is not a scientific study but hopefully sparks some thought and adds some value. If you have any questions in general or about specific cities or opportunities, please comment or reach out to me. Without further adieu, here is the list:

5 – Los Angeles, CA

There are strong signs that the real estate market in LA has hit bottom and is starting to rebound. Downtown LA was hit hard with a huge amount of overbuilding and some of the worst economic and housing downturns in the country when the credit crisis hit. Jobs and the economy have begun to come back and the oversupply of condo homes downtown makes it a buyers market.

While downtown housing is still partially depressed, the neighborhood has become a vibrant and hip social scene in Los Angeles. Housing will catch up. Additionally, the new Expo line for the Metro Light Rail will make commuting for work and fun much easier. Phase 1 (from downtown to Culver City) will be open within a couple of months and Phase 2 (from Century City to Santa Monica) will be finished in a couple of years. This is the first time anything like this has connected to the west side, a huge development for LA’s car-attached culture. The train will run above ground and the route will be landscaped with bike paths and greenery. The city already has forward-looking loft/condo projects cropping up in anticipation.

With downright low prices available and good prospects for the future, Los Angeles is my first investment market to watch.

4 – San Francisco, CA

A second California city takes our number 4 spot. San Francisco has remained fairly strong even through the downturn and is bouncing back well too. Starting off there simply isn’t any more room to develop on the peninsula, and there is always going to be a strong demand for premium housing in downtown SF. This point is driven home by the fact that the city’s effective rents rose 1.2% (according to the Wall Street Journal 7/7/11), a figure near tops in the country. Mercer Management Consulting ranks the city as having the highest quality of life in the continental U.S., and the region is the gateway to the Pacific Rim. This means foreign nationals will be players in addition to domestic buyers.

Continuing, there continues to be huge venture capital money invested in the area (more than $6.3 billion just during the recession). Job growth is on the rise, lead by high tech and life sciences professions. Overall unemployment has improved a full percentage point in the last year AND job growth in the high income/skill sectors is among the best in the nation.

Remember that we are talking about the city of San Francisco only in this recommendation, and not the whole Bay Area. Strong business investment, high-end job growth, international players and high demand/low supply mean an opportunity worth taking a hard look at in my book.

3 – New York, NY

The New York City Real Estate market is unique – almost a living and breathing organism like the city itself. Prices are high, demand is strong, and supply is limited… at least that’s been the story for some time now. Even in the early recession, the city’s housing market stayed relatively strong, but pressure built and finally forced a moderate price decrease in some areas. The city is expensive overall, but there are pockets of opportunity. The premium neighborhoods like Central Park West, the West Village and SoHo remain pricey and sought after, but even within those there are some streets and buildings where the investment opportunity is strong. Then there are neighborhoods like the Financial District where tax abatements and other subsidies make for strong opportunity across the area.

Rents in NYC are increasing fast as inventory becomes more and more scarce. Combined with the buying opportunities that can be found, this should lead to some strong cash flow situations for investors. Landlords in the city no longer pay any broker fees in almost all cases, a sign that renting property at the high market prices is relatively easy these days… and it’s a money saver for investors. Finally, strong foreign investment from all over the world continues across New York City.

So my summary on NYC: pockets of great opportunity combined with what should be high demand going forward and great cash flow opportunities.

2 – Miami, FL

Miami is more than just a vacation spot. It is the gateway to the United States for all of Central and South America and it has become a major financial hub in our country and for the world. Foreign buyers are a force in the city and promise to continue to be so. The soft dollar increases their buying power and the Miami address brings big-time cache, convenience and business opportunity.

The massive overbuilding in the late 2000s hammered condo prices in South Beach and especially Downtown Miami. While prices have hit bottom and are now starting back on the rise, there are still lots of very strong opportunities. The city has invested significantly in the Downtown / Brickell area and the neighborhood is looking good with outstanding public spaces and resident resources. Restaurants, bars and shopping have all recently flocked to the area.

It doesn’t hurt investor prospects that Florida has no personal income tax and a low (5%) corporate income tax. So – low prices, great amenities, favorable taxes and a massive foreign demand? Yes, that’s good enough for number 2 on my cities to watch list.

1 – Washington, DC

The pulse of Washington, DC is politics, as we all know, and this same government sector also powers the local Real Estate market. With the Federal government in town and all the lobbying and legal work associated with the public sector, the District of Columbia has one of the lowest unemployment rates in the country. In addition, the city has a highly mobile population that turns over frequently. DC has one of the highest migration rates from other states, and there is a strong foreign component too. There is always a high demand from buyers and renters alike.

Unlike the other cities on this list, property values in most of DC have been on the rise for a couple years now, without becoming excessive. It is cheaper to buy in DC than to rent and it’s a city with one of the largest rent-buy discrepancies in the country.

Inventory is scarce in Washington, DC. The economy is strong and stable and demand promises to be consistent. Our experience is that listings are selling fast and for at-or-near list price, and the aggregate data backs us up on this. I expect all these positive trends to continue and grade DC as my top investment city to watch.

Hoyt David Morgan is the President of CondoDomain.com, a web-based real estate broker that is hyper-focused on city markets and fanatical about its premium service. Hoyt can be reached at hoyt@condodomain.com.