The Brooklyn Made Show

Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month’s roundup shows a New York City real estate market that just keeps marching on. It’s rebuilding and reinventing itself every day. Rent regulations are shaking things up, but perhaps not in an ideal way for those who were hoping for rents to go down or stay low.

Retail is changing, but new industries and models are popping up and rents remain high. Billions of dollars are still being plowed into the local market and investment properties.

While there are still potential corrections and adjustments to be made in the property market, most of the talk of a downturn appears to have subsided. Transactions seeming to show new confidence in this strong market as the status quo for the foreseeable future.

Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors.

In the commercial real estate headlines…

Landlords are scrambling to deal with and get ahead of rent control regulations.

Many see little common sense in the way regulations are going, and that may not change. Some are trying to sue against new regulations. Others are getting more creative.

In response to the new rules Blackstone has stunningly pulled back from plans to continue to renovate the 100 building, 11,000 rental unit complex it bought on the Lower East Side for $5.3B. The giant firm is reportedly looking at other options for the properties in its portfolio, such as converting to condos instead of maintaining rentals.

Other landlords are re-evaluating their options due to rules which prevent taking more than one month of security deposit. Such as stopping renting to international students. Others are looking at insurance products to cover the gaps in risk.

Then you have new models which are moving to charge for a ‘membership’ to live in shared homes instead of traditional leasing. Models like Haven will cram 20 people into a house, four to a room and charge around $1,000 a month. Others offer pod share arrangements.

After several years of incredible growth, other companies who have been modernizing the industry are choosing to cash out. Airbnb is looking for an IPO exit.

WeWork is planning a $3.5B IPO in September 2019. A very, very modest sum given recent efforts to secure a $6B line of credit, and previous valuation of $47B. 

On the bright side, Amazon is very much interested in taking over the real estate industry. It’s a new partnership with Realogy and its subsidiary companies like Sotheby’s creates a new giant on the landscape and plenty of perks for those using the site.

While the market seemed to be struggling to find its footing for a moment, and there is still some adjusting needed to modernize and adapt for today’s consumers we appear to be in a new norm with low-interest rates and very high interest in investing in real estate.

Success seems to be all about marketing and pricing it right and tailoring with the right end consumer in mind. This is evidenced by new sales records being set. 

Content marketing is a big part of this, with on landlord crediting a single blog post for quadrupling its leased space on Park Avenue.

Meanwhile, in other big news, the largest demolition in New York City history is about to get underway on Park Avenue in Midtown East.

For Brooklyn Real Estate News

As tax authorities continue to raise taxes, deplete breaks and elevate assessments, some are finding relief in flexing their right to appeal. The latest data shows Brooklynites saved $57M in annual property taxes in 2017 by challenging their assessments. This is something everyone can do and often helps create a lot of extra value and cash flow. Developers are also continuing to gain millions in tax breaks to renovate and construct. Especially when their projects create new housing or save jobs. 

After pulling out of Queens, Amazon seems to have its sights on now coming to Brooklyn. Jeff Bezos is reportedly still evaluating several sites for a new 1 million square foot lease to house a new logistics facility in the borough.

While some old school retailers are battling with resizing and relocating, the booming weed business seems to be snapping up some of the voids. Williamsburg is to be the latest beneficiary of a new marijuana dispensary in a space asking for $200 a square foot in rents. It is the 4 NY location for Remedy.

 Hot London based co-living company The Collective is also expanding in NYC with a new hotel and apartment building in Williamsburg. ODA has been announced as the architect. The Collective is also currently working on a project in Bed Stuy.

In other boroughs

A group of residents in one Chelsea condominium building has become proactive about protecting their views of the Empire State Building by purchasing $11M in air rights. It will be interesting to see how this trend plays out. 

Famous actor Robert De Niro is planning to build his own 600,000 square foot production studio in Astoria at a cost of around $425M. The new studio will sit on a Steinway piano manufacturing site that is being purchased for $73M.

In the first half of 2019, just over $14B of Manhattan investment properties traded hands. Adding to the sales in the second half of the year is an almost $200M lower Manhattan office building sale, by the Rudin family who needs to cover estate taxes owed. A powerful reminder to get a strong head starts on estate planning.

In other notable sales, Maya Angelou’s former Harlem brownstone has finally sold after a year and a half for $2.3M. She purchased the investment property in 2001 for just $275,000. Her own home also recently sold for $4M.

In conclusion...

This month’s New York real estate news roundup is overall very positive again. There appears to be no shortage of capital or demand for well priced and well-marketed properties. Developers are still vying for titles to building the best and tallest buildings. Records are still being set. There is bound to be some substantial turmoil over new rent regulations. Those voting for them may ultimately, unfortunately, find the rulings extremely counterproductive. Smart owners and landlords are rushing to find ways to adapt and take leasing into the future with new models.

Well, that’s it for this month’s roundup. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best returns at NewYorkMarketReports.com.

Thanks again to our sponsors, The Ratner Team, and Spartan Renovations for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

Your home for biscuits, tangs and all-around fun with your troop.

[00:00:00] We always say that if we understood how much risk we were taking when we started, probably never would have done it. It was truly hubris and naiveté that got this place going because anybody who knew what they were doing would not have.

[00:01:45] Hi, I am Suzanne Lynn and this is the Brooklyn made show, and today we are going to talk with Ashley Albert of Royal Palms shuffleboard. It started out in Brooklyn and it's expanded into Chicago, but if you think the game of shuffleboard is only for old people, well hold tight because Ashley is going to make you think again. Royal Palms it's a cool combination of gaming and a bar and a hangout, it's all fun all wrapped up together. Ashley and her partner are trailblazers, and I cannot wait to jump in and get chatting with her. So grab your virtual shuffleboard stick because Ashley is on deck, tell us about yourself.

[00:02:26] Yes, so I am the co-owner of the Royal Palms shuffleboard club, and that is a giant vintage Florida's gamed shuffleboard bar. I have one in New York and I have one in Chicago, and I'm working on building a couple more. And it is like the very first nightclub shuffleboard bar, so it sort of looks like a bowling alley but it's vintage deck shuffleboard, like cruise ship style shuffleboard.

[00:02:57] That is fascinating, that's cool. How did you come up with this idea?

[00:03:01] So my business partner, he's one of my best friends and my holiday gift to him in 2011 was to become certified barbecue judges. So I flew us down to Florida to get our meet certification, it happens all over the world but it just so happened that the one that we picked was in Florida and I'm from Miami, I grew up there. So we went to the middle of nowhere Central Florida, and while we were there he said I won Florida we've got to play shuffleboard, he remembered playing with his grandparents at century village in Palm Beach when he was a kid. And so we did some research and we found the world's largest shuffleboard club in St. Petersburg Florida, and on a lark, we rented a convertible and we drove the three hours to go to St. Petersburg and play this a city-owned Municipal Park.

And it turned out that once a month, like a handful of St. Petersburg hipsters would get together and play on these yawns courts, and they happen to be there the day that we were there. And they shared their beer with us, and they taught us how to play, and they were playing music and we were like this is the coolest thing ever and this was still in Brooklyn. But we both had great jobs, we weren't looking for a new job I was doing voiceover living my life of leisure, and we came back up to New York just for fun, mostly pretending because we didn't think we were going to find a space big enough and affordable enough and then a good enough location in New York to do this.

We were just on the weekend go look at real estate, you know just pretending that we were interested in opening a shuffleboard Club and we walked into our space and I turned to Jonathan my business partner and I said okay, if we're serious about this we have to take this space, that if we don't take this space then we know we're not serious about this. Like this is how we know whether we're kidding or not, because this space at this price in this location is just not going to be here if in three months.

And we go you know what maybe we should open a shuffleboard Club, and we didn't have a business plan or any money raised or anything, and we just plunked our life savings down on the deposit for the lease, and then we scrambled about raising many millions of dollars, it's a 20,000 square foot space. So we only said that if we understood how much risk we were taking when we started, we probably never would have done. It was truly hubris and naiveté that got this place going because anybody who knew what they were doing would not have done it this way.

[00:05:37] What a story, I mean you make people dream like this can happen.

[00:05:42] Yes.

[00:05:43] I mean shuffleboard in New York, so how popular is it?

[00:05:46] It's wildly popular, it's crazy you know I think we know it was a good idea, you know I get invited on the panels and stuff to talk about risk and I think I am good at taking risks, but I'm also super cautious. I think I'm only taking risks that in my mind are not risky, and so I think we thought it was a good idea, and we people would like it, but I don't think we would never be in the hospitality before, I don't think we realized how hard of an industry it was and how lucky. And we do understand how lucky we've got, it's a different club on different nights so on Monday and Tuesday's we have leagues, and we have a hundred and twenty teams in our league in both cities, so about a thousand people playing between Monday and Tuesday night in each place.

And then Wednesdays and Thursdays we do a lot of corporate events things like that, and then Fridays and Saturdays it is a big bump and night club, it's like five hour way to entertain and there I never I bat fully out of the building too old and not cool enough to be at my club on the weekend. And then Sunday's all of our league members get to play for free all week, and they know better than to come on the weekends. So usually on Sundays a lot of regulars who are there practicing and a lot of locals you know drinking Bloody Mary’s and listening to reggae, and that's probably I love going to leak nights and Sunday nights are also pretty fantastic.

[00:07:17] So you've intrigued me, I want to know more about Friday and Saturday nights, I mean this is a bar where you can play shuffleboard. Actually, it's a good question, is it a bar where you can play shuffleboard or is it shuffleboard where you can get a drink?

[00:07:29] That's funny, so that's why we needed such a big building because we were like we don't want to be a bar that has shuffleboard, we want to be a shuffleboard club that has a bar and shuffleboard courts are six feet by 60 feet, it is a ludicrous waste of real estate. So we have ten regulation-sized courts in New York and Chicago, and Chicago I also have one on the roof and you know what's great about it is it's this giant space, and someone told me once well you built a bar for introverts. I'm not much of a drinker and I never got to hang up going to bar, so it's ridiculous that I own this giant you know crowded nightclub.

But because there's all this space in the middle of it that's not used, it never feels crazy packed and uncomfortable in there. And because it's so big there's like little things to do in every area, you know we have board games and there could be someone in the corner playing Settlers of Cathan for three hours, while somebody's on the other side dancing to the DJ, well somebody's getting food from the food truck like you can kind of choose your own adventure there which I think is really cool.

[00:08:46] How do you get a business plan from going from Florida to this humongous conglomerate that you've got running now, I mean you must have an amazing team.

[00:08:56] So the business plan itself it's a funny thing because obviously we didn't know anything about any of this and it was like okay well we have to raise money, we don't know how much money to raise, you know really we were smart enough at that point to ask anyone who would make eye contact with us to go to coffee, and we would just sit down with anybody from you know a restaurant owner to the person who was a napkin distributor, to someone who made whiskey to anybody who would talk to us we would talk to them. And so we really kind of collated a bunch of information that way, and then we borrowed someone else's business plan from a totally different industry, I don't even remember whose it was.

But we just took what the subjects were, like what goes into a business I'm like okay so in one section we need to talk about the neighborhood, and then in one section we need to talk about our competition, and in once section we needed to talk about the problem we're solving and so we just figured out what went into a business plan and then we wrote it.

But we wrote it very flowery and transported and we had colored pictures and images and funny things, and you know it wasn't this staid, professional business plan but as a result it really imparted and evoke the sort of transported feeling we were trying to explain about what we were hoping to do with the club. And the mayor's office in New York City told me that it was the second-best business plan they had ever read, and I was like huh really wat was the first business plan?

[00:10:37] We talked about where you are on personality, I'm pretty sure you're an achiever just by that statement, I'm going to go with achiever, yes.

[00:10:46] I think that yes you're probably right, I think I mentioned that I have under lead singer this children stand and we met with great success but it was never quite enough. Someone said to me what why is it that unless you become the Beatles you will not experience this as being successful, and people ask me all the time you know with the club like oh my gosh are you just so happy, I mean it's just crazy and I'm like no I'm not happy, I'm Jewish.

Like are you kidding, I'm waiting for it to be over I will be happy when we turn the keys back in and we walk away and nobody died, and we lived through it and it didn't run down, and we didn't get sued, once it's over I can go huh that went okay.

[00:11:36] But you were planning to expand, because you're fearless, so whatever you say I believe it's going to be done plus.

[00:11:44] Yes, you know I'm single, I'm in my forties, I spend all my money on my dog and he's got everything he needs, the kids got everything they need, they do not need any more toys or food or anything. So at some point you're like what is it that's moving me to do this, because it's not money and so I realized that I love my staff, really my superpower and I think that a huge part of what makes our place successful is that I'm great at hiring amazing, gorgeous, smart, funny, interesting people and my staff just makes the whole thing work.

And so I see them their lives change and grow and get bigger from being a part of this, and they've all become such good friends and so there's that, and then there's also the leagues and how I see those people's lives changing and these communities grow and people have fallen in love, and got married and started businesses and had children, and we've given them you know that we bought a support. It's not like just like a place you go where everybody knows your name, they found something that they're truly passionate about and you know I'm the 10th best female shuffleboard player in the world now.

[00:13:06] Are you really?

[00:13:07] I think it's crazy, I was the last person picked in PE always and I am an international athlete. One of my goals, I had a meeting with someone recently who helped get rugby into the Olympics and I'm like we need to talk. So I mean getting I don't know I've got a gold medal in me, but having one of my people win a gold medal at shuffle sport in the Olympics is a pretty good goal.

[00:13:32] You're fearless.

[00:14:22] Go ahead share a specific story where something wonderful happened, a couple fell in love, go ahead and give us some good chocolate detail.

[00:14:32] Well you know I'll tell you that I just brought 75 of my League members down to Florida to play in a shuffleboard tournament down there, we had so many people that we outnumbered the Floridians who were there playing. And they're probably 45 from New York and 30 from Chicago, and the New York cult has been open for five years, the Chicago club's only been open for a year so I was just dazzled at the fact that 35 people were willing to take time out of their lives to fly down to Florida to play in the shuffleboard tournament.

But I was gleeful watching like the New York League members fraternize with the Chicago League members, and it was like meeting people from your planet. I just watched them these are people who just by nature of being the sort of person who is seeking out playing an obscure leisure game once a week in a busy city, they were the same kind of people and it was so cool to watch them meet and bond and the flat fight that we were there we all went to karaoke.

And they were at one point somebody got up in saying landslide, Stevie Nicks landslide, and everybody was arm and arm swaying back and forth, singing the song together and I was like this is crazy, it was so wonderful to see, it was really great. 

[00:16:04] You're inspirational, I mean do you go into everything with this heart and this passion?

[00:16:11] I mean it's hard to say I think I'm a vicious perfectionist, and so I want to manifest everything to its highest expression, not even consciously I just think that's my always sort of what I'm aiming for and so to me that means doing really well. And so like you know I was talking about this to someone the other day, my business partner Jonathan he's the number four player in the world, we are equally matched in our ambition, I'm interested to see what his personality test would be but he loved to win, that's his motivation. He loves to win, and I love to be the best, and actually, though there are two different things, like I could care less about winning if I'm not going to be the best at it. So yes I think is it, heart, I don't know, I think it's probably pathology.

[00:17:12] I don't know because I'm hearing a lot of coming back to relationships and making people happy, and enjoying that heart connect.

[00:17:22] It's definitely a dream come true family activity for people whose parents are visiting them from out of town, because they don't have to just I mean how many if your parents are there for a week, how many times can you just go to dinner and have conversation at dinner, like at some point you're done with the catching up and maybe you had a couple of deep conversations and a couple of conversations where your gossips about Aunt Sue, and then where do you go. And so to be able to go to a place where it's not just a bar, it's an activity that you can all do together, everybody's on equal footing because that's the amazing thing about shuffleboard.

You know it's a hundred-year-old game, but you're never going to meet anyone who was an all-state shuffleboard player. So everybody whose playing is at best they played with their grandparents in Florida when they were kids or on a cruise ship on vacation, but nobody any better than anybody else. And so unless you're playing the retirees in Florida who are bloodthirsty, hey will just cream you on the course.

And that's another sort of unexpected perk of shuffleboard, is that I have gotten to be friends with legions of 80-year-olds, it's like really truly friends with not like condescending visit them at the nursing home friends, like equals and really am in a Facebook friend with like 80-year-olds. And I've come to really know them as people in a way that I could never imagine; it's having that BS feature of my life.

[00:19:03] I mean with a mature audience interested in shuffleboard and everything, I mean does it take athletic skill, are you burning calories?

[00:19:11] So I didn't interview cooking light once and they did the research and I think they figured out that it burned 130 calories an hour, so you know enough for a bag of chips.

[00:19:21] All right, I'll take that.

[00:19:23] You're not going to break a sweat, but I don't know if they've done any research on how many calories you burn being stressed out, and there's definitely it's a tense nail-biter of a game. I mean really emotionally it's very stressful, so I like to think that I'm burning calories somewhere along the way, there's surely what the court is all.

[00:19:48] What is your mission statement, if you really had to say I love everything you're pouring into this, I mean you're incredible.

[00:19:56] I think in both my life and my business my goal is always connection, and whether that is seeing other people connect with each other, seeing my staff connect with our guests and with each other, connecting myself with those people I think a lot of times I feel like I moved through the world a little bit like an alien, it's a very other.

And I'm always searching for fellow aliens, I'm looking around and I'm trying to put myself always in a position to meet people from me to it. I'm like are you a European, so I think connection for me to my people and also to see other people finding their people is really where I derive the most joy, and at the end that's the only reason I think any of us do anything.

[00:20:55] And so I haven't even gotten into any of the left brain stuff, because you're just so loving and you're so right brain. But to get into the left brain stuff, for those of us who don't play shuffleboard, never have but will after this for sure, I mean what do we need to know do I need to have special shoes, is it like walking into a bowling alley, do you rent the stuff when you get there? 

[00:21:15] You don't, it's really come as you are especially in our club because you know people, when I designed the club I worked with hotel designers instead of our designers, because I really wanted it to be the sort of space that first of all you had to feel instantly at home when you got there, it didn't feel intimidating even if it was grand. And also it's the sort of place you could feel at home in a tuxedo, and feel at home traipsing judo lobby and flip-flops and a bathing suit. And so it's really valuable that way in terms of coming as you are, I heard somebody told me that once and I thought actually I may yell for to you or they said if you think you're not cool enough for this place, you are everybody's cool enough for this place, which I thought was such a great compliment.

One of the things I tell people all the time because they say oh I've never played shuffleboard, I mean there's a certain group of people who grew up with playing shuffleboard in Florida or on vacation and they know what it is, but after it drops off after a certain age and I have young people ask me if I invented the game when they come to the club. They really have never seen it before; if I'm talking to my Lyft driver I've got to pull out my business card just show him the picture on the front to explain how to game work. But my staff gives everybody a lesson, as soon as they get down on the courts in two minutes and you're up and playing, it's very hard to be very good at shuffleboard, but it's very hard to be very bad at shuffleboard.

It's really something everybody can play and as I mentioned I have no hand-eye coordination or athletic ability, so if you and I went play ping pong I would never ever hit the ball back to you, I just did which goes flying all over the place or I'll miss it, it would just be a disaster and wouldn't be fun for either one of us. And you know same with pool, I didn't want to miss and then you clear the board well I just watched you do it, and you know with bowling you have to actually be pretty good to enjoy it otherwise you're just getting up to be embarrassed and disappointed. And also you're only really paying attention to the other person to be polite, unless you're being competitive with bowling you have no vested interest in what the person is doing, besides just rooting them on.

But in shuffleboard, you're playing next to your opponent and across from your partner, until first of all, it's a very connected opportunity to like have a conversation with someone because you're accountable to them, there's just the two of you next to each other for the time that you're playing. And one of my favorite things about the club is that if you scan the room nobody's ever on their cell phone, unless they're taking a picture they're never on their cellphone because you're really engaged, and you're standing next to the person even if it's awkward and you don't have anything to say to that person, you've got the game to focus on. And because your partner and their partner are across the way, you have a vested interest in what they're doing too so everybody's really interested in what's happening, and I think that that's a rare thing to find these days.

[00:24:23] It absolutely is, focus and concern for other people, I love that. So before we end this I've got to ask you about your cracker store and your cracker business very quickly. So I mean you sing for kids rock bands, you have shuffleboard business, after just going to play shuffleboard in Florida you just started this multi-million business and now you've got a cracker business and I'm just fascinated with it.

[00:24:48] Yes, so it's not a cracker store it's just a cracker company, it's called the matzo project and it's funny because it's very much based on my Jewish grandmother in South Florida, and shuffleboard also very much something I experienced with my grandparents or the kids. But somehow I'm just really all of my endeavors are just at one giant homage to my grandparents, but it's an artisanal matzah company and matzah is a cracker that traditionally eaten by Jewish people one week of the year Passover, and very stereotypically thought of as a spectacularly, un-delicious, not sexy cracker. It's called the bread of affliction for a reason, it is just dry and card boardie and not something that is, it’s beloved but in the way fruitcake is beloved the last thing you read much here and I'm not in any way religious.

But you know I buy matzah the way I would buy eggnog during the holidays like you know to participate and the festivities of it you might buy a box of matzah, but in the end, it's really just a good neutral crispy cracker. When I tell people about it is that it's more versatile than a pita chip, more flavorful than water cracker and more elegant than a Saltine, but it falls into that category. And so we have the traditional matzah crackers but we also invented something called the matzah chip, which is sort of like a pita chip or bagel chess but much you can eat many more of them, they're not quite as heavy.

And I have flavors which are revolutionary for matzo, so I have an everything flavor and the cinnamon sugar flavor and we just came out with a harissa flavor, and then I also make a matzo ball soup kit. Which is a new way that most people are familiar with matzo, and I don't think a lot of people don't realize that matzo balls are made for lots of matzahs because that's the thing you do eat year-round. And then I have a chocolate cluster called an egg Apache, that's a sort of wonder cluster of matzo caramelized rice and peanuts and salt chocolates really, dangerously delicious.

[00:27:07] You don't have to be Jewish to eat it because they sound really good, where can I get them?

[00:27:11] No, in fact I think Jewish people have the worst reaction to them, because they're like thanks anyway I've had enough matzah that'll last me a lifetime, it's really not Jewish people who are buying, it's a summons in a lot of little you know toolbox, specialty food stores and cheese shops and places where they don't even have a kosher section or a place where you would ordinarily go shopping for that sort of thing, it's really just an elegant cracker. And the box itself is very funny and eye-catching, so a lot of people apply it first for the package and then they try it, they go oh this is actually really delicious.

[00:27:52] Actually I'm serious I feel like we're just scratching the surface, but maybe we can have you on a follow-up maybe later this year, and see how things are going in, and see how many states you've moved into with your shuffleboard.

[00:28:04] Yes.

[00:28:05] Well thank you.

[00:28:06] Yes, thank you so much for taking the time, it was such a fun conversation, I really appreciate it.

[00:28:11] And when people want to contact you because you're just this awesome cool person, how do they get ahold of you?

[00:28:16] Well you know we're RoyalPalmsshuffle.com is our website, matzoproject.com is our matzo website, and yes that's the best way to find me and so personally you can find me on Instagram at PluckyT.

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month’s roundup shows an ongoing NYC building boom, with skyscrapers reaching even higher. In the background, the rent control regulation debate is still sizzling hot and could have a sizable impact on the future of commercial real estate throughout New York’s boroughs. Yet, billions are still being plowed into the real estate investment market, and a nonstop chain of towers are still filing for permits, breaking ground and opening up sales.

While there are still potential cracks and flaws in the property market, which could be opened by new regulations, most of the talk of a downturn appears to have subsided, with public opinion and transactions seeming to show new confidence in this strong market as the status quo for the foreseeable future.

Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors.

In the commercial real estate headlines…

NYC land prices continue to rise. While condo sales, retail, and Manhattan, in particular, continue to find their footing, land in Brooklyn has been trading at 6.5% more than in 2018, at $278 per buildable square foot.

Laguardia airport’s new concourse is set to open this fall. Delta has already invested $4B in the project. 7 of the new gates will open later this year, with a total of 37 planned. 

Last month we reported on Google’s continued high level investment in NYC. This month is it Facebook making moves. The social networking giant who is working on its own digital currency is reportedly looking to ink a new lease a Hudson Yards. Once closed Amazon may be the only tech giant now really missing out on the new surge in expanding here.

The billionaires at One57 are getting some new neighbors, and not everyone is happy about it. A new homeless shelter right behind the famous building which has been setting sales records and sits on Billionaire’s Row. The shelter is to be located in the old Park Savoy hotel, and is expected to house at least 140 people.

The old Hells Angels clubhouse in the East Village is getting new residents too. A new $10M flip is preparing a conversion into condos which will rent from $3,500 a month.

Of course, the big news of the month is the new The Housing Stability and Tenant Protection Act of 2019. These new harsh and sweeping rent controls threaten to severely hamper landlords’ ability to raise rents. Even when units become vacant or are given substantial makeovers. Obviously, landlords groups are fighting to sue back. If they are unsuccessful, some worry the new rules will turn off lenders and financial conduits who won’t want to take the collateral.

This year also marks the first ever Central Park squirrel census, which counted over 3,000 of these furry friends living in the heart of NYC.

If you’re still commuting and doing business in the city Google Maps’ latest updates hopes to help you predict just how crowded your bus or subway ride will be.

Fannie Mae says there is still no lack of demand for housing in the US, and that a tightening of lending is designed to help reduce that demand in order to better match the tight supply of available housing to buy. This appears to especially be a challenge for first time home buyer.

New data forecasts a continued short fall of almost half a million new homes to keep up with demand each year. Especially for lower end priced units. Zillow’s director of economic research says that we’ll have to get used to paying out an even greater share of our income for housing.

Even inf the industrial sector, there appears to be no lack of demand. According to JLL research

“Global industrial close-ended fundraising has tallied a five year average of $94.4B, nearly double the 2004-2013 average of $49.7B. Global annualized average oversubscription for industrial-focused close-ended funds was $16.3B 2013-2018, with U.S.-based industrial funds tallying a annualized average of $10.2B oversubscription in the same period.”

For Brooklyn Real Estate News

In an effort to cut greenhouse gas emissions by 20%, Park Slope is planning 6 new curbside electric vehicle charging stations. Each will be able to charge two vehicles at a time. An initiative that will perhaps finally help more locals find it viable to switch to cleaner rides.

Sadly, Brooklyn borough’s president has warned of ongoing title deed schemes and fraud that have been plaguing the area and forcing long term owners from their homes. A great reminder to get title insurance and always retain a reputable real estate attorney.

Governor Cuomo just attended the groundbreaking of a new apartment complex in downtown Brooklyn. The 129 Nevins Street Apartments are a $72M redevelopment and new 10 story tower aimed at housing low income residents, the formerly homeless, and those with mental health and substance abuse challenges.

Before the summer is over, make sure you grab a blanket and head out to one of Brooklyn’s outdoor movie venues. Films will be playing at Prospect Park, Fort Greene, Narrows Botanical Gardens, Brooklyn Bridge Park and McCarren Park.

In other boroughs 

In Manhattan, two 432 Park Avenue condos just sold for $61M. Though it’s worth noting that penthouse #94 sold for almost a $10M discount from the listing price, or 25% under what was being asked.

Two developers turned their eyes to the Bronx last month, partnering up on a $76M deal to convert 400 units back to affordable housing.

JP Morgan has officially pulled permits for its new building. Though has dramatically downside the final height to just 1,322 feet, taking it out of the running for the tallest building in the city by roof height. All while 350 Park Avenue building plans have been unveiled for a new 1,500 foot supertall.

In conclusion...

This month’s New York real estate news roundup is positive overall. There appears no shortage of capital or demand for well priced properties. Developers are still vying for titles to building the best and tallest buildings. Though there does seem to be more focus on the low income and affordable housing end of the market, and taking better care of all New Yorkers.

Well, that’s it for this month’s roundup. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com.

Thanks again to our sponsors, The Ratner Team, and Spartan Renovations for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the 1stquarter of 2019.

Whether you already own or you’re looking to buy into the City’s fastest-growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Home of the New York Giants Manhattan’s iconic skyline is home to 1.6 million people and remains one of the most desirable places to live and visit on the planet. yet, the Multifamily market is still steadily suffering a decline – both across the borough and across the city. Sales volume this quarter totaled $996.9 Million: A shocking 36% percent decrease over last year’s first-quarter sales volume. Square-footage pricing actually substantially increased. Going up 36% from 2018, to an average of $794.

Average selling prices in Manhattan have increased, up 45% percent from last year’s records and coming in at $736,000 per unit across the island. While total transactions have decreased 34% percent, with just 74 sales in the 2018’s second quarter. 

Though Manhattan’s volume market is trending down, the top sales numbers still rival the skyline in height. The 1st Quarter’s top sale is located in Tribeca, where 450 Washington St sold for a striking $260,000,000.Though, at just $851 per square foot, that sale is far below the average square-footage of the top ten most expensive Manhattan neighborhoods this quarter:

Lenox Hill tops off the list at an average of $1,170 per square foot. Carnegie Hill comes in second at $1,064. Upper West Side a close third, is at $811. Hell’s Kitchen listed at $706 per square foot, East Harlem at $640, East Village at $559, Harlem at $352 and Washington Heights rounds out this list at $322 per foot.

Harlem was the neighborhood with the highest volume of multifamily sales in the first quarter of 2019 again, with 15 total transactions. Both Lenox Hill and The East Village followed close behind, claiming 9-12 sales each. Bargain-seekers should consider looking in Hudson Heights & Inwood, as the average price per square foot was only $205 at the beginning of the year, despite growing interest and activity in the neighborhood.

You can visit our website,www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know and subscribe. We’ll put out new content and a whole new report every quarter. 

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Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

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Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the 1st quarter of 2019.

Whether you already own or you’re looking to buy into the City’s most fashionable market, we’ll keep you up to date, so you can make the smartest moves. 

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on the rise since the second quarter last year. Brooklyn’s Multifamily market declined a big 34% percent from 2017’s first quarter. With sales volume this quarter coming out a bit low at $885M.

Yet, there is a great value to be found, with square-footage prices decreasing by 1% percent from last year’s quarter. Now standing at $401 dollars on average. Average selling prices went down to just$370,000 per unit –a difference of 1% percent from this time last year. Total transactions slowed down by 13% percent to 390 in 2019’s 1stquarter.

The Multifamily market is trending progressively higher during this time of year for the past several years. Brooklyn’s top sales are still numbers to marvel at. The top sale recorded in the first quarter of 2019 can be found in Williamsburg: 395 Leonard Street sold for $130,442,381 in February. At a $698 a foot. 

Even at that high price, however, it doesn’t garner many square feet in the most opulent neighborhood of Brooklyn.

The top ten most expensive neighborhoods this quarter were as follows:

Park Slope, with its townhouses, brownstones & beautiful parks, tops the list at an average of $853 per square foot. Fort Greene comes in second at $820. With Clinton Hill coming in third at $665. Carroll Gardens comes next at $646 per square foot. Followed by Williamsburg at $626, Gowanus at $564, Greenpoint at $538, Kensington at $495, Dyker Heights at $495 and, tenth but certainly not least, the Prospect Heights area averaged in at $490 per square foot.

Bed-Stuy was the winner for the highest volume of Multifamily sales this quarter again at 45 total sales. East New York was the same at 45 sales. Bargain hunters check out Brownsville attractive average price per square foot, at just $218.

You can visit our website,www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

Plus, see our report on Brooklyn’s innovative piers, what they have to offer, what’s being built on them, and consider how they may change demand and prices in the near future.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at [email protected].

We’re full-time professionals and always here to help!

Thanks for listening.

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Daniel Gordon is the founder of a content marketing organization that helps brands that truly cares about their audience in building a relationship with their customer. He believes that by helping them to make an effort to inform, educate, equip, engage, and inspire their customers they’d create a community of customers or clientele. I further explain the peeks of content marketing and how it involves providing anything that is just basically written, like articles, email, newsletters, social media posts, case studies, e-books, videos, brochures or things of that nature. He basically explains that business that engages in content marketing boils down to them thinking like a marketer, in terms of just going after it, care about the experience you're creating, build relationships, treat people well, connect people and thus not just thinking like a brand but becoming. Because by using the resources you're given and the success you’ve earned to keep feeding the machine and separating yourself from the pack.

[00:01:49] Hi, I'm Suzanne Lynn and welcome to the Brooklyn made show. Now you may have heard the term content marketing being thrown around and you kind of wonder what it is, maybe you summarize. that it could mean sharing information about your business or organization you would mostly be right, but it's actually about so much more than that, it's really a way to have a voice and a conversation with people around the world digitally but there's no point in me going on about it because we've got a real expert, His name is Daniel Gordon and he's doing some tremendous things for his clients in the content marketing arena. So let's dive right in.

All right, well Daniel I'm going to start out with what exactly content marketing is? I mean when I think about content marketing is like this gigantic universe of information and I don't exactly know what your world, you're part of that is. 

[00:02:43] Yeah, yeah it's truly vast and nebulous, so content marketing boils down to truly caring about your audience and building a relationship with them. So it's making the same effort to inform, educate equip, engage, and inspire that you do to sell. So the way you do that tactically is by creating online content around your products and services. So I think articles, email, newsletters, social media posts, case studies, e-books, videos, brochures, things of that nature. You'll find varying definitions of what's considered content marketing and overlapping terms like Inbound Marketing, digital marketing, that's content used for online marketing, you can go ahead and call it Content Marketing, don't worry about it.

Even your traditional marketing collateral like sell sheets and flyers can be repackaged or repurpose for content marketing.

[00:03:42] Because it's got the information but it's the way you're presenting it to people that it's content marketing?

[00:03:47] Exactly.

[00:03:38] I got it, I got it. So what is the foundation of your business? Is it based on heavy blogs or web design, as a client what would I be coming to you for?

[00:04:05] Basically anything written, so again all those things I mentioned, they all have one thing in common which is written content. So if it's… I'd naturally get a lot of business for Blogs because that's really the foundation of it all and the web site concept and e-mail blasts and we'll probably get into how these things intertwine and bounce off of other as we go through the conversations. 

[00:04:34] I would love that because I really want to understand more but I've got a good idea of what it is that you're doing. I want to how did you get into this and how are you able to turn probably something as a good writer that you enjoy doing into a business.

[00:04:47] Yeah-yeah I had to sell out a little.

[00:04:50]This is juicy stuff, turn the radio up, that's right.

[00:04:58] Yeah-yeah, so my background is in journalism and I always grew up writing when I was little all I cared about was writing and basketball. It’s all I wanted to do, I actually started… like around high school I started writing songs, which led me to a brief stint in the music industry, I was managing producers and songwriters, trying to get my own stuff noticed of course but that never quite hit as a career, definitely wasn't going to be prosperous. So I got a job in marketing as a copywriter, from there I took right to it ended up moving onto a marketing agency and I couldn't get enough of it, so I started taking freelance work on the side. 

My 1st marketing job was actually still a client to this day about 6 years later. Yeah-yeah, it is hopefully a testament to how I do things and I at least believe that. So eventually I had enough freelance work to think I might be able to approach my salary that I had at the marketing agency which wasn't very high, so I took the leap it was very calculated, methodical, strategic, I talked to my family, talked to mentors they all supported him believed, so I knew the demand for writing was really high too, thanks to content marketing and the timing was right, so I was ready to go all in.

[00:06:25] Were you scared?

[00:06:28] Not necessarily scared, I think it's a huge risk right here, putting your life on the line in a sense again I thought I had everything in place and all you can really do is try to put yourself in a position to succeed and put something valuable out into the world and I thought I had that and that was really all there was to it.

[00:06:55] So basically you just tried to mitigate you know how bad worst case scenario can be but you know what I love about this and I'm getting so excited is hearing you bet on yourself, you didn't stay in a job that you felt like well I'm always going to need the security of a paycheck and you know I just bloom as much as I can under someone else, you went for it.

[00:07:19] That makes me so happy that you said that phrase because I tell people all the time you know really what a lot of these decisions come down to for life in business is betting on yourself and the way I put it is if I’m going to bet on myself every day, so what am I even doing? so not necessarily a coincidence that you phrase it that way, love it.

[00:07:42] I just love, that’s amazing. Ok so I want to talk more about the positive things but is there anything that you struggle with as a freelancer? Is there any advice you've got OK we know to mitigate worst case scenario prepare yourself and I love the fact that you say you had mentors, you didn't just try to do this on your own you were very strategic and tactical. What is one piece of advice that you would give people that maybe you didn't see coming?

[00:08:13] I think all the things that you're going to expect to be challenges, all the things that you read on you know article and managing your time and getting clients and running the books and all that those aren't going to be the things that become challenges. It really boils down to just running like a business and for me honestly, I've been fortunate, the biggest challenge has been managing growth and making sure I'm getting new clients and you know taking care of people who I have while I'm at it.

I'll tell you a little story that kind of puts this in perspective in terms of just like go, keep going and don't worry about all the things that you think are going to be challenged. So when I said leaving my job was calculated, part of that was I had been generating freelance leads for weeks and months prior, so my 1st day as a freelancer, I woke up I started checking my email in bed as we all do nowadays, first thing when we open our eyes. 

I was laying there and the 1st thing I see now is my 1st-day freelancing, so the sun comes up is an email saying thank you for your interest in such and such we regret to inform you that you don't get this gig, it was a huge company. And a gig that I was thinking I was going to get and be like wow, I’m really hitting the ground running here, I didn't and luckily that wasn't the trend and one of the few times that's happened but the reason I tell that story is to put it in perspective like just you can't let anyone single thing build and turn into a big thing, you just have to have that mentality where you keep going and nothing's going to stop you. 

[00:10:11] You know the day is going to end and there's going to be a new day a new opportunity.

[00:10:18] Yeah, I love telling that story.

[00:10:20] So I want to know how can a smaller mid-sized business build a content strategy you know said to come to us like Daniel, we have a lot of information, we just don't know how to get it out there, how can we partner?

[00:10:36] Yes, that’s a good question. So 1st you need to have a brand strategy. So you need to know who you are, who you're not, who are your audiences, who they're, not what your tone of voice is, what it's not and all of that. So a little bit of soul searching and the reason is that your brand identity helps you understand what type of content you want to create. So if my audience is very professional and my voice is sincere, I'm not going to be on Facebook posting my morning latte art or whatever coffee I've got, I'm probably going to be on LinkedIn posting my morning motivation and some snippet of business advice.

[00:11:18] So you have to be consistent with who you are? 

[00:11:22] Yeah-yeah, otherwise you're just going to go with whatever the buzz is or whatever someone is in your ear about. So you really start with that, like I said soul searching. Once you have that budget obviously becomes a factor right, so the good news is you don't have to spend stupid money and you definitely don't need to spend it on software or tools, this is a concept marketing is a human thing, humans talking to humans.

So where a lot of people go wrong with budgeting is like I kind of mentioned spending it all in one area from a business owner and I see Instagram has all the buzz, it's all I see or hear anywhere. Everyone's telling me to do Instagram, so I spend all my marketing dollars on Instagram. Meanwhile, my website hasn't been updated in years, I haven't posted a blog in months, I'm not sending out an email blast to the people who have already purchased from me, Instagram might not even be the best social media platform for me. So content marketing is really an ecosystem of your entire online presence and my best advice from there is to put everything on the board that you think you might want to create. Almost like a wish less and from their work down to priorities. 

[00:13:29] I want to put this into like a real business model let's say there's a real estate agent and they come to you, what would this look like for them as a real estate company?

[00:13:40] Yeah, so a lot of real estate agency and especially here in New York are doing content marketing really-really well and a lot of them aren’t. so there’s huge haves and have nots, especially in the real estate. For real estate agency, I think it's about building your brand so the corporate side of content marketing, meaning things that go on your company website blog and all of that and from there it's equipping your agents with content that they can use to educate and assist clients, their clients aka your clients at the end of the day if you're just bringing agents in and leaving it to them to do all the marketing with the business card and listing credits or whatever it is, you're setting most of them up for failure. 

[00:14:33] They’re going to get lost in the crowd, right?

[00:14:35]Yeah yeah-yeah and with that you're hurting your brand in the process because you're going to create this huge shift fog of what people are representing you as or saying to people, so a content strategy for real estate agency will almost always include email marketing and social media, it's just the nature of the business of showing homes and apartments, quality photography and video is obviously huge too. And of course since real estate is so referral based and reputation base the ongoing element of content marketing is what you really want to tap into. 

So keeping in touch with your past clients as much as you're trying to get new ones and if you have the resources to create you know your own brand or blog or publication or whatever it might be that even better. So think beyond the listings themselves and invest in your content and your space, your arena and your audience.

[00:15:41] So OK, let's say a real estate agent an independent person is listening to them and they can't do anything about how the companies themselves are branding but they can control and change and rethink the what they're doing and how they're content marketing. What would that look like for them specifically as marketers?

[00:15:59] Yeah!! So social media is usually the 1st place they go, I actually follow quite a few real estate agents across the country on like Instagram and stuff just because I think they do a good job and it's fun to see someone kind of creating their personal brand and doing it right. So if it's your real estate agent, you're essentially a freelance right? You wake up every day like you know how am I going to make a living, so I think what it really boils down to is thinking like a marketer in terms of just go after it, care about the experience you're creating, build relationships, treat people well, connect people and if you're a top performing real estate agent, I would take that a step further and say don't just think as a marketer think like a brand. Use the resources you're given and the success you’ve earned to keep feeding the machine and separating yourself from the pack. 

[00:17:09] Daniel you know what I keep hearing you come back to is that you're thinking about the person you're marketing to, I haven't heard you say very much about I… we… you know it's about meeting people and what are the needs that you're helping to serve with?

[00:17:27] Yes!! so like I said a big part of it where I usually end up starting is helping companies understand themselves 1st before they try to understand who they're talking to and then the last piece of it is understanding how to reach them. So brand voice is a big thing as we kind of got into on you know the real estate agency part, especially for bigger companies or even mid-sized companies, you want your voice to be consistent across the board, either you have a great brand voice or you don't really have one at all and if you don't have one that can become a huge problem.

In terms of you know what I'm helping them with, there is so much content to create once you get this and you believe in it and you understand it, the floodgates just opened up, so I have clients who literally didn't do any content when I 1st met them and now they're doing you know several blogs a month or even a week, they're sending out emails blasts every week, their social media page is just sharp and with most of their own content, not just copied content and now they're wanting to create a study they want to market collateral and brochure and eventually after you master content marketing for a while is when you move on to paid advertising, particularly on social and digital ads and all that.

[00:19:17] My mind is just spinning, I've got so many questions.

[00:19:21] Hopefully, I'm not going to fast going great.

[00:19:23] I do have to kind of get into a little bit of a touchy question here and if this is uncomfortable for you, you know let me know, it might be too wide but we've got to talk about money, what does this cost?

[00:19:34] Most profitable businesses that truly want to grow and build brand value can comfortably spend at least say 3 grand a month on content marketing, the reason they might be hesitant is because  they're thinking of it like the silver bullet that's just going to hit overnight or they get stuck in that vortex that I was describing of choosing one small part of content marketing and ignoring all the rest and then being like why isn't this working.   

So really it's something that you should fill into your budget moving forward, the same way you calculate how much your payroll is, how much your insurance is. It goes into your marketing budget and the most important thing that I can share is either commit to it or don't. If you're just going to do it for 2 months, 5 months or some period of time or you think it's a project, it's not going to work.

[00:20:34] It's not a microwave.

[00:20:38] Yeah exactly and I'm not trying to give that soft you know it takes time and not overnight rhetoric but it really is true that content marketing is ongoing and builds on itself and with that don't worry, it's not a vacuum, it's very measurable by any means. You’ll know if you're doing it right and it's helping you know, you'll see it in the numbers and in your everyday interactions in terms of people knowing, caring and supporting what you're all about.

[00:21:09] So when you're talking about I mean 3 grand a month. You get a few clients and you're going to need to hire somebody on, how do you feel about that?

[00:21:20] That's a great question, so the short answer is I have people helping me who helped out with some of the foundational stuff. Not the long answer but the real answer is I can't get enough of this stuff I keep jamming hours into the day, into the week, I can't stop I truly enjoy it, it makes me feel excited and fulfilled. So as of now I just keep adding time and any of the administrative and more tactical stuff that I can offload, I can outsource but it's a core time for me now because I'm still doing most if not all of the writing myself. 

[00:22:12] So you had to think about how do you avoid burnout. I mean it seems like you just keep saying I love this, I want more, I want more money but how do you be careful of that? 

[00:22:22] Yeah, so this is pretty much all I do, anything else besides work is keeping myself happy and healthy, so I can continue to perform at a high level. One of the ways I avoid burnout is by traveling. I have clients all over, when I can get on a plane or a train, step into someone else's office for the day, make an impact and then break from there and keep the momentum going every day, that's just I mean no matter how tired or busy I always get up for that, who doesn't want to do that. 

[00:23:05] Especially in New York.

[00:23:07] Yeah!! Exactly and I'm also very conscious and compartmentalize with my time which is which might be a takeaway for some people here, so I'm going to get my sleep and get my work out, so I'm going to spend time with family and friends, I’m going to watch sports, it really boils down to just preserving your passions and knowing the difference between working hard and running yourself into the ground.

And of course the underscore to all of this is that I can't say I've been maintaining that perfect balance all the time, so you just you know you keep going and if the share your mind your body you-you gotta slow down then you do and then you pick back up.

[00:23:49]Yeah I like the fact that you're very aware of all wholeness in your life, not just physical like getting enough sleep and eating right but I mean you're watching things on T.V. that you enjoy, you’re spending time with family, that's easy to forget, especially when you're busy and you’re passionate about what you do.

[00:24:05]Yeah-yeah, totally I'm a strong proponent of mental health and all those types of things. So that's very important to me and you know I hope important to everyone else doing the same thing that you know you're still living your life even if work is an interval part of it.

[00:24:30] And it sounds like what motivates you are the people that you get to work with?

[00:24:34] Yeah. I love my clients. Basically, all of my clients have been with me for years and the ones who are because they just started and part of that is just you know like I said being fortunate to meet good people, who value what I do and I think honestly you know I can say another big part of it is just…. That it's truly important to me to take care of the people who come to me for business and caring about what I give them and caring about them personally and their business. 

[00:25:17] You can hear that, I know you talking about going to offices and visiting with people but technically you could do this from anywhere with you know the technology that we have today, why Brooklyn?

[00:25:29] There's no place I'd rather be. Brooklyn has so much heart, so much character, I'm from nowhere near here my grandpa actually grew up in Brooklyn, so I have a little of it in my blood in my background but once I moved to Brooklyn, I just fell in love with the grind. And just how you feel when you're there, I love all the neighborhood, all the local businesses that are doing nationally, globally, you’d be amazed at how many businesses are doing global things under the radar in small Brooklyn neighborhoods.

I spend about a 3rd of my time traveling and every time I come back, it just feels more like home.

[00:26:19]Oh that's great, well we're kind of having to wrap up a little bit but do you have any recommendations for business owners to get started in content marketing?

[00:26:27]Yeah, so if you're just getting started focus 1st on what I call the Big 3 of Content marketing; blog, e-mail, and social media. So those 3 things intertwine really nicely and you can get a lot of mileage and build a lot of just like I said brand value from them alone. Those 3 things, blog, email, social. So a couple blogs a month, a company email blast a months, a few social media post for a week, all based off of the same ideas that you're working with content-wise, to set the foundation to create a bigger and better things with your content and again don't put all your focus to one tactic. And definitely don't plan on doing it all yourself, put a team around you and like I said to buy into it, start small, start with the basics and just start from there.

[00:27:28]Start with Daniel Gordon that's what I think. 

[00:27:30]Yeah-yeah you can just go to my website www.danielgordonwrites.net and just go to contact, fill out the form, it's just your name and email and a short message and I'll get right back to you.

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New York Real Estate Market Updates

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Welcome to the Brooklyn Residential Sales Real Estate Market Report for the 1st quarter of 2019

Whether you already own or you’re looking to buy into the City’s fastest growing market, we’re keeping you up to date so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

In this Brooklyn report, we cover the average residential sales in this sprawling borough of historic brownstones, row houses, and exciting new developments. Keep listening for the record-high sales of this quarter.

Residential average sales prices for Q1 2019 in Brooklyn are bit lower compared to last year’s report, with a 1.8% percent decrease over 2018. Median sale prices fell to $964,324,000. And this quarter, we saw a decrease of 8.1% percent in the number of transactions. Totaling 2,216 in Q1, 2019 compared to 2,474 in Q1, 2018.

New Development Condo sales in this 1st quarter sold for an average of $1,058,287 at an average of $984 dollars per foot. That’s in contrast to $1,173 per square foot last year. This was a 16.1% percent decrease in price per foot from the same quarter last year when the average sale price was $1,324,707. The average sales price of new condos saw a decline of 20.1%. According to this quarter’s data, these properties are spending a bit more time on the market: this year. It took an average of 107 days to sell a new development property, versus 104 days in Q1, 2018.

Existing condo sales prices are on a slight decline as well. The average condo sales price in the first quarter of 2019 was $1,000,769. A dip from $1,045,015 last year. And a 4.2% percent decline from the first quarter last year. The average marketing time for these properties increased: 102 days on market this year, versus 90 days in Q1, 2018.

Co-op sales prices increased this quarter. Selling at an average price of $595,819 dollars—an increase of 3.5% percent from last year’s $575,917 dollars. Selling time has also increased: co-ops sat on the market for 81 days in quarter 1, as opposed to 79 days in the same quarter last year. 

1-3 unit family homes performed about the same, with a very small increase in price and an increase in marketing time. This quarter, the average 1-3 family home sale price was $1,107,993, up 0.1% percent from $1,106,656 last year. Houses also sold in 20 more days. Properties, on average, were on the market for 100 days, versus 80 days last year. The data shows that 1-3 family homes under $1,500,000 are still in high demand!

In the Luxury Market this quarter, the average luxury property sales price was $2,724,093 That’s a slight decrease. Down 2.3% percent from last year. These properties also took longer to sell, being on the market for an average of 105 days, versus 103 last year.

Across the board, the average recorded price discount was 0.6% percent. Yet, it is important to note that at least homes are still rising in demand and value.

Now, to Brooklyn’s top residential sales in Q1 2019:

The top single-family sale in Brooklyn in Q1 2019 can be found in Williamsburg. The selling price of 138 North First was an incredible $5,250,000 – about $1,400 dollars per square foot. This rare 25-foot wide, brand new constructed townhouse in the heart of Williamsburg is unlike any other. Designed for comfort, but aesthetically impressive with state-of-the-art technological adaptations and grand spaces. This magnificent 4,700-square foot, super-quiet home features herringbone-patterned pine floors throughout, hand-hewn structural beams from the iconic Domino Sugar Factory, with wood that can’t be found anywhere else in the world except the Whitney Museum of Art.

Dumbo took the top condo sale of the quarter. 51 Jay St Penthouse A sold for $4,709,915. This duplex penthouse commands stunning views across DUMBO with north, south, east and west exposures. The three separate multi-level terraces provide a total of 1,388 square of private outdoor space. The herringbone-patterned floors are smoked, wire brushed oak. The kitchen's custom wood cabinetry by Aster Cucine features antiqued details and stainless steel hardware. La Rochelle Gris marble slab countertops and basalt porcelain tile beautifully finish the space. The Gaggenau appliance package includes electric convection oven and gas cooktop with 6 burners, refrigerator/freezer, wine cooler, dishwasher, and microwave built-in drawer.  

Park Slope took first place this quarter for co-op sales. Winning a record sale for the top co-op at $2,950,000. Located at 35 Prospect Park W #7C, in a full-service building, this classic six-bed home has a generous layout over 2,200 SF, original parquet floors and moldings, and other elegant original interior details intact. This apartment exudes warmth and sophistication and exemplifies the thoughtful combination of new with old. Enter into a gracious 23-foot long foyer leading to the south-facing 25-foot formal living room with sweeping views of Brooklyn, complete with a wood-burning fireplace encased by custom built-in shelving. The 21-foot formal dining room, accessible from the foyer through a set of glass doors or the kitchen, can easily accommodate entertaining on a grand scale and is cleverly configured with a second living area. The kitchen is fully complemented by a windowed breakfast area, Sub-Zero refrigerator, 48-inch Wolf range with warming oven and pot filler, full height Thermador wine fridge, Miele dishwasher, Italian cabinetry by Ceasar, Kallista nickel fixtures and original wall tile.

For bargain territory, head to Canarsie & East New York. These least-expensive residential areas in Brooklyn had a median sale price of $527,500 for a single family home this quarter. As far as Brooklyn is concerned, that’s a steal.

So, there are still deals out there. Some properties are still in high demand and rising. Others may be settling and could signal a good time to restructure portfolios.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

Plus, don’t miss our new report on Brooklyn’s vibrant piers and how they are being reinvented with community spaces and new condos.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter. 

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or just acquiring an investment property?

Email Us at [email protected].

We’re full-time professionals and always here to help!

Thanks for listening.

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Wix

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Our Proud Sponsors: 

The RATNER Team 

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Welcome to the Manhattan Residential Sales Real Estate Market Report for the 1st quarter of 2019 

Whether you already own or you’re looking to buy into the City’s most prestigious market, we’re keeping you up to date, so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Manhattan’s grandiose allure of culture, history, and business continues to hold an enviable position in the real estate world for buyers, owners and investors alike. Here’s the data. Just make sure you keep listening for this quarter’s record high sales.

With an average selling price of $2,118,780, Manhattan’s Residential prices are continuing to increase over last year’s 1st quarter. Average price-per-square-foot rose again. This time by 4.2%,to $1,769 dollars, from $1,697 a foot in Q1 2018. This may always be one of the strongest global property markets, but today’s purchasers are getting less and less floor space for their buck.

Total transactions tallied in at 2,121 this quarter. Down 2.7% percent, from a total of 2,180 sales in Q1 2018. We expect Manhattan to maintain this slow but steady pace at least till the end of Q2 2019. This is likely happening due to a combination of interest rates, new condo inventory in some areas, and a few other macro factors.

On the bright side - the average selling price of new development condos rose 89.4% percent in this second quarter to $7,648,521. An absolute record so far! 

That’s versus $4,038,067 in quarter 1 last year. The average time a new development condo spends on the market is up to around 246 days, compared to last year’s 213 days.

The data for Manhattan’s existing condominium sales is almost as cheerful as new developments. These units saw a 25.1% percent increase from 2018. The average sale price for these properties ran around $3,347,929 in Q1 2019, compared to $2,676,281 dollars in 2018. However, the market time for existing condos has decreased by a few days, now averaging 116 days vs 131 in Q1 2019.

Co-op sales fell 5.5% percent this quarter, recording an average sales price of $1,287,040. Market time increased fractionally as well, coming in at 90 days from 86 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.

The luxury market is showing a big rebound, bringing very impressive numbers this quarter. The average selling price of a luxury Manhattan property was $10,120,384. An amazing rise of 27.4% from last year’s average of $8,974,737.Though luxury properties have actually been moving slower, being on the market for 184 days this quarter, compared to nearly 149 days in Q1 2018.

Across the board, the average recorded price discount was just 1.4% percent.

Now for the top sales numbers for Q1 2019:

The well-known neighborhood of Carnegie Hill topped Q1 2019, single-family residential sales.

The most expensive unit was 25 wide, approximately 12,729 sq. ft. with 22 rooms, 9 bedrooms, 7 baths, 3 terraces, a garden, and soaring 13 ceilings. It’s one of the most beautiful spaces in Manhattan. Built in 1895, and located on a richly architected townhouse block off Fifth Avenue, adjacent to Central Park and the Metropolitan Museum of Art, the important 6 story neo-classical limestone facade with beautiful gated garden forecourt, was designed by the architect, Henry Andersen, and inspired by the leading architectural firm of its time, McKim, Mead and White. 

This townhouse was sold for $30,139,360, or a fantastic $4,106 per foot.

In Central Midtown, the record condo sale for this quarter goes to the 1 Central Park South Penthouse.

A true oasis above Central Park, this unparalleled penthouse recently underwent a meticulous, floor-to-ceiling renovation, taking many years to perfect.

The most significant home to come to market this past Fall, Penthouse 2003 features more than 140 sq. ft. of Central Park views on two levels. An approx. 82 × 5.9 terrace is accessible through beautiful French doors leading to a glass parapet wall spanning the entire 21st floor. The home offers approx. 3,974 sq. ft. of interior living space and approx. 480 sq. ft. of terrace space. 

The Penthouse condo sold for an incredible $29,000,000, or $7,297 per foot.

This quarter’s top co-op sold in Lenox Hill for an impressive $27,000,000.

778 Park Ave Located is on Park Avenue and East 73rd Street. This truly exceptional residence redefines luxury and elegance in apartment living. Encompassing the entire 11th floor, this is one of Rosario Candela's most prestigious white-glove pre-war cooperatives. This spectacular and grand residence meticulously renovated by Peter Marino blends pre-war style with spacious grand rooms, soaring 12-foot ceilings, and floor-to-ceiling windows. These grand scale rooms are beautifully appointed, combining traditional style with all the luxuries you need for contemporary living and entertainment. Sunlight flows in from 39 windows, spanning all four exposures. Open views include the city skyline, one hundred feet of Park Avenue frontage, and distant views of Central Park to the west. The private elevator landing opens onto an impressive almost 40-foot gallery leading to the grand 32 × 20 living room, an elegant 25 × 18 formal dining room, and a wood-paneled library, all facing Park Avenue

For bargain-seekers who still want Manhattan real estate, Washington Heights & Inwood are continuing to be the least-expensive residential areas. Average condos in these neighborhoods sold for $286,442 dollars, with average co-op sales for almost double at $514,373 dollars.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

Be sure to check out the new report on Manhattan’s piers - where to go, and how they are adding value to NYC’s communities.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at [email protected].

We’re full-time professionals and always here to help!

Thanks for listening.

Resources:

Organifi

Wix

-

Our Proud Sponsors: 

The RATNER Team 

Spartan Renovations

New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the New York Office Market Update 

Here we dig into the latest data and trends to find out what is really happening in the local Office market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers… 

This quarter rents appear to have cooled slightly, with more inventory becoming available, and new office models expanding. Still, big players like Google and WeWork continue to be bullish on NYC real estate, as well as JP Morgan which is planning to move their headquarters.

Among the most notable stats, this quarter are a 17.9% drop in inventory in the Brooklyn office market year over year. While Manhattan’s availability rate rose slightly to 12.3%.

In Manhattan

Total inventory stands at 451M square feet

Percentage available for lease is up to 12.3%

Absorption was negative by over 1.2 million square feet

Asking rents are up to $76.13 per foot

Over 19M square feet of office space is under construction 

In Midtown leasing dropped 27.6% from the previous quarter

And down 49.1% in Midtown South

Leasing activity rose Downtown

The highest asking rents were found in the Far West Side at $119.03 per square foot.

The lowest asking rents were just $52.17 in the East Village

Notable leasing activity included:

Over 500,000 feet taken by in NYC Health & Hospitals in Downtown East 51,000 square feet taken by Google in Hudson Square

And 280,000 square feet taken at the Rockefeller Center by Akin, Grump Hauser & Feld

In Brooklyn

Total inventory rose to 33.6M square feet

Percentage available for lease fell to 15.9%

The absorption rate is up

Asking rents are up to $51 per square foot on average

Office space under construction is up to 3.3M square feet

Notable leasing activity included Amazon’s expansion from Manhattan, with 54,000 square feet at Liberty Industrial Plaza.

Notable construction and renovation projects include:

• Dock 72
• Domino Sugar Factory
• One Willoughby Square

In Terms of Market Factors & Economic Indicators

NYC employment rose to 4.6M in Q1 2019

Unemployment fell to 4.2%

Vacancy rates stood at 10.2%

Additionally, in Manhattan, while subleasing reached its highest level of available space in 35 quarters, new leases in Downtown posted their strongest first quarter on record. Over 9M square feet of new office space is coming online this year. Though 84% of it is already reportedly pre-leased.

In summary… 

Overall, this quarterly data suggests that the New York City office market is still in good shape. Far better than retail. Notable global corporations continue to prize prime property here. Many are expanding their footprints, with more expanding into Brooklyn, where rents are cheaper and more space is available.

While we should keep an eye on subleasing data, the strength of new and pre-leases suggests good balance in the market and not much to fear from new developments coming to market. There appears to be no lack of appetite for great properties in new locations. 

With unemployment so low, upcoming job numbers may seem lean, though there isn’t much more of the population to employ. How much more office space we will need and be able to absorb may depend on recruiting more residents to the state, and continuing to make sure housing is affordable. Be sure to check out our multifamily reports for the latest data on the Brooklyn rental market.

Find out more about the current market, competing listings, and where to get the best help in leasing or finding the space you need by contacting The Ratner Team. 

Make sure you check out our vendor section for all the best resources you need for renovating, financing, managing and protecting your real estate assets in New York. Plus, don’t miss our new report on Manhattan and Brooklyn Piers. Including where to go, how innovation is reinventing them as exciting places to hang out, workout and live. 

Well, that’s this quarterly NYC office market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

New York Real Estate Market Updates

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Welcome to the New York Real Estate Market Update

Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

This month’s Brooklyn rental market data is a refreshing change to the recent doom and gloom rumors about the economy and NYC property market. Leasing activity has surged, with intense competition between new apartment developers.

The most expensive rentals in March 2019 were found in Dumbo. The least expensive were all in Bay Ridge.

Among the most notable stats over the last month were a 48.1% increase in studio leases being signed. Followed by a 30.5% rise in two bedroom leasing.

Month over month, Across all unit, types price per square foot rose by 2%. Yet, listing inventory still rose by 6.1%. Days on market dropped by 7.1% to just 26 days on average.

Year over year, rental prices are up an average of 3.2% over the same period in 2018. The number of new leases being signed rose by 40.3%. Inventory is down by 1.6%, marketing time has reduced by 2 days. Free rent offered by owners rose 6.7%. 

Now let’s take a look at rentals by unit type:

For studios

The average rental rate was: $2,500

Average price per foot is $55.30

1 studio was No Fee, and 21 were Fee apartments

Month over month changes saw rents down 4.8% but up 4.7% year over year.

Units with elevators rented for around $200 more per month more than walk-up units last month.

Gyms are still an in-demand amenity, adding almost $700 to the monthly rent.

Units with full-time lobby attendance rented for around $700 more per month more.

Having a laundry in the building added around $400 to rental rates last month.

For 1 bedrooms...

The average rental rate was: $2,856 

Average price per foot is down to $49

3, 1 beds were No Fee, versus 108 Fee apartments

Month over month rents are up 3.2%

year over year rents are up 6%

No fee 1 bedrooms rented for around $500 less per month.

Having a laundry in the building saw 1 beds renting for $3 more per square foot

Units with private outdoor space are renting for almost $100 more per month

The difference in rents for elevator versus walk-up units is almost $900 per month

Units with gyms rented for $10 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $900 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average rental rate was: $3,471

A $400 per month increase since January 2019 

Average price per foot is $45.06

average unit size is 951 square feet

Just 5, 2 bedroom apartment were a No Fee rental, versus 89 Fee rentals

Month over month rents are up 0.7%

Year over year they are down 1.1% 

Having a laundry in the building added $5 per square foot to the rent last month

Those WITH private outdoor spaces rented for almost $700 more per month

A 2 bedroom with a gym in the building is renting for over $1,700 more per month

Those withfull-timee lobby attendant are renting for around $1,000 more per month.

There is around a $1,000 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

The average rental rate was: $4,615 

The average price per foot was at $41.48 in March

The average unit size is 1,165 square feet

Month over month rents are up 7.3%

year over year rents are up 8.3%

Those with gyms rented for $11 more per square foot.

Having a laundry in the building made a difference of almost $700 a month in March.

Units WITHOUT private outdoor space rented for almost $300 less in March 2019

Elevator apartments rented for $10 more per square foot last month

In summary…

This data shows the Brooklyn rental market beginning 2019 on a healthy note, and marching upwards with some of the strongest gains we’ve seen in a while.

Year over year there seems to continue to be a nice pace of growth, and a great surge in new leases being signed. The sizable differences in rents for units with superior amenities also show how demanding tenants have become, as well as reflecting new construction units being snapped up.

Some of this surge in new leasing could be due to renters jumping to new landlords to take advantage of special deals and to avoid rent hikes in current apartments, making it worth consulting a local expert before you raise the rent again.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Make sure you check out our vendor section for all the best resources you need for renovating, financing, managing and protecting your real estate assets in New York. Plus, don’t miss our new report on Manhattan and Brooklyn Piers. Including where to go, how innovation is reinventing them as exciting places to hang out, workout and live.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!