The Brooklyn Made Show

New York Real Estate Market Updates

www.NewYorkMarketReports.com

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 was much better than in November when almost all trends were down. Finally, after 3 years, the amount of landlord concessions has begun to improve, those most still offered an average of 1.6 months of free rent to lure in new renters.    

Among the most notable stats over the last month were a 40.6% increase in one bedroom leases being signed. Studio rental prices rose 41.6% year over year on a per square foot basis and 7.2% month over month.

Month over month, Across all unit, types price per square foot fell 2.4%. Listing inventory fell by 4.2%, and days on market reversed course, dropping by 4 days to just 31 days on average.

Year over year, rental prices are up an average of 0.8% over the same period in 2018. The number of leases being signed rose by 5.5%. Inventory is down by 2.3%, marketing time has reduced by 11.4%. Listing discounts decreased by 0.3%.

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

For studios

The average rental rate was: $2,481

Average price per foot is $52.89

4 studios were No Fee, and 86 were Fee apartments

Month over month changes saw rents down 5%, but up 2.9% year over year. 

Units with elevators rented for around $300 more per month more than walk-up units last month.

While gyms are still an in-demand amenity, those without gyms actually rented for $16 more per square foot in December.

Units with full-time lobby attendance rented for around $400 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: $2,822

Average price per foot is down to $47.52

1, 1 bed was No Fee, versus 113 Fee apartments

Month over month rents are up 5.7%

year over year rents are up 4%

No fee 1 bedrooms rented for around $600 less per month.

Having a laundry in the building saw 1-beds renting for $10 more per square foot

Units with private outdoor space are renting for almost $400 more per month

The difference in rents for elevator versus walk-up units is almost $700 per month

Units with gyms rented for $18 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: $3,071

Average price per foot is $38

average unit size is 975 square feet

Just 2, 2 bedroom apartment was a No Fee rental, versus 81 Fee rentals

Month over month rents are down 3.5%

Year over year they are up 10.7%

Having a laundry in the building added $9 per square foot to the rent last month

Those WITH private outdoor spaces rented for $9 more per square foot

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

Those with full-time lobby attendant are renting for around $700 more per month.

There is around a $400 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

The average rental rate was: $3,383

 The average price per foot was at $35 in January

The average unit size is 1,153 square foot

Month over month rents are up 6.4%

year over year rents are down 7%

Those with gyms rented for $4 more per square foot.

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

Units WITHOUT private outdoor space rented for almost $200 less in January 2019

Elevator apartments rented for $9 more per square foot last month

Having a full-time lobby attendant made an $11 per square foot difference

In summary…

In spite of all the negative media coverage on the New York real estate market, and a weak November, the data shows the Brooklyn rental market began 2019 on a healthy note. 

Yet, year over year there seems to continue to be a nice pace of growth, and a great surge in 1 bedroom apartment leases. 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.

However, some of this surge in new leasing could be due to renters jumping to new landlords to take advantage of special deals and 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!

We create smart and electric bikes that we can sell to city dwellers around the globe, and our bikes recognize their riders. They have alarms, they have automatic lights, they have anti-theft tracking and a team of bike hunters that hunt them down and retrieve them when stolen. 

Today we're super excited to be talking with Daan Rekkers of VanMoof USA, and that might not be a name that you're familiar with yet, but you're going to be at some point because VanMoof is rethinking the way the world is biking. So when you sit on one of their newly crafted smart bikes, you're kind of taken into the future where no one else has gone before, so let's jump in and Daan what do you do at VanMoof, did I say that right, VanMoof?

[00:02:14] Yes, VanMoof that's exactly how you say it. 

[00:02:17] You say it better, you say VanMoof okay I have to work on that. 

[00:02:21] VanMoof, the way you say it is perfectly fine because of course consumer, but I basically run the US operation. 

[00:02:33] It's a big job.

[00:02:35] I know, yes.

[00:02:37] Well let's start from the very beginning, what is Van Moof?

[00:02:40] Very good question yes, we are a bike company, but we're also a tech company. So a bike meets Tech Company from Amsterdam with the aim of getting the next billion people on bikes in cities worldwide. We create smart and electric bikes that we can sell to city dwellers around the globe, and our bikes recognize their riders they have alarms, they have automatic lights, they have anti-theft tracking and a team of bike hunters that hunt them down and retrieve them when stolen.

[00:03:15] What? That's crazy. So when we talk about what's smart about them as a rider, what am I experiencing that's different than other bikes?

[00:03:24] After the basic like such automatic integrated lighting, an app that tracks and writes and reminds you where you parked, we're using tech to put bike thieves out of business. So our bikes are virtually theft proof, they have responsive alarms that kick in when a stranger touches it. The bike also sends messages when something fishy and something is going on basically in the area, and it also has anti-theft tracking in case it really happens that they get stolen.

[00:04:02] Wow, this is a big deal, I mean and I imagine these bikes they cost a lot, you know they're smart so you want to know that they're secure and that you're safe to invest in them.

[00:04:14] That's exactly right and that's why we trying to do, we try to tackle all those inconveniences that hold people from investing something in an actual good quality bike.

[00:04:24] What is the philosophy behind the bikes, how did this get started, what's the thinking behind it?

[00:04:30] We've really made it our mission to get the next billion people on bikes, so we're from Amsterdam and cycling capital of the world and we believe that cycling can really improve the ways we live. We breathe and move around cities in the world because we believe that the best and fastest most fun also way to get yourself from your A to B to get yourself around in the city is by a bike. That means we're constantly reimagining how the bike should work in cities of tomorrow, and we're taking down barriers to choose a quality bike.

[00:05:07] The other thing that's nice about bikes is not having horns, like taxicab horns.

[00:05:12] I also have to say that our newest model does have an actual horn, but it is actually a very like friendly sounding horn of which you can design any sound in a way you want. We basically chose for this option because like a classic bell, an addition is always like a sensitive and fragile part on the bike. Basically a part of can break and that's also how our company started, as we kind of redesigned the bike from scratch, like we saw a lot of additions to a bicycle like you don't really need or even stuff that you miss, and that's why we started from scratch again and we just wanted to design a very functional products, only the things you need basically.

Now, of course, our bike also has like most other bikes like wheels, the pedals, and the handlebar and that's actually to just like, of course, to make yourself move that's all you need. Now, what's the main difference actually, mainly resale is electric bikes, so the bike will assist you and it will assist you even up to 80 percent of what you can do, so it feels like you have a really strong wind in your back all the time.

[00:06:24] So not like a motor because that's kind of intimidating, but just a battery, just to help, just a wind.

[00:06:29] That's right exactly, just to help. We don't want to create a motorbike, we don't want to create anything really powerful that blows your mind, and we really want to still give people the feeling of cycling. Well cities are obviously so big and we want to basically offer a replacement for your train or for the car, and that's why you need to cross a bigger distance than on a regular bicycle.

[00:06:51] Daan I'm really interested in the security factor with your bikes, you spoke before about three stages, what are your three security stages?

[00:07:03] Yes, very good question about the three stages. The three stages of an alarm and it works a little different than a classic car alarm, so basically once you park your bike on the street and you walk away from it, the alarm will automotive call armed because the bike will recognize your phone will move away from your bike. And now once for example potential thief will approach the bike and touches the bike, the bike will give a soft warning and the soft warning is the first stage. It's a first like a kind of sonar, kind of beep; it's a very soft and polite warning that this bike is not a regular bike.

[00:07:46] So if somebody is walking by and they hear this which they do, is that a first indication, is that an alarm that you would know to call the police for?

[00:07:56] Maybe, but not immediately because the first date is very friendly. But if you actually still keep touching the bike and you even write it away the bike will automatically go in the second stage, and the second stage is actually a very loud crazy alarm, the bike will go completely crazy. The lights will start flashing repeatedly and you hear a very loud noise coming out of the bike.

[00:08:23] That's intimidating.

[00:08:25] That is indeed very intimidating, yes.

[00:08:27] And let's talk about the third and you're in trouble stage.

[00:08:31] Exactly, that's right. The third stage of the alarm we call lockdown mode and the bike will go crazy for a few minutes in the second stage, but once you actually take it and you take it around the block the bike will go in full lockdown, so all the smart futures are basically shut down, the light will turn off and the sound will stop.

It will basically use its remaining battery power to send tracking signal, and from that point, bike hunters and we have our own bike hunting team, they will engage, they will see the message and they will immediately search for the bike. 

[00:09:08] You've got a bike search team, they're like the ghost hunters for bikes.

[00:09:15] Exactly you can see it like that, globally we have 17 bike hunters working full-time for us and they spend all their time in retrieving our bicycles for customers.

[00:09:29] Wow, can we get into what the average cost is per bike?

[00:09:32] Yes, definitely. Our bike cost average, an average it's hard to tell because we sell both smart and electric bikes, all of our bikes are smart but with the electric bikes are also is an additional battery and motor, so electric pedal assist bicycle. And the smart bike currently cost 798, but you could also get it for $25 per month, it's a subscription model, then we have our e-bike that currently cost in pre-order 25.98.

[00:10:10] Okay, and I mean honestly that's a lot less than a vehicle, so it's a good investment, makes a lot of sense.

[00:10:19] Exactly, it's a very good investment and in fact, this bicycle is a true competitor with a car, so that makes it actually very interesting.

[00:11:15] I'm just kind of curious you've been talking about the different countries that you're in, what are the different ways that people in the different countries and different cultures use your product like as far as leisure and work transportation and such?

[00:11:28] Yes, we try to accommodate and make our bike as universal as possible, but obviously all countries are different, cultures are different and people use their bike in different ways. What we see in Europe a lot is commuting, but way more to the extent as in the U.S. In the U.S. you want to go from A to B as an individual, for example, you go from home to work or back, sometimes you go to the grocery store, but you prefer to go separately with a bag and you want to go nearby even with your car you want to carry something, which in Europe actually people do in some countries everything on your bike.

So that means bringing their kids to school on a bicycle with child seats on the bike, that means food grocery so you go actually and grab your weekly groceries at the grocery store with your bicycle, it means you fully pack it with stuff and that's the main difference we actually see in culture. 

[00:12:28] Interesting. As an American housewife, I can't imagine doing the full weekly shopping with a bicycle, how does that happen?

[00:12:36] Yes, well you obviously buy the same amount of stuff, but people in Europe try to accommodate, to try to figure out how to carry as much as possible stuff on their bicycles so that it means to add paneer bags on both sides of the bike, using an additional backpack so basically use every single space you have a bicycle to pack more stuff.

[00:13:02] Wow, that's very interesting knowing the cultural differences. And you know you've taken such a huge step with the smart bike, what do you see when you dream with your team, ten years what does the new model of the smart bike look like, possible wings?

[00:13:19] Possible wings, we obviously dreamed of a flying bike, but I have to say and I also have to disappoint you this is not our main goal, we probably don't come with a flying bike. Our main goal is to get as much as people on bicycles, so we really see the real changing and we would like to get the next billion people on bicycles, so our product will be more convenient mainly, we try to tackle things.

Think about for example even in the future we might have a weather tracker in your bike, you take for example every day you take the same commute, sometimes it's raining sometimes it's snowing, in the future bike is going to tell you which route is better to take or which moment is better to bike to avoid rain and snow for example, so that's stuff we can really do over the upcoming year.

[00:14:15] Let's talk about the founders, what was their inspiration?

[00:14:19] Yes, founders are two Dutch brothers, they're named This and Taco Collier which is a French name. They founded the move together in 2009, and they'd still run together ever since. This is based in Taipei office in Taiwan, so very close to our production and Taco is in our headquarters in Amsterdam. Now they started to move together with like industrial design in their blog, and they started with the philosophy to really improve the world, to really improve the way we commute in cities.

[00:14:53] It's genius, it's amazing what two minds sitting down to conquer something can do, to come up with smart bikes.

[00:15:00] Exactly.

[00:15:01] So what is VanMoof plus, I've heard about that I don't know what it is?

[00:15:07] VanMoof plus is our subscription service, so other than most bike companies who just like sell bicycles as they are, we basically also offer subscriptions. So, for example, our smart model right now and maybe even our e-Bike in the near future, you can ride for only $25 a month.

[00:15:30] Oh.

[00:15:31] Exactly, and that's why we try to make it accessible for like, of course, the society, where we want it to be more sustainable, but we don't want to own our own stuff anymore, this is the perfect solution. We offer also I have to say theft insurance, and maintenance are all included, all within this price of $25 so we make it accessible for everyone to ride it.

[00:15:54] Wow, I mean honestly you compare that to a car, just financially let alone the environment and health-wise and everything, why would you do anything else?

[00:16:06] Exactly, that's why we try to do also to get people out of those cars, even out of the subway and to write those bikes instead.

[00:16:17] So what cities are you in and where are you hoping to go?

[00:16:21] Yes, now we currently are selling our bikes in Europe, in the US, and in Taiwan. In the U.S. we have brand stores now in Brooklyn and in San Francisco, we want to expand this very rapidly, we wanted to be of course in this Marcius city as possible. Cities keep always are like our main focus, so we hope to expend much more in the U.S. in their future.

[00:16:50] That makes a lot of sense. What would you suggest for small, some mid companies that want to open stores for their businesses in New York or specifically Brooklyn, what advice do you have, what have you learned along the way?

[00:17:04] Yes, that's a very good question because like Brooklyn, of course, is a wild City, especially if you come from Europe, Brooklyn is actually a very communal city and your network around you is very important. So I would say build a network around you by becoming I say like a local hero, make yourself well known as the local heroes, so start local partnerships, share products and services and make sure you make a name for yourself.

[00:17:34] It's about relationships, isn't it?

[00:17:36] Exactly, that's right it's very much about relationships.

[00:17:40] So if you could go back, very beginning with your Brooklyn expansion, because we all have regrets, I would have done this differently, what are the one or two things be that you do differently?

[00:17:51] My biggest mistake here and I have to admit that was actually not using my network ultimately, like of course, you come here with an arrogant mindset from Europe, and you think that you know to get something in the market and to get something done and you really think you can do that alone. Well, I would say you always need others around you to help to spread the word, and to help you to become big, because everything, of course, is based on us as well other people have to buy a product part eventually and tomato queue.

[00:18:22] I appreciate your humbleness, I think that's pretty neat. And to be honest I think it's not just from country to country that we get kind of cocky and think that we can do it, but just going from city to city we think you know I've already done this, look at me, just follow me, I got this under control so I appreciate your humility, I think that's going to help you go a long way, very impressive.

[00:18:42] Thank you, thank you very much.

[00:18:44] So if someone wanted to contact you about more information, seeing your showroom, just trying out some bikes how would they get ahold of you?

[00:18:53] Very good question yes, people always want to combine I definitely recommend to check our showroom and check out our bikes, test riding can always be done it's for free. You can check out our showroom which is actually in Brooklyn and Williamsburg to be exact, and it's 326 by that in Brooklyn. And if they want more information first they're always welcome to call the number 347-227-7477.

[00:19:23] Well good luck, I mean it's going to be amazing, it's going to be so much fun watching you grow throughout the nation because you were onto something so special and unique, and it's good for people, it's good for the environment so way to go.

[00:19:35] Thank you very much, yes that's so cool, that's what we're trying to do here.

[00:19:39] I love it, thank you.

[00:19:41] For you the listeners of Brooklyn made podcasts, Audible is offering a free audiobook download with a free 30-day trial to give you the opportunity to check out their service. Please go to our special link and get your free copy at Brooklynmadebook.com, also check out our preferred vendor’s page on our website www.BrooklynMade.blog or at www.Ratnerteamvendors.com. Also, check out our resources page where we recommend essential tools and companies to grow your business. We hope that you found this episode valuable; we'd love to hear your opinion so please leave a review.

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

This month’s roundup shows how the DNA of NYC and its real estate continues to change. While property sales and retail has been soft lately, a new wave of buildings all coming to market at the same time, and plenty more permits behind them could push the market solidly into one direction or the other. A new spree of recorded sales could be great. If they don’t happen, competition might create great acquisition opportunities across the NYC map.  

The landscape is changing with new developments, and over the long run, there seems but no stopping New York as an innovative playground for real estate developers, architects, and creatives. 

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…

Here come the defaults. While there are plenty of shiny renderings to show off new developments coming to market, it seems the commercial mortgage defaults are beginning to pop up again as well.

545 Madison Avenue’s $30M loan from Barclays has entered special servicing due to “severe cash flow issues.” Last month another of Thor Equities’ landed in default over a $37M mortgage in struggling Soho. Another property on Fifth Ave. Thor exited a few years ago has also gone into default with over $230M in non-performing debt. 

None of this seems to have deterred Warren Buffett from lending Kushner Companies $800M to finance a $1.1B portfolio purchase for apartments in MD and VA. Kushner Companies also seem to be on a spree of moving into new Opportunity Zones down the east coast, all the way to Miami.

VRBO and Home Away join Airbnb in the hot water for its short term rental business in NY. HomeAway has so far failed to supply listing data to the city as required. Expedia has purchased 3 short term rental platforms since 2015, including HomeAway for $3.9B. You may well have seen many of these private home and condos listed along with hotels on Expedia over the past couple of years.

Google has been going all in on Chelsea, with another $600M purchase of The Milk Building. This growing monopoly adds on to its $2.4B purchase last year and is reportedly part of another $1B expansion spree.

If even some of Manhattan’s biggest dealmakers can’t afford their rent these days, it’s no wonder homelessness in NYC is still so big. Counts, which can be difficult to get right, already put the local population of homeless as big as the 10th largest city in the state. Shelter populations appear to remain flat, but the city continues to spend $3.2B on homeless services.

5G is coming. Well, they already have it in Chicago and Minneapolis. How long before we get it across NY is going to depend a lot on state and local lawmakers hashing out who gets what money from carriers and how much can be charged. Proposals call for $200 per ‘box’, versus what some are now charging over $2,000 for. If there isn’t a good compromise, it just isn’t going to make financial sense for the carriers to bring 5G here.

Among the newest amenities to hit the multifamily market is Brookfield’s new partnership with a delivery service and waste management firm which gives residents brand name items in reusable containers. Everything from popular brand cleaning products to ice cream and juices are now delivered like the old milkman in eco-conscious, reusable containers to improve the sustainability of existing and new developments. 

Tour 24 also has an app which now facilitates self-guided tours for prospective renters, streamlining the process for landlords and making it more convenient for renters to apartment shop on their own schedules.

For Brooklyn Real Estate News 

A part of the latest NYC budget calls for more taxes on those selling properties $25M and above. The new mansion tax can be as high as 4%, making it even more challenging for sellers.

The Domino Sugar factory project is moving along, with the second residential tower recently topping out. The waterfront tower in Williamsburg is now 42 stories. One South First will have 660 residential apartment units, 150k square feet of office space and 15k square feet of retail.

Something new is coming to Bedford Ave. RedSky Capital has amassed a line of properties along Bedford, and rumors are that a new big-box retailer could soon make it home. Current short term small tenants can pay as much as $36,000 per month for space here. A fraction of what might be charged to a large international retailer. RedSky is known for bringing top brands to Brooklyn, including Apple. 

In case you missed it, the Brooklyn rental market had an amazing month in March, with a 40% surge in new leases being signed. That’s almost double the rate in Manhattan and Queens. Rents were up 5.8%, with the most leases signed in a single month over the previous 15 months. Bloomberg and National Real Estate Investor credit some of this activity to renters jumping to new buildings, rather than paying the rent increases being demanded by current landlords. 75% of new developments were offering an average special worth 1.6 month’s of free rent.

In other boroughs

Lots of new buildings have been launching sales this month, with more permits coming behind them. Even Queens and the Bronx have been quite active. 

While not approved yet, the Bronx could get its own massive 5M square foot mixed-use waterfront project, ‘The Fordham Landing Project’.

The Rockefeller Group has opened sales for Rose Hill, it’s first condo development in Manhattan. The 600-foot tall building offers condos starting around $1.2M.

JP Morgan aims to revitalize East Midtown in one swoop with its newly approved HQ. The new 70 story tower is planned to replace the old Union Carbide Building.

Following a similar development in Downtown Brooklyn, Macy’s is reportedly planning a new 800-foot tower on top of its flagship store in Midtown Manhattan. A move that shifts the company away from relying on the ailing retail industry.

In conclusion...

This month’s New York real estate news roundup is positive overall. In spite of rising inventory levels in luxury condominiums and retail spaces and some defaults, the demand from residential tenants and major firms appears to be there. World class developers, architects, and innovators continue unveiling progressive new buildings and communities. If you have the right product, in the right place, at the right price, and it is marketed well, investors can still expect great successes.  

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. 

The before-and-after are unbelievable, we usually do about five sessions on, at times it depends on how much that you have, what areas are we focusing on and so forth, but the result has been absolutely tremendous. Again a technology from Europe, that just came out to the market in 2015.

If you're interested in sponsoring our podcasts or advertising on our Brooklyn made blog and giving your company the exposure of our audience and network, get in touch with us today at 347-762-0275 or email us at [email protected].

[00:01:46.23] Well hello, I am Suzanne Lynn, I'm the host of the Brooklyn made show and today well we have such a unique business and special lady heading it up. We're going to be talking with Marie from the Nordic Edge and for many of us this concept of cryotherapy is like some futuristic stuff, but Marie's going to share about the amazing health benefits of cryotherapy, and getting your body into temperatures twice as cold as the coldest month in Antarctica. So if I've got your attention now, let's jump in and meet Marie. Marie you're the owner of Nordic edge, first of all before we dive into this, tell us what is Nordic edge?

[00:02:24.27] Sure, so Nordic edge is a modern Wellness Center, we are primarily known for cryotherapy which is delivery of extremely cold temperatures for array of different health benefits. But we also have other therapies halo therapy; compression therapy, infrared sauna and we sell a slew of CBD products, so we like to consider ourselves innovative and modern and health benefits that we offer. 

[00:02:57.14] So when you talk about these different CBD, is it mostly about relaxation and tension release or is there weight loss included and firming up, what are some of the benefits of this?

[00:03:11.03] So every service has a different main benefit to it, whole body cryotherapy is extremely beneficial for reducing inflammation that could come from autoimmune diseases or arthritis, chronic pain, acute pain, injuries we can target a specific area on your body if it's sore or we can get the entire body through our whole body chambers.

For infrared sauna it's a little bit different, the main benefit is detoxing which also helps you lose weight and we also have others compression with blood circulation, halo therapy's more for respiratory conditions and our tea shock is really geared towards fat freezing, so we do have a different type of treatment pretty much for anyone.

[00:04:03.01] This is really cool, I mean this is truly groundbreaking stuff you're doing.

[00:04:07.03] Yes, a lot of this technology and therapies in general was taking from European countries, and bringing it to the United States and trying to keep again innovative and on top of all the new technologies that are out there. And frankly 10 years from now, cryotherapy the way that we deliver it now may be different and we always want to deliver the best and most modern therapies to our client.

[00:04:32.08] I'm interested by the fact that you said that a lot of this is coming from European traditions and things that they're doing, are they ahead of us?

[00:04:39.16] I like to think in terms of alternative medicines, absolutely. I would say even some types of medical procedures they are ahead of us, they're like experts in the field particularly on alternative medicine, say we are 10 years behind which is actually pretty spot-on for some of the therapies that were developed in Europe that I had brought along with other people to the United States about ten years later.

[00:05:15.21] Interesting. When I think about the way that we're eating in America compared to Europe, I mean we probably need to detox and get out this inflammation and everything because of the processed foods that are not approved in Europe, right?

[00:05:29.04] Yes, absolutely. I mean we spend an absolute fortune on health care costs in the United States, but yet our disease rates and our diabetes rates and heart disease rates are sky high compared to other European countries. We're spending a lot but the quality is not that great to compare to other, quality of life is not that great compared to other countries yes.

[00:06:00.24] Marie how did you get into cryotherapy in the first place?

[00:06:03.28] Well about five years ago I was working at the hospitals and mostly in the critical care section and a patient of mine had said that he had done the Cryo thing and that it's cured his back pain, and he's no longer on narcotics and being a nurse I was like yes, if it was that great it had to be all over the place. Anyway, I was interested, I just had a baby, I just went back to work, I was exhausted, and my hormones are all over the place, I did not feel good. I went on to this website, there was at the time one place in Manhattan doing whole body cryotherapy, it was owned by a Polish woman who had brought the technology over from Poland.

So I went down there and the minute I stepped out of the whole body machine I had not felt that good in a very long time, I was hooked right away. But what caught me is that the person that was administering the treatment to me, they couldn't tell me exactly what was going on with my body and I had the questions being a nurse. And I was why do I feel this way, why am I so energized and they couldn't really tell me. No needless to say I had just gone into my I think it was my second year, going into my second year of my doctorate program and I had to take a dissertation topic in a research study, so I ended up writing my research on cryotherapy.

[00:07:38.11] Well timing is everything, isn't it?

[00:07:41.08] I know. So I learned so much about it, I learn so much about that particular therapy in general and 99% of the research was again done in Europe and not in the United States and at the end of my program I knew so much about it and there was still nothing around aside this little places in Manhattan and I said you know what I probably know more than anyone I could just open my own, so I ended up opening my first location three years ago.

[00:08:15.01] Wow, and it's going well?

[00:08:17.20] Yes, it's going well we have a couple locations now and we're continuing to grow. 

[00:08:23.20] Can you kind of talk about what Cryo-T-Shock is?

[00:08:27.06] Sure, Cryo-T-Shock is a brand-new service that we just started launching last month. It's very similar people compare it to Cool Sculpting, however Cool Sculpting does the fat freezing, what Cryo-T-Shock does is also does fat freezing, also does cellulite reduction, toning and tightening and facials for anti-wrinkles, so there's four different functionalities of it. What Cool Sculpting does is uses high-frequency ultrasound to kill fat cells, what we use in the Cryo-T-Shock is thermal shock, which goes between heat and cold to kill the fat cells, and then there are different mechanisms and different thermal shock regimens as toning and tightening and the other three modalities.

The before and after are unbelievable, we usually do about five sessions on a client, it depends on how much that you have, what areas were focusing on and so forth. But the results have been absolutely tremendous; again a technology from Europe, from Italy actually that just came out to the market this 2018.

[00:09:45.27] Wow, as you're talking about this I'm hearing several different types of sessions here in America that we would have to sign up for and prepare for, I mean you're getting these all in one session? 

[00:09:58.01] Yes, so we're really trying to be convenient for people and cost effective, even our whole body treatment they're three minutes long. 

[00:10:10.29] Wow, you haven't seen my body Marie, I don't know about three minutes.

[00:10:18.08] But so the T-Shock is a little bit longer but the longest is going to be an hour. And yes we're trying to be as convenient and cost-effective as everyone, we are in New York you're the busiest people around even we don't have something to do with making. I would say about 90% of the people that come into our facility they're all walk-ins, they're coming in they're getting their stuff and they're getting out, so convenient yes.

[00:10:48.18] Wow, so who is your ideal clientele, I mean we're looking for someone who needs to lose a certain amount of inches because they've got a wedding coming up or who are we looking at?

[00:10:58.21] Actually the majority of people that come into our facility are in pain, and a lot of our services are geared around that and actually that's where I'm particularly interested and that's where I did most of my research on pain reduction and reduction of inflammation. And again most of our therapies are dealt around pain or some type of ailment that an individual have.

The only thing that's more in the aesthetics or beauty arena would be the Cryo-T-Shock, which are those individuals that work out all the time or that constantly go to the gym, had babies or didn't have babies but they can't move that extra inch and they're trying to get that off or tighten it up, that's what perfect client for us or people that do have a couple of pounds on them, that wants to lose, that are trying to kick start a healthy lifestyle, that's what we're here for.

[00:12:01.12] You are listening to the Brooklyn made show, sponsored by the Ratner team. Follow us on iTunes, YouTube or our blog at Brooklynmade.blog.

[00:12:49.19] I keep hearing you talk about pain and inflammation that is really interesting to me. How are you getting rid of the inflammation, what are your processes?

[00:12:59.06] If you get injured, what's the first thing you put on? Let's say you sprained your ankle, the first thing you want to do is put ice on it, if you want to reduce that inflammation into that area. So we take that concept and actually cryotherapy, Cryo means cold and therapy obviously is therapy. So we just use cold therapy and we deliver it differently and a little bit more effectively than say a traditional ice bath or an ice oxygen, so we use extremely cold temperatures, we go down to about negative -200, -250 degrees for those three minutes and the whole point of that is to stop your system to bring all the blood. Once blood leaves your extremities, particularly areas that have arthritis let's say your knees or your or your fingers or your hand, all that blood is leaving those extremities and going to your core organs.

Anytime blood goes through your lungs which it will because it's going to your core organs, it gets filtered with oxygenated molecules, that's how your body regenerates itself. So then when you step out of the mission, all that healthy, rich, oxygenated molecules are returning back to those joints and those areas that had inflammation, so that's the concept around whole body cryotherapy and which is our number one service here at our store.

[00:14:24.23] That is really cool. To be honest with you I mean it's foreign, I guess no pun intended talking about Europe, but I mean it's foreign to us. What is the biggest hurdle when you're trying to grow your business, is it the in-familiarity with it?

[00:14:40.00] Yes, the number one hurdle is certainly education. We have about a sixty percent retention rate because once someone comes in here and tries it, it's those people that are difficult or they hear that number negative -200 or I could never do that and oh it's too scary.

And what we try to do is number one educate them on the benefits of it, number two educate them on the actual process, so we try to answer all these questions on our website with either questions or videos, trying to make them understand that this is not something like skydiving or something that you need to work up to do. I mean our regular clients come in three to four days a week and this is their routine, so the number one hurdle to answer your question is certainly the education.

[00:15:44.02] What are some of the items that you sell in your office, I mean in your stores and everything, some take away things?

[00:15:51.06] Sure, so we just started launching CBD products, what we found was people were asking about it. Our clients were telling me that they've tried CBD products here and what do I think of them, which one do you think would be the best and it got me to research it, what we could do. So I actually started with about three products and I had about ten of each product and they sold out within two days. So then it made me realize okay maybe I should bring in more and why someone was telling me about maybe we should get this and maybe I should get that, so we started looking for the different companies and the different way CBD is [Inaudible 00:16:38.08] through your body.

And not only that, but we also got into animal CBD products and coffees and cheese and so now we have I would say thirty cubes of different products, different milligram strengths of CBD. And CBD is best known for reducing inflammation, pain and anxiety, which again it's perfectly aligned with what our client want when they come in to see us.

[00:17:04.26] Absolutely, it's a match; I mean for sure, this is a way that you can continue to care for yourself once you've left your session.

[00:17:16.23] Where do you see yourself in five years?

[00:17:19.05] So we have nine stores open right now, where do I see myself I want to see a Nordic edge in every town or every major city? More importantly I want people to have access to alternative therapies, quick and convenience, you don't have to make an appointment for a massage a week from now and try to sort out babysitting and get your kids, I want you to be able to like the fast food of alternative therapies come in, get what you need to do to feel better, reduce the inflammation in your body, bring your kids in and just be accessible to the mass public, I want to be all over the country with our brand.

[00:18:14.16] I think you've got a pretty good chance of that happening, it's a pretty neat product that you're doing. Let's talk about your Brooklyn location?

[00:18:21.09] Yes, so we are in the midst of getting permits, we have an expected open date of May 3rd, so that location is our big association. We're really looking at that as almost a mother flagship of our locations, completely branded and we're going to have probably double the amount of CBD retail products, different types of one they're a little bit more alternative or not alternative but more edgy than say some of our other locations would be Brooklyn.

[00:19:07.03] So we're trying to fit into the community and the best way to do that is for me to get out around Brooklyn more and introduce myself and trying to make connections and partnerships with other local businesses and the people in the community. So I'm really open and my ears our open for any advice or opinions that you guys can give me.

[00:19:32.28] And that's a good reason why you're going to be successful, because you're open to that, the coaching and learning. I'm excited about the Brooklyn location, what is the best way to book a session?

[00:19:42.17] Sure, you can book everything online, we will be going live with open booking for Brooklyn about two weeks before we launch, so look out about mid-April for that announcement. If you want announcements now and keep on top of what our company is doing you can just go to the website which is TheNordicEdge.com and sign up for our newsletter.

[00:20:06.21] And how can people spread the word about what's going on with you, I mean this is so different and unique with social media, your clients can do a lot of the work for you.

[00:20:16.19] Absolutely, again 80% of our referrals are all client based. Exactly what you said social media is huge for us, I'm actually looking if there's influencers in the community, please reach out to me personally on my email, it's just [email protected] and I would love to host you at our stores and you can get different treatments and as long as you post and blog about it, it's all on me.

[00:20:47.10] Wow, that's very cool. Are there any specials or promotions, especially for the grand openings?

[00:20:54.24] We haven't worked with my markings team just yet on what those promotions are, but absolutely we're going to have a big grand opening party that night and probably the week after the grand opening, we'll have major specials going and specials on memberships and services in general, so we're really excited to get to Brooklyn.

[00:21:35.04] Well good luck, this is so unique and so special Marie you're going to knock it out of the park.

Contact our guest

Website: www.thenordicedge.com

email: [email protected]

Facebook: The Nordic Edge Facebook Page

Intagram: The Nordic Edge Intagram Page

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

While we’re still dealing with rumors of a softening market and a lot of regulatory issues, this month’s data shows some surprisingly strong data, as well as ongoing strength in development. Many even think this could just be the beginning for the rebound of some property types.

The market may have changed, but there’s no holding back New York as an innovative playground for real estate developers, architects, and creatives.

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…

Despite all the doom and gloom talk a few months ago NYC rental prices are still heading up. Manhattan rents just hit a 3 month high, while Queens and Brooklyn hit new all-time record high rental prices.

Protesters continue to march for universal rent control. We all know the rent is high. We all know that there are bad owners and landlords who have not been nice to renters. Yet, it is hard to have it all. It’s hard to demand government subsidies and public services, which end up coming out of landlords’ pockets in the form of higher property taxes, and then to expect the rent not to go up. Some landlords in NY have been facing property taxes going up by more than 50% per year. Unless they can pass those costs onto tenants, they may not have a place to live in soon anyway.

Airbnb continues to be a touchy subject in NYC. Prospect Leffert Gardens tenants recently sued their landlord after finding routine maintenance unsolved, while the property owner fitted empty units with luxury appliances so they would rent on Airbnb.

The hot new neighborhood amenity that’s trending in Brooklyn this month? Have you tried axe throwing yet? You’ll now find axe throwing venues popping up in Gowanus, Greenpoint, Downtown Brooklyn, and Williamsburg.

Crain’s says that NYC is still creating jobs, but is still bleeding residents. New York recently topped the list of US states for people leaving. People will always want to move to the Empire State. Especially from overseas. Yet, many New Yorkers are finally being forced to cave and move to where it’s cheaper and the taxes are lower.

This comes right when new legislation and regulations are set to make it even more expensive to build in NY, and maybe even block new developments like the Hudson Yards. This may be specifically true of carbon-cutting measures and forced cuts to buildings’ energy consumption levels. Someone has to pay for the changes, and that’s often going to fall on the building owners. This is all going to make it more expensive not only to build but in turn to renting the end units.

Another new hit to big developers is the recent closing of the mechanical void loophole, preventing supertall buildings from jacking up building heights with empty space to bolster their bragging rights and enable them to charge more for higher floor apartments.

One response to all of this is a new spree in building pod hotels. BD Hotels is planning 50 new buildings with micro rooms as small as a sixth of the size of a regular hotel room. They already have at least four across Manhattan and Brooklyn.

The really good news this month is that mountains of capital have been raised for investing in real estate. BisNow reports there is $338B in dry powder capital waiting in funds, ready to be invested as of April 2019.

Another incredible bright spot for commercial real estate may be what’s next for today’s hugely popular online retail brands. Some are arguing that instead of online replacing brick and mortar, physical stores may now be a must for eTailers. They may be the key to continuing growth. That could lead to a new hot spot in retail. Especially in smaller, right-sized stores.

For Brooklyn Real Estate News

If there is a downturn happening, someone forgot to tell Brooklyn.

According to The Real Deal, Brooklyn real estate just had its best month of the year. Brooklyn’s luxury market saw 18 contracts signed for almost $54M in just one week in the middle of April. The previous week saw 10 contracts signed for $30M.

Netflix is bullish on Brooklyn too, planning a $100M expansion between our borough and Manhattan.

Construction just wrapped up at 1 Flatbush in Downtown Brooklyn. The 201-foot tall building sports residential apartments with a coworking space, fitness center, bicycle storage and game room with vintage video games and arcade machines.

Brooklyn also has a new tallest tower, with Extell’s Brooklyn Point. The 720-foot tall high rise has 458 luxury units starting at $850k.

One project that may not happen yet is the twin 16 story towers proposed in Crown Heights. A judge has issued a temporary restraining order halting construction which could block sunlight from the botanical garden.

In other boroughs

Over in the Bronx, a former army reserve center is being transformed into housing for homeless veterans. The renovated building will offer 90 affordable and low-income housing units.

Manhattan’s luxury market also saw an uptick in the middle of April. In just one week 19 contracts were signed for $139M. 150 Charles Street topped the deal list at $15M. Selling in just 98 days after hitting the market.

Over on Staten Island, the Bay Street rezoning proposal has moved to the next level. The plan is hoped to bring 1,800 affordable housing units to the area. Though with units that could rent for upwards of $3,000, we may one day have to ask what affordable really means.

In conclusion…

This month’s New York real estate news roundup is definitely positive. In spite of rising inventory levels in luxury condominiums and retail spaces, those who can afford it are still clearly in love with NYC and are willing to pay a big premium for it. The new tech scene is likely to further feed the market, especially in Brooklyn. Any temporary slowdowns reported last year are certainly are not deterring world-class developers, architects, and innovators from unveiling progressive new buildings and communities. If you have the right product, in the right place, at the right price, and it is marketed well, investors can still expect great successes.

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.

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

This month we’re taking a look at the latest developments, new technology that is scaring renters, what’s happening with the banks and lenders, tax issues, new design trends and celebrity property deals.

The market may have changed, but there’s no holding back New York as an innovative playground for real estate developers, architects, and creatives of all types.

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…

Brooklyn tenants don’t appear to be too happy about the latest real estate tech their landlords are trying out. The landlord of the Atlantic Plaza Towers is attempting to install biometric security systems to limit entry to those passing the facial recognition technology. Renters are pushing back, and are for obvious reasons concerned about their privacy.

Despite all the debates over budgets and the need for more taxes, NYC appears to be literally flush with cash. The average public bathroom built by the New York City Parks Department has been costing taxpayers $3.6M. That may soon seem like a bargain. The Bronx is getting a new $4.7M bathroom at Ferry Point West Park. Staten Island is getting a new $6M public bathroom.

Banks and lenders finally seem to be adjusting to the new trajectory of the real estate market. That’s even causing problems for $47B giant We Work. ING appears to be the latest to turn them down, with Softbank pulling back from a plan to invest $16B in the company.

The FHA has also announced it is tightening underwriting standards. It will flag more loan applications as high risk after years of allowing subprime level credit scores, down payments and debt to income ratios.

A court has ruled that a case against a major landlord for rent inflation can proceed. While we all want to preserve affordable housing, who’s stopping the tax inflation. It is great to keep rent increases gradual, but landlords face constantly rising costs for workers, maintenance, materials, insurance and taxes. Without being able to pass some of those costs on, which the public (including renters) have approved, then who will operate these buildings which have such low or negative yields?

This includes the recent property transfer tax which levies a Realtor level commission against those selling their homes. The two levels of taxes from the state and NYC can now reach over 3% of the sales price.

With more people leaving New York due to high taxes, Governor Cuomo says he is having a hard time keeping up with calculating a budget. With tens of thousands of people leaving and spending rising, those bills must be spread across fewer taxpayers.

If you’d like a place that is a little less crowded, with a few less neighbors in NYC, then some of the newer luxury buildings on the market might be for you. At 520 West 28th St., the Zaha Hadid designed building has only seen 16 of 39 apartments sold. The building has been opened for two years already. More concerning is the fact that the building carries a $162M mortgage, but has only sold $132M in units.

Queens is working on an idea to rival the Hudson Yards by building above its own Sunnyside Yards rail hub. Not everyone is onboard. Some would like to see more development in existing neighborhoods. The complex master planned project would cover 180 acres and likely feature housing, schools and parks.

Who says they aren’t making more land? In a move possibly mirroring developments in Dubai and Monaco, Mayor Bill de Blasio has unveiled a $10B plan to extend lower Manhattan, two blocks out into the river.

For Brooklyn Real Estate News

Brooklyn has a new hub on the web for listing and finding creative offices and art studios. Check it out at www.brooklyncreativelofts.com.

Bed Stuy’s Restoration Plaza is set for a new renovation with the help of British Starchitect David Adjaye. Also in Bed Stuy, a new 235 unit apartment complex has been approved. Features include 108 bike parking spaces, a grocery store, a farm and aquaponics learning center. 

The first of the new She Built NYC series of statues is becoming close to a final design. The memorial for Brooklyn Born Shirley Chisholm will rest in Prospect Park.

In Williamsburg, the lottery has opened for Eliot Spitzer’s waterfront building and a shot at one of its 121 low income units. Despite the ‘affordable’ price ta, residents can still expect to spend over 30% of their monthly income, if they win a spot.

Equinox has gone from a luxury gym chain to opening its own hotels. It’s first opens at the Hudson Yards, with 212 rooms, a thermostats set to 66 degrees for better sleep, and an on-call nurse for IV drips for overcoming hangovers. Nightly rates will start over $700.

In other boroughs

The $25B Hudson Yards project is now open. The arts center The Shed kicked off with a five-night concert on April 5th.

A deal gone bad in the Bronx has opened up a legal dispute over the $1.2M down payment put up by Hello Living.

While New York may be battling some woes in some sections of its real estate market, BisNow proclaims that as the new top home for tech companies, NYC, and Brooklyn and Queens, in particular, is seeing a new rise in demand. Not only for housing units, but also for creative office spaces and amenities to serve tech workers.

Still, Manhattan hasn’t lost its appeal to everyone. The Walking Dead’s Negan actor has just added a $2.85M, 2 bedroom unit in downtown to their holdings. Though, it’s unlikely they’ll leave their upstate farm to live in the city full time.

However, Tommy Hilfiger is the latest major retailer to pull out of Manhattan. It is quitting its flagship store on Fifth Ave., as local restaurants have shed thousands of jobs and over 25% of retail space in Manhattan is now believed to be empty.

In conclusion...

This month’s New York real estate news roundup is definitely positive. In spite of rising inventory levels in luxury condominiums and retail spaces, those who can afford it are still clearly in love with NYC property and are willing to pay a premium for it. The new tech scene is likely to further feed the market, especially in Brooklyn and Queens. Any temporary slowdowns certainly are not deterring world-class developers, architects, and innovators from unveiling progressive new buildings and communities. If you have the right product, in the right place, at the right price, and it is marketed well, investors can still expect great successes.

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 SpartanRenovations.com 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.

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

This is episode is brought to you by our sponsors The Ratner Team and Spartan Renovations. The Ratner Team are your local New York real estate experts for buying, selling, leasing and investing in property in the Big Apple.

Spartan Renovations is a leading NYC firm specializing in architectural and engineering design, project design and management and general contracting services.

This month we’ve seen more positive signs of faith in the market. Even though at least one real estate brokerage is suffering with a big drop in profits due to slow sales. Amazon’s pull out of Long Island City is going to make a lot of people very unhappy, though plenty of other businesses are upping their stake in NYC.

We’re still seeing lot of big commercial real estate loans being made, and new permits being filed. Though new regulations see to be piling up just as fast.

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

In the commercial real estate headlines...

Despite all the great commercial leasing activity we reported last month, we also covered come of Extell’s pains and struggles. This month it is Douglas Elliman who is really feeling the pinch. The real estate brokerage’s profits are down 75% over the last year. Meaning in 2018 they only made a quarter of their profits of 2017. They say they are paring down, but won’t cut agent commissions.

While rebel startups Uber and Lyft are preparing for an IPO and are talking about handing out bonuses and stock to long term employees and top drivers, Airbnb continues to face plenty of legal challenges in NYC. The city sent 718 violations to 139 one and two family homes in the last year. Though that pales in comparison to the violations sent to apartments. Fines can easily reach into the thousands of dollars.

NYC’s mayor has now gone even further in issuing a subpoena to Airbnb demanding listing information to weed out illegal landlords who are breaking the law and operating with the same business licenses hotels require.

Zillow is also in hot water again. The company is being sued in federal court over incorrect data. Specifically by one spec builder whose home Zillow reported as sold for under the listing price. The property is still actively for sale. The seller is going after damages in the amount of $60M. Should the case win, who knows how hard Zillow could be hit. Countless individuals, real estate agents and investors have been hurt by the firm’s poor data and flawed home value tools over the years. It could certainly potentially become the largest class action suit in history when given the number of homes and individuals involved.

Say hello to universal rent control. Oregon just passed a measure that would cap virtually every property at rent increases of half the current pace. Brooklyn’s state senator has also moved in legislation aimed at doing the same. Only limiting local rent increases to 3.3% per year. 

Of course, none of this is slowing down WeWork, who just leased over 200,000 square feet at 199 Water Street. It’s 7th location in the Financial District. 

Coliving developers are also bullish. They say they are getting 44% more per square foot using their approach to shared housing. The question is, with rents running over $2,000 per person for shared digs, will it be sustainable?

Back to regulations, Cuomo wants to bar property owners from applying for property tax credits for six years if they are caught improperly applying for them. A rule he intends to work into other upcoming legislation.

New regulations could be coming to cap ceiling heights in new developments. Developers are accused of using abnormal ceiling heights and vast empty spaces to boost property height and charge buyers more for higher floor units. Regulations aim to discourage builders from any ceiling over 12 feet high.

Last month we covered the new record sale of a residential unit for $238M. The Manhattan penthouse that was purchased by hedge fund manager Ken Griffin. Ken’s property spree also includes a new decade record high $122M for a unit in London and a $58.5M unit in Chicago in November 2018. The penthouse at 220 Central Park South boasts an amazing 24,000 square feet. This unit was originally listed for $250M.

This month the hot news is the grumbling that his record breaking penthouse will only be taxed based on an assessment of $9M. A twentieth of the sales price.

For Brooklyn Real Estate News

In Brooklyn there is a push to speed up rezoning in Bushwick. A city council member is pushing to the move to be expedited 

Over in Greenpoint a historic 1903 Bath Haus gets new look, as it is transformed into a residential building with studios, apartments, townhouses and a penthouse.

New architectural renderings have been revealed for an 11 story Park Slope building, and are definitely worth taking a look at. The progressive shape of 441 Fourth features lots of glass and brick, with staggered balconies. 

960 Franklin Street is posed to be Crown Heights new megaproject. Close to the Brooklyn Botanical Garden it will feature two 39 story buildings and 180 parking spaces. Though will not be complete until 2024.

In other boroughs

Amazon’s pull out of the HQ2 deal in Long Island city is not the Valentine’s Day gift many were hoping for. There were a lot of expectations, and condo contracts in the area surge from November through February 13th. Now that Amazon is out, there’s a good chance those other buyers and developers will be looking for ways out of their contracts too.

Lyft isn’t being so shy. The ridesharing startup has just inked a lease for over 100,000 square feet alongside cardio startup Peloton, at Hudson Commons.

Among the big deals of the last month is the $200M sale of 250 Church Street to Normandy and Columbia.

The former Trump Soho hotel appears to be up for sale too, and doing much better since its name change.

Still, Kushner Co.s is on the move with a massive $1.2B purchase of apartments. A deal which some news sites have reported could involve a record sized loan from Fannie Mae.

In conclusion... 

This month’s New York real estate news roundup is definitely more positive. Despite the losses for Elliman, there is plenty going on. It’s just going to pay to watch new regulations, and get involved to protect your interests and those of the community where necessary.

Well, that’s it for this month’s round up. 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 SpartanRenovations.com 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 Brooklyn Residential Sales Real Estate Market Report for the 3rd quarter of 2018

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’ll 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 Q3 2018 in Brooklyn are higher compared to last year’s reports, with a nice 7.2 percent increase over 2017. Median sale prices also rose to $808,000, up 2.3 percent. And this month, we saw a small decrease of -0.5 percent in the number of transactions, totaling 2,898 in Q3, 2018 compared to 2,683 in Q3, 2017.

New Development Condo sales in this 3rd quarter sold for an average of $1,210,357at an average of $1,240per foot. That’s in contrast to $1,057 per square foot last year. This was a 17.3% percent increase in price per foot from the same quarter last year when the average sale price was $1,193,471. The average sales price of new condos saw an increase of 1.4% from last year’s third quarter, from $1,401,298 to $1,193,471. According to this quarter’s reports, these properties are spending less time on the market: this year it took an average of 210 days to sell a new development property, versus 222 days in Q3, 2017.

Existing condo sales prices are at a slight increase as well. The average condo sales price in the third quarter of 2018 was $1,116,516, an increase from $1,082,398 last year and a 3.2% percent increase from the third quarter last year. Similarly to new condos, existing condo properties spent less time on the market this year, going down to 92 days versus 106 days in Q3, 2017.

Co-op sales prices rose this quarter, selling at an average price of $622,021—an increase of 10.6% percent from last year’s $562,410. Though prices went up, selling time decreased: co-ops sat on the market for 59 days in Quarter 3, as opposed to 69 days in the same quarter last year.

1-3 unit family homes performed similarly, with an increase in price. This quarter, the average 1-3 family home sale price was $1,186,423, up 6.8% percent from $1,110,419 last year. Houses spent a bit more time on the market, taking an additional 7 \days. Properties, on average, were only on the market for 83 days versus 76 days last year. This 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 $2,928,380. That’s a slight increase, up 1.3% percent from last year. These properties also took longer by one day to sell, staying on the market for an average of 109 days, versus 108 last year.

Across the board, the average recorded price discount was 0.9% percent. But it is important to note that homes are still rising in demand and value.

Now, to Brooklyn’s top residential sales in November 2018:

The top single-family sale in Brooklyn this May can be found in Brooklyn Heights. The selling price of 192 Columbia Heights was an incredible $11,750,000 – about $1,774 dollars per square foot. The restored mansion, originally built in 1856, was 6,500 square feet, four stories, and amazing views. 

Brooklyn Heights took the top condo sale of the quarter as well. #6G, 1 Grand Army Plaza in Prospect Heights, which sold for $3,000,000. The three-bedroom unit was just over 2 thousand square feet and boasted multiple private outdoor spaces and an open floorplan. The condo was located in a building with a full-time doorman and many other amenities and is located near several Brooklyn cultural institutions.

Brooklyn Heights took first place in November for co-op sales. Winning a record sale for the top co-op at $2,995,000, this property was located at 62 Montague St on the 7th floor. This unit included four bedrooms, each with an incredible view, a separate bedroom wing, and a spacious shared living space. The co-op was located in a building near many options for public transportation, shopping, and restaurants.

For bargain territory, head to East New York, Georgetown & East Flatbush.

These least-expensive residential areas in Brooklyn had a median sale price of $531,488 for a single family home, $370,336 for a condo and about $300,000 for a co-op. Those prices are a deal for life in Brooklyn!

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. 

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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 3rd quarter of 2018.

Whether you already own or you’re looking to buy into the City’s most fashionable market, we’re here to 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 Giants and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on the rise since the second quarter last year. With the market falling 4% from 2017’s second quarter, the multifamily sales volume this quarter came out at a healthy $1.1B.

Yet there is a great value to be found, with square-footage prices decreasing by 18% percent from last year, now standing at $350 on average. Average selling prices went down to just$327,000 per unit –a difference of 13% from this time last year. Two thousand eighteen’s third quarter had 449 total transactions, showing a slowdown of 6%.

The multifamily market has been trending progressively lower during this time of year for the past several years, but it’s still easy to marvel at Brooklyn’s top sales. The top sale recorded in the third quarter of 2018 can be found in Coney Island: 2911 West 36th Street sold for $50,000,000 in July 2018 at a $218 a foot. The 20-story apartment building contains 250 units and five ground-floor retail spaces. The building is surrounded by new development and has a Section 8 affordable housing contract with the Department of Housing and Urban Development that ends in 2034.

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: Cobble Hill, with its townhouses, brownstones, and beautiful parks, tops the list at an average of $972 per square foot; Carroll Gardens comes in second at $902, and Fort Greene coming in third at $855.

Park Slope comes next at $694 per square foot followed by Williamsburg at $614, Greenpoint at $552, Clinton Hill at $528, Boerum Hill at $526, Prospect Heights at $525, and tenth but certainly not least, the Bath Beach area, averaging $517 per square foot.

Bed-Stuy was the winner for the fourth time in a row for the highest volume of multifamily sales this quarter at 64 total sales. East New York was close behind at 40 total sales. Bargain hunters, check out East Flatbush with an average price per foot of $188, and Bay Ridge has an attractive average price per square foot at just $106.

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.

Resources:

Organifi

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Our Proud Sponsors: 

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Welcome to the Manhattan Residential Sales Real Estate Market Report for the 3RD quarter of 2018

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 $1,928,049, Manhattan’s Residential prices are continuing to drop over last year’s third quarter. Average price-per-square-foot fell again this time by 4.1%. It’s now down to $1,610 from $1,678 a foot in Q3 2017. This may always be one of the strongest global property markets, but today’s purchasers are getting more and more floor space for their buck.

Total transactions tallied in at 2,987 this quarter, down 11.3% from a total of 3,369 sales in Q3 2017. We expect Manhattan to maintain this downtrend at least until the end of the year. This dip is happening due to a combination of an oversupply of new condos in some areas, increasing interest rates and new regulations for foreign buyers, along with consumer uncertainty as to where the market is heading.

On the bright side, the average selling price of new development condos rose 1.8% percent in this third quarter to $4,332,408. That’s versus $4,256,992 in Quarter 3 last year. Prices in this market are still rising, and the time it takes to sell is decreasing, too. The average time a new development condo spends on the market is down to around 194 days, compared to last year’s264 days.

The data for Manhattan’s existing condominium sales is not quite as cheerful as new developments. These units saw a 2.3% price decrease from 2017. Average sale price for these properties ran around $2.661,716 in Q3 2018, compared to $2,725,706 dollars in 2017. However, the market time for existing condos has decreased dramatically, now averaging 109 days vs 136 days in Q3 2017. It took 19.9% longer to sell a condo vs last year! 

Co-op sales fell just 5.6% this quarter, recording an average sales price of $1,347,890. Market time increased fractionally as well, coming in at 79 days from 69 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.

Of course, even with a 3.2%decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $7,831,042, an almost invisible difference from last year’s average of $8,091,277. Luxury properties have actually been moving fast, staying on the market only 125 days this quarter, compared to nearly 217 days in Q3 2017. This is 42.7% faster than last year! 

Across the board, the average recorded price discount was 0.3% percent.

Now for the top sales numbers for July 2018:

The well-known neighborhood of Upper West Side topped November’s single-family residential sales. The townhouse at 18 W. 75th Street sold for $15,000,000. A 10-unit building, the property has five bedrooms, six full baths and two half baths with 8,770 interior square feet and 2,100 exterior square feet. The building also has a live-in super and comes equipped with elevator access to all seven levels.  

In the Lenox Hill neighborhood, the record condo sale for this November goes to 520 Park Ave #PH60 that finalized for an incredible $73,800,000. The condo is located at 520 Park Avenue, which is the tallest building of the Upper East Side and was designed by architect Robert A.M. Stern. The condo is one of 35 units in the 54-story building, which comes equipped with such amenities as a salon, a private garden, and a fully equipped fitness center.

This May’s top co-op sold in Lenox Hill again for an impressive $14,000,000 at 795 5th Avenue – The Pierre Hotel. Since 2009, the property has been part hotel, part co-op. Residents of any of the 77 co-op units can take advantage of the Pierre Hotel’s amenities, including an on-call physician, maid service, concierge, and a full-time doorman.

For bargain-seekers who still want Manhattan real estate, Washington Heights and Harlem are currently the least expensive residential areas on the island—average condos in these neighborhoods sold for $606,500 dollars in Washington Heights and $772,250 in Harlem, with average co-op sales of $570,000 in Washington Heights and $395,000 in Harlem.

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. 

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.

Resources:

Organifi

Wix

-

Our Proud Sponsors: 

The RATNER Team 

Spartan Renovations