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[Article] Buy The Numbers: Penthouse Living Provides A Clear View

HL-CVNYDec_rev

Buy The Numbers
Real estate appraiser and consultant Jonathan Miller dissects the residential property market, looking at the value relationships that define New York luxury real estate.

Penthouse Living Provides A Clear View

Everyone knows what a penthouse really is, right? Well, perhaps the definition can be a blur to many unless they actually own one. Consistent with the theme of this edition of Haute Living New York, penthouse units can be a work of art…unique creations that rise above all others.

Penthouse units often fall within the luxury category, which is defined…

Read the December 2006 article.


Buy The Numbers: Luxury Defined By A Bundle Of Amenities

I have always been intrigued by the idea of a bundle of amenities that define a luxury property. When I think of the term bundle, I think of the bundle of rights as it relates to the rights of owners to their property. But in the context of this discussion, the term bundle is quite different. Bundling means viewing amenities as a package rather than a la carte. It is the concept that a collection of amenities, rather than a specific item, define a luxury property. Bundling applies to both new development and re-sales and despite the fact that it is the key to the value of a luxury property, it is often overlooked. As the saying goes, the whole is greater than the sum of the parts…


[Article] On Top Of The World: Penthouse Living

7-06cover

…For urbanites, its safe to say that many aspire to be on top of things, and that goes for their apartments. Penthouses seem to fit the bill, but also, how is a penthouse apartment defined? The term penthouse as a marketing label implies exclusivity, cache and uniqueness, yet as an apartment type, the definition remains elusive. Besides their elevated status at or near the top of a building, penthouses tend to be uniquely configured, have open views, outdoor space and other unique amenities which may include above-average ceiling height, multi-level configurations and fireplaces…

Read the July 2006 article.


Family-Sized Apartments

The idea of a having a larger apartment than the one you reside in is the dream of many New Yorkers. Whether or not they have children or are planning to have children in the future, there is a premium on more space. That additional bedroom for guests, an extra room for an office, larger living areas, or more storage capacity are driving those who wish to trade up.

A new real estate term entered the cluttered landscape of real estate speak in the new millennium: family-sized apartments. To me, that means family-style dining: casual, shared, roomy. However, in prior incarnations of making larger apartments, developers simply added additional bedrooms and bathrooms to an apartment but did not change the sizes of the living areas such as the kitchen, living and dining rooms…


The Architect As A Brand Name

The current Manhattan real estate new development scene is all about who instead of what. Branding has reached the housing market as a necessary and effective marketing tool to differentiate development projects as they enter the market. The housing boom prompted the explosive growth in creativity with condominium design as capital became more readily available to developers. This shift has been seen as a big step in a market that historically paid more attention to the exterior, rather than the interior of a building. Marketing has now morphed into the whole package, both inside and outside, including common areas and ancillary services. This creative packaging now includes bringing in a brand-name architect or other professional to leverage their reputation as an enhancement to the development….


Manhattan’s Housing Market and the Media

The Manhattan real estate market, not unlike many metropolitan real estate markets in the United States, replaced the stock market as the primary topic of backyard barbeques over the past several years, due in large part to the recent fixation with the word “bubble” in big media and the blogosphere…


The Gentrification of Manhattan

After Wall Street, real estate is the most heavily watched sector of the economy. Its role in changing the fabric of neighborhoods, reducing blight and decay, and enhancing the city?


The Third Estate, Condos Reshape New York Housing

In Manhattan residential real estate, there have been three sources of residential owner-occupied housing that have given Manhattan its character over the past two centuries…Today, condos are the most prevalent form of ownership in newly developed residential housing projects. So, despite the fact that condos comprise only 20 percent of the owner occupied housing, they account for 33 percent of the residential unit sales. Generally speaking, the only time a new development is constructed with co-op ownership in the current market, is when it is subsidized housing or it sits on leased land. By definition, a condo must be owned in fee simple, which includes the land as part of the ownership…


Townhouse Values

[Note: Original Text – before being edited to fit in the magazine]

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Downtown: Back Where it all Began

Development in Manhattan has now come full circle. For most of the period since the eighteenth century, its economic power was centered at its southern tip, where the Dutch established a fort, and in 1624 founded the Dutch West India Company. Ironically enough, after 400 years of mostly tremendous growth in the city they founded, it is the southern extremes of the island that once again offer the biggest development opportunities.

First, some history. As the town expanded into a city, development of street patterns was largely haphazard, with Broadway serving as the main inland transportation artery. The lack of an orderly street grid prompted the city to develop a master plan for the area north of 14th Street.

This master plan is generally credited with accelerating the uptown expansion of the city over the next 400 years. Wall Street went from being the location of beautiful family homes to a financial center in a transformation that was complete by 1860. The subway system was introduced in 1904 and shifted the economic center of gravity even further north. The location of important rail terminuses on East 42nd Street (Grand Central Terminal) and West 34th Street (Pennsylvania Station) contributed to the development of an alternative business center in the area. Downtown suffered a long slide from being all there was to the city, to its recent status as a secondary office and residential market within a much larger New York.

Over the past decade, however, downtown residential living has been rediscovered with the emergence of lofts as a significant housing category. Rendered obsolete after several hundred years of commercial and manufacturing use, these spaces have become sought-after residences. Their prices rival those paid for more traditional housing found in the Upper East Side and Upper West Side. Last year, lofts accounted for 9.4% of all apartment sales in Manhattan, with an average sales price of $1,986,626 in the most recent quarter.

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For Those About To Be Converted

When talking about real estate at a social gathering, the question inevitably enters the conversional swirl: â??Heard of any new conversions lately?â?? To Manhattanites, the term â??conversionâ?? has a number of connotations, the most important being â??Can I cut a good deal?â??

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p>My first exposure to the term â??conversionâ?? was during the mid-1980â?


Harlem Home Values

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p>When New York was still known as New Amsterdam, Peter Stuyvesant established the Dutch settlement of Niew Haarlem in 1658. It remained farmland until the mid-1800â?

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