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HOME (OFFICE) OF THE YEAR
WEST VILLAGE, MANHATTAN
 
A Home for most, an Office for Annie Leibovitz.
 
 
495 West Street #5, located in Manhattan’s West Village on the Hudson River Waterfront, was commissioned by Tamarkin Co. and designed by CT Architect. This eleven-story, condominium building led the way in transforming the Hudson River Waterfront.

This building is one of the many reasons I love this city. It’s a symbol of the magic that is NYC. Where old and new coexist. Where a thoughtful and purposeful reuse of New York City’s industrial past and maritime roots are transformed into modern luxury. I have run past this building many times. Inconspicuous really but behind that brick and steel and glass? Magic.

Originally constructed as a warehouse in the early 20th century, its iconic features include 50ft-of industrial steel windows, and alternating bands of corbelled bricks. The open raw space & concrete throughout maintain some of the buildings original design elements while accentuating ol’ Mother Nature to the West.

Get @ me for more details on this one of a kind loft.
 
 
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Listed by
Deborah Kern of Corcoran
 
 

 
 
MK's POV
MARKET UPDATES
02.18.2024
 
 
  • The market (“activity”) is picking up.
    • Showings, requests, inquiries, engagement & "follow-through" on offers are intensifying. It's palpable.
  • Contracts signed are up:
    • Brooklyn: +58.7% Coop and +25.6% Condo YoY
    • Manhattan +13.1% Coop and +9.1% Condo YoY
  • NYC prices are up:
    • 5.6% YoY and .1% MoM. (LINK)
    • Prices up +2.6% since 2022 peak.
    • Prices up +26.6% since the March 2020 lows.
  • Inventory:
    • Brooklyn: Coops Down -37.9% and Condo +6.7% YoY
    • Manhattan: Coops Down -5.5% Condo -6.4% YoY
 
 
Report by Douglas Elliman
 
 
  • The 10Y is back above 4.2%
  • 30Y Fixed is currently 6.73%
    • I have seen a few clients securing 7Y & 10Y ARMs below 6%. Get @ me, for my preferred lender partners. They are getting creative and aggressive.
  • Mortgage applications were up 3.7% last week (this data point signals future buying behavior).
  • Consumer Confidence is Rising! (LINK)
  • A hotter than expected CPI could delay JP's planned rate cuts from May to June/July.
    • Shelter is a lagging indicator so the read out on Shelter cannot be accurately attributed. Many analysts are uncertain the impact of this elevated CPI Print. We will see.
    • Historic inventory lows and buyer demand are driving the current price action. I foresee price growth to continue.
    • Tighter credit conditions and the average time spent in home is up to 11.9 years up from 6.5 years just two decades ago further contribute to our inventory dilemma
  • Manhattan rents per foot rose to a new high.
  • Brooklyn rents were unchanged this month after 24 months of annual increases.
  • $125,000 qualifies you for affordable housing in NYC (I had no idea… crazy).
  • Return to Office: NYC currently sits at 51%
    • Tuesday is peak occupancy at 62.7%. “Power Tuesday Lunch” is a thing.
 
 
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FROM THE STREETS:
My inbox is dinging. My open houses are busy. Buyers who were sidelined and "waiting and seeing" are starting to resurface. I had three offers accepted last week. That was three more than the previous three months (November-January were slow). Best and finals are re-appearing, especially in Brooklyn and Downtown Manhattan, for units that are move-in ready. It is a great time to be a seller of a home that has been meticulously updated. Spring should be even busier despite signals that rate cuts may be delayed. This is simply a function of supply and demand.
 
 
BUYERS:
"Hoping for rate cuts" is not a strategy. Secure a great property first and foremost. Get creative in your deal-making and lending structures.
 
What makes a great property?
 
Not finding what you need on the market?
 
 
SELLERS:
The best time to list…
"When you're the best/only game in town." 
 
Buyers are out there. They are ready.
"If you list it, they will come".
 
Ditch the Zillow Estimates, they are nonsense. Want to know the actuals? Want to know what your home could garner in the open market?
 
 
 

 
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575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2019 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY.