Slaying the Land Cost Dragon

DEVELOPMENT ON A GROUND LEASE By Dennis M. Sughrue Developers in New York now confront a stark, new reality. In established Manhattan and Brooklyn neighborhoods, for the first time in memory, land prices exceed construction costs. This calculus shapes the development landscape in profound ways….

Developer Round-Up

As the market heats up heading into 2014, the questions on everyone’s minds are “can the market sustain some of the high land and building prices we are witnessing across all asset classes?” and “where are the best neighborhoods to invest?”.  So we went to…

Citi Bike by the Numbers

250 miles of bike lanes and protected routes in NYC.
656 miles of NYC Subway track.
40 percent. That’s how much safer City streets are with bike lanes.
36 million annual economic boost, in dollars, the bike share program will provide to NYC.

Demand for Large Homes in NYC Reaches a Fever Pitch

The New York City property ladder has changed, mainly because New York has changed. The old story had America’s best and brightest move to Manhattan, meet a mate and move to Brooklyn and, with the arrival of children, exit for the suburbs. Today, however, that same family is choosing to stay, resulting in a shortage of the three-bedroom apartments they require.

Small Town (Make Room for thy Neighbors)

“Micro-apartments” is Bloomberg’s ingenious buzz-phrase heard around the world, and like much of this administration’s initiatives, it’s a response to market conditions—and it makes business sense. According to recently published census figures, more people are moving into New York City than are leaving—which reverses a…

Manhattan Transfer

Transportation is key to creating desirable inventory, and the current administration has shown they understand that. Look no further than the extension of the 7 line to Hudson Yards, a move that unlocked more than $5 billion of investment into the neighborhood, as proof that…

Tale of the Tape: Brooklyn vs. Manhattan (Condos vs. Rentals)

The How: We compared the rental prices and sale prices in eight neighborhoods. The Topline:  When it comes to Manhattan and Brooklyn rental prices, in the A-List neighborhood’s high-end buildings, there’s not a dramatic difference in price. However, when we look at condos in these…

Is Smaller Better?

Few issues have sparked as much speculation as Mayor Bloomberg’s announcement last week for a pilot project to develop residential micro-units measuring 275 to 300 square feet. Affordability is the primary driver here, especially for the demographic coming in—young folks who are looking for opportunity…