The Pinkwater Report

New York City

220_exteriorIn 2014, NYC became the world’s #1 property market. Prices increased 20%, and a milestone was passed with the first ever sale of a $100 million apartment. Several property developments, long in the works, are coming online in 2015.  The much awaited 220 CPS has finally opened its doors.  We expect it to be the most successful project since 15 CPW.

Smaller, more creative apartments in boutique developments will win the day. One such notable project this year is Zaha Hadid’s first NYC creation, in Chelsea near the Highline. People are already lining up to buy it.

For the Buyer:

tax-and-legal

Tax & Legal Issues For Foreign Buyers/Sellers of New York Real Estate

Co-Op vs. Condo: It is usually easier to purchase a condominium than a cooperative. Cooperatives require purchasers to be interviewed and they can legally reject a buyer without providing a reason. Cooperative boards also ask for extensive personal and financial information and do not cater to non-resident owners. …Read More

 

 

 


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THE NEW YORK OBSERVER | West Side Smackdown: Central Park West vs. Riverside Drive

The article discusses what is more desirable, Central Park or Riverside. Central Park West is preferred, as the apartments are bigger and the grandeur of the Central Park view is the attraction for many. Commenting on the smaller apartments found on Riverside Drive, Royce Pinkwater, Founder and CEO of Pinkwater Select, said: “This size is often the problem for clients looking for large prewar apartments on Riverside,” said Pinkwater. “I was working with someone recently, and we were looking assiduously all over Riverside Drive for three- and four-bedrooms and…we couldn’t find beautiful, well-proportioned prewar space that appealed to my buyers, and they

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THE NEW YORK POST | Buy Bruce Willis’ old Central Park West pad for $12.9M

Bruce Willis and Emma Heming’s former apartment at The Eldorado, located at 300 Central Park West, is back on the market — for $12.9 million. Goldman Sachs hotshot Armen Avanessians, who heads Goldman Sachs Asset Management’s quantitative funds business, and his wife, Janette, bought the fourth-floor unit earlier this year for $12.75 million. The Avanessians also own a third-floor unit that will also soon list for around $5 million, we hear. If combined by one owner, the units would make a spacious duplex. Read the whole article at The New York Post

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REAL ESTATE WEEKLY | Developers divide and conquer to reign Manhattan market

In the era of “too big to fail,ˮ panelists at last week’s New York Real Estate Expo discussing New York Past and Present pointed to the trend in jumbo-sized luxury homes as the market antithesis. “Macklowe is dividing the top floors of 432 Park and that clearly shows there is a limit to how many square feet is the right number of square feet,ˮ said Frederick Peters, president of Warburg. “Developers over estimated the demand and desire among people who could afford to buy $80 million apartments,” added luxury homes expert, Royce Pinkwater, founder of investment and development company, Pinkwater

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Monique Lhuillier’s Manhattan townhouse flagship hits market for $26.5M

From The Real Deal: The Upper East Side home of design house Monique Lhuillier is on the market for $26.5 million. Lhuillier, who’s dressed celebs such as Gwyneth Paltrow, Jennifer Lopez and first lady Michelle Obama, opened her first U.S. boutique on the lower floors of the converted townhouse, at 19 East 71st Street, in 2012, selling wedding gowns, shoes and even chandeliers. The 10,145-square-foot building has 10 residential apartments upstairs and comes with an additional 16,000 square feet of additional air rights for development. Joe Koicim and Peter Von Der Ahe of Marcus & Millichap have the exclusive listing. See

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For Foreign Buyers, Family Homes Over Trophy Towers

From The New York Times: DeLuca in SoHo. There, he ran into a wealthy businessman he knew from São Paulo, Brazil. “I was shocked when I saw him,” said Mr. Amaro, the chairman of the Latam Airlines Group. “You would never see a high-profile person like him going to the grocery store back home, especially not without armored guards. There you go straight from the office, to the car, to home.” The scene confirmed for Mr. Amaro why he wants to move his family to New York. “We really want to raise our kids in a more relaxed environment, where

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14 East 11th Street Featured in The New York Post

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More Celeb Real Estate on the NYC Market Than Anywhere Else

(John Legend and Chrissy Teigen are selling their one-bedroom apartment in the Brewster Carriage House at 374 Broome St. for $4.5 million.) New York has more celebrity-owned real estate than any other city in the United States, with Los Angeles trailing closely behind, real estate experts told us. But instead of contributing to the city’s expensive market, our sources said that New Yorkers generally aren’t willing to pay more just because digs were owned by a star. “The star watchers reading their People magazine, they’re not in [the real estate] market,” noted Jonathan Miller, president and CEO of the real

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Believe it or Not: New York Real Estate is Perfectly Priced

From Quartz.com: In the rankings, London and Hong Kong are firmly in “bubble risk” territory. In Hong Kong, a 60 square-meter (around 650 square-foot) apartment near the city center now costs the equivalent of 21 years of salary for the average skilled worker. Meanwhile, in London—the bubbliest of them all—foreign demand for safe-haven assets has pushed up prices beyond what many locals can afford. Lower down the list, cities like Sydney, Vancouver, San Francisco, and Amsterdam are quite overvalued, but not yet in red-alert territory. In these cities, UBS says that owners and investors shouldn’t expect much in the way

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New York real estate maintains high demand

Despite a 4.5 percent drop in average sales price from the second to the third quarter of 2015, prices are still at 1.5 percent increase compared to the year-ago. Additionally, property is on the market for one week less than the previous quarter, representing the city’s inventory shortage and high demand. In the second quarter of 2015, New York real estate prices generally saw a modest year-over-year increase, according to prior research from agency Town Residential. In terms of pricing, the condominium market was healthy, with a smaller, 3.3 percent drop quarter-over-quarter, but a 7.4 percent rise year-over-year in average price. Median sales prices

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NYC’s newest to know: The ‘Upper-Upper’ West Side

A stroll north through the heart of the Upper West Side, an area chock-full of handsome prewar properties, will eventually lead you to a largely landmark-free zone where newer buildings abound. And this northernmost stretch of the neighborhood spanning 96th to 110th streets —let’s call it the “Upper Upper West Side” — now has a collection of new residential projects in the pipeline that will give it an even fresher look. One of them is 15 W. 96th St., where plans were filed in December for the construction of a 22-story building with apartments and community space, with SLCE Architects

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