One Vanderbilt is a brand new 77-story supertall office skyscraper currently under construction next to Grand Central Station. Designed by Kohn Pedersen Fox and developed by SL Green, the new skyscraper will rise to 1,401 ft when completed next year. The new skyscraper will offer visitors some of the most stunning views in Manhattan from its new 1,020 ft observation deck. Checkout the video below to see an update on the construction of the project.
There's an epic air show coming to New York City this Thursday, August 22nd. The Royal Air Force Red Arrows from the United Kingdom will join the U.S. Air Force Thunderbirds and F-35 Lightning II Demo Team in a historic 3 team flight. The jets are scheduled to fly south down the Hudson River and then over the Statue of Liberty at approximately 9:30 am. After the jets fly south over the Statue of Liberty, they will return north and make a pass over the United States Military Academy at West Point, prior to landing back at New York Stewart International Airport. Spectators in the city can get good views of the air show from Battery Park in Lower Manhattan.
DJ Zap is not just any ordinary party DJ – DJ Zap is a transformative event entertainment experience. Founded by Jason Zaplin, DJ Zap and his team of MC's, professional performing DJ's, stage lighting experts, and Broadway dancers keep hosts and guests on the dance floor, smiling from ear to ear all night! DJ Zap and his team ensure that your event is memorable and remarkable. Every event with DJ Zap is guaranteed to bring Energy, Enthusiasm, and Entertainment!
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Energy – All the staff at a DJ Zap event brings bounds of energy to each event. Guests and hosts will feel the genuine, moving energy from the beginning to the very end of your event.
Enthusiasm – At DJ Zap, entertaining isn’t a side gig—it’s their lifestyle. DJ Zap president Jason Zaplin has been in the business since he was 10 years old. He’s hosted hundreds of events over the years, and even has a culinary background that lends to his complete understanding of what makes an event truly amazing.
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The Manhattan market is still in reset mode. Thousands of apartments are lingering on the market, both new development and resales. It's a buyer's market in most neighborhoods, especially in the condo market. Interest rates are still near historic lows. The rate for a 30-year Fixed Rate Mortgage is currently at 3.875, according to Wells Fargo. More deals are getting done this year as prices have come down and interest rates have dropped from nearly 5%. The number of contracts signed in Manhattan has increased year-over-year, according to the Berkshire Hathaway HomeServices New York Properties 2nd Quarter 2019 Manhattan Market Report.
The townhouse & co-op market is showing mixed results in different parts of the city, while condo prices have decreased in all sections of Manhattan year-over-year. The median closed sales price of a condo in Midtown is $1,215,000, down 9% compared to the same time last year. The condo market on the Upper East Side & Upper West Side has dropped the worst of all sections of Manhattan. The median closed sales price for a condo on the Upper East Side is $1,450,000, down 16.7% year-over-year. Similarly, the median closed sales price for a condo on the Upper West Side declined by 17.6% to $1,600,000. The median closed sales price for a condo in the Downtown market is $1,588,000, a decrease of 11% year-over-year. The median closed sales price for a condo in Upper Manhattan is $806,000, a decrease of 2.3% year-over-year.
The co-op market is showing mixed results in Manhattan. The median closed sales price has gone in Midtown & the Upper East Side. The median closed sales price for a co-op on the Upper East Side is $1,072,000, an increase of 7.4% year-over-year. The median closed sales price for a co-op in Midtown has gone up similar by 7.5% year-over-year. Meanwhile, the median closed sales price for co-ops has decreased in all other sections of Manhattan outside of Midtown & the Upper East Side. The largest decline in the co-op has occurred in Upper Manhattan, where the median closed sales price is $490,000, a decrease of 12.5% year-over-year. The median closed sales price for a co-op on the Upper West Side has dropped 8.7% year-over-year to $975,000.
It's a seller's market for townhouses in Midtown and Downtown, where townhouse prices are 5% & 6% year-over-year. The median closed sales price for a townhouse in Midtown is $4,525,000, an increase of 5% year-over-year in Midtown. The median sale price for a townhouse in the Downtown market is $7.8 million, an increase of 6% year-over-year. The median sales price for townhouses on the Upper West & East Side has declined. The median closed sales price for a townhouse on the Upper East Side is $9,250,000, a decrease of 17% year-over-year. Similarly, the townhouse market on the Upper West Side has declined 12% with a median closed sales price of $7,100,000.
The NYC Mansion Tax, a tax on the purchase of real estate above $1 million, will rise for the first time in 30 years. The tax is customarily paid by the buyer in the transaction, while the seller is on the hook for state and local transfer taxes (which also increased this year). The new tax increase on home purchases went into effect on July 1st, a few months after Albany passed new legislation earlier this year.
Under the previous law, there was a 1% flat-rate tax on all purchases above $1 million. Under the new law, homes sold between $1-2 million will still be taxed at 1%. The new NYC Mansion Tax has an increasing scale for homes sold above $2 million. Homes sold between $5-10 million will now come with a tax of 2.50%, while homes sold above $20 million will be taxed at 4%.
State lawmakers claim the tax increase on home purchases will help pay for the city's out-dated subway system. Home prices on the higher end of the market in NYC could be affected by the new increase in taxes on home purchases. Only time will tell how this affects the real estate market in NYC.
Check out the chart from Bloomberg.com below which details the new NYC Mansion Tax.
The Fourth of July is significant because it was the day that our Declaration of Independence was adopted by the Continental Congress in 1776. The importance of the Fourth of July is that it marks the birth of the United States of America.
The 56 signers of the Declaration of Independence knew it might be death sentence, whether they were successful or not. British forces would quickly sail across the Atlantic to descend on the 13 colonies, which at the time didn’t have the resources needed to defeat a global power like Great Britain.
Yet the signers risked it all and put their signatures, and their lives, on the Declaration of Independence. This decision would eventually birth a new nation founded on ideas like life, liberty, and the pursuit of happiness.
Happy Fourth of July!
Fresh off an election that brought several changes to New York's rent regulation laws in favor of tenants, John Banks is stepping down as the President of REBNY. The Real Estate Board of New York President is retiring after four years at the helm of the city’s most influential real estate trade group. Jim Whelan will become the next President at REBNY, beginning July 1st. Banks is retiring to spend time with his family, but will stay on as a paid consultant for REBNY through next March.
If your stuck in NYC on the 4th of July this year, don't despair. A massive fireworks display is planned on the East River this year at the Brooklyn Bridge. NYC has one of the most extravagant Fourth of July fireworks show every year. The Macy's 4th of July Fireworks show begins at 9pm. The fireworks are expected to last about half an hour. You can find great views from South Street Seaport on the Manhattan side. On the Brooklyn side, try Dumbo or Brooklyn Bridge Park. Large crowds are expected, so make sure you give yourself enough time to get there. You won't be disappointed.
There is a ton of new inventory on the market in NYC, mostly condos, making it a buyers market in a lot of neighborhoods around the city. Streeteasy.com is showing 1,682 active-listings on the market citywide in new development properties as of today. This number does not include listings that have signed-contracts. Streeteasy shows an additional 1,988 listings with signed-contracts in new development properties waiting to close. There are 44 active-listings in new developments in Manhattan with an asking price of above $20,000,000.
Manhattan has 1,124 active listings in new development properties, by far the most of any borough. The median home value in Manhattan has declined by -8% year-over-year according to Zillow. Brooklyn has 420 active-listings, the second most of all the boroughs. The market in Brooklyn has performed better than Manhattan over the past year. The median home value in Brooklyn has increased slightly by 0.2% year-over-year according to Zillow.
There are many more units in the pipeline for NYC. 2017 was a record setting year for construction permits issued by the city, though construction permits declined in 2018 for the first time in nearly a decade, signaling a possible end to the housing boom we've seen over the last decade according to Crain's New York.
Star War's Galaxy Edge theme park opened today after 3 years of construction at Disney Land in Orlando Florida. A second park will open in August at Disney Land in California. The 14-acre theme park at Disneyland will be unlike any attraction experienced before. Two state-of-the-art new rides at the park in Orlando includes "Star Wars: Rise of the Resistance and Millennium Falcon: Smugglers Run."
There is also Star War's themed shops and restaurants. Visitors will experience dramitic Star War themed spectacles. They will see full-scale droids milling about the park, and all the park's staff decked out in Star War's outfits and customs. Check out the video below from The B1M, which shows the construction of the park detailed over the past few years.