The Fed has once again left rates unchanged. The April meeting concluded very much like the March meeting in statement and substance. I remain convinced that a rate hike is unlikely before Fall, and rate hikes and an ease of accommodative policy will be very gradual. The Fed outlines six factors to consider before raising rates: the labor market, inflation gauges, inflation expectations, and "financial and international developments", and of course the strength of the economy. The strongest of these indicators at present is the labor market which has remained healthy. Jobless claims are at a the lowest level in a decade, so the gradual improvement in the labor looks good. Wages are just starting to uptick, which would suggest that the slack in the labor market has finally started to tighten up. Inflation is tame, especially in light of lower energy prices, but the expectation in the ever vague fed-speak of "medium term" looks to be around their target of 2%. The financial markets are relatively stable for now, yet the international situation remains shaky. So, by most indicators, we are still in a holding pattern. The Fed sees the Winter pause in growth as "transitory", but will have to see evidence that it is right before it takes any action.
How does this play for the NYC real estate market? For now, more Goldilocks!
Keep an eye on the blog for an upcoming entry looking at the NYC real estate market in depth.
Thursday, April 30, 2015
Tuesday, April 28, 2015
|205 E 92nd, Front (A. Fine 4/2015)|
|205 East 92nd Back- East Face (A. Fine, 4/2015)|
|Brick (A. Fine, 4/2015)|
What I find most interesting is that the average size apartment will be a little better than 1400sf. That is a stark contrast to the full floor, 3000+ square foot McManhattamansions (yes, I am using that made up word) being built in the area. I can only hope that this is a trend towards "reasonable sized" apartments. Yes, there is demand for some of the huge apartments, but the demand for normal sized apartments is extreme. I am sure Related will be rewarded for recognizing this segment of the market.
Posted by Andrew Fine at 1:48 PM
Friday, April 24, 2015
|Fata Morgana (A. Fine, 4/2015)|
|Fata Morgana Worker (A. Fine, 4/2015)|
|Fata Morgana Path (A. Fine, 4/2015)|
I'm not an art aficionado, but from this layman's sensibilities I find the art both pleasant and intriguing. The warmth from the golden glow from the disks gives parkgoers a different perspective of the environment. The reflections also enhance the senses and alter your perception of your surroundings. It's different, interesting and ever changing based on your angle, the amount of light, and the season. This being New York, there are reports that some locals are "outraged" and "furious" about the shade that these disks create and the size of the project. As Artnews, that noted this anger points out, the installation covers just 9% of the park. Hey, this is New York, we love art, so to the sourpusses that have a problem with it, I say "Get-ova-it"!
Mad Sq Art: Teresita Fernandez (Madison Square Park Conservancy)
Parkgoers Furious Over Teresita Fernandez Sculpture at Madison Square Park (Artnews)
Posted by Andrew Fine at 2:30 PM
|100 East 53rd (A. Fine, 4/2015)|
|100 East 53rd (A. Fine, 4/2015)|
|100 East 53rd Render (Foster & Partners)|
The project, which initially stalled during the financial crisis is an exciting one. Foster and Partners, who have only one rendering available, promise a modern take on Modernism. The inspirations are the nearby Seagram Building, and one of my all-time faves, the Lever House. The finished product is to rise razor sharp at 61 stories with 94 apartments, a two story restaurant, and the expected plethora of amenities including 9th floor pool. As reported by The Real Deal, the initial offering plan calls for a $763 Million sellout without amendments. Sales are expected to begin sometime in the next few months.
Curbed Files on 610 Lex, now 100 East 53rd (Curbed)
Aby Rosen's RFR Plans $763 Million Condo Offering at 100 East 53rd (TRDNY)
100 East 53rd Street (Foster and Partners)
Name Changers: 610 Lex Will Now Be Known As 100 East 53rd (Observer)
Posted by Andrew Fine at 11:50 AM
Wednesday, April 22, 2015
10 Madison Square West is nearly clad and nearly, if not totally sold out! It was this time last year that it was reported that 119 of the 125 were listed in contract in an astounding 9 months. At least one of the two $35 Mil penthouses is in contract and the buildings website shows a blank page for "availability". StreetEasy does show one last apartment left, 14D, a corner 8 room apartment with views for $14 Million.
It appears that there is still a fair amount of work to be done on the 7 stories that were added to the old Toy Building, and some work on the commercial space on the bottom floors. But, things are clearly taking shape.
Curbed Files on 10 Madison Square West (Curbed)
No Toys But A Park Nearby (NY Times, May 2013)
Posted by Andrew Fine at 3:29 PM
Friday, April 10, 2015
|Battery Maritime Building, Close-up (A. Fine, 4/2015)|
|Battery Maritime Building (A. Fine, 4/2015)|
|Battery Maritime Building, Rendering by Rodgers Architects|
Curbed Files on Battery Maritime Building (Curbed)
Battery Maritime Building (Rodgers Architects)
Posted by Andrew Fine at 3:48 PM
Wednesday, April 8, 2015
|1444 Third Avenue (A Fine, 4/2015)|
|1444 Third Avenue Rendering (ODA Architecture)|
Demolition is now well underway at the future new development (presumably condos) at 1444 Third Avenue. While the two buildings on the southwest corner of East 82nd Street and Third Avenue are being brought down brick by brick, the final product, seems far from etched in stone at this point. ODA Architecture describes the 10 story structure as having the "elegance of limestone townhouses of Fifth Avenue and Madison Avenue modernized" and will offer "individual floor homes". The rendering was leaked fully two years ago, yet the permit for this structure appears remain in limbo. In fact, several permits have been disapproved, rejected, or pending as the development challenge process continues "pending zoning approval." Perhaps the as-of-right square footage of 26,000 is in question? Considering the scale of other high rises on the avenue and the surrounding area, I'm almost surprised they couldn't pull off an even larger structure.
Regardless, I hope the final product gets approved. At first look I wasn't in love, but the design is growing on me for two reasons. First, you have plenty of limestone, a staple of classic Manhattan construction. The re-imagining of the use of this material is ambitious. Secondly, it is not another ubiquitous, bland, sheet glass special. Of course, we'll have to see if the rendering meets reality and the permits become reality.
Striated Structure to Replace UES Tenement on Third Avenue? (Curbed, 4/2013)
ODA Architecture Accidentally Posts Mysterious UES Rendering (Observer, 4/2013)
Posted by Andrew Fine at 11:40 AM