NEW YORK—Federal Reserve Chairman Ben Bernanke announced that he will be keeping a close eye on the commercial real estate market, which he says is facing foreclosure troubles much like the residential market is. To prevent a foreclosure explosion, the Fed is encouraging banks to help qualifying borrowers refinance, while the central bank will be taking on commercial mortgage-backed bonds to amp the securitization market.
While we hope that helps, let’s see how the New York City residential market looks this week.
How quickly can you locate City Island on a map? This 1.5 by 0.5 mile island rests off the east side of the Bronx and has a population of approximately 4,520 people. The island, which is known for its seafood eats, made a special appearance in Streeteasy’s sales listings.
A $599,000 2 bedroom/2 baths condo located in the central part of City Island was just listed by the Makover Group. There are two floorplans available in this building.
For about the same price, one can buy a spacious 4 bedroom/3.5 baths on another island—Staten Island—which has over 30 listings this week.
The newest rentals listed this week are crowded south of 34th St. in Manhattan. Many of them are listed by JMPreston (www.prestonny.com). Some of their apartments are Chelsea, West Village, Gramercy Park, and Little Italy.
These newly available rentals are of the $2,000 to $4,000 range with 1-2 bedrooms. An exception is 116 West 22nd Street ($7,500/2 bedrooms, 2.5 baths; 1,567 sq. ft.)
While we hope that helps, let’s see how the New York City residential market looks this week.
Sales
Streeteasy has 22,684 listings with an address, whose median price is $730,000; median size 1,140 sq. ft.; median price per sq. ft. $794.How quickly can you locate City Island on a map? This 1.5 by 0.5 mile island rests off the east side of the Bronx and has a population of approximately 4,520 people. The island, which is known for its seafood eats, made a special appearance in Streeteasy’s sales listings.
A $599,000 2 bedroom/2 baths condo located in the central part of City Island was just listed by the Makover Group. There are two floorplans available in this building.
For about the same price, one can buy a spacious 4 bedroom/3.5 baths on another island—Staten Island—which has over 30 listings this week.
Rentals
Streeteasy has listed 12,014 rental listings this week. Stats are: median price: $2,900; median size: 900 ft.; median price per sq. ft.: $49.The newest rentals listed this week are crowded south of 34th St. in Manhattan. Many of them are listed by JMPreston (www.prestonny.com). Some of their apartments are Chelsea, West Village, Gramercy Park, and Little Italy.
These newly available rentals are of the $2,000 to $4,000 range with 1-2 bedrooms. An exception is 116 West 22nd Street ($7,500/2 bedrooms, 2.5 baths; 1,567 sq. ft.)
