The Federal Reserve’s last Beige Book report of the year has been published. The report on economic indicators across Federal Reserve districts is released eight times each year.
This time around, consumer spending, manufacturing, and home sales have picked up in most places; however, commercial real estate sales haven’t improved, and in some places have even worsened.
For real estate indicators in the New York reserve district, the numbers aren’t looking much better than they did at the time of the last report. Office and industrial commercial real estate have been “steady to moderately weaker since the last report,” the newest report reads. Bankers note increasing delinquency in mortgages both residential and commercial. Fewer people are borrowing, and lending standards remain tight.
In New York City, the report says, the sale of existing homes are picking up slightly while new developments sales are still stagnating. The following are some glimpses into the NYC residential market based on listings on Streeteasy.com.
Sales
One of the newest listings is J Condo in Dumbo. This condo is a one-bedroom in a glass high-rise for $2,700/month. But the sale isn’t being pitched to a tenant—it’s targeted toward an investor for $699,000. The area of Brooklyn under the Manhattan Bridge, once thought of as a Manhattan outgrowth, has come into its own like other posh parts of Brooklyn.
Over in Park Slope, a four-story brick house is seeking a handyman. “Ideally suited for those seeking to do their own customized renovation,” the listing reads. “This brick row house requires a complete gut renovation—new plumbing, wiring, bathrooms, kitchens, boiler, windows, etc.” Anyone up for the challenge can contact Orrichio Anderson Realty.
Citywide, 10 sales were recorded in the last seven days. The most expensive sale made was a co-op in Greenwich Village ($875,000) and the least expensive is a co-op in Jamaica ($77,500). Some other neighborhoods where sales were made: Woodside, Bay Ridge, Cobble Hill, and Lenox Hill.
Rentals
A townhouse in Prospect Heights (2 bedrooms/2 bathrooms, $3,300) was just listed by AltaNYC. The brownstone will be available starting New Year’s Day. This unit at 528 Carlton Ave. has direct access to the backyard—a bonus.
At 351 W. 14th St., a prewar building in Chelsea, is a south-facing studio for rent ($1,600). Exposed brick walls characterize the 1885 building.
On Roosevelt Island is a 1 bedroom/1 bathroom for $1,950. Spacious-looking and green, the location offers close views of Manhattan.
New Developments
It’s mostly bad news for developers this week in new developments. This week three of four featured price movers dropped prices on their units. Buildings at 65 Clifton Place in Clinton Hill, 133 W. 22nd St. in Chelsea, and Windsor Park in Central Park South have eased asking prices on 10, three, and three units respectively. Also, 133 W. 22nd St. has been consistently discounting their units over several months.
The exception is The Absolute in Clinton Hill (where a one-bedroom is $530,000), which dropped prices on five units but raised them on four.
