Out and About: The more things change. . .

Under the. . . High Line

When I arrived in Manhattan more decades ago than I care to remember, the word on Chelsea was that the neighborhood was on the cusp of change.

One of the more celebrated residents at the time was Anthony Perkins, if memory serves, plus short and long-term occupants of the Hotel Chelsea, including the late composer Virgil Thomson.

Decade after decade, the mantra about the neighborhood was this: It’s going to change.  Finally, like a broken clock, Chelsea did undergo its transition from seedy to select. Continue reading

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The Big Apple: Rent market hot, otherwise warm

Manhattan condo prices have yet to recover fully

From its peak in December 2008 to its trough in May 2009, the RPX Manhattan Condominium price declined 24 percent, according to Radar Logic.

Since then, it has regained only about half of the value it lost during the crash.

As of March 31, the RPX Manhattan condominium price was $1,017.10 per square foot, which is 16 percent above its cyclical trough of $923.24, but still 12 percent below its all-time peak of $1,212.83.

Sales activity also remains well below pre-crisis levels.  Activity during March 2011 was 18 percent lower than it was during March 2008, before the national housing crisis took hold of the Manhattan market.

Although the rate of sales increased robustly during 2009, its recovery has faltered since, with the transaction count declining 3 percent over the last year.  There has been a clear shift in the concentration of sales from smaller to larger units over the last year.

Buyers are still out there and having offers accepted

Buyers continue to step up and sign deals for Manhattan property at a very strong pace, according to a new post by Noah Rosenblatt of UrbanDigs.

Finding in his excellent data Continue reading