Page 4 - New York Cooperator February 2019

4 THE COOPERATOR — FEBRUARY 2019 COOPERATOR.COM Industry Pulse Trends NYS Housing Market Climbs in November 2018 The median price for New York home sales continues to trend upward, rising sharply in November, according to the New York State Association of Realtors (NYSAR) in a press announcement. The median sales price rose 10 percent from November 2018 to $275,000. November marks the 34th con- secutive month that the median sales price has topped the same month of the prior year. The 2018 market trends of incremental median price growth and relatively steady sales activity continued through November. Closed sales in November 2018 dropped 6.6 percent to 10,576 homes as compared to November 2017. Year-to-date sales are trail- ing the same period last year by 2.3 percent New listings were up 1.0 percent to 12,346 while the year-to-date (January 1 – November 30) number of new listings has also inched higher, rising 1.2 percent to 196,933. November 2018 month’s supply of inven- tory rose marginally 1.7 percent from 5.9 months to 6.0 month’s supply. A 6- to 6.5- month supply is considered to be a balanced market. Days on market dropped 9.1 percent to 70 days, which falls well in line with the year-to-date figure of 73 days. Report: Amazon HQ2 Boosts LIC Properties’ Asking Pricing The so-called ‘Amazon effect’ has already made an impact on Long Island City real estate, even though the giant online retailer has yet to break ground on its proposed headquarters in that Queens neighborhood. Citing a post from StreetEasy, Crain’s New York Business reported that about 20 per- cent of home listings for Long Island City generated higher prices five weeks after the announcement of Amazon’s plan – a con- trast to the period before the announcement dropped, when prices were largely stagnant. Crain’s also added that some sellers in East Midtown have mentioned Amazon in their listings, and even promoted their units as investments ahead of the anticipated arrival. Grant Long of StreetEasy wrote: “In Astoria, sellers hiked prices on 10 listings (4 percent of inventory) in the five weeks following the Amazon leak — but 25 listings saw their prices slashed over the same period. No other neighborhood has seen such a dramatic reversal in its price trend as Long Island City, and some nearby neighborhoods haven’t seen much change at all.” Transactions High Line Park Designer Snags Manhattan Co-op The New York Post reported that Charles Renfro, an architect who co-designed the hugely popular High Line park, bought a co-op in the adjacent Chelsea neighborhood for an undisclosed amount. A member of the firm Diller Scofidio + Renfro, Renfro pur- chased the unit at 249 West 29th Street in an off-market deal, said city property records. One of the sellers, Tia Wou, bought the unit in 2004 for $1.12 million. Park Ave Penthouse is 2018’s Most Expensive NYC Home Sale The most expensive home sold in 2018 in New York City is a penthouse located at the Robert A.M. Stern-designed building on 520 Park Avenue that went for $73.8 million, according to Curbed. The real estate website ranked the 20 most expensive residences purchased in the Big Apple last year; the $73.8 million acquisition by inventor James Dyson has six bedrooms and over 270 square feet of outdoor space. Coming in at second place was another penthouse in the same building measuring 9,200 square feet that sold for $62 million. In third place was a six- bedroom/seven-bathroom penthouse at 503 West 24th Street that sold for $59.06 million and includes outdoor space spanning 2,700 square feet. The 20th most expensive apart- ment, according to Curbed, was yet anoth- er residence at 520 Park Avenue; a 4,628 square-foot, four-bedroom unit that went for $31.5 million. Justin Timberlake and Jessica Biel Sell SoHo Apartment Justin Timberlake and Jessica Biel have finally sold their SoHo penthouse, according to The Real Deal. The famous couple unload- ed their apartment at 311 West Broadway for $6.35 million, which was less than their origi- nal asking price of $7.99 million. Containing 2,500 square feet of space and an 853-square- foot terrace, the unit underwent several price cuts before it was sold to a buyer identified as ‘Hudson Broadway LLC,’ according to prop- erty records. Timberlake and Biel bought the penthouse almost a decade ago for $6.5 million; the two recently acquired a home on Greenwich Street, said The Real Deal. Hoyt Street Condo Project is BK’s Priciest Filing A development project on Brooklyn’s Hoyt Street leads The Real Deal’ s ranking of 2018’s top 10 priciest condo filings through- out the borough, based on information from the New York State Attorney General office. Tishman Speyer’s 481-unit condo develop- ment at 11 Hoyt Street, which is expected to finish by 2020, came ahead of the pack with a filing worth $837.9 million; prices for apart- ments there range from $600,000 to $3.4 mil- lion. That’s followed by RAL Development’s 126-unit Quay Tower at 50 Bridge Park Drive, which filed for $509.6 million; Hudson Companies’ 36-story, 134-unit One Clinton development at 280 Cadman Plaza West was ranked third with its $477.7 million filing. Those filings, along with those by the remaining seven Brooklyn condo projects on the list, totaled $2.43 billion, The Real Deal reported. Matt Damon Pays Record-Breaking $16.7M for Brooklyn Apartment Actor Matt Damon’s purchase of a Brooklyn Heights penthouse for $16.745 million reportedly set a record for “the high- est price paid for residential real estate in CAL EN D AR February 2019 CALENDAR/PULSE continued on page 22 NEW YORK HILTON MIDTOWN — THURSDAY, APRIL 11, 9–4:30 FREE REGISTRATION: COOPEXPO.COM THE COOPERATOR EXPO 2019 WHERE BUILDINGS MEET SERVICES MEET MORE THAN 300 EXHIBITORS IN ONE DAY, UNDER ONE ROOF. (Wear comfortable shoes.) Wed., February 13, 2019 CNYC’s Proprietary Lease for the New Millennium 7:00 p.m. Attorney and CNYC president Marc J. Luxemburg led the development of a model Proprietary Lease and Shareholders Agreement, adapted to the 21st century needs of New York housing cooperatives. Version 2.0 includes suggestions received from many experts in the course of the document’s devel- opment. Luxemburg will discuss the major innovations of the new lease and will offer advice for ensuring its adoption. There is no cost for CNYC members and subscribers to attend this class, but advance registration is required. Others are welcome at a fee of $60 if paid in advance or $75 at the door. Call 212 496-7400 or send e-mail to workshops@ CNYC.coop to reserve your place. Continuing Legal Education credit is available to attorneys attending this class. Attorneys who work pri- marily with low-income clients or those who themselves have modest incomes, may write to CNYC to request abatement of applicable fees. For information, visit www.cnyc.org. Wed., February 20, 2019 CAI Webinar: Residential Security in Today’s World: Protecting Residents & Associations 2:00 p.m. - 3:00 p.m. The safety and security of community associa- tion residents and their guests is a common issue for residential communities, but new concerns like increased drug use and abuse, potential active shooter situations, and police and security violence require a new level of education and preparedness. In this webinar, you’ll learn about emerging and essential issues facing community associations and community association managers when it comes to safety and security. Register today to get tools and strategies to limit and mitigate risk within your community, including how to use technology, training, and policies to improve overall resi- dent satisfaction. For information, visit www. caionline.org.