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There is no denying that New York City is a popular place to live. With that popularity and growth, comes congestions. Both developers and city planners are once again aiming to make Manhattan an even more accessible and enjoyable place to live.

For example, the Metropolitan Transportation Authority has taken charge of expanding the accessibility to different parts of Manhattan and Brooklyn, which leads to an increase in value for condos, apartments, and townhouses in those neighborhoods. Due to the most recents real estate developments on the West Side, commonly known as Hudson Yards, the MTA took the liberty of expanding the 7 train line through that area so that passengers and travelers now have access to destinations like the Jacob Javits Convention Center, the new extension of the Highline Park, new residential buildings, and the mall expected to go up in a few years (which even includes major department stores like Neiman Marcus). In addition, the Subway train lines have expanded on the Upper East Side of Manhattan, which have attracted many developers and investors alike to purchase property in that neighborhood. With increase in demand, comes an increase in price. So overall, we can bet that in due time, prices for these properties will continue to rise, as new amenities and neighborhood. Therefore, it is a great time to invest because the value of the properties and the value of the neighborhood will increase.

Recently, there has been a transition of power and planning for the Metrpolitain Transportation Authority. Emma Fitzsimmons of the New York Times writes that the MTA is bringing in new talent with a key real estate background to oversee the new projcects for the MTA .”Mr. Lieber will oversee several high-profile projects, including building the next phase of the Second Avenue subway, to 125th Street in Manhattan, and a new train terminal under Grand Central Terminal for the Long Island Rail Road” (1). This will give a rise in popularity to East Harlem, a neighborhood where only the 4,5 & 6 trains are serving. It will also link access to the Harlem Line Metro North Station at 125th as well as several bus lines. In addition, thousands of commuters from Long Island and the Metro North will now have access to more trains through the renovation and expansion of Grand Central Station. Passengers from Long Island will have an easier and shorter commute time getting access to the East Side.

“Govenor Andrew Cuomo reports that “Bringing Janno Lieber on board is a perfect example of leveraging private-sector talent and experience to accomplish our bold and ambitious agenda to continue transforming the M.T.A.” (1). In addition, having someone with a real estate background and experience will be vital to knowing the layout and structure of the neighborhoods. Since Lieber has served in the real state industry for so long, he will likely be able to determine the positive impact of these projects, and what value it will bring to the real estate’s surrounding areas.

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Lois Weiss of the New York Post writes the following: “The shrinking inventory of trophy product is mismatched against a queue of global institutional investors who still view New York real estate as the best risk-adjusted, safe-haven investment option,” he says (2). Despite the volatility in other current markets and industries, real estate (in New York), seems to always be a steady investment in demand. With new developments being built and neighborhoods becoming more modernized and accessible, there will surely be a pool of investors to follow. This is a great time to buy and invest, before the increased prices after the MTA completes its plan to expand. Clearly, the New York City real estate market is here to stay and will continue to remain strong.

Written By Kylie Keller

(1) New York Times
(2) New York Post

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The New York City real estate market has always set the precedent for real estate developers, investors, and agents worldwide. As the first month of 2017 comes to a close, there are evident patterns of the New York City real estate market seeing much growth in the upcoming months throughout the year. Real Estate developer Larry Silverstein states that “the variety of financial expertise and consideration and safety is so great that United States is No. 1, and No. 1 in the states continues to be New York” (3).

The are are two main contributions to the sudden growth and change in the real estate market. One is the change of both the demand and increase in technology in the industry. There is no doubt that both architects and real estate development pioneers have affected the demand for new developments and a higher interest for investors.

Even amenities provided for by the city contribute to a higher cost of living, newer developments, stimulation of the economy, and advancement of the real estate industry. Ivan Pereria, a journalist for AM New York writes that “new skyscrapers are poised to shoot to the sky, and revamped public amenities are slated to open” (1).

The article continues to say that public amenities and developments such as transit, public parks and gardens, and neighborhood maintenance affect the attraction and demand for new residents. For example, the Metropolotain Transportation Authority recently unveiled its latest project: the Second Avenue Subway. This not only gives thousands of residents, tourists, and workers easier access to the Upper East Side and Yorkville neighborhoods; but it also creates much value for both real estate investors and developers.

This is an incredible opportunity to invest into property on the Upper East Side. With accessibility comes attraction, and with attraction comes residents, and with a higher residential demand comes higher prices. It will would be a wise investment to buy where there will be a future increase in demand. Pereria continues to write “The opening of the Second Avenue subway line and recent extension of the No. 7 train into the West Side will make the areas more attractive for home hunters, according to StreetEasy” (1).

Photo Via New York Times

Another neighborhood that has seen a lot of traction in the past year is Hudson Square. This neighborhood has become increasingly popular for investors and the area itself is projected to grow in value a lot over the course of the next couple of years. Hudson Square is situated next to TriBeCa and SoHo: two neighborhoods that are extremely rich in both in capital and demand by consumer. The accessibility alone to these popular neighborhoods in enough to drive up the demand in Hudson Square from both developers and investors. There have been a lot of rezoning laws that have made new developments for condos and schools possible. “The 20-block rezoning… is also altering the streetscape by allowing more apartments. “The change here has been intense,” Ms. Faust [a long-time Hudson Square resident] said” (2). Ultimatley, this will increase the population and change the age demographic of the residents who are attracted to living there. Once there are more public amenities in place, this will change the demand and once again prices will increase. Before a new surge of growth, it is a great time to invest in property in the Hudson Square area.

Speaking to the luxury market, long time developer Larry Silverstein shares what makes a property increase in value and what developers look for when investing into new properties so that they have the biggest return on investment. “Space. And first is location, right? And a place that has everything I could want exactly. For example, I want to be in a neighborhood where I feel very safe, very comfortable where the surroundings present the things that I like to see; the things that I like to eat; the things that I like to buy; the things that I like to luxuriate in; things that make me happy” (3). Much of the value of a property is in fact found in the location of the property and the perceived value of the location to the consumer. This could mean public entities as well as amenities that the building provides.

The New York City real estate market is so saturated with developers, that becoming a prominent investor and name has become increasingly difficult. Larry Silverstein states “I enjoy taking advantage of what I like to think are unique opportunities… I look at New York and I say to myself land is becoming infinitely more rare, and more and more difficult to find. So where you have an opportunity to acquire a piece of dirt, to acquire a piece of land, that you can put away for tomorrow, now’s a pretty good opportunity to do so” (3). That being said, when there is a neighborhood that is projected to increase in value, like Hudson Square or the Upper East Side, it is the best time for buyers, investors and developers alike to take full advantage of the market and the rare opportunity to have a successful return on investment.

Written by Kylie Keller

(1) http://www.amny.com/real-estate/nyc-real-estate-in-2017-hudson-yards-cornell-tech-openings-more-1.12818947

(2) https://www.nytimes.com/2017/01/18/realestate/hudson-square-a-manhattan-bargain-and-quiet-too.html?_r=0

(3) http://www.mansionglobal.com/articles/51593-one-of-the-city-s-best-known-developers-steers-clear-of-gambles

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The popularity of the luxury condominium has grown increasingly since last year, especially with foreign buyers (who, according to Citi Habitats, make up 40% of the buyers) (2). Most will purchase the condo as an investment, with the sole intention of renting it out to others in Manhattan.

The turnaround time for luxury condos has increased. The overall days on the market for condos has decreased year-to-year to 84 days, from 100 days in 2014; and the number of sales have also increased (4). According to the Corcoran Q4 Market Report, the luxury market sale prices were up 2%, with the majority of sales focused below the 34th street region (4).

Since the supply of luxury condos has increased, there has been decrease in the price of these luxury rentals (1). In order to be more competitive in the market, the owners who rent out these apartments must provide an enticing price. The average decline in rental prices in the past quarter was between 1.3%-3.4% (2). This slight decline is evidence of a competitive market. However, there was an average year-to-year increase of 6.7% for a studio apartment and a 0.4% for a three bedroom (2).

Photo Via Corcoran

New Yorkers are finding it more difficult to afford rent; and have reached their “upper limits of what they’re able to pay after more than four years of almost continuous rent growth” (3). According to Jonathan Miller in an interview with Bloomberg, rent prices are rising in both Manhattan and Brooklyn due to “robust local economy and tight credit conditions on mortgages” (3). There are a low amount of first time buyers and smaller subset of people who are active in the market (3).

Miller predicts that the Federal rate hike will not be a significant impact on the housing market because the majority of the buyers in Manhattan are cash-buyers. On the other hand, there needs to be a change from the current renting conditions. Cities will not be able to flourish properly if there is an increase in jobs but no availability to rent because of the spike in rent prices. 2016 will see that the pace of growth of rent prices is slowing but not stopping.

Written by Kylie Keller

(1) DNAinfo: New York
(2) CitiHabitats
(3) Bloomberg
(4) Corcoran

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On October 15th, mother-daughter real estate duo Margaret Watson and Antonia Watson are rejoining forces in their philanthropic efforts. In addition, Antonia’s sister, Fiona Watson, owner of Notorious Mixed Martial Arts, is joining in the sponsorships.

The Watson International Team at Corcoran Group is honored to be partnering with Liberty Board of Realtors in their annual golf fundraiser. Spearheaded by Margaret Watson, Community Service Chairwoman of Liberty Board of Realtors for more than a decade, this annual golf event has contributed numerous full ride scholarships for high school graduates in need.

“The stories are beautiful and I am so pleased to be involved in the positive changes education can produce,” Margaret Watson stated eloquently at a recent press conference.

“We changed one woman’s life entirely,” Watson reflected. “This woman had been working two full time minimum wage jobs to support her family, while simultaneously saving to go back to school. After years of praying for a miracle, we provided a fresh start, and ultimately, a new life for her. As the recipient of our scholarship, she was able to attend night school and graduate with a degree in nursing. Today, this woman works full time as a registered nurse and is able to provide her family with a life that at one time was no more than a dream. She reaches out to us every holiday to thank us for paving the way toward her future; for being her miracle.”

Numerous other scholarship recipients’ lives have been dramatically improved from the generous support of the Watsons’ annual golf fundraiser.

The event draws an eclectic group of attendees. From real estate developers to mortgage bankers, athletes to restaurateurs, the Watson women draw upon their dynamic spheres of influence to fill the event with clients and industry professionals, eager to contribute to a wonderful cause.

“It is such a blessing to be able to alter the trajectory of people’s lives,” offered Antonia Watson in a recent interview. “The old adage is true: as people, we often live under the illusion that we have time, when in reality, we do not have time. We have one very brief, fleeting opportunity to make our presence on earth meaningful. I can think of no more profound way of utilizing our time on this planet than to help others actualize their dreams. I have been extremely fortunate to have been taught by my mother and grandmother how to build a brilliant and fulfilling career; however, more importantly, I have been taught by these remarkable women the importance of giving back.”

Antonia continued, “Perhaps my stepfather says it best when he tells me: ‘Success and responsibility go hand in hand. The more successful you become, the more responsibility you have to help lift others up’.”

Sharing her family’s passion for spreading education, Fiona Watson offers her perspective on the necessity of events like these. “I always teach my students the importance of giving back to the community. It is a virtue and discipline learned in martial arts that I hope they take with them when they step off the mat,” said Watson.

The annual golf outing includes lunch, golf, dinner, and prizes. Tickets are $200 per person and can be purchased by contacting Margaret or Antonia Watson.

Margaret Jagar-Watson, GRI
Broker / Manager
Liberty Realty LLC
525 Washington Street
Hoboken, New Jersey 07030
Office: 201.222.2900
Private: 201.970.4593

Antonia Watson
The Watson International Team
Licensed Associate Real Estate Broker
Senior Global Advisor
The Corcoran Group
d: 212-323-3290
c: 347-768-5952
f: 212-415-6204
Antonia.watson@corcoran.com
660 Madison Avenue, New York NY, 10065

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