Battery Park City Real Estate

America’s Most Transformed Neighborhoods

via FORBES

Lower Manhattan hasn’t just rebounded (despite 2008’s financial meltdown), it has been utterly transformed.  READ MORE >>>

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Seeing a High Rise in Prices


By JENNIFER FERMINO
New York Post
February 3, 2011

Manhattan apartments ‘sale’ away

In another sign that the city’s battered real-estate market is on the way back, prices of apartments and townhouses all around Manhattan are shooting up.

The median price of a co-op or condo in the borough is now $880,000 — 3.5 percent more than it was in 2009, according to an encouraging new report from the realty firm Prudential Douglas Elliman.

Manhattan hasn’t yet turned from a buyers’ into a sellers’ market, but it’s at least stable, according to Jonathan Miller, president of Miller Samuel Real Estate Appraisers, which conducted the research for the report.

Apartments are selling faster and fewer markdowns have to be offered to entice wary buyers, according to the report.

The average time an apartment spent on the market decreased from 179 days in 2009 to 119 in 2010.

Meanwhile, the average discount on a pad for sale dropped to 7.1 percent, from 10.2 percent the prior year.

People are buying and selling more apartments as well.

The number of apartment sales jumped 35.4 percent — from 7,430 in 2009 to 10,060 units in 2010.

“We’re seeing a reasonably normal pace of activity, far better than the dark days of 2009, but below the peak,” said Miller.

The median price for an apartment in prerecession 2008 was $955,000.

The city’s most expensive residences — townhouses — are also attracting well-heeled buyers more quickly.

And more than half of the ones sold in 2010 are occupied by single families, according to Douglas Elliman’s Townhouse Market report, which tracks that gold-plated market.

A Fifth Avenue townhouse across from the Metropolitan Museum of Art was bought by Mexican mogul Carlos Slim for $44 million.

The median price of a townhouse skyrocketed 13.2 percent in 2010 — jumping from $3.4 million to $3.85 million.

And that was 114.5 percent more than a townhouse cost at the beginning of the decade.

Like apartments, more townhouses are selling, and they’re on the market for less time.

Some 197 townhouses were sold in 2010, compared to 149 in 2009.

And they were purchased after 117 days on the market. In 2009, the figure was 142 days.

As far as apartments go, the average price per square foot was $1,203 last year, an 8.3 percent increase from $1,111 in 2009.

The areas where condos and co-ops showed the biggest increases in price per square foot in 2010 were Midtown East, Chelsea and SoHo/TriBeCa.

jennifer.fermino@nypost.com

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New Term For Downtown Area

It feels like everyday someone comes up with a new abbreviation for an area of Manhattan (SoHo, BoCoCa, DUMBO, and so on.). Here comes another one and it encompasses Battery Park City. A marketing group in the city has picked CanDo (pronounced “can due”), short for Canal Downtown which they would like to be the name for the area south of Canal Street. The marketing group says it is an attempt to give the area more a attractive feeling for those visiting as right now the majority of tourist do not lodge in our area unless they have work on Wall St. The marketing group plans to put out maps with the labeled CanDo area at local hotels in the beginning of the year. So far CanDo has received mixed reviews. We would love to know what you think. You can read the full story here.

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Battery Park City Booming Ahead

Yet again Battery Park City has been mentioned as leading the Manhattan in the path out of the recession. With more population growth than any of the other five boroughs and visibly seeing construction in the area to support the growing population, it is no wonder that the area has become so popular. BPC has almost double it population since Sept. 11, 2001 and as a result we have started to see amenities and neccisities pop up all around to support all the new neighbors. One new school, PS 276 has opened and another school is in the works. The newest addition to the NY Public Library group opened in Battery Park City and Liberty Luxe and Liberty Green are the newest residential buildings in the area. You can read more on the remarks about BPC from Sheldon Silver here.

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Battery Park City’s Real Estate Moves City Forward

There is no part of the country that has not been effected by the economy over the past few years, but as far as Manhattan goes, Battery Park City’s real estate growth has been key to leading BPC on the rebound. BPC leads the way for growth and new residents in Manhattan. Milsteen properties is completing Liberty Luxe and Liberty Green which are being finished as the last of the new real estate developments to go in the area. Battery Park in the past two years has developed a new P.S. school and a new branch of the NY Library, both of which lead the area in Green technologies and reusable resources. BPC is also getting a handful of new restaurants to accommodate the boom in population including Shake Shack. You can read the full story here.

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Real Estate Slaes Rebound

Residental real estate is on the rebound with an 18 percent increase during the third quarter this year. In a study of the five borough Manhattan was leading the pack with a 25 percent increase. With the real estate sales on the rebound and the economy on the mend its makes us want to go check out Liberty Luxe and Liberty Green even more. You can read the full story from Crain’s New York here.

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Shake Shack & Blue Smoke head to Battery Park

After all the talk and speculation, it is official; Battery Park City is getting Danny Meyer’s Blue Smoke and Shake Shack. The two eateries will be joined by a third, yet to be named but more upscale restaurant, all of which will open in 2011 on ground floor of the Embassy Suites hotel. As the construction of Liberty Luxe and Liberty Green finishes it is a perfect time to welcome our new neighbors with new great places to eat! You can read the full story here.

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Liberty Luxe & Liberty Green Complete Vibrant Neighborhood

Photo Credit: Buck Ennis

Liberty Luxe and Liberty Green are under construction and scheduled to be done next year, but that means more than just being open and finishing construction. We are going to welcome new neighbors to our neighborhood. In this story by Amanda Fung (Crains New York) she agrees that Battery Park City is a place that people want to work and live.

“Early next year, two luxury condominium towers—Liberty Luxe and Liberty Green—will open in Battery Park City. The buildings, which will be 33 and 23 stories, respectively, and will feature similar brick-and-glass facades, are being developed by Milstein Properties.

More important, the two towers will bring to a close one of the largest and most remarkable development projects in New York City’s history: the transformation of 92 acres of landfill across the West Side Highway from the World Trade Center into a vibrant neighborhood…”

You can find out more about Liberty Luxe and Liberty Green and you can read the full story by Amanda Fung here.

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Construction of Liberty Luxe & Liberty Green

Check out this awesome time lapse video of the construction of Liberty Luxe and Liberty Green in Battery Park City. Ever wonder what changes from day to day in the area? Well, here is your answer!

The grass is so green at the end of the video.

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Construction Begins on World Trade Center Tower Three

Photo credit: Curbed staff

Our friends over at Curbed NY found out that construction began July 9th on the third WTC tower. The tower has an estimated completion date of December 2014. Earlier this summer there were reports that the building wouldn’t be finished until 2020 so we are all glad to hear that construction has begun and it is on the rise. Curbed has the full story here.

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