Bubble Wrap: February 2006

Halstead reports Manhattan prices up, but there's a catch.

According to an article in the New York Times What Manhattan Downturn?. Halstead reported that the average sale price for the month of January of ”$1.277 million was 17 percent higher than the average for the same month a year ago, and second only to the record of $1.332 million set last June.”

This is based upon 563 Manhattan apartment closings.

However a Halstead economist explained that this was “largely because of a jump in luxury sales. Among the apartments that closed last month were two condos that sold for more than $20 million”

High Line Presentation

The Friends of the High Line and NYC are hosting a Public Design Presentation on Monday, Feb. 13 @ 6:30pm, but you need to RSVP today!

Also, check out the new High Line preliminary designs site by Field Operations and Diller Scofidio + Renfro.

Finally, consider volunteering or a donation.

REBNY reports on Brooklyn: Up huge in '05

Inman News covers the first ever Brooklyn real estate report from the Real Estate Board of New York.

Average prices grew tremendously in 2005. Of the 19 neighborhoods that were included, Fort Greene has increased the most at 81.9% per square foot. DUMBO/Fulton Ferry was the most expensive for apartments at $717 per square foot and Brooklyn Heights was tops for one and two family houses at $853 per square foot.

Overall Brooklyn apartments have increased in price per square foot for each of the past eight consecutive quarters, and prices were up 36.6% over 2004.

Update: Brownstoner has the breakdown

Villager gives props to City Planning Commissioner Burden

With several zoning battles brewing between the West Village, Huson Square and Tribeca North, The Villager says Burden is doing the right thing; so should B.S.A. in a recent editorial.

We’re wondering if sister publication Downtown Express will feel the same way about the City Planning Commission’s recent support for the Jack Parker Corporation’s application in Tribeca North.

Hudson Square Home Depot update

The Downtown Express reports that lease negotiations continue between Home Depot and Trinity Real Estate and that they are getting close to an agreement.

Home Depot coming to Hudson Square? (Jan 30, 2006)

Tribeca North re-zoning update

Yesterday the City Planning Commission voted in favor of a zoning change that would allow construction of a residential building up to 160 feet high on West Street and 120 feet high on Washington Street

No word yet on the Environmental Impact Study, which would have been required under the developer’s original request for a 200ft height limit.

Battery Maritime Building

Check out Battery Maritime Building: Manhattan’s Pike Place? on curbed.com

The building which has forever been the Manahattan departure point for the ferry to Governor’s island, is undergoing a makeover which is almost complete.

The city is putting out an RFP to vendors in hopes of making it a “marketplace selling fine foods, wines and produce”

NY metro home prices forecasted to drop 2.3% in '06

In Hot home markets to cool down…how will your home fare CNNMoney covers the latest housing price forecasts from Fiserv Lending Solutions. They’ve included 379 metro areas in the forecast. New York is predicted to shed 2.6% over 2006, which puts us at about 25th on the list. At the top (or bottom as it may be) is Las Vegas. Nearby Nassau-Suffolk comes in fourth with a 4.5% drop forecasted.

If you can't go up?

We all know about air rights… In Architecture: What Resides Beneath BusinessWeek provides images of an architect’s unusual Notting Hill home.

“Straitjacketed by London’s height restrictions, architect Alex Michaelis expanded his house by tunneling underground”

Probably a very expensive option for most Manhattanites, living just above bedrock. Totally unaffordable…until the next real estate boom.

Preliminary NYC budget reflects Mayor's concerns over interest rates and real estate

In Ok. Can we panic now?, the Property Grunt tells of the preliminary budget just released from the Mayor’s office and its dim view of real estate in 2007.

The roughest part: “New York’s real estate market is expected to slow, however, with a 10% decline in home prices, a 14% decline in home sales over the next few years and a significant decline in real estate transaction taxes that have buoyed the City’s tax revenue in the last few fiscal years.”

But the very best part is the Grunt’s reaction: “I dare you, I double dog dare any of you out there to say Bloomberg is wrong. I dare you to say that the Wall Street bonuses are going put some juice back into the market. I dare you to say that the spring season will rejuvenate the market. I dare you to tell me that that people including myself are a bunch of chicken littles for calling bubble. Please. Do it. Because I am in the mood put foot to ass to someone who thinks that the market is still going strong.”