NY Demand Shifts to Upper Manhattan, Brooklyn

[Sales in upper Manhattan -- primarily the Harlem, Washington Heights and Inwood neighborhoods -- are rising in part because major investors such as AREA Property Partners LP are selling real estate they acquired near the market’s peak five years ago, said Robert Shapiro, first vice president for sales at Massey Knakal.

“Institutional investors who bought during the peak in 2006 and 2007 are now being forced to take their medicine,” he said. “We’re seeing a return of the local mom-and-pop investors who’d been on the sidelines now being able to scoop these property back up.”]

ROFLMAORH ... pause ... ROFLMAORH ... pause ... ROFLMAORH ... pause ... ROFLMAORH ... pause ... ROFLMAORH ... pause ...

Mom and pop!!! ROFLMAORH ... as the institutional investor pumps and DUMPS .. the idiot mom and pop think they just got a bargain!!!! Classic market top!

or its how things should work properly..no bail outs..assets trade hands and things start over. this is how real healing begins.

or you catch a falling knife, like buying in yorkville last year

hah..i love how people pay attention to my posts and then try to insult me. its kind of flattering.

speaking of following your posts, nothing in a while from you on the trash dump fight

> or its how things should work properly..no bail outs..assets trade hands and things start over. this is how real healing begins.

healing ? ROFLMAOEH .. EH = even harder as oppose to RH = really hard

healing ? We have not even wrung out any of the excess from before and you are talking about HEALING ? marco, you are too funny or too delusional .. i don't know which one is more appropriate ...

> hah..i love how people pay attention to my posts and then try to insult me. its kind of flattering.

it isn't a compliment ... folks simply want to point out how delusional you were last year ... looks like your view hasn't change one bit.

str33teasier, I'm not clear on this - are you bearish?

per some here, he is a bull trying to crash the market with his negative posts so he could buy in yorkville

you're never clear on anything...wtf else is new?

and upper yorkville? need one explain?

yep he can't stop thinking about azure

yikes/bottoms, sarcasm not your forte, huh? Something I'm still (for real this time) not clear on: why you changed your alias. I have my theories (tired of being perpetually ignored?), but would be great to hear it straight from the horse's mouth. Hee-haw away!

> I have my theories

He's trying to avoid paying alimony and child support

> per some here, he is a bull trying to crash the market with his negative posts so he could buy in yorkville

2 funny .. yeah, according to some, my posts will MOVE the market so I post bearish articles in order to drive this market down .. ROFLMAO ... as to yorkville .. Where TF is it ? is it in Manhattan ? 8)

> are you bearish?

No! Uber bearish :)

> and upper yorkville? need one explain?

yes! what happen over there? i missed it :-(

str33teasier, all the rental reports - all 4 for Manhattan - say that rents are increasing fastest in upper Manhattan.

ok i'll explain:

upper yorkville is likely the most underperforming neighborhood (RE value-wise) in NYC of the last 20 years.

there, i explained.

Data?

it's out there. have at it.

It's out there? Link please. Or do you just expect people to continually believe you when you're unable to provide any sort of real evidence beyond "I said so." Over and over again...

are the retarded writer high on drugs or something? it is at the peak NOW, not 2006 or 2007

looks to me if you're not on east end avenue, you can't give them away in yorkville.

where's yorkville again ? is it in Manhattan ?

EEA?

http://streeteasy.com/nyc/sale/658938-coop-10-east-end-avenue-yorkville-new-york

yorkville is where the city starts to smell like bengay.

Yes, institutional owner played with other peoples money, we're able to charge nice fees for doing so, and don't really loose anything themselves.
Older mom and pop families would not buy over the last few ears until recently, we're happy to just hold onto what they have.

And as for yorkville, make fun all you want. While the EV, WV, etc. get more and more suburbanized, yorkville will remain long past. Tell me another neighborhood in Manhattan with tree lined streets, relieve quiet, and affordable rents for working people...

Some people want it both ways: cheering for lower RE values/rents while snubbing their noses at "lesser" neighborhoods. Yorkville's fine.

I for one am not making fun of yorkville. But the prices have not been holding up there. Rent/buy is fairly compellingly in favor of buying in the neighborhood, but despite that there still seems to be relatively high potential for price declines.

It's not my cup of tea (but, then again, I spent 8 years not-so-unhappily in PCV), but I could see how it could be an attractive choice.

reason yorkville is in the line of fire is marco and azure broker (unbeatable location)

The J miller report had rents per SF up 20% YOY in upper Manhattan. That would attract investors, especially if the sellers are distressed.

"we're" was an iphone auto correct. Should have been "were"

i have no comment re yorkville beyond that its real estate has underperformed the rest of the city over the past 20 years, especially of recent.

the market has deemed yorkville undesirable for whatever reason.

"i have no comment re yorkville beyond that its real estate has underperformed the rest of the city over the past 20 years, especially of recent."

Yes, you said that already. Proof?