I am not well-versed in the real estate market as I am new to NYC; currently renting in Tribeca. I've noticed a couple dozen rental listings for 101 Warren within the past month (maybe a dozen sales listings). This seems like a lot given the fact that the building just recently was finished (? maybe it's typical). If anyone on StreetEasy has the inside scoop - I'd be curious to hear what's going... [more]
I am not well-versed in the real estate market as I am new to NYC; currently renting in Tribeca. I've noticed a couple dozen rental listings for 101 Warren within the past month (maybe a dozen sales listings). This seems like a lot given the fact that the building just recently was finished (? maybe it's typical).
If anyone on StreetEasy has the inside scoop - I'd be curious to hear what's going on with this building - is this just more of the current environment; harder economic times; Wall St. job loss - people trying to get out? Did more buyers in this building buy as an investment and not to live here? The rents in the building are steadily decreasing (which makes me wonder how owners can afford the carry). Prices on units for sale seem to be doing the same.
Looking for color if anyone has any. Thanks!
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Response by front_porch
over 17 years ago
Posts: 5325
Member since: Mar 2008
IMHO, too early to tell.
Some people buy into new condos as an investment, so there's always a seemingly "high" percentage of rentals available.
I think the indicator to watch is whether that percentage rises over time (showing that owners want to have someone else carry their investments, and/or the building isn't renting).
As a comparison, the Orion, which is a condo building a couple of years older in Midtown West, is now at 49 available rentals out of 551 units -- I found a posting of mine from a message board two years ago that showed it was right at about the same availability, 10%.
ali r.
{downtown broker}
Ignored comment.
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Response by LASJS
over 17 years ago
Posts: 6
Member since: Jan 2008
As an appraiser, I'm very familar with this building. Most of the contracts for this project were signed in 2006 at considerably lower prices. The few resales that have occured have sold much higher than the original sales prices, most of the units closed within the last couple of months.
IMHO, too early to tell.
Some people buy into new condos as an investment, so there's always a seemingly "high" percentage of rentals available.
I think the indicator to watch is whether that percentage rises over time (showing that owners want to have someone else carry their investments, and/or the building isn't renting).
As a comparison, the Orion, which is a condo building a couple of years older in Midtown West, is now at 49 available rentals out of 551 units -- I found a posting of mine from a message board two years ago that showed it was right at about the same availability, 10%.
ali r.
{downtown broker}
As an appraiser, I'm very familar with this building. Most of the contracts for this project were signed in 2006 at considerably lower prices. The few resales that have occured have sold much higher than the original sales prices, most of the units closed within the last couple of months.