The inventory crunch shows little sign of letting up. In the fourth quarter of 2013, inventory dropped to 4,164 co-op and condominium units, a 12.3% dip from the fourth quarter of 2012, according to Miller Samuel. That’s the lowest inventory level since the firm began tracking the data in 2000. The drop was even more pronounced for new development units, whose availability fell 19.6 percent year-over-year. The situation, however, was much better on the luxury end of the market — the top 10% of all units — where the listing count was 1,190, a 24.9% increase over the same period in 2012.
At 15 Central Park West, the rich get richer
Michael Lewis, the London-based head of commodities research at Deutsche Bank, recently listed his condominium at 15 Central Park West (the most luxurious condo in NYC) for a hefty mark-up over the price he paid for the property in 2008. Lewis wants $30 million for the pad according to the listing. That’s nearly three times the $10.1 million he paid six years ago, records show. Recent sales in the building indicate that Lewis’ ask may not be as far-fetched as we think. NASCAR star Jeff Gordon sold his apartment at the exclusive building for $25 million last year, more than twice the $9.67 million he paid in 2007, and hedge funder Zachary Jared Schreiber sold his for $29 million after paying $11.19 million in 2008. Lewis’ 2,761-square-foot, 35th-floor home has three bedrooms and 3.5 bathrooms, according to the listing, as well as a dining room and walk-in closet.
And nearby on Central Park…
Vornado Realty Trust unveiled renderings for the Robert A.M. Stern-designed condominium tower at 220 Central Park South, presenting a second, smaller 14-story structure on the site. The limestone tower at the center of a now-resolved dispute between Vornado and Extell Development is slated to rise 920 feet near Seventh Avenue. The units will feature floor-to-ceiling windows, herringbone floors, fireplaces, and ceilings with sunken panels. In October, Vornado and Extell officially settled litigation over side-by-side development lots, paving the way for Vornado to start construction on a 41-story building.
On the Lower East Side
Manhattan-based developer Urban Muse is planning a 13-story mixed-use residential project at 347 Bowery in East Village, the latest development in the works along the busy, rapidly changing street. The landlord filed permits to demolish the former Salvation Army shelter building at the site near Great Jones Street roughly six months after acquiring it from the Paris-based Louzon Hotel Group for $7.6 million, as previously reported. The 30,000-square-foot development would include five three-bedroom units between 2,100 and 4,000 square feet; one 6,800-square-foot retail unit; and two 2,000-square-foot commercial units. Whether they would be rentals or condominiums is unknown.
This is it for today, dear readers. I am always available to answer your questions and provide you with more information on New York City and Miami real estate.