Posts Tagged ‘New York’

Renter residents flock to Long Island City

February 4th, 2012

Multi-Housing News reports that Long Island City has attracted enough residents in the past six or seven months to decrease the area apartment vacancy rate from 3.5 to 2 percent, according to a report from brokerage and marketing firm Modern Spaces.

Many of the new residents are first-timers, according to the report. Modern Spaces president Eric Benaim told the source that residents weer likely drawn by the variety of cultural attractions and restaurants, noting that the neighborhood hosts many galleries and museums.

The report suggests that the location is also good for many commuters, suggesting short travel times to get to work from the area are an appealing characteristic for the neighborhood’s new renters.

Additional rental properties are planned to open in the near future, while a number of businesses have opened in recent years to meet residents’ needs. Similarly commuter-friendly areas may be strong investment opportunities, especially with the help of property management companies in operating a rental residence.

Overall, the report indicates 2011 was a good year for the area, partly due to the rising rents in other parts of the city.

New York apartment transactions up

February 3rd, 2012

New York Apartments

Continued solid growth in market and stabilized rents is causing apartment industry stakeholders in New York to predict that the trend of high apartment building sales will be ongoing in 2012, The New York Post reports.

Real estate investment trusts and others increased their buying activity. A number of large apartment sales marked 2011, according to the source.

“Sellers chose to take advantage of a low interest rate environment, which exerted downward pressure on cap rates, driving prices up,” chairman Robert Knakal of Massey Knakal Realty Services told the source. “There were nine multi-family sales over $100 million last year as institutional capital came back into the market in a big way.”

He stated the trend was unsurprising, citing “extraordinarily low” vacancy rates in
the city’s multifamily housing. At the same time, executive vice president Paul Leibowitz of Coldwell Banker Real Estate told the source that the past year was influenced by a large, pent-up supply. Based on expectations that rental fundamentals will remain strong, he predicts more significant transactions this year.

Those purchasing these buildings may have need of property management services. Similarly, owners of single-family homes and other residential properties may be able to tap into the strong demand by renting their properties, which are less likely to find buyers in the current housing market.

Most Photographed Places in NYC

July 7th, 2010

The View
Creative Commons License photo credit: laverrue

New York City – Typically a list like this is an educated guess. But nope, not this time. Cornell University recently did a study using a super-computer with the Flickr online photography service. Putting them together, Cornell was able to calculate once and for all the most photographed places on Earth. New York, as it turns out, is the most photographed city. Below, you?ll find a list of its most photographed locations. (more…)

Albany Homebuilders Hype Up Housing Market

March 29th, 2008

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Creative Commons License credit: Micah Taylor

If you pay attention to the real estate trends happening in the United States today, you know that the whole nation is in the midst of a housing slump. However, you wouldn’t think that was the case if the only media you were exposed to was that being promoted by a group of home builders in Albany, New York.

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