Digestible Real Estate News
We’re keeping this recurring piece to do a bit more for those genuinely interested in New York real estate, not just food porn, and give my LinkedIn designation a little luster. Taking a note from the easy to absorb nuggets of information in Robinhood Snacks‘ newsletter (blanketed with this unshakable food theme), here are your RealEstateSnacks so I can make this newsletter tax deductible.
1. Curbed put together a nice review of the past decade in New York City real estate, and while overarching, it does give color into how the decade began, how it has ended, and a hazy prediction about what’s to come. In 2010, the market was still crawling out of the basement pricing caused by the financial crisis in 2008, with the median sale price in NYC being $383,699. By the third quarter of 2019, that number has almost doubled to $675,000. However, this growth is accounted for mainly in the period from 2013-2017. As we end the decade on a more precarious note, pundits are refuting a recession, but calling instead for a re-calibration as the market adjusts due to affordability pushed to its limits.
2. The Williamsburg waterfront looks like it may get its own taste of Miami Beach – a waterfront park project flanked by two massive modern towers is coming soon to the area just north of the Domino Sugar Factory site. The dual-650-foot towers will have 1,000 residential units and include a 47,000-square-foot YMCA, 30,000 square feet of retail space, and 57,000 square feet of office space. The waterfront component will have a sandy beach, tidal pools, a fishing pier, salt marsh, a boating cove, and more. This is one of the final nails in the coffin marking the death of hipster Williamsburg.
3. For any other die-hard ‘Marvelous Mrs. Maisel’ Fans, you too have probably thought long and hard about how much Midge’s parents sprawling UWS home cost in 1950. Well, here’s your answer. The Weissman’s home is based off 404 Riverside Drive, where 12N (the same line as Midge’s) sold for $5.9m in 2017. In a recent article, the ten-room home is estimated to be $9 million today, or about $462,000 in 1959. However, such units at that time were solely rentals, as multi-unit buildings started converting to coops in the mid-century. In 1964, a ten-room home on the S-line rented for $700 per month, or about $5,800 per month when adjusted for inflation.
4. For any HGTV renovation enthusiasts, the Fort-Greene-Park-lining-townhouse at 187 Washington Park that sold for $3.6m in 2018, underwent a gorgeous gut renovation, as detailed by The Brownstoner. The once-chic townhome from 1899 had seen much better days; however, with meticulous restoration efforts, major architectural changes, and renovations that cut no costs, the final project is truly a 180 from its starting point a year ago.
And for the home I’m ogling this month……this gorgeous 6,600-square-foot-townhome from 1855 in the heart of Greenwich Village, currently on the market for $18.5m
