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2018

Show Press Hide Press
12.9.18
12.8.18
12.7.18
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12.1.18
NAR vs. the naysayers
The Real Deal
11.30.18
11.29.18
11.29.18
11.29.18
11.27.18
11.23.18
11.23.18
11.23.18
Send in the Stagers
The New York Times
11.21.18
11.21.18
11.20.18
11.19.18
11.17.18
11.17.18
11.16.18
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10.31.18
10.31.18
10.31.18
10.29.18
10.29.18
10.27.18
10.26.18
DONE DEALS: Harlem block buster
Real Estate Weekly
10.26.18
10.26.18
10.26.18
10.25.18
10.25.18
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10.24.18
10.22.18
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10.10.18
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10.8.18
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10.6.18
10.5.18
Done Deals: Asked and Answered
Real Estate Weekly
10.5.18
10.4.18
10.4.18
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10.3.18
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STYLE RETURNS TO NEWSSTANDS WITH A SUPERHERO NUMBER
Il Corriere Della Sera Italian Men's Magazine
10.1.18
9.30.18
9.30.18
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9.19.18
9.19.18
Done Deals
Real Estate Weekly
9.19.18
Done Deals
Real Estate Weekly
9.18.18
9.17.18
9.17.18
9.15.18
9.15.18
New Listings
Real Estate Weekly
9.15.18
New Listings
Real Estate Weekly
9.14.18
9.14.18
9.13.18
9.13.18
9.13.18
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9.13.18
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9.12.18
Ready For His Close-Up
Cottages & Gardens
9.12.18
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9.7.18
9.7.18
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9.6.18
9.6.18
9.5.18
9.4.18
9.4.18
How to Invest in Luxury Real Estate
U.S. News and World Report
9.3.18
9.3.18
9.2.18
9.2.18
9.2.18
9.1.18
9.1.18
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8.30.18
8.30.18
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8.22.18
8.21.18
8.21.18
8.19.18
8.18.18
8.17.18
8.17.18
8.16.18
8.15.18
On the Market in New York City
The New York Times
8.15.18
8.15.18
8.14.18
8.13.18
8.13.18
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8.2.18
How to Glow from Head to Toe!
ABC Morning Blend
8.1.18
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7.19.18
On the Market
The New York Times
7.19.18
7.18.18
7.18.18
7.18.18
7.17.18
7.13.18
7.13.18
7.12.18
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7.6.18
The Rise of the Single Female Homeowner
US News and World Report
7.5.18
7.5.18
7.5.18
7.3.18
7.2.18
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7.1.18
No longer New Yorkers
The Real Deal
6.29.18
6.29.18
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6.27.18
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New Listings
Real Estate Weekly
6.27.18
6.26.18
6.26.18
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6.25.18
6.22.18
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6.21.18
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6.13.18
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New Listings
Real Estate Weekly
6.13.18
6.12.18
6.12.18
The Guide to First Time Homebuyers
U.S. News & World Report
6.11.18
6.8.18
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4.17.18
3.27.18
3.22.18
3.16.18
3.16.18
3.14.18
3.13.18
2.25.18
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2017

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10.16.17
10.15.17
10.12.17
10.4.17
8.22.17
8.22.17
8.22.17
8.22.17
8.12.17
7.21.17
7.14.17
7.7.17
7.7.17
7.6.17
7.6.17
7.6.17
7.6.17
Congratulations (Again), Wendy!
Wall Street Journal
7.5.17
6.28.17
6.27.17
6.20.17
6.14.17
6.13.17
Warburg And Wallack Partner
CityBizList NYC
6.12.17
6.9.17
6.8.17
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5.23.17
5.19.17
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4.23.17
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4.18.17
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4.17.17
4.17.17
4.14.17
4.12.17
4.7.17
4.1.17
3.10.17
3.10.17
Prewar Is So Last Year
New York Times
3.2.17
3.2.17
2.21.17
2.7.17
2.6.17
2.2.17
1.31.17
1.24.17
1.20.17
On the Market
The New York Times
1.11.17
1.5.17
1.4.17
1.1.17
1.1.17
See More See Less

2016

Show Press Hide Press
12.29.16
12.13.16
12.13.16
12.6.16
12.1.16
11.30.16
11.28.16
11.27.16
11.22.16
11.18.16
11.18.16
11.9.16
11.4.16
On the Market
The New York Times
11.4.16
10.31.16
10.31.16
10.30.16
10.28.16
10.7.16
On the Market
The New York Times
10.4.16
9.30.16
9.25.16
9.23.16
9.19.16
A Water Skier Seeks Higher Ground
The Wall Street Journal
9.13.16
9.9.16
Where to Live? Ask an App
The New York Times
9.1.16
8.5.16
8.2.16
8.2.16
7.27.16
7.21.16
7.19.16
Kowalczuk and Compton join Warburg Realty
New York Real Estate Journal
7.11.16
7.1.16
6.24.16
Once and Always a New Yorker
The New York Times
6.16.16
Dream Homes
New York Post
6.16.16
6.10.16
Industrial Elegance in SoHo
The New York Times
6.1.16
6.1.16
Living Large in Manhattan
CASTLES Magazine
6.1.16
5.26.16
5.26.16
5.25.16
5.17.16
5.16.16
5.13.16
5.13.16
Priced Out of My Childhood Home
The New York Times
5.6.16
The Golden Mean
Metropolitan Magazine
5.6.16
5.6.16
Featured Property: 150 Reade Street
Metropolitan Magazine
5.6.16
Soiree at 150 Charles
Metropolitan Magazine
5.6.16
Best in the West: 150 Charles, M9
Metropolitan Magazine
5.6.16
5.1.16
5.1.16
5.1.16
4.13.16
4.12.16
4.11.16
4.8.16
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4.5.16
4.1.16
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4.1.16
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4.1.16
4.1.16
4.1.16
3.31.16
3.31.16
3.30.16
3.30.16
New Listing: 30 West Street
Real Estate Weekly
3.28.16
3.25.16
Fusco joins Warburg Realty
New York Real Estate Journal
3.23.16
Who’s News: Mary Anne Fusco
Real Estate Weekly
3.23.16
New Listing: 39 Vestry Street
Real Estate Weekly
3.17.16
Dream Homes
New York Post
3.16.16
3.15.16
3.10.16
3.10.16
Dream Homes
New York Post
3.8.16
3.8.16
3.7.16
3.1.16
3.1.16
NYC Premier Properties
Luxury Listings NYC
3.1.16
Deeds & Dont’s
New York Cottages & Gardens
2.26.16
Executive Moves
Crain's
2.24.16
Sugar Hill condos hit market
Real Estate Weekly
2.18.16
2.17.16
New Listing: 475 Park Avenue
Real Estate Weekly
2.17.16
2.17.16
2.12.16
2.12.16
2.11.16
2.10.16
2.9.16
2.5.16
2.5.16
2.5.16
Big Ticket
The New York Times
2.3.16
2.3.16
2.1.16
2.1.16
1.29.16
1.27.16
1.22.16
The Art of Home Staging
The New York Times
1.20.16
Unfailingly Vibrant in The West Village
Private Air Luxury Homes
1.15.16
1.15.16
1.13.16
1.12.16
1.10.16
Something about a quick deal
Luxury Listings NYC
1.10.16
Premier Properties
Luxury Listings NYC
1.10.16
Premier Properties
Luxury Listings NYC
1.8.16
1.6.16
1.5.16
1.5.16
1.4.16
1.1.16
The interest rate upshot
The Real Deal
1.1.16
See More See Less

2015

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12.23.15
12.22.15
12.22.15
12.21.15
12.21.15
12.18.15
On the Market
The New York Times
12.18.15
12.10.15
12.10.15
12.10.15
12.1.15
Haber inks a book deal
The Real Deal
12.1.15
12.1.15
12.1.15
11.30.15
11.27.15
11.25.15
11.25.15
11.24.15
11.18.15
Symposium
Metropolita
11.18.15
New Listings
Real Estate Weekly
11.17.15
11.13.15
11.12.15
11.11.15
11.9.15
11.9.15
11.4.15
11.3.15
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11.2.15
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11.1.15
11.1.15
11.1.15
10.28.15
10.25.15
On the Market in New York City
The New York Times
10.23.15
10.22.15
10.22.15
10.21.15
10.21.15
10.20.15
10.16.15
10.14.15
10.12.15
10.6.15
10.6.15
10.2.15
10.1.15
In their words…
The Real Deal
10.1.15
9.30.15
9.23.15
9.22.15
9.14.15
9.11.15
9.11.15
9.9.15
9.3.15
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8.28.15
8.21.15
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8.20.15
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8.13.15
8.11.15
8.7.15
8.7.15
8.7.15
8.5.15
8.4.15
8.1.15
8.1.15
Win now, decide later
The Real Deal
7.28.15
7.27.15
7.24.15
7.23.15
7.21.15
7.20.15
7.13.15
7.12.15
7.8.15
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7.6.15
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7.5.15
7.3.15
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7.1.15
7.1.15
7.1.15
7.1.15
6.29.15
6.28.15
6.26.15
6.25.15
Fishman joins Warburg Realty
New York Real Estate Journal
6.25.15
6.24.15
6.23.15
6.22.15
6.22.15
6.19.15
6.18.15
6.18.15
6.17.15
6.17.15
6.17.15
6.17.15
6.16.15
6.16.15
6.16.15
6.12.15
6.12.15
6.12.15
6.9.15
6.5.15
6.5.15
6.5.15
6.3.15
6.3.15
6.3.15
6.3.15
6.2.15
6.1.15
6.1.15
5.30.15
5.29.15
5.28.15
5.28.15
5.27.15
5.27.15
5.26.15
Home Prices Continue to Climb
Wall Street Journal
5.21.15
$21.5 million Manhattan townhouse is a steal?
CNBC Secret Lives of the Super Rich
5.20.15
5.18.15
5.18.15
5.18.15
5.16.15
5.15.15
5.15.15
5.15.15
5.14.15
5.8.15
5.4.15
5.1.15
5.1.15
5.1.15
5.1.15
5.1.15
5.1.15
Manhattan Market Watch: Moving Tips
Mann Report Residential
5.1.15
5.1.15
4.30.15
4.30.15
4.28.15
4.24.15
4.22.15
4.21.15
4.16.15
4.15.15
4.14.15
4.13.15
4.12.15
4.12.15
4.3.15
4.3.15
4.3.15
4.2.15
4.1.15
4.1.15
4.1.15
4.1.15
3.20.15
3.19.15
3.17.15
Lauren Bacall’s Apartment
Top Ten Real Estate Deals
3.13.15
3.12.15
3.3.15
We Hear…
New York Post
3.3.15
3.3.15
3.2.15
3.1.15
EXTRA! EXTRA! READ ALL ABOUT IT IN 2015
Mann Report Residential
3.1.15
3.1.15
2.26.15
2.25.15
2.20.15
On The Market In New York City
The New York Times
2.19.15
2.17.15
2.11.15
2.5.15
2.5.15
2.3.15
2.2.15
2.2.15
Fixer-uppers gain appeal
The Real Deal
2.1.15
2.1.15
1.30.15
1.29.15
1.25.15
1.16.15
1.16.15
1.12.15
1.7.15
1.7.15
1.6.15
1.6.15
1.6.15
1.5.15
See More See Less

2014

Show Press Hide Press
12.29.14
12.29.14
12.26.14
On the Market: Sutton Place
The New York Times
12.23.14
12.17.14
12.1.14
Prime Rates
Gotham
11.26.14
11.24.14
11.14.14
11.12.14
11.11.14
11.6.14
Houses of the Week
New York Post
11.5.14
11.1.14
11.1.14
10.31.14
10.31.14
10.31.14
10.24.14
10.24.14
10.20.14
10.17.14
10.15.14
10.14.14
10.9.14
10.1.14
10.1.14
10.1.14
9.20.14
9.19.14
9.10.14
9.10.14
9.4.14
9.1.14
Doubling Down On Cuomo
The Real Deal
8.26.14
8.23.14
8.22.14
8.8.14
8.8.14
8.6.14
8.1.14
7.28.14
7.23.14
7.14.14
7.9.14
7.3.14
7.2.14
7.1.14
7.1.14
7.1.14
7.1.14
7.1.14
6.30.14
6.24.14
6.13.14
6.4.14
6.1.14
5.30.14
5.21.14
5.21.14
5.16.14
5.16.14
5.6.14
Profile: CLAIRE GROOME
New York Family
5.1.14
4.20.14
4.16.14
4.9.14
4.7.14
Dads of Real Estate
New York Family Magazine
4.7.14
4.6.14
4.1.14
3.30.14
3.28.14
3.26.14
3.25.14
3.25.14
3.25.14
3.12.14
Sales Updates – Harlem
The Real Deal
3.10.14
3.10.14
3.1.14
3.1.14
2.26.14
New Listings: Beekman
Brokers Weekly
2.20.14
2.14.14
2.5.14
2.1.14
2.1.14
1.29.14
1.29.14
1.29.14
1.29.14
1.29.14
1.27.14
1.14.14
1.14.14
1.3.14
1.3.14
1.1.14
See More See Less

2013

Show Press Hide Press
12.30.13
12.19.13
12.4.13
Gotta get gund
New York Post
11.26.13
11.26.13
11.15.13
11.15.13
11.12.13
11.8.13
11.6.13
10.31.13
10.30.13
10.27.13
10.25.13
10.21.13
10.16.13
10.11.13
10.7.13
10.7.13
Park Manhattan is Sold Out!
Mann Report Residential
10.1.13
10.1.13
10.1.13
Sales in the City – Summer 2013
Residency NY Magazine
10.1.13
Sales in the City – Fall 2013
Residency NY Magazine
9.27.13
9.21.13
9.19.13
9.12.13
9.11.13
9.11.13
9.10.13
9.9.13
9.1.13
8.27.13
8.27.13
8.26.13
8.19.13
8.19.13
8.18.13
8.1.13
EVERYONE IN THE POOL!
Mann Report Residential
8.1.13
8.1.13
7.18.13
7.8.13
7.2.13
7.1.13
6.23.13
6.21.13
6.9.13
6.4.13
6.2.13
5.31.13
5.23.13
5.19.13
On the Market: Kips Bay Co-op
The New York Times
5.14.13
5.9.13
5.8.13
5.1.13
5.1.13
4.30.13
4.18.13
4.10.13
4.8.13
4.8.13
4.4.13
4.1.13
4.1.13
4.1.13
3.23.13
3.18.13
3.17.13
3.7.13
Dream Homes
New York Post
3.5.13
3.1.13
3.1.13
2.26.13
2.22.13
Houses of the Week
New York Post
2.22.13
2.13.13
Properties of the Month
Avenue Magazine
2.12.13
2.11.13
2.8.13
Dear Owner: Please Sell
The New York Times
2.5.13
2.4.13
2.4.13
2.1.13
2.1.13
2.1.13
Warburg Honors Top Agents of 2012
Mann Report Residential
2.1.13
1.31.13
1.15.13
1.1.13
1.1.13
1.1.13
1.1.13
1.1.13
1.1.13
See More See Less

2012

Show Press Hide Press
12.31.12
12.23.12
12.21.12
12.11.12
12.6.12
Who’s News
Brokers Weekly
12.4.12
11.27.12
11.26.12
11.1.12
10.10.12
Who’s News
Real Estate Weekly
10.1.12
10.1.12
Just Sold!
New York Post
10.1.12
9.24.12
9.12.12
9.12.12
9.4.12
8.24.12
8.21.12
8.20.12
8.9.12
8.8.12
8.4.12
8.2.12
8.1.12
8.1.12
Alicia Corpening Joins Warburg Realty
Mann Report Residential
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AVENUE’S Real Estate Spring Roundtable

May 1st 2012

Avenue

By Staff

Manhattan Market Movers

Green shoots in the 2012 market,  the rise of the foreign buyer, and
new insights into the age-old  question of condos  vs. co-ops

Why did the homebuyers cross the ocean?  To get to the other side, of course, where foreign currency covets luxury in close proximity to Central Park, Madison Avenue, Lincoln Center and Broadway, and  everyone- New Yorkers especially- comes out a winner. Earlier this year, seven of New York City’s  real estate  royals met  with  Manhattan Media’s chairman Richard Burns  and  me to discuss  the current  state of our  housing  market.  Right  now, that  market  is (perhaps  surprisingly) strong, high-end  condos  are up but they’re also increasingly  scarce, and though Upper East Side co-ops may seem down  since bonus  babies and flight capital don’t like board  scrutiny, the smart  money says they’re ripe for a revival, because although  this is a global city, it’s an ever-more¬ family-friendly town, too.

PARTICIPANTS (IN ALPHABETICAL ORDER):
• DOROTHY HERMAN, President and CEO, Prudential Douglas Elliman
• KATHRYN KORTE, President and CEO, Sotheby’s International Realty 
• KELLY KENNEDY MACK, President, Corcoran  Sunshine Marketing Group
• WENDY MAITLAND, Managing Director, Town Residential
• FREDERICK  PETERS, President, Warburg Realty 
• DIANE  M. RAMIREZ, President, Halstead Property 
• ELIZABETH STRIBLING, President, Stribling & Associates

AVENUE: There is a lot  of experience in this  room,  and I am wondering if this current time  period reminds you of any other time in New York real estate? Fred?

FREDERICK PETERS: A year or two ago reminded   me of  the  early  ’90s.  But today we’re actually moving into somewhat uncharted territory. That is mainly because we haven’t had a marketplace  which  has been impacted  by globalization in the way today’s marketplace is.

ELIZABETH STRIBLING: New York, more than ever, has become the most cosmopolitan city in the world. About 30 percent of our condo purchases are made by foreigners. There are always pockets of people from all over the world, and our latest insight at Stribling is the British are coming to Brooklyn.

DOTTIE HERMAN: Yes, we compete in a global market. If you compare prices to any other city that competes in that global market, like London or  Hong Kong, New York is cheaper. There are more foreigners here now than in the peak of the  boom. Even if we think we are going through uncharted times as a country, it is still a lot safer bet than any other place in the world.

KATHRYN KORTE: I would say the current period shares similarities with the summer of 2003, when we finally began to move out of the economic landscape that occurred   in the  aftermath  of 9/11.  Back then we saw  New  Yorkers recommitting to New York. Now we are seeing an influx of foreign money and  foreign buyers. Initially there were many Russians entering the market, but now  there are more buyers from Asia, the  Middle  East, India, and Australia. There is a greater focus on wealth preservation now over investing, which many buyers view as a safe haven.
DIANE RAMIREZ: Every time period is a little different. We are starting to see some conversions, which we really have not seen in a long time, not since the ’80s. Some rental buildings have changed hands and will be very exciting new product. But I think we might see more rental buildings converting and we have not even heard that word in a long time.

FP: There was at one time concern about an inventory overhang, but we actually have a relatively serious inventory shortage. This fantasy that there were going to be thousands of unsold condos depressing the market for years to come just turned out to be completely wrong.

ES: In fact, in 2013, there is going to be a shortage of new condominiums.

MICHAEL GROSS:  Is that shortage because of the dip in construction?

ES: The current supply  is being  quickly snapped   up,  because  what  people want today is the latest    finish, the most modern construction, the least  in  need of renovation.  And most of the new developments are going to have fewer than 100 units. So, we don’t have a lot   in the pipeline.

WENDY MAlTLAND:  What I see in our market today is that it is much  more segmented than  it was, say, five  years  ago.  There is a lot happening at  the  very  high  end  of  the market, and less in the more cookie cutter type of product.

KELLY MACK: Over all, the whole market, at every  price  category  is  very strong. Everyone is talking about the high end   of  the   market   because   there  were about  94 deals done  last year at over  10 million dollars, which is amazing. But the issue right now is lack of inventory, across the board.

AVENUE: Statistically, the overall market through the end of 2011 was flat. But average prices in the luxury category, which is defined by the top 10 percent of sales, were up three percent. So, does that jive with what  you’re  saying  in terms of supply and demand? You would expect it to be higher. Dottie?

DH: It is almost a doughnut. The middle market is the weakest. But still, I don’t think that it is a real estate problem. I think what we have is a financing problem. The boom market,   around  2006,  would   not   have existed  without   financing.  I’ve  lived through a lot of different  markets,  and  I don’t hear anyone saying, ‘I don’t want  to buy  real  estate.  I  don’t  trust  real  estate: I  haven’t  heard  that  for  a  couple  years. People are sold on New York City. But financing is a problem.

DR: The number of  available   units continues to decline market wide. The areas and sizes with the lowest
level of inventory are poised for price awareness.

KM: The condominium market operates a little differently. Condo pricing  has increased about 5.9 percent per year  over  the past 25 years,  but  last  year, it increased 6.5 percent. Scarcity of new product is now driving up prices.

AVENUE: Here’s an eyebrow-raising stat. The attorney general  approved 609 units for sale last year. In 2006, they approved just shy of 24,000.

KM: More than 8,000 new development units were brought to market in 2008. Compare that to last year when just 286 new units were introduced. Construction financing is unlocking for strong developers, so we expect 1,500 units to hit the market  annually   for the next  few  years.  That’s an   in1provement, but far below the historical average.

FP: How can  we predict  anything but  a shortage   three years  from now? We’ve returned   to  the  pre-construction sell-outs.  Who would  have  guessed  that three years ago?

AVENUE: Let’s turn to the age-old question of  condos vs. co-ops.  Do you have a preference?

WM: Clearly, cooperative deals traditionally are more  arduous,  although  I  think the condo  boards  are inching  up. I think we all have  to  give kudos  to  our  co-op boards,  which  helped  protect  New  York compared  to every other  market in the world.

ES:  You  can  convince a  co-op  buyer  to  look at  a  condo, but  you cannot convince the condo buyer to look at a co-op.

AVENUE:  In terms of sales  since 2005.  Co-ops have risen  3.2  percent. Condos, 16.5 percent. That tells a story.

FP: Condos have a few outlier sales, which I  would guess would skew the numbers somewhat. I wonder if it would be as extreme if you remove the outlier sales.

MG: Are the co-ops loosening a bit as the condos are tightening? Are condo boards behaving like co-op boards and vice versa?

FP: My observation is with big ticket sales in the past year, there is a big de-emphasis on  the finance industry. In  2006, every expensive apartment  was  bought  by  a finance   person.   Now,   the   finance people  are  no  longer  in  the forefront.  This  is  relevant to your question because co-ops  are  looking  at bonus   income  differently now. If you can’t afford  the  apartment with  your  salary  and the money you have already accumulated, they are not taking your bonus into  account  the  way they used to. That is a sea change.

DH: People like new. I also think people not from New York City  have  a problem  with someone telling them they can’t sell their apartment to whomever they want. At some point in time, the co-op boards may loosen up, as older people retire and new ones come on, but I am not seeing it yet.

DR: I have always said the co-op boards have to change. The next board has  to  make  the  process easier,  and  it  has  never happened. The close financial scrutiny of the co-op boards gets tighter  and  more  far reaching. Income and assets  are  looked   at near  term  and  not  at the  long  term  value. It makes the ownership more insulated to a downturn in the financial  market   but   very restrictive to  the  general buying public.

ES:  I  think  a lot of the snobbery is gone. As long as a person is not disruptive, they’ve got  some  liquidity  in the bank, they pay their bills on time and don’t have a huge dog that  is  going to bite the neighbor’s  children, they should get into the building.

MG: Will there ever be a movement for co-ops to convert to condos?

ES:  No, because there are 32 people more or less in  that  building, and if they all have to pony up to pay off the mortgage, they won’t do it.

KK: You’re always going to have a market for co-ops. When a co-op listing comes to the market like the new 2 East 70th Street penthouse, the demand is fantastic. That being said,  the condo market has really taken oft: as condominiums have greater stature now. The trend I see in the condo market, which I  think  is  wonderful for New Yorkers, is that there are more condos now with large floor plans and layouts that are ideal for family living, which are quite different from the shiny new pied-a-terres that might be more appealing to foreign buyers. So even if New Yorkers have lived all their lives in a co-op apartment, condos offer a fun change of pace.

MG: Are we looking at a situation where there are going to be many peaks of the pyramid, instead of just the Fifth Avenue, Park Avenue Candela, Emory Roth, Carpenter  buildings  alone  at  tl1e  top? Will living in a Stern building, say, become just  as desirable as living in  a Candela building?

WM: Desirable to whom is the question. There a re people who   like   Birkin  bags, and  people  who   prefer Balenciaga. There are always going to be different   peaks and different styles.

KK: For many years, the new development was in  TriBeCa and  SoHo and  on  the West Side, like Riverside Drive. What’s happening now is a resurgence of the Upper East Side, with buildings like 737 Park  and  150  East  72nd,  and  more family-oriented            buildings and apartments.The Upper East Side is going to make its  comeback in its own way.

MG: With people grasshopping from Park Imperial to 15 CPW to Time Warner, and more and more foreign buyers, does New York remain a community or is it just be¬ coming a global beehive?

DH:  It is still a  community. Certainly, you can choose to live somewhere where you  don’t   know  your   neighbors.  But families have grown up in New York, too. We should be grateful that it is a global city because, during the recession, we got bruised, but we did not get killed.

WM: It’s not a competition. There is no other Paris. There’s no other New York. No one is going to say, ‘Should I buy in Shanghai or Brooklyn?’

AVENUE:   At   the  end  of  the  year, what are we going to say about 2012 in real estate?

DH:It is an election year. So I don’t think anything significant will change this year. We are moving ahead, it is a healthy, perhaps even a healthier market than we had in the boom.

WM: I agree that it is a healthy market. Globally, New  York  represents  safety, quality and stability in the context of what is happening in the world.

KM: I think the biggest story of the year is going to be One57. They have had a tremendous start  and  there  is  a  lot  of pent up demand for very high-end luxury product. Because of the lack of inventory we  are  going  to  see  upward  pressure on pricing continue.

DR: We have had a great 2010 and 2011. I think 2012 will be very good as well. Not great, but good. I see all markets moving, the two-bed¬ room and  up. If it is a good apartment and priced well, which is key, good location and in good condition, it is off the shelf in milliseconds. We’re starting   to see  bidding wars, and the prices of the bidding wars are starting to go over asking, which we have not seen for a few years. I see another good year, a solid year, but not big jumps.

FP:  We signed  two and  a  half  tin1es as  many  contracts  in  January,  2012 as in  January, 2011. We have had the lowest  vacancy  rate   in   the rental  market  that  any  of us   can   rem ember.  We have all been waiting for that to flip, for people to  go  back  into  the sales market  with the smaller            apartments. That is  starting  to happen. I am usu¬ally  pretty  gloomy as  a prognosticator, but  I  think that  2012 is going to be quite strong,  both  in   terms  of  volume  and in  terms  of pricing  because demand  is outstripping supply.

ES: We’re going to  have a good, solid, strong yea r. I agree that it is not going to shoot  through  the  roof.  People are still worried about the global economy and what is going to happen in this country. I think it will be slightly stronger than 2011

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