Quick Snap: Luxury Residential Real Estate in NYC
How is the luxury residential real estate market in NYC?
If you wonder, you can always have a quick look at Streeteasy.com.
Or read this interesting Blog post on Empire State Living’s website.
And particularly have a look at what is for sale in the 30 M$ + range.
I do it every week and find it particularly informative.
As of now there are 79 listings siting on the top of the market.
More details are available here.
This is way north of a 3 B$ valuation.
After crunching some numbers, this is what I ended up with.
- Total $ amount on the market: $3,280,345,000
- Average sales price: $46,862,071
- Average price per sf: $6,418.74
Average sales price is north of 46 M$!
Now, all will not sell for the asking price, but this number sounds always pretty interesting.
Let’s check in again next week with more market updates.
A CRE Broker is expensive! Really?
You might have heard that one:
- “A Commercial Real Estate Broker is expensive.”
A Broker is a service provider compensated on a commission basis for services provided to you regarding real estate transactions.
In specific situations, these services come to you at no charge. Yes, free!
When a Broker is representing a tenant or a buyer in search of a space, he acts as a Tenant’s Representative or Buyer’s Representative, known as Tenant’s Rep or Buyer’s Rep.
Contrary to residential lease transactions, the landlord pays commissions to both the listing broker and the Tenant’s Rep, or rather they share from the same global commission.
Compared to residential purchases, the owner chooses to compensate the listing broker with a percentage that is variable and depends on the property itself.
In cases where the commission is not shared, the Broker will inform you of the situation.
So, some people might say:
- “Since you are getting paid by landlords or sellers, there is a conflict of interest when you are representing tenants or buyers.”
Here are a few points to address this legitimate concern:
- We are a “pay per success” business.
- We are not receiving anything unless a deal closes.
- We are not receiving anything until we reach an agreement that is satisfactory to both parties involved in a transaction.
And since we enjoy success, we will provide the tenants and buyers we represent with the best service available, defending their interests every step of the process.
Because it’s the right thing to do.
5 reasons (or more…) to hire a Construction Project Manager
You have a property or you signed a lease on a new store?
What are the next steps?
We can help you navigate through the process, stress free.
- The Owner’s Representative or the Construction Project Manager will assemble a team of Professionals. He will also use people you are accustomed to do work with. It ranges from Architects, Interior Designers, Consultants, Contractors and Subcontractors, all the way to legal departments, finance specialists, mortgage brokers or real estate consultants.
- If conflict arises, and there will be some, the project manager, as an independent third-party, is ideally positioned to resolve conflict seamlessly.
- You have doubts? Are you paying the right price? The project manager has the ability to request additional quotes and review them independently. This also applies to any quote, price, contract, bid, service agreement and more. He is there to represent your best interests.
- You’ve changed your mind about the project? You are not sure about that floor finish? The project manager will instruct the change orders and take all appropriate actions to keep your project on track time wise and within the defined budget.
- You benefit from years of experience. One costly mistake and your whole project can be in jeopardy. The project manager efficiently pilots the construction process, keeping all parties in the loop, coordinates necessary meetings and keeps you informed at all times.
- From simple to complex projects, a lot of parties can be involved. The project manager act as your single point of contact and relays information.
- The project manager is your eyes and ears on the ground and act as a collective memory.
- Your project is over? The project manager still remains your single point of contact after the project delivery.
- Issues might arise after the project delivery. The project manager will help you resolve any issues that might arise and will provide you valuable information on the life of the project that can help resolve complicated situations.
Get in touch for a free consultation!