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Brooklyn’s toniest neighborhoods posted big declines in home prices in Q1

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Brooklyn s toniest neighborhoods posted big declines in home prices in Q1
A weekly feature brining you the industry’s latest intel
New York /
Homes in Bay Ridge, Brooklyn (Credit: Wikimedia Commons)
Residential
Sales | Ideal Properties
The median price of a home in Brownstone Brooklyn (Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, etc.) and North Brooklyn (Williamsburg, the Navy Yard and Greenpoint), dropped 11.4 percent year-on-year to $1.02 million in the first quarter. The decline was partly due to a weakening condominium market. During the period, the average sales price for the segment stood at $1.446 million, which amounts to a 7.1 percent drop compared to the same time last year. Read the report here.
Sales | CORE
The average asking price to closing price discount in Manhattan’s luxury and new development market stood at ten percent during the first quarter. The figure represents the highest in two years. In spite of the bargains, the pace of closings was sluggish. For the quarter, the Manhattan market averaged 181 closings per week, down from the 235 closings during the same time last year.
Sales | Platinum Properties
The number of homes sold in the Financial District dropped 52 percent year-on-year in the first quarter to just 50 units. The decline was attributed to uncertainty surrounding the new tax law[……]

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LCOR eyes $400M sellout for condo conversion of 25 Broad

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LCOR eyes $400M sellout for condo conversion of 25 Broad
Pricing would range from $800 to $2,000 psf
New York /
25 Broad Street
LCOR is planning a nearly $400 million sellout for its condominium conversion of the 308-unit rental building at 25 Broad Street in the Financial District.
The development firm, which is majority owned by the California State Teachers Retirement System, filed an offering plan with the New York state Attorney General’s office indicating a $395 million projected sellout for the project.
David Sigman
LCOR principal David Sigman told The Real Deal that pricing is forecasted to range from about $800 per square foot at the base of the building to $2,000 per square foot for the top floors.
“We’re really just trying to decide if this is the best route to go,” he said. “We’ll start reaching out to see what kind of interest there is from current tenants and see where the condo market goes over time.”
LCOR filed a “test the market” application with the AG’s office in November to gauge interest for a potential offering. The average condo price in Manhattan during the first quarter was $2.68 million, according to Douglas Elliman. That checked in at $1,989 per square foot.
The developer bought the 21-story building at a foreclosure auction in 2012 from Kent Swig, who had previously worked on converting the former office building t[……]

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Building Congress president just paid $2.2M for this Bay Ridge home

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Building Congress president just paid $2.2M for this Bay Ridge home
Carlo Scissura’s new three-story Colonial has eight bedrooms
New York /
Carlo Scissura and 242 82nd Street in Bay Ridge
New York Building Congress president Carlo Scissura is trading his Dyker Heights digs for a new three-story home in Bay Ridge.
Scissura purchased an eight-bedroom home on 82nd Street between Third Avenue and Ridge Boulevard for $2.2 million, according to documents filed with the city s Department of Finance on Tuesday. Though not far from his current Brooklyn home, the Bay Ridge property offers a shorter commute to his daughter s school, Scissura said on Tuesday.
The house, built in 1899, spans more than 4,000 square feet and has a private driveway and two-car garage. The dining and living rooms each feature a fireplace, according to House-n-Key s listing of the property. The previous owner is listed as Virginia Hindy.
Scissura, a life-long Brooklynite, took over as president of the Building Congress in January 2017, succeeding Richard Anderson, who held the position for more than 20 years.
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Wildfires and a trade dispute with Canada are creating a US lumber shortage

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Wildfires and a trade dispute with Canada are creating a US lumber shortage
Higher prices are passed on to builders and eventually homeowners
Los Angeles /
(Credit: Wikimedia Commons)
A perfect storm of politics, logistics, and natural disasters has created a shortage of lumber that’s become a bona fide “crisis,” for suppliers, industry experts say.
Suppliers are having a hard time getting material to builders, and wood that does make it to construction sites comes at a premium, according to a report in the Wall Street Journal. That is making home building more expensive, and could affect what builders anticipate will be one of the busiest years for home construction in recent memory.
One Colorado-based builder told the Journal he’s spending $8,500 more on a typical home than he did a year ago.
Initially, what set prices rising were a series of wildfires last year in Canada’s forests big enough to be seen from space and a U.S.-Canada trade dispute. That disagreement had U.S. suppliers hesitant to resupply at higher prices.
Trade disputes between the U.S. and Canada date back to the 1980s, but periodic agreements have temporarily settled them. They flared up again when the Trump administration set a 20 percent tariff on Canadian lumber imports last year, after negotiations for another agreement fell apart, the Washington Post reported.
Bad weat[……]

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Banks are bullish on Singapore’s resi market

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(Credit from back: Someformofhuman/Wikimedia Commons; Pixabay)
Since 2013, Singapore s residential market has seen price declines, but after marginal increases in the last two quarters of 2017, the market is officially forecasting double-digit growth.
“For 2018, we expect prices in the private residential market to rise 12 to 15 per cent year on year,” said Savills Singapore s Alan Cheong to the Financial Times.
He s not alone: Credit Suisse estimates prices will rise up to 10 percent while OCBC Investment Research predicts growth by 8 percent, which makes Singapore their best bet for Asean residential markets.
Not withstanding market crashes in 1997 and 2008, the city s resi market had seen four decades worth of growth before government intervention finally cooled the market, after 10 different attempts, in 2013 with a stamp duty tax and tougher borrowing rules.
Recent easing of the government-imposed rules are prompting more sales now, according to Cheong, and increased development will push more buyers towards new buildings or renovated units, which, Morgan Stanley believes, will take care of the surplus of existing units in a city with a resi vacancy rate of 8 percent. [FT] Erin Hudson
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Inspectors missed hazardous, unsafe conditions on NYC elevators: report

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Inspectors missed hazardous, unsafe conditions on NYC elevators: report
14,828 inspections weren’t conducted between 2015 and 2016
New York /
Credit: NosUA via iStock
A new report on the city s elevators conjures nightmare scenarios: Worn-out cables and the danger of the doors opening between floors.
In three different buildings, city and state officials found that elevator inspectors didn t notice defective door restrictors, the devices that prevent the doors from opening between floors, according to a report released by the New York State Comptroller Thomas DiNapoli. At two other buildings, officials discovered rouging, abrasions that cause hoist cables to wear. According to the report, an inspector missed the issue in one building, and the inspector in the other noticed the abrasions but didn t have the proper tools to determine the severity of the issue.
The comptroller s office and inspectors with the Department of Buildings observed inspections of 12 elevators at nine buildings in the five boroughs from January 1, 2015 through October 20, 2017. The report found that contractors hired by the DOB to conduct investigations sometimes signed off on inspection certifications without actually performing the inspections and overlooked 29 violations, including a broken emergency telephone and an expired fire extinguisher in the elevator.
Perhaps ev[……]

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