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New dev contracts cap boom year with $1 billion December

New development contracts finished the year with a slight holiday dip, capping off a promising 2021. Buyers signed contracts for 341 new development condos across the city in December, according to a monthly analysis by Marketproof, a 15 percent decrease from November’s 413 deals. The 341 units were asking a combined $1.03 billion. Still, contract activity was up 44 percent from December 2020 and 65 percent from December 2019, a sign that the market has

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A diamond is forever. Is the Diamond District?

Nothing turns a jewelry salesman on quite like the sight of naked fingers. To walk down Manhattan’s Diamond District is to be constantly flagged down by such salespeople. All it takes is one slip-up — lingering by a ring in a window, walking at an uncertain pace, glancing down at an unadorned digit — and a roving agent appears. Some work just for one store, while others are independent. These scouts can rifle through mental

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One57 resident pays $5.2M to swap 2-bed for duplex

Home buyers are looking for more space these days, even on Billionaires’ Row. A resident at Extell Development’s One57 just handed over $5.2 million to trade up to a bigger unit, property records show. The unknown resident first bought into the building in 2014, the year after it opened, purchasing unit 51B, a 2,009-square-foot two-bedroom, for $7.58 million through a British Virgin Islands company, Parksville Investments Corp. Now the anonymous owner has upgraded to a

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One57 condo sells at record 51% loss

 A condo at Extell’s One57 sold for $16.75 million — more than 50 percent below its previous purchase price, marking a record resale loss at the Billionaires’ Row tower. The three-bedroom unit on the 58th floor originally sold in 2014 to an LLC, One 57 Realty, for $34 million. As the pandemic took hold in March, it was listed with Corcoran for $24.8 million, according to StreetEasy. That was already a good deal lower than

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NYC Lawmakers Vow To Ban ‘Poor Doors’ In Luxury Buildings

New York City officials are vowing to reverse a law allowing luxury developers to install two separate entrances in new residential towers — one for residents paying at market rate and another for low-income residents who qualify for affordable housing. Such buildings include affordable housing units so that developers can receive tax credits.