Peter Ripka

Trending in Residential Real Estate Market in Manhattan: Although inventory levels are low, in Manhattan, and demand level is high, prices are mostly holding; but in the luxury segment of the market for example, Jonathan Miller, CRE®, Member of RAC, at a recent Townhall Meeting at Douglas Elliman Real Estate, points out that sales, in certain market segments, like the $50M market, are robust! Stephen Larkin Scott Durkin #RichardFerrari #JohnGomes (Moderator) #ResidentialRealEstate #MarketReport

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The value of distressed assets in the #CRE marketplace continued to grow in the U.S. into Q3'24. Still, the ramp up is not as rapid as that seen following the GFC as there are different forces at play in the current market. Read more about the source of distress and a chart on comparisons to the GFC by my colleague Alexis Maltin here: http://ms.spr.ly/6049WR4GN MSCI Real Assets

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Enthusiasm for prime retail space waned this spring as the best spaces in Manhattan got snapped up by tenants willing to pay top dollar, according to Commercial Observer, citing a CBRE report. Rolling four-quarter leasing velocity slowed 9% in the second quarter of 2024 to reach 2.5 million square feet of deals on the city’s top 16 retail corridors, a 21% decline from the same period last year, the report found. At the retail market’s peak vacancy in 2021, the city’s prime retail corridors had 290 ground-floor availabilities, according to CBRE. There are now 181 ground-floor sites available, a 2% decline from the 185 on the market at the end of the first quarter and a 10% drop year-over-year. The lack of supply means landlords can try to charge more. Asking rent for prime retail space ticked up 4% during the quarter to $716 per square foot, an 11% increase year-over-year. However, top-dollar retail space is still priced 36% below peak levels in 2014, when landlords were asking nearly $1,000 per square foot, according to CBRE. That was unsustainable, and the retail market is now climbing out of the trough after average asking rent bottomed out at a little under $600 per square foot two years into the pandemic. Newcomers took more than 163,000 square feet across 18 deals, making up a third of leasing activity in the second quarter. Some notable deals included Los Angeles supper club Delilah, signing a 10,000-square-foot deal at 50 Ninth Avenue, Hobby Lobby signing the biggest retail deal of the quarter with a 70,716-square-foot deal at 270 Greenwich Street, Mandelli Milano signing a 3,600-square-foot deal at 795 Madison Avenue, and Serafina signing the largest deal in the food and beverage sector with a 13,000-square-foot deal at 461 Fifth Avenue.

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Land values in the Bronx are going to continue increase…..my prediction is by the end of year 2025 the average price will be $100/BSF (Currently $87/BSF). My rationale for this is as follows; -Anticipating rate cuts.  -Positive market sentiment with the city of Yes and East Bronx re-zoning demonstrating the Bronx is pro-development. -Establishment of free market rents of $55/psf range, section 8 rents have been increasing 9% year over year for the past few years. -Lower land values in comparison to other boroughs. A lot of Brooklyn/Queens/ Manhattan developers are looking at this market's increasing competition and demand. -Bronx land values have increased 7% on average over the past 5-years.   -Hearing from developers there has been a reduction in Construction costs. Our team has sold/under contract/marketing $100mm worth of Bronx land over 10 transactions during 2024. Contact me if you would like to discuss further 917 348 0242 / [email protected]

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Mandatory Disclosure Rules for All New Jersey Sellers and Landlords of Residential, Commercial and Industrial Property Contact me to discuss the latest scoop in real estate! #Retail #Multi #Commercial #New #realtor #realestateagent #properties #realestateinvesting #housingmarket

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Despite what are very real headwinds (think GCE, RS regulation, interest rates, general market sentiment), multi-family and mixed-use properties accounted for over 77% of the total number of transactions in the first half of 2024 in Manhattan. There is still clear demand for the asset class, and I predict that isn't going to change any time soon (especially as pricing adjusts).

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Manhattan’s apartment market reached new levels of competitiveness in June, per a new Miller Samuel report. Driving the news: Some 24% of leases were signed after bidding wars last month, which marks the highest rate since the report started tracking the metric in 2021. Dig Deeper: Units were listed for an average of just 24 days before getting leased, an all-time low. And renters paid a record-high premium of 1.4% above listing prices on average. Steady: Median rent remained at $4,300, unchanged from the same period last year, remaining the highest June on record. It increased by $54 since May. Caveat: Although the average rent was down 6.9% annually to $5,093, that was largely attributed to the 15.1% drop in average SF to 900 over the same period. Average rent per SF rose 3.9% to $85.37 YoY to the third highest on record. Worth Noting: An ample supply of available units helped keep prices in check. Prices and demand typically peak in July and August, which is expected to take place again this year. Outer boroughs: Prices also were near but just short of record highs, with the median on new leases at $3,695 in Brooklyn and $3,250 in Queens.

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New York City saw robust activity in the multifamily market in the second quarter of 2024 with dollar volume exceeding $2.8 billion, 108% higher than the previous quarter and the best quarter since Q2 2023. That’s according to Ariel Property Advisors’ Q2 2024 Multifamily Quarter in Review New York City. Transaction activity rose 4% to 265 deals. Shimon Shkury #cre #multifamily

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With the passing of the FY Budget passed in Albany earlier today, the Real Estate Development landscape has shifted dramatically. These might be the most developer-friendly policies passed in New York State in the last 20 years. Improvement on the expired 421A, Office to residential conversion incentives, improvements to the IAI formula, lifted caps on FAR 12 (specifically catered for City of Yes passing). Aspects of Good Cause also passed, but in a drastically watered down form. This is an exciting time to be in real estate in New York City. 🚀🚀🚀

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the crisis is a direct effect of the 2019 rental law. lower rates will not help the fact that banks will continue to have lower LTVs due to the law. this crisis will continue to worsen as owners are unable to properly maintain the buildings. AMEND THE 2019 RENTAL LAW!

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New Jersey Industrial Market Update: Navigating Oversupply Challenges New Jersey's industrial property sector is grappling with a significant mismatch between occupiers' needs and an oversupply of oversized new projects. Small bay properties (under 50,000 sq. ft.) have an availability rate of just 3.9%, while buildings between 50,000-100,000 sq. ft. are at 6.5%. In Union and Essex Counties, small bays are fully occupied due to a decade-long scarcity of new supply. In stark contrast, properties over 100,000 sq. ft. have a whopping 74 million sq. ft. available, with Central and South Jersey experiencing the most acute pressure. The largest vacancy, Box Park Logistics Center, spans 1.2 million sq. ft. With 17.3 million sq. ft. of industrial space currently under construction and only 13% pre-leased, we are heading into a fiercely competitive leasing environment. Northern New Jersey is expected to see demand lag behind new supply by 1.5 million sq. ft. over the next year, pushing vacancy rates up to 5.6%—the highest since mid-2017. Stay informed and adaptable as the market evolves! #RealEstate #IndustrialProperty #NewJersey #MarketTrends #CommercialRealEstate #CRE #Logistics #SupplyChain

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Here are highlights from the latest top news stories on luxury and global real estate, and home. Compiled by Sotheby's International Realty https://lnkd.in/eQRRbwWN #gibsonsir #bostoncondos #bostonhomes

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This Report will give you an informative "snap shot" for the current NYC Office Market #officebrokers #officedevelopers #Investors #officelandlords

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Thanks for the coverage CRE Daily! An interest rate ~50 bps tighter is enough in some cases to make deals pencil that were out of the money over the summer. A successful sale or refi gives investors capital back to be deployed into new opportunities. Deals get done at an increased pace, and investors like that. A virtuous cycle trends. Avison Young | US Avison Young | US Capital Markets

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As the summer heat intensifies, the Manhattan real estate market is cooling down, and the languid season could present unexpected opportunities for savvy buyers. An emerging trend shows an increasing number of properties being listed at prices lower than their previous sale prices. This phenomenon offers a chance to secure homes with potentially less downside risk and more upside potential should the market’s nascent pricing recovery continue.

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