{"id":3699747,"date":"2017-01-04T08:00:35","date_gmt":"2017-01-04T13:00:35","guid":{"rendered":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/?p=3699747"},"modified":"2017-03-14T00:43:50","modified_gmt":"2017-03-14T04:43:50","slug":"nyc-residents-mostly-prefer-to-live-in-downtown-condos-rather-than-in-uptown-townhomes","status":"publish","type":"post","link":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/nyc-residents-mostly-prefer-to-live-in-downtown-condos-rather-than-in-uptown-townhomes\/","title":{"rendered":"NYC Residents Mostly Prefer to Live in Downtown Condos Rather Than in Uptown Townhomes"},"content":{"rendered":"

New York City residents prefer to live in Manhattan’s downtown condominiums, rather than in its uptown townhouses and co-ops, according to a <\/span>recent Olshan report<\/a>,\u00a0which<\/span>\u00a0stated that this year’s Manhattan luxury real estate notched its lowest point in sales since 2013. <\/span><\/p>\n

Townhouses and co-ops<\/span>\u00a0were on the market for an average of 318 days\u2013\u2013up two months from 2015<\/span>. Properties in that area that cost more than $4 million also saw an\u00a018 percent decrease in sales from 2015, according to the same report.<\/span><\/p>\n

In contrast, Manhattan’s condominiums made a brisker sale for several reasons.<\/p>\n

Downtown\u00a0properties have attractive\u00a0amenities and less\u00a0restrictions. Frills include gyms, pet spas, and yoga rooms. Conversely, buyers of co-ops have to tip-toe to board decisions that include vetting buyers and regulating everything, from how much cash purchasers must have in their\u00a0banks, to the weight of their dogs.<\/span><\/p>\n

Then again, events such as Brexit, China’s\u00a0rules on capital outflows, the uncertainty over the presidential election, and volatility\u00a0of financial markets\u00a0may further have unsettled Manhattan’s luxury market, <\/span>says Hall F. Willkie<\/span><\/a>, president of Brown Harris Stevens. <\/span><\/p>\n

The Olshan report <\/span>attributed<\/span><\/a> uptown’s\u00a0declining high-end sales numbers to \u201cclassic price resistance.” That may not entirely be the case.
\n<\/span><\/p>\n

Jacky Teplitzky, a broker with Douglas Elliman<\/a>,<\/span> says, \u201cIt used to be, if you were a partner at Goldman Sachs or a partner in a major law firm, what did you need? You needed a Park Avenue address, end of story. It\u2019s not like that anymore.\u201d<\/span><\/p>\n

The Olshan <\/span>report stated<\/span><\/a>: “<\/span>[There\u2019s] a continuing market shift in the luxury market to new condos that offer freedom of ownership, new infrastructure, robust amenities, and some hip architecture.”
\n<\/span><\/p>\n

At one time, the neighborhood near Central Park was noted for trophy residents, such as Oaktree Capital Group\u2019s Howard Marks and Millennium Management founder Israel Englander, both owners at 740 Park Ave., a 1931 limestone tower on the Upper East Side. <\/span><\/p>\n

But the area\u00a0is\u00a0no longer the Park Avenue of <\/span>Billionaires\u2019 Row,<\/span> where the Gadsby glitterati lived.\u00a0<\/span>Investors are sitting on their wallets; some sellers have made drastic price cuts. <\/span>Downtown is where the market seems to currently be.
\n<\/span><\/p>\n

Image courtesy of Shutterstock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

New York City residents prefer to live in Manhattan’s downtown condominiums, rather than in its uptown townhouses and co-ops, according to a recent Olshan report, which stated that this year’s Manhattan luxury real estate notched its lowest point in sales since 2013. <\/p>\n","protected":false},"author":78,"featured_media":3700279,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1749,1],"tags":[],"class_list":["post-3699747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hlrn","category-news"],"acf":[],"yoast_head":"\nNYC Residents Mostly Prefer to Live in Downtown Condos Rather Than in Uptown Townhomes<\/title>\n<meta name=\"description\" content=\"New York City residents prefer to live in Manhattan's downtown condominiums, rather than in its uptown townhouses and co-ops, according to a recent Olshan report, which stated that this 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