- LOOKING FOR REAL ESTATE SPACE IN TIME SQUARE INSTALL
- LOOKING FOR REAL ESTATE SPACE IN TIME SQUARE SERIES
Moving into the fourth quarter, things are unlikely to change decisively. Again, demand in these desirable locations exceeds supply. In Manhattan, smaller apartments, especially those east of Third Avenue on the Upper East Side, may linger on the market for a few months, while most properties with an appropriate price on the Upper West Side sold quickly. Every desirable unit or house seems to have three or four buyers who want it and units have been selling for 10% and 15% above asking prices, which were reasonable at the time they were set. UrbanDigsīut back to the third quarter market - in Brooklyn, competitive bidding seems the norm once again. Buyers who would never have considered condominium living two decades ago now find that the ease of purchase in a new building, the ease of putting the unit into a trust or corporate entity (something some co-ops are increasingly willing to consider as well), the ease of a convenient and extensive amenity package, and the ease of a newly built, luxurious unit in “just bring your toothbrush” condition, outweigh any prejudices they may have had about newly built space.īrooklyn's Shrinking Discounts | Showing monthly median discount percentage for all Brooklyn. However, that rejection only renders the asset more illiquid. and 3 p.m., and since most larger co-ops are long-term homes, they often need updates.īoards believe they are protecting shareholder value by rejecting buyers who are not paying enough - in the board’s opinion. Second, co-ops continue to have often arcane rules regarding renovation: Some have rules which only permit heavy work during the summer, some only allow contractors into the building between 9 a.m.
It simply doesn’t make financial sense to many of them.
With a hot stock market and such low interest rates, a far smaller subset of buyers is willing to come up with half cash than in the past.
LOOKING FOR REAL ESTATE SPACE IN TIME SQUARE SERIES
What’s up? In my opinion, a series of poor decisions made by the Boards of Directors of these co-op buildings over recent years has led to their substantial devaluation, even though they continue to occupy a place of pride in many of Manhattan’s most prime locations.įirst, most co-ops with larger units permit only 50% financing. During these weeks in which 30 or more high-end condos have sold, the number of co-ops going into contract above $4 million has hovered around three or four, just 10% of the absorbed condominium inventory. McDonald’s is asking a judge to forbid any future negotiators from charging extra rent for its sign.At the same time, the high-end co-operative apartment market has experienced something of a swoon. McDonald’s is in a pickle, since it never paid its previous landlord extra for its signage. The documents don’t disclose the rent, but rents in the Bowtie, where Broadway crosses Seventh Avenue, soared last year, with an average price of $2,283 per square foot, according to real estate firm Cushman & Wakefield.
LOOKING FOR REAL ESTATE SPACE IN TIME SQUARE INSTALL
The sticking point, the patty-slinger charges, is that the new landlord - a joint venture that includes retail-leasing king Jeff Sutton of Wharton Properties - seeks to charge extra for the golden arches in an amount “equivalent to the revenue landlord could receive if it were permitted to install and sublet a large LED billboard on the exterior of its building.” McDonald’s told landlord 1522 Broadway Retail Owner LLC in June that it aimed to renew its lease for another decade, but says it wasn’t able to negotiate a fair deal for the two-story space it has occupied at 1560 Broadway near West 46th Street for the past 30 years, according to court papers.
The company says its property owner in the Crossroads of the World is trying to jack up the rent by forcing the burger giant to pay to advertise outside its own restaurant, according to court papers filed last week in Manhattan federal court. McDonald’s has an “arch” rival in Times Square - its landlord. Woman throws meal, spits at McDonald's staff in shocking outburst Man quits high-paying finance job to work at McDonald’sįormer San Antonio cop arrested for allegedly shooting teen in McDonald's parking lotīronx man who smashed up Manhattan McDonald's with ax is busted again
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