Regions Northeast
PropertyShark.com, Corcoran Group Release First Corcoran Report
July 2, 2008

PropertyShark.com, in collaboration with the Corcoran Group, released the first Corcoran Report with sales data audited and supplemented by PropertyShark.com. The report covers Manhattan residential real estate sales for the second quarter of 2008. There has been much discussion of the slower level of sales activity this year and, with sales off 38 percent from the same time last year. The report informs homeowners about the relative value of their property while also educating potential buyers about what they might spend for different property types. It segments the Manhattan market into regions, by property type, and by whether it is a new development or a resale. Additionally, the just-released Second Quarter 2008 Prudential Douglas Elliman Manhattan Market Overview reveals that the number of sales continues to remain below the levels seen at this time last year, while the price indicators continue to show an increase.

• Sales Transactions: The number of residential sales transactions declined by 38 percent compared to the same period in 2007, with re-sale transactions showing the largest decline.

• Median Sale Price: Median sale price rose 13 percent over the same quarter in 2007. Median price was down 2 percent for re-sale properties and up by 48 percent for new development units.

• Region of Manhattan: For re-sales, the uptown Manhattan market had the largest increase in median sale price compared to the same quarter last year. Among new development sales, the upper west side showed the greatest median sale price increase compared to 2Q07.

 
Recent Northeast Headlines
$167M Construction Loan in Place for Brooklyn M-F Project
Aug. 21, 2008
Forest City Ratner Cos. has closed on a $167 million construction financing deal for 80 DeKalb, a 365-unit apartment project in Downtown Brooklyn. The New York State Housing Finance Agency approved the project for $109.5 million in tax-exempt bonds and an additional $27.5 million in taxable bonds.
Extell Development Puts Manhattan Retail on Block
Aug. 20, 2008
A retail co-op occupied by Duane Reade in New York City is being put on the block by Extell Development, according to Eastern Consolidated, which is acting on behalf of the seller.
Skinner Announces Move to Marlborough, Mass.
Aug. 20, 2008
Skinner Inc., the  auction house, has announced it will move from its long-time Bolton, Mass. gallery to a new facility located at 274 Cedar Hill Street in Marlborough, Mass.
NYU Buys Gramercy Green for $275M
Aug. 19, 2008
New York University acquired Gramercy Green condo building from J.D. Carlisle for $275 million with plans to convert the 21-story property into a dorm, The Real Deal reported. The building is located at 310 Third Avenue.
Teen Retailer Buys Office Space in Manhattan
Aug. 19, 2008
rue21, a leading specialty value teen retailer for girls and guys is on the move in New York City. The 400 plus store retailer has acquired and customized a 3,800-square-foot office located in the Fashion District.