Thursday, January 04, 2007

NYC condos grab larger share of the pie

Brokers predict Manhattan co-op boards may have to relax some restrictions to compete

The Real Deal
By Lauren Elkies
December 2006

It's unlikely that prestigious Upper East Side co-op buildings like 740 Park Avenue and 834 Fifth Avenue are going to let the riff-raff in any time soon.

However, Manhattan co-op buildings as a whole -- despite trumping condos by three-to-one in sheer number -- have been losing a bit of steam as the primary apartment choice in recent years.


Source: Miller Samuel

Despite generally costing more per square foot, condos are taking up an increasing share of the real estate market in Manhattan -- accounting for more than 50 percent of sales in recent quarters.

Some brokers are saying co-ops will eventually have to reposition themselves to adapt: Changes could involve slightly more lax financial requirements and even tweaks to the typical co-op board approval process in some buildings.

Jonathan Miller, president and CEO of appraisal firm Miller Samuel, said he would suspect that in some buildings, "you may see co-ops limiting and, especially in a weaker market, loosening financial requirements." Still, that may take awhile, as many brokers say co-ops are getting tougher on candidates recently, and there are more board rejections now than in a long time.

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2 Comments:

Anonymous Anonymous said...

Have you seen it yet???

THE CONDO RUN

Check it out!

4:15 PM  
Blogger James Haft said...

Seen it and love it!!

Go Tony!

11:37 PM  

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