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8 predictions for the New York real estate market in 2016 A  BY Ari Harkov DAILY NEWS CONTRIBUTOR Wednesday, January 20, 2016, 7:43 PM A A A facebook Tweet email Share this URL Roman Slavik New York Citya€™s real estate market is expected to be dynamic this year. With the new year upon us, we are excited for what will be another dynamic time in the world of New York City real estate. Many new condo developments that launched sales over the past few years will begin to see closings, new rental buildings will continue to hit the market in both Brooklyn and Manhattan, and progress in their lease-ups, and a shifting macro-economic climate a€” from interest rate hikes to stock market jitters a€” will have an effect on real estate. Furthermore, rising interest rates combined with lower prices will result in weaker buyer confidence, which will only serve to reinforce this cycle. We will see more buyers asking for deal contingencies, reviewing contracts longer and making more demands of sellers.
Unrealistic sellers who are stuck in 2015 will miss the market and slowly follow it down with a series of price cuts. Baby boomers, oftentimes cash buyers, will continue to play an important role in our market in two main ways: as purchasers of primary residences after downsizing from a home in the suburbs, and as purchasers of a secondary residence to be near their children and grandchildren.
The wave of thousands of new rentals coming to Brooklyn, particularly in Williamsburg and Downtown Brooklyn, will cause prospective buyers to carefully consider whether they should rent or buy as new rental buildings offer a number of incentives (reduced rents, one or two months free, no application fee, no brokers fee, etc.), which can be very tempting.
Conversely, the demand for a€?entry levela€? luxury, meaning condos priced from $1 million to $3million, will continue to witness strong absorption driven by low inventory and high demand.
Ari Harkov is a real estate broker with Halstead Property and heads up the Harkov Lewis Team, one of the top teams in the nation as ranked by the Wall Street Journal.


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Many new condo developments that launched sales over the past few years will begin to see closings, new rental buildings will continue to hit the market in both Brooklyn and Manhattan, and progress in their lease-ups, and a shifting macro-economic climate — from interest rate hikes to stock market jitters — will have an effect on real estate.
After the threat of rising interest rates for many years, they will finally creep up in 2016.  As rates rise, buyer demand will cool, putting downward pressure on prices. Serious, realistic and motivated sellers will react to the new market reality by pricing accordingly. In a softening market, one of the first changes we see is that buyers focus more on prime neighborhoods and blocks.  Secondary and tertiary neighborhoods, which were pulled up by the bootstraps of the primary neighborhoods in the recent cycle, will struggle a bit more. Conversely, the demand for “entry level” luxury, meaning condos priced from $1 million to $3million, will continue to witness strong absorption driven by low inventory and high demand. The Internet needs help distinguishing between the two similarly sounding nouns, so we're here to help. Kirstie Alley is the actress from "Cheers" who woke up this morning to find herself one of the most talked about people on the Internet for something she did not have a part of. After a long week and waking up to a headline such as "Christie Ally Expected to Plead Guilty in New Jersey Bridge Lane Closings," some people were left with their heads spinning. Here’s another photo of Bow Bridge, taken by my friend Karen last month when things were a bit more leafy.


NEW YORK (PIX11) -- They're awe-inspiring sights of New York City that rival any video game or Hollywood blockbuster out there, and they were captured by Bronx photographer and drone enthusiast Victor Chu. From over the iconic Brooklyn Bridge to the famed Pepsi-Cola sign in Long Island City with of course, a pit stop at Yankees Stadium. The extreme project took several months of shooting and editing this past summer with what Chu says were plenty of close calls.
The team, which focuses on residential sales in Manhattan and Brooklyn, works with both individual buyers and sellers and developers. Prospective buyers in Brooklyn will be tempted by new rental buildings offering incentives.
The inventory of luxury condos (typically considered to be $10 million and up) in Manhattan will continue to grow as more and more buildings come to market and the current for sale product will tend to linger.
Ari holds an MBA with honors from Columbia University and currently resides in Park Slope, Brooklyn, with his wife, 2-year-old son, and dog.
Wildstein is expected to plead guilty today to his role in "Bridgegate" where he allegedly helped plot the closing of lanes at the George Washington Bridge in 2013.



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