New York Real Estate Report Week of Aug. 6-12

NEW YORK—Look what trouble the real estate market is causing! Canada’s largest pension fund manager, Caisse, has an unrealized loss of $5.2 billion (USD) in real estate investments for the first half of 2009. The announcement came through Caisse’s first ever midyear report, something it started out of a wish for increased transparency, according to a Bloomberg report. Too bad good intentions don’t always come paired with good news.

In Europe, banking and insurance firm ING’s profits in other sectors were similarly drowned by real estate losses. Shares of ING fell 15 percent upon the firm’s announcement that falling property prices and rising bad-debt charges reset the company’s bottom line 96 percent lower than what it was last year, to $100.2 million, according to a report by MarketWatch.

According to a newly-released report by foreclosure authority RealtyTrac, one in every 355 U.S. housing units received a foreclosure filing last month—a rate 7 percent higher than June.

NYC sales, rentals, and new developments:

Sales

Let’s take a look at the priciest and least expensive properties listed on Wednesday. For $2,900,000 there is a two bed, three bath co-op at 180 East 79th St. in the Upper East Side. This pre-war building has 9’6” ceilings, hardwood floors, surround sound system, and designer lighting, according to Sotheby’s, which listed the unit. Maintenance is $2,979.

Another co-op is one of the more affordable listings this week. 501 West 123rd Street in West Harlem goes for $243,000. This unit is listed by Prudential Douglas Elliman, also has hardwood floors, granite counter tops, and 24-hr security. It is 475 sq. ft. with two rooms and one bath.

Rentals

“Big” is the word at 418 E 77th Street, a studio condo on the Upper East Side. Saldo Properties listed the unit at $1,500, calling it “jumbo” with an “open plan California kitchen” and “oversize closets.”

For $200 less every month, a two beds, one bath, newly renovated rental is available at 6821 Owls Head Court in Bay Ridge, which is southwest of Sunset Park, Brooklyn. The closest subway station is 59th Ave. on the N and R lines.

New Developments

Let’s see who’s dropping their prices this week. The Piano Factory in Astoria has 16 listings, 13 decreases. 239 West 135th Street in Central Harlem has 12 listings, 8 decreases.
468 Convent Avenue in Hamilton Heights has 8 listings, 5 decreases.
5th Street Lofts in Long Island City has 14 listings, 5 decreases.

None of these listings posted a price increase on any unit.