The Real Deal recently reported on the current status of New York City’s real estate market according to Town. Numbers have shown that approximately half of new development in Brooklyn’s inventory has been sold, leaving a remaining of 550 apartments. Back in September, the multifamily dollar volume grew to $1.7 billion. However, some have seen falling numbers. This includes Manhattan’s absorption rate, which fell only slightly at 4.1 in November. The lowest numbers were found in Midtown and Midtown East, as more development sales come to a close. During the first half of November, 70 contracts were signed in Manhattan for luxury apartments costing upwards of $4 million dollars, making it the most successful November since the year 2006.
One major player in New York City’s real estate market is Town Residential. Founded in 2010, the company consistently leads the market in luxury real estate services. CEO Andrew Heiberger started Town Residential on a foundation of long-time experience and grew a team of highly qualified and knowledgeable individuals. It is a business that is run on six levels; Executive Leadership, New Development, Marketing and Leasing, Sales, Leasing, and Corporate & Creative, each fulfilling their own specific needs.
When it comes to housing development, Town Residential focuses on every aspect of high-end development services. These services include market research, branding, advertising and pre-development planning. Town Residential gives its clients an advantage due to the fact that the company has full access to renowned contractors and architects, as well as top interior designers. Their leasing approach is notable, obtaining the greatest value possible for clients in the shortest amount of time.