BARNES New York conference

On Thursday, May 25th, the conference "Opportunities in the New York Real Estate Market" was held, hosted by Yann Rousseau, Associate Director of BARNES NY, and his colleague Myriam Benhamou, a real estate broker, at the Hôtel de Sèze. The event brought together the team and clients for a moment of sharing and exchange.

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The real estate market in New York is considered one of the most dynamic and expensive in the United States. Despite the current uncertain period due to the instability of the American economy and the resulting consequences (strained new development programs, affected commercial sector), New York remains the flagship city on the American Coast, leading in many areas. There is also an observed surge in the rental market due to the return of foreign investors.

"After facing turbulence in 2020, with a haphazard management of the pandemic, the flagship city on the East Coast of America once again demonstrates its legendary resilience by reclaiming its place among the favorite cities of the wealthy population," comments Yann Rousseau.

Real estate prices in New York are among the highest in the country. The most sought-after neighborhoods, such as Manhattan and Brooklyn, have particularly high prices, while less central neighborhoods may offer more affordable options.

Price of a 100 m² property in New York

MANHATTAN	BROOKLYN
100 m² pour 1,5 M€ soit 15 000 €/m²	100 m² pour 1 M€ soit 10 000 €/m²
100 m² pour 1,3 M€ (ancien) soit 13 000 €/m²	100 m² pour 800 000 € (ancien) soit 8 000 €/m²
100 m² pour 1,5 M€ (neuf) soit 15 000 €/m²	100 m² pour 1,3 M€ (neuf) soit 13 000 €/m²

MANHATTAN BROOKLYN 100 m² for €1.5 million equivalent to €15,000/m² 100 m² for €1 million equivalent to €10,000/m² 100 m² for €1.3 million (existing) equivalent to €13,000/m² 100 m² for €800,000 (existing) equivalent to €8,000/m² 100 m² for €1.5 million (new) equivalent to €15,000/m² 100 m² for €1.3 million (new) equivalent to €13,000/m² Source: UrbanDigs (April 2023)

Most Expensive Neighborhoods

Types of Real Estate Properties

New York offers a wide variety of real estate properties, ranging from luxury apartments to historic brownstones and industrial lofts. There is also a significant market for commercial properties, such as offices and retail spaces.

- Condominiums (Condos) and Cooperatives (Co-ops)

CONDO (short for "condominium")

Similar to the concept of condominiums in France, a condo is a form of real estate ownership where multiple housing units are individually owned by different owners, while common spaces and facilities are shared collectively. Each owner has exclusive rights to their unit and a share of ownership in the common areas such as hallways, gardens, pools, etc. Decisions regarding the management and maintenance of the building are made collectively by the owners or a cooperative association. This applies to almost all new constructions in New York.

CO-OP A cooperative apartment

also known as a housing cooperative or co-op, is a form of ownership where residents own shares in a cooperative corporation rather than directly owning their own unit. Each resident is a member of the cooperative and has the right to occupy a specific apartment unit. Members collectively participate in decision-making regarding the management and maintenance of the property. Costs and responsibilities are shared among the members, and purchasing a share in the cooperative grants a long-term lease for the corresponding apartment unit.

New Development Programs

New York is a constantly expanding city, and numerous new real estate development projects are underway in different neighborhoods. These projects include the construction of new residential buildings, offices, commercial complexes, and mixed-use developments comprising residences, shops, and entertainment spaces.

These are generally condos or condops that are already under construction and can be delivered within 6 to 18 months. They have higher energy standards, and some benefit from the 421-A tax abatement. Prices can be high due to high demand and the scarcity of available land. Prices vary depending on location, unit size, offered amenities, and the prestige of the development. Many new development programs often offer modern and high-end amenities to attract