EventsMarkets & Economy

Alan Lightfeldt gauges the temperatures of NY’s hottest ‘hoods

Lightfeldt calls Hell's Kitchen "Hot," Billionaire Row "Cold"
  • Future development in Hell's Kitchen points to significant growth.
  • Luxury market has declined since May 2015.

Publisher Brad Inman kicked off Inman's inaugural Global Connect conference this morning with a live stream from New York. Alan Lightfeldt "This conference today is about where the market is at," Inman said when welcoming the first guest speaker -- Alan Lightfeldt, data scientist at StreetEasy. "You hear this dark side, and then you hear this 'everything's wonderful' fluffy side," Inman saids. "What's going on in New York?" "Overall, the Manhattan market is on a tear," Lightfeldt said. He said that growth is strong throughout the island. The median resale price year-over-year in February was up around 4.4 percent, depending on where you look. He pointed to the decline in the luxury segment and the lack of growth since it peaked in May of 2015 at $3.2 million. Inman prodded Lightfeldt about the "new scrutiny" on LLC cash purchases and whether or not it will affect the market. "What we know about LLC purchasers is that they're looking for luxury products, th...