Developer Mike Naftali certainly learned his lessons from his development 210 W. 77th street. Originally, when sales launched no units sold. After an intelligent reboot, sales were much more successful and now the building is 70% sold. Now the developer will use the feedback given from buyers on the first building to customize his offering for his next condo on the same block at 221 W. 77th street. One of the things they adjusted was making the kitchens more homey and less hotel like according to NYDN. They found that families on the Upper West side wanted more comfort and less hotel like finishes. Additionally,he added in a couple of 2 bedrooms and 5 bedrooms as well whereas the other Upper West side project had no 2 bedrooms and only a handful of 5 bedrooms. Both condos are located on West 77th street between Broadway and Amsterdam avenue. Prices will start from $4.85 million to $23 million for the new condo.
According to WSJ, some parents are purchasing apartments for their college bound children. While this is not a new idea by any means, parents who do the math of paying rent while their children pursue their education, sometimes decide it makes sense to buy a place instead. At that point, some purchasers are also thinking of their retirement in Manhattan at the same time. Why wait 10 years or more when the prices will be higher? Purchasing now gives them a place for their college age children as well as place to eventually live in or use as a pied-a-terre. In some cases, parents may be planning when the children are several years away from college age. There was one example of a wealthy family purchasing in the famed Extell building One57 aka 157 West 57th street a few years ahead. Their daughter was recently born!
Consider these factors as well in your purchase:
1- If it’s a co-op will they allow college student children to live there? Many co-ops do not want their buildings turning into dorms.
2- A condo would be a much wiser investment since you or your children can rent it out without restriction.
3-What areas will appreciate the most over the next few years? My bet is on Harlem and upper Manhattan as well Hudson Yards area.
Mayor Bill de Blasio is set to sign legislation that will curb communications between landlord and rent regulated tenants concerning buyouts. There are approximately 1.3 million rent-restricted apartments in NYC and some tenants complain of being harassed to vacate. According to LINK, some 266,000 apartments have been deregulated since 1994. Tenant advocacy groups say that tenants get repeatedly harassed into accepting offers and leaving. Tenant related harassment complaints have doubled since 2011 in city Housing Court.
With the new law, landlords would have to wait 6 months to re-approach a tenant who has rejected their offer to relinquish the apartment. What do you think? Is this going to curb harassment of tenants in rent regulated apartments?