Category Archives: Buying tips for your NYC apartment

Buying tips for your NYC apartment, Upperwestside

Is the Upper west side the best place to buy your first apartment?

A quick search on listings site streeteasy.com shows 417 apartments under $1 million on Manhattan’s upper west side with 64 of those being condos. Under the $600k threshold,  there are 124 co-ops and 7 condos. The upper west side has a mix of housing with walk up apartments, as well as doorman and non-doorman buildings. They run the gamut from a tiny $275k studio to penthouses in amenity rich buildings on Riverside boulevard with river views and outdoor space.

There are pockets of affordability in the far west 90’s and 100’s as well. With the B,C subway line serving Central Park west and the 1,2,3 running along Broadway, the work commute is not as much a hassle as the Upper east side which is overcrowded in the mornings.

There are plenty of restaurants of every imaginable type in the neighborhood as well as a cluster of bars on Amsterdam avenue in the low 80’s. You also have neighborhood live music venues like Smoke and also Cleopatra’s Needle. On the upper west side, you have plenty of super markets including two outposts of Whole Foods, Trader Joe’s, Zabaar’s, Fairway and the West side market. In addition, you can choose a park between Central Park and Riverside Park depending on location.

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Cherry Walk on the Upper West side runs alongside the reservoir in Central Park.

Affordability, convenience, and plenty of space make the upper west side a wise choice for your first Manhattan pad. Of course that is only my opinion and probably why I have lived on the UWS for 13 years. What do you think? Where do you want to buy your first Manhattan apartment?

 

Buying tips for your NYC apartment, Uppereastside

Is the Upper East side the best place to buy your first apartment?

A quick scan of listing website streeteasy shows 99 condos in the market under $1 million on Manhattan’s upper east side.  Compare that with the West Village which has a mere 10 condos under $1 million.  Taking a look at co-ops,  you have 48 listings under $1 million in the WV and a remarkable 448 co-ops on the UES. Why is there such a discrepancy?

Well,  the Upper east side is about twice as large as the West Village but there are nearly 10 times as many listings available not two times. The Upper east side has more low rise tenement style buildings and less fancy new construction or converted industrial buildings so in some ways the housing stock is more modest and friendly for a first time buyer.

With the 2nd avenue subway line opening either Dec 30th 2016 or the near future, the area will certainly benefit with the addition of another subway line to ease crowding on the Lexington avenue line. As the luxury market has pushed even further east, past 2nd avenue, the neighborhood is changing. But still among many of the side streets in the 80’s and 90’s you can find low rise buildings, mostly co-ops that are in stark contrast to the super luxury of Midtown. Perhaps this may be the best neighborhood to pursue your first purchase…

Buying tips for your NYC apartment

Is now the right time to buy a Manhattan apartment?

Certainly with all of the news of late about the slowing of the real estate market, what do you do if you are about to purchase a Manhattan apartment right now? I think it is wise to take a look at a number of factors within your personal situation.

1- How long will you stay in the apartment?
2- Will you be able to rent it out if you have an opportunity/need to move away due to work etc?
3- Will the additional monthly payment offset by tax advantages be more affordable than continuing to rent?
4- What price range are you in?

If you are leaving NYC in 2 years due to anticipated job transfer, purchase if you like, but best to stay away form a co-op due to the restrictions in renting. Typically, Manhattan co-ops will allow you to rent for 2 of 5 years. After that, you will need to move back or sell. Condos on the other hand allow for unlimited subletting. So if the resale value decreases on your recent purchase then you can rent it out. As sales prices go down, rents normally rise.

It has been well documented that the luxury market is experiencing a glut. So if you are going to buy that $15 mm townhouse, have your real estate broker do an analysis to make sure that it is worth the offering price. Recently, I had one potential client that brought to me a listing that was for a townhouse in Chelsea. I just didn’t believe that it was worth the ask and in fact it seemed like the price will probably go down in the future so I told him so.

At the other end of the market spectrum, if you are looking under $3 million that market is still moving  notwithstanding overpriced listings. So be prepared to compete at that level especially for 2 or 3 bedroom apartments which sell due to so many families staying in Manhattan and empty nesters whose dream may be a classic 6 on Central Park west or a 2 bedroom in the West Village.

Two other factors to consider are interest rates and the effect of Brexit. Interest rates are extremely low and even if prices level off slightly, interest rates will rise so the savings may be negated.

Brexit, most agree, may end up being a boon for the Manhattan real estate market, due to investors and buyers looking for a safe haven for their money.

In conclusion, you really need to do an analysis of what your personal situation is and if you decide to go forward with a purchase in a segment of the market that is peaking now, just make sure it’s a long term investment and not something that you need to get out of in 3-5 years.

Buying tips for your NYC apartment, Real estate, Upperwestside

Thinking of buying a family sized apartment on the Upper west side?

Are you looking for a good value on Manhattan’s upper west side under $5 million? As always the further you go downtown the pricer it gets. You can buy a 1000 sqft(93m2) 1 bedroom for just over $5mm in 15 Central Park west, the Zeckendorf Developed building that started the luxury boom. However, it might be hard to squeeze two children into a 1 bedroom so let’s look at where you can get the most size and value for your money. Several buildings come to mind. In this search let’s rule out any buildings where the monthlies run more than $3 per square foot. We will also take a look at only pet friendly buildings that have a concierge or Doorman. After all, you are not going to leave the family pooch behind and who will sign for all of the Amazon deliveries.  Let’s take a closer look.

11 Riverside drive aka The Schwab house(co-op) whic h  is between 73rd and 74th street has a total of 636 units spread over 19 floors. Yet, there are only 5 apartments for sale. It is usually a good indication when few units are for sale.  You can find a 3 bedroom/3bathroom  listed for sale for under $3 million. Monthlies are only about $2 per sqft total which is reasonable. Location is excellent of course as you are close to Riverside Park, express subway, Fairway(if it stays in business) as well as Lincoln Center. Positives-Roof deck and location.

Lincoln Towers co-op aka 140,150,160,165,170,180,185,205 West end avenue is spread over several buildings between 66th to 70th street from Amsterdam avenue to Riverside boulevard. One 5 bedroom/4.5 bathroom is available here for $3.75 million with the monthly charges being $6,011. A 4 bedroom is also being offered for sale in the pet friendly building with a full time doorman for $3.5 million. This development deserves a visit and since it’s large perhaps you can find some larger units that were put together and now being offered for sale. Positives- Location, greenery, proximity to all of the same amenities as neighboring Schwab house.

221 West 77th street(condo) is a ground up construction by the Naftali Group and is a follow up to their successful 210 W 77th street. 26 units on 18 floors and 10 are already in contract. For around $5 million, there are two apartments to choose from- one is a 3bd/3.5ba 2048 sqft(190m2) and the 2nd is a 2bd/2.5ba 1735 sqft(161m2) offering. They are asking $4.925 and $4.05 million respectively. Monthly charges average $2.30 per sqft. Obviously, this is a much higher price point at $2400 or so per square foot up to $3000 per sqft on the higher floors in the building. For the higher price, you get a more central location, and an impressive amenity package including a basketball court, a fitness center, a paneled library with pool table and a roof deck with gas fire pit.

1 West end avenue (condo) is a new construction building that offers 8 listings under $5 million with at least 2 bedrooms. Perhaps this is the building where you will find the most value. For just over $5 million one apartment which features West and and northern exposures offers 2748 sqft (255m2) with 3bedrooms and 3.5 baths. Monthly are only slightly more than $1 per square foot thanks to a tax abatement of 20 years! This gives an owner or investor a chance to purchase and sell well before the taxes go up. Appreciation has been very strong in the surrounding buildings in the last few years. Thanks to the tax abatement and finishes and development team this might be the best place to invest your capital or make your home.

Certainly, there are lots of other buildings where $5mm can go even further and even a lower price point as well. I believe this is where an experience real estate broker can help to give you guidance in assessing value, and understanding the dichotomy that is the Manhattan real estate market. Depending on your own personal situation, it may or may not be the right time to buy right now and a seasoned professional can help you to determine where you can find the best combination of value and amenities that you desire in your Manhattan apartment.

 

 

Buying tips for your NYC apartment, Real estate, Selling tips

Thinking of hiring a real estate attorney (read this first)

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Let’s assume you are doing a residential purchase or sale and need a Manhattan real estate attorney to represent you. How do you find one and what should your criteria be? Let’s take a simplified look at what they do first to assist the process.

On a purchase, your attorney will review the proposed contract and examine the financial information of the co-op or condo building which might entail going to the building to read the minutes of the Board meetings. If there is some project coming up or a noisy neighbor that is wrecking havoc,  it might show up in these minutes.  Your attorney will meet you to sign the contract and fedex/messenger the contract and deposit check to the seller side. After that, assuming it’s not a complicated transaction that will be about it until you go to closing and then he will reconcile the numbers at the closing table and provide you with a closing statement.

On a sale of a Manhattan co-op/condo, the attorney or assistant will prepare the NYS contracts, then will negotiate any changes proposed by the buyer side. You will meet your attorney once the buyer signs and counter sign the contract. If there are issues with the mortgage or closing, the attorney will intercede and if not your attorney will attend the closing and reconcile the numbers with the other side.

Attorneys charge generally as low as $1700 for this transaction and generally an average fee is closer to $2500-$3000.

The easiest way to find a good real estate attorney is to ask a friend, family member or your real estate broker for the name of someone that they have used and had a good experience.

You want to make sure that any attorney you use specializes in real estate so that you have a true expert on your side. Sometimes your family attorney also “does” real estate transactions but if there is an issue along the way, experience in doing many transactions may be an asset that you are happy that they have or may hurt you if they do not. So choose someone with experience.

Find out if there is an assistant or someone that you can speak to in case you need a quick question answered. If your attorney spends all day in court and is unreachable by phone/email, it may add stress unnecessarily to the process. Most attorneys will have staff and in some cases they will be able to answer your questions.

Lastly, while you might be recommended to a big name law firm, ask who will be the one handling your transaction. A big name firm that delegates you to a junior attorney or paralegal may not be the wisest choice. Much in the same way, a big name real estate brokerage that passes you off to the 3rd assistant may also leave you feeling that you are not receiving the service you expect.

So while the description I have given of what an attorney is very simple, it is not easy and you never what bumps you will hit on the way so it’s always best to have an expert on your side. To find the right person may take a little bit of research.

Buying tips for your NYC apartment, New Developments, Real estate

Thinking of buying a Manhattan new construction condo?

With new construction condos above $4 million already in a balanced market, now may be the time to make your purchase. Let’s assume you have decided to pull the trigger on a condo purchase in a new or converted building in Manhattan what should you look for? Here’s a checklist. Continue reading Thinking of buying a Manhattan new construction condo? →

Buying tips for your NYC apartment

Where to buy and not buy right now in NYC…

Brick Underground spoke to real estate brokers to get their take on what neighborhoods you should or should not buy in right now. I would say that there takes are interesting and varied.

I would add Harlem to their list both East and West as a great place to find more space for your money. I think going up further uptown to Hudson Heights or Inwood is also desirable because of express subway stops plus parks. For investors, tons of money is pouring into the Bronx especially the South Bronx. It’s just too close to Manhattan to not be expensive and I think you will see a sharp appreciation in time for the next boom.

Where not to buy is not really a simple answer as it really depends on your situation. I think you have to analyze the purpose of your purchase be it investment or primary residence and how long you will live there. I think that making a purchase of $4 million plus you need to look at the location and what you are purchasing very carefully. If the location has a great view like water, or a park or a superior neighborhood like Tribeca or Soho, then you can rest assured your investment will be safe. However, if you are looking at a sizable investment in Midtown around Billionaire’s row you may not see the appreciation that you imagine since that is more dependent on foreign buyers who have receded from the market and the strength of the dollar.

 

 

Buying tips for your NYC apartment

Thinking of buying your first NYC apartment?

If you are considering buying your first Manhattan apartment, you should read this Sunday’s NYT real estate section. The article gives you some common sense advice including the follow:

1- Getting a pre approval and why you need to have it in hand when you are looking for your NYC pad.

2- Ways to find an experienced NYC broker to find a property

3- Alternative strategies to find a Manhattan apartment including speaking to the doormen in the buildings that you like to try to find an apartment that is coming soon to the market.

4- Understanding the role of your real estate attorney and perhaps why it makes sense to do an engineer inspection.

5- Basic tips on putting in bids like not putting a bid in prior to or at the open house.

Read the full NYT article

Buying tips for your NYC apartment, Harlem, KipsBay, Real estate

Thinking of buying a Manhattan real estate investment property?

Several top real estate executives were interviewed and one of the fascinating questions that they asked was where they would invest $10 million dollars. The answers varied including the Kips Bay neighborhood and other up and coming areas. They didn’t mention Harlem which was a surprise and may still indicate that there is time to invest in the neighborhood where big money is quietly pouring in including Extell and other real estate heavyweights.

 

Read the full Gotham article here

 

Buying tips for your NYC apartment, Real estate, Upperwestside

Thinking of buying an apartment on the Upper west side?

According to the NYPost, the upper upper west side from 96th street to 110th street is a section of Manhattan to take a closer look if you are considering purchasing. I have lived in this neighborhood for 11 years in Park West Village- where 4 of the 7 seven buildings are condos and 3 remain rentals. Over the last several years, we have seen the emergence of the Columbus Square shopping center with Whole Foods as the anchor and recent additions include Bare Burger and Yogurt land.

Often overlooked and not mentioned in the NY Post article,  the Park West Village condos include 372,382,392 and 400 Central Park west. One of the few condos on Central Park west, prices have risen but still are a reasonable $1500-1600 per square foot on average with very low monthly charges. Common charges and taxes together for these postwar buildings are about $1 per square foot. So a 1140 square foot 2bd/2ba with a balcony can be had for about $1.8-$1.9 million with monthly charges of about $1200 per month. How many buildings can make that claim?

The Vaux condo as seen from Central Park west. Corner apartments are 2bd/2ba with terrace
The Vaux condo as seen from Central Park west. Corner apartments are 2bd/2ba with terrace

Another offering is the redesigned 360 Central Park west which is at the corner of  96th street and Central Park west. Prices start around $1.6 million for a 1 bedroom apartment.

360 CPW will be converted to condos.
360 CPW will be converted to condos.

Read the full article.