Category Archives: Real estate

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.

 

 

CentralParkWest, Listings, Real estate, Uppereastside

400 Central Park west high floor with southern Park views enters the market

Apartment 11k in 400 Central Park west has entered the market. The apartment features a galley kitchen, dining area, expanded bathroom, 5 closets plus a wall of built-in closets and a 19' terrace with magazine worthy views of Central Park. Click to read more and see interior photos. 

Continue reading 400 Central Park west high floor with southern Park views enters the market →

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.

Piedaterre, Real estate

Manhattanites buying second homes in Manhattan

According to WSJ many urban dwellers including Manhattanites are opted out of the 2nd home in the Hamptons or other beach destinations, in favor of a 2nd home in the very same urban setting. Would you prefer to spend two hours in traffic to only repeat the same about 48 hours later? Would you also opt for a 2nd home a bit closer to home? A couple for example, on the upper east side, buys a 2nd home in the West Village to experience a change of scenario since the two nabes are so different.

As a plus a 2nd home in the West Village will most likely appreciate more than a home in the North or South Fork of Long Island. On the downside of purchasing a 2nd Manhattan home is that most likely it will need to be a condo though some Manhattan co-op buildings do allow 2nd homes or pied-a-terres.

 

Real estate, Store Openings, Upperwestside

Levain Bakery to open in a larger space on Upper West side

Levain Bakery is moving out of 400 sqft into a larger space around the corner on Amsterdam avenue. The new space will be 3000 sqft in total and is located at 351 Amsterdam avenue just two blocks away according to LINK. The asking rent on the new space which is close to West 77th street was $27,500.

New Developments, Real estate

Developer of Upper East side luxe condo receives stop work order

A developer of an Upper East side luxury condo tower has received a stop work order from the City. Apparently, the developer of the building on 88th street near 3rd avenue got approval to create a 4 foot lot in the rear and then used the separate lot as a way to circumvent local zoning which would have allowed a smaller building than what they were about to construct according to NYT. Local opposition including politicians demanded that the Mayor’s office investigate. They did and now the developer has a stop work order. Listings were already live on streeteasy in this tower which will now need to be redesigned to comply with zoning.

180 East 88th street was supposed to rise to 50 stories with 48 units. At this point, there are still listings live on Streeteasy ranging from $3.2 million to $15mm.

 

MidtownWest, New Developments, Real estate

Thinking of buying a condo in Midtown West?

If you are thinking of buying in Midtown west, maybe you should take a look on West 52nd street where there are several conversions between 8th and 10th avenue.  One of those developments is Nine52 which is located at 416 west 52nd street and it is in the sweet spot of affordable luxury and with it’s Midtown Manhattan location, it is not suprisingly selling well.

Previous coverage of Nine52

On the same block is 432 West 52nd street which will have 55 units ranging from studios to 2 bedrooms. This building will feature a 4200 sqft landscaped roof terrace, exercise room, doorman and a residents’ lounge. There are currently 5 listings on streeteasy and 2 are in contract. The most expensive is a duplex with 1153 sqft(107m2) of interior space and 1454sqft(135m2) of exterior space with an ask of $2.25 million and about $4k in monthly carrying charges.

Also on West 52nd street is the Sorting House which is a new construction building built on top of a Post Office. 27 units on streeteasy.com and 27 units in contract. Prices were around $2000 per square foot on average and the apartments ranged in size from 605 sqft (56m2) to 1409 sqft(130m2). Several of the apartments had outdoor spaces and the common charges and taxes together range from about $2.20 per sqft to about $2.80. The developer is Cadence Property Group and architect is Architecture Outfit.

All of these developments are doing well partly because they were ahead of the curve in that they address the affordable luxury market and their location speaks highly to both owner/occupants, local investors and foreign nationals who may not be able to afford Billionaire’s Row.

Real estate, Uppereastside, Upperwestside

Citi bike expanding in Upper Manhattan

Citi Bike is expanding in upper manhattan, and several neighborhoods in Brooklyn. There are to be 42 new stations opened throughout in this latest wave of expansion. In the last wave of expansion, we saw stations come to the upper west and upper east sides of Manhattan.  In Manhattan, stations are supposed to go up to 110th street as part of this expansion. I am hoping we are going to get some here on West 100th street or nearby as the furthest uptown station on the UWS in 85th street and Central Park west.

Some residents are looking for stations to be closer together. Where do you think that Citi bike should locate more bike stations ?

 

 

Real estate

Should NYC bicyclists be required to have licenses?

The NYPD issued over 5000 summons last year to bicyclists and has issued over 8000 this year according to CBS News. If you walk around the streets of Manhattan, you have no doubt probably come close to being hit by a cyclist that either has not stopped at a traffic lot, is going the wrong way or even riding on the sidewalk.

I remember a point about 2-3 years when the NYPD was constantly giving summonses around Central Park and you could even see cyclists stopping at the traffic lot on Park Drive near Tavern on the Green. Many pedestrians are concerned about their safety whether walking with small children or their dogs in and around Central Park.

Apparently according to CBS, there was a legislator who had proposed and then dropped the idea of having cyclists have licenses and some states in the US do require licenses for cyclists.

What do you think? Would this make it safer to walk on Manhattan’s streets as well as  in Central Park?

 

Real estate

Have Manhattan real estate values peaked?

According to most of what we are reading these days, the luxury market is experiencing a glut of inventory but yet properties in the $3 million and below are still moving very quickly. We continue to see a bifurcated market where the numbers can be misleading. Affordable luxury and condo conversion are selling very well and quickly whereas the super luxury is selling slowly and some developers may be headed towards capital issues.