Category Archives: Real estate

Central Park, Harlem, New Developments, Real estate

Circa Central Park new condo construction update

Circa Central Park, the building that is being constructed on Frederick Douglass Circle, is progressing nicely. Built by the same developer that brought to the market the successful One Morningside Park at 321 West 110th street, there will be a total of 78 units ranging from 1 to 5 bedrooms. Prices will start at $1.1 million and many of the homes will have panoramic views of Central Park.

Construction of 285 West 110th street aka Circa Central Park
Construction of 285 West 110th street aka Circa Central Park

321 West 110th street had 55 units and 2 bedroom/2bathrooms were sold for north and south of $2 million.  Currently, there is one apartment available of just under 1400 sqft and it is asking $2.5 million. There are also two small studios for sale. One Morningside is just one avenue west of Circa Central Park and will directly influence the prices at the new building. Expect prices in the vicinty of $2000 per square foot.

Circa Central Park will have 1 to 5 bedrooms that start at $1.1 million
Circa Central Park will have 1 to 5 bedrooms that start at $1.1 million

Circa Central Park will benefit from proximity to Central Park and Morningside Park, subway access and Harlem’s Restaurant Row.

 

 

Real estate, Upperwestside

Families stay in small spaces to preserve childrens’ and their friendships

In the Sunday NY Times,  there’s an interesting article about people staying in smaller apartments because of the friendships that they and their children have made within the building. In one of the example a small family remains in a 500 square foot apartment because of the relationships that they and their children have made. The children play together in each other’s apartments or they have dinner sometimes at their friend’s apartment. This feeling of family can sometimes fill a void of missing their own families who may be located in other states and only visit occasionally.

In one such case, a family was about to leave their 1000 sqft apartment in Brooklyn for a townhouse but never moved in because they couldn’t leave their child’s friend behind. In another case, on the Upper west at the Park Royal, the parents have become very close friends and while they realize that the children may grow apart, they will remain friends.

It’s an interesting trend, as more families stay in buildings in Manhattan, there are more children and buildings can become communities. I know in our building on the upper west side at 400 Central Park west, we definitely sense that feeling of community. Now that we are expecting our first children, we have so many lovely neighbors and friends who have offer to help us out with walking dogs or taking care of our triplets. It’s a very nice trend.

Have you had any experience with this sense of community in your building?

Read the Full NYT Article

Real estate

Grandparents migrate to NYC

With many families deciding to stay in NYC and raise their families here, grandparents are also coming to NYC at first to help out and then they decide to stay. Many of these grandparents as  profiled in the NYT, come from the suburbs or out of state say farewell to their lives there and start fresh here in the Big Apple.

They find that the urban environment allows them to be close not only to their families but to cultural institutions and make new friends. With this new life they sometimes even take their grandchildren on their new in the city treks.

Many of these grandparents might decide to rent their own place at first to try out New York City and then afterwards decide to cut ties with their other life and make a purchase of a New York City co-op or condo.

 

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. 

Real estate, Upperwestside

Citibike arrives on West 84th street on the Upper West side

As part of the Citibike expansion there are now several new stations on the Upper West side including as far uptown as West 84th street. Another station is coming the Central Park west between 97th and 100th street on the super block that houses the Park West Village condominium.

Citibike has also tweaked their app so that you can know the distance that you cover on the bike and how many calories you burned.

Citibike station on West 84th street

West 84th street Citibike station

Co-ops, Real estate

Lost your stock certificate for your NYC co-op?

4 Comments

With a New York City co-op the proof of your ownership is your stock certificate and proprietary lease. In a co-op, you don’t own the apartment but rather you own shares in a corporation. Getting a new stock certificate can be an onerous process depending on the building and management. If you have a loan, your lender probably has it as collateral so check with them first. If not then it can be more expensive to recover. Read the full article here.

Celebrity real estate, Real estate, Tribeca

NY Ranger center buys NYC condo in Tribeca

Derick Brassard has purchased a 6th floor 2bd/2.5ba Tribeca condo for $4.1 million at 1 York street. The amenities at 1 York include a swimming pool,  sun deck,  and fitness center. The apartment has 14-foot ceilings, and views of the Empire State Building. The monthly carrying charges are just under $3k. Currently, there are 4 apartments available for sale in the 32 unit full service building. The prices range from $2.695 million to $18 million for a 4bd/4.5ba 5350 sqft offering.

 

Real estate, Rentcontrol

NYC Tenant buyouts- New rules

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?

New Developments, Real estate, Upperwestside

Upper West side NYC building sold $26.5 million

Certes Partners has purchased 214-218 W. 95th street for $26.5 million according to WSJ. They are already the owners of 206 W.95 street which they purchased for $15 million one year ago. The combined cost of $41.5 million for a buildable square footage of 85,000, of about 18 stories, looks like a great purchase. $500 per buildable square foot means that they can build something in the affordable luxury market of around $2000-2500 per square foot. It would be great to see some smaller apartments to address demand but most likely we will see family sized apartments of 1200 square feet and up. The location is great since it’s close to Broadway and one block from the express subway stop at West 96 street.

206 W. 95 th street was acquired by Certes Partners for $15 million last year.
206 W. 95 th street was acquired by Certes Partners for $15 million last year.

They are currently discussing with their architecture firm CetraRuddy to see how they should design the building.

 

 

 

 

New Developments, Real estate, Upperwestside

1 West end avenue New Development update

With 246 units spread over 42 stories plus an affordable component as well, 1 West end avenue is aiming its marketing at the affordable luxury segment. Prices start at just under $1.6 million for a 1 bedroom to $6.4 million for a 3bd/3.5 ba 2245 sqf 41st floor apartment. Sales are off to a fast start with 100 units in contract according to the developer in less than 2 months. That is not surprising since the average price per square foot is about $2100 per square foot.

According to Crains, the building is the first in the Riverside Center complex which will also include a 616-unit rental building with a school plus 3 other buildings with ground floor retail and public open space. The building is at the corner of West end avenue and 59th street. Is this a good investment and if so why do you think so?