With all of the talk of buying apartments to hide money, to shelter money or guard against currency devaluation or being expelled from your country because the Olympic ski jump was not finished on time, does it make sense to invest some of your capital in a Manhattan apartment? I think it pretty much always does given some factors. Continue reading Is it time to buy a Manhattan apartment for investment?
Category Archives: Real estate
Should you buy a property that is tax abated?
Seems like a very silly question. The obvious answer is if the taxes are lower than usual, you should it buy it, no? Well, the answer is not that simple. Recently, on a showing of a convertible 3bd condo on 5th avenue, I contemplated the question myself. There are 8 years left on the tax abatement for this building. So that means in this case the taxes will go up 20% every two years until they reach the market rate for taxes for the area. I think this is a point that not every buyer truly understands.
Continue reading Should you buy a property that is tax abated?
Tour Neil Patrick Harris’ Harlem Brownstone
Neil Patrick Harris has been busy and on February 22nd will host the Grammys. NPH gave a tour to Architectural Digest of his 5th avenue Brownstone which he purchased for $3.6mm. Click on the link below to see the article and video to see some of the below items.
- How they managed two 4 year olds and a yearlong renovation
- NPH’s secret office
- Design of the townhouse to integrate new with classic details.
Can you identify this New York City Park?
Bruce Willis loves Central Park west
Bruce Willis and his wife Emma Heming Willis have sold their El Dorado apartment and are in contract to buy a larger 6000 sqft apartment at 271 CPW. According to NYDN, the actor wanted a larger space due to now having a second child. From the listing pictures, it appears the duplex apartment is just above the treeline. The asking price was 17mm for Willis new place at 271 CPW while he sold for $13mm at El Dorado. It’s a good day to trade up!
New study shows a map of wealth in NYC
A new map is showing the distribution of wealth in NYC based on apartment value. The study shows areas where the highest concentration of apartments are worth more than $5mm, $15mm and $25mm.
Not surprisingly, Lincoln Square well mostly 15 CPW leads the way with a concentration of 206 high value condos totalling more than $3 billion in value. Clusters of wealth by apartment value also are heavily present on Fifth avenue, downtown and in Brooklyn.
Should the 421-a tax abatement program continue?
With the 421-a tax abatement program expiring this June, legislators, advocacy groups and the real estate industry are all ponitificating on what they think the changes if any should be to the current program. Currently, the program allows developers in high demand areas like many neighborhoods in Manhattan to get a tax abatement in exchange for making 20% of the units affordable housing. In other areas outside of these zones, the developer can receive the tax abatements without constructing any affordable housing. Continue reading Should the 421-a tax abatement program continue?
Can your building install a camea anywhere it wants in your Manhattan building?
According to the NYT and their experts cited, generally public areas are okay and a building can even install a camera with a view of your front door. Public areas are just that and the building according to the article has the right to even know who is coming in and out of your apartment. But what if that camera shows images inside of your apartment when you open the door? What if your neighbor decides to install a peephhole camera which can view the common hallway and see who is coming in and out of your apartment as well? Read the full article below for the answers.
Over the top amenities coming soon to a NYC condo near you
Many new condo developments are adding in amenities as a means to justify their price tags. Many of these amenities have now moved upstairs from their historic location in the basement of buildings. Due to the cost of land today, these amenities are used as a way to get higher price per sqft as opposed to the past when they were just add ons.
Read the full NYT article and learn about something called a hamam…
325 Lex uses artwork to sell condos
Carmel Partners,the developer of 325 Lex has commissioned the British artist Patrick Morgan to do watercolors that will used in the promotion and marketing of this new condo which is already about 40% sold according to Luxury Daily. Mr. Morgan has previously worked with Justin Timberlake, Cameron Diaz and several luxury brands including Prada and Yves Saint Laurent. Continue reading 325 Lex uses artwork to sell condos