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.
Thinking of buying in a small NYC co-op?
Thinking of buying a NYC apartment for your child?
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.
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?
Will the Chinese market volatility affect NYC lending?
From 2013-14, Bank of China was involved with $4.73 billion in top loans for prominent NYC properties according to the Commercial Observer. Now with the decrease in value of the Yuan and Chinese economy reeling how will that affect available capital for large NYC projects? Several heavy hitters including SL Green have relied on loans from Bank of China. Will refinancing these loans be difficult due to a drying up of Chinese lenders?
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.
They are currently discussing with their architecture firm CetraRuddy to see how they should design the building.
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?
City sues Harlem homeowner for not maintaining home
A homeowner, Nina Jusiniano, who resides in Queens bought her Astor Row townhouse 28 years ago for just under $30k. Since then the house has laid vacant, cemented shut and may be causing issues for the neighbor’s home attached to it. According to DNAInfo, the owner is selling a home in South Ozone Park, Queens to raise funds to complete a renovation. The house in Queens, according to the article has been for sale for about a year. The Landmark Preservation Commission is asking a judge to fine the owner $5,000 per day until she renovates the home. The owner believes the home is worth as much as $900k. Given that homes on Astor Row would probably go for close to $3 million or more if in good condition, that $900k is low. The owner believes that $300,000 will be enough to renovate the home. That number seems low as well to do a proper renovation in a historic district given it has been abandoned for nearly 30 years. What’s your opinion? Should the LPC be suing owners to get them to maintain their properties or are they overstepping their boundaries?
Cristiano Ronaldo buys in Trump Tower 721 Fifth avenue
According to NYPOST, the Real Madrid soccer star has bought a 2509 sqft condo in Trump Tower at 721 Fifth avenue. Speculation is that Ronaldo may be coming to play for the New York City FC or the Red Bulls. He purchased the apartment for $18.5 million from one of Donald Trump’s partners Alessandro Proto.
The Trump Tower was built in 1983 and has 238 units spread over 58 stories. Currently, the most expensive listing is 3725 sqft and being offered for $23 mm and the least expensive listing is a 1058 sqft 1bd/1.5 ba apartment for $2.4mm.
370 Central Park west apt 610 In contract
This loft apartment located in a tudor style co-op on 97th street and Central Park west is now in contract. The asking price for the approximately 957 sqft apartment was $1,150,000. Interest was strong due to the 12 foot ceilings, large northern windows and prewar building. The apartment was staged by Rough Luxe Staging shortly before July 4th and within 1 month the buyer came to see it.