According to NYPost, many renters as well as purchasers priced out of not only Manhattan but also LIC, and Williamsburg have turned their attention to Roosevelt Island. Known for slower moving traffic, Manhattan views and green space, rentals can be had for about a 30% discount compared to Manhattan according to Brokers. Additionally, there is a co-op conversion (Island House) of a rental building that saw 100 visitors to their opening day. Two 3 bedroom duplexes which monthly maintenance of under $1800 are already spoken for at this time. There were asking just north of $1 million. Island House listings
Cornell’s $2B tech campus is already in the construction phase and if all that wasn’t enough, Starbucks has opened an outpost on the Island. A short tram ride over the East River or one stop on the F train awaits commuters who are much closer to Midtown than parts of Upper Manhattan or even parts of LIC and Williamsburg.
What’s your opinion? Is now the time to get something here before the prices rise like it did in LIC?
I am not sure why but it seems to be every Manhattanites’ (myself included)dream to buy their neighbor’s apartment and combine the two. According to NYTimes, there may be some basic considerations to mull over. I would add that it’s a good idea to do an analysis with the costs to combine of your contractor/architect and see if it might not make more sense to just sell your current Manhattan pad and buy a bigger apartment given the inconvenience of either moving out or living through construction.
According to DNAinfo, the 30 story building at 70 West 93 street is planning to add 5 stores at the lobby level. This building is a rental building owned by Stellar Management and has a mix or free market and rent-stabilized apartments as well as an assisted living community. Four of the stores will have Columbus avenue entrances. Community Board 7 has an advisory role in reviewing the designs but City Planning needs to review the designs.
For many first time buyers of NYC co-ops, it can be an education to really understand what it means to buy as well as live in a NYC co-op. Here are some examples of differences between a co-op and condos which are closer to what most buyers are familiar.
1- Co-ops limit financing typically to 80% of the value of the property. So if you purcharse a co-op for $1million you can normally finance only $800k. Some co-ops will allow even less financing or no financing at all as is the case on some select buildings on Fifth avenue on Manhattan’s upper east side. Condos in some cases will allow as much as 90% loan to value. So a $1million condo can be purchased in some cases with as little as $100k down.
Citibike has finalized the locations of new bike stations for Manhattan’s Upper West side. Not too much has changed according to DNAinfo from their proposed plans submitted for public feedback. One station that was slated for 100 street west of Columbus avenue was moved to east of Columbus on the northern side of the street. There will be several stations along Central Park west including one of the western side of CPW on the sidewalk between 97-100 street adjacent to Park West Village.
Initially, the stations were expected late summer but now it appears they will be installed by early 2016. Click here for the map of the stations.
On the Upper west side we have southbound protected bike lane on Columbus avenue but with Citi Bike set to install new stations throughout the UWS, more bike lanes are needed. According to DNAinfo, Community Board 7 voted in favor of pushing the DOT to create a northbound bike lane preferably on Amsterdam avenue. Opinions are mixed as to if Amsterdam avenue could afford to lose a lane of traffic.
This Sunday’s NYT Ask Real estate column talks about a shareholder in co-op who after discovering that their pool will be closed for the summer, threatens to withhold maintenance. The article goes on to point out that rightfully so that is not a good idea. Likely, that person will incur all sorts of charges including legal fees. Also suing the co-op means suing yourself as well and paying for the co-op to defend itself against your suit so that does not make sense either. The best advice given is to examine the bylaws to determine is leadership on the Board is lacking and consider ousting these members. It’s really a no-win situation and none of the above will open the pool in time to show off your washboard abs…
The Schwab house at 11 Riverside drive is a massive postwar co-op built in 1951 and converted to co-op in 1984. Located between 73rd and 74 street, there is an entrance on Riverside drive and an entrance on West end avenue as well. The building features a roof deck, exercise room, children’s playroom and garage.
Current availabilities in this pied-a-terre friendly building range from a studio for $450k to a 3 bedroom/3bath that is asking $2.85 million. According to Streeteasy, 5 of the 7 listings are in contract. The apartment for $2.85 million took less than 1 month to go to contract and had direct river views.
Jennifer Lawrence, “The Hunger Games” star was spotted checking out the Tribeca condo 443 Greenwich street according to NYDN . The posh condo converted from a factory, has a 71-foot lap pool, fitness center, wine cellar and a 5,000 sqft interior courtyard garden. Apartment availabilities range from $7mm to $51mm for a penthouse with 3600 sqft of outdoor space.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
