Housing Crisis Over?


This may be a telling article about what the future holds for the rest of the country. Here in NYC, specifically Manhattan, things have already been brewing for some time now.

http://www.dsnews.com/articles/housing-crisis-to-end-in-2012-as-banks-loosen-credit-standards-2012-01-24?utm_source=twitterfeed&utm_medium=twitter

The Belnord


This amazing home is in a unique trophy property on the Upper West Side of Manhattan.

Encompassing an entire city block from 86-87th and Broadway to Amsterdam, there are rental apartments ranging from a

handful of pre-war loft style studios to mostly classic six and seven room layouts ideal for families. When the building was completed in 1908, it was the largest private courtyard in the world.

As you enter from the 86th Street side, you are greeted with a double archway and gates manned 24/7 in addition to a concierge area. Vehicles are permitted to enter and load/unload for a period of 3 hours in an area once only traversed by horse-drawn carriages.

The homes have been completely renovated with all of the modern amenities such as central air conditioning, Viking, Miele and SubZero appliances and yet retain the meticulous prewar details one hopes to find still in tact in this environment.

There are a limited selection of homes remaining. Far from the cookie cutter building and each home is quite unique. Please do contact us if you are not quite ready to purchase as of yet and want access to the best rental properties in town.

So what does it REALLY cost to live in Manhattan?


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It really works too!

This is a post that will create a ton of discussion. There are many areas to live, but the ideal areas for most are anything below midtown. A great deal of people will also look along Central Park on either the Upper West or East side.

No matter the area, after many years and seeing thousands of apartments, there is a magic number that must be considered the starting point for anyone looking to avoid crossing 110th Street.

While the last two years have happened and prices did correct themselves a bit, there is no way to keep prices down for a rare commodity for too long. You can argue all you want about what you may read in the papers pertaining to NYC real estate, but the fact is, more people move here each year. New hires, graduates, summer interns, vacationers and people downsizing or upgrading due to divorce and expecting children. The cycle never ceases, if anything it only increases.

Pay close attention, wait for it, here it comes…The one common thing that I have noticed since 2005, for a wide offering of what is out on the market, $1700 per person is the benchmark. You may find some things on the market for less. 95% of what is out there is sub-par and will waste your time.

I have found some rare gems on the market for less. There is this one number that really sticks no matter who or where you look. If you are looking for a simple studio in a great area, this is the starting point. If you are looking for a share in a doorman building, this is the point of entry. You can always try to find a needle in a haystack, or you can come prepared with realistic expectations of how much hay you are looking through. FYI-The fireplace is in a true one bedroom on Irving Place for $4100.

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NYC Real Estate Glossary


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Alcove studio (JR 1)
A studio apartment with a separate alcove that can be used as a sleeping area. Many people put up a screen or other partition to give themselves more privacy. Just a bit larger than a box or rectangle shaped studio, but not quite a real one bedroom.

Balcony
An outdoor space that protrudes from a building. Most balconies are private but some are shared between neighbors.

Building Amenities
Extra features and services offered by a building. Amenities could be a gym, concierge services, high-speed internet access, a business center, etc.

Classic 6, 7 or 8
The term ‘classic’ followed by a number (usually starting at six) refers to the number of rooms in an apartment. It is most often used with pre-war apartments. For example, a ‘classic 6’ would be a two bedroom with a living room, dining room, kitchen and maid’s room.

Co-broke
When brokers are working on a ‘co-broke’ basis, they are sharing exclusive listings with each other. In a co-broke transaction, one broker will represent the buyer or renter, while the other will represent the owner of the property. The commission is usually split 50/50.

Convertible/Flex One, Two, Three or Four bedroom
An apartment that is convertible or flexible in terms of the number of bedrooms. For example, a convertible two bedroom is a one bedroom apartment with enough space (usually in the living room) to wall off an area for the second bedroom. A convertible three bedroom is a two bed apartment where a third bedroom is carved out of the living space, and so on and so forth. The terms ‘convertible’ and ‘flex’ can be used interchangeably.

Duplex
An apartment with two levels.

EIK
Stands for Eat In Kitchen, a popular apartment feature.

Exclusive listing
When a broker has an ‘exclusive’ listing, the owner of that property has hired them on an exclusive basis to either rent or sell their apartment. The broker will try to rent or sell the property through the brokerage community or through their own marketing efforts.

Façade
The front of a building. A façade can be made out of a number of materials, such as granite, glass, marble, limestone, etc.

Floor-thru
An apartment that runs from the front of a building to the rear wall, occupying an entire floor. Usually found in brownstone and townhouses.

Guarantor (or co-signor)
A guarantor is a person who assumes financial responsibility of a lease for a tenant or tenants who otherwise would not meet the landlords financial qualifications. For example, someone attending law school who might not have an income would use a guarantor, often a family member, to satisfy the landlord that rent payment will not be a problem. The guarantor is a ‘backstop’ for the tenants in the event of non-payment. Guarantors generally need to make 80 times the month’s rent in annual income to qualify.

Half-Bath
A bathroom with no shower or bath.

Junior four
A one bedroom apartment with a separate alcove area. The “junior” refers to the fact that the alcove qualifies as a junior fourth room. (The other three rooms are the bedroom, the kitchen and the living room) This separate alcove can be used as a dining area, or, if the building allows, as a walled off sleeping area.

Keyed elevator
Refers to an apartment that has an elevator that opens directly into it. One must use a key to operate the elevator. This feature is found mostly in lofts and penthouses.

Loft areas
Apartments with high ceilings will sometimes have a ‘loft area’ built into them. A loft is a platform constructed over the living space for the purpose of extra storage, a sleeping area, a home office, etc. Generally you can access the area with a staircase or ladder. Loft areas are very useful because they make use of otherwise wasted vertical space.

Managing Agent
A third party-organization that manages most co-op and condominium buildings. Most co-op and condo buildings will hire a managing agent to maintain the building, collect rent or monthly maintenance fees, manage the building staff, etc.

Market rate (or ‘non-stabilized’) buildings
With a market rate apartment, a landlord, at his own discretion, determines how much monthly rent he will charge on any given apartment. Renewals are not guaranteed unless stated in the lease. Introduced in 1993, “luxury destabilization” is the newest form of a Non-Stabilized Lease. It provides for lease-end destabilization of apartments which rent for over $2,000.00 per month.

Murphy bed
A bed that is built into the wall or attached to the wall and pulled down when needed. A popular piece in studios, Murphy beds are a great space saver and come in a variety of styles and price ranges.

Open Kitchen
A kitchen that is not separated from the living space of an apartment. Open kitchens are a common feature of loft apartments.

Original Detail
Refers to the details originally carved and built into pre-war apartments. Apartments from this era typically had very ornate patterns, moldings and decorations around doorways, fireplaces, etc. Sometimes during renovations these details can be lost.

Pass-through kitchen
A kitchen with an opening to the living or dining space of the apartment.

Pied á terre
A French expression; translated literally it means “foot on the earth”. It refers to an apartment that someone uses as a second home, usually because their business requires to them to spend several days or weeks in New York every month, with their primary residence being too far away for a daily commute. Pied á Terres are also kept by those who simply enjoy having a place to stay of their own when they visit New York for shopping and social activities.

Quadraplex
An apartment with four levels.

Rent Stabilization
Established in New York City in the late 1960’s, its mandate was to set limits on the monthly rental increases building owners could charge for vacant apartments and renewal leases. It also set guidelines of performance for both landlord and tenant. In stabilized buildings, rent increases typically range from 3%-5%. Tenants are guaranteed the automatic right to renew their leases provided they have fulfilled the terms and conditions of the lease.

Room Count
The number of ‘rooms’ in an apartment. A living area, a bedroom, and a walled kitchen count as ‘rooms’. Therefore, a one bedroom apartment with a living room and kitchen has three rooms. A studio with a separate kitchen has two rooms. A studio with a Pullman kitchen has one room.

Security Deposit
A deposit, usually one month’s rent, that a rental tenant will give to the landlord at lease signing as security against damage to the apartment during the course of their tenancy. At the end of the lease term, the landlord will take the cost of any damages caused by the tenant out of the security deposit before returning it. Most of the time the deposit will be held in an interest bearing escrow account.

Studio
A one or two room apartment with a combined living and sleeping area. The kitchen is either a separate room or set in a wall off the living area. This type of kitchen is usually referred to as a “Pullman” kitchen, after the Pullman railroad cars.

Terrace
A roof or part of a roof or a building, used as outdoor space for an apartment. Often confused with a balcony, the terms are used interchangeably.

Triple-Mint
Refers to the condition of the apartment. An apartment is ‘Triple-Mint’ if the apartment, kitchen and bathrooms are all in mint condition.

Triplex
An apartment with three levels.

Walk-through Kitchen
A kitchen with two means of entrance. You can actually ‘walk through’ the kitchen from one room to another.

WEIK
Stands for Windowed Eat-In-Kitchen, a very popular feature.

 
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