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

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Harlem World


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New York City is a tight real estate market. Finding the right place will run you $700,000 to even look at larger studios downtown in a newer full service building. In the interest of getting more apartment for the dollar and staying on the island of Manhattan, many go north to Harlem rather than over to Long Island City or Brooklyn.

With that in mind, I have selected the best buys in Harlem BELOW $700,000. This is a sample of the best in terms of space, quality, location and price. There are many people who can run you all over the city in search of deals. We here know the deals and will take you straight to them.

$399K 1BR Condo 700sf in FT DM building Enjoy a great change of pace in this luxurious 1 bedroom located in STRIVERS GARDENS the Full-service Luxury Condominium building also referred to as Harlem’s Crown Jewel. The apartment features a gourmet kitchen with granite countertops, breakfast bar, stone tile flooring and stainless steel appliances including microwave, dishwasher, garbage disposal luxurious bathroom suite. Each unit is equipped with individually controlled air/heat and interactive video conference security system to announce guest. Located half a block from the newly renovated St. Nicholas Park and the 135th St. subway station. Full-service building with a 24-hour concierge/doorman, attended underground parking, State of the art Fitness Center, laundry facilities and resident lounge. Pictures and floor plans are right here!

$499K 1BR Condo 679sf in FTDM building with amenities. Welcome Harlem! Just steps from 125th Street, FDB has raised the standard for quality of construction, materials, appliances and finishes to a new, higher level, not only in Harlem, but for any of the new buildings in its category. The kitchens include Aster Cucine custom cabinetry, seamless CesarStone countertops, framed glass upper cabinets, Blanco sinks and Dornbracht fixtures, Miele dishwashers, Sub Zero refrigerator-freezer and Wolf range, or the Electrolux Icon Series. The baths incorporate such stand out features as Grigio Luna stone tile imported from Italy paired with a glass mosaic accent tile. Custom wood vanities from Lacava and generous tubs and showers. From the 12th floor communal roof terrace with an outdoor fireplace and an additional terrace garden off the main floor, to its on-site parking, FDB has the amenities that matter. Low asking price, even lower monthly of $442 Common Charge and $6 RE Tax! Pictures and floor plan are right here!

$599K 1BR Condo 993sf in FT DM building This is a unique opportunity to live in a penthouse duplex that was once a school! The apartment has tons of space and natural light. The best part is the private terrace overlooking the Manhattan skyline. An amazing value in a unique property that is ANYTHING but cookie cutter! Pictures and floor plan are right here if you click this!

$695K 3BR Condo 1425sf in FT DM building This is a MASSIVE amount of space for your dollar. YOUR ROOFTOP AWAITS!!This spectacular top floor unit comes with very high ceilings throughout, a private roof top terrace that enters directly into the apartment, a gorgeous white marble kitchen and under cabinet lighting. The kitchen contains all GE Profile Appliances. Mahogany Stained Oak Floors, crown mouldings, and floor to ceiling Ivory D’Oriente Tiled Bathrooms with Kohler deep soaking tubs. Other features include, great closet space, large living room, with 3 baths. FHA Approved for up to 96.5% financing for Qualified Buyers! This building offers wonderful amenities including; 24 hour attended lobby, rooftop terrace, a resident media room, an equipped fitness center, private storage unit for each apartment, bicycle room, and a J-51 tax abatement and exemption. For pictures and a floor plan simply click on this link!

As you can see, the best values in Manhattan are in Harlem right now. The area has changed DRASTICALLY from the horror stories of old. The amount of new construction due to Tax abatements makes for a whole new market within this market. Feel free to write or call me with any questions on the area as I am here to guide you home!

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$1M NYC Tour Pt.1-For savvy investors, now is the time!


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The Manhattan market is saturated with the mundane. There’s a surplus of average inventory on the sales and rental end these days. Quality is at a premium and as such, so is the price.

With the start of the peak rental season upon us, a virtual feeding frenzy is beginning in the real estate market here. Rental vacancy rates below 1% always equate to an uber-competitive rental market. At the mid to higher end price points for rent here (4000+/mth), the question of making a purchase comes to mind for many families sure to be here for 5 years.

After all, with rates being so low and the out of pocket so high to rent here, doesn’t making that much cash translate to equity make sense? Many times I have seen a client remark, “With all the recession talk, THIS is all I can get for 1M these days?”. This is because entry level for studios in most luxury new development downtown is $650,000. It makes one wonder “what does $1M get you in NYC these days?”

So since New York City is really five boroughs, I have picked out the five best values within the budget, in residential homes, co-op/condo apts, retail and/or mixed use properties. This is aimed to educate you on the different levels of investing here. Today’s entry is for what I like to call Manhattan proper. While Curtis Mayfield made a great song called “Across 110th Street”, the areas that are always in demand and considered solid are below 96th street. I will follow up with Brooklyn, then Queens, the Bronx then lastly Staten Island.

Manhattan: This is a unique market and as such, it is very complex. See my post on Co-ops vs Condos for greater details on the particulars and differences.

Co-Op 950sf JR4 $649,000 Two blocks away from Central Park, this spacious 950+ square foot one bedroom is easily convertible to a fabulous Junior 4. Just put up a wall in the large windowed dining alcove and you’ve created a two bedroom home. The apartment offers a gracious layout including a large entry foyer, huge living room, versatile dining alcove and a tremendous bedroom. This sunlit home has been completely renovated featuring newly installed 5” wide oak plank floors, dental and new baseboard mouldings, gorgeous kitchen with ceramic tiled counters, backsplash and floors. The stunning bathroom has been re-done with floor to ceiling Carrera marble, double clear glass shower doors and a new vanity. Four huge closets including a walk-in, lovely custom drapes. Southern exposure… Additional amenities in this pet friendly luxury building include a concierge, 24 hour doorman and garage.

Click For Photos Click For Floor Plan

Condo 850 sf 1BR $849,000 This is a large one bedroom, in a PRIME Central Village location. There are low monthly costs here even though it is not a new development so this is a true find. The location here at the prestigious Randall House is central to everything the Village has to offer near Union Square, Whole Foods and cinemas, just steps to the N, R And 6 trains. Special features include a windowed renovated kitchen, a large living area, ample closets,  southern exposure for natural light and city-proof windows. This is in a Full-service, 24 Hour Doorman building with garage on premises and laundry in the building. Pet friendly as well!

Click For Photos Click For Floor Plan

These are just two examples of what your dollar gets you in NYC “Manhattan proper” right now. I made sure to give you the absolute best options for investment purposes factoring in lowest possible monthly cost, renovation conditions and most importantly, location. This affects value for both rental and resale.

Stay tuned for more updates on the $1M NYC tour!

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