NYC Market Realities


1123423-2_lWith regards to the New York City Real Estate market, this is a very busy time of year.
Rentals in prime locations are going within hours and sales are going in weeks.

There is very little inventory across the board, no matter the budget.
From the entry level starter studio on the rental side, up to the uber-luxury penthouse on the sale side.

Vacancies are slim and many are staying put for another year.

Come prepared and have your game face on!

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$5800 – 3BR/2BA Apartment – 45 Pineapple Street, Brooklyn, NY 11201, USA


It’s been a while since an update, life happens.

Here’s an awesome Brooklyn Heights rental currently available.

 

Living Room

$5800 – 3BR/2BA Apartment – 45 Pineapple Street, Brooklyn, NY 11201, USA.

Best Starter Apartments Vol. 2


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In the city in 15mins via LIRR

$119,000 Co-op in Forest Hills

This cozy studio apartment is nestled in a historic landmark co-op building within peaceful Forest Hills Gardens. The unit has it all, including a separate kitchen with a big window overlooking the clock tower, European-designed white cabinets with stainless steel handles. A separate full bathroom with ceramic tiles, unique glass shower curtain and a big window. The unit also has three ample deep closets and attractive walls with original details. This unit has four big windows for constant cross-ventilation and to let in lots of light in with a bird’s eye view of historic Station Square. Building amenities: Elevator, 2 Laundry Rooms, Private Street Parking by permit only and most importantly an on-site superintendent. Surrounding area includes: Rego Park and Kew Gardens, Forest Hills School District 28 and an abundance of private schools, shopping centers, trendy bars and restaurants, banks, supermarkets grocery stores, and pharmacies on Austin St. or 71 Ave. Most importantly, the abundance greenery and open recreation spaces, including Forest Park are steps away from the building. Transportation: The E (EXPRESS TO NY), F, R, G TRAINS and LIRR are steps away from the building.

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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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$1M NYC Tour Part 2- “No Sleep til Brooklyn”


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I believe the most fitting way to sum this up is “if you don’t know, now you know!” This is by far a better value than Manhattan. There are almost too many places to choose from. It actually warrants a separate set of posts for a Brooklyn tour. Trying to narrow the best options down was a lot tougher here even when focusing on the “prime” areas as opposed to Manhattan. Whereas rentals are comparably priced in those areas these days, the sales market is still a much better bargain.

In the end, I will present one co-op vs one condo in this post, but out of a possible 186 options, I still was left with 5 co-ops and 13 condominiums which far surpassed anything else on the entire Brooklyn Market. As with Manhattan, I focused on location, space, quality and the monthly cost when making my selections.

Co-Op

$925,000 1500sf Park Slope This is a sprawling 1,500 SF Pre-War co-op in one of the most desirable locations in all of Brooklyn… Literally steps to the 2,3,Q,B trains as well as Prospect Park. This beautiful apartment boasts a wonderfully renovated app. 300 SF chefs kitchen with vented Viking stove, marble & granite counter tops/island, breakfast bar, banquette, recessed lighting and loads of high end cabinetry. Currently configured as a 2 bedroom/2 bath apartment, there is an additional room with French doors that can be used as a 3rd bedroom, formal dining room, media room or large office. Enter into the huge gallery/foyer to find 9.5 foot beamed ceilings, recessed lighting throughout, 12 windows, lustrous mahogany stained herringbone floors, built-ins, crown molding and original subway tiled bathrooms. Apartment also comes with private basement storage and though there is a modern laundry room in the building, the co-op also permits a W/D unit inside the apartment. This is a handsome, well maintained pre-war co-op, pet friendly with a live in super and P/T doorman. Apart from Prospect Park and express trains, location is also a few minutes walk to the Brooklyn Museum of Art, Botanic Gardens, Mount Prospect, Brooklyn Library, the Farmers Market and plenty of hip shops and restaurants in both Prospect Heights and Park Slope. FIRST SHOWINGS at the open house scheduled for Sunday April 3rd. For Pictures and floor plan via slide show click me!

Condo

$895,000 1425sf DUPLEX Seller pays transfer taxes! 1 Bedroom + Home Office + Mezzanine Space and style converge with stunning results in a spacious 1425-square foot loft duplex located in the heart of Williamsburg. Currently used as a two bedroom, the loft’s open plan makes it easily convertible and completely flexible.Breathtaking is the only word to describe stepping into this home with soaring 15′ ceilings and gigantic arched windows. Gorgeous hardwood flooring runs throughout the home and is complemented by the exposed beams in the ceiling. The open-plan kitchen is designed for easy cooking and entertaining with a translucent and white central island for prepping and casual dining. Miele stainless steel appliances and custom cabinetry complete the tasteful look. The main bathroom is a modern sanctuary that provides the perfect spot for unwinding with its cool tile surfaces and over-sized soaking tub. Five closets in the bedrooms and halls offer endless storage options.Out the windows and from the building’s roof deck, you’ll see this is the location to be in Williamsburg. Nestled between two of its trend-setting avenues and yet just removed enough to enjoy a quiet setting, you’re never more than steps from fine dining and boutique shopping and you’re just one stop from Manhattan on the L train at Bedford Avenue. For slideshow with pictures and the floor plan just click me

These are just the two places which I have selected based purely off of being in solid locations for either sublease and/or resale potential investment situations. There is a wealth of great value in Brooklyn right now and much can be had for less. I wanted to give you a good example of what the same amount gets you in each borough. Do feel free to contact us if you have any questions, thoughts or feedback.

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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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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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