Aug 28, 2014

NYC - Location Affordability

0 comments

Mike Slattery, Senior Vice President, REBNY Research Department published very interesting numbers in the REBNY Reaserch newsletter. The Citizen’s Budget Commission has issued a series of reports comparing New York City's affordability to that of the 21 largest cities in the country.  
They also compared the competitiveness of New York City using a concept of “location affordability” developed by the U. S, Department of Housing and Urban Development (HUD) which includes the cost of transportation as well as housing, usually the two largest items in a household’s budget.  According to HUD’s Location Affordability Index (LAI) that measures these two costs, a household paying more than 45 percent of their income for these costs is overburdened.

New York City has the sixth highest housing costs of the 21 major cities (See Figure 2 below).  However, New York City has the lowest annual transportation costs of the cities surveyed, primarily the result of the majority of commuters using public transportation (See figure 3 below). 


 



















As a result, based on HUD’s LAI New Yorkers devote 32 percent of their income to housing and transportation, well below the 45 percent level established by HUD to signify an affordability problem.  Of the 21 cities surveyed by the Citizens Budget Commission, New York City was the third most affordable location according to the HUD LAI (See Figure 6).
 

Aug 20, 2014

New Construction Update: UWS | 80th and Broadway

0 comments
2234 Broadway
Friedland Properties is planning to put up a 20-story mixed-use building at 2234 Broadway at West 80th Street on the Upper West Side where a 2 story commercial building now stands according to TRD.

The 2 story commercial building was formerly the location of Lionel Leisure City and Filenes Basement.

The landlord and developer has requested a demolition permit for 2228-2236 Broadway. TRD reported the tower planned for the site will include retail space and luxury apartments. The residential units will be either rentals or condominiums and most will have balconies.
requested a demolition permit for 2228-2236 Broadway; the tower planned for the site will include commercial space and luxury apartments. The retail portion will cover two floors above ground and two floors below. The residential units will be either rentals or condominiums and most will have balconies.  - See more at: http://therealdeal.com/blog/2013/11/06/friedland-slates-mixed-use-tower-for-80th-and-broadway/#sthash.HMl8KLcb.B2fnjYrx.dpuf

2228-2236 Broadway

Freidland properties also developed the nearby Larstrand at 227 West 77th Street, a 20 story, 181 luxury rental apartment building at Broadway at 77th.

Larstrand 227 W 77th St.


The Larstrand features a mix of studio, one, two and three bedroom
rental apartments.
Friedland, both a landlord and a developer, has requested a demolition permit for 2228-2236 Broadway; the tower planned for the site will include commercial space and luxury apartments. The retail portion will cover two floors above ground and two floors below. The residential units will be either rentals or condominiums and most will have balconies.  - See more at: http://therealdeal.com/blog/2013/11/06/friedland-slates-mixed-use-tower-for-80th-and-broadway/#sthash.HMl8KLcb.ZcsJVJ2B.dpuf
Friedland, both a landlord and a developer, has requested a demolition permit for 2228-2236 Broadway; the tower planned for the site will include commercial space and luxury apartments. The retail portion will cover two floors above ground and two floors below. The residential units will be either rentals or condominiums and most will have balconies.  - See more at: http://therealdeal.com/blog/2013/11/06/friedland-slates-mixed-use-tower-for-80th-and-broadway/#sthash.HMl8KLcb.ZcsJVJ2B.dpuf
The residential units will be either rentals or condominiums and most will have balconies.  - See more at: http://therealdeal.com/blog/2013/11/06/friedland-slates-mixed-use-tower-for-80th-and-broadway/#sthash.HMl8KLcb.ZcsJVJ2B.dpuf
Friedland Properties is planning to put up a 20-story mixed-use building at 2234 Broadway at West 80th Street, where a two-story commercial property now stands.
Friedland, both a landlord and a developer, has requested a demolition permit for 2228-2236 Broadway; the tower planned for the site will include commercial space and luxury apartments. The retail portion will cover two floors above ground and two floors below. The residential units will be either rentals or condominiums and most will have balconies.
- See more at: http://therealdeal.com/blog/2013/11/06/friedland-slates-mixed-use-tower-for-80th-and-broadway/#sthash.HMl8KLcb.dpuf
Friedland Properties is planning to put up a 20-story mixed-use building at 2234 Broadway at West 80th Street, where a two-story commercial property now stands.
Friedland, both a landlord and a developer, has requested a demolition permit for 2228-2236 Broadway; the tower planned for the site will include commercial space and luxury apartments. The retail portion will cover two floors above ground and two floors below. The residential units will be either rentals or condominiums and most will have balconies.
- See more at: http://therealdeal.com/blog/2013/11/06/friedland-slates-mixed-use-tower-for-80th-and-broadway/#sthash.HMl8KLcb.dpuf
Friedland Properties is planning to put up a 20-story mixed-use building at 2234 Broadway at West 80th Street, where a two-story commercial property now stands.
Friedland, both a landlord and a developer, has requested a demolition permit for 2228-2236 Broadway; the tower planned for the site will include commercial space and luxury apartments. The retail portion will cover two floors above ground and two floors below. The residential units will be either rentals or condominiums and most will have balconies.
- See more at: http://therealdeal.com/blog/2013/11/06/friedland-slates-mixed-use-tower-for-80th-and-broadway/#sthash.HMl8KLcb.dpuf
Friedland Properties is planning to put up a 20-story mixed-use building at 2234 Broadway at West 80th Street, where a two-story commercial property now stands.
Friedland, both a landlord and a developer, has requested a demolition permit for 2228-2236 Broadway; the tower planned for the site will include commercial space and luxury apartments. The retail portion will cover two floors above ground and two floors below. The residential units will be either rentals or condominiums and most will have balconies.
- See more at: http://therealdeal.com/blog/2013/11/06/friedland-slates-mixed-use-tower-for-80th-and-broadway/#sthash.HMl8KLcb.dpuf
Friedland Properties is planning to put up a 20-story mixed-use building at 2234 Broadway at West 80th Street, where a two-story commercial property now stands.
Friedland, both a landlord and a developer, has requested a demolition permit for 2228-2236 Broadway; the tower planned for the site will include commercial space and luxury apartments. The retail portion will cover two floors above ground and two floors below. The residential units will be either rentals or condominiums and most will have balconies.
- See more at: http://therealdeal.com/blog/2013/11/06/friedland-slates-mixed-use-tower-for-80th-and-broadway/#sthash.HMl8KLcb.dpuf
Friedland Properties is planning to put up a 20-story mixed-use building at 2234 Broadway at West 80th Street, where a two-story commercial property now stands.
Friedland, both a landlord and a developer, has requested a demolition permit for 2228-2236 Broadway; the tower planned for the site will include commercial space and luxury apartments. The retail portion will cover two floors above ground and two floors below. The residential units will be either rentals or condominiums and most will have balconies.
- See more at: http://therealdeal.com/blog/2013/11/06/friedland-slates-mixed-use-tower-for-80th-and-broadway/#sthash.HMl8KLcb.dpuf

Aug 15, 2014

NYC Residential Building Permit Comparison

0 comments

REBNY Research department (Real Estate Board of New York) compared the peak year for housing production (new units of housing permitted) before the recession (generally 2005-2008) in New York, San Francisco, Boston, Seattle, and Washington D.C. with their housing production in 2013. 
 
New York City has by far the largest population and the most housing units of any of these major U.S. cities.

Of these five cities, New York is the only city whose production has not reached its pre-recession peak.  However, building permit levels are on the rise in NYC for 2014, up almost 2,500 units from the same time last year.  

If NYC experiences the same level of increase in building permits in the second half of 2014 as it did in 2013, its annual total will compare positively with the average annual new housing unit permits we achieved in the last decade.  The last decade was the highest annual average in thirty years.  







Aug 6, 2014

Developers Build Affordable Housing

0 comments

Aug 2, 2014

Rental Season | Renting an Apartment in Manhattan

0 comments
Renting an Apartment in Manhattan, NYC
originally posted: Monday, September 12, 2011

Everyone wants their first New York City rental experience to be a positive one. As a current or future Manhattanite, you should familiarize yourself with the rules of renting in order to make your experience as hassle and worry free as possible. 

Carefully read any documentation presented to you by your future landlord before entering into any contract. Although many leases contain predominantly boilerplate language, in many instances clauses may be added to the lease contract that supersede or alter the lease agreement in some way. Such additions are called riders.

Also, the type of lease may vary. A Standard Form of Lease, for instance, may differ greatly from a Rent Stabilized Lease Agreement or a Cooperative Sublease Agreement. Take the time to read and digest the language of any documentation presented to you, and always ask questions should it contain something you don't fully understand.

Make a check list of information to bring with you in order to finalize your lease agreement. You will almost certainly need all of the following:
1.     A letter of employment and salary verification
2.     Bank account numbers (checking and savings), as well as any credit card numbers
3.     Current bank statements
4.     Contact information (names, addresses, phone numbers) of previous landlords
5.     Contact information of your personal accountant or attorney, if applicable
6.     Contact information of any personal or professional references
7.     Tax returns from the last two years
8.     Recent (current) pay stubs, typically from the last two pay periods
9.     Two forms of personal identification (driver’s license, passport, etc)
10.    40-50x the monthly rent in annual income is required.

170 Amsterdam Avenue
If you are relocating from outside of New York, prepare your funds ahead of time. Landlords will not accept personal out-of-state checks. Bring traveler’s checks or certified bank checks in amounts sufficient to cover two months rent, any brokerage fees, a credit check fee, and any additional fees such as a move-in/move-out fee or building application fee.

Once your personal and financial documentation is in order, you will then be prepared to view and select prospective apartments. Remember, your agent can provide you with a wealth of information to assist you in making an informed decision. Ask plenty of questions about neighborhoods, building types, public transportation access, or anything else that might be of interest to you.

When you have selected a suitable apartment, you must then fill out a rental application, or other applicable documents. Once you or your agent has negotiated agreeable lease terms, a credit report and reference check will be done.

Upon final confirmation, you will be asked to sign a lease and settle any outstanding applicable fees.

In Manhattan, residential real estate is made up of rental buildings, condos, condops, coops and townhouses. All can make fine homes and all are available for rent.

Please contact me to rent your Manhattan Apartment.

Jul 25, 2014

New Construction Update | Upper West Side

0 comments
219-223 West 77th Street
 New Construction Update | Upper West Side

Plans to demolish a five-story parking garage on the Upper West Side were filed with the Department of Buildings. The Naftali Group, a developer is expected to build residential condominiums on the site according to The Real Deal.

The developer is in contract for the site at 219-223 West 77th Street for $61 million, or about $792 per square foot. The garage also includes Alamo and National car rental services.

The 7,700-square-foot lot, between Amsterdam Avenue and Broadway, features 75,000 square feet of build-able space. The deal is expected to close by September. No brokers represented Naftali.

The Naftali Group is working on several condominium projects in Manhattan, including the nearby 25-unit property at 206 West 77th Street.

Jul 20, 2014

Q & A | What are Lot Line Windows?

0 comments
732 West End Avenue
Adjacent 736 West End Avenue lot line windows sealed off
Q: What are lot line windows? 
732 West End Avenue
Adjacent 736 West End Avenue lot line windows
A:  "A lot line window” is a window that is built on a side of a building that shares a boundary line with a neighboring property.  If the adjacent building is built up to or higher than this window, then the lot line window will likely need to be sealed off.  For this reason, lot line windows are not counted towards light and ventilation requirements. 

In condominiums and cooperatives, the offering plan will generally indicate whether there are any lot line windows in the building, and if so, which apartments may be adversely affected by the lot line windows.

Review Offering Plan, "Special Risks" section to determine if Lot Line windows are present.

If a building has lot line windows, it can be very difficult to determine the probability of whether the lot line windows will actually be sealed off.  Signs indicating that an adjacent property may be developed (i.e. vacant, adjoining lots or a rental building) could increase the probability that a lot line window may be sealed off.  An architect or attorney who specializes in zoning and land use should be consulted.

Jul 17, 2014

HDC Affordable Condos and Coops.

1 comments
Q: What is an HDC condo, coop, condop or rental building.

A. New York City Housing Development Corporation (HDC) provides financing for affordable housing.  

Strivers Gardens Condominium
HDC provides financing for large-scale developments, issues bonds and provides subsidy and low-cost loans to develop and preserve a variety of housing, ranging from large to small rental and condo, condop and coop home ownership. 

HDC-financed apartments are sold to low and middle-income households. They may have different income tiers within the building. Some apartments may have higher maximum income restriction than others. Often some of the original owners purchased their units through a city lottery.

HDC finances the construction of residential buildings. A portion of the unit is subsidized. In some HDC financed buildings if an owner sells a unit prior to the HDC mortgage expiration date a percentage of the unit's profits are paid to HDC. 

HDC approves the buyer's eligibility based on their current gross income. Income is calculated using annual gross (pre-tax) income, and also includes interest income earned from assets. 

Currently I have a  top floor 1 bedroom coop at  255 West 148th St. Apt 6C, The Washington a post-modern (built in 2004) six story 15 unit elevator coop through HDC. Maximum income allowed 255% of area median income (AMI) $214,750 =$214,750. There is no flip tax.

255 West 148th Street Apt 6C
I also recently listed a 2 bedroom 2 bath at Strivers Gardens Condominium at  300 West 135th Street A full service condo building with a garden atrium, state of the art gym, Zen Garden, resident lounge and On-Site Garage with valet parking. 75% of units at Strivers Gardens have an income max at 175% of Area median Income $150,325 (AMI) and 25% at 250% AMI - $214,750.

300 West 135th Street Strivers Gardens Condominium
HDC uses the proceeds from the sale of tax-exempt bonds to make first position mortgages and also uses its corporate reserves to make 1% second mortgage loans. HDC projects are aligned with the city's plaNYC green building policy. 

Jul 8, 2014

Income & Assets

0 comments



I'm often asked what a coop or an HDFC coop will consider or count as income and assets.
While assets are important most coops are only interested in liquid assets. 

Below is a list of types of income and assets. This is a typical example of income and assets.
Some forms of income such as child support may or may not count as income in certain coops.


 

TYPES OF INCOME AND ASSETS
TYPES OF INCOME

Salary
Self-employment earnings
Unemployment, Disability,
Worker’s Compensation
Social Security
Pension
SSI Interest
Welfare Assistance
Armed Forces Reserves
Alimony
Child Support
Dividends
Interest Income
Income from Rental Property
Scholarships and/or grants

TYPES OF ASSETS
Savings Account
Checking Account
Cash Value of Revocable Trusts
Equity in real property or
other capital investments
Stocks, Bonds, Treasury Bills, Certificates of
Deposit, Money Market Funds
Retirement Plans
Surrender value of life insurance policies
Inheritances, lottery winnings, capital gains,
Insurance settlements


 

Jul 1, 2014

Manhattan Market Report | Second Quarter 2014

0 comments
 Manhattan Market Report | Second Quarter 2014
·     
      Overall, the market-wide cost for Manhattan’s homes increased 20% in average sale price, 6% in median sale price, and 15% in average price per square foot versus Second Quarter 2013. The average price per square foot reached $1,286 this quarter, a new peak. 



Highlights of Manhattan Second Quarter 2014 Market Report:

·         Inventory Starting to Turn Around.  Although the number of properties listed for sale remains low (52% below the peak in Q1 2009), inventory rose for the second quarter in a row.

·         Limited Supply Buoys Prices.  inventory was up, but its overall continued depressed level maintained competitive conditions among those in the market to purchase.

·         Slower Activity in Bread-and-Butter Sales.  In Manhattan, one- and two-bedroom units are the primary drivers of residential sales activity, but they are occurring with decreasing frequency.  (see Sales by Price Category, p. 6.)  

·         Luxury Sales Grow Disproportionate.  Activity at the high end continued to be robust, and grew as an overall percentage of the market.  Properties above $3M now account for 12% of sales (up 3% from a year ago), and 26% of available inventory (up 4%).

·         Price Per Square Foot Sets New Record.  The focus on high-end sales drove the average price per square foot for Manhattan real estate up to $1,286.


The Second Quarter described signs of buyer fatigue and caution, particularly amongst prospective buyers of small units.  With prices at their peak, there is less incentive to become a first-time buyer, or to trade up from a starter home. 

Sellers act now and price it right. 

Each market segment and neighborhood has it's own nuances. If you're thinking about buying or selling a home, or would like to discuss the market or this report please contact me.
 

For the complete Corcoran Manhattan Second Quarter Report including neighborhood reports.














 
HOME

This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

Legal Disclaimer - Information on this site is not intended as legal or financial advice. - All material herein is intended for information purposes only and has been complied from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. I operate a business that supports Fair Housing.“We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program which there are no barriers to obtain housing because of race, color, religion, sex, handicap, familiar status or national origin.”

© Copyright 2006 -2014 © nyc BLOG estate Al l Rights Reserved