May 27, 2015

New Development | One West End Avenue


One West End located between West 59th Street and West 60th Street
Developed by Elad Group and Silverstein Properties and designed by Pelli Clarke Pelli Architects, this 42-story building will be the first and tallest condominium project to come to market in Christian de Portzamparc’s Riverside Center, four blocks from Columbus Circle. Each of the 246 one- to four-bedroom luxury residences has an interior designed and curated by Jeffery Beers.

The 80/20 building will also have 118 affordable units (20%) located at the eight-story stone base with an entrance and address at 10 Freedom Place available through a lottery managed by NYC HPD.
Amenities include 12,000-square-foot rooftop garden terrace by Mathews Nielsen Landscape Architects, media room, game and playroom, on-site parking, 24-hour doorman and concierge and a fitness center with 75-foot indoor swimming pool and spa treatment rooms.
Available units range from 800 square feet to 6,000 square feet, from $1.25M to $20M

May 14, 2015

New Development | 45 East 22nd Street


45 East 22nd Street currently under construction will be the tallest building in the Flatiron district when completed in 2017. It will have 65 floors with 83 apartments at 777 feet. Designed by Kohn Pedersen Fox-designed the soaring tower is a sculptural glass silhouette that cantilevers out as it rises, as units get higher, their floor plans get larger, also constructed without columns in the apartments. 

Floor -to ceiling windows offer a dramatic cityscape that includes the Empire State Building, Chrysler Building, the clock tower at 1 Madison Avenue, World Trade Center, the Hudson and East Rivers, and Madison Square and Gramercy Parks.

Current prices range from $2.9 million for an 1,121 square foot one bedroom to $20,750,000 for a 4,655 square foot 4 bedroom 4.5 bath home on the 56th floor. There will be a spectacular penthouse expected to be priced more than $40 million. Interiors are being designed by the celebrated Martin Brudnizki Design Studio. Buyers will have the option of choosing between three finishes packages for the apartments.

The building has five floors of amenities that include a gym, golf simulator, basketball court, playroom, library, billiards, cards room,. terrace with outdoor grill, and two entertaining spaces including the Upper Club on the fifty-fourth floor. The building will also offer underground parking.


May 12, 2015

Brooklyn Monthly Market Report


Market Wide Summary

For nineteen out of the last twenty months Brooklyn experienced year-over-year growth in average and median sale prices, increasing 4% and 17%, respectively. Average price per square foot decreased by 4%.

Due to the year-over-year decrease in three plus bedroom average price per square foot. All other bedroom types posted positive price per square foot change, with studios and two bedrooms posting double digit gains of 17% and 10%, respectively.

As in previous months, the number of studio sales was limited, skewing its average price per square foot increases year-over-year. There was a 27% year-over-year increase in average days on market and no change month-over-month. Brooklyn had a 26% growth in contracts signed versus April 2014. In April, 71% of buyers paid at or above asking price.

Brooklyn New and Total Listings

Total available inventory in Brooklyn increased 24% to 5,351, year-over-year. The number of listings in April 2015 was 13% higher than the average number of listings over the last 12 months.

Manhattan Monthly Market Report | April 2015


Market Wide Summary

In April 2015 the condo and co-op markets showed further separation in supply/demand dynamics. In terms of pricing, the co-op market responded to the still falling supply and continuously strong demand with significant price gains. The condo market did not see the same annual price gains, due to a decrease in three+ bedroom sales, increasing supply, and high current asking prices.

Days on market decreased for coops while the figure increased for condos. Negotiability remains low in both markets, however this month co-ops saw a very tight market with an average sale price a fraction above the last asking price. Market-wide contracts signed were up 7% compared to last year. Despite a 3% increase in total inventory, buyers may be hesitant to list their units because replacement options are limited at affordable price points. While sales under $2M represent 72% of the market, listings under $2M make up just 57% of inventory.

Condominium Market Snapshot

The condominium market remained stable with price changes under 5% in either direction this month. While average price and average price per square foot continued to increase, median price decreased by 4% relative to April 2014. Three+ bedrooms represented a smaller market share this April compared to last April, down from 29% of sales to 23%.

The decrease in three+ bedroom sales is the main driver of the median price decrease and suggests average prices may have had stronger gains. Indeed, within bedroom categories all but one bedrooms showed price per square foot increases compared to last year. Despite fewer sales, three bedrooms saw the largest price gain, up 15% to $2,446 per square foot. Inventory continues to increase in the condo market and the listings are still skewing significantly more expensive than condo sales.

Cooperative Market Snapshot

Co-ops showed strength for sellers in every metric in April 2015. All prices increased by double digits, with a 22% increase in average price versus April 2014. Median and average price per square foot also increased, 12% and 13% respectively. Within bedroom categories two and three bedrooms saw the greatest price increases. Two bedroom units increased 17% to $1,343 per square foot this month. One bedrooms, as with the condo market, saw a decrease in average price per square foot.

Buyer negotiability in the co-op market has been very small for quite a while but it disappeared entirely in April, with the average unit selling 0.1% above its last asking price. Supply is constrained while demand remains strong; inventory decreased, year-over-year by 3% but contracts signed are up 4% versus April 2014. Days on market came down 8% from last year to 79 days.

Manhattan New and Total Listings

At 6,004 listings inventory is higher than it has been for the last four months. Spring typically sees strong inventory growth. This month a significant 2,459 new listings were added to the market, 14% more than were added in April 2014. Due to the large number of new listings, total inventory increased 14% since last month and a 3% increase versus April 2014. Despite the gains inventory is still low historically.

Within the co-op market, inventory remains at historic lows, with annual listing decreases every month. Co-ops continue to represent a smaller share of inventory than of sales; just 48% of listings are co-ops compared to 56% of sales.

May 9, 2015

NYC Mayor de Blasio's Proposed "Mansion Tax"

Gracie Mansion - NYC mayor Bill de Blasio's affordable mansion

This week NYC mayor Bill de Blasio proposed a new "mansion tax" imposed on home buyers for home sales over $1.75 million and 1.5 percent tax to home sales over $5 million. This new proposed tax burden is in addition to the "mansion tax" burden already imposed by New York State for all property sales over $1 million.

The mayor from Brooklyn owns a townhouse at 442 11th Street in Park Slope. October 2014 it was valued around $1.5 million, $250,000 shy of de Blasio's definition of "mansion." 

The Brooklyn mayor has moved to Gracie Mansion in Manhattan. The mayor is currently renting his Park Slope home for market rate $4975/month ($60,000 annually.)

In addition to the mayor's proposed tax burden on home buyers he also plans to reform the 421a tax abatement program. Under his plan condos will no longer be eligible for the tax incentives. Rental building developers will required to set aside 25 to 30 percent of the units as affordable.

The mayor claims the new tax will create 60,000 affordable units over the next decade. 

Affordable for whom?

Bloomberg project 432 middle income units in Hell's Kitchen

Former mayor Bloomberg's plan focused on creating more housing for moderate and middle income families, something few programs address. This category includes people living on $58,000 a year as individuals up to $145,000 a year for a family of four. 

The Bloomberg administration's housing plan originally projected that 32 percent of the 165,000 units would be set aside for middle class New Yorkers. 
Mayor de Blasio's plan reduces the percent of units set aside for middle class New Yorkers by 10%
Under his plan 78% is for extremely low, very low and low incomes. 22% of units for middle and moderate incomes.)

Only 13,200 units out of 60,000 will be for middle class New Yorkers and the elimination of tax incentives for condos will create even less home ownership opportunities for middle class New Yorkers. The firefighters, the teachers, the nurses, small business owners and many other people who might not be at the lowest income levels but are still priced out of the market.

A 2009 study by the Center for an Urban Future looked at the strain that housing costs were putting on middle class New Yorkers and argued that it was imperative for New York City to maintain a strong middle class.

Surprisingly the real estate board of New York (REBNY) supports the mayor's mansion tax and 421a proposal. The mayor's proposals will require approval by the State Legislature.

May 8, 2015

It's Prime Rental Season in Manhattan

It's prime rental season in Manhattan. This is a re-blog originally posted September 12, 2011. How to rent an apartment in Manhattan. 
Columbus Square | 808 Columbus Avenue

Renting an Apartment in Manhattan, NYC

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.    40-45x the monthly rent in annual income is required.

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. 

May 6, 2015

New Development | 959 First Avenue | The Sutton

Toll Brothers new development The Sutton at 959 First Avenue is selling open. The building is 29 stories with 113 units. Designed by firms Goldstein Hill & West Architects and Incorporated Architecture and Design.

Apartments range from studios to four-bedrooms and are priced from $950,000 to $8 million

Amenities will include a fitness center, storage, bike room, a residents' lounge with fireplace, and a playroom. In the lobby, high ceilings will be made from reclaimed wood from a water tower and basket weave oak flooring leading out to a residents' garden. 

Each units' kitchens will have custom mill work with ribbed glass upper cabinets, polished white glass counter tops and back splashes, and Gaggenau® refrigerators, dishwashers, and ovens. 


May 3, 2015

Gallery 52 NYC | 52 West 86th Street

Gallery 52 NYC
Gallery 52 NYC welcomed the art world to the Upper West Side last night at it's opening reception.
Gallery 52 NYC is a new art gallery located at 52 West 86th Street in the garden level of a limestone townhouse.

The Gallery concept and space was created by the building's owner Therese Flaherty who beautifully renovated and converted the ground floor of her limestone townhouse into a stunning art gallery.

Therese Flaherty with guest
Gallery 52 NYC opened with five woman artists. Tina Louise, Angie Sinclair, Susan Woldman, Christy Powers, and Virginia Knapp.
Cooling Off by Artist Angie Sinclair

The exhibit is open now through May 8th from 11:00 AM - 7:00 PM at Gallery 52 NYC located at 52 West 86th Street (between Columbus Avenue & Central Park West. For appointment please call 702-241-1015

Apr 29, 2015

235 West 75th Street | The Astor Condo Conversion

235 West 75th Street | The Astor
The Astor is located at 75th Street and Broadway in the heart of the Upper West Side Landmark District. The Astor was commissioned by William Waldorf Astor in 1901, updated with the addition of a third tower in 1914. The building is 12 stories, with 199 units. 

The Astor is among the Upper West Side's most spectacular Gilded Age buildings. This trio of apartment buildings, first developed by William Waldorf Astor in 1901, is being converted by HFZ Capital Group who commissioned Pembrooke & Ives to re-envision The Astor as luxury condominium residences. 

When completed they will offer a total of 68 residences with one to four bedroom layouts and pricing from $1.5 to $9.4 million.

Prewar details remain, from the decorative cornice that crowns the exterior to the intricate mosaic and marble details that lend the lobby its elegant and welcoming character. 

Residents enjoy the convenience of 24-hour concierge service, a state-of-the-art fitness center, a children’s playroom, a bike room, and private storage. The Astor is perfectly situated between Central and Riverside Parks and within walking distance of the Upper West Side’s distinct array of cultural and historic attractions, gourmet food markets, restaurants and transportation. Anticipated closing on these residences start by the end of this year. 

Manhattan new development and conversion listings

Apr 24, 2015

The Luxury Collection


Browse some of the most luxurious homes in Manhattan and Brooklyn. 

The Luxury Collection


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.

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