Feb 10, 2016

Residential Pools on the Upper West Side

0 comments

While there are many apartment buildings on the Upper West Side only a select few condos and condops have swimming pools since most upper west side building are pre-war coops. 

Many modern post-war buildings developed since the 1980's have indoor pools. For many buyers a pool is a priority amenity. Today there are more pools in luxury condos and condops than ever before.

I was recently asked what buildings have indoor swimming pools on the Upper West Side. I'm re-posting this popular blog originally published October 3, 2011.  



Built 2011




The Aldyn Residences, Athletic Club and Spa includes 40,000 square feet of amenities overlooking the Hudson River including a 75' Swimming Pool and Hot Tub.

Apartment 2102 is currently for sale asking $16.900,000 (updated 12/15/2012)

Features 13 rooms, 7 bedrooms, 9.5 baths and your own private pool, 15 x 37, plus spa tub on the sun-drenched terrace of 3,800 square feet.






Built 2010

the Rushmore Pool


The Rushmore
LaPalestra Well Center

75' swimming pool





The four Trump Place condominium buildings have health clubs with pools.
120, 200, 220, 240 Riverside Boulebard
Built 200 -2004
Trump Place













The Alexandria - 200 West 72nd Street at Broadway -
Full Service Condo - Health Club, Pool, Hot Tub
Built 1991
The Alexandria -201 West 72nd POOL


The Alexandria -201 West 72nd POOL

















The Bromley
225 West 83rd Full service condo built 1988
health club with pool
The Bromley _ Upper West Side
The Bromley Pool
















The Boulevard 2373 Broaway
at 2373 Broadway, - Built 1989
The Boulevard is a full service luxury Condop.

Two level Health club with 75' Boulevard Pool





The New West
250 West 90th Street at Broadway - Built 1986
Full Service condo with rooftop pool
Full service condo, 21 floors, 185 apartments, rooftop pool and health club
The New west 250 W 90th at Broadway

New West















535 West End Avenue
at 86th Street
Full Service Luxury Condo Built in 2010
535 West End Avenue

535 West End Avenue POOL
















The Columbia
275 West 96th Street at Broadway - Built 1983
Full service condo, 35 floors, 302 apartments, garage, health club pool.
The Columbia - 275 west 96th Street at Broadway POOL
The Columbia - 275 West 96th Street at Broadway

















The Ariel (East and West)
Broadway at West 99th Street - Built 2006
The Ariel East and West, Broadway at 99th St.
Ariel Condos East & West POOL






The Ariel West and the Ariel East. Ariel East - Fitness center, pool



courtesy of:
Mitchell Hall, Associate Broker
The Corcoran Group
P (347 921-4255

Feb 3, 2016

Let the Spring Selling Season begin!

0 comments
Let the Spring Selling Season begin!

No reason to wait six months to put your home on the martket. Now is the time.
Yesterday Staten Island groundhog named Punxsutawney Phil has forecast an early end to winter.


According to folklore, if a groundhog sees its shadow on Groundhog Day, it will scurry back inside its burrow and winter will continue unabated for six more weeks.

If the groundhog does not see a shadow, winter will begin to recede and the next six weeks -- at which point spring arrives -- will be milder.

Punxsutawney Phil did not see his shadow.  He is forecasting an early Spring. Buyers are buying. Sellers are selling. Landlord/owners are leasing. Renters are renting. 


The median price for an apartment in Manhattan reached $1,100,000, its highest level ever recorded in the fourth quarter of 2015. The median price per square foot is now $1,348, up 12% from a year ago.

Property owners thinking of selling, there has never been a better more advantageous time. Spring is here!

I need inventory to sell and to rent. Give me a call. Email me. I'll customize a marketing plan and together we'll devise a selling strategy. Start packing.

View from Apt 60B at One 57th Street

Click here for a new home this Spring. 

Click here to list your home this Spring

Feb 1, 2016

New Development Condo Conversion | Gramercy Square

0 comments
Gramercy Square, the condo conversion of the former Cabrini Medical Center slated for completion sometime this year will comprise four separate buildings – each quite unique from the others architecturally – and a total of 223 residences. Located in the Gramercy Park neighborhood,

215 East 19 Street | 225 Eat 19 Street | 220 East 20 Street | 230 East 20 Street

Artist's Rendering

According to the website, the complex will include gracious studio to four bedroom condominium residences including posh garden homes and dramatic penthouses. A 12,000 square foot resident's club and 25,000 square feet of private green space.

Completely designed by Woods Bagot, Gramercy Square’s beautiful apartments invite a flood of sunlight through floor-to-ceiling windows, soaring ceilings, and open floor plans.

La Palestra curates and manages its health and fitness center, complete with a yoga studio, treatment room, water complex with 75-foot pool and hot tub, and a golf simulator. Additional facilities include a residents’ lounge, formal dining room with kitchen, screening room, and a children’s playroom. This stunning addition to Gramercy Square also features a 25,000 square foot central garden landscaped by Rick Parisi. Conveniently, 24-hour doorman service and on-site parking are also available.

Prices are expected to range from $1M for a studio to $33 million for a penthouse. 

nycnewdevelopments.com

Jan 27, 2016

HDFC Coops Maximum Income Allowed

0 comments
HDFC Cooperative Maximum Income Standards:

HDFC cooperatives have maximum income standards for shareholders, tenants 
of the cooperative, and subtenants of shareholders. The standard definition of
"low income" has changed during the existence of the program so shareholders must
consult their corporate documents to determine the standard applicable to their 
cooperative.


601 West 138th Street, HDFC
Hamilton Heights
HDFC Coop's purchase and re-sale requirements are 
based on variables such as the year building became 
a coop. 

Restrictive covenants such as flip taxes, right of
first refusal, board approval and sale policy can 
be found in governing documents such as
Certificate of Incorporation, offering plan, bylaws
proprietary lease and regulatory agreement.




One common standard is that the income of the incoming household can be no more than 
six times the annual maintenance plus a factor for utilities for families of fewer than three. 
For households with three or more occupants, the factor is seven times the maintenance
plus a factor for utilities.

For a household less than three if the maintenance is $625/month 
$625+ utilities (max allowed) $150/month x 12 =$9300
$9300 x 6 = $55,800. The maximum gross income allowed to purchase is $55,000.

The other common standards are that incoming families can earn no more than a percentage
of the AMI. Many HDFC coops allow maximum 120% of the median income of the 
metropolitan area or 165% of the median income of the metropolitan area. 


HDFC Cooperative Median Income Standards: 2015  


Household SizeMaximum Gross Income 120% Maximum Gross Income 165% 
 1$72,500$99,825
 2$82,500$114,015
 3$92,775$128,205
 4$103,560$142,395
 5$ 111,960 $153,945
 6$120,240$165,330
 7$128,520$176,715
 8$136,800$188,100


Source: Office of Asset & Property Management
Div of Asset Management 
100 Gold Street
New York, NY 10038
nyc.gov/hpd 


Mayor De Blasio’s Housing Plan defines Affordable housing in NYC by the Area Median Income (AMI) as follows: 

Extremely Low Income (0-30% of AMI) 
Very Low Income (31-50% of AMI) 
Low Income (51-80% of AMI)
Moderate Income (81-120% of AMI) 
Middle Income (121-165% of AMI)

To List Your HDFC COOP

Jan 21, 2016

New Development | Circa Central Park 285 W 110TH

0 comments

The building at 285 West 110th Street formerly 2040 Frederick Douglass Boulevard, at Central Park's northwest corner on the border of the Upper West Side and Harlem along Frederick Douglass Circle will be named Circa Central Park.

Circa rises 11 floors. Designed by FXFOWLE and developed by Artimus Construction, this gently curving new construction features floor-to-ceiling windows, promising stunning city and park views 

According to the website 38 luxury residences will be available with one bedrooms starting at $970,00. The building will have 51 units total 20% of the units are expected to be affordable through a lottery.

Many of these luxurious apartments have private outdoor spaces, but a second-floor common terrace, as well as a rooftop terrace are also available. Other notable amenities include a library, parking for 57 cars, bike storage, a common courtyard, and a residents' lounge.


In addition to these amenities, plus the great Central Park location, residents will also enjoy the building’s proximity to Morningside Park, as well as the attractions of both Manhattan's Upper West Side and Harlem, ensuring a wide selection of retail stores and restaurant options.

Jan 14, 2016

Did You Know A Coop's Flip Tax Can Affect the Loan?

0 comments
A coop’s flip tax can affect the maximum loan amount a bank extends to a buyer

By Mark Maimon, VP Sterling National Bank

Banks have become increasingly concerned with what happens when they take over ownership of a property in foreclosure.  In the event that a bank forecloses on a coop, they would typically have to pay the coop’s flip tax when they resell the property.  Therefore, the perceived value of that coop apartment to a bank is actually the property value minus the flip tax. 

So if a buyer is financing the maximum amount allowed by a lender (80% in most cases) and there is a flip tax in the building, then the bank might decide to reduce the maximum loan amount they will extend to the buyer.


Here is an example:


Purchase price:  $1 million
Maximum financing allowed/applied for:  $800,000 (80% financing)
Flip Tax:  2% of the sale price paid by the seller ($20,000)

Property Value determined by the lender:  $1 million - $20,000 = $980,000
Maximum financing allowed by the lender:  $784,000 (80% of $980,000)
Additional down payment required from the buyer:  $16,000

This rule typically only applies if the flip tax is calculated as a percentage of the sales price.  If the flip tax is a percentage of profit on the unit or a specific dollar amount per transaction or per share, then this reduction is not typically required.  

Additionally, if the coop is willing to certify in writing that a lender is not responsible for paying the flip tax in the event of foreclosure then the reduction can be sometimes be avoided.  However, many coops are not willing to make that statement since they would want to collect the flip tax even if it’s a bank selling the property. 

If a buyer is putting 25% or more down, then it’s the flip tax generally has no impact on the maximum loan amount unless it’s an excessive amount (as it can be in some lower-income housing projects such as HDFC buildings).  

Content was written and provided by Mark Maimon at Sterling National Bank.  Please contact Mark for all of your mortgage needs per the contact information below.  All material is protected by applicable copyright laws. 

212-401-0843
NMLS ID #3550

More on flip taxes:

Jan 13, 2016

Manhattan Monthly Market Report | December 2015

0 comments
Market Wide Summary

December was a slow month for Manhattan residential real estate, with both condo and co-op sales down compared to the same time last year. Note, however, that contracts signed are above their December 2013 levels. Average sale price held steady in the condo market but declined by 5% in the co-op market versus last year, reflecting an increase in sales of smaller co-op residences.

Average price per square foot rose moderately in the condo market and grew an impressive 18% in the co-op market. With the exception of condo two-bedroom units, all bedroom types in Manhattan experienced price per square foot growth. The co-op market continues to tighten, with total listings down 10% versus last year, dragging overall listed inventory below the December 2014 figure in spite of the 6% increase in condo inventory.

Condominium Market Snapshot

Condo sales were down this month, dropping 22% versus last year and 11% versus November. Listed inventory was 6% higher than December 2014. Buyers attained a slightly higher average discount compared to both last month and last year, with the average sale price now 1.9% below the asking price.

Condos spent an average of 103 days on market before entering contract, an increase of 6% compared to the prior December. Condominium average sale price held steady compared to last year while median price increased by 10%.

Overall average price per square foot increased a modest 3% versus last year. Studios, one bedrooms, and three+ bedroom units all appreciated in terms of price per square foot, with studios and three+ bedroom price per square foot growing by double digits. The only bedroom category to see a price per square foot drop was two bedroom units, which declined by a modest 2%.

 

Cooperative Market Snapshot

December co-op sales were down versus last month and last year. Listed co-op inventory declined 10% compared to last year, making December the thirteenth consecutive month of year-over-year declines in co-op inventory.

Negotiability shrunk slightly compared to this time last year, contracting to 1.0%. However, negotiability in December was significantly higher than the extremely low negotiability factor seen in November. Buyer negotiability in the co-op market has been at or below 1% off the asking price in eleven of the past twelve months.

Listed co-op units spent an average of 91 days on the market before signing, approximately level with last year and 30% longer than last month. Co-op average price declined by 5% compared to last year, while median price rose by 13%. Average price per square foot rose 18% compared to last year.

All bedroom categories experienced year-over-year price per square foot appreciation, led by studio units which had price per square foot growth of 38%. This substantial appreciation is partly explained by the limited number of studio transactions combined with the sale of one high-end Greenwich Village loft residence.


Manhattan Total Listings


With winter upon us, total inventory dropped 15% versus last month, typical of seasonal norms as the Fall selling season comes to an end. Total inventory was down 3% compared to December last year, driven by the 10% year-over-year drop in co-op listings. Condo inventory expanded by 6% versus December last year, but continued its month-over-month decline from the two-year high seen in October. Townhouse listings dropped by 20% compared to last year and 26% compared to November.

Condo Percent of Inventory

Since reaching a low point of 43% of total inventory in May 2013, condos have steadily grown as a proportion of total listings, climbing to 57% in December. While condo inventory hit a trough in December 2013 and has risen in absolute numbers by 19% since that point, the number of co-op listings has diminished by 13% over the same time period. Rising prices tend to push buyers into the co-op market, which offers substantial discounts compared to condos. In addition, significant new development product introduction has boosted condo supply and is expected to continue to do so over the coming years. However the market is still far more balanced than it was in December 2007, when condos represented 70% of inventory.

Jan 7, 2016

Q & A: Is NY Mansion Tax Payable Under $1M?

0 comments
Q: Can Mansion Tax be payable even when the purchase price is under $1 million? 

A: By Mark Maimon, VP Sterling National Bank

Under certain circumstances, yes!  When doing the calculation to determine whether a buyer is responsible for paying the Mansion Tax, we add the purchase price to any fees that the buyer is paying that would customarily be paid by the seller.  

The most common example is the New York City and State Transfer Taxes (commonly paid by the buyer when purchasing in a new condo building).  If those costs plus the purchase price add up to $1 million or more, then the Mansion Tax is triggered even if the contractual purchase price for the property is under $1 million. 

This is commonly referred to as “grossing up” the purchase price.

Example:  

A buyer purchases a new condo for $995,000 and agrees to pay for NY City Transfer Taxes on behalf of the seller. 

            Purchase Price:  $995,000
            NYC Transfer Taxes: $14,179 (1.425% of the purchase price)

            “Total Consideration”:  $1,009,179 – MANSION TAX IS REQUIRED!

Content was written and provided by Mark Maimon at Sterling National Bank.  Please contact Mark for all of your mortgage needs per the contact information below.  All material is protected by applicable copyright laws. 

212-401-0843
NMLS ID #3550

Jan 5, 2016

Manhattan Market Report Fourth Quarter 2015

1 comments
I am delighted to share with you our Q4 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q4 2015 (October 1st through December 31st).

Key Findings of the Fourth Quarter Report:

·         A new record price.  The median price for an apartment in Manhattan reached $1,100,000, its highest level ever recorded.  The median price per square foot is now $1,348, up 12% from a year ago.
·         More closings but fewer contracts. Though closings continue briskly, the pace of sales slowed as 12% fewer contracts were signed in the fourth quarter versus the year prior.
·         More inventory, finally. The available inventory of homes was up 14% from a year ago, though the total is just over 5,000 – a level we still consider “undersupplied.”






















As always, I will continue tracking the residential market closely throughout 2016, and would welcome the opportunity to answer any questions you may have about the market report or the market generally. 

If you have any questions regarding your future and specific needs, please contact me for expert market knowledge and exceptional service.


 
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 © nycBLOGestate.com © BlogEstate.nyc Al l Rights Reserved