Jul 3, 2015

West 86th Street Gilbert Townhouses Just A Facade

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272-276 West 86th Street
These three West 86th Street Gilbert townhouses are built in the French Neo-Renaissance style with delightful details worked into their stone facades. These buildings exhibit rounded bays running up three stories of the buildings, petite balconies, intricate floral swags atop the tall windows and mirror-image placement with respect to one another. West 86th Street was once all townhouses from Central Park West





















  
     Construction at 272-276 West 86th Street 
    (gutted and being converted to luxury condos)



Neighborhood preservation groups such as Landmarks West, West End Preservation Society and Coalition for a Livable West Side helped save the buildings from potential demolition by testifying at Community Board 7 and Landmark Preservation Commission (LPC) for historically appropriate renovations. Only the facade remains the rest of the buildings are totally gutted.




East River Partners (ERP) is renovating 272-276 West 86th Street – three adjacent landmarked grand mansions designed originally by the renowned architect C.P.H. Gilbert – into completely modernized apartment homes. 

"All of the apartments will feature more than three bedrooms, a rarity in today’s market. Positioned on a wide street with significant setbacks in both the front and rear, the apartments will experience some of the best light of any boutique building in the neighborhood". ERP

photos courtesy ©Mitchell Hall 

Jul 2, 2015

New York City 2016 Real Property Tax Rates

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Fiscal Year 2016 Real Property Tax Rates
Last Friday, June 26th, City Council adopted the Mayor’s executive budget for Fiscal Year 2016 (July 1, 2015- June 30, 2016).  This year’s property tax levy is 7 percent greater than last year’s levy and 76 percent greater than in Fiscal Year 2006.

As part of the final steps in the budget process, the Council sets the upcoming year’s property tax rates.  This year’s rates  and the previous ten years’ rates are listed below.





source: REBNY Research

Jul 1, 2015

Manhattan Market Report | Second Quarter 2015

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I am delighted to share with you our Q2 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q2 2015 (April 1st through June 30th).

Key Findings of the Second Quarter Report:

·         Record high prices.  Thanks in large part to sales of new development properties, the average price increased 8% to $1.81 million, the highest we have ever recorded.  The average price per square foot is now $1,637.
·         More sales. The pace of closed sales was up 2% over the same quarter one year prior, and there were 7% more signed contracts.
·         Rising inventory. Although the market is still experiencing relatively limited supply, the number of homes listed for sale in Manhattan was up 12% over the same quarter in 2014, as freshly released new development properties reached the market, and homeowners took advantage of the spring selling season.























Please do not hesitate to reach out if you have any questions about The Market Report or the Manhattan market in general. I welcome the opportunity to be of assistance to you.

Jun 25, 2015

Riverside-West End Historic District Extension II Approved

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One June 23rd The Landmarks Preservation Commission designated a new historic district that includes more than 300 buildings on the Upper West Side by approving Riverside-West End Historic District Extension II.

West End Avenue- Riverside Drive Hudson River (photo ©Mitchell Hall)
The Riverside-West EndHistoric District Extension II derives from its two spines: Riverside Drive and West End Avenue. Both corridors have a remarkably homogeneous character and are lined by large apartment buildings creating a strong street wall, with some small clusters of row houses and mansions dating the area’s earlier periods of development. The side streets knit together the two great avenues, and are lined with architecturally significant row houses, mansions, and other residential buildings.

With the exception of some neighborhood oriented institutional buildings (including schools and religious structures), the proposed historic district is almost exclusively residential. The new district consists of approximately 344 residential and institutional buildings built primarily between the mid- 1890s and the early 1930s.

These buildings represent the various phases of development that transformed the once rural area between West 89th Street and West 108th Street west of Broadway into a dense urban enclave of speculatively built single-family dwellings and grand high-rise apartment buildings. In its broad array of residential building types the Riverside West End Historic District Extension II represents the development of the Upper West Side of Manhattan since the 1890s.

Designed by some of the city’s most prominent architects and executed in the dominant styles of their eras, these buildings form a distinct section of the city that complements the previously designated Riverside-West End and Riverside-West 105th Street Historic Districts. Throughout the extension, there are picturesque ensembles in the Renaissance Revival, Romanesque Revival, Queen Anne, Colonial Revival and Beaux-Arts styles in brownstone and/or brick with decorations in terra-cotta or copper.

312 West 101st Street
One such example is the c. 1900 group at 312 West 101st Street. Within the rows a rhythmic pattern was often established by the applications of elements such as bow fronts, bay and oriel windows, dormers, gables, and balconies.

At the same time, some of the same architects were hired by developers to design multiple dwellings known as flats. Early buildings were compatible in scale and materials with the neighboring houses but with the advent of the smaller, more practical electric elevator, larger buildings of six to nine stories covering multiple lots were constructed throughout the Riverside-West End Extension II.

 In the 20th century multiple factors contributed to the changing character of the Extension, particularly the rising cost of constructing and maintaining single family homes and the completion of the IRT subway in 1904.

The subway made the area accessible to the city’s growing population, and single-family houses and small flats less than 30 years old were demolished and replaced with apartment buildings of 12 to 15 stories on West End Avenue, Riverside Drive, and the large cross streets such as West 96th and West 106th Streets. This rapid transformation was rare in the development of the city.

945 West End Avenue

Rules established by the Tenement House Act in 1901 determined the form, massing, and maximum height of new residential buildings until 1929. These regulations contributed to the remarkably consistent height of apartment buildings—particularly along West End Avenue. The first of these were the c.1905 Stanley Court Apartments at 945 West End Avenue.





This designation brings total number of designated buildings between 70th and 108th St. and west of Broadway to 1255.
West End Avenue Facebook Page



Jun 19, 2015

Rent Regulation - 421a Extension until 6/23/15

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NY State has approved a retroactive extension of rent regulations that will keep the current law in effect until midnight Tuesday, June 23, 2015. 

The State has also approved a retroactive extension of 421a (tax abatement) in its current form also until midnight Tuesday June 23, 2015. 

For developers and builders who have the ability to “commence construction” by midnight Tuesday, June 23, 2015, including those who have commenced after June 15, 2015, such projects meeting the requirements will be covered by the current law. 


Jun 14, 2015

Brooklyn Monthly Market Report | May 2015

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Brooklyn Market Monthly Report | May 2015

Market Wide Summary

Brooklyn average sale price increased 3% compared to last year, while median sale price increased 9% year-over-year, the 28th and 9th consecutive months of growth, respectively.

The average price per square foot for three of the four bedroom types increased year-over-year, causing an overall increase of 2%. Brooklyn had a 9% increase in contracts signed versus May 2014.

There was a 11% year-over-year decrease in average days on market and a 16% decrease month-over-month.


Brooklyn New and Total Listings 

Total available inventory in Brooklyn increased 28%, year-over-year, to 5,476. The number of listings in May 2015 was 14% higher than the average number of listings over the last 12 months.



Jun 10, 2015

Manhattan Market Monthly Report | May 2015

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May 2015 continued this year’s strong and steady market performance. Contracts signed and inventory were up by single digits compared to last year. Negotiability and days on market continued to shrink. This month co-ops saw a positive change from last asking price to sale price, indicating on average buyers are paying above ask.

Overall average price crossed $2M marketwide in May 2015, a new record high. New developments began to launch in large numbers in the last few months and condo price increases reflect the larger number of new development sales in addition to price appreciation.

 Deals at high-end new developments such as One57 and 50 United Nations Plaza pulled up averages while median was less skewed. Condo median price grew by 3% annually, however co-op median price was 19% higher than a year ago, a significant increase.

With co-ops representing a relative bargain to condos, demand is high, driving pricing upward and inventory down. Market share for condo listings continues to increase, resulting from both new development launches and under-supply in the co-op market.


Jun 4, 2015

NYC Real Property Tax Levy for Fiscal Year 2016

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The NYC Department of Finance released the Fiscal Year 2016 Final Assessment Roll.  The final assessment roll is the schedule of taxable values that property taxes are based on.  Using this data, REBNY Research calculated the total amount of property taxes projected to be levied (Real Property Tax Levy) in the upcoming fiscal year.

The Real Property Tax Levy for Fiscal Year 2016 will be $23.974 billion, assuming there is no change in the average tax rate.  Should the average tax rate for all property classes stay the same for FY 2016 as it has since FY 2010, NYC is due for another large increase in the Real Property Tax Levy, $1.383 billion.

The only occurrences of larger increases in the levy were in FY 2003 and 2004 and FY 2009 and 2010. In these years, the levy increase was due to a significant increase in the average tax rate.   Here are the annual tax levy increases from 2001 to 2016.


source: REBNY Research


Jun 2, 2015

Upper West Side History | Euclid Hall

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(Photo credit: Vintage Motoring.blogspot.com) 

1906 Rolls Royce 30hp in front of Euclid Hall on Upper West Side, of Manhattan on Broadway between W 85th and W 86th Streets. Built in 1903 to take advantage of the new subway, which was built in 1904, the building had red brickwork with iron details. The first tenents were prosperous professional types and many families had live-in-servents.

(Photo credit:© Mitchell Hall 2015)
By the 1930's the neighborhood had changed and was a bit run down, the building was converted to single rooms as The Euclid Hall Hotel. 
Today the 273 SRO (single room occupancy) units provides permanent housing for persons with very low incomes, persons with experiences of homelessness, and pre-existing tenants.


May 27, 2015

New Development | One West End Avenue

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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

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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.

NewDevelopmentListings

May 12, 2015

Brooklyn Monthly Market Report

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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

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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"

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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.
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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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