Showing posts with label condos. Show all posts
Showing posts with label condos. Show all posts

Sep 10, 2015

Who Lends Here in NYC Coops and Condos

As a NYC listing agent one of my first tasks when I land a new listing is to find a lender that will loan in the building. Not all lenders will loan in a particular building. Some listing agents leave it to chance hoping the buyer will find a lender that will approve the building.

In NYC a buyer/borrower may be very well qualified for a loan but the coop or condo they're looking to buy may not qualify or be approved by their lender. There are many different reasons and variables why a particular lender may not loan in a certain building. Getting a building approved can be a long process particularly in self-managed buildings. A buyer making an offer with a pre-approval from a mortgage broker with a history of closings in the building may be considered a stronger offer by the seller.

Richard Barenblatt, a NYC mortgage broker started new website Who Lends Here  a free solution resource for buyers, sellers and agents in Manhattan and Brooklyn.  

Just type an address into the designated box on Who Lends Here’s homepage. The site then displays a list of mortgage specialists who have done business in the building.

By showcasing lenders who have experience closing deals in specific condos and co-ops, potential buyers gain streamlined access to competitive financing options, despite the underlying ownership structures that might normally impede the process. A buyer's offer with a pre approval from a lender that has already done loans in the building may have a competitive edge.

The site is notably simple and transparent and plans on expanding to the Bronx and Queens.

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.

Jan 21, 2015

New Manhattan 'Affordable' Luxury Apartments

The meaning of the word ‘affordable’ may have a new meaning in Manhattan. It not only means subsidized housing it can mean affordable entry level luxury.

While prices have been soaring in Manhattan along with rent a new wave of luxury entry-level homes are currently on the market and in the pipeline. It's a perfect time for many first-time home buyers. Mortgage rates are at all time historic lows (a 30 year fixed rate currently approx 3.5%-3.75%) even less for adjustable rate loans.

Affordable luxury. New units with lower asking prices currently on the Manhattan condo market and new ones will be hitting the market this year. Prices for new apartments are hitting records, but some prime units are also in the pipeline for the budget-minded buyer — with $750,000 to $3 million price tags that haven’t been seen since the 2008 financial crisis

Some examples: 

235 West 75th Street

Upper West Side (at Broadway), built in 1901
12 stories, 212 units

305 West 150th Street


Condo | Part Time Doorman | Elevator

  • Built 1921
  • Converted to condo in 2014
  • Low-rise
  • 7 Floors
  • 84 Apartments
  • Elevator
  • Part Time Doorman

  • Fifty Third and Eighth
    252-unit condo conversion in Hell’s Kitchen

    175 West 95th Street
    Upper West Side

    Full Service Condo Post-war Built 1971

    Studio apartments starting at $630,000, One bedrooms starting at $680,000   

    Converted to condo in 2014

  • High-rise
  • 27 Floors
  • 226 Apartments
  • Elevator
  • Full Service


    432 West 52nd Street

    Hell's Kitchen/Clinton

    Full Service Condo 

    Studios starting at $640,000

    Jan 7, 2015

    175 West 95th Street | UWS New Condo Conversion

    175 West 95th Street
    175 West 95th Street
    New condo conversion development on Upper West Side originally built in 1971 - 27 floors with 226 apartments.
    175 West 95th, a full service building, is located on a beautiful tree lined street just two blocks from Central Park. 
    Creatively redesigned, this property offers studios, one, two and three bedroom residences most with private outdoor space and expansive views of both the city skyline and Hudson River. 
    Current prices range from studio apartments starting at $630,000, One bedrooms starting at around $680,00 to 2 bedroom 2 bath 23rd floor apartment for $1,585,000 with various options in between.
    175 West 95 Street is in the heart of the Upper West Side providing access to desired daily conveniences such as gourmet markets, great dining and many cultural attractions. Just minutes from many subway lines, 175 West 95th Street puts all of New York City within reach.
    A tasteful contemporary sensibility has been applied throughout offering an incredible lifestyle opportunity. Amenities include a stunning new lobby with a full-time concierge, a glass enclosed residence lounge, an outdoor landscaped terrace with seating and a separate children’s play area, fitness center, and indoor playroom. 
    Additional features of this new development include: Central laundry, fitness center , indoor playroom, landscaped terrace , outdoor play area, package room, resident's lounge.
    In the conversion, the building's entrance was moved from Amsterdam Avenue to West 95th Street. 

    175 West 95th is in the heart of the Upper West Side, conveniently near transportation, many new and vibrant restaurants, and gourmet shopping such as Whole Foods and The West Side Market.

    Click here to receive new development listings or call me at 917-312-0924 or email me to schedule showings.

    Sep 14, 2014

    498 West End Avenue | Rentals to Condos

    498 West End Avenue
    498 West End Avenue

    A century-old handsome limestone and brick rental building located between West 83rd and West 84th streets on West End Avenuue is converting from rental units to three to five-bedroom condominium residences designed by CetraRuddy.

    West 84th Street | Edgar Allen Poe Ct

    Approximate asking prices will start around $3 million and go up to more than $10 million. Sales are expected to launch this month. The building is expected to be completed by spring of 2015.

    Included in the conversion will be a 4,000-square-foot rooftop addition that the Landmarks Preservation Commission approved. Developer Samson Management acquired the 12-story rental property in 2012 for $52.5 million.

    Manhattan New Developments and Conversions 

    Jul 1, 2014

    Manhattan Market Report | Second Quarter 2014

     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.

    Jun 26, 2014

    Summer in the City | UWS Buildings with Pools

    Manhattan Condos with Pools

    Upper West Side Apartment Buildings with Pools

    It's Summer in the CityAccording to a recent Corcoran Consumer report 37%, the largest margin said a building with a pool is a top priority amenity for them.

    If a pool is a priority for you, and you want to live on the Upper West Side, whether buying or renting, the following buildings have swimming pools.

    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.

    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

    updated original post October 2011

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

    May 13, 2014

    How Much Apartment Can You Afford?

    I'm often contacted by buyers that want me to show them apartments. Often these buyers do not know how much apartment they can afford. They require financing but have not been in contact with a lender.

    Understanding your financing needs before you search for a new home will help you move ahead quickly and confidently when you find the right home. Before you start looking for an apartment in Manhattan you should be pre-approved and qualified by a lender. 

    I originally posted How much Apartment can you afford? in 2009 while the Manhattan real estate market was declining. 

    Currently there is limited inventory in Manhattan with pent up demand from buyers. This market calls for swift and aggressive action. Buyers must be ready, willing, able, prepared and qualified.

    Understanding The Related Costs of Apartment Buying  

    You'll need to think about more than a mortgage payment to determine if you can afford an apartment in Manhattan. To assure you are purchasing a home within the confines of your budget, you must consider down payment requirements, closing costs, taxes, carrying charges, and yearly maintenance requirements as well. 

    How much can you afford? 

    First consult with a mortgage broker or banker to determine how much of a mortgage you qualify for. Calculate the estimated mortgage payment plus monthly maintenance (coop), common charges and real estate taxes (condo). 

    Several formulas exist to help determine how much a lender will allow a consumer to borrow. One of the more accurate formulas is a front- and back-end ratio. It states that the buyer can afford as much as 28 percent of his or her gross-monthly income toward the monthly mortgage payment, assuming that the consumer's other debt payments (credit cards, car loans, student loans, etc...) are less than or equal to 8 percent of his or her gross-monthly income. The maximum back-end is typically 36%.

    Most NYC coops have stricter financial requirements than most lenders. Most coops use a 25% -30% debt to income ratio formula. Many coops will only allow a maximum of 75% financing although some will allow 80%. Coops may also require liquid assets available after the closing to cover 2 years worth of maintenance or 1 year of mortgage and maintenance. Every building varies and uses their own formula. 

    While condos will allow 90% financing many sellers today will not risk accepting an offer requiring a  financing contingency with such a small down payment. When a bank agrees to lend 80% (or 90%) loan-to-value, they are indicating their willingness to finance up to 80% of the purchase price.  

    If the appraised value happens to come in at $500,000 instead of the contracted purchase price of $600,000, the lender will ultimately finance 80% of the lower of the two—in this case the appraised value of $500,000.  Unfortunately, this means the buyer may have to scramble to find more cash to put down. 

    A minimum 20% -25% down payment may be required. Understanding your financing needs before you search for a new home will help you move ahead quickly and confidently when you find the right home.

    Apr 14, 2014

    East Harlem | Manhattan Neighborhood

    Metro North Railroad Station at 125th Street & Park Avenue

    'There is a rose in Spanish Harlem
    A red rose up in Spanish Harlem
    It is a special one, it's never seen the sun
    It only comes out when the moon is on the run
    And all the stars are gleaming
    It's growing in the street right up through the concrete
    But soft and sweet and dreamin'

    Ben E King 
    "Spanish Harlem" 

    Manhattan Neighborhood | East Harlem

    El Barrio (Spanish Harlem) SpaHa (East/Spanish Harlem) community stretches from First Avenue to Fifth Avenue and from East 96th Street to East 125th Street.

    Rich in history and residential charm, the diverse East Harlem neighborhood offers those in search of a new apartment or townhouse plenty to peruse. Housing stock runs the gamut from row houses to studios, from one-and two-bedroom co-ops to renovated tenements.

    A big draw in East Harlem is space — apartments often come with a dining room, an outdoor garden, or even parking. Large rental complexes like Hampton Court (complete with gyms, garden decks and retail shopping) are now being joined in East Harlem by luxury condos offering views of the East River, the George Washington and RFK (Triborough) Bridges.

    Lexington Hill Condominium (103/104th Streets)
    East Harlem’s cornucopia of food, culture and lively street life reflects its history. From the exclusive Rao’s Restaurant, founded in 1896, and Patsy’s Pizzeria, established in 1933 in part of Old Little Italy, to modern-day bodegas and botanicas, shopping and dining in this neighborhood continue to evolve even as the Uptown apartments do.

    On the artsy side of East Harlem, provocative murals by celebrated artist James De La Vega — some commissioned, some not — dot the neighborhood and the living legacy of Salsa greats continues at venues such as Creole, a jazz/supper club, and Orbit, a bar/restaurant that hosts open mic nights in its jazz and cabaret schedule.

    East Harlem residents enjoy the East River Plaza on 116th Street off the FDR Drive that opened in ’09. If you want to stock your home with everything, big companies that will be offering their wares for sale in East Harlem include Target, Marshall’s, Best Buy and Manhattan’s first Costco. Other neighborhood attractions include the Museum of the City of New York, El Barrio Museum, Central Park East and North Meadows.

    Easy access to get out-of-town. There's a Metro-North Railroad Station at 125th Street with a 4-5-6 Lexington Avenue subway stop and easy access to the FDR Drive and the west side via cross town bus on 125th Street. Easy access to La Guardia airport from 125th Street airport bus.

    There currently are approximately 40 active apartments for sale in East Harlem. Ranging from $139,000 for a 2 bedroom, 1 bath, 5th floor walk-up to $2,980,000 for a 3 bedroom. 3.5 bath, 2849 square foot penthouse at the Crown Condominium.

    Currently there are approximately 10 residential buildings (single family, multi family, mixed use and income properties) for sale in East Harlem ranging from $1,150,000 for a two family house to an 8-story income property delivered vacant under construction condo for $15,550,000.

                                                                                                 There is a rose in Spanish Harlem...

    Apr 7, 2014

    Determining Price Differentials for Floors & Views

    A seller recently asked what is the price differential for each floor in a Manhattan apartment building?

    In Manhattan there are many variables in determining the price differential for each floor. A beautifully renovated apartment on a lower floor can sell for a higher price than an "original condition" apartment on a high floor.

    The parlor floor in a townhouse may be worth more than the 4th floor if it's a walk-up. A 10th floor apartment facing the back will sell for less than the same apartment on the 5th floor directly facing Central Park.

    Unless the building owns the air rights over neighboring buildings, views can and will change in Manhattan. A high floor facing an interior courtyard doesn't have as nice a view as the corner apartment on a low floor overlooking the park. Higher floors usually have a premium as do views. Both premiums can be separate. A view can be subjective. However, kitchens and bathrooms can be replaced but there is only one Central Park and Hudson river in Manhattan.

    When pricing or determining value of a Manhattan condo or coop it is crucial to compare apples to apples. All coops and condos in Manhattan have an offering plan.

    In the original offering plan whether new construction or conversion, the developer/sponsor put a price differential for each floor and unit in the building.

    The sponsor determined premiums for each unit. Since all offering plans are from different years and during different market conditions there is a premium percentage for every attribute. In a coop, premiums for attributes are also allocated with more shares in the corporation.

    Think in terms of percentages rather than arbitrary dollar amounts.

    For example, if you're considering purchasing or selling in a building that was built or converted in the 80's, you can figure out the approximate percent of the premium.

    If the same apartment, line, and square footage was selling in the $200,000 range originally and today the same apartments are selling in the $800,000 range, the apartment today is worth 4x more. If they're selling in the million dollar range 5x.

    The premium for floor differential is 4x more whatever it was in the offering plan. If it was $2000 per floor in the offering plan, than it would be around $8000 per floor today providing the comparable apartments are otherwise the same. Price per share (in a coop) and price per square foot can also be used as evaluation tools. However, all square footage is not equal.

    In today's transparent information age there are many online tools or "gimmicks" designed for automated instant home values. Take them all with a grain of salt. An algorithm looks at data logically. Real estate data isn't always logical. Selling and buying real estate is emotional not logical.

    In Manhattan pricing a home is as much an art as a science.

    Pricing a home is a marketing function, the price you get is a function of the marketing you choose.


    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.

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