Showing posts with label conversion. Show all posts
Showing posts with label conversion. Show all posts

Feb 7, 2017

Purchasing a Home in a New Development

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In 2017 there will be many new residential developments including both ground-up construction and the conversion of existing structures such as a commercial building or rental property. 

21st Century Designed. Modern room proportions, high quality materials, and windows that maximize light and air add up to a home that complements your lifestyle. Many new homes are healthy homes with green features.

Green features make your life healthier, and energy efficiency benefits you and the environment. Brand new apartments are outfitted with top of the line materials, the most up to the minute technology, and all the little extras that make life easy. Move in and build a new community with your neighbors.

How to buy in a NYC New Development:

Easy to purchaseBenefit from a hassle-free purchase process with no board packages, interviews, and use your residence however you want—live, rent, or pied-à-terre.

Once an offer is accepted by the Sponsor, The Sponsor's attorney draws up the Purchase Agreement. The Purchase Agreement and Offering Plan are then sent to the purchaser's attorney for review. 

Once both parties have signed the Purchase Agreement and the Sponsor receives a deposit, the residence is considered "in contract."


The Astor 



Hudson Yards












A Sponsor can only send out one contract per unit at a time for a New Development deal. 

This can be to your advantage to get a contract out on a property you may be interested in. If you change your mind you can easily withdraw offer.

If you’re facing a river or a park you are most likely safe of nothing going up around the area you are purchasing. If you are worried about views and are willing to spend a little extra money you can get the proof at least for the near future because a view can not be protected or guaranteed without owning the air rights.

Contracts are not very transparent, buyers need to get the right attorney and mortgage broker involved, it is very important to get a mortgage person that can finance in a new building. Everything has to be quick. 

It is important to have an experienced buyer's broker represent you in New Developments. On-site sales agents represent the seller/sponsor/developer's interests.

New Developments | FAQ

WHAT IS CONSIDERED NEW RESIDENTIAL DEVELOPMENT?

In New York, this is a residential offering that is completely new to the market, and must be approved by state and local governments. It includes both ground-up construction and the conversion of an existing structure, such as an office building or rental property.
 WHAT IS A ‘SPONSOR’?
The legal entity that owns the new development being offered—considered “the seller.”

WHAT IS AN ‘OFFERING PLAN’?
A comprehensive disclosure document provided by the Sponsor and approved by the Office of the Attorney General of the State of New York (“Attorney General”) that describes the property’s offering.

WHAT IS AN ‘OFFERING PLAN AMENDMENT’?
A modification to the Offering Plan that is filed with and accepted by the Attorney General. Amendments are issued over time as material changes are made to the Offering Plan.

WHAT IS A ‘PURCHASE AGREEMENT’?
A legal agreement between a Purchaser and Sponsor detailing the conditions of the sale of property, including price and terms.

HOW IS AN OFFER MADE?
Offers are made in writing and submitted to the development’s onsite salesperson by the buyer or their real estate agent.

HOW DOES AN ACCEPTED OFFER GO INTO CONTRACT?
Once an offer is accepted by the Sponsor, the onsite salesperson requests contact information for the purchaser. The Sponsor’s attorney draws up the Purchase Agreement. The Purchase Agreement and Offering Plan are then sent to the purchaser’s attorney for review. Once both parties have signed the Purchase Agreement and the Sponsor receives a down payment, the residence is considered “in contract.”

HOW IS A DOWN PAYMENT MADE IN NEW DEVELOPMENT?
Typically, this is a percentage of the purchase price. Often, it is paid in the form of a certified check or wired into an escrow account set up by the Sponsor’s attorney.

WHAT IS THE DIFFERENCE BETWEEN COMMON CHARGES AND MAINTENANCE FEES?
Common Charges are monthly dues in condominiums, the most common form of new development. Maintenance Fees pertain to cooperatives.

FOR CONDOMINIUM BUYERS, WHAT ITEMS ARE COVERED BY MONTHLY COMMON CHARGES?
Common Charges are the monthly charges allocated to each residence and paid to the condominium in order to cover the pro-rata share of the condominium operating expenses. This does not include the unit owner’s real estate taxes which are billed separately to each owner. As the cost of operating the building changes over time, Common Charges are also subject to change.


Top 10 Reasons to buy in a new development

Click here to receive new development listings or call me at 347-921- HALL (2455) or email me to schedule showings.

Feb 1, 2016

New Development Condo Conversion | Gramercy Square

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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

Apr 29, 2015

235 West 75th Street | The Astor Condo Conversion

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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. 


Images courtesy of 
http://theastor.com
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

Jan 2, 2015

How to Buy in a New Development in NYC in 2015

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It's time to say Good-Bye to 2014 and Hello to 2015. Looking forward to a brand new start? There is nothing better than a brand new home. Be the very first to live in your home and enjoy brand new infrastructure throughout.
Zaha Hadid’s 520 West 28th Street
In 2015 there will be many new residential developments including both ground-up construction and the conversion of existing structures such as a commercial building or rental property. 

Some anticipated and current new developments include The Woolworth building, the MoMA tower, Zaha Hadid's High Line condos, Ben Shaoul's Verizon building conversion, the Hudson Yards neighborhood, The Chatsworth conversion and Riverside Center, the final piece of the Riverside South community

Riverside Center
There will be many more apartment options and lifestyles to choose from this year. Your home is more than just your condominium apartment—it’s the fitness center, outdoor space, pool, private lounges, doorman and concierge, at your service.

21st Century Designed. Modern room proportions, high quality materials, and windows that maximize light and air add up to a home that complements your lifestyle. Many new homes are healthy homes with green features. 

Green features make your life healthier, and energy efficiency benefits you and the environment. Brand new apartments are outfitted with top of the line materials, the most up to the minute technology, and all the little extras that make life easy. Move in and build a new community with your neighbors.

How to buy in a NYC New Development:


Easy to purchaseBenefit from a hassle-free purchase process with no board packages, interviews, and use your residence however you want—live, rent, or pied-à-terre.

Once an offer is accepted by the Sponsor, The Sponsor's attorney draws up the Purchase Agreement. The Purchase Agreement and Offering Plan are then sent to the purchaser's attorney for review. 
Hudson Yards 


Chatsworth Apartment conversion 340 West 72nd St.

Once both parties have signed the Purchase Agreement and the Sponsor receives a deposit, the residence is considered "in contract."

A Sponsor can only send out one contract per unit at a time for a New Development deal. 



This can be to your advantage to get a contract out on a property you may be interested in. If you change your mind you can easily withdraw offer.

If you’re facing a river or a park you are most likely safe of nothing going up around the area you are purchasing. If you are worried about views and are willing to spend a little extra money you can get the proof at least for the near future because a view can not be protected or guaranteed without owning the air rights.

Contracts are not very transparent, buyers need to get the right attorney and mortgage broker involved, it is very important to get a mortgage person that can finance in a new building. Everything has to be quick. 

It is important to have an experienced buyer's broker represent you in New Developments. On-site sales agents represent the seller/sponsor/developer's interests.

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

Feb 9, 2012

515 East 72nd Street - Upper East Side

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515 East 72nd Street

515 East 72nd Street offers 40,000 square feet of resident-exclusive amenities including: a half-acre private park, the largest on-premises private park in New York City, a state of the art fitness center, a 56' indoor pool, and all-inclusive classes and programs.

This 41 story full service luxury condominium built in the 1980s and gut renovated a few years ago has 329 residences, most of which include a private balcony or terrace. One to three bedroom homes on a tree-lined, Upper East Side cul-de-sac.

Custom kitchens include walnut and lacquered cabinetry, Corian counter tops and top of the line Miele, Thermador and Leibherr appliances as well as a Bosch washer dryer.

The bathrooms include walls of custom-designed crema d'orcia bamboo-textured and honed Piombo tiles with either a Zuma soaking tub and or glass-enclosed showers with Watermark fixtures.

Current available homes range from a 650 square foot One bedroom with terrace from $650,000 to a 3,326 square foot 4 bedroom, 3.5 bath on the 31st floor asking $5,640,000.


Both sponsor and resales are available for Immediate Occupancy.




Nov 26, 2011

Awesome Apthorp Apartments - 'Tis the Season!

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The Apthorp390 West End Avenue - West 78th and Broadway 
The elegant full-block apartment complex built by the Astor family for the New York elite.

The History

• Built in 1908
• The vision of William Waldorf Astor, executed by architects Clinton and Russell
• Listed on the National Register of Historic Places
• Italian Renaissance Revival architecture
• Richly ornamented limestone fa├žade
• Iconic iron entry gates
• One of four private courtyard drive pre-war buildings
• 163 condominium residences

Active Today

Current available condo apartments: One, two, three, four and five bedroom apartments range from a 1031 square foot one bedroom one bath asking $2,100,000 to a 5 bedroom 5.5 bath 6,128 square foot residence asking $14,950,000
Contact me @ 917-312-0924 to schedule showings or click here to receive listings via email at Apthorp or any other Manhattan New Development or conversion.

Jul 23, 2008

Met Life Clocktower: Designer Condos by Versace

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The house of Versace will offer decorating ideas for a Manhattan landmark undergoing renovations and condo conversion.

The Italian design house has been hired to do some interior design work on the Clock Tower in the Flatiron District.

One Madison Avenue, the former Met Life Clocktower building near Madison Square Park, will be converted to residential condominiums in a joint venture between RFR Holding, LLC, Ian Schrager and SL Green Realty Corp.

Erected as the tallest building in the world in 1909, a title it kept for four years when the Woolworth Building at 233 Broadway was completed.

The renovations include 55 condominium apartments, common areas and a spa. Donatella Versace will personally design a luxury club in the building.
 
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