Showing posts with label new developments. Show all posts
Showing posts with label new developments. Show all posts

Apr 15, 2014

New Developments | Upper West Side Conversions

0 comments
340 West 72nd Street - The Chatsworth
Upper West Side Rental Conversions 
Opening in 2014 

340 West 72nd Street 
The Chatsworth 
81 units Rental conversion + new construction - Beaux-Arts landmark plus addition.

175 West 95th Street
80 units Rental conversion  - 18 story rental conversion

360 Central Park West





360 Central Park West 
50 units Rental conversion - Luxury pre-war rental conversion





498 West End Avenue


498 West End Avenue
45 units Rental conversion - Century old pre-war conversion



100 W 80th St. -The Orleans




100 West 80th Street - The Orleans
26 units Rental conversion - Luxury pre-war conversion
101 West 78th Street - Evelyn










101 West 78th Street - Evelyn
15 units Rental conversion - Pre-war conversion plus addition








Manhattan New Development/Conversion Listings


Jul 2, 2013

Manhattan Market Report | Second Quarter 2013

0 comments
I am pleased to announce the release of the Second Quarter Corcoran Report for Manhattan. 

The report’s key findings:
  •  Market activity continues at six-year high.  More closings and signed contracts took place than in any other quarter since 2007.
  • Inventory continues to decline.  There have been nine consecutive quarters of diminishing inventory – a 52% drop since the Q1 09 peak.
  •  Prices increased by 5% (ppsf) over a year ago, thanks largely to increasing value in the condominium market.
Manhattan sales flourished this quarter with 3,860 recorded closings, the second highest number of sales since Second Quarter 2007. Market-wide closings increased 48% above First Quarter 2013 and rose 4% above Second Quarter 2012. The number of contracts signed in Second Quarter 2013 was even stronger and reached 4,450 signed contracts - the highest in a single quarter since 2007.

Strong local, national and international demand is currently directed toward a far depleted supply. Prices responded to the strong demand, limited supply, low interest rates (now rising but still low) and continued confidence in New York as a safe and thriving market.

 

For property owners thinking of selling, there has never been a better or more advantageous time since before the financial collapse of 2008. For buyers looking to act in this market, swift and aggressive action is called for. Whichever you may be, I invite you to contact me with your questions about the Corcoran Report and on the market in general.



Jun 23, 2013

New Construction | One Morningside Park

1 comments
One Morningside Park


A 22 story condiminium is going up on 110th Street and Manhattan Avenue with Central Park and Morninside park views.  Many of the higher units will have outdoor space.

The advertisement is titled: Your West Side Story

One Morningside Park – 240 Manhattan Avenue will be a 22-story, full-service condominium overlooking Morningside and Central Parks. The building is expected to be completed January 2014.

Located on the corner of 110th Street, this brand new condo is comprised of 55 units offering a mix of studios, one, two, and three bedroom homes with many featuring balconies. Two spectacular full-floor penthouses will have private outdoor space and sweeping views of Central Park.

One Morningside Park’s amenities and services will include a 24-hour Doorman, fitness center, common roof deck, laundry, bike room, a limited offering of private rooftop cabanas for sale and a possible 20-year 421-A tax exemption. Occupancy is slated for early 2014.

The Architect is Gf55 partners, developer Artimus construction and sales and marketing for the develioper is Brown Harris Stevens.

Prices are expected to range from the $400,00s for studios to over $2 million+ for 3 bedrooms. A portion of the units are supposed to be allocated as "affordable housing"

For more information about new construction in Manhattan please contact me.
or click here: NYC New Developments


Aug 21, 2012

Manhattan New Developments | FAQ

1 comments
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.

New Development Listings

DISCLAIMER: PLEASE NOTE THAT THIS IS NOT A LEGAL OR TAX DOCUMENT OR OPINION. THE INFORMATION CONTAINED HEREIN IS GENERALIZED FOR MANY SITES; BUYERS SHOULD CONSULT THEIR TAX ADVISORS, LEGAL COUNSEL AND THE COMPLETE TERMS AND CONDITIONS OF THE OFFERING PLAN FOR THE PROJECT BEFORE PURCHASING A PROPERTY.

Jan 14, 2012

421a Tax Abatement - Pros and Cons

0 comments

The Cooperative and Condominium Tax Abatement Program gives partial tax relief to owners and tenant-shareholders of Residential Class 2 properties.  This is because Class 1 properties (i.e., one-, two-, and three-family homes), are assessed at a lower percentage of market value than Class 2.

The 421a benefits vary depending on factors such as location, method of construction and if requirements for affordable housing have been met.

The tax benefit (421A) bestows property tax breaks for up to 25 years on new multifamily buildings.  It was put in place in the 1970s to spur development. The idea was that developers received a tax abatement passed on to owners in new developments in exchange the developers gave back to the city by building a public space and/or affordable housing units.

Most new developments have a 10 year tax abatement. The 25 year abatement's are primarily in Harlem (empowerment zone) and upper Manhattan. Taxes are already lower there than below 96th street. Depending on the neighborhood on other variables will determine the full non abated tax burden.

The reduced RET real estate tax in most cases increases by 20% every other year. (20% every 2 years) until the 10 years is up, and at which time the property taxes will have hit their maturity.

It is important for a buyer to realize that in 11 years the taxes will be much higher than when they purchase the unit with a tax abatement.

Pros: Reduced property taxes for 10 - 25 years will make the apartment more affordable and possibly increase the sale price in the short-term.

Cons: The new higher tax amount at maturity may decrease the value of the unit. Monthly affordability is part of the equation that determines sale price. Low monthlies often garner higher sale prices and high monthly costs can lower sale price. A tax abatement may not be a good for buyers on a fixed income or who's income may decrease rather than increase over the years. 

Keep in mind the value of the apartment may increase and offset the increase in taxes. Taxes generally rise. However, in tax abated units the tax is already set at a higher amount but is being subsidized by the city for the short term (10 years in most cases)

For many buyers tax abatement's are great since they will have reduced costs for many years but they should make sure they are qualified to pay the increase at maturity or plan to sell a few years before maturity.

Oct 20, 2010

Manhattan New Residential Developments | FAQ

0 comments
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.

DISCLAIMER: PLEASE NOTE THAT THIS IS NOT A LEGAL OR TAX DOCUMENT OR OPINION. THE INFORMATION CONTAINED HEREIN IS GENERALIZED FOR MANY SITES; BUYERS SHOULD CONSULT THEIR TAX ADVISORS, LEGAL COUNSEL AND THE COMPLETE TERMS AND CONDITIONS OF THE OFFERING PLAN FOR THE PROJECT BEFORE PURCHASING A PROPERTY.

Oct 19, 2010

Reasons to Buy New Development in Manhattan

0 comments
TOP 10 REASONS TO BUY NEW DEVELOPMENT

1 THERE HAS NEVER BEEN A BETTER TIME With fewer developments on the market, interest rates at historic lows, and the last chance to secure 421a tax abatements.

2 BRAND NEW EVERYTHING Be the very first to live in your home and enjoy brand new infrastructure throughout.

3 COMPETITIVE PRICING Developers have a realistic understanding of the market and prices to match.

4 EASE OF OWNERSHIP Benefit from a hassle-free purchase process with no board packages, and use your residence however you want—live, rent, or pied-à-terre.

5 INTELLIGENTLY DESIGNED Modern room proportions, high quality materials, and windows that maximize light and air add up to a home that complements your lifestyle.

6 IMMEDIATE OCCUPANCY There is often no need to wait to move in—your brand new home can be ready right away.

7 HEALTHY HOME Green features make your life healthier, and energy efficiency benefits you and the environment.

8 STATE OF THE ART LIVING Your home is outfitted with top of the line materials, the most up to the minute technology, and all the little extras that make life easy.

9 CREATE A COMMUNITY Move in together, and build a community with your neighbors.

10 THE FULL PACKAGE Your home is more than just your condominium—it’s the fitness center, outdoor space, and private lounges, not to mention the doorman and concierge, at your service.

Click here to receive new development listings

email me to schedule showings

Jun 14, 2009

High Line, Manhattan's 21st Century Park Opens

5 comments


Manhattan's new 21st century park, The High Line park opened this week. The High Line is built atop the former elevated train track transforming 22 blocks into an open park.


The High Line runs through three of Manhattans most dynamic neighborhoods, Hells Kitchen, West Chelsea and the Meat Packing District.

Many new real estate projects were created along the High Line. The High Line itself is adjacent to or runs through various buildings creating interesting unique urban designs.

Several new residential projects are underway or have been completed.

High Line 23 or HL23 (shown above) is a new green building that is currently under construction in the West Chelsea art gallery district at West 23rd Street and 10th Avenue.

The structure is a 14 floor mixed use of gallery space and condominiums with amazing views of the new High Line elevated park. The condo will include nine floor-through apartments ranging in size from about 1,850 square feet to 2,600 square feet. Sales are underway. Prices range from $2,750,000 to $11,500,000 for the 3700 square foot penthouse duplex unit with a terrace.
The first phase of the pedestrian park which runs from Gansevoort Street to 20th Street, opened this week. The second phase, which runs from 20th Street to 30th Street, is slated to open by the end of 2009.

The redevelopment of the abandoned elevated railroad structure has created a residential new construction boom on the far west side along the High Line.

The Caledonia, the 1st residential tower on the High Line Park had sold out 190 condo units in April 2007, within eight months of sales. The Caledonia also features luxury rental apartments.



Thinking about living in a new designer building with new park views and 21st century luxury amenities? Qualified buyers can join my VIP Manhattan Buyer Profile System and receive new condo listings by email. For new developments click here.

Jul 17, 2007

Harlem: New Residential Developments

4 comments
The Kalahari
40 West 116th Street


The Kalahari will be covered in decorations inspired by South African Ndebele tribal designs. Adinkra symbols" and other African designs and markings will adorn the walls.

The 12 story building will contain an independent film center, education center and a gym.

Nearly half of the 249 planned condos have been set aside for moderate-income buyers.

The remaining market priced 129 unit condominium is more than 50% sold. Currently available are 2 and 3 bedroom units ranging from $700,000 to $1,585,000. The two tower building will be completed in early 2008.

To receive listings of new developments in Harlem click here.

Jun 11, 2007

West Chelsea: New Residential Developments

0 comments

Chelsea New Construction update:

175 Ninth Avenue (No condo towers for Seminary)

The General Theological Seminary has reversed course on a plan to build a 15- story condominium tower on its campus after news of the plan met with fierce community opposition as reported in the NY Sun. The seminary wanted to build a 151-foot tower to generate $21 million in revenue for renovation of its existing 19th century buildings. Community activists charged the tower would have been out of place in the neighborhood. Officials are now presenting a plan for a seven-story mixed-use residential building.

IMHO tax exempt landmark churches have no business in real estate development. Look for my Upper West Side construction update coming soon where I will tell you about the 21-story residential building ajoining the West-Park Presbyterian Church on West 86th Street.

The Caledonia 450 West 17th Street (Sold Out)

The 190 condominium units in The Caledonia, the 1st residential tower on the future High Line Park had sold out in April, within eight months of sales. The complex will also have 288 rental units available for rent this fall at rents ranging from $3,495. to more than $10,000 per month.

Newly announced projects

Chelsea Modern

Chelsea
Chelsea Modern
447 West 18th Street

12- story, 47-unit condominium designed by Audrey Matlock. Prices for available units range from $1.63 million for a 1,300- square foot two-bedroom to $3.57 million for a 1,887- square foot three bedroom. Occupancy is scheduled for early 2008

Chelsea
459 West 18th Street

11-story loft condominium designed by Della Valle Bernheimer Architects. Exterior is black and white. Part-time Doorman. Occupancy of the full floor residences and multi-floored penthouses is scheduled for spring 2008

Other new luxury condo developments currently for sale in West Chelsea include:

520 West Chelsea (520 West 19th St.)

200 Eleventh Avenue

245 Tenth Avenue

100 11th Avenue

To receive listings by email for any Chelsea or Manhattan new development click here.

 
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