Showing posts with label nyc real estate. Show all posts
Showing posts with label nyc real estate. Show all posts

Nov 30, 2016

Co-op and Condominium Due Diligence Documents

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Cost of Due Diligence Documents in Co-op and Condominium Transactions


It is customarily, the responsibility of the seller or seller's broker to obtain the offering plan, amendments and financial statements from the seller and deliver them to the buyer or buyer's attorney. If any of those due diligence items are missing, the seller is usually expected to obtain a copy, at his or her own expense, from the managing agent.

It is customarily expected that the buyer or buyer's lender or attorney pay for any "building questionnaires" that the buyer’s attorney or the buyer’s lender requests from the managing agent. The managing agent or coop may charge a fee for  completing questionnaire.

In "sponsor" transaction, the sponsor is required to provide the due diligence materials to the purchaser. However, some sponsors may charge a refundable deposit fee to ensure that the due diligence materials are returned to the sponsor in the event that the purchaser does not proceed with the transaction.

These procedures are customary practices. Depending on market conditions the cost of due diligence materials may be negotiated between parties. 



Jul 17, 2016

Manhattan Neighborhood | Clinton - Hell's Kitchen

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Clinton - Hells Kitchen - Midtown West
View From 41st floor of The Link 52nd Street and 8th Avenue
Some still argue about the exact boundaries of Hell's Kitchen, but it's commonly considered to run from 34th to 59th Streets and from Eighth Avenue to the Hudson River. The area is also known as Clinton and long-time residents use the two terms interchangeably. East of Eighth Avenue including Carnegie Hall and Time Square is considered midtown west.

Hells Kitchen has always been a neighborhood, made up of blue-collar families in walk up railroad flats and theatre people who wanted to live close to where they work. For 15 years the neighborhood has been changing. It has become renovated, gentrified. New condo construction along with many new restaurants and bars have opened in the neighborhood.

The new generation of Hell's Kitchen, are folks who started looking on the Upper West Side and Chelsea then realized they could enjoy much the same lifestyle in midtown west. For the past century, the typical apartment was a walkup tenement now it's a luxury rental or condo with post modern finishes: grand lobbies, lots of granite, lots of glass, high-speed Internet access and health club and other amenities.

The Link a new downtown style building on 52nd and 8th Avenue
West is Clinton, which boasts state-of-the-art condominiums like the Link, the Orion and Platinum and new comers The Dillon and Griffin Court.

The Dillon Townhouse Units - West 53rd Street
The Dillon, a new development, 83 unit condominium at 425 West 53rd street has 9 townhouse units with garages. Prices range from the $600's for studios to a 2700 square foot townhouse priced at $4.15 million.

Griffin Court 454 West 54th Street - 800 10th Avenue
Griffin Court,  a 95 unit condo at 800 10th Avenue between West 53rd and West 54th Street is a full service building with amenities that include a courtyard, garden, fitness room, private storage and high-speed internet access. 

The area to the far west in the 30's adjacent to the Jacob Javits Center, the new development of the Hudson Rail Yards  neighborhood and the High Line Park which run from Hells Kitchen through West Chelsea to the Meat packing district in the West Village.

The Residences at Worldwide Plaza on 50th Streets between 8th and 9th Avenue has been a popular condo with studio apartments starting in the $500,000 range.

Hells Kitchen has many different types of apartments from walk up coops to townhouses to renovated lofts to ultra luxury high rise condos. The eclectic neighborhood has some great restaurants, bars, night clubs and Broadway and off Broadway theatres.





 
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Feb 12, 2015

Broker's Bullish on NYC Real Estate

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Real estate brokers’ confidence in the fourth quarter of 2014 reached the highest level since the inception of the Real Estate Board of New York's (REBNY) Broker Confidence Index in spring 2012.
The Broker Confidence Index rose to 9.22 this past quarter, from 8.80 in the third quarter of 2014 and 9.00 in the fourth quarter of 2013. Both residential and commercial brokers reported increased levels of confidence in the market now and six months from now, due to healthy activity and the steady rise in prices.
The Residential Broker Confidence Index increased to 8.85 in the fourth quarter of 2014, from 8.23 in the third quarter of 2014 and 8.52 in the fourth quarter of 2013. Brokers attributed this increase to the steady rise in pricing for sales and rentals, as well as the robust level of sustainable activity. While residential brokers’ confidence in the rental market tempered more than their confidence in the sales market, lack of inventory has continued to be a major concern for all residential brokers as prices are expected to continue rising with the current inventory shortage.
They also urged the need for more affordable housing as most of the new developments coming to the market now are luxury condos.
The Commercial Broker Confidence Index increased to 9.60 in the fourth quarter of 2014, from 9.38 last quarter and 9.49 last year. Commercial brokers commented on strong financing and market activity, particularly within the TAMI (Technology, Advertising, Media and Information) sector and in Lower Manhattan.
REBNY’s Broker Confidence Index is a collection of responses from an online survey given to REBNY’s residential and commercial brokerage division members.




Nov 25, 2013

NYC Building Super | Live-In-Super

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 NYC Building Super | Live-in-Super



In apartment buildings with nine or more units located in New York City, the landlord must provide janitorial/superintendent services him/herself if he/she lives in the building or the building with a superintendent who physically lives in the building, or if the superintendent does not live in the building, provide a superintendent who lives within 200 feet or one block of the building (whichever distance is greater). 

The name of the building owner, superintendent or janitorial company must be posted in the lobby along with a telephone number (as janitorial/superintendent services must be made available on a 24-hour basis).

A super can provide many services. In small buildings often supers are plumbers and can fix things on the spot. It is common to tip the super. In a large building the super can do repairs but can also oversee a staff that can perform various duties.


There is often confusion in condos and coops what the super will do. I live in a large coop. The super's title in my building is Building Manager. He supervises a large staff including porters, handy-men, doormen and concierge staff. The building manager runs the building and is involved with it's daily operations, repairs and maintenance. Small jobs like replacing a toilet part or a faucet can cost hundreds of dollars less, a tip as opposed to what a plumbing company would charge you.

Managing agents come and go. Board members come and go but a good super is hard to find. In many buildings including mine the shareholders or owners will purchase an apartment for the super.

A good super can make a big difference in how a building is run. 

home-enhancement-guide-for-sellers

Nov 22, 2013

Broker confidence down slightly in 3Q

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 Broker confidence down slightly in 3Q

New York City continues to be one of the most prosperous and dynamic real estate markets in the world.  However, expectations about future market performance were disrupted by the recent government shutdown and debt ceiling debate.

Last week, REBNY released its Real Estate Broker Confidence Index (“Index”), which polls hundreds of real estate brokers working throughout the City each quarter.  The Index survey consists of eight questions that ask participants to assess the current market and their expectations of the market six months from now.

Overall confidence for the Third Quarter of 2013 decreased slightly compared to last quarter, due primarily to concerns about political uncertainty in Washington and the lack of residential inventory.  The City’s brokers also lowered expectations for their six-month outlook, even though they reported strong confidence in present financing conditions.

Residential brokers were mainly concerned about the low production of affordable housing and increasing high end developments coming to the market, which is skewing the market in favor of very high income buyers, many reported to be non-New York City residents.  Despite these concerns, residential brokers are hopeful that more developments favoring various household incomes will come to the market, improving the local economy and housing market.

The latest increase in brokers’ confidence in the current market was chiefly due to the increase in confidence in the financing market for commercial real estate sales, for which an index of 10 was recorded.  By contrast, the residential financing average response was a 6.16, the lowest we’ve seen.  It is likely that confidence is being deflated by federal budget uncertainty coupled with more stringent Freddie Mac and Fannie Mae lending criteria.

Both residential and commercial brokers showed concern about the market six months from now due to the recent government standstill and the effect that any decisions will have on interest rates and the economy as a whole. We hope that a long-term resolution of the budget and borrowing issues in Washington will ignite a burst of confidence in the market and a pick-up in new residential construction activity to serve all New Yorkers..

A full copy of the REBNY Broker Confidence Index can be found at www.REBNY.com.
 
 
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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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