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Manhattan, NY Real Estate News

By Jeffrey Ditri, New York City Residential Rental Specialist
(JAD Realty Group, LLC.)
    Jasper rendering   Sales started last year at the Jasper condo, at 114 East 32nd Street, between Park and Lexington avenues, but developer Harry Jeremias is now returning deposits to buyers and turning the building into a boutique hotel. Just 43 of the 80 units were in contract, and faced with an uncertain market and the need to provide millions of dollars to cover cost overruns, Jeremias decided to pull the project. The developer has entered into agreement with a European investment fund to convert the 18-story building into a 200-room hotel expected to open in a year. The hotel plans will keep some of the condo's features, like the pool, floors, fixtures and most of the lobby.
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By Jeffrey Ditri, New York City Residential Rental Specialist
(JAD Realty Group, LLC.)
    Octagon on Roosevelt Island Landlords are starting to offer more amenities to keep tenants in their rental buildings. Manhattan Skyline Management is putting in a concierge service in all of its buildings. At the Octagon on Roosevelt Island, owned by developer Bruce Becker, residents are now being offered discounts at the on-site day care center, which is also being renovated. Water taxis are also in the works for the development. "We want to keep the buildings full and we want to be prudent," Becker said.
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By C Tann-Starr
(Tann Starr & Associates, Inc.)
Susan Mangigian was right: Play dough and microwave should "never, ever, ever be used in the same sentence" (LOL). I've been joking in Twitter about this and I must say when it comes to ironic humor Ruthmarie Hicks has got me and my little people down pat. She has come up with a brilliant blog post idea and I can't wait to present it. Now if I can only stop laughing long enough to write it. ;-) I am going to dedicate this post to my girlfriend Poppy Dinsey who has been a bit quiet in Active Rain lately. It appears that the electronic cat has her virtual tongue and we American followers may have to make some virtual noise across the Big Pond to get our London Love back in action over here in Club Chaos (LOL). If you haven't been keeping up, you can read all about it in AgentGenius here. ...
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By C Tann-Starr
(Tann Starr & Associates, Inc.)
Cameron Wilson, Elizabeth Weintraub, Richard Weisser, Lizette Fitzpatrick,  Poppy Dinsey, Melody Botting and Susan Mangigian have a very interesting collective sense of humor. I love reading their blog posts and enjoy bantering with them across the Blogosphere. They are part of the Active Rain group Club Chaos which was co-founded by three Realtors: Amanda Hall, Melody Botting and Carolyn Tann-Starr. Membership is by invitation only because the members nominate and sponsor other members. We want to grow at a slow, careful pace because our personal relationships matter to us. There is a lot more to us than just a bunch of professionals networking for referrals. We take the time to get to know each other and have several hard working members, like Robert Swetz, developing very interesting...
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By Morgan Evans, LICENSED REAL ESTATE SALESPERSON
(Douglas Elliman Real Estate)
I have been reading a few different articles and on-line postings regarding the development of a specific tract of land on the Upper West Side/Lincoln Square area near the Hudson River.  Here are my findings. Once known as Trump City, Extell Development Co. has finally unveiled their plans for Riverside Center.  The plan is said to resemble Battery Park City rather than the West Side and stretches from 59th to 61st St.  The proposed area is currently a couple of parking lots.  These parking lots would be transformed into a mega complex of 3.3 million-square-feet.  The plan will involve 5 glass towers of residential condominiums, retail space, hotel space, possible movie theatre, possible auto showroom, possible elementary school, parking, and over 3 acres of privately owned open space. ...
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By C Tann-Starr
(Tann Starr & Associates, Inc.)
  When you cross the 59th Street Bridge from Queens County into Manhattan, sometimes you get to see the tram arriving and departing for Roosevelt Island. My kids like to ride it for the view. Spanking-A eye candy, too! :-) We like to park by the hotels and take a buggy ride through Mid-Manhattan. You can pick a carriage up along 59th St in front of Central Park. Some of the horse drawn buggies can be found lined up along Central Park near this statue. Here's a little eye candy from our Thanksgiving carriage ride. Stay tuned for tomorrow night's turtle run so you can see some spanking Christmas lights. They are starting to go up all over New York City. Turns out we were too early for the decorating of the giant evergreen tree in the last shot. The kids were waiting patiently but it was g...
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By Morgan Evans, LICENSED REAL ESTATE SALESPERSON
(Douglas Elliman Real Estate)
So a few days ago I decided I wanted to go see the Macy's Day Parade for the first time.  Living in New York City I called the parade hotline wanting to know the logistics of what time the parade started, finished and most importantly what time do people start lining up to see it.  The gentlemen said that people start lining up around 5am for a 9am start and about an 11am finish.  I didn't know how I was going to convince my girlfriend to wake up that early to see that parade.  Luckily we live in the Upper West Side about two blocks from Central Park West, where the parade begins, and it wouldn't be much more than a five minute walk over to the parade route.  So starting yesterday afternoon the floats and balloons start to get blown up and organized outside of the Museum of Natural Hist...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Happy Thanksgiving From the Beautiful Upper West Side of Manhattan. Wishing all my friends and colleagues in the rain and all my clients, customers and readers  A Very Happy Thanksgiving! Below are some pictures from the Macy's Thanksgiving Day Parade Macy's parade balloon on Central Park West, The Beresford Apartments Kermit the Frog in front of The Beresford at Central Park West at 81st Street Uncle Sam, heading down CPW, The Beresford. Have a great Thanksgiving Day!   Courtesy of: Mitchell J Hall, Associate Broker, The Corcoran Group ©Mitchell Hall 2006-2008
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By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
I am a firm believer in Counting your Blessings.  As difficult as things might be for some of you right now, look upward.  And say a prayer or a gratitude of blessings for all the truly wonderful things you have in your life RIGHT NOW.  Someone always has things worse.  When we count our blessings, they mulitply.  It's not only the Law of Attraction and a Feng Shui belief, it also helps us maintain our focus on all the GOOD we have in our lives. Tomorrow many of you will be truly Thankful.  It's a day to give Gratitude.  Wake up with that thought every day........it is amazing what that mindset will get you in life!  For some it may take practice--but if you do it AND are consistent, it will become as easy as taking your next breath...and something you won't have to think about consciou...
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By Morgan Evans, LICENSED REAL ESTATE SALESPERSON
(Douglas Elliman Real Estate)
Part 2 - KNOW YOUR BUYING POWER: The best thing for a buyer in today's market is understand your buying power. Knowing your buying power means more than just having an idea as to what you qualify for and what your monthly payments are going to be.  We always ask during our initial consultation appointment with new buyers what amount of down payment they have.  Down payment is so important because it will determine what type of product, condominium or co-op, which is suitable for you.  Aside from the amount of the down payment, it is also important to know where your down payment is coming from...such as parents, inheritance, gifting, personal accounts.  Some buildings require that you have 30% down, 50% down, or even buy with all cash.  Some buildings do not allow parent gifting, or co-...
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By Jeffrey Ditri, New York City Residential Rental Specialist
(JAD Realty Group, LLC.)
One year ago, a duplex penthouse at 43 Wooster Street was listed at $12.5 million. Now, the 2,600-square-foot unit is on the market for $5.9 million. The two-bedroom, two-bath apartment suffered two price reductions in the last week, down to $6.995 million and then finally, to $5.9 million. The owners bought the penthouse for $4.171 million in 2006.   43 Wooster Street
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By Jeffrey Ditri, New York City Residential Rental Specialist
(JAD Realty Group, LLC.)
The number of apartments that went into contract or had accepted offers in Manhattan in October fell 20 percent from September, and declined 62 percent compared to October 2007, according to the Corcoran Group. The number of listings in Manhattan rose 33 percent in October compared to the same time last year, according to Miller Samuel. Jonathan Miller, president of Miller Samuel, said because of the lag time between contract signings and apartment closings, about 45 days, sales figures won't reflect the price decline in the market until the first quarter of next year.
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By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
  A Manhattan Feng Shui Consultant's Advice.....  Although I practice Feng Shui in New York City and Long Island, I get questions from all over the United States.  I do many Feng Shui Consultations at a distance and have heard that some Feng Shui Consultants do not answer questions due to a shortage of time.   I love to hear the interest in Feng Shui.  I also receive questions from believers and skeptics alike. A recent question about purchasing a new home from a buyer made me pause.  Her question was whether I believed she and her husband should purchase this home-from a Feng Shui Perspective.  Can you see what made her hesitate? Here's a link to the home she'd like to buy: http://www.heartlandmlsweb.com/Reports.asp?CMAID=9564180&T=17:09&Tmp=mp I am not sure what other Feng Shui Consul...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
A new state-of-the-art skating rink, The Polar Rink opened today at The American Museum of Natural History. Located on the Arthur Ross Terrace on the Museum's north side, The Polar Rink offers magnificent views of the glowing Rose Center for Earth and Space and is surrounded by Theodore Roosevelt Park. Skaters will glide around a 17-foot-tall polar bear festooned with pine boughs and twinkling lights. Non-skaters can enjoy the splendor of The Polar Rink from surrounding benches on the Terrace under trees adorned with lights, or from the glassed-in North Galleria adjacent to the rink, where hot cocoa and snacks are served. The Polar Rink measures 150 x 80 feet, or 12,000 square feet. It can accommodate up to 200 people for each one-hour session. The rink is made of an artificial ice, or...
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By Morgan Evans, LICENSED REAL ESTATE SALESPERSON
(Douglas Elliman Real Estate)
This is Part 1 in a 5 part series focusing on what a first time buyer or investor should know before they purchase an apartment in New York City and the most common mistakes to avoid. We will cover- Know What You Are Buying, Know Your Buying Power, Financial Report of the Building, Who is Managing the Building, Buying with your Head and your Heart, and more! Understanding the Products: (Co-Ops, Condos, Condops, Townhouse) Buying an apartment in New York City will be an exciting and also daunting experience.  Because New York City offers a unique buying experience with many of its own quirks and differences the first step for any New York City first time homebuyer or first time investor is to become well informed and educated about the different real estate products you will be looking a...
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By Jeffrey Ditri, New York City Residential Rental Specialist
(JAD Realty Group, LLC.)
Barbara Corcoran, founder of the Corcoran Group, said in 2010, when the real estate market bounces back, "everyone will look back and say, 'Why didn't I buy then?'" Corcoran, founder of the Corcoran Group, said softening housing prices are scaring away buyers who are waiting for prices to fall even more, when they could be finding a good deal right now.
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By Morgan Evans, LICENSED REAL ESTATE SALESPERSON
(Douglas Elliman Real Estate)
For the last 5 years buying a new development condominium in New York City was a sure fire way of seeing a great return on your initial investment.  If you bought in at the early stages of the initial offering, you waited and as the building went up, so did the prices of the available units.  So by the time you actually closed on your apartment your exact same unit would probably sell for 10-20% than what you bought it for.  This was one of the big reasons why there are so many new development condominiums in Manhattan.  Now that the piping hot real estate market in New York City has cooled off many of the new developments are struggling to find willing buyers to purchase the new product. A recent buyer said, "I'm worried about the market falling more, why should I buy now when I could ...
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By Jeffrey Ditri, New York City Residential Rental Specialist
(JAD Realty Group, LLC.)
In October, there was 4.4 million-square-feet of sublease space in midtown Class A properties available, which made up 28.2 percent of all available Class A space in the area. In 2007, sublease space in midtown made up 29 percent of available space. James Delmonte, a vice president and director of research at Jones Lang LaSalle, said as vacancy increases, more sublease space will become available and there will be more sublease space available next year.
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Construction at 535 West End Avenue at 86th Street                                           Artist rendering of 535 West End Avenue Preservation group Landmark West is calling on the Landmarks Preservation Commission to designate a new historic district on the Upper West Side, including all of West End Avenue between 70th and 107th streets, the New York Times reported. Landmark West said developers have been seizing individual row houses along the avenue, demolishing them and replacing them with glass apartment buildings. The Upper West Side is already home to seven historic districts. The photo above was taken from my 9th floor apartment which is located diagonally across the street from the new 21 story luxury condo under construction. While I support Landmark West, and I personally...
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By Morgan Evans, LICENSED REAL ESTATE SALESPERSON
(Douglas Elliman Real Estate)
Unlike the rest of the country New York City has just turned into a full scale buyer's market.  We were riding a meteoric rise in prices and now we are in the eye of the storm of the financial market crisis.  The New York City real estate market and Wall Street have such strong ties that when Wall Street succeeds a lot of that wealth flows into the real estate market.  Now that Wall Street is restructuring itself, a lot of prospective buyers are sitting on the sidelines waiting to see what happens. I just took a new listing with a very motivated seller and am asking for your advice on what you did to sell your listings in this type of market.  The apartment is in fantastic condition, it's in a brand new building and has barely been lived in.  There are 6 other units available in the sam...
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