Manhattan, NY Real Estate News

Getting a HELOC on a Co-op ApartmentObtaining home equity financing on your Co-op is not difficult from an underwriting standpoint.  You will qualify basically with the same guidelines as a bank would apply if the property were a single family home.  Typically, Lenders will go as high on Loan to Value as the co-op board will allow.The challenge typically in getting this type of financing done is related to obtaining the note and proprietary lease, which will be required.  If you don't realize it, you don't have the originals of these documents, rather your lender holds them.  And probably 80% of the time lenders cannot find them when it comes time to refinance, thus delaying the process.    This is typically remedied by a lost note affidavit, but only after the lender "gives up" trying ...
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By Kolarik Hana
(NYCMortgage.com)
New York City homeowners are especially challenged with a series of unique challenges related to mortgage finance.  We hope to shed some light on these issues and the methods used to deal with them.  Included are -Co-op board approval- Negative Pledge Loans-Mortgage Tax-Using a CEMA to avoid mortgage tax-Avoiding Mortgage tax on a purchase-Refinancing a co-op-Attorneys and Real Estate closing process in New York.  
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
  REBNY  to Launch ResidentialNYC.com in September     A new web portal for REBNY (Real Estate Board of New York) members to market exclusive listings directly to the public will be launched in September. According to REBNY the purpose is to drive consumer traffic directly to the broker. Inclusion in this new venture is being offered exclusively to REBNY Listing Service (RLS) firms at a cost and is voluntary.  REBNY will be aggressively marketing ResidentailNYC.com to the public. I first wrote about this in a blog back in November Web portal for public still no MLS for Brokers when it was first announced by REBNY. I wrote about it again after REBNY announced Trulia would build the site but then small brokerage firms were upset and then I wrote about large Manhattan brokers planning on ...
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By Fern S. Hamberger, The Fern Hamberger Team
(Corcoran)
Hello everyone,I work mainly with clients who would like to make their money work for them. So i will be looking for a buyer who wants to renovate or gut an apartment, a townhouse or a building then flip it. Some others are interested in preconstruction. Many of my buyers will buy and keep for rentals, some other will buy and sell right away.  Is anyone running any seminars in NYC, I can run seminars and speak in public and I would like to join another real estate professional to talk about investments. I am also very much interested in connecting with other real estate brokers who are from out of state and out of town since I get buyers whoh would like to invest all around the US. In many cases, I do also represents the sellers, so I can advertise their properties.
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Manhattan Residential Architecture from the 19th Century to the 21st Century: New Yorkers lived in townhouses during the 19th century.  19th Century Single Family Townhouses were made of Brownstone and Limestone.   The luxury apartment house was actually invented in New York in the late 19th century. Upper-class New Yorkers lived in townhouses and single-family mansions during the 19th century. By 1930, 90% percent of Manhattanites lived in apartments. To lure potential tenants, developers borrowed the word "apartment" from the French to make the new buildings sound more fashionable. The word and the lifestyle stuck. In 1890 The Dakota was the first luxury apartment building in Manhattan.  It's Beaux Art Chateau style architecture was popular in the late 19th century.   Architect: Henry...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
               To reinforce spring as the home buying and selling season, Coldwell Banker has declared May as Coldwell Banker® Open House Month. As part of its Open House Month, Coldwell Banker will partner with Drexel Heritage to host an Open House Month sweepstakes throughout May. The grand-prize winner will receive $20,000 in Drexel Heritage furniture and a free consultation with an interior designer. Coldwell Banker will support the promotion with a television commercial that will air throughout May on such popular shows as "Extreme Makeover Home Edition," "The Amazing Race" and "Medium." The company will also drive awareness of the event through a radio campaign and online banner advertising. Open Houses in Manhattan are very important we have them all year long as they are a great...
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By Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
( Social Media - Infinity Home Mortgage Company, Inc)
As we leave Central Park, we tell the kids that we are off to FAO Schwarz. Of course the two older ones know all about this and let out a loud cheer. But one might wonder how we were able to get around so quickly and freely in Manhattan while visiting, Battery Park City, South Street Seaport (Pier 17), and Central Park. My brother-in-law took the liberty of getting us a limo for the whole day. It did make it easier for us to get around, instead of finding a place to park all of the time. So we finally get to FAO Schwarz and as you can see, they have a person dressed up as a toy soldier that greets everyone entering or leaving the store. He even gives you a warm smile with a salute saying, "welcome and enjoy yourself".FAO Schwartz was founded in New York City by a German immigrant, Frede...
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By Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
( Social Media - Infinity Home Mortgage Company, Inc)
After soaking in the sun and some history, we are ready to leave South Street Seaport (Pier 17). Now we head over to Central Park.Central Park is a public park which opened in 1873 and is the most visited park in the United States with about twenty -five million visitors annually.Here is some trivia. Central Park is larger than two of the world's smallest nations. It is nearly eight times as large as Vatican City.The real-estate value of Central Park is estimated to be $528,783,552,000 according to the property-appraisal firm Miller Samuel.In the movie Die Hard With A Vengeance, Bruce Willis and Samuel L. Jackson drive a taxi cab through Central Park. Their wild ride goes from the west entrance at 72nd Street to Central Park South.This information was gathered from Wikipedia, the free e...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Do you know the 3 rules of Real Estate? LOCATION. LOCATION. LOCATION. NEAR OUR BELOVED AND BEAUTIFUL RIVERSIDE PARK! I am proud to let you know that the West Side office of Coldwell Banker Hunt Kennedy is once again co-chairing the Silent Auction for the Riverside Park Fund annual benefit. This year's event, the tenth annual Cabaret Evening in Riverside Park, is scheduled for June 4th and will feature Marin Mazzie and Jason Danieley. They are acclaimed performers, whose work has extended successfully into both concert halls and cabaret settings, and were dubbed Broadway's Golden Couple by the San Francisco Chronicle. The benefit is always a magical evening. I urge you to support our Park by attending the benefit and contributing items to the auction. If you are not yet a member of the R...
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By Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
( Social Media - Infinity Home Mortgage Company, Inc)
As we leave Battery Park City, we are now on our way to South Street Seaport (Pier 17) which is around the corner. This is Part 3 of a 5 part series of Manhattan. The South Street Seaport is considered a historical district with some of the oldest architecture in downtown Manhattan. This area includes renovated original mercantile buildings from the early 19th century, renovated sailing ships, the former Fulton Fish Market, and a few malls featuring food, shopping and nightlife, with a view of the Brooklyn Bridge. Some of the original buildings were built in the early 1800's. It was later founded by Peter and Norma Stanford in 1967 as a museum. Its intent was to be an educational historic site to show its operational environment from 1820 to 1860. It began its redevelopment of the Pier ...
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By Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
( Social Media - Infinity Home Mortgage Company, Inc)
It's Sunday morning, April 22, 2007, and we went to breakfast around the corner from our hotel. Now we are off to see more sites. If you didn't get a chance, here is Part 1 of our journey. My Visit to New York City -- "Manhattan as a tourist" -- Part 1 of 5 -- Day 1  Our first stop was Battery Park City, Manhattan. The picture that you see to your left is a picture taken from a point in New Jersey over-looking the Hudson River before Battery Park City was built. The World Trade Center is in the background which was located in Lower Manhattan before September 11, 2001 took place. The picture to the right is after Battery Park was built and still before 911. The World Trade Center photograph in black and white was taken by photographer Edgar de Evia. The picture opposite of this is from W...
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By Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
( Social Media - Infinity Home Mortgage Company, Inc)
So, here is my reason for a nice trip into New York City and Manhattan. It was my niece's First Holy Communion on April 21st, 2007. My sister and brother-in-law decided instead of a party for her, that they would allow her to pick something that she wanted to do. She wanted to go to NYC for the weekend. We decided that we would leave after Mass and go up for the weekend, coming back early Sunday evening. It was myself, my mom and dad, and my sister's family which included 2 boys and 2 girls. Yes, we took 2 vehicles up and no, this wasn't a National Lampoon's Vacation to NYC. But what a great weekend, not a cloud in the sky both Saturday and Sunday. I was just honored to be invited to spend time with everyone. Besides, it had been a few years since I had been back to Manhattan.  So, we l...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Niche Marketing to Pet Owners  I recently read a funny post by Maureen Francis Sell-Lord Lesson: Peeing Dogs Do Not Sell Homes. My comment made her laugh but I was serious. Maureen, That house needs to be marketed to buyers with a bigger smellier dog. It should say in the description Dogs love this house! Mitchell At the time of this writing,The NY Times was planning a story about pets and real estate in Manhattan. Our PR company often pitches story ideas to the media. Through our publicist the writer Christine Haugney contacted me. They were looking to interview buyers willing to pay more for "pet friendly buildings". Since I was the listing/marketing agent and the building had an "easy" pet friendly board I wasn't included in the article.  NY Times: So, Do I Make the Cut? So, I didn't...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
One of the first blogs I ever wrote was last July about a new law that would make the once secret Co-op sales prices public for the first time under a bill by the Albany legislature. The bill was awaiting signing by Governor Pataki and was strongly supported by Mayor Bloomberg. When the law passed I wrote another blog in August NYC-Coop-Law-brings-Manhattan-Real-Estate-into-the-21st-Century. Before the law was passed there were many in the real estate industry that were opposed to the new transparency law. They liked having secret information that was how business was always done in Manhattan and they liked it. Janny Scott of The New York Times reported Sunday Pushing coops to Explain why you can't buy about a bill before the New York City Council that will require Coop Boards to Explai...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
TRIBECA -  10013  - The name is an abbreviation of: TRIANGLE BELOW CANAL Tribeca, Manhattan's downtown neighborhood runs from Canal Street south to Park Place, and from the Hudson River east to Broadway. Tribeca's charming cobblestone streets are lined with spacious residential loft buildings that were converted from industrial warehouses. There are new glass condo lofts, restaurants and boutiques.    Tribeca only became one of Manhattan's most fashionable places to live in the last 15 years. The neighborhood has evolved from an in expensive area where shopkeeper's and artisans, who could not afford the higher rents along the East River, built their wooden houses in the 18th century. After the Civil War, the area became home to the city's produce sellers and remained the central produce...
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By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
It's no secret that I love Long Island.  But for fun, excitement, and lots of good Energy, you'll find me in New York City.  A few of my favorites:  Central Park, Soho with it's trendy Art Galleries, The Village, Times Square (with the not to be missed famous "Naked Cowboy.")  I make the trek to Magnolia's quite often and the very BEST tour I have ever taken was a behind the scenes tour of Lincoln Center.  If you hit it right (and we did), you get to see them practicing for an upcoming opera.  Or a ballerina praticing the same step over and over again until she gets it right. The artwork there amazes me as well.  There truly is no place like it.  I'm not the only one that thinks so.  According to the NYDailyNews.com, here's a list of the BEST of New York City:Reader's Digest set out to ...
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By Ben Gwilliam
(The Keyes Company)
So you want to move to South Florida? For every one person who hates it here you will find five more who love it. After all we do have it all; high property taxes, high insurance premiums, hurricanes and alligators, who could want anything more. Even with all theses nuisances millions of people live here and by some estimates hundreds more are moving in every day. The numbers don't lie; this is the best place to live in these United States.I moved to South Florida from New York five years ago, at first I kept this crazy place at arms length but within a year I was in love. The first thing that will get you is our weather. I have completely forgotten that winter even exists. We have average temperatures in the mid seventies all year round. I was riding my motorcycle in shorts on Christma...
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By Nick Montalbano
(The Manhattan Group)
This Thursday is set to launch a historic 4th go around for the 2nd Ave Subway.  Groundbreaking is scheduled for Thursday morning when Govenor Eliot Spitzer and several dignitaries take a few cracks at the concrete wall to symboilically start the construction.  Why they don’t have actual workers there starting it makes no sense to me but, who am I..  The last groundbreaking took place in 1972, slightly before my time..  If all goes according to plan this time around the first part of the project will be complete around 2013.    Another report said the project is slated to be finished in 2020.  Perhaps we should just take it one day at a time and see what happens..  Here’s what the NYTimes is saying about it.  For many daily subway riders this new subway has endless amounts of potential...
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By Nick Montalbano
(The Manhattan Group)
  After clearing up the debris in 24 hours 290 Mulberry is getting its noise on.  It’s only beginning but it’s the beginning of a whole new neighborhood.  Exciting?  Maybe…  We think so!  Other recent buildings like the Avalon Christie project which has been going on down the road for years has changed peoples perspective on the neighborhood but this is one that will truly change the Little Italy landscape from old school low rise buildings to a cutting edge, state of the art, lux SHoP  design that everyone is already talking about and will certainly make everyone happy (as soon as they are finished).  One emailer says “This is a change that will tempt older neighborhood residents to see what they can get for their property”.  Another believes “Kids need a place to live down here and th...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
New Construction Resales in Manhattan -  Save Thousands of Dollars in Closing Costs Seller Pays New York City and NY State Transfer Tax except when Buying from a Developer/Sponsor. If you're looking to buy new construction you might save thousands of dollars by buying a resale in a brand new building. When a buyer purchases a condo or coop in a new development directly from the sponsor (developer) the buyer is usually required to pay New York City and New York State transfer tax. When buying from a sponsor in a coop, (unsold shares) the transfer tax is not only the percentage of the sale price but the amount of the underlying mortgage allocated to the shares associated with the unit being purchased is also included. In resales seller's pay transfer taxes. NYC transfer tax is 1.425% of s...
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