Manhattan, NY Real Estate News

By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Family Friendly Manhattan - Upscale Suburbia in New York City Last week I was showing a 2 bedroom apartment on the Upper West Side to one of my buyer client's a couple with a new baby. The apartment was listed by an attorney/broker/owner who lived in the apartment with her husband and children. Their Asking price: $1,450,000 with monthly maintenance of $2215. My client asked her if they were moving to the suburbs? She said Oh no we love it here we're buying a bigger apartment in the building and we don't need to sell this one first. As we left the apartment and we were in the hall, my buyers said to me "we would be considered wealthy if we were looking in the suburbs, but here we feel poor". Then they asked me if I saw the article in The NY Times about Manhattan having the richest todd...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
      Is History repeating itself in Manhattan? What else is new? In this coming Sunday, April 1, 2007 The New York Times Real Estate section has an article by Josh Barbenel titled Listing dream in Disarray that reports that after REBNY spent weeks meeting the objections of smaller firms, the two largest brokerage companies in Manhattan, Prudential Douglas Elliman and the Corcoran Group, announced that, partly because of the costs involved, they were planning to boycott the new Web site. These two firms have more than 50% of the listings in Manhattan. Each firm has more than 1000 agents. When REBNY first announced the search portal, the smaller member firms objected that they would be paying a disproportionate cost of joining the system. They objected that joining would be mandatory. No...
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By Paul Anyanwu, CRS, SFR, Broker-Salesperson, Sales West Orange,NJ
(RE/MAX SOLUTIONS)
A great opportunity to own this large 4-family house located in the Newark area, all large bedrooms, recently renovated, with new vinyl windows. Building is currently approved for section-8 tenants, it has 4-separate heating units and each tenant is responsible for paying their own utilities such as heat, electricity and gas. It has a total of 14 bedrooms, with three car detached garages. It shows very well and in-move-in condition, it generates a positive cash flow. Feel free to visit my website if you need additional information. www.metropolitancastles.com    
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By Nick Montalbano
(The Manhattan Group)
Craigslist has been cracking down on phony advertising significantly over the past year, which is great, but companies are still trying to get away with the “fake ads”.   These may not be bogus ads but they certainly are pretty Bad. Have you ever heard the famous line “O I’m sorry that was just rented, but xyz apartment is similar or available”…  It was invented for ads like these.  How do the following “Ads” appeal to you??  Would you even call one of these??  What if anything can ever be done to stop wasting a persons valuable time with all these false ads? Here’s the Top 5!  The first one is from Best Apartments Inc.  I hope for their sake they have the “Best Apartments” because this is close to the Worst ad we’ve ever seen.     http://newyork.craigslist.org/mnh/fee/299064077.html –...
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By Nick Montalbano
(The Manhattan Group)
The Puck Building is under going a much needed face lift.  Remodeling is slated to start soon as the scaffolding was put up yesterday.  Building employees were excited saying “it’s about time”.  This is going to be a crowded summer as both the northwestern and southwestern corners of Mulberry and Houston appear to be having serious work done.  See 290 Mulberry (curbed) article.The Puck Building was originally a Printing house for the Puck Magazine.  The magazine publication ended in 1918.  The building now houses NYU’s Wagner Graduate School of Public Service as well as ballrooms that host some of the most glamorous events from fashion designers runway shows to Democratic politician’s celebration parties.                  
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By Nick Montalbano
(Manhattan Group)
As NYU plans to expand an underground power plant they once again plan to ruin another staple of the Village. The residents and neighbors around NYU’s new $120 million dollar expansion plan are set to rally against the privately owned university / real estate tycoon. I’m sure residents do appreciate NYU’s extra bonus to put in a new sitting park with pathways, but if it’s not broke should they fix it? The power plant is necessary for NYU to meet updated environmental laws which would improve the air quality by burning a cleaner natural gas as opposed to the one currently being used which is diesel powered. The university is examining other options but they are also controversial. One option is to place half the plant on NYU property which would be nice considering it is their power plan...
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By Nick Montalbano
(Manhattan Group)
Moving to a new apartment? Do not forget some of your necessities like your slippers, your toothbrush, and… oh yeah your petsAt times having a pet whether a dog or a cat can make that apartment hunting much more difficult. More than 50% of all rental agencies and Condos and Co-ops do not allow any pets. The other 50% have rules in place dictating their policies and spelling out the specific types of pets , their maximum size, breed and weight. The policies vary from place to place and it is up to you or your Real Estate Broker or Agent to check on policies prior to viewing apartments so to avoid a disappointment upon filing an application only to later on find out that your pet is not welcome. In rental buildings the guidelines are usually more simple and clear. Pets are either allowed ...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Foreclosures? 100% Financing: NIMBY: Not in my Backyard - It's a BULL Market! Manhattan is an island.  There has been much media attention including some great blogs from activerain members like Brian Brady. Many of the headlines are negative some predicting a slow down in the economy the stock market has already become volatile and is in a correction. I know in many markets the fall out must be terrible. Fortunately in Manhattan nothing can be further from the truth. Our market is on fire. Inventory is very low. We are experiencing multiple bids, no contingencies, full ask and over. I've been receiving calls 15 minutes before a showing that an offer has been accepted, but still showing for backups. I've been trying since Monday to get an appointment with my buyers at a new development ...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Morningside Heights is the academic quarter of New York City. It stretches irregularly from north of 96th Street to about 123rd Street between Morningside Park and Riverside Park on the Upper West Side of Manhattan. From the top of a 135-foot bluff, it overlooks the Hudson River on one side and Harlem on the other. It is about 15 minutes from midtown Manhattan by subway. With apartments on the "Gold Coast" of Riverside Drive selling for well over $1,000,000, Morningside Heights is one of th granted scenic landmark status toe more desirable residential neighborhoods in Manhattan. The area that is now Morningside park was described as "inconvenient for use" by a city surveyor in 1867, meaning difficult to build property on, so it was made into a park, which was called "Morning-side park" ...
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By Larry Vecchio
(CondoDomain)
The Journal reports that rocker Jon Bon Jovi has listed an apartment he owns in the Park Millennium high-rise condo tower on Manhattan’s Upper West Side for $6.95 million. The Journal claimed that Bon Jovi’s 1998 purchase price for the 28th-floor unit “couldn’t be learned,” but a quick search of public records shows that the rocker paid $1,833,000 for it. The Journal also reported that Bon Jovi’s main home is in his native New Jersey, but public records show that he actually owns a mansion on 8.37 acres in Middletown Township, N.J., along with an adjacent 6.5-acre farm. Continued…source Condo Blog see more NYC Condos 
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Chelsea "HOT" real estate market - "COOL" NeighborhoodChelsea is located between 34th Street and Greenwich Village on the West Side. Chelseais largely a residential area with a varied mix of high-and mid-rise buildings, brownstones and industrial lofts. The architecture in this area is unique. East of Ninth Avenue, the spacious and stylish loft warehouses give way to stunning landmark townhouses, prewar co-ops and new luxury high-rise buildings.For many years Chelsea was the heart of the Garment and Flower districts until recently. Chelsea today is one of the city's hottest zip codes and coolest neighborhoods. It is now considered a fashionable place to live, it began in the early 1800's as a family farm, it became more commercial later that century with the arrival of an above ground r...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Clinton - Hells Kitchen - Midtown West  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.It has been a long time since Hell's Kitchen earned its reputation - the one from the gang fights in "West Side Story" in the 60's. 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 constructi...
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By Brian Brady, 858-777-9751
(San Diego VA Home Loans/858-777-9751)
Back in November, I wrote a predictive article about Manhattan real estate called:Boom Time in the Big AppleAn excerpt: Real estate is a local business driven by local market conditions and bought and sold (mostly) by local people.How about a market that is fueled by an industry that has experienced steady wage/earnings growth since 2003 and is about to have its best year in ten years?   That would be the securities industry and that industry is headquartered in New York City.This article, published today in the Wall Street Journal, highlights that investment bankers, traders, and brokers have experienced a boom this year.  They're about to be rewarded in early 2007 with HUGE bonuses!  Where do you think those bonuses will go?  Art?  Maybe.  Fancy Cars? Well, maybe but parking is so tou...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Understanding Cooperatives and Condominiums CO-OPS - Manhattan's Primary Housing Style Co-ops (short for "cooperatives") are apartments buildings owned by a corporation. Individual tenants do not own their apartments in exactly the same way that they would a condominium or home. They actually own shares of stock in the corporation. These shares are apportioned based on the size and floor level of their apartment, and ownership is established by a stock certificate and occupancy is governed by a "proprietary lease". The corporation pays all real estate taxes, maintenance expenses, and the underlying mortgage on the building. The co-op owner's portion of the payment depends on the number of shares owned in the corporation. Cooperative ownership is the most common form of apartment ownersh...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Room Count Guide: Below is the recommended method of residential room count found in the Residential Guide devised by REBNY's Residential Brokerage Division. (Real Estate Board of New York) 1 room Studio with pullman kitchen 1½ rooms Studio with pullman kitchen and alcove or dining area 2 rooms Studio with separate kitchen 2½ rooms Studio with separate kitchen and sleeping alcove 2½ rooms 1 bedroom with Pullman kitchen and living room 3 rooms 1 bedroom, living room, kitchen 3½ rooms 1 bedroom, living room, kitchen, dining area 4 rooms 1 bedroom, living room, kitchen, dining room - or -2 bedrooms, living room, kitchen 4½ rooms 2 bedrooms, living room, kitchen, dining area 5 rooms 2 bedrooms, living room, kitchen, dining room 5½ rooms 3 bedrooms, living room, kitchen, dining area 6 rooms ...
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By Larry Vecchio
(CondoDomain)
Only In New York: A Condo Board Sues Subway Sandwiches For Having Annoyingly Fresh-Baked Bread UES board files a $500K lawsuit against a Subway franchise for polluting the neighborhood with the “nauseating” smell of fresh bread.  A condominium board on the Upper East Side is asking a judge to stop a newly opened Subway restaurant from baking fresh bread, claiming the building is being “inundated with strong and nauseating food odors,” causing property values to plummet.The owner of the franchise, Tae Hyun Shin, 47, said yesterday that he has tried to accommodate his neighbors, offering to reimburse them to dry-clean clothes they say smell as well as installing a $3,500 ventilation system that he says pushes the baking fragrance onto Second Avenue. The campaign is being spearheaded by a ...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
        SoHo      New York, NY 10013      SoHo ( stands for South of Houston - pronounced "How -Stun")   Soho is a premiere destination for the world's trendiest jet setters, New York's SoHo district has something to offer just about everyone. Bordered to the North by Houston Street, to the South by Canal Street, to the West by Sixth Avenue and to the East by Broadway. Soho is characterized by the imposing cast-iron architecture of the late 19th Century that was built for manufacturing and warehousing. The beautiful cast iron structures that characterize the area were New York's original skyscrapers, originally the City's tenderloin in the early 1800's.    As New York grew industry moved in. Many of the cast-iron buildings on the cobblestone streets were used as sweat shops. The sweatsh...
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The Setai in Miami is a 40-story ultra-luxury, high rise condominium tower. The residences feature a multi level-lobby, 163 units with panoramic views of the ocean, South Beach and the Miami skyline from floor-to-ceiling windows, and all of the finest amenities. The Setai offers one, two, three, and four bedroom units, two-story Townhouses, and spectacular Penthouse Villas.  NOW coming to NYC: Marketing has started for The Setai New York, located at 40 Broad Street in the Financial District. Prices range from 475 to 3,424 square feet and are priced from $645,000 to $6.75 million. Hopefully completed by the summer of 2007.  The Setai, New York will host a list full of ultra luxury and ultra posh amenities’.  For example...day spas for tenants, a rooftop lounge, with floor-to-ceiling gla...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
    New York City Building Terminology Rent Stabilized Building Rent Stabilization was established in New York City in the late 1960's to set limits on the amount building owners could raise rents and to set performance guidelines for both the landlord and tenant. Rent increases for one and two year leases are determined annually by the New York City Real Estate Advisory Board. Over the past five years, annual rent increases have been in the 3-7% range. Tenants are guaranteed renewal rights to stabilized leases provided they have fulfilled the terms of the lease. Introduced in 1993, luxury destabilization provides for lease-end destabilization of apartments that rent for over $2,000 per month when occupied by a tenant earning more than $175,000 per year. There are very few rent stabili...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
New York Apartment terminology A-Z Alcove: an area adjoining the living room which can be used for a dining area or be separated or closed off to make a bedroom, den or office. Classic: in a pre-war building, an apartment which has a formal dining room, and, in a larger apartment, one or two maids' rooms. A "classic six", for example, is a six-room apartment in a pre-war building that has a living room, formal dining room, two bedrooms, kitchen, maid's room, and 1, 2, or 3 baths. In the larger classics, it is common to find the smaller maids' rooms combined into one larger room. Frequently, pre-war buildings have been gutted and "rehabbed," but room counts and layouts will usually be listed according to their original configuration. Convertible, Flex or Junior: an apartment with an alco...
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