NYC Construction Permits Increased in 2011

NYC announced today an 18 percent decrease in construction-related accidents in New York City for 2011, despite a 7.7 percent increase in the issuance of construction permits citywide. 

Construction-related injuries also decreased across the City last year – falling from 165 reported accidents in 2010 to 152 in 2011, a reduction of 7.8 percent.

In addition to increased enforcement, expanded outreach to construction industry members and greater cooperation by builders throughout the City, the Department of Buildings has implemented more than 25 new construction safety laws since 2008 to enhance public safety and provide businesses and developers with the confidence to invest in New York City, create good-paying jobs and promote economic growth.

While there were notable decreases in construction-related accidents and injuries, the number of initial construction permits – including new buildings, major and minor alterations and demolitions – increased by 7.7 percent from 80,675 to 86,895 in 2011. This marks the third consecutive year where the issuance of permits has increased, fueled by a rise in small-scale construction, a positive sign for both the construction industry and the economic future of the City.

Examples of the new initiatives launched by the Department of Buildings in recent years to enhance public safety, provide greater oversight and increase industry awareness include:

• First revision of the City’s construction codes in 40 years, which took full effect in 2009 and expanded safety requirements during the construction process;
• More than 25 new construction safety laws, including a smoking ban on all construction sites, mandatory training for all tower crane workers and requiring the uniform color coding and regular pressure testing of standpipe sprinkler systems;
• Creation of a Stalled Sites Unit that has conducted more than 14,000 inspections of stalled construction sites to ensure properties are maintained in a safe manner;
• Creation of a site safety program for major construction projects that allows contractors to submit plans for an enhanced review by Department experts; and
• Launch of Experience Is Not Enough, a citywide safety campaign to encourage construction workers to use proper fall protection, such as safety harnesses, guardrails or nets. More than 12,000 banners, bracelets and posters were distributed to construction sites across the City.

Time Line for Buying a Manhattan Home

 
Time Line Guide For Purchasing a home in Manhattan - Relocation

1. Mortgage Pre-Approval:

Typical Time frame: 30 minutes - 2 hours

You must know how much you can spend before you spend it. Condominium apartments require at least 10% down; cooperatives generally require at least 25% down. However, every building is different. Go to this web site to get pre-approved and start the mortgage process.

2. Find an apartment:

Typical Time frame: 3 - 6 months before closing.

Depending on what you are looking for, the length of your search will vary. The average person sees 10 - 25 apartments before deciding on one. Viewing apartments on-line can save you time and headaches by eliminating those you don't like. The first apartments you see are often the best, so try to be alert and ready.

3. Negotiations:

Typical Time frame: 1 hour to 2 weeks

Step One: Make an OFFER. Everything is negotiable so inquire about assessments, fixtures, window replacements, air conditioners, rugs, floors, curtains, appliances, working fireplaces, washers, dryers, etc. Apartments are delivered "swept clean".

4. Sign a Contract:

Typical Time frame: 1 - 3 weeks

Typically in a sales transaction, a New York City real estate attorney represents each buyer and seller. The seller's attorney draws up the contract for the buyer's attorney review; the buyer's attorney does "due diligence", reading condo or co-op minutes, financial statements, etc. The buyers sign the contract and forward the contract with a 10% deposit; the sellers execute the contract. Possible contingencies: Financing, Board Approval, closing dates. The quicker the contract can be signed, the better. A contract is binding only after all parties have signed.

5. Apply for and get a mortgage:

Typical time frame: 24 hours to - 4 weeks

Receive commitment letter from lender. Mortgage applications cannot be processed without an executed contract. If an apartment is being financed, the board requires a commitment letter from a lender. These letters are generally the last items to complete a board package/condo application.

6. Complete a Board Package or Condominium Application:

Typical time frame: 1 - 3 weeks

Cooperative apartment buildings require board approval before a closing can take place. Condominiums require an information package to be completed before a closing can take place. In order to review a potential purchaser, the Board of Directors for a co-op demands extensive information in a Board Package. Most boards request the following information: financial disclosure (net worth) with supporting documentation, employment history, professional and personal reference letters, tax returns, etc. If a purchaser cannot or does not want to supply this information, he/she should buy a condominium. Board packages/Condo applications are given to potential buyers to fill out after a contract has been executed. If there is no financing, it usually takes about 2 - 3 weeks to gather the information for the board condominium application.

7. Submit Board Package or Condo Application for the managing agent's review:

Typical time frame: 1 - 4 weeks

Once completed, multiple copies (6-10 copies) are forwarded to the managing agent who makes sure all required information has been included. The "package" is then submitted to the co-op Board. The Board will then decide to interview (or reject) the applicant based on the "package."

8. Meet the Co-op Board for an Interview:

Typical time frame: 30 minutes - 1 hour

Co-op boards typically meet once a month, and some Boards do not meet in August. Every Board is different, but generally, a Board Meeting will be held in the evening on a weeknight. Although a board interview may be granted, this does not guarantee board approval. Although we present interview dates that are most convenient for you, board interviews tend to be "command performances" at the board's discretion.

9. Receive Approval from Board:

Typical time frame: 1 day - 1 week after board interview

The managing agent will generally alert the seller's broker or buyer's broker when a potential buyer has passed the board.

10 Schedule a Closing:

Typical time frame: 1 - 2 weeks after board approval

Managing agents generally set the date for closings, and lawyers for sellers and buyers coordinate with the appropriate banks on available dates and times.

11. Closing: Bring your checkbook

Manhattan Seller
Manhattan Buyer

421a Tax Abatement - Pros and Cons

Cooperative and Condominium Tax Abatement

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.

Click here for current listings in Manhattan New Developments

Manhattan Q&A: Coop vs Condo Approval Process

Manhattan Real Estate Question and Answer

Q.     What is the difference between the approval process in co-op versus condo building?

A. The difference between the approval processes in a coop versus condo buildings is based on the two different forms of ownership. Coop ownership differs from that of Condos in that you own shares in a corporation accompanied by a proprietary lease instead of holding title to a piece of property. A board of directors governs the coop. The coop board establishes what the requirements are in order to purchase an apartment in their building. 

Unlike condominiums the coop board can reject a purchaser for any or no reason other than discrimination. In a condominium the board only has the “right of first refusal” and must buy the apartment for the same price and terms being offered. The only way a condo can reject a buyer or pending sale is to exercise their right of first refusal and buy the apartment for the same price and terms being offered. 

All coop purchasers (except sponsor sales) are required to submit a board package. The board will review the package, if it looks in order they will schedule an interview with purchaser. A Co-op board will require complete financial disclosure. They will look into the purchaser’s financial history, current and past income, assets, liabilities and references when evaluating a purchaser’s board package. 

Some condominiums ask for very little or no financial documentation from purchasers but many now have similar applications to coops. They can ask for the documentation but legally they can’t reject the sale.

A coop purchase usually takes longer than a condo purchase because of the board application process and the scheduling an interview. A coop purchase typically takes 90 days or more and a typical condo purchase is 45-60 days. An all cash condo sale can sometimes close in 30 days.

The Morellino | 159 West 118th St | Condo Conversion

The Morellino is a pre-war condominium conversion consisting of 35 residential units, 20 storage units, & 5 retail units connected to the building.

Of the 35 residential units, 15 1BR, 9 2BRs, and 11 3BRs. Six of the units boast outdoor space, either as a rooftop terrace or ground level garden. The building includes a fitness center, common outdoor rooftop, children’s playroom, a virtual doorman system, and a reception area/lobby.

The Morellino is located in the heart of West Harlem at 159 west 118th Street between Lenox Avenue and Adam Clayton Powell Boulevard. 

The Morellino features modern style chef kitchens that open up to the living area. Kitchen features: White Kashmir granite countertops, rich Italian designed dark wood cabinetry, and gorgeous glass tile backsplashes. Equipped with top of the line appliances such as stainless steel Liebherr and KitchenAid refrigerators, KitchenAid ovens and ranges, KitchenAid microwaves, and KitchenAid dishwashers, the kitchens at the Morellino embody luxury and convenience in every sense.

Bathroom features: Designed for relaxation, the baths at the Morrelino come in three different configurations. 

1) Free standing glass enclosed shower stall with double sink, and vanity.
2) Tub shower with single sink, and medicine cabinet.
3) Free standing glass enclosed shower stall with single sink, and medicine cabinet. 

All baths are appointed with sleek Kohler fixtures, modern wood cabinetry, marble tile walls, and ceramic tile floors throughout. Some layouts feature windowed bathrooms. 

The LIVING spaces at the Morellino are a combination of authentic and modern styles, with touches that add character and sophistication. Units feature modern red oak veneer flooring, custom finished baseboards, and high ceilings. In contrast with this up to date look are the charming original exposed brick walls, and Victorian shaped windows with marble sills, and double layer insulated glass. 

Available units range in Price from $475,000 for a 716 square foot one bedroom to $1,400,00 for a 1438 square foot three bedroom, three bath penthouse. There is also a 1613 square foot townhouse with garden for $995,000.

Manhattan Monthly Market Report December 2011

Condominium Monthly Market Report

Although sales experienced a seasonal slowing in the Fourth Quarter, the value of Manhattan real estate continues to be stable.  Overall, the average price per square foot in Manhattan was off only 1% from last quarter and the year before, at $1,044. 

In the case of condominiums, limited inventory resulted in the highest pricing levels since late 2008.

  

Cooperative Monthly Market Report

  Cooperatives held steady, with mild decreases or unchanged metrics. 

 Download Complete Manhattan Fourth Quarter Market Report

No doubt you have been following the economic news closely over the last year.  If so, you have had your eyes on the real estate market as a key indicator for economic recovery.

The combination of shrinking inventory and stabile prices are hopeful signs for the value of real property as we enter the New Year.  

I will be tracking them all closely as 2012 unfolds, and would welcome the opportunity to answer any questions you may have about the report or the market generally.

Manhattan Market Reports

eWaste Recycling New York City | January 2012

The Great Month-Long After-the-Holidays eWaste Recycling Events

Tech is always a top gift during the holidays, which means there are tons of old gadgets to be disposed of every January.

Tekserve NYC's beloved Apple Specialists in partnership with the Lower East Side Ecology Center, is making sure eWaste is handled responsibly by making recycling more convenient than ever, hosting events in every borough.

All recyclers at these events will receive a Green Karma Coupon — good for a mystery discount of anywhere between $5 and $500 off any one purchase made at Tekserve by the end of February* — as well as a chance to win a MacBook Air.

So bring your unwanted computers, monitors, printers, scanners, fax machines, network devices, peripherals, hard drives, CD-ROM drives, TVs, VCRs, DVD players, DVR/cable/satellite receivers, portable music players, cell phones, radios, video games, and more to one of these eWaste Recycling Events:

Dates & Locations

All events run 10 a.m. – 4 p.m., rain or shine

SAT	Jan 7	Bowling Green Park • East side of Broadway at Beaver St., Financial District
SAT	Jan 7	Midland Beach Parking Lot 5 • Father Capodanno Blvd. & Jefferson Ave., Staten Island
SUN	Jan 8	Union Square Park • North Plaza, cars may enter on E 16th St. & Union Square West
SUN	Jan 8	Queens Botanical Garden • Enter parking lot on Crommelin St., Flushing
SAT	Jan 14	Carl Schurz Park • E 88th St. & East End Ave., Upper East Side
SAT	Jan 14	McCarren Park • Bedford Ave. just north of N 12th St., Williamsburg
SUN	Jan 15	Prospect Park • Prospect Park West & 3rd St., Park Slope
SAT	Jan 21	Tekserve • 119 West 23rd St. btwn. 6th & 7th Aves., Chelsea
SUN	Jan 22	Central Park • Central Park North & Lenox Ave., Harlem
SUN	Jan 22	West 63rd Street • Btwn. Central Park West & Broadway, Upper West Side
SAT	Jan 28	Ring Garden • Riverside Drive btwn. Seaman Ave. & Broadway, Inwood
SAT	Jan 28	Brook Park • Brook Ave. btwn. 140th & 141st St., Mott Haven, South Bronx

For complete information, click here.

For questions about recycling, call the Ecology Center at 212 477-4022. 

*Terms and conditions apply. Visit tekserve.com/greenkarma for details. Expires February 29th, 2012.

Manhattan Market Report Fourth Quarter 2011

After strong demand over the past two quarters, market wide transaction activity pulled back during Fourth Quarter 2011 to approximately 2,600 sales, the lowest level of activity since Second Quarter 2009.

The number of quarterly sales was 12% lower than Fourth Quarter 2010 and 20% lower than Third Quarter 2011. The compression in sales this quarter can be attributed to seasonal activity trending downward at the end of each year and low new development inventory.

The condo and co-op market statistics were divergent this quarter, and fundamentals should be viewed separately. Condo inventory decreased 11% from a year ago due to limited new development openings but in contrast, co-op availability remained even. The net effect to market-wide listed inventory, at 8,440 listings, fell 6% from last quarter and 4% from Fourth Quarter 2010.

 Limited availability in the condo market has led to a surge in pricing. Condo median price and average price per square foot in Fourth Quarter 2011 were at their highest levels since the downturn. Condo median price is at its highest level since Fourth Quarter 2008 and average price per square foot is at its highest level since First Quarter 2009.

Co-op median price declined this quarter while average price per square foot held relatively firm from one year ago and declined only marginally from Third Quarter 2011. In the new development sector, supply cannot keep pace with demand and several markets are already under- supplied; when properties enter the market they are highly anticipated and get absorbed rapidly, usually with price increases.

Download Full Report

Reasons to Buy New Construction in Manhattan

The Aldyn

TOP 10 REASONS TO BUY NEW CONSTRUCTION IN MANHATTAN


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 abatement's.

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.

It is important to have an experienced buyer's broker represent you in New Developments. On-site sales agents represent the seller/sponsor/developer's interests.

Click here to receive new development listings
Call me at 917-312-0924 or email me to schedule showings

Riverside Drive - Upper West Side

Riverside Drive Apartments and Townhouses

The Normandy

Along Riverside Drive on the Upper West Side, there are some grand scale apartment buildings with magnificent river views to match the street's name.

Riverside Drive in the 70s, 80s and 90's have their share of “Classic Six” prewar apartments and “Classic Seven,” apartments two and three bedroom apartments with formal dining rooms and maid's rooms.

Riverside Drive is one of Manhattan's most desirable neighborhoods. Many of the pre-war apartments have direct Hudson River and Riverside Park views.

Riverside Park is widely regarded as Manhattan's most spectacular waterfront park. As one of only 10 officially designated scenic landmarks in the City of New York, it has a long and storied history.

Riverside Drive, Riverside Park, Hudson River

40 Riverside Drive

In 1865 a scenic drive and park was built on Manhattan's Upper West Side.

The development of the park encouraged the construction of mansions along the drive.

Today Riverside Drive is made up of handsome grand prewar buildings, mansions and townhouses.

Current available apartments for sale on Riverside Drive range from small studios in the mid $200,000's to a 4 bedroom 3 bath pre-war coop for $3,450,000 to an Eight bedroom 4742 square foot post war condo asking $10 million.

Current available townhouses for sale on Riverside Drive are a Single family 7500 gross square foot  26' 3" x 54'6 six story home asking $12, 500 to Multi-Family 9400 square foot 32' x55' 5story building with elevator asking $17,000,000.

Contact me at 917-312-0924 if you're interested in purchasing an apartment or townhouse on Riverside Drive or if you are thinking about selling your home on Riverside Drive.

Mitchell Hall, Associate Broker, Corcoran

• Manhattan Seller 
• Manhattan Buyer

Happy Holidays! Merry Christmas! Happy Chanukah!

Broadway Mall at West 86th Street Upper West Side
iPhone photo: Mitchell Hall

Happy Holidays!

Merry Christmas! Happy Chanukah! Feliz Navidad!
Mele Kalikimaka! 聖誕快樂! Seasons Greetings!

No matter how you say it or how you celebrate it, may your season be filled with warmth, peace and prosperity.

Wishing you a safe and happy holiday season!

Mitchell Hall

Recycled Christmas Tree on Upper West Side

NYC garbage Christmas Tree onrnaments

Christmas Tree with ornaments made of lids in front of The Church of Saint Paul and Saint Andrew

at West End Avenue and 86th Street on the Upper west Side of Manhattan

The Church of Saint Paul and Saint Andrew | West End Avenue @ 86th Street

The Upper West Side Methodist Church offers Homeless a Home and more. The Church has operated a pantry for more than 30 years and a woman's shelter fror more than 20 years. Many of the Church's congregants started out sleeping on the Church steps.

Today the building is also shared by Congregation B'Nai Jeshurun and West Park Presbyterian Church.

iPhone photos: Mitchell Hall

NYC Attracted 50 Million + Tourists in 2011

(Photo Credit: Edward Reed)

City Expects to Welcome 50.2 Million Visitors by the End of 2011, Breaking Record One Year Ahead of Schedule.

City to Generate a Record $32 Billion in Visitor Spending and $48 Billion in Economic Impact by Year’s End.

New York City will reach 50.2 million visitors by the end of 2011, achieving the goal of attracting 50 million visitors by 2012 one full year ahead of schedule. Throughout 2011, the City maintained its position as the number one city destination and overseas destination in the United States. 

New York City continues to hold its position as the number one port of entry for the U.S. and the number one U.S. destination for overseas travel with approximately one out of every three visitors to the U.S. visiting the five boroughs. 

Mayor Bloomberg presented the Johnson family from Lichfield, England with a “golden ticket” to New York City and named them the honorary 50 millionth visitors to New York City. The announcement was made in iconic Times Square – the crossroads of the world – as video screens flashed “50 million” and more than 100 members of the tourism industry joined to celebrate the historic moment.

Since 2006, New York City has continued to increase its market share for all inbound international travel to the U.S. growing from a 28 percent market share to a nearly 33 percent market share for 2010. Each additional share point captured by New York City accounts for approximately $600 million dollars in spending to the five boroughs. 

Lincoln Towers | 140 - 205 West End Avenue

Lincoln Towers | Residential Coops

The eight Lincoln Towers buildings are situated on a 20 acre campus in the middle of Manhattan's Upper West Side between West 66th and West 70th Streets conveniently located near Lincoln Center, Central Park and Riverside Park. 

The 28 and 29 storied buildings have many different floorplans ranging from small and large studios to 1, 2 and 3 bedroom units many with dining alcoves and terraces and abundant closet space.

The building's amenities including storage, bike, playrooms, fitness clubs, central laundry and parking on the premises, garages, valet parking and 24 hour doorman/concierge and private security force. 

The Lincoln Towers buildings are situated opposite open space, trees, playgrounds and parks, including a private, gated, five acre park complete with children's playground, basketball courts and hockey rink. 

Built in 1961, it was part of a vast urban renewal program centered around the new Lincoln Center for the Performing Arts. Each building is an independent cooperative with it's own rules and purchasing requirements but residents retain access to and shared ownership of the beautiful gardens and playgrounds that surround the complex that can be accessed directly from the buildings.
 

205 WEST END AVENUE

New York, NY, 10023

Upper West Side 

Building is located on West 70th Street and faces away from the complex. This gives the building a kind of separate feel to it.

Co-op

High-rise
Full Time Doorman
28 Floors. 543 Apartments.
Post-war. Built 1959. Converted to Co-operative in 1987. Financing Allowed: 70%  Elevator (6) Bike Room; Driveway; Garage; Courtyard; Garden; Health Club For A Fee; Basketball Court; Laundry Room; Valet; Nursery; Playground; Common Storage Room; Wifi. Pied-A-Terre Allowed. W/D Not Allowed.
Pets Allowed With Board Approval. One Dog with Board Approval.

Co-operative does not allow parents to purchase for children; must purchase with them. 

  

185 WEST END AVENUE 

New York, NY, 10023

Upper West Side
West 66th Street and West 70th Street

Co-op
High-rise
Full Time Doorman
29 Floors. 423 Apartments.
Post-war. Built 1959. Converted to Co-operative in 1987.
Elevator (4)
Bike Room; Driveway; Garage; Garden; Health Club For A Fee; Basketball Court; Laundry Room; Nursery; Playground; Lounge; Common Storage Room; Private Storage.
Pied-A-Terre Allowed. W/D Not Allowed.
Pets Allowed.
Financing Allowed: 70%.

180 WEST END AVENUE

New York, NY, 10023

Upper West Side
West 66th Street and West 70th Street

Co-op
High-rise
Full Service
29 Floors. 450 Apartments.
Post-war. Built 1961. Converted to Co-operative in 1987.
Elevator (4)
Bike Room; Driveway; Garage; Garden; Health Club; Fitness Room; Basketball Court; Laundry Room; Nursery; Playground; Lounge; Common Storage Room.
Pied-A-Terre Allowed. W/D Allowed.
Pets Allowed.
Financing Allowed: 70%. Corporate Ownership: Allowed. No Transfer Fee.

170 WEST END AVENUE

New York, NY, 10023

Upper West Side

West 66th Street and West 70th Street

Co-op
High-rise
Full Time Doorman
29 Floors. 484 Apartments.
Post-war. Built 1961. Converted to Co-operative in 1987.
Elevator (4)
Bike Room; Driveway; Garden; Fitness Room; Basketball Court; Laundry Room; Common Storage Room.
Pied-A-Terre Allowed.
Pets Allowed. One Pet Only. Weight Limit 50 lbs.
Financing Allowed: 75%. Tax Deductibility: 50%. Co-Purchasing Allowed. No Transfer Fee.

  

165 WEST END AVENUE
  
New York, NY, 10023

Upper West Side
West 66th Street and West 70th Street

Co-op
High-rise
Full Time Doorman
28 Floors. 668 Apartments.
Post-war. Built 1959. Converted to Co-operative in 1987.
Elevator (3)Bike Room; Garage; Courtyard; Garden; Fitness Room; Basketball Court; Laundry Room; Valet; Playground; Rooftop Deck; Common Storage Room.
Pied-A-Terre Allowed.
Pets Allowed. Weight Limit 20 lbs.
Financing Allowed: 75%. Tax Deductibility: 50%. Co-Purchasing Allowed. Parental Purchasing Allowed. Guarantors Allowed. 

160 WEST END AVENUE

New York, NY, 10023
Upper West Side
West 66th Street and West 70th Street

Co-op
High-rise
Full Time Doorman
29 Floors. 543 Apartments.
Post-war. Built 1961. Converted to Co-operative in 1987.
Elevator (4)
Bike Room; Garage; Garden; Health Club; Basketball Court; Laundry Room; Playground; Common Storage Room.
Pied-A-Terre Allowed.
No Dogs. No Pets for Sub-tenants.
Financing Allowed: 75%. Tax Deductibility: 45%. Co-Purchasing Allowed. Parental Purchasing Allowed. Guarantors Allowed. No Transfer Fee.

150 WEST END AVENUE

New York, NY, 10023
Upper West Side
West 66th Street and West 70th Street

Co-op
High-rise
Full Time Doorman
29 Floors. 450 Apartments.
Post-war. Built 1961. Converted to Co-operative in 1987.
Residential Street, Block: 1158, Lot: 7503, Community Board: 7, School District: 3.
Elevator (4)
Bike Room; Driveway; Garage; Courtyard; Garden; Fitness Room; Basketball Court; Laundry Room; Valet; Nursery; Playground; Common Storage Room.
Pied-A-Terre Allowed. W/D Not Allowed. Open Houses Allowed.

140 WEST END AVENUE

New York, NY, 10023
Upper West Side
West 66th Street and West 70th Street

Co-op
High-rise
Full Time Doorman
30 Floors. 560 Apartments.
Post-war. Built 1960. Converted to Co-operative in 1987.
Elevator (6)
Bike Room; Driveway; Garage; Garden; Basketball Court; Laundry Room; Playground; Common Storage Room.
Pied-A-Terre Allowed. W/D Not Allowed.
Pets Allowed.
Financing Allowed: 70%. Tax Deductibility: 51%. Corporate Ownership: Not Allowed. No Transfer Fee.
Allowed. Board Approval Required. After the first year up to two years with approval.

Current available (25) listings throughout Lincoln Towers range from an alcove studio from $315,000 to a 1500 square foot two bedroom asking $1,349,000.

Contact me at 917-312-0924 if you're interested in coop apartments in Lincoln Towers or if you are thinking about selling your Lincoln Towers apartment.

courtesy of:

Mitchell Hall, Associate Broker, The Corcoran Grou

• Manhattan Seller
• Manhattan Buyer

The Savannah | 250 West 89th Street

The Savannah Condop | 250 West 89th Street

The Savannah is a full service post-modern luxury condop on Upper Broadway on the Upper West Side of Manhattan.

The Savannah built 1987 has 20 floors and 141 apartments. Apartments range from studios to one and two bedroom simplexes, duplexes and penthouses.

The Savannah is a coop with no "board approval" and is ruled like a condo. It is pied-a-terre, pet and investor friendly.

Amenities include:  Bike room, garage, fitness room, laundry on every floor, rooftop deck, doorman and concierge.

Corporate ownership is allowed. Maximun financing is 80%.  Located at Broadway and West 89th Street. Community Board 7, School district 3.

Prices range from the mid $300's for studios to $1.7M for a 2 bedroom penthouse. At this wriing, there are currently no active listings available for sale but there is a penthouse studio for for rent at $2350/month.

Click here to receive listings in The Savannah or any other Manhattan building.

Click here to find out how much your apartment is worth

Click here to sell your Savannah or any Manhattan apartment

NYC Zone Green Proposal

NYC Begins Public Review on Far Reaching Zone Green Proposal

The City Planning Commission unveiled details of its Zone Green initiative for public review today. The wide-ranging plan aims to reduce greenhouse emissions in NYC by increasing the energy efficiency of its buildings through the use of solar energy, improved materials, and the removal of regulatory restrictions on retro-fits to existing buildings.


Regulatory changes would go further than any major US city to remove obstacles to Green Buildings and energy efficiency. Zone Green builds on PlaNYC to create potential annual energy savings of up to $800 million, improve the environment and create jobs.

Key Zone Green zoning proposals

• To create energy efficient building walls, allow existing buildings to add external insulation within their property line by exempting insulation from floor area and yard requirements. Reward new buildings that exceed current energy efficiency standards by partially exempting more efficient walls from floor area calculations.
• Revise regulations to allow solar panels on roofs to penetrate maximum building height limits.
• Permit sun control devices such as vertical or horizontal shades or screens to project from building facades over required open areas. These devices can help reduce the need for air conditioning and lighting, but are often prohibited.
• Amend regulations to foster green roofs and skylights as well as the use of rooftops for managing stormwater or accommodating cogeneration facilities. Allow more flexibility for bulkheads to accommodate multiple rooftop uses.
• Subject to certification from the Chair of the City Planning Commission, waive floor area and height limits for rooftop greenhouses on buildings without residences or sleeping accommodations.
• Wind energy generation makes the most sense on taller buildings and near the waterfront where winds are more consistent. Proposed zoning changes would allow small wind turbines above building height limits on buildings taller than 100 feet and on buildings lower than 100 feet near the waterfront, except in low-density residence districts.

Related Zone Green proposals

Related City legislation would tighten the energy performance standards for a building’s envelope (walls, windows, roof). This would ensure the long-term energy efficiency of these buildings.
Zone Green also proposes a targeted amendment to the New York State Multiple Dwelling Law to allow the external insulation of buildings built before 1961.

The proposed text amendment will undergo a complete public review process, including referral for 60 days to all community boards, borough boards and borough presidents for review and comment, followed by review by the City Planning Commission and City Council.

Manhattan Monthly Market Snapshot November 2011

Upper West Side Market Report

Upper West Side Market Report

Resales

Resale co-op pricing on the West Side decreased from both Second Quarter 2011 and Third Quarter 2010. Median price dipped 4% from last quarter and 9% from a year ago while average price dropped 5% from last quarter and a year ago.

Three-plus bedroom co-ops, however, increased 11% in median price from last quarter. Resale condos, on the other hand, increased 11% in median price and 7% in average price per square foot versus Second Quarter 2011.

Compared to a year ago, condo median price dipped 4% as fewer two- and three-plus bedroom residences traded but average price per square foot was 2% higher.

 Data from Corcoran Report 3Q-11

NEW DEVELOPMENTS

West side new development pricing saw big jumps in median price and average price per square foot over both time periods.

Median price rose 43% from last year and 44% from last quarter as a large number of $5 million- plus transactions were recorded.

Average price per square foot increased 15% from last year and 14% from last quarter. These sales were primarily at  The Laureate, The Apthorp, The Aldyn and 535 West End Avenue.

 Data from Corcoran Report 3Q-11

As always, I will continue to follow closely sales activity and trends in Manhattan Lofts, and would welcome the oportunity to answer any questions about this report, the market in general or any questions about buying or selling real estate in Manhattan.

Urban Umbrella the New NYC Sidewalk Sheds

(Photo Credit: Edward Reed)

A Welcome Change from Conventional Scaffolding

New York City unveiled the first prototype of the Urban Umbrella, the winning design from the urbanSHED International Design Competition. The competition was held to create a new design for sidewalk sheds – temporary structures built to protect pedestrians during construction – which had not been updated in more than 60 years in New York City. The prototype of the new state-of-the-art sidewalk shed was unveiled at 100 Broadway, a 24-story building in Lower Manhattan.

The Urban Umbrella features several new elements that are expected to transform the look of the City’s streetscapes and significantly improve upon the current model. 

The new structure, which is primarily comprised of recycled steel, translucent plastic panels and LED lighting, brings more air and natural light to the sidewalk and increases building visibility to help businesses attract customers during construction operations. 

The sleek design also limits obstructions to allow for more pedestrian traffic and increases visibility at night because of its strategic lighting. The design is safer than the current model because it is more resistant to the forces associated with falling debris, vehicle accidents and strong winds.

(images from the Mayor's Office)

Supported by the Alliance for Downtown New York and the Mayor’s Fund to Advance New York City through a grant from REBNY, the Urban Umbrella was constructed to incorporate new safety and aesthetic features that vastly improve the pedestrian experience.

Sidewalk sheds are required during construction of new buildings 40 feet or higher and the demolition of buildings 25 feet or higher. There are approximately 6,000 sheds installed in New York City.

Significant features of the Urban Umbrella include:

(images from the Mayor's Office)

• Sustainable LED lighting with an 11-year lifespan

• Graceful lighting strategy that enhances storefronts
• Translucent overhead panels that transmits natural ambient light to the sidewalk
• Horizontal load equal to 2% of its vertical load
• Elimination of cross-bracing that visually obstructs storefronts and building entrances
• 300 pounds per square foot load capacity to protect the public from falling debris and allow for safe construction above
• Adjustable feet that pivot and extend to accommodate changes in sidewalk pitch, eliminating the need for wood shims

To order the Urban Umbrella, contact the Agencie Group at urbanumbrella@agenciegroup.com.

Manhattan Luxury Market Report

Manhattan Luxury Market Report

Manhattan’s luxury market is defined as the highest priced 10% of all co-op and condo sales. Pricing in the luxury market increased over both Second Quarter 2011 and Third Quarter 2010.

At $4.25 million, luxury median price increased 9% from last quarter and 4% from a year ago. At $1,947, average price per square foot increased 6% from last quarter and 8% from a year ago.

This positive growth was bolstered most notably by a pair of sales at or just over $30 million on Columbus Circle and Central Park South

Market-share by price category has remained relatively unchanged over the past year. Sales under $1 million accounted for 59% market-share in Third Quarter 2011. Sales in the $1 million to $2 million range saw a slight contraction and there was a slight expansion of sales over $5 million compared to a year ago.

As always, I will continue to follow closely sales activity and trends in Manhattan Lofts, and would welcome the oportunity to answer any questions about this report, the market in general or any questions about buying or selling real estate in Manhattan.

Data from Corcoran Report Third Quarter 2011

As always, I will continue to follow closely sales activity and trends in Manhattan, and would welcome the opportunity to answer any questions about this report, the market in general or any questions about buying or selling real estate in Manhattan.

Manhattan Lofts

Manhattan Loft Market Report

Median price, at $1.7 million held relatively firm over both time periods.

At $1,188, loft average price per square foot increased 6% from both Second Quarter 2011 and Third Quarter 2010. Price growth was most prevalent in the 2,500-plus square foot category; median price increased 11% from last quarter and 13% from a year ago.

Data from third quarter 2011 Corcoran Report

Currently there are approximately 400 active loft listings for sale throughout Manhattan. They range from $600,000 for a 1200 square foot walk-up in Harlem to a 10,911 square foot 19 room, 7 bedroom, 5.5 bath Penthouse at The Muitions Building in Tribeca for $28 million.

As always, I will continue to follow closely sales activity and trends in Manhattan Lofts, and would welcome the oportunity to answer any questions about this report, the market in general or any questions about buying or selling real estate in Manhattan.

Trip Across The Brooklyn Bridge To Central Park

Using thousands of stitched together Google Street View images, take a trip across The Brooklyn Bridge, around to The Manhattan Bridge, into Lower Manhattan and up the full length of Madison Avenue to Central Park.

Manhattan Neighborhood Reports:

Guarantors & Parents Purchasing Homes For Children

Over the years I have sold and rented many apartments where a guarantor was needed. I have also sold apartments where parents and/or trust funds bought the apartment outright for an adult child or beneficiary.

In a condo it is very simple. A parent can buy for an adult child. A corporation and or a trust can buy a condo. Some condos have applications but many don't or have very simple applications. I recently had a condo transaction where the couple obtained a mortgage from their parents. As far as the seller, listing agent and the condo were concerned it was a Cash Sale. I presented proof of funds with the offer. A condo may require documentation but they can't reject a buyer. They can only exercise their "right of first refusal" and purchase the apartment for the same price and terms of offer.

It becomes more difficult purchasing a coop and even renting in certain Manhattan buildings. Most coops will not allow a parent buying for their adult child. Many coops will allow co-purchasing or a guarantor for working adult children. Even if the parents pay for the apartment, the coop will want the adult to be working with their own income and be responsible to pay the monthly maintenance and/or mortgage payments. The monthly housing costs can not exceed 25-30% of the adult child's monthly income.

Some rental buildings may require the parent to be on the lease. Some may not accept out of town guarantors and/or may require a few months of rent up front and additional security deposit. 40x rent in annual income is required by applicant and 80x rent is required to be a guarantor.

The coop will want full financial disclosure from both the guarantor and the applicant and from both applicants if a co-purchase. A guarantor letter and a gift affidavit is usually required as well.

The only alternative other than a condo purchase is purchasing a sponsor coop apartment. The sponsor is usually the developer or owner of building that has "un-sold shares" in the cooperative corporation. I recently sold a coop sponsor apartment to parents from out of state for their son that recently graduated college here.

Purchasing a sponsor apartment in a coop is buying "un-sold shares" there is no board approval process. However once purchased the shareholder has to adhere to the coop rules, enjoys the same "quality of life" as other shareholders but when unit is re-sold there is board approval and a board package is required.

Recently I have been working with a corporation looking for a duplex penthouse rental for corporate use. While the corporation has excellent financials, documented assets and cash flow, landlords asked for a guarantor. At first I was surprised because of the financial documentation I was able to provide.

Lease "Good Guy" Guarantees

A good guy guarantee is a limited personal guarantee often written into a lease when a tenant is a business entity such as a corporation, partnership or limited liability company. The guarantee, generally signed by a principal of the business entity, enables a landlord to bring an action against the guarantor in the event the tenant stops paying rent and continues to occupy the space.

A good guy guarantee is not necessarily onerous to a tenant. Although after a default, the landlord is free to pursue the tenant for unpaid rent (if there are any assets left in the business entity) the guarantor is released from its obligation to pay rent once the tenant vacates the space. From a landlord's perspective, a good guy guarantee is an insurance policy against the amount of time it can take to evict a non-paying tenant (something that often takes a year or more).