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

Nov 25, 2013

NYC Building Super | Live-In-Super

 NYC Building Super | Live-in-Super

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

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

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

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

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

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


Nov 22, 2013

Broker confidence down slightly in 3Q

 Broker confidence down slightly in 3Q

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

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

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

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

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

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

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

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