Archive for Real Estate Sausage

Aug
20

In the News August 18, 2013

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8/7/13 TV Star Ortiz lands at Elliman after KWNYC firing:  Luis D. Ortiz, the newest star of “Million Dollar Listing New York,” has officially signed on to work at Douglas Elliman, he told The Real Deal exclusively today.  See the full article at The Real Deal 

8/15/13  Bloomberg’s “affordable” micro-apartments don’t come with micro prices:  New York City’s micro-apartments aren’t really all that affordable, and in reality are geared toward the upper-middle class, the New York Observer reported  See the full article at The Real Deal 

Jun
20

In the News June 23, 2013

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06/06/13  A second win for Bloomberg’s taxi legacy:  Hours after his plan to expand livery cab service to the outer boroughs was reinstated by the state’s highest court, the mayor’s “e-hail” app pilot project was also given the go-ahead, giving his administration a double-win after a string of legal defeats.  See the full article at Crain’s NY.

06/06/13  Supermodel Adriana Lima Lists Central Park Condo for $5.5 Million: Rumor has it Adriana Lima has listed her 2 Bedroom 2.5 Bathroom,view 146 W 57 2200 SF condo in Midtown for $5.5 Million.  The building boasts of a 24 hour white-gloved doorman and concierge, with an exclusive restaurant and dining terrace and fitness center.    The apartment has views of central park, lots of windows, customized walk in closets and a media room to die for.   See the Full article at Yahoo! News

06/12/13:  Dolly Lenz leaving Elliman: Sources:  Dolly Lenz, Douglas Elliman’s perpetually top-ranked luxury sales broker is leaving the firm after a 14-year tenure.  See The Real Deal for more details

06/13/13 Milestone contract for Second Avenue Subway:  A $208 million job given by the MTA to two large contractors will complete the first phase of the massive, long awaited project on Manhattan’s Upper East Side.  See the full article at Crain’s New York Business

06/13/13 UES Marine Transfer Station Needs $2.4M in Flood-Proofing:  The city needs to spend almost $2.4 Million to protect the East 91st Street Marine Transfer Station from flooding after an inspection showed a storm the size of Sandy could leave it deluged.  See the full article at DNA Info.com

Mar
29

In the News – March 28, 2013

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3/21/13 Jon Bon Jovi Selling NYC Penthouse for $42 Million:  Rocker Jon Bon Jovi has put his Manhattan penthouse on the market, and a peek inside shows 7,452 square feet of pure luxury. And it better be luxurious and then some, considering he just put the place on the market for $42 million, a mind-blowing price even for New York real estate.  See the full article with pictures OMG.com 

3/21/13:  Plan for Trash Station Debated at Upper East Side Democratic Mayoral Forum:  All politics were local last night at a Democratic mayoral forum on the Upper East Side, where a proposed trash facility brought out strong feelings from the candidates and crowd.  See the full report at  NY1.   

3/28/13  Verizon trounces Time Warner in Poll:  In the endless war between Verizon FiOS and Time Warner Cable, there is finally a clear winner—at least, according to the 84,000 Consumer Reports readers who responded to the magazine’s annual survey of their television, Internet and home phone service providers.  See the full article at Crain’s New York Business 

3/28/13  Brooke Shields nabs East End home listed for 4.3M:  Actress Brooke Shields and her husband, Chris Henchy, are buying a six-bedroom beach “cottage” on  Lewis Street in Southampton that had an asking price of $4.3 million, the New York Post reported.  See the full article at The  Real Deal.

Feb
17

In the News February 17, 2013

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 1/14/13  The Pricing Puzzle:  How much is that Central Park view really worth?  In a year full of eye-popping luxury listings — in the second half of 2012, four homes hit the market asking at least $90 million — pricing a New York City apartment can seem increasingly subjective.    See the full article at the Real  Deal .

2/4/13  Despite real estate ties, Ed Koch was lifetime renter:  Despite having been a force in real estate, the late former Mayor Ed Koch never personally owned a piece of New York City.    See the full article at TheRealDeal.com

2/5/13 Douglas Elliman releases Manhattan Townhouse Decade Report:  The Manhattan townhouse market had the most sales since the market peaked in 2007 and activity has been rising for the past three years. Prices remained stable over past year, as they have been during the past four. The market has tightened over the past year as listing inventory fell and marketing times are now faster on average than during the boom. The townhouse market has continued to perform well and we look forward to another active year in 2013.  See the full report at Elliman.com   

2/5/13 UES residents deterred from use of privately owned public spaces, new study finds:  A majority of the Upper East Side’s privately owned public spaces, or POPS, discourage public use, new research from Hunter College’s urban planning institute reported by DNAinfo shows.  See the full article at TheRealDeal.com 

2/6/13  NYC Remains bargain among top world cities:  New York may feel like a squeeze for all but the city’s top earners, but compared to other major world metropolises, the five boroughs are still a relative bargain.  Read the full article at TheRealDeal.com

2/13/13 New Housing Legislation levels the playing field:  Last month the New York State Legislature passed an important piece of housing legislation called the Omnibus Housing Bill.  Signed into law by Governor Andrew Cuomo on February 5, the bill renews the coop/condo abatement and J-51 programs as well as amends certain provisions for the 421a program.  See the full article from REBNY on Facebook.com.

Nov
20

The Manhattan project

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The Manhattan Project from Cameron Michael on Vimeo.

 I hope you enjoy this cool video as much as I did!

Sep
16

In the News – September 16, 2012

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8/26/12 Trendy new Eateries hit the Upper East Side:  A crop of trendy restaurants and bakeries have opened on the upper East Side in recent months, bringing with them gourmet doughnuts, handcrafted cocktails and Indian staples.  See the reviews at  article at NY Daily News. 

9/10/12  CUNY and Sloan-Kettering Build Cancer Center and Nursing School on UES:  The City University of New York and Memorial Sloan-Kettering Cancer Center are teaming up to build a new, state-of-the-art cancer center and nursing school on the Upper East Side, officials announced Monday.  See the full article at DNAinfo.com New York 

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Aug
26

In the News: August 26, 2012

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08/20/2012  Sales of high-end pads jump 36%:   The number of contracts signed in Manhattan at over $4 million so far this summer stands at 106. Prices, however, are flat and properties are taking slightly longer to move.  See the story at Crain’s New York   

08/20/2012  The Dakota, New York’s most exclusive building:  The Victorian-era German Renaissance co-op apartment building at 72nd Street and Central Park West is best known as the home shared by John Lennon and Yoko Ono from 1972 to 1980 and the site of Lennon’s murder. Ono still lives there, as do many other celebrities, but being famous is no guarantee of residency at the Dakota, and neither is simply having ample savings.  See the story at Yahoo! Real Estate 

Aug
12

In the News – August 12, 2012

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08/05/12:  Surge in shipping has New York hot on L.A.’s heels:   New York is the nation’s third-busiest port, right behind L.A. and neighboring Long Beach. But the region is growing at a faster pace than its West Coast rivals.  According to reports, two-way trade through New York’s seaports and airports increased by 18% in 2011 over the prior year, to $418.3 billion, while L.A.’s traffic grew by 12%. Chinese imports grew at a faster rate for New York than for L.A., accounting for much of the discrepancy.  Read the full article at Crain’s New York Business.   

08/07/12  MTA Bus Service Restorations  From New York State 26th Senate District Senator Liz Krueger  

08/09/12  Parisian Bakery Maison Kayser Opens on UES Upper East Siders were eagerly soaking in the je nes sais quois — and world-famous French bread — as baker Eric Kayser’s first U.S. brasserie-styled café opened Wednesday Read the full story at DNAInfo.com

Jul
31

In the News – August 5, 2012

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07/26/12:  Prudential Douglas Elliman Releases Exclusive 2nd Quarter 2012 Elliman Report for the Long Island Market.  The spring housing market in Long Island was brisk this year with an increase over last year’s sales even though we had unusually strong sales in the previous quarter caused by the warm winter.  Housing prices remained stable and inventory fell to a seven year second quarter low.  Record low mortgage rates continue to drive demand in this slow-to-improve economy and we anticipate more of the same conditions in the coming quarters.    Download the full report at Elliman.com  

07/29/12:  Big Ticket: Sold $27,376,940.03 An urban version of the traditional rambling family compound, a seven-bedroom, nine-and-a-half-bath apartment that occupies all 8,360 square feet of the 16th floor at 995 Fifth Avenue, a condop building formerly known as the Stanhope Hotel, was the biggest sale of the week, according to city records.  See the full article in the New York Times    

07/30/12  Country’s most expensive apartment lists for $100M:  The most-expensive apartment in the country — a triplex, wrap-around penthouse on W. 56th Street — can now be yours for just $100 million.  Read the full article in the New York Daily News

Recently ABC News did a story on Graham Hill and his group at LifeEdited.com showing how they turned a 420 square foot SoHo studio apartment into a veritable Swiss Army Apartment.  The apartment was gutted and rebuilt with convertible walls and multi-purpose furniture and fixtures that morphs into six different living spaces, all in a single room.

Dinner party for 10?  No problem with an expandable table with multiple leaves slides out from under the kitchen counter to seats 10.

Guests staying over?  Pull out the convertible second bedroom to reveal bunk beds to sleep 2 more.  Dark heavy drapes ensure privacy.

Even the kitchen is unique.  All the appliances, refrigerator, dishwasher and stove are tucked into drawers.  The stove top is actually two induction burners that store in a drawer and are placed on the counter-top when needed.

Technology is present all over the apartment.  Projection screen TV and Rumba Robot vacuum are two of the features. 

Nearly every space has dual purpose, including the bathroom that doubles as a ‘quiet room’. 

The apartment embodies the “Less is More” philosophy, and does so with style.

 

 

Jul
16

In the News

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06/26/12:  Let them all eat a $1,000 dessert:  A crown prince of Dubai and his party arrived at the Serendipity 3 for one of their Golden Opulence Sundaes recently.  Read the full article at the New York Post   

7/13/12:  Geffen gets super Rich pad:  David Geffen buys Upper East Side Penthouse apartment of Denise Rich for $54 million.  See the full article in the New York Post

Jun
17

In the News

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6/11/12  Manhattan apartments tip furthest in favor of buyers in last six years:  Amid rising rents, buying a Manhattan apartment hasn’t looked this sensible since 2006. Citing data from appraisal firm Miller Samuel, Bloomberg News reported that in the first quarter the average cost of buying was 20.8 times more expensive than the annual cost of renting, the smallest spread since the end of 2006, when buying was 20.4 times the cost of renting. In the second quarter of 2008, the multiple was 26.7.   Read the full article at the Real Deal

6/11/12:   For Comedian, Leading Her Condo Board Is a Serious Matter:  To sit on the board of a condominium or cooperative in New York City is to exert exquisite control over your building, to decide who gets to buy Apartment 12C and to pick the color of the lobby wallpaper. But it is also a position that comes with neither compensation nor thanks, and it requires sitting through hours of bickering over questions like whether the doormen ought to wear little caps. The ranks are often dominated by retirees, real estate brokers and lawyers.   Read the full article in the New York Times 

6/13/12  American buyers join foreigners in flight to city’s luxury market:  Wealthy Americans have been lost in the hysteria over foreign buyers descent upon the city’s luxury real estate market, but in the last week domestic buyers have returned with a vengeance. The Wall Street Journal noted that two apartment deals totaling $110 million closed Monday to foreign buyers.  Read the full article at the Real Deal 

6/14/12  Hospital for Special Surgery Unveils Plan for New Building:  The Hospital for Special Surgery unveiled plans Wednesday to build a 207,000-square-foot, 13-story ambulatory care facility.  The proposed building would included three floors of operating rooms for ambulatory surgeries — where patients stay up to 23 hours — along with a floor for recovery.  Read the  full article at DNAinfo.com

Apr
30

In the News

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4/25/12  ‘Sex and the City’ Townhouse sold for $9.85 million:  The home at 64 Perry Street, listed for $9.65 million in early March with sold for $9.85 million, according to city records.  Read the full article at The New York Observer 

4/26/12  Useful  Vocabulary for Building Watchers:  Here are a few  architectural definitions that anyone who wants fluency in New York architecture will find useful.  Read the full story in the New York Times  

4/26/12  Prudential Douglas Elliman releases “The Elliman Report:  Long Island Sales 1Q 2012”:  Mild winter weather brought consumers into the market earlier than usual, causing the number of signed contracts in the Long Island housing market to jump from year ago levels. Housing prices were mixed, as buyers of lower priced properties took advantage of record low mortgage rates. Although properties took slightly longer to sell, listing inventory fell to its lowest first quarter total in six years. Despite the slow improvement in the national economy, we are encouraged by the state of the market in 2012.  See the full repor

4/26/12:  Prudential Douglas Elliman releases “The Elliman Report:  Hamptons & North Fork Sales 1Q 2012”:  The Hamptons and North Fork housing markets showed stability in both price and sales activity. Just as we have seen in prior quarters, the high end of the market continued to show strength. While it took somewhat longer to sell a typical property this quarter, listing inventory continued to decline. Considering the slow pace of our national economic recovery and tight credit, the East End housing market has continued to hold its own.  See the full report 

4/27/12:   Space Shuttle Enterprise’s Historic Flyover Wow’s New Yorkers: Did you see it?  Hundreds of space shuttle shuttle fans braved the chilly temperatures and biting wind Friday Morning along the Hudson River here to catch a glimpse of NASA’s prototype orbiter as it flew past the Intrepid Sea, Air and Space Museum it will soon call home.  See the full article on Yahoo! News 

4/27/12:  Threats, stormy Exits and…:  The setting for the closing on an apartment in the East 50s was a lawyer’s office. Things seemed to be going well between the sellers until the wife found out the price her husband had received for the apartment.  This is New York City, where real estate transactions can literally take on the trappings of a blood sport. Unlike most other parts of the country, it is a place where lawyers are invariably involved in the transaction; at the very least, this increases the number of people around the table.  Read the full article in the New York Times 

4/27/12  Brokers See Bright Future for 2012’s Residential Real Estate Market: The Real Estate Board of New York (REBNY) has released the results of its Residential Brokers Survey for the first quarter of 2012.  With the unseasonably warm weather and favorable market conditions, brokers saw an uptick in activity this quarter and are optimistic about next quarter.  Of the brokers surveyed, 69 percent reported that they thought the first quarter of 2012 was better than the previous quarter.  Additionally, 76 percent of brokers reported that they expect the second quarter of 2012 to be better than the first, a 16 percent increase from last quarter. 

 Their optimism was based on the improving activity in the market.  The survey found that 70 percent of brokers reported completing executed contracts of sale this quarter, a nine percent increase from last quarter.  Another highlight from the first quarter of 2012 was that 74 percent of brokers reported closing rental transactions at or above asking prices, which is a 13 percent increase from this time last year.  In addition, 26 percent of the brokers reported closing sales at or above asking price, a nine percent increase from the fourth quarter of 2011 and a 4 percent increase from the first quarter 2011.

 “Brokers feel changes in the market first and we count on them to help us gauge where the market is headed,” said REBNY President Steven Spinola.  “Based on the survey results, it’s clear that broker’s optimism is coming from an improving market and that their view that 2012 will be a strong year for New York City real estate is justified.” 

 The survey also found a near perfect record of 99 percent of brokers reporting that they received a coop board approval in less than 90 days from the time a completed coop board application was submitted.

 Similar to last quarter’s findings the top features/amenities this quarter were: 1) doorman building, 2) laundry in unit, 3) private storage space, and 4) on-site fitness center.
 The survey was sent to REBNY’s Residential Broker Members.  404 brokers took the survey this quarter.  See the REBNY Q1 2012 Residential Broker’s Survey Results

Apr
23

In the News

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In The News

4/16/12  The world’s most expensive one-bedroom condo?:  And you think New York Apartments are expensive?   A one-bedroom penthouse condo was listed recently in Tokyo for 1.8 Billion yen roughly $22 Million.  The apartment is 4,400 square feet and loaded with amenities.  Read the full article at Yahoo! Real Estate

 4/19/12:  Prudential Douglas Elliman Releases Brooklyn Sales Market Report for 1QTR 2012:  The Brooklyn market continued to enjoy stabilizing prices and a steady level of new development activity. Mortgage rates dropped to record lows, which helped lower priced co-op sales retain greater market share. Listing inventory fell below the five-year average, in turn tightening the listing discount negotiated between buyers and sellers. Despite the economic challenges facing the region, Brooklyn continued to be one of the better performing housing markets in New York City.  Get the report from Prudential Douglas Elliman here.   

4/19/12:  Prudential Douglas Elliman Releases Queens Sales Market Report for 1QTR 2012:  Record low mortgage rates helped create a surge in lower priced co-op sales in the fourth quarter that continued into the new year. This trend combined with the decline in listing inventory has brought some stability to the market. Although prices softened somewhat over the past year due to tight credit and a weak economy, we are encouraged with the progress of the Queens housing market so far this year.  Get the report from Prudential Douglas Elliman here.

4/19/12  Rental website Rentenna.com seeking “hottest doorman” in the city:  Rentenna.com, a website for locating New York City rental apartments, is sponsoring an unconventional beauty contest, the Wall Street Journal reported — for New York City’s doormen. The start-up began accepting nominations for the city’s most attractive doormen last week, the Journal said, and more than three dozen have been put forward by their tenants so far.  Get all the details at The Real Deal

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May
31

New York Mansion Tax? I don’t live in a mansion!

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According to New York State, if the purchase price of an apartment is $1 million or more, you are buying a mansion!  Therefore your purchase would be subject to a 1% Mansion Tax, calculated on the entire purchase price, not just the part that exceeds $1 million.  Buy at $999,999.99 no tax; buy at $1,000,000.00 or more, and you’ll owe $10,000+ tax.

If you’re thinking you’re safe if the purchase price is less than $1 Million, but are paying fees or taxes that would have otherwise been paid by the seller, think again.  Those fees become part of the consideration for the property and could lead to being responsible for the Mansion Tax.

According to Joel E. Miller, a Queens tax lawyer, although the mansion tax is not deductible, however it does increase the property’s tax basis so it will ultimately reduce the tax paid on a gain on the sale of the property.

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