INTRODUCING GREENWICH LANE

Greenwich Lane, areal view

The Greenwich Lane is a collection of five unique addresses and five townhouses nestled together in the West Village—New York’s most intimate and desirable neighborhood. Revitalizing the city block between Twelfth and Eleventh Streets off Seventh Avenue, the complex is groundbreaking for its fully LEED-certified combination of historical restoration and new construction, created by celebrated architecture firm FXFOWLE.

Greenwich Lane, 11th Street Side

Greenwich Lane, 11th Street Side – the Townhouses

All the buildings are centered on a core of green space in a rare, large private garden, while a staggering array of state-of-the-art amenities delivers an unheard-of level of character and service for all of the residences. Famed interior designer Thomas O’Brien makes every home an example of custom-made luxury, bridging the glamour of Old New York to the ease and individuality of modern living.

Here are the renderings of the buildings with and without the amenities.

And then there are the finishes, elegant, sophisticated and truly high end. The best available in the market right now:

Kithen model – Townhouses

Kitchen Model – 160 w 12th Street

MAKING THE BEST OUT OF LINKED-IN

A few rules after today’s illuminating seminar on Linked-In and Social Media</strong> with the wonderful Alexa Johnson @ Corcoran.

1) Linked-in has an updated version as of -literally- today so take full advantage of it:
> add a cover picture to make your profile more appealing;
> take full advantage of the new PULSE FEATURE to select the trends and people you are most interested in (and share it with your connections);
2) On your profile description (summary, skills, job descriptions, etc.), provide as much information as possible, remember to stay concise and focused as much as you can though. Linked-In uses an algorithm so key words are a must;
3) Under Connection > Keep in touch you’ll find information on work anniversaries, job changes and birthdays. You can use this tool as a calendar reminder to touch base with your connections either via website or with a personal, handwritten note;
4) Make sure that your profile picture is a recent one and most importantly, make sure that it inspires and sends a specific message. The picture is the very first thing that your connections will see, so it must show the best of you;
5) Post an update at least one a week, twice ideally. You can share interesting articles, videos, and pictures.

I have already updated my Linked-In account. What are you waiting for?

Linked-In Profile Page

RESIDENTIAL SALES TRENDS IN MANHATTAN: CORCORAN’S THIRD QUARTER 2014 REPORT

Corcoran just released the Third Quarter Manhattan Report, which can be found right here.

The key findings of this quarter’s report:

• Inventory Grows, Skews Toward High-End. For the third quarter in a row, the number of available listings grew.  Inventory growth is almost entirely condominiums and there is a concentration on luxury properties.  Properties offered above $3M represented 28% of available listings (up 3% from last year), 11% of sales (up 2%).
• Price Per Square Foot Sets Another Record. The value of real estate in Manhattan reached $1305.  This is the eleventh consecutive quarter of increases in this metric.
• Less New Development Sales This Quarter.  Just 6% of sales closed were new development sponsor units.  Most new developments today are still under construction and will reach the market in 2015.

While there continues to be upward movement in prices – thanks to strong high-end sales – we are seeing significant pent-up demand for quality homes in the one- and two-bedroom categories.  The inventory creeping on to the market is not feeding those market segments, and our agents report overwhelming turnout at open houses for them when reasonably priced properties actually do go up for sale.

Manhattan Market Wide Sales – 2014 Quarter 3

6 cool things to do in New York City this summer

I love summer in NYC. I actually love summer anywhere. This is why I’d like to share with you my list of 6 things to do in NYC this summer. Here you go:

Summer in NYC

Enjoy!

Residential sales trends in Manhattan: Corcoran’s Second Quarter 2014 Report

Corcoran recently has released the 2014 Second Quarter Report, an in -depth look at residential sales trends in Manhattan.

Here are a few of the key findings of the report:
• A continued shortage of properties for sale and the restoration of prices to their pre-2008 levels resulted in a slower pace of sales in Second Quarter 2014 compared to last year’s white-hot market.
• The market-wide cost for Manhattan’s homes increased 20% in average sale price, 6% in median sale price, and 15% in average price per square foot versus Second Quarter 2013.
• The average price per square foot reached $1,286 this quarter, a new peak.
• Although inventory continues to be very low with just 5,912 properties currently for sale, more listings have begun to enter the market than in previous quarters.

You can see the complete report right here.

Introducing 15XV, a new condo development on West 15th Street

35XV, or 35 West 15th Street, is a 24 stories glass and stone tower providing amazing north, south, west, and east city views (yes! all 55 residences will actually get a breathtaking view).

Amazing open views. This picture was taken from the 23rd floor, facing north

The first 6 floors in the building are dedicated to the expansion of the nearby school (no worries though, entrance is separate). The 7th floor is where all the amenities are situated: a state-of-the-art gym, a wine cellar with cabins for all units (loving this!) and a tasting room, an outdoor terrace and much more.
The rest of the floors are dedicated to spacious and gracious living envisioned by acclaimed designer Benjamin Noriega-Ortiz.

The building’s exterior model

The finishing are high end (Calacatta, Carrara and Brescia Marbles for the kitchen and bathrooms), walnut cabinets, dark walnut floors. All stainless-steel appliances (Miele)

Brescia Marble for the guest bathrooms. Imported from Italy, of course!

CLOSING COSTS: COOP vs CONDO

COOP
Coop closing costs are generally around $3,000. If you’re buying a coop for more than $1 Million, you will need to add an additional 1% of the sale price to the closing cost total to account for the NY State Mansion Tax.

CONDO
In addition to the standard miscellaneous bank closing costs, buyers are required to pay the NYS Mortgage Tax and Title Insurance premiums for condo purchases. A very rough way of calculating condo closing costs is to take approximately 2.5% to 3% of the sale price (it would be less if the you’re putting down more than 25%). In the case of a new construction or new conversion condo, and additional 1.5% to 3% should be added to that amount for the sponsor fees (i.e. transfer taxes, sponsor’s attorney fees, etc.) unless you can negotiate out of paying those items. If the property you are buying is more than $1 Million, then there is an additional 1% of the purchase price to add for NYS Mansion Tax.

* * *

The reason why co-ops closing costs are so much lower thank condo closing costs is that, since you are buying shares in a corporation rather than real property, you are not required to pay for the NY State Mortgage Tax or Title Insurance. These are two major costs that you must pay for when you purchase a condo.

Residential sales trends in Manhattan: Corcoran’s First Quarter 2014 Report

Here are a few of the key findings from Corcoran’s First Quarter 2014 Report:

• Low inventory. Available residences for sale in Manhattan continued their three-year slide, thwarting the ambitions of potential buyers.
• A slower pace of sales. A bitter winter combined with few available options resulted in less action in the market.
• Aggressive competition at the high end. Demand continued for luxury property and new developments.
• Record high prices: the price per square foot in Manhattan reached $1276, a number that exceeds 2008’s previous record by 1%. The proportional rise of high-end sales in the market played a strong role in setting this new record.

You can see the complete report right here.

Rent Control vs rent Stabilization

I get this question a lot: what the difference between rent control and rent stabilization? So here you go:

Rent Control
The rent control program generally applies to residential buildings constructed before February 1947 in municipalities that have not declared an end to the postwar rental housing emergency. A total of 51 municipalities have rent control, including New York City, Albany, Buffalo and various cities, towns, and villages in Albany, Erie, Nassau, Rensselaer, Schenectady and Westchester counties.
For an apartment to be under rent control, the tenant (or their lawful successor such as a family member, spouse, or adult lifetime partner) must have been living in that apartment continuously since before July 1, 1971. When a rent controlled apartment becomes vacant, it either becomes rent stabilized, or, if it is in a building with fewer than six units, it is generally removed from regulation. For more information on succession and the definition of family member, check out the fact sheet.
An apartment in a one- or two-family house must have a tenant in continuous occupancy since April 1, 1953 in order to be subject to rent control. Once it is vacated after that date, it is no longer subject to regulation. Previously controlled apartments may have been decontrolled on various other grounds. On rare occasion, a decontrolled apartment is ordered back under rent control as a penalty for certain violations of the rent laws.

Rent Stabilization
In NYC, rent stabilized apartments are those apartments in buildings of six or more units built between February 1, 1947 and January 1, 1974. Tenants in buildings of six or more units built before February 1, 1947, who moved in after June 30, 1971 are also covered by rent stabilization laws.
A third category of rent stabilized apartments covers buildings with three or more apartments constructed or extensively renovated since 1974 with special tax benefits. Generally, these buildings are stabilized only while the tax benefits continue.

I know, today’s post is a bit technical (i.e. boring!) but it’s informative, right?

New Development: 500 W 21 ST

I just went to see a new condo development at 500 W 21st Street, in West Chelsea. The building is being built right by the High Line. Its apartments and common areas are meant to remind the feeling of a Parisian turn-of-the-century building. In a word: lovely. Or shall I say jolie?

The building is a collection of 32 luxury apartments designed by architectural firm Kohn Pedersen Fox ranging from 1 to 3 bedrooms. Forget about the one bedrooms though, they are all already gone.
The sustainable garden facing the western side of the building, was created by internationally-acclaimed landscape designer Rees Roberts + Partners. The dense, native plantscape reaches as high as 40 feet and varies with the seasons, creating a private urban sanctuary.

The crafted open, loft-like layouts interiors are curated by West Chelsea-based interior designer Mark Zeff with carefully selected materials such as limestone and oil-rubbed bronze.

The amenities include: 24-hour concierge, 2,000 square foot fitness center, club room, children’s playroom, on-site parking (for lease at about $1,100/mo – limited), live-in resident manager, closed-circuit TV security system, cold storage, individual storage for each residence (5X5X8 cages assigned to all apartments), four-pipe fan coil heating and cooling, strategically located mechanical equipment, and gas-fired generator.

Here are some pictures of how the building will look like.

500 W 21 ST

You can find out more about 500 W 21st Street right here.