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

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.

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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?

manhattan monthly market snapshot – december 2013

Inventory decline continued in December, strongly influencing the Manhattan condo and co-op markets. Buyer negotiability, or the average discount from last asking price to sale price, has declined year-over-year every month for 13 months.

The number of contracts signed dropped year-over-year this month for the first time since January 2012. This decline is likely not an indication of weakening demand but rather is due to two other factors: the significant decrease in availability and a rush to close before the pending tax changes at the end of 2012 (which inflated December 2012’s figure). For both condominiums and co-op units, days on market declined by approximately 30% year-over-year, affirming strong demand.

Price per square foot gains were most significant for smaller units (with the exception of co-op studios; studio price figures were skewed in both markets this month due to low number of sales). One bedroom units within condos gained 16% year-over-year in price per square foot, and one bedroom units in co-op buildings gained 13%.

Co-ops and Condos’ signed contracts – December 2013

For more info, please take a look at the full report.

pied-à-terre

A pied-à-terre is a (generally small) apartment that is used as a second home or for temporary lodging in a big city.

Literally a foot on the ground, this French term lends itself to the transient nature of the unit in question. The affluent, or busy traveler may have several pied-à-terres in the major world’s cities to avoid staying in hotels long-term, and enjoy some of the comforts and privacy they are used to.

If your goal is to be a part-time New Yorker, a pied-à-terre is exactly what you need: an apartment where you can come and go, a secondary residence with your primary residence somewhere else.

If you are planning to buy a pied-à-terre the first thing that you have to verify is whether the building you are buing into allows for them. Co-ops are generally stricter from this point of view, so always check with your agent before making an offer. The ratio behind this is that co-ops want shareholders in their building to have their NY apartment as their primary residence. Condos are far more flexibile, but have been getting more stricter in the last few years.

penthouse

A penthouse is a luxury apartment situated on one (or more) of the highest floors of an apartment building.

Historically, penthouses were used to house mechanics such as the controls for the elevator system, heating and cooling systems, and were not considered desirable for real estate.

Penthouses became the most exclusive apartments in town during the 1920s, when the idea of creating a luxury home on the top floor of an apartment building became the best way to show power and wealth.

Nowadays the rule is “the higher, the better”. Penthouse is a synonym for more light, more space, larger layouts, better finishings, often higher ceilings, and obviously outdoor spaces. Which is why penthouses in Manhattan and around the world are some of the most expensive and exclusive real estate properties.

50 Gramercy Park North is a wonderful example of the quintessential penthouse apartment:

50 Gramercy Park North, PH – Living room + Dining

50 Gramercy Park North, PH – Living Room

50 Gramercy Park North, PH – Terrace

A penthouse is a luxury apartment situated on one (or more) of the highest floors of an apartment building.

OHNY -OPEN HOUSE NEW YORK- 2013 IS (ALMOST) HERE

Mark your calendars please: OPEN HOUSE NEW YORK 2013 is coming.

On October 12th and 13th under-construction-sites all around the city -museums, private apartments, hotels, warehouses, and more- will open their doors to the public.

Some of these locations will be opened with no advance sign-ups, while others will require a $5 reservation. So act fast as tours tend to fill up fast. You can get your ticket right right here.

These are only some of the most interesting tours you can reserve: 4 World Trade Center, Citi Bike Warehouse in Sunset Park, Graham Hill’s LifeEdited Apartment, The Whitney Museum’s a new building downtown, the High Line at the Rail Yards, Grand Central Terminal, and the New York Transit Museum.

openhousenewyork (OHNY) is a non-profit organization that promotes a greater appreciation of the city’s built environment; broadens public awareness by exposing diverse audiences to distinctive examples of architecture, engineering and design; educates and inspires discussion of issues of excellence in design, planning and preservation; and showcases outstanding new work as well as structures of historic merit

For more info, please visit OHNY’s website http://www.ohny.org/.

hudson yards

Hudson Yards, the project

Innovative architecture, imaginative new parks, arts and culture will soon create a new neighborhood that New Yorkers will love: Hudson Yards.

The construction at Hudson Yards started in the fall of 2012 and will be completed in two phases:
> Phase I – Eastern Rail Yard: From 10th to 11th Avenue between West 30th and West 33rd streets;
> Phase II – Western Rail Yard: From 11th to 12th Avenue between West 30th and West 33rd streets.

There will be a total of 13,340,000sf grandfully added to the city of New York:
Office : 6,750,000sf
Residential: 5,000,000sf
Retail: 1,150,000sf
Hotel: 220,000sf
School: 120,000sf
Culture Center: 100,000sf
TOTAL: 13,340,000sf

The plans include 1 block a.k.a. the “superblock” of retails space, two office towers (North Tower and South Tower), two residential towers (D Tower and E Tower), a cultural shed, and of course open spaces and parks for everyone to enjoy.

In addition to that, works have started for the extention of the subway # 7 up to 34th street, between 10th and 11th Avenue. Finally, the last phase of the high line requalification (phase 3) should complete the landscaping of the area making it a real gem.

To learn more, please click here.

alcove studio

An alcove studio is a studio apartment with an additional space off the living room that can be used as a saparate dining or sleeping area.

Alcove studios often are L-shaped, which allows for a more definite separation of the spaces within the apartment.

If the alcove is big enough, has a window, and space for a closet, it can be converted into a true bedroom. Such alcove studios are sometimes referred to as Junior One Bedroom apartments.

If the space isn’t generous enough to create a real bedroom, an archway or a room divider such as library can separate the spaces.

In the picture above, the alcove is located right behind the living space and is used as a sleeping area.

Alcove studios are a great option for the ones looking for a studio where every little space has a purpose.