New York City Real Estate News

NEW TO MARKET Spacious One Bedroom COOP Near Time Warner Center NYC

2011-07-23T15:58:00.000-07:00

Spacious, sunny and bright one bedroom/one bath home faces a lovely wide tree-lined street with southern exposure. Completely renovated grey marble bathroom with glass enclosed doors, pedestal sink and Toto toilet. Beautiful wood floors, large living room with fabulous custom maple wood built-ins, and a lovely dining area, four large closets and very large master bedroom — large enough to add your home office. This spectacular residential 24-hour doorman building conceals a private magnificently landscaped 2.5 acre private garden, has a parking garage, dry cleaner and tailor on premises, is pet friendly, and offers bicycle storage and large storage lockers. Laundry on premises. Steps to Lincoln Center, Time Warner Center which houses Whole Foods among some excellent restaurants, The Rose Jazz Theatre, Central Park, and upscale shops at Columbus Circle. Primary transportation hub for buses and subways @ Columbus Circle. Pied A Terres welcome.

Price: $589,000
Maintenance: $1,036.17
Financing: 80%
Tax Deduction: 51%

Ross Ellis
Halstead Property, LLC
tel: 212.317.7828
e-mail Ross

View Listing Here

It's Here! New York Restaurant Week Summer 2011: July 11th - 24th

2011-07-03T14:50:00.000-07:00

If you live in Manhattan you already know about NY Restaurant Week. If you're new to Manhattan or thinking about relocating to this great city, New York Restaurant Week is definitely something you want to know about!

Every year, twice a year, New Yorkers and those visiting Manhattan get the opportunity to dine in some of the "best of the best" restaurants for a three course prix-fixe lunch at the amazing price of $24.07. Some restaurants even offer a three course prix-fixe dinner for $35.00.

This summer's Restaurant Week takes place between July 11th -24th.

Dine at the best New York City restaurants with the best chefs! Whether it's at 21 Club, Abboccato Ristorante, Ai Fiori, AJ Maxwells Steakhouse, Aquavit, Arabelle, Artisanal Fromagerie, Bistro and Wine Bar, Asia de Cuba, Atlantic Grill, Aureole, B. Smiths Restaurant, Bar Boulud, Barbetta Restaurant, Barbuto, Ben Bensons Steak House, Benoit Restaurant, Bice Ristorante, BLT Bar & Grill, Blue Fin, Blue Smoke, Blue Water Grill, Bocca Restaurant, Bond 45, Brasserie, Brasserie 8 ½, Ca Va Brasserie by Todd English, Café Boulud, Capsouto Frères, Carlyle Restaurant, Chez Josephine, Chin Chin Restaurant, Cipriani Dolci, Cipriani Wall Street, Circus Restaurant, Club A Steakhouse, Colicchio & Sons Tap Room, Craftbar, David Burke Townhouse, Esca, Fishtail by David Burke, Fives at Peninsula New York, Forty Four, Gotham Bar and Grill, Indochine, Industria Argentina. Isabellas Joe Allen, JoJo, Le Cirque, Le Perigord, LEcole, Restaurant of French Culinary Institute, Loeb Central Park Boathouse Restaurant, Lupa Osteria Romana, Mesa Grill, Michaels Restaurant, Modern-Bar Room, Morimoto, Mr. Chow New York-57th Street, Mr. Chow New York-Tribeca, Nice Matin, Nobu New York City, Nougatine at Jean Georges, Ocean Grill, One if by Land, Two if by Sea, Orso, Osteria del Circo, Palm Court at Plaza, Palm Restaurant, Patroon Restaurant , Perry St., Persephone, Plaza Food Hall by Todd English, Post House, Primehouse New York, Quality Meats, Red Rooster Harlem, Redeye, Remi Restaurant, River Café, Riverpark-A Tom Colicchio Restaurant , Russian Tea Room, Sant Ambroeus-West Village, Spice Market New York, Stadium Grill by David Burke, TAO Asian Bistro, Terrace in the Sky, Tribeca Grill, Union Square Café, Victors Café, Water Club, or any of the other restaurants offered, you can't go wrong. You'll not only save a lot but have a gastronomic feast.

New York City Restaurant Week Summer 2011 to view restaurants and make reservations visit nycgo.com/restaurant week

If you're thinking of moving to Manhattan, it's not only a great way to try out our incredible restaurants, but it will help you relax over a sumptuous meal after browing apartments all day to decide where you want to live.

NYC Restaurant Week Tips:
Research - Get recommendations from friends and search the Internet for ratings. Most of the participating restaurants are the best that New York has to offer.

Reservations should be made in advance. DO Reserve Early - Normally, getting a reservation at these restaurants is difficult. Plan ahead. Reservations early in the week are usually easier than Thursdays or Fridays. Call to see if there were any cancellations as well.

Dress Code - When dining in New York's best restaurants, dress your best.

Tip Higher - Tipping more than 20% will get you first-class service that New Yorkers expect from these top restaurants.

Manhattan Residential Sales Prices Up 4 Percent

2011-07-01T13:01:00.000-07:00

After a slight drop in prices at the beginning of the year, the Manhattan real estate market has stabilized in the past three months, with prices rising slightly and sales volume increasing with an expected spring surge in home buying.

Market reports that the city’s largest brokerage firms released today showed that the increase in the average sale price was largely attributed to more robust sales of larger and more expensive apartments, while studio and one-bedroom sales lagged slightly.

The 2nd Quarter 2011 market reports were release today by all of the major residential firms in Manhattan showing the average Manhattan apartment sale price of $1,430,432 was up 5 percent from last quarter and up 4 percent from the same period in 2010.

According to the report, sales over $5 million, particularly coop sales over $10 million were responsible for driving the average price higher. The median price, which measures the middle of the market and is not as impacted by high-end sales, fell 1 percent over the past year to $835,000. At 2,115, the number of reported sales was down 7 percent from a year ago.

The average price for coops sold during the second quarter of 2011 was up 14 percent from a year ago, to $1,214,047; this was due to increased sales in 3-bedroom and larger apartments. On the East Side, average price for all sizes apartments except two-bedrooms rose, led by three-bedroom and larger apartments which were up 15 percent over last year. Prices for all sizes of apartments, except those 3-bedrooms and larger, were down slightly on the West Side. In both the Midtown East & West markets condo prices were steady and co-op prices rose for prewar and dropped for postwar. Downtown prices rose for all size categories except one-bedrooms. The average condominium price was $1,670,908, down just 1 percent from a year ago.

Data from sister firms Halstead Property and Brown Harris Stevens show mixed but healthy indicators. In a still strict lending environment, it comes as little surprise that the best performing sectors of the market -- the top end of the market where buyers are wealthiest, and the bottom end of the new development market where units qualify for Federal Housing Authority-approved loans -- were those where financing came easiest.

According to a Bloomberg news report, lenders are easing credit requirements on jumbo loan limits and narrowing the gap on rates compared with government-backed loans.

Manhattan’s residential market is definitely looking up.

See Halstead Property’s 2nd Quarter 2011 Market Report

For more information or a consultation feel free to email me at Halstead Property

Ross Ellis is a proud member of the Real Estate Board of New York

Renting an Apartment in Manhattan

2011-07-01T12:56:00.000-07:00

Renting an apartment in Manhattan isn’t like it used to be.

In the old days, you would see a few apartments, give the landlord one month rent and one month security, signed the lease and moved in.

Not today!

Should you rent in a rental building, a coop or condo?

Today’s renting rules in Manhattan can be daunting, but don’t have to be if you work with a good broker, you’re qualified and organized.

To make finding that perfect rental hassle-free it’s best to work with a broker.

Why? You can find hundreds of rentals online, but most of them are already rented, and on some of these sites the information is not accurate.

While it’s not necessary to work with a broker, it is better for you –especially if you’re busy and new to Manhattan. And in today's rental market you need to decide on an apartment fast. Apartments are being rented quickly these days.

By working with a broker you’ll learn which apartments are for rent and which have already been rented. Your broker can also weed out the type of apartments you don’t want because they’ve likely seen all or most of the rental buildings in the city. They will ensure that the lease is correct and that you have all of the necessary paper work – making your move as seamless as possible.

Whether you find an apartment on your own or work with a broker, make sure you read all documents before entering into any contract. Most leases contain predominantly boilerplate language, but in many cases there are riders to the lease which contain clauses that are added to the lease that changes the lease agreement

And type of leases will vary. A Standard Form of Lease may differ greatly from a Rent Stabilized Lease Agreement or a Cooperative or Condominium Sublease Agreement. Read the language of all documents and always ask questions should it contain something you don't understand.

Make a check list of information to bring with you in order to finalize your lease agreement. In Manhattan you will almost always need all of the following:
1. A letter of employment and salary verification
2. Bank account numbers (checking and savings), as well as any credit card numbers
3. Current bank statements
4. Contact information (names, addresses, phone numbers) of previous landlords
5. Contact information of your personal accountant or attorney, if applicable
6. Contact information of any personal or professional references
7. Tax returns from the last two years
8. Recent (current) pay stubs, usually from the last two pay periods
9. Two forms of personal identification (driver’s license, passport, etc)
10.40-45x the rent in annual income is required. And in some building 80X the rent in annual income is required.
11.If the landlord accepts guarantors and you have a guarantor, your guarantor will likely need to supply the same information as above.

If you are relocating from outside of New York, prepare your funds ahead of time. Landlords will not accept personal out-of-state checks. Bring traveler’s checks or certified bank checks in amounts sufficient to cover two months rent, any brokerage fees, a credit check fee, and any additional fees such as a move-in/move-out fee or building application fee.

Once you have all of your personal and financial documentation in order, you can begin viewing apartments. Do remember that your broker can provide you with a wealth of information to assist you in making an informed decision. Ask a lot of questions about neighborhoods, building types, public transportation access, or anything else that might be of interest to you.

Once you have found an apartment you love, you will then fill out a rental application, or other applicable documents. You or your agent will negotiate agreeable lease terms and then a credit report and reference check will be done.

The last step is to sign the lease and pay all applicable fees. Then it’s move-in day!!!

For more information or a consultation feel free to email me at Halstead Property

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Ross Ellis is a proud member of the Real Estate Board of New York

The High Line: the second phase

2011-06-12T11:20:00.000-07:00

The High Line runs through three of Manhattan's most dynamic neighborhoods: the Meatpacking District, West Chelsea, and Hell’s Kitchen/Clinton. When the High Line was built in the 1930s, these neighborhoods were dominated by industrial and transportation uses. Now many of the warehouses and factories have been converted to art galleries, design studios, retailers, restaurants, museums, and residences.

Last week the highly-anticipated second phase of the High Line opened to the public.

The expansion of the freight rail turned promenade between Gansevoort and 20th Streets opened two years ago. It spans 10th Avenue between 20th and 30th Streets, doubles the length of the existing park. New features include the High Line’s first lawn, elevated catwalks and a 30th Street cut-out that lets visitors view the traffic rushing beneath their feet.

The one-mile garden in the sky winds 30 feet above the street through the Meatpacking District, Chelsea and Hells Kitchen.

Onlookers who wandered the grounds were thrilled with the spectacular view, the beautiful landscaping and more places to sit, such as the teak Seating Steps beside the 23rd Street Lawn. The Lawn also offers the High Line’s only river-to-river vantage point.

The High Line’s second phase features a temporary public plaza beneath 30th Street dubbed “The Lot” which serves beer and wine from Colicchio & Sons. A rotating fleet of food trucks such as The Taco Truck and Red Hook Lobster will also serve the square.

Vendors of the High Line’s first phase include: People's Pops at the Chelsea Market Passage, on the High Line near West 16th Street who returns to theHigh Line after their successful debut during a trial run in 2010. They create Greenmarket fruit-based ice pops and shaved ice, transforming local, sustainably grown fruits and herbs into creative and delicious home-made treats. Also a favorite is La NewYorkina atThe Lawn, on the High Line near West 23rd Street. Inspired by the flavors of the chef-owner's native Mexico, La Newyorkina has taken the old and made it new with paletas (ice pops) in flavors that range from mango-chili to hibiscus to fresh coconut.

Now on view at the High Line you can see public art exhibits which include:SARAH SZE, STILL LIFE WITH LANDSCAPE (MODEL FOR A HABITAT)
June 8, 2011 - June, 2012
On the High Line, between West 20th and West 21st Streets

Sarah Sze presents a an elaborate architectural sculpture that allows park visitors to physically enter and pass through the space it outlines, while also attracting birds, butterflies, and insects with perches, feeding spots, and birdbaths.

JULIANNE SWARTZ, DIGITAL EMPATHY
June 8, 2011 - June, 2012
Located within the water fountains, elevators, and public bathrooms on the High Line

Julianne Swartz presents a sound piece that greets visitors with messages of empathy and love in the park's bathrooms, water fountains, and elevators.

LANDSCAPE WITH PATH
JOEL STERNFELD, A RAILROAD ARTIFACT, 30TH ST, MAY 2000
June 2 - 30, 2011
Billboard east of the High Line at West 18th Street

LANDSCAPE WITH PATH
JOEL STERNFELD, A RAILROAD ARTIFACT, 30TH ST, MAY 2000
June 2 - 30, 2011
Billboard east of the High Line at West 18th Street

An iconic photograph by Joel Sternfeld presents the first work in Landscape with Path, a series of three commissioned banners for a billboard next to the High Line.

KIM BECK,SPACE AVAILABLE
March 4, 2011 - January, 2012
Rooftops along Washington Street, between Gansevoort Streets and West 13th Streets

Kim Beck presents three sculptures resembling the skeletal framework behind advertising billboards.

STEPHEN VITIELLO,A BELL FOR EVERY MINUTE
June 23, 2010 - June 20, 2011
14th Street Passage

Artist Stephen Vitiello presents a multi-channel sound installation for which he has recorded bells all over New York City and beyond.

These exhibits make the High Line a cultural art center.

Whether you choose to visit the High Line for its parks, views, art, design studios, retailers, museums, restaurants and food trucks -- or to live there, the High Line is one of New York City’s interesting new neighborhoods enjoyed by New Yorkers and its visitors.

WATCH THIS GREAT INTRO VIDEO TO THE HIGH LINE 2

Manhattan’s famed Sloane mansion going on the auction block

2011-05-27T16:17:00.000-07:00

Look back into the history books of New York Society in the late 1800’s and read about Henry T. Sloane and the infamous Sloane mansion in Manhattan.

Henry T. Sloane was a wealthy carpet manufacturer who furnished the new mansions, hotels and clubs of the New York City. He was also known as a philanthropist who donated two physics laboratories to Yale University.

In 1898 a scandal flew through New York society circles in 1898 when Sloane deeded a mansion on the Upper East Side to his wife.

Soon after, life became less than idyllic when Sloane’s wife, Jessie, had an affair with the very handsome and wealthy Perry Belmont (son of August Belmont) and married him just five hours after divorcing Sloane. Henry Sloane set out to build himself a new mansion at 18 East 68th Street, off Fifth Avenue.

Sloane moved into the Beaux-Art mansion with his two young daughters, preventing his former wife from writing to them or even speaking to them on the street until they reached the age of 21, or she could prove she had led a moral life, whichever came first.

The Henry T. Sloane mansion was designed specifically for Sloane by architect Charles Pierrepont H. Gilbert the heir to a furniture empire, in 1905. It spans over18,500 square feet and stands over five stories high. Two of the stories have 17-foot ceilings. There are 15 bedrooms and 17 bathrooms, seven fireplaces, a ballroom and a rooftop garden.

Fast Forward to 2007 when investors paid $20 Million for the property, only to have grandiose plans of flipping it for a huge profit by listing it for $64 million. But it didn’t sell at the asking price and lingered on the market with an asking price of $64 million, to $54 million, to $39 million after the fall of Lehman Brothers … and now to the current price of $37.9 million. Due to the fact the owners are in default of more than $28 Million in loans the famed house is scheduled for auction on June 22nd Street, Room 130 at 50 Centre Street at 2PM.

Calin Onet, a marketing analyst said bidding would likely start 10 to 15 percent higher than the $28.2 Million currently owed on the property.

If the mansion had sold for $64 million in 2008, it would have become the most expensive single residence in city history.

How to rent a Manhattan apartment when your credit isn’t perfect

2011-05-27T16:16:00.000-07:00

Renting in Manhattan can be arduous, not to mention stressful if you don’t meet Manhattan landlord requirements.

Many find it difficult to meet landlords' requirements as most require that a potential tenant’s annual income is 40 to 50 times the monthly rent, and that the applicant has good credit. And some landlords require 80 times the monthly rent with good credit.

Yet, there are some potential renters whose annual income or lack of U.S. based credit history does not meet these financial guidelines. And if one is self-employed financial solvency can be even more daunting.

As a Manhattan broker who specializes in sales but also does a fair amount of rentals, I faced an interesting problem. Prior to working with my customer I ran her credit report and it was good and she makes a very good salary so I had no doubts she wouldn’t pass the stringent Manhattan landlord requirements.

Knowing she could meet landlord guidelines, I showed her an amazing apartment on the East Side. However when the landlord ran her credit report, it came back as a “maybe.” Meaning maybe her credit was good and maybe it wasn’t. They had used a different credit reporting company. The landlord suggested a guarantor but at the time, none were available.

Although I had not used them before, I told my customer about Insurent who came to my office and made a presentation. Insurent Lease Guaranty offers easy solutions to quickly getting the apartment potential tenants want. Prospective renters needing the Insurent Guaranty include graduating college students and professional school students entering the workforce; creditworthy employed non-U.S. residents; self-employed persons; relocating persons; non-employed U.S. and non U.S. persons with significant cash liquid assets, retired creditworthy individuals, U.S. students with Responsible Parties, and international students with Responsible Parties.

My customer only needed to complete an application and soon she was approved by Insurent where the landlord received a guaranty on her one year lease. For a fee that represented a small percentage of her total annual rent, she satisfied the landlord's financial and credit requirements while eliminating the hassle of finding an acceptable co-signer or guarantor or putting up significant additional security – which this particular landlord would not accept.

Insurent was there for my customer who will be moving into her new apartment in just a few weeks.

If you fall into any of the above categories, there is hope.

Coming soon: Manhattan rents hikes

2011-04-07T16:41:00.000-07:00

If you’re finding it difficult to rent an apartment in New York now it could be because there is little inventory and rents are expected to rise.

Last year landlords offered a free month of rent, paid broker’s fees and did whatever it took to rent their apartments. Those days are over. The apartment vacancy rate in New York fell in the first quarter, dropping to just 2.8%.

Last year the median rent for a Manhattan apartment with landlord concessions $2,808, up 7.4%. Renters grabbed the apartments as soon as they saw them. On average, units stayed on the market for 40 days, down from 86 a year ago. Listings fell 25.6% from last year to 3,874 apartments.

Manhattan's rental market is rebounding faster than its sales market. While lower unemployment has boosted demand for rentals. Today if a renter sees an apartment they love, there’s no time to think about it. Take it or lose it because the market is definitely tightening.

Leases are being signed in several of the pricey new rental buildings where studios start at $2,700.

With less apartments vacant and new reports showing that the rental market is hot, renters can expect competition and prices to start heating up again very soon.

3 of top 10 most expensive U.S. homes sold in Manhattan

2011-04-06T12:01:00.000-07:00

Billionaires are keeping the real estate world very busy across the country. Three of those expensive deals happened right here in Manhattan.

Coming in at number 6 on the list is a single-family townhouse sitting approximately 20,000 square feet on East 75th Street. Reportedly sold to private equity investor J. Christopher Flowers fro $53 million.

Coming in at No. 7 on the list is developer Harry Macklowe, who bought a Plaza Hotel condo for $51.5 million. The 13,000 square foot condo was bought by developer Harry Macklowe in 2007 for a cool $51.5 million.

Lastly coming in at No. 8, Russian oil man Len Blavatnik bought an upper East Side townhouse on East 64th Street in 2007 for a cool $50 million. The person who sold the townhouse to him apparently paid only $4.375 million for it in 1994

What kind of home would you buy if you could spend $50 million or more?

First Quarter 2011 Manhattan Market Report

2011-04-02T10:51:00.000-07:00

For New Yorkers who follow the real estate market, Halstead Property one of the premier real estate firms in Manhattan has just issued its First Quarter 2011 Manhattan Market Report.

After six consecutive quarters of growth, Manhattan apartment sales prices averaged $1,364,733 in the first quarter of 2011, virtually unchanged from a year ago, but 5% less than the fourth quarter of 2010. This marked the first time since the second quarter of 2009 that the average price declined from the prior quarter. The median apartment price of $787,500 was 4% lower than the first quarter of 2010, while the number of sales fell 23% from 2010’s first quarter.

Part of the decline in prices and in the number of sales may be attributable to the scheduled expiration of the Bush-era tax cuts at the end of 2010. Although they were ultimately extended, the extension wasn’t signed until the middle of December. This was after many homeowners had already made the decision to sell before the year ended to avoid paying a higher capital gains rate. Closings that might have occurred in the first quarter of 2011 were pushed forward, which help fuel the decline in transactions.

This rush to sell was reflected in the spike in high-end closings beginning in November, which pushed the average price up to over $1.6 million by December. January of 2011 saw closing prices return to where they were in October, at approximately $1.34 million.

The average co-op sale price of $1,070,229 was 1% lower than a year ago, although prices did rise for two-bedroom and three-bedroom and larger units. Condo prices averaged $1,745,464 during the first quarter, slightly higher than a year ago. Condo pricing gains were led by one- and two-bedroom apartments.

Recent revisions to economic data indicate that New York City weathered the recession much better than economists originally thought. In total about 140,000 jobs were lost, or roughly 40,000 less than the previous estimate. Job growth has picked up recently in the higher-paying sectors such as finance and business services, and Wall Street just had its second most profitable year ever. While cash bonuses fell to $20.8 billion in 2010, this was expected as more firms are deferring compensation and paying higher salaries.

The full version of the report is available on the Halstead website at the link below:
http://media.halstead.com/pdf/Halstead_QuarterlyReport_1Q11.pdf

Positive housing signs for Manhattan

2011-03-06T09:15:00.000-08:00

Read about it here

The Hamptons: Summer rental market heats up - New York Real Estate | Examiner.com

2011-03-05T14:17:00.000-08:00

The Hamptons: Summer rental market heats up - New York Real Estate Examiner.com

NYC Winter Restaurant Week 2011 Is Here: January 24 – February 6th

2011-01-21T09:00:00.001-08:00

It’s that time again! My bi-annual positing of NYC Restaurant Week!

NYC Winter Restaurant Week is here! January 24 – February 6th

Twice a year, in January/February and June/July, New Yorkers and those visiting New York have a unique opportunity to experience some of New York City’s finest restaurants for a fraction of the cost. The finest restaurants in NYC participate in “Restaurant Week” where they offer a three-course lunch for $24.07 and some offer dinner for $35.00. (beverage, tax and gratuities are not included.)

And if you’re in NYC searching for a new home what better way to learn about the fabulous restaurants in the neighborhoods you may be considering!

Dine at sumptuous restaurants such as 21 Club, Aquavit, Asia de Cuba, Aureole, Bar Boulud, Café Boulud, Capsouto Frères, Ca Va Brasserie by Todd English, Cipriani Wall Street, David Burke Townhouse, Gotham Bar and Grill, Le Cirque, Le Perigord, L’Ecole-The Restaurant of The French Culinary Institute, Michael’s Restaurant, Morimoto, Mr. Chow, Nobu, One If By Land – Two If By Sea, Palm Court, Patroon, Picholine, Remi’s, Tao and many more of the best of New York City restaurants!

With so many global buyers still coming to Manhattan to purchase apartments, it’s a great time to enjoy a Manhattan ritual and participate in NYC Restaurant Week. And in this recession, what New Yorker wouldn’t want to visit their favorite restaurant at a discount price?

Reservations are a MUST and are now open. Visit nycgo.com and book your reservations directly through their web site. To sample restaurants in a neighborhood you might be thinking of moving to, take advantage of NYC Restaurant Week Winter 2011 … The Best Restaurants … The Best Prices!

To learn more about NYC Restaurant week and to book your reservations ckick here at NYC the Official Guide to NYC Restaurant Week!

You’ll not only save a lot but have a gastronomic feast.

NYC Restaurant Week Tips:

Research – Get recommendations from friends and search the Internet for ratings. Most of the participating restaurants are the best that New York has to offer.

Reserve Early – Normally, getting a reservation at these restaurants is difficult. Plan ahead. Reservations early in the week are usually easier than Thursdays or Fridays. Call to see if there were any cancellations as well.

Dress Code – When dining in New York’s best restaurants, dress your best.

Tip Higher – Tipping more than 20% will get you first-class service that New Yorkers expect from these top restaurants.

4th Quarter 2010 Manhattan Sales Market Report

2011-01-16T14:53:00.000-08:00

The last quarter of 2010 in Manhattan real estate market will be known for the year of luxury as homes of $3 million and up and were popular sales in last quarter of 2010.

Prices for Manhattan apartments continued to edge upward, as their average sale price of $1,432,787 was 8% higher than a year ago. This marked the sixth straight quarter that the average price has risen.

While the number of recorded transactions fell 25% from a year ago, the fourth quarter of 2009 was uncharacteristically busy due to pent-up demand after the collapse of Lehman Brothers had frozen the market earlier that year.

To view the 4Q 2010 Market Report Click Here

New York on sale: The top 20 residential real estate deals of 2010

2011-01-01T09:59:00.000-08:00

Although it was not a stellar New York City real estate market, there were some incredible luxury homes sold in Manhattan in 2010 . In fact, the top 20 NYC real estate sales of 2010 added together totaled $539 million.

Here are the top 20:

1. $44,000,000
1009 5th Ave New York, NY 10028

A billionaire from Mexico bought the landmark Duke Semans Mansion, one of Fifth Avenue’s last great “Beaux Arts Style” private residences, built in 1901, complete with 7 floors. The originalprice of the home was $40M in ‘06.

2. $40,000,000
15 Central Park West New York, NY 10023

The 41st floor penthouse at 15 Central Park West was the Limestone’s biggest sale of the year, a staggering $9,940 per square foot.

Built between 2006-2008 and designed by Robert A.M. Stern this gem is located at the corner of West 61st Street and Central Park West and houses the who’s who of business, finance, entertainment and other industries,

3. $33,177,083
1 Central Park West New York, NY 10023

This was a foreclosed penthouse at the Trump International which allegedly needs millions more in renovations by the reported buyer a party king from Malaysia.

The building overlooks Central Park at the juncture of Central Park West and Columbus Circle. The first 17 floors of the 52 story building are made up of 167 hotel units ranging in size from Studios to Two Bedrooms that overlook the Park and Broadway. The upper portion of the building, known as the Tower, is comprised entirely of residential condominiums with gracious proportions and limitless views. All the residences feature floor-to-ceiling windows and top of the line appliances throughout. Jean George’s flagship restaurant is located off of the lobby and the building features a full service spa and fitness center with pool.

4. $31,500,000
400 W 12th St New York, NY 10014

A Houston sports team owner wanted $39.5 million for this unfinished penthouse atop the West Village’s Superior Ink, but the sale price is still a Downtown condo record.

The building is the condo record. West Village’s most coveted new condominium and offers breathtaking 360 degree views of the Hudson River, the Manhattan skyline and beyond. Superior Ink is a full service building offering its residents a private screening room, entertainment lounge, state-of-the-art fitness center with Pilates/Yoga room, children’s playroom, 24-hr concierge and doorman and 24-hr on premise valet parking.

5. $30,000,000
1 Central Park west New York, NY 10023

The same 5,500 square-foot penthouse that needs much at the Trump International which originally sold for $33M in a foreclosure auction was then resold this month, to a couple who already owns a place in the building.

The building overlooks Central Park at the juncture of Central Park West and Columbus Circle. The first 17 floors of the 52 story building are made up of 167 hotel units ranging in size from Studios to Two Bedrooms that overlook the Park and Broadway. The upper portion of the building, known as the Tower, is comprised entirely of residential condominiums with gracious proportions and limitless views. All the residences feature floor-to-ceiling windows and top of the line appliances throughout. Jean George’s flagship restaurant is located off of the lobby and the building features a full service spa and fitness center with pool.

6. $28,597,895
1 Central Park S New York, NY 10019

The massive 9,000 plus square feet State Suite on the third floor in The Plaza was supposed to sell for $45 million, but the buyer backed out, and a new buyer got a “bargain.” Back on the market for $39 million, is not its real estate bubble history (bought by an Italian businessman who failed to close on the $45 million deal after whispers he was looking to resell for $100 million) nor is it the massive L-shaped floor plan with a bananas 55′ x 13′ gallery. It’s those incredible marble columns that closed the deal!

This lifestyle is further enhanced by access to all the hotel services and restaurants of the Plaza, and the added security of entering the Plaza through the beautifully restored residential lobby on Central Park South.

7. $27,500,000
141 Prince St New York, NY 10012

A famous fashion mogul and his wife sold this Soho loft penthouse (known for its rooftop water tower) to a friend following their split. They bought it from a famous media mogul in 2006 for $25 million. This coop is in one of the most coveted areas of Soho.

8. $26,000,000
778 Park Ave New York, NY 10021

This huge fifth floor apartment was a lofty yet quiet sale, the famed co-op that once housed Brooke Astor. The apartment was never listed and purchased through a trust.

The building was designed in 1931 by Rosario Candela, who is to this day New York’s most celebrated luxury residential architect.

9. $25,000,000
115 Central Park West New York, NY 10023

Following the Tonight Show debacle, Conan O’Brien sold his duplex as he’s a full-time West Coaster now. He has found a buyer, brokers say, at or close to the $29.5 million asking price. The buyer wasn’t identified.

Located at 71st and Central Parl West, one of Central Park West’s famous twin-towered apartment houses, the 29 story art deco Majestic is considered to be among the West Side’s finest pre-war cooperatives apartment houses. Residents enjy the finest service and amenities, such as a state of the art gym, penthouse terrace for exclusive use by residents, bike room, children’s playroom and private planted gardens.

10. $25,000,000
950 5th Ave New York, NY 10075

A former Goldman Sachs bigwig sold his duplex in the tiny and prestigious 950 Fifth Avenue co-op to an unknown buyer. He was asking $29M. The apartment situated in one of the Upper Eastside’s most prestigious white glove co-operatives on Fifth Avenue designed by James E. R. Carpenter, this palatial and sun-drenched high floor prewar thirteen into twelve room duplex features some of the most spectacular formal entertainment space in New York with breathtaking views of Central Park and the southern city skyline.

Grand and beautifully proportioned, this pristine home is in triple mint condition with an abundance of original prewar details, high ceilings and beautiful herringbone floors. All mechanical elements of the apartment have been fully modernized as well including central air conditioning, Lutron lighting and updated media and electrical wiring. The apartment has been featured in Architectural Digest.

Off its own private elevator landing is the massive entrance gallery with marble flooring and limestone walls. There is a lovely powder room and polished mahogany paneled wet bar. The expansive corner living room faces west and south with oversized picture windows, panoramic views of Central Park and a wood burning fireplace.

11. $24,438,000
1 Central Park S New York, NY 10019

The other penthouse that’s on this list twice. A casino mogul flipped this penthouse at The Plaza for a slight profit shortly after buying it. Not every resale at the Plaza winds up losing money. Some break even! It’s been reported that the casino mogul has flipped the apartment for $24.4 million to a buyer who lost to him during the summer’s bidding war. The mogul got about $1 million more than he paid for it, but once taxes and commissions are accounted for, he probably only broke even. He still did better-or at least walked away with less of a headache-than the apartment’s previous owner, a hedge funder who sued Plaza developer El-Ad Properties for breach of contract and the return of his deposit.

The Plaza is grand scale living, quiet and has a spirit of its own which draws one into a lifestyle that only “Eloise” could have penetrated.

12. $24,065,000
2 N Moore Street New York, NY 10013

Tribeca’s infamous “Our Suburb” house finally found a buyer, albeit for far less than the original $35 million asking price. It was reported last month that 2 N. Moore Street, all 11,000+ square feet of it, had found a buyer for just under $24 million, a nice bargain from its original asking price of $35 million back in 2008. The single-family house-part old, part new, all “our suburb,” as the family that built it once described the place-old for a bit more than that, $24,065,000, a massive deal for downtown no matter how you look at it. The purchaser is an LLC.

This unique mansion is a one of a kind masterpiece fit for the most discerning buyer. The 65′ wide townhouse has every imaginable amenity and more than 11,000 interior and 1,500 exterior square feet. Spacious and elegant, this home includes 6 bedrooms, 7 full baths, 4 powder rooms, 3 fireplaces, a staff apartment with separate entrance, an art room, a grand library, a screening and billiards room, an outdoor dining atrium, a finished lower level and a 2-3 car garage. The generous outdoor spaces on the 2nd & 3rd floors have both privacy and views and have been masterfully landscaped, including an irrigation system and mist outdoor cooling system.

13. $23,980,000
515 Park Ave New York, NY 10022

What do you get for the Swedish lingerie manufacturer who has everything? A $24M duplex in the tallest residential building on Park Avenue. Page Six reported that the Swedish lingerie manufacturer has bought this palatial 13-room duplex for $24 million even though he’s based in Hong Kong full time.

The tallest residential building on Park Avenue, this slim, 43-story tower opened in 2000 and was developed by the Zeckendorf General Partnership and the Whitehall Real Estate Fund has only 38 apartments.

14. $23,980,000
15 W 63rd St New York, NY 10023

A couple from a far-away land bought this oft-listed 15-room duplex high up in the Park Laurel near Central Park West and Lincoln Center. The apartment boasts 7,738 square feet and 1,244sf of landscaped terrace. There are Central Park views from nearly every room. A 35′ entry gallery and a grand staircase goes up to 5 bedrooms and more.

This very handsome, mid-block apartment tower, was built in 2000, and is a significant new component of the west skyline of Central Park.

Designed by Beyer Blinder Belle and Costas Kondylis, it has a nicely detailed red-brick façade with white detailing that enhances the vistas of the Upper West Side from Central Park as it partially blocks views of a very large, beige-brick apartment building just to the west of it on the same block.

The 40-story tower has 53 condominium apartments ranging in size from two- to four-bedrooms.

15. $23,689,586
1 York St New York, NY 10013

The all-glass 6,000 Square Foot penthouse atop Tribeca’s One York sold for a $10 million discount, but after a long spell on the market, we don’t think the developer is complaining. One year ago, the two glass-wrapped floors atop Tribeca’s One York got quite the price hike: from $25 million up to an asking price of $34 million.

The developers of the Enrique Norten-designed building have to be pretty excited to finally sell this home for north of $20 million. The buyer is an anonymous buyer cloaked in secrecy behind the an LLC.

One York Street, a brick warehouse dating back to before the Civil War was transformed into a modern 136,000-square-foot condominium complex. The building occupies a full city block, bound by Laight and York Streets, St. John’s Lane, and Avenue of the Americas.

The new structure features a 14-story glass tower and contains 40 loft units, 25 of them located within the original building. The development’s first level houses a lobby and 9,000 square feet of high-end retail space, and the second level holds 14,000 square feet of office space. The remaining 12 levels are dedicated to condominiums, with units on the uppermost floors featuring wrap-around terraces or large balconies offering residents 360-degree views of the Manhattan skyline.

16. $23,469,632
1 Central Park S New York, NY 10019

The other Plaza penthouse that’s on this list twice owned by a Casino Mogul was owned was owned for about four months before selling it for about a million dollars more!

17. $22,000,000
2 E 88th Street New York, NY 10128

A hedge funder paid $4.5 million over the asking price at 2 East 88th Street for a full floor designed for “preeminent collectors of contemporary art.”

This extraordinary Fifth Avenue home was designed by the noted architectural firm, Shelton, Mindel & Associates, as a “private residential gallery” for preeminent collectors of contemporary art. It comprises the entire eleventh floor of an intimate, fully serviced and highly desirable prewar cooperative and features large-paned windows with virtually 180 degrees of unparalleled and dramatic vistas of Manhattan. These unobstructed, majestic views overlook Central Park and the Reservoir to the dramatic skyline of Central Park West, as well as upper Fifth Avenue beyond the Guggenheim Museum. These wonderful urban landscapes, framed as they are, complement the over eleven-foot-high walls throughout the residence and showcase a renowned art collection.

18. $21,995,500
720 Park Ave New York, NY 10021

A NY Philanthropist/Socialite got approved by the board at 720 Park, which isn’t even easy for someone of that caliber. The full-floor apartment is said to be “a lovely layout but it’s tired.”

This 15-room, fourth-floor nest for $33 million in November 2008 was the eye of the post-Lehman storm.

One of the city’s most exclusive and prestigious buildings, 720 Park Avenue was designed by Rosario Candela and Cross & Cross, who also collaborated on the design of One Sutton Place South, another of the city’s grandest residences.

Candela is widely considered to have been the country’s greatest designer of luxury apartment buildings and he collaborated with many of the city’s most famous architectural firms.

19. $21,011,434
995 5th Ave New York, NY 10075

One of the last remaining units in the converted Stanhope Hotel, this 8,000-square-footer was once asking $33 million.

The finest on Fifth, elegant and pristine full floor condop residence with private elevator entry and sweeping views of Central Park, The Metropolitan Museum, George Washington Bridge and New York Skyline. Majestically restored, expansive residence with 42 ft. living room along with a spacious corner dining room and library on the Park.

20. $20,000,000
13 E 67th St New York, NY 10065

A New York Artist bought this 10,000-square-foot townhouse and filed plans to combine it with the one next door, which he bought last year for $12M. There are no interior pics or word on how the artist plans to renovate the space.

The six-story neo-classical limestone town house in 1921. Mrs. Rockefeller bought the house in 1955, after she split with Winthrop Rockefeller, brother of Nelson.

NYS real estate agency law: Have you heard about the changes?

2010-12-19T10:02:00.000-08:00

Beginning January 1, 2011, New York State Real Property Law will bring changes that increase the transparency of the real estate process and offer increased protections for consumers and real estate brokers.

These amendments will impact real estate brokers by requiring that agency disclosure forms be completed for all residential transactions and permitting consumers to give their advance consent to dual agency representation.

Prior to the amendment, verbal consent for agency disclosure was accepted for multifamily buildings over four units. The new law specifies that a written agency disclosure form must be used for all residential transactions. In addition, the amendments have created a section on the agency disclosure form where consumers can give their advanced consent to being represented by two agents from the same real estate broker in the same transaction.

By law all parties must sign these forms. For more information please visit http://www.dos.state.ny.us/ for the revised forms, the text of the revised statute and the Frequently Asked Questions section.

For more information or a consultation feel free to email me at Halstead Property

First time home buyers: How to make an offer

2010-10-10T11:14:00.000-07:00

You’re buying your first home and you want to make sure you make an offer that is right for you!

Of course the first step is to determine your budget. Will you be making an all cash purchase? How much cash will you be able to put down? How much of a mortgage will you need from the bank? Have you been pre-approved for a mortgage?

Most first-time home buyers have no idea what to expect. And that’s to be expected. Thus my recommendation for working with a professional and experienced real estate agent – whether you’re buying your first home or your tenth.

A good real estate agent will help you throughout the entire transaction and the offer is critical. You can make an informed decision on the seller’s asking price by reviewing recent, comparable sales in the area, the market, and other variables by working with your agent.

Based on many factors, no two home purchases are alike. This information will help you to be well positioned in making a “smart offer” on the home you want to purchase.

I use the term “smart offer” because too often people get carried away with “the bargain.”

I had a client who made a $900K offer on a $1.6M home which I advised him against and of course, he lost the home. When we found him the next apartment, he listened to my advice and made a “smart offer” which saved him over $300K with various negotiations.

Read More Of This Article By Clicking Here

Real estate agents: Ask to see their license so you know they are legitimate and professional

2010-09-19T11:57:00.000-07:00

According to the NY Post and the Manhattan District Attorney’s office, Lawrence Paul posed as a real estate agent and escorted a potential renter to an apartment on East 116th Street with the promise that a similar property would be available in a week and accepted their deposit check of $2,900.

On moving day, the apartment hunter learned that the apartment was already occupied and that the real estate agent was nowhere to be found.

As reported by the NY Post Paul was arrested on Monday and was charged with grand larceny.

As a professional and licensed real estate agent in the State of New York, I am appalled by this story and the fact that anyone would commit such a horrible act.

You will find that the majority of real estate agents and brokers in Manhattan are very reputable and take pride in their work!

To be sure you are working with a real and professional real estate agent, ask to see your agent’s license card. We are required to carry it with us at all times. Most of us are also proud members of the REBNY – the Real Estate Board of New York and take our licensure and our work very seriously.

Be sure your agent or broker is with a legitimate real estate firm and a member of REBNY. Check out their web sites with those companies.

If you are looking to rent or purchase an apartment in Manhattan, call me. I’d be proud to show you my license and assist you in finding a legitimate home where you can build your dreams.

For more information or a consultation feel free to email me

Ross Ellis is a proud member of the Real Estate Board of New York

2010-09-05T11:15:00.000-07:00

As much as the nation is in an economic turndown, Manhattan is a completely different market.

And while some are making the decision to downgrade from their classic six or larger apartments to smaller homes in the city, there will always be those who want the ultimate in luxury.

From a 6-story townhouse in lower Manhattan priced at $25,500,000, to a 3 bedroom/3 bath condo on the Eastside priced at $7,000,000, to a 2 bedroom/3 bath Soho loft priced at $4,350,000 some still want their luxury.

And for those who want the ultimate – their very own private island, there’s an island in the thousand island region of New York that comes with a 6,500-square-foot mansion on 1.3 acres — ten bedrooms, four bathrooms, plus a boat house and dock for a mere $1,950,000. About an hour-and-a-half drive from either Syracuse or Montreal.

These are just a sample of New York luxury properties, and there are more on the market.

And for those who don’t want luxury and prefer smaller more affordable homes – no worries. They are available in Manhattan.

No matter what type of property you’re considering, if you’re in the market I would be delighted to assist you. Do feel free to E-mail me.

Visit my Website and blogs at newyorkcityrealestatenews and Active Rain

Ross Ellis is a proud member of the Real Estate Board of New York

A Tour of Just a Few of Manhattan's Neighborhoods

2010-08-28T12:18:00.000-07:00

As a professional real estate salesperson, it’s my job to know all of Manhattan’s neighborhoods, and I wanted to share with my readers just a few of the places where I spend time.

I live in the Sutton Place area and spend time on the Upper Eastside and Upper Westside of Manhattan shopping and visiting friends. In between is the Time Warner Center at Columbus Circle at Central West and 59th Street which is always a fun place to shop, dine and enjoy wonderful jazz concerts. And Central Park is directly across the street.

About Sutton Place: Sutton Place is the wide (north/south) avenue that runs only two blocks, from 57th Street to 59th Street, along the East River. The stretch that continues below 57th Street down to 53rd Street is called Sutton Place South. North of 59th Street, it continues as York Avenue. The greater Sutton Place area is bounded on the east by the East River and on the west by Second Avenue, and is coextensive with Sutton Place and Sutton Place South (i.e., 53rd Street to 59th Street). Sutton Square is the cul-de-sac at the end of East 58th Street, just east of Sutton Place.

About the Upper Eastside: A primarily residential and commercial neighborhood between Central Park and the East River. The Upper East Side lies within an area bounded by 59th Street, 96th Street, Central Park and the East River. The Upper Eastside is abundant with restaurants, movies, shopping, museums and so much more.

About the Upper Westside: A neighborhood between Central Park and the Hudson River above West 59th Street and below West 125th Street. It encompasses the neighborhood of Morningside Heights. This is also primarily a residential and commercial neighborhood. Restaurants are everywhere on the Upper Westside, and in the summer outdoor cafes are plentiful. It offers shopping, movies, Lincoln Center, gorgeous sunsets and more!

About Time Warner Center: The Time Warner Center is a mixed-use skyscraper across from Central Park consisting of two 750 ft towers bridged by a multi-story atrium containing retail shops and restaurants, as well as the Mandarin Oriental Hotel.

Living in this wonderful city and knowing its neighborhoods allows me to fully help my each and every one of my customers. It’s a great time to live in Manhattan.

I hope you enjoyed learning a little about the neighborhoods I visit. If you’d like to learn more and looking to purchase a condo or coop and would like to know more about homes in Manhattan please contact me today at 212-317-7828.

Balducci's is coming back to New York City

2010-08-28T07:32:00.000-07:00

One of New York City’s favorite gourmet food stores left Manhattan last year. Now Balducci’s is coming back to the Big Apple!

Best known for their fabulous selection of meats, cheeses and Italian delicacies, Balducci’s was a New York staple.

Crains just reported that in the fall Balducci’s plans to open as many as three new locations and is looking at properties in Midtown, on the Upper East Side and the Upper West Side.

With Trader Joes now on the Upper West Side, Fairway opening next year on East 86th Street and Whole Foods opening on East 57th Street in 2012, it’s time for Balduccci’s to make a comeback!

Watch for Balducci’s to return in a neighborhood near you soon!

Visit my Website

Condo sales in Manhattan: Almost double from last year

2010-08-03T17:08:00.000-07:00

According to a report in the Wall Street Journal the New York real estate market is holding up compared to other slowing cities across the U.S.

Radar Logic’s RPX index, as reported in the Wall Street Journal showed overall, Manhattan condo prices rose 6.7% to $1,017.49 per square foot in May compared with the year-earlier month when Manhattan sales dropped to the lowest level.

READ ENTIRE STORY HERE

New York restaurant week summer 2010: July 12th-25th as only New Yorkers can do

2010-07-05T12:22:00.000-07:00

Every year, twice a year, New Yorkers and those visiting Manhattan get the opportunity to dine in some of the "best of the best" restaurants for a three course prix-fixe lunch at the amazing price of $24.07. Some restaurants even offer a three course prix-fixe dinner for $35.00.

This summer's Restaurant Week takes place between July 12th -25th.

Dine at the best New York City restaurants with the best chefs! Whether it's at Mario Batali's Del Posto, Morimoto New York, Patroon, 21 Club, Spice Market, Daniel Boulud's Café Boulud, One If By Land Two If By Sea, Nobu, Asia de Cuba, Aureole, The River Café, Aqauvit, or Danny Meyer's Gramercy Tavern, Eleven or any of the other restaurants offered, you can't go wrong. You'll not only save a lot but have a gastronomic feast.

New York City Restaurant Week Summer 2010 to view restaurants and make reservations visit nycgo.com

If you're thinking of moving to Manhattan, it's not only a great way to try out our incredible restaurants, but it will help you relax over a sumptuous meal after browing apartments all day with your broker to decide where you want to live.

READ MORE OF THE ENTIRE STORY HERE

“Every King Needs A Castle” and Halstead woos basketball star LeBron James to move to NYC

2010-07-01T06:43:00.000-07:00

LeBron James is a free agent and rumors are abuzz that he may be headed to New York City.

Every king needs the perfect home and that’s why Diane Ramirez, President, Halstead Property has taken steps to offer LeBron James Halstead’s services with promised to donate Halstead’s company commission on James’ new home to the charity of his choice, noting that the commission “could be a six-figure number.”

In the video below “Every King Needs A Castle”, Diane Ramirez opens the video from a Brooklyn basketball court that offers a good view of the downtown skyline. She sings the city’s praises and says, “We want to help the King find his castle.” Then she passes the ball to Mr. Starks, who reminisces about better days for the Knicks. “Man, in the ’90s, we owned this town, there was nothing like it,” he says. “We were kings.” And she added that it’s time to crown a new king.

READ THE STORY HERE

Rent board fattens city tenant’s wallets – just a bit!

2010-06-27T13:20:00.000-07:00

On June 24th, the NYC Rent Guidelines Board adopted renewal lease guidelines for rent stabilized apartments, lofts and hotels.

One million rent-stabilized city tenants caught a break last night when the Rent Guidelines Board voted to hike rents by 2.25 percent and 4.5 percent for one- and two-year lease renewals, the lowest increases since 2002.

According to the NY Post, “They threw a bone to the tenants and threw the owners into the water,” fumed Jack Freund, executive vice president of the Rent Stabilization Association, which represents 25,000 landlords.

READ MORE OF THIS STORY HERE

Painting your NYC apartment used to be easy… now you need to know the rules!

2010-06-27T11:52:00.000-07:00

New York City has always had the one of the strictest lead-paint laws in the country and now according to a new Environmental Protection Agency, there’s a new regulation put in place as of April 22nd which has contractors and building managers concerned.

Since April 22nd, all professional renovation projects in apartments and homes built before 1978 (when the use of lead in paint was banned) that test positive for lead have had to meet federal guidelines and be performed by workers certified in lead-safe practices.

The new rule “The Renovation, Repair, & Painting Rule” requires owners to follow lead safe work practices when disturbing a painted surface (sanding, demolition, renovation, repair, etc.) in pre-1978 housing (“target housing”) and child occupied facilities. The rule will change make a remarkable difference in the way property managers, renovation and remodeling contractors, maintenance workers, painters and other specialty trades do business in housing built before 1978 and child occupied facilities. It includes new training requirements, additional notifications and disclosures, new work practices, new clearance requirements and expanded records requirements. Property managers and owners should be diligent in making sure their building staff and outside contractors thoroughly understand their obligations under the new EPA rule.

READ MORE ABOUT THIS STORY HERE

Some Presidents affected by housing crash, yet more New Yorkers plan to buy homes

2010-06-12T12:51:00.000-07:00

U.S. presidents live in homes that most people dream about. Yet, according to Forbes Magazine, it seems that a few presidential manses have shed value in the economic downturn.

Zillow reported that the value of President Obama’s home in Chicago is off by 20%.

Even the value of Camelot, the Kennedy compound in Hyannis is reported to be down 25% to 30%,” says Amy Massey-Weider, who runs the Century 21 Shoreland real estate brokerage in nearby Hyannis. The news is good for those who dream of buying a little slice of the shores where the Kennedys live and play.

Read more of the story here

Whole Foods Coming to East 57th Street

2010-06-09T15:32:00.000-07:00

After a major budget cut, and a reduction in size of a Whole Foods Market slated for East 57th Street, the city and the World-Wide Group cut the ribbon on a $500 million, 900,000-square-foot mixed-use development as reported by The Real Deal.

The project which was initiated in 2008, fell apart when the economy turned bad.

Then World-Wide and the New York City Educational Construction Fund regrouped, slashing the budget by $100 million, reducing the size of Whole Foods space and cut the amount of excavation required by 30 feet through the redesign of the entire retail space and the space for two schools.

New York City Schools Chancellor Joel Klein told the Real Deal that "The partnership between ECF and the World-Wide Group, is ECF's largest ever, and is a model for how the public and private sectors can work together to help our communities."

The development at 250 East 57th Street will roll out in two phases.

Read more of the story here

Manhattan condominium sales continue to pick up momentum

2010-06-02T08:58:00.001-07:00

According to an article in the Wall Street Journal, March, condo sales activity more than doubled, rising 101.2% compared with a year earlier. This was reported to the WSJ by the RPX index designed by Radar Logic Inc. Sales in March were down 6.6% when compared with a month earlier.

The report goes on to say that existing unit sales increased 154% in March from a year earlier, and that new unit sales declined 25% in March.

According to Radar Logic, there was also a shift towards sales for small and inexpensive condo units in the $400,000-$600,000 range.

They say that condo prices, as measured by square foot, were down 14.9% in March compared with the same month a year ago.

Radar Logic also reported that prices declined in seven of the eight neighborhoods they tracked. The biggest decline was on the Upper East Side, where average prices fell 28.8% to $925.93 a square foot.

The only neighborhood that posted an increase in prices was the East Village/Lower East Side, where prices per square foot rose 1% to $903.64.

Despite the large year-over-year increase in sales activity, Radar Logic reports that sales remain low in comparison to the top sales activity in 2007.

First quarter 2010 Manhattan real estate sales report

2010-05-23T14:09:00.001-07:00

First quarter 2010 Manhattan real estate sales report

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Manhattan rental market on a comback

2010-05-23T13:01:00.001-07:00

Manhattan rental market on a comback

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Fannie cuts Battery Park City a break

2010-05-16T09:42:00.001-07:00

Thanks to Fannie Mae, Battery Park City residents hoping to sell their apartments can breathe a little easier. Fannie Mae is going to back loans in this waterfront neighborhood now that it has completed its review of the neighborhood’s ground leases.

Battery Park residents live on land leases which means they have to pay rent for the land their buildings stand on. Each of the dozen or so buildings in the area has its own ground lease. Those ground lease fees are factored into the residents’ monthly payments and could more than double as the leases expire in 2011. That potentially steep rise would have to be taken into account in the underwriting of loans in the neighborhood.

Fannie Mae has been reviewing these ground leases for the past two months and is now sending a letter to the lenders who have originated—or have expressed interest in an intent to originate—mortgages secured by condominiums in Battery Park City, informing them that the ground leases on the established condominium projects have been reviewed and are acceptable. Fannie May said they will continue to accept deliveries of eligible loans secured by condominium units in Battery Park City.

Rent guidelines board holds preliminary vote on rent increases

2010-05-05T16:04:00.001-07:00

Rent guidelines board holds preliminary vote on rent increases

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New York City doorman strike averted

2010-04-21T14:47:00.001-07:00

New York City doorman strike averted

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NYC doormen: No strike

2010-04-21T05:10:00.001-07:00

NYC doormen: No strike

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New York City Doorman and apartment workers to STRIKE or NOT?

2010-04-14T08:27:00.001-07:00

New York City Doorman and apartment workers to STRIKE or NOT?

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UPDATE: New York City doorman and porters are closer to a “STRIKE!”

2010-04-03T12:03:00.001-07:00

UPDATE: New York City doorman and porters are closer to a “STRIKE!”

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New York City doorman and apartment building workers strike alert!

2010-03-28T10:00:00.001-07:00

New York City doorman and apartment building workers strike alert!

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The Real Estate Board of New York asks New Yorkers to help build a new subway station

2010-03-12T13:49:00.000-08:00

In 2005, the New York City Council approved the rezoning of Hudson Yards, in hope of transforming Hudson Yards into a vibrant extension of Midtown’s business and residential districts. The project would bring new life into the neighborhood.

To better serve the neighborhood and to boost its rebirth, the city decided to extend subway line No. 7 which would bring a new subway station to 41st Street and 10th Avenue.

Yet, the Hudson Yards Development Corporation, the nonprofit that oversees the development of Hudson Yards’ plans now lacks the funds needed to build the subway line extension.

In order to get funding for the project, the Real Estate Board of New York (REBNY) has formed a coalition to restore the subway stop and is seeking federal funds so that the No. 7 extension line stops west of its current terminal in Time Square.

To read the rest of this story Click Here

Bloomberg Signs Tenant Screening Agency Disclosure

2010-03-07T07:51:00.000-08:00

Recently, New York City Mayor Michael Bloomberg signed legislation requiring realtors and landlords to disclose contact information for tenant screening agency that will screen rental applicants.

Introductory Number 5-A sponsored by NYC Council members requires landlords, realtors, and others who rent residential properties to disclose the contact information of the tenant screening agency that they use to investigate potential tenants. Realtors and landlords often use tenant screening agencies to determine if a potential tenant has appeared frequently before housing court, but their determinations are not transparent; reports do not provide context on why the tenant appeared in court, and few tenants even know that such a report has been compiled.

"Introductory Number 5-A sheds light on this process. It requires that all rental applications contain contact information for the tenant screening agency that the landlord will use, as well as a disclosure of the rights afforded to potential tenants under State and Federal law. This information will also have to be posted in the offices of realtors and others who accept rental applications. This legislation will encourage tenants to exercise their rights to inspect their reports and ensure that the information contained therein is accurate

Talking To Kids How To Cope With The Earthquake in Haiti

2010-01-16T06:54:00.000-08:00

It is heartbreaking to hear about the devastating earthquake in Haiti. At Love Our Children USA our hearts go out to everyone who has been so tragically impacted by this unspeakable disaster.

Natural disasters can be especially traumatic for children of all ages. Experiencing a devastating earthquake, a dangerous or violent flood or any violent act of mother nature is frightening even for adults -- and the devastation children and teens hear and read about can be long lasting and upsetting.

When an entire community is impacted, it undermines a child’s sense of security and normalcy. Many unique issues and coping challenges must be presented, including issues associated with specific types of natural disasters ... where will people relcoate to when their home and/or community have been destroyed, what happens to their family and friends, and a myriad opf questions. It is up to parents to lessen the trauma for kids in a way that they can handle their emotional reactions and coping techniques.

Children look to the adults in their lives for guidance on how to manage their reactions after the immediate threat is over.

Always reassure your children that they are safe. Teach kids that earthquakes are a part of nature and can be unpredictable.

Parents, teachers, and other caregivers can help children and youth cope in the aftermath of a natural disaster by remaining calm and reassuring children that they will be all right. Immediate response efforts should emphasize teaching effective coping strategies, fostering supportive relationships, and helping children understand the situation and their reactions.

Schools can help play an important role is in this process by providing a stable and familiar environment. Through the support of caring school personnel, kids can return to normal activities and routines (to the extent possible), and be presented with an opportunity to change a frightening event into a learning experience -- even a fundraising experience.

For older kids, this can be a good opportunity to help them turn a passive viewing experience into one where they funnel the emotions from some disturbing media images into positive action. This can be done by helping to raise money through local organizations.

Don't let kids under seven watch the news. Turn off the TV and radio news. Read the newspaper out of range so that kids can't be frightened by the pictures. Children this young don’t need to see or hear about something that will only scare them. Should you choose to discuss the tragedy with your kids, try to anticipate their questions and come up with honest but age- appropriate answers.

Read more at Love Our Children USA's web site and on my Examiner.com article at http://bit.ly/8h0wn9

Giving To Those In Need -- Especially This Year!

2009-12-08T15:38:00.000-08:00

Holiday Giving (Reblog from my blog last year)

With the holidays upon us, it's a time to give gifts to our loved ones, friends and customers.

In a volatile economy gift buying could decrease for some. And at the same time there are wonderful groups doing important work whose donations are suffering. Many charities I know could use the help!

This holiday season, rather than buying expensive gifts, I will be making donations to charity in the names of my loved ones, friends and customers. It's like giving twice!

Here is a list of top registered charities you may want to consider:

Alzheimer's Associaton
To eliminate Alzheimer's disease through the advancement of research; to provide and enhance care and support for all affected; and to reduce the risk of dementia through the promotion of brain health.

American Cancer Society
The American Cancer Society is the nationwide community-based voluntary health organization dedicated to eliminating cancer as a major health problem by preventing cancer, saving lives, and diminishing suffering from cancer, through research, education, advocacy, and service.

American Heart Association
Our mission is to build healthier lives, free of cardiovascular diseases and stroke. That single purpose drives all we do.

America's Second Harvest (New name is FEEDING AMERICA)
The nation's leading domestic hunger-relief charity

Brokers Build
Brokers Build is a campaign for real estate brokers to raise $1M to build homes with Habitat For Humanity in New York City
(Full Disclosure - the writer of this blog is a Broker Who Builds)

Darfur - Not On Our Watch
Focusing global attention and resources towards putting an end to mass atrocities around the world.

Elizabeth Glaser Pediatric AIDS
The Elizabeth Glaser Pediatric AIDS Foundation seeks to prevent pediatric HIV infection and to eradicate pediatric AIDS through research, advocacy, and prevention and treatment programs.

Feed The Children
Feed The Children provides food, medicine, clothing, educational materials and other essentials to children and their families domestically and internationally.

Habitat for Humanity
Habitat for Humanity International is a nonprofit, ecumenical Christian housing ministry. HFHI seeks to eliminate poverty housing and homelessness from the world and to make decent shelter a matter of conscience and action.

Juvenile Diabetes Foundation
JDRF is to find a cure for diabetes and its complications through the support of research.

Love Our Children USA
The national nonprofit leader in breaking the cycle of violence against children. It has become the ‘go-to' prevention organization for all forms of violence and neglect against children in the U.S.
(Full Disclosure - the writer of this blog is the founder and chief executive officer of this charity)

March Of Dimes
Dedicated to improving the health of babies by preventing birth defects, premature birth and infant mortality.

MS Society
The MS Society is a collective of passionate individuals who want to do something about MS now-to move together toward a world free of multiple sclerosis. They help each person address the challenges of living with MS by funding cutting-edge research, driving change through advocacy, facilitating professional education, and providing programs and services that help people with MS and their families move their lives forward.

North Shore Animal League
North Shore Animal League America, headquartered in Port Washington, NY, is the largest no-kill animal rescue and adoption organization in the world.

ONE
ONE is Americans of all beliefs and every walk of life - united as ONE - to help make poverty history

St. Jude Children's Research Hospital
St. Jude is unlike any other pediatric treatment and research facility. With research and patient care under one roof, St. Jude is where some of today's most gifted researchers are able to do science more quickly. All patients accepted for treatment at St. Jude are treated without regard to the family's ability to pay.

Stand Up To Cancer
Stand up to cancer raised funds for research in unprecedented effort to end cancer's reign
as a leading cause of death

Starlight Starbright Childrens Foundation
Enhancing the lives of critically and terminally ill children through granting wishes and hospital programs
(Full Disclosure - the writer of this blog is a volunteer with this Starlight Starbright Children's Foundation)

Susan G. Komen For The Cure
The largest grassroot network of people working together to save lives, empower people, ensure quality care, and energize science to find a cure.

UNICEF
Raises funds for programs and increasing awareness of the challenges facing the world's children. The oldest of 37 national committees for UNICEF worldwide, they are part of a global effort to save, protect and improve children's lives.

For other registered charities please visit http://www.guidestar.org/

Tipping in Manhattan Apartment Buildings for the Holidays

2009-12-08T15:17:00.000-08:00

The holiday season is here and it's time to start thinking about tipping for services in our apartment buildings.

For those living in Manhattan, holiday tipping is the norm and can seem endless.

While it's important to be generous, it's also important to be realistic about what you can afford. Especially in our current economic climate.

Tips in decent class buildings (not Park and Fifth Avenues) run between $20 and $300 and it's not uncommon for supers to accumulate well into the five figures.

Porters and doormen see anywhere between $2,000 and $10,000, depending on the size of the building.

Holiday tipping is a way to say ‘thank you' for services. And it's a big part of apartment service worker's compensation.

Some Manhattan apartment buildings pool tips so the workers receive one lump sum. Most leave it up to the individual resident.

I hope you will find the information below useful when tipping in your apartment building this holiday season!

Apartment Building Superintendent
$50-200. Tip less if you tip throughout the year.

Apartment Doorman/Concierge
$10-80 or more each, depending upon building. Those who serve you more should get a bigger tip.

Apartment Building Handyman And Porters
$15-40 each

Apartment Building Elevator Operators
$15-40

USPS Mail Carrier
Non-cash gifts with value up to $20. This is for mail carriers that you know and see regularly.*

UPS - Regular Driver
Has no formal policy. Drivers don't expect tips but can accept them.

Fedex
Not allowed to accept anything over the value of $75. No cash gifts accepted.

Newspaper Carrier
Daily - $25 - 50, weekend - $10

Regular Overnight Delivery Person
$10-30

Parking Attendants
$10-30 each

These are suggested tips for Manhattan. Tips will vary throughout the rest of the country. Most importantly -- give what you can. If you are giving less this year, include a postscript saying "Wish it could be more" and your gift will be very appreciated.

During this holiday season, remember to take time for yourself so that you're not frazzled when entertaining.

And keep in mind - if you're planning on putting your apartment on the market, the holidays are a great time to do this. People who look for a home during the Holidays are more serious buyers! Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!

Wishing you all the blessings of the holiday season,

Ross Ellis
Licensed Real Estate Agent
Halstead Property, LLC

Ask me about Love Our Children USA and Brokers Build at Habitat For Humanity

Working With A Buyer's Broker Has Its Advantages

2009-11-22T13:45:00.000-08:00

Working with a Professional Buyer’s Broker:Finding the right home in Manhattan can take time and a lot of work. At times it can be overwhelming …after all it’s the most important decision you will make.

The myraid of appointments ... making an offer, negotiations, working with your attorney and mortgage broker, board packages, the closing .. and many more details is why you should hire a professional Buyer's Broker who will do this and more!

A licensed and professional Buyer’s Broker can help navigate the process from beginning to end --- and even after your closing --- applying their expertise to your search to get you the results you deserve.

Using the right Buyer’s Broker can make all the difference between finding the home you have always wanted and frustration. Find an agent who can open the right doors for you. Find an agent who listens.

Look for a Buyer’s Broker, not a property
Your Buyer’s Agent works for and with you.

Pick one agent to assist you.
Every broker has access to the same group of listings through RLS (REBNY Listing Exchange Service) which acts similarly to the MLS. Working with multiple agents will just make more work for you, in that you will have to manage a team of people, field many phone calls and emails, learn of duplicate properties and make the search for your home all that more overwhelming.

Since you’ll be spending much of your time with this person, read agent biographies, request recommendations, even call to interview them. Communication is 80% of the process, so make sure you and your agent connect.

Sign an exclusive contract with your Buyer’s Broker as there is no cost to you and your Buyer’s Broker can show you all the listings in your city – regardless of what agency the property is listed with.

Share all requested information

Letting your Buyer’s Broker know what you want is the first step to successful communication. Many factors play a part in the selection of properties for you to view and there are a wide variety of properties in New York City. Give your agent a complete picture of you and your needs to avoid wasting time looking at properties that does not suit your lifestyle. Make a wish list. You may not get everything on your list, but a good agent will work to get you as much of your wish list as possible.

When looking at properties, give your agent a piece of your mind.While looking at properties, let your agent know what resonates with you for each property. A good broker will consider all of the input you have given throughout the relationship when selecting properties to see, not just your initial requirements. Perhaps your reaction to a property will bring to mind another option they would have otherwise struck from the list. As you see more properties with your broker, they will get to know how they can best assist you.

Be Open

Never feel that you have to hold back in your assessment of a property, your assessment of a contract, or your feelings on a situation. Your broker is there to help you and the more they know, the better off you are.

Being Green Without Breaking The Bank

2009-11-22T12:58:00.000-08:00

You don't have to install solar panels in order to be green. You can be green and use cost cutting strategies and reduce your carbon footprint which can payback in about two years.

• Install Low Flow Fixtures
Cost: $3 to $30
Low flow faucets, shower heads and aerators reduce the amount of water on
the gas or electricity used to heat your water.

• Use Air Filters Cost: $1 - $12
By cleaning or replacing your cooling system or air conditioning filters you
save on about 7 percent in electricity.

• Seal Air Leaks
Cost: $10 per window and $20 per door.
By sealing off air leaks cool and hot air is not lost and your home is more
comfortable by not using extra air conditioning or heating. Window frames can be
caulked, doors weather stripped.

• Add Window Treatments
Cost $10 - $150
Shades, blinds and curtains can cut cooling and heating costs.

• Use Compact Fluorescent Lighting
Cost $3 - $5 per bulb
They use 75 percent less energy than regular bulbs

• Install Light Motion Sensors
Cost: $50 - $70
Light motion sensors automatically turn off light and thereby save on energy.

These cost-effective ideas will not only save you money, but you’ll be doing your part to save the planet.

New York Real Estate Term Glossary

2009-11-08T14:50:00.000-08:00

New York City is like no other. And when it comes to real estate in this glorious city, it's good to have an experienced broker whether you're buyng or selling ... and it's good to know basic terminology.

Glossary of Terms

Abstract of Title
A historical summary of the recorded instruments and proceedings on the title of a property.

Air Rights
The right to use or control the space above a property. Air Rights can also be sold, rented or leased to another party.

Amenities
The benefits from home ownership, such as a feature that enhances value.

Appraisal
An estimate of the value of the property. One may have an appraisal to determine the offering price during a sale.

Assignment
The process by which a right or contract is transferred from one party to another. Assigned contracts include mortgages, leases and deeds of trust.

Broker
A state licensed sales agent who acts for property owners and prospective purchasers in Real Estate transactions.

Brownstone
A 19th century house which shares a common wall with the neighboring property.

Building Amenities
The assets that buildings offer its owners or tenants. These can include a doorman, health club, club, garage etc.

Building Restrictions
Requirements in building codes that affect the size and appearance of the building.

Capital Expenditure
An improvement that will have a life of one year or more and will increase the value of the property.

Certificate of Occupancy
In New York City, each building is required to have a Certificate of Occupancy which permits the structure to be occupied by members of the public. This means that the building is in compliance to health and building codes.

Closing
The transfer of ownership of a property from the seller to the buyer according to the sales contract.

Co-Broke
This is the term used when a broker sends out their listing to other brokers and other firms. The brokerage community then receives the listings and the commission will now be split evenly between the seller's broker and the firm that provides the buyer of the property.

Combination
Refers to when an owner combines two adjoining apartments into one to enhance the value and the space.

Commission
Payment to the broker for his or her efforts on marketing and selling the property it is usually a percentage of the total purchase price.

Commission Split
The sharing of commissions between the listing agent and the broker of the buyer.

Common Area
The area on the property or in the building that is available for use to all owners and tenants.

Comparables
Used in assessing or establishing the fair market value of a property, a property which has been sold recently that is similar in size, condition, location and amenities.

Condominium
A building where individuals own individual units but share common areas with the other unit owners of the building. A more liberal type of ownership than Coops, Condominiums also have more lenient policies regarding subletting and pets.

Contract
A legally binding agreement between two parties. To have a valid contract for the sale of Real Estate there must be:

•an offer
•an acceptance
•competent parties
•consideration
•legal purpose
•written documentation
•description of the property
•signatures of the principals

Conversion
Property changing to a different form of ownership, such as a condominium to a cooperative or a commercial building to a residential building.

Convertible
A one or two bedroom apartment that has space to make another bedroom. The other bedroom can be made with the construction of a wall; however, the new bedroom must have a window in order for it to be legal.

Cooperative
A type of ownership of property. This is when the individual unit owners own shares in the cooperative building and do not own the actual property. The amount of shares owned is determined by the value and size of the apartment. The cooperative building owns all of the units and the purchaser is buying stock in the building.

Deed
A written document by which title of property is expressed from one party to another.

Duplex Apartment
An apartment that has two levels.

Escrow
A state where consideration, benefits, legal rights, money, documents or other valuables are transferred to another party in advance of that party's legal claim to them, on the basis that the legal claim will arise at a given point in the future. It is a form of trust.

Estate
The word used to describe the collection of all assets of a deceased person. Also, the extent of interest a person has in real property.

Estate for Life
The interest of real property that ends with the death of a person.

Excellent Condition
This is used to describe the condition of the apartment; mint is another word for excellent meaning the apartment is in great shape.

Exclusive Listing
A contract whereby the owner of a property grants a single broker the right to market the property for sale.

Façade
The exterior front wall of a building.

Financing
Borrowing money to purchase a property.

Firm Price
An asking price for a property that is not open for negotiation.

Fixed-Rate Mortgage
A loan where the interest rate remains constant over the entire term of the loan.

Flip Tax
Tax imposed on the cooperative apartment by the cooperative, this tax can either be paid by the seller or purchaser and is usually a percentage of the purchase price.

Floating Rate
A loan where the interest rate is not fixed over the term but is allowed to vary according to the change in a specified index.

Floor Plan
A scale diagram of the arrangement of rooms and their sizes drawn by an architect.

Foreclosure
An enforcement process in which the lender under a defaulted mortgage takes title to the property for the purposes of selling it to recoup moneys owed under the mortgage.

Full Bath
A bathroom with a bath or a shower.

Grandfather Clause
If a new law is passed or an old is changed those people whose activity was legal under the previous law are allowed to continue because of this condition. This law is common with pets; some buildings that do not allow pets now, did in past, therefore, those owners are allowed to keep their pets.

Half Bath
A bathroom without a bath or a shower.

Interest Rates
The cost of borrowing money from a lender. Rates change over time and are set by the Federal Reserve.

Lease
A written agreement to rent a property or part of a property from the owner.

Lien
A legal claim against property for money owed.

Listing
The agreement that allows a real estate professional to market a property. Available apartments are also referred to as listings.

Loft
A loft refers to open living space that was converted from commercial space to residential space. Lofts contain very high ceilings, large windows and open space. In New York City, most lofts and converted commercial space is located downtown.

Lot
A measured section of land.

Maintenance
Monthly charges paid by the owner or tenant of a cooperative building for that person's share of costs of keeping the common-use portions of the building in good condition. This includes the daily cost to operate the building and it is calculated based on each individual unit.

Managing Agent
An independent company that is hired to manage a property. In New York City, most of the cooperative and condominium buildings are managed by a company which is responsible for the building operations. Brown Harris Stevens manages over 160 buildings in Manhattan.

Market Value
An estimation of the price for a property in relation to the current real estate market.

Mortgage
Money borrowed from a lender in order to purchase a piece of property. Mortgages vary in terms of length as well interest rates.

Negotiation
The process of discussing an issue between two parties who are working towards the same goal. Successful negotiation usually leads to a contract and then a sale.

Notarize
To verify the authenticity of a signature by a certified Notary Public.
Offer
An expression of the desire to purchase a property at a specific price. Once an offer is made and then accepted it leads to the purchase of the property.

Offer Accepted
The term refers to when the owner of the property agrees and accepts the offer and terms of the purchaser.

Open House
A specified time when a property that is for sale is advertised by opening its doors to prospective buyers. A broker advertises an open house to help the sale of the property.

Open Listing
A listing where the owner of the property hires more than one broker and only pays commission to the one that provides the purchaser.

Ordinance
A law enacted by the local government.

Penthouse
A luxury apartment in a high rise building.

Pied a Terre
A French term that refers to an apartment that is not the primary residence of the owner. A Pied a Terre is used when a person lives in another location and comes to New York several times a month or a few weeks a year to either work or enjoy this great city.

Post War
A post war building is one that was built after World War II.

Pre War
A pre war building is one that was built before World War II. Common characteristics of a pre war apartment are fireplaces, moldings and hardwood floors.

Property Tax
The tax issued on the ownership of property.

Points
A charge levied by the lender on the borrower for the mortgage for prepaid interest. Each point is equal to 1% of the principal of the mortgage.

Powder Room
Also known as a half bath. A powder room is a bathroom without a shower or a bath.

Quadraplex
An apartment that has four levels.

Referral
A recommendation made to a client about the services of a particular agent or firm.

Rental Building
A building where the apartments are only rented and not sold.

Rent Control
Laws that regulate the amount of money that is charged to rent out space.

Reserve Fund
An account reserved to provide funds for future expenses in order to maintain the cooperative or condominium building.

Sale Price
The amount of money paid by the purchaser to the seller. Also known as the purchase price.

Security Deposit
A payment required by a landlord to guarantee that the tenant meets his or her obligations under the lease and to guard against any potential damages that may be incurred during the term of the lease.

Shares
When one purchases an apartment in a cooperative building he or she is actually purchasing the shares in the cooperative. They represent the proportion of the building owned by the unit owner based on the size and value of the apartment.

Square Footage
The area measured in square feet of a certain property. Square footage can be measured in different ways and is usually considered approximate. Condominium apartments have specific laws that determine the way which the apartment is measured therefore condominium measurements are more accurate.

Sublet
The term used when an owner of an apartment decides to rent the apartment to a tenant.

Tax Deductible
An expense that reduces taxable income. Each year, shareholders in cooperatives apartments are able to deduct a certain amount from their personal taxes. The amount is determined by the amount of shares that are owned.

Term
A specified period of time.

Term, Amortization
The term in which the interest and principal payments of a loan must be made.

Title
The legal term for the evidence that the owner is in lawful possession of the land and property.

Townhouse
A townhouse is a private residence where at least one wall is shared with another residence. In New York City, townhouses are a very popular and a more private way of living.

Triple Mint
Refers to the condition of the residence. Triple mint condition means that the residence is in immaculate condition.

Triplex
An apartment that has three levels.

Unit
A single residence within a building.

Utilities
Services such as water, gas, electricity, telephone and television. Utilities in some buildings throughout the city are included in the maintenance charges.

Vacate
To move out and leave the property.

Walk Up Building
A building that does not have an elevator. Most walk up buildings are four to six floors.

Walk Through Inspection
The inspection of a property immediately before the closing to ensure that the property does not have any new damages.

Zone
An area set by local law for specific use with certain rules and regulations.

The Economy - The Heym Report

2009-10-20T05:17:00.000-07:00

Learn the latest about the economy from Executive Vice President, Chief Economist Greg Heym of Halstead Property, LLC.

Third Quarter 2009 Manhattan Market Report

2009-10-03T09:00:00.000-07:00

Third Quarter 2009 Manhattan Market Report is in

While the residential market is not back to where it was before the collapse of Lehman Brothers, things have improved over the past several months.

With a slow start, the spring buyimg market picked up. National housing indicators are turning around and job losses are slowing. Many feel that the worst is now behind us.

The average price for Manhattan apartments was $1,274,563 during the third quarter of 2009, up slightly from the prior quarter. While the average price is still 13% lower than a year ago, this is an improvement from the second quarter's 24% annual decline. Also showing improvement was the number of sales reported. After falling 53% year-over-year in the second quarter, closings in the third quarter were down 25% from the same period in 2008.

All sizes of cooperative apartments posted lower average prices than a year ago, led by a 41% decline in three-bedroom and larger units. Note: There were 4 co-op sales over $30 million a year ago, 2 of which approached $50 million. There were no similar sales this past quarter, thus this figure fell sharply. This also brought the average price lower for all co-ops, which at $934,400, represents a 22% decline from the third quarter of 2008.

While the average price fell for all sizes of condominiums over the past year, the overall condo average price was actually up slightly from 2008's third quarter. The reason for this was that the average condo sold during the third quarter was 9% larger than a year ago. If the average size of condos sold goes up, the overall average price can rise-even in a declining market. Just under half of all condo sales were in new developments in the third quarter, down from 70% a year ago.

Third Quarter 2009 Manhattan Sales and Rentals

2009-10-03T08:56:00.000-07:00

Third Quarter 2009 Manhattan Sales Market Report

Third Quarter 2009 Manhattan Rental Market Report

Manhattan Home Buyers - It's Your Market! Understand Your Buying Power!

2009-07-26T13:13:00.000-07:00

It's THE market for Manhattan home buyers. So it's important to understand your buying power.

Your buying power means you can negotiate a good deal. It is also important to understand that while this is a buyer's market, there are no fire sales - meaning you won't get a $1M property for $500,000.

Be realistic. Manhattan sellers are not in the position of those in Florida, California or Nevada.

Additionally, just because it is a buyer's market, it doesn't mean that the down payments of the "bubble" days will be the same.

In the bubble days you could put down 10% on a condo in Manhattan and anywhere from 15% and higher on a coop.

Today, your down payment is generally higher due to mortgage rates and the economy and will determine whether you can purchase a condo or coop. Some buildings require that you put 30% - 50% down and could even insist that you pay all cash.

Also important - where is your down payment coming from? Is the money all of your income and assets, are your parents or someone else helping you with the down payment, is it a gift or inheritance? Some buildings do not allow co-purchasers, gifting or guarantors. And what is your debt to income ratio?

So, it's critical that you know and understand your complete financial profile. Just because you have money, does not necessarily mean you will satisfy the rules of a coop.

Discuss your finances with your broker/agent before you go apartment hunting. This will help your broker to determine what types of homes you should be seeing and for what price. At the end of the day you will be happier. Your agent won't waste your time and you won't be frustrated about the type of property you cannot afford.

Once you've determined what you can afford to spend, it's time to think about where you will get your mortgage from. Mortgage Broker or Bank?

Working with a Mortgage Broker gives you more options. They have various financial institutions they work with and can research the best products which you will qualify for. Mortgage Bankers have relationships with various banks. So by working with a good Mortgage Broker, they can find creative ways to satisfy the bank's requirements if there are a few areas where you don't necessarily qualify.

When working with a Bank, your only option is the loan officer who cannot offer you a variety of products. And - they can change the requirements on your mortgage commitment at anytime. That could mean a new bank offers new rates which might not be a good fit for you.

In today's economy it is imperative to work with someone who has experience. Whoever you choose to work with, be sure it's someone who explains everything to you and who can meet your needs and goals.

4th of July 2009 in Manhattan

2009-07-05T07:09:00.001-07:00

Since 1976 the tradition of Macy's fireworks took place on the East River in Manhattan. This year to commemorate the 400th anniversary of the exploration of the Hudson River by Henry Hudson, the 2009 Macy's July 4th Fireworks extravaganza took place on the Hudson River,

This year's fireworks featured more than 40,000 shells exploding at a rate of more than 1,500 per minute.

The fireworks were synchronized to a score of patriotic standards, classic river-themed works, and original music. Performances by the New York Pops and Broadway superstars Audra McDonald and Idina Menzel performed.

2009-07-04T07:23:00.000-07:00

It's that time again! New York City Restaurant Week Summer 2009 is almost here! New Yorkers and tourists alike will be able to enjoy an extended Restaurant Week and dine at Manhattan’s trendiest and best restaurants from July 12-31, 2009.

New York's top restaurants will serve three-course lunches for $24.07. FYI -- the discounts are not good on Saturdays, though some restaurants are offering deals on Sundays and three-course dinners for $35.00 (beverage, tax and gratuity not included).

Reservations began on June 30, 2009 and participating restaurants include Megu, Spice Market, Dos Caminos, Nobu, Tao, One If By Land, Two If By Sea, Blue Water Grill, and many others.

Click Here To Read More & Make Your Reservations

2nd Quarter 2009 Manhattan Sales

2009-07-04T07:14:00.000-07:00

Second-quarter sales prices fell nearly 20% in a year, while sales volumes drop like stones. The number of months on the market now doubles the decade's average.

The Manhattan residential real estate market showed little sign of recovery during the second quarter.

Some of the reports attributed the second-quarter price drop-off to sales back in early 2008 of high-priced units at The Plaza and 15 Central Park West. Some apartments at those luxury buildings sold for as much as $4,000 per square foot in the second quarter of last year. Greg Heym, chief economist at Halstead Property, said "adding that this year's third- and fourth-quarter sale prices should more accurately reflect the market."

To that end, Manhattan buyers are on the streets, as it's a great time to buy in Manhattan.

Read Halstead Property's 2nd Quarter 2009 Sales Market Report Here

Manhattan Real Estate Market May 2009

2009-05-25T16:06:00.000-07:00

Although quieter than last year, this spring the Manhattan residential real estate market is busy with the exception of Memorial Day weekend, when the Manhattan real estate market is on hold for the entire weekend.

And this year the difference is price. Sellers for the most part understand that there is a 20 – 40% decline, while buyers look for great discounts.

But caution to buyers, there are no fire sales. And sellers who wait for a better deal – may or may not see it. Yes, there are great discounts but buyers and sellers must be realistic.

I know of one buyer who fell in love with my exclusive property but wants to wait a few months to purchase. There are offers on the property. Moral of the story – if you love a property and have not seen anything else like this on the market – don’t wait. Make an offer.

Another buyer I know of is in arguments with the seller. Each standing their own ground. Does the buyer want this apartment badly enough? Although motivated, how badly does the seller want to sell?

Who will win? Deals are happening. They’re more difficult than they used to be but they are happening.

I for one am very busy with several buyers. Yet, some are not. And sad news for my fellow Manhattan real estate agents at Coldwell Banker Hunt Kennedy, as they prepare to close their doors.

It’s an interesting time in Manhattan Real Estate.

Buying A Home

2009-03-07T08:18:00.000-08:00

It occurred to me after speaking to someone who recently bought an apartment on their own, that many people do not know what a Buyer’s Broker is.

Had she had a Buyer’s Broker representing her she would have saved approximately $60,000.00 and it would not have cost her a penny. Yet she had no idea that she could have her own broker represent her.

Working with a Buyer’s Broker offers buyers every advantage. The Buyer’s Broker works solely for the buyer, yet they work with ALL of the Seller’s Brokers -- especially in Manhattan. This means that buyers can preview apartments from any brokerage firm in Manhattan through their Buyer Broker.

It’s the best of both worlds. A Buyer’s Broker will determine a buyer’s real estate needs and financially pre-qualify them for apartments that they may be interested in.
The Buyer’s Broker will then schedule appointments for the buyer to preview apartments from any and all firms that represent apartments of interest to the buyer.
Once a buyer sees an apartment they want to purchase, the Buyer’s Broker makes the offer to the Sellers’ Broker on behalf of the buyer, negotiates price, closing dates and other matters. Once the offer is accepted, it is up to the Buyer’s Broker to guide their customer and work closely with their attorney on any and all issues that may arise.

For a foreign buyer this is particularly important as the Buyer’s Broker is based in elsewhere … in my case Manhattan, and can handle any issue with great ease. The Buyer’s Broker can easily recommend the appropriate real estate and tax attorneys (albeit condo or coop), accountants, decorators, and any services the buyer will need.

Buyers DO NOT PAY A FEE. There is absolutely no cost to them. The Seller pays the fee and the fee is split between the Buyer’s and the Seller’s Brokers.

Your broker will be present at the closing. This broker was responsible for saving her client a few thousand dollars at the closing because the closing documents contained the wrong information.

So when buying a new home – even if you are the best negotiator – it is to your advantage to work with a Buyer’s Broker.

Feel free to contact Ross Ellis at Halstead Property for a consultation or for any questions you may have at 212-317-7828 or by email

Showing Your Home To Sell in Today's Market

2009-02-19T05:47:00.000-08:00

In today's real estate market it's more important than ever for your home to look sales ready!

Selling your home is like a job interview. You want to make a great impression!

I cannot begin to describe the number of instances, where I have gone to preview a seller's home or brought a buyer and even renter - only to find the home dirty, dishes in the sink, food left on the kitchen counter, toys ALL over the house beds unmade, etc.

Do not assume it doesn't matter. It does!!!!!

People are coming to inspect your home to see if they want to purchase it. By making a good impression, you increase the chances of getting your home sold or even rented,

The home for sale or rent should be clean, uncluttered, beds made and toys put away.

If you have pets, realize that many people are allergic to pets, and that shedding dog fur and cat dander are everywhere. When showing your home, pets should not be at home. That's what friends, relatives and kennels are for - to help you with those darling fluffy family members! Additionally, your home should be completely fur and dander cleansed. It should not be obvious to a potential buyer that you have pets living in your home.

If your home needs additional sprucing up, do consider a new coat of paint and staging! It works wonders.

Remember ... a clean and uncluttered home that is attractive and inviting, is a home ready to be sold!

Now that your home is clean, you need to think about how your home looks.

Do you have too much furniture? Is your furniture worn? You may need to stage your home!

Home staging is preparing a home prior to putting it on the market for sale.

Why stage your home? Staging a home can ensure a quick sale.

You may love the way your home looks, but potential buyers may not. When selling your home, staging it professionally can make your home more appealing and more attractive. It depersonalizes your home, reduces its flaws and very often, raises the value of your home. Very often it can bring a higher purchase price.

With shows like HGTV's ‘Designed To Sell', "Bought and Sold", "Get It Sold", "Buy Me" and TLC's "Flip This House" home owners looking to sell their home, can learn valuable staging information that could be the difference of one's home being sold quickly, or sitting on the market for a long time.

As a professional real estate agent, I have seen buyers cringe at red walls, pink bathrooms, clutter and other people's pictures and momentos. Although this is important to the seller, sellers should not take this personally. Buyers want to see neutral, clean and uncluttered living spaces that they can envision themselves living in.

You can find professional home stagers in most cities by searching the Internet or letting your fingers do the walking in the yellow pages. You can also find these stagers from an accredited home staging school. One of the best ways to find a good professional home stager is to ask your broker. Brokers know the best stagers in their area.

Let the stagers do their job ... regardless of whether you agree with their choices or not.

If you prefer to do the staging yourself:

- Get rid of clutter
- Put away photos and momentos
- If you have children, their toys should not be visible
- Clean and light fireplaces so they look inviting
- Clear kitchen and bathroom counters
- If it's outdated, it should go
- Walls and carpeting should be neutral
- If furniture is oversized, put some in storage

Make your home appealing. Keep it neat and clean and light scented candles when potential buyers are coming over to see your home. The seller should not be present. Only the brokers and potential buyers should be there.

Add value to your home so it sells!

If you feel overwhelmed, hire a stager. There are home staging companies all over the country. My favorite stager Caroline Greenberg owner of Design Solutions works wonders and is located in Manhattan.

It's worth the modest fee that will increase the value of your home!

Manhattan Real Estate Gets Busy

2009-02-15T15:00:00.001-08:00

Over the past few weeks, apartment buyers have hit the Manhattan pavements searching for their dream homes. I know this because I am working with four buyers, am in contract on a property and speak with other agents who see the same traffic.

Despite media reports of banks not giving mortgages, many buyers are getting mortgages.

While there are no fire sales, some buyers are making unrealistic offers... a few which have been considered.

For the most part, sellers understand that they have to be realistic in their asking price and price properly from the onset, or negotiate with buyers for the value that they are seeking.

Of the buyers I am currently working with, three are in the medical profession and one buyer is in the communications field. My buyer who just signed a contract for an apartment is in finance, but not on Wall Street.

The one seller I currently have is a couple in the medical field.

Additionally, the rental market in Manhattan is far from what it used to be. I had a rental exclusive on the market for a month and urged my client to lower the rent, offer a month of free rent and a dinner for two (up to $200) at a trendy Manhattan bistro. The apartment was rented today - three days after we lowered the rent and offered perks! In lieu of the dinner at the bistro, my client is paying a portion of the applicant's application fee.

So it's a different real estate market than it was a year ago for sure, both in sales and rentals, but Manhattan real estate is busy.

Manhattan Is A Buyer's Market

2009-02-15T14:49:00.000-08:00

Manhattan is a buyer's market and with prices going down ... NOW is the time to buy!!!

If you need to move (downgrade or upgrade), if you're a first time buyer, now is a great time to buy. Mortgage rates are low and prices are negotiable.

While there are no fire sales, you can be assured that if you buy an apartment in Manhattan today, your property's value will greatly increase in years to come.

Before beginning, it is important to outline the different forms of ownership available to purchasers of Manhattan property. Those forms are Cooperative, Condominium, Cond-op, and Townhouse (both single and multi-family). Please see the notes at the end of this document for a full description of each form of ownership.

Preparation

Work with your agent to complete the following:

Speak with a Mortgage Lender/Broker and obtain written pre-approval for a loan. This helps you determine your purchasing power and enables you to act expeditiously and with confidence when you identify the property you would like to purchase. Additionally, a pre-approval assures the seller that you are qualified, providing you with an advantage when bidding on a home. This is especially helpful in a multiple interest situation.

Choose a Manhattan Attorney who specializes in residential Real Estate. As New York City has complex real estate laws, attorneys are utilized to close all real estate transactions. Time is often critical; be sure your attorney is available to move quickly. A relative or friend who is an attorney cannot handle the complicated New York City real estate intricacies unless they know New York City real estate law.
The customary deposit upon executing a contract of sale is 10% of the purchase price. Ideally, be prepared to have those funds liquid when you begin your search. The balance of the down payment will be due upon closing.

For Coop purchases, your total annual housing costs should not exceed 25-30% of your gross reported income, and your total debt should not exceed 35-40% (except in the case of substantial liquid assets). Housing costs include: mortgage interest, coop maintenance, secondary residences and any other mortgage in which your name appears.
In certain forms of ownership, offers are not only accepted based upon price, but upon the financial strength of the potential buyer. Therefore, be prepared to have your net worth statement with substantiating documentation (bank statements, brokerage statements & other financial documentation) available. In many cases sellers require you to provide this with your offer. Regardless of the outcome this information will be required for most purchases and financial institutions so having it prepared will also save you time in the future. Be assured your agent will safeguard this information in a confidential manner.

Review your credit report. Remove all disputed claims and clear up any debt if possible, especially outstanding credit card balances.

Guidelines to finding your home:

Define your search parameters. This typically includes price range, location, size, type of ownership and building amenities (if appropriate). Ultimately, flexibility will only work to your advantage.

Choose an agent to work with. Since agencies have almost all the same listings, working with one broker allows you to efficiently schedule appointments to see only those properties that meet your needs. In addition, working with more than one broker may actually prolong your search by having the same properties shown to you by multiple brokers or by having multiple brokers confuse other brokers by making appointments at different times for the same customer. Since property in Manhattan tends to sell rather quickly, prolonging the process may actually hinder you from seeing the property that best meets your needs. Lastly, by creating a good relationship with your broker, you assure that you are the first person they call when a new listing arrives on the market.

Talk to your broker. Be specific about your needs, price point, locations of interest and any other amenities you require in your new home or building. If you do not feel comfortable with your broker, do not hesitate to let them know so that they may have the opportunity to refer you to a colleague with whom you may be more compatible.

When scheduling appointments, try to be available during the week. In addition to evenings, early morning and late afternoon is a good time to schedule appointments, as more brokers are available during these times to provide access to their listings. In addition, by avoiding weekend and open house showings you allow yourself to view properties without fighting crowds of people (competition) and giving you more time to ask questions and get a "feel" for the property.
Once you identify the property - The purchase:

Submit a verbal offer through your Agent immediately who will then follow it up in writing. The offer will include such provisions as purchase price, down payment, amount of financing, included and/or excluded personal property (i.e. window treatments, lighting fixtures, etc) preferred closing date, current income (combined for couples), job description, net worth, and debt status (loans, credit, etc.). Once your offer is verbally "accepted" by the seller, your broker will notify the seller's attorney who in turn will draw up and send to your attorney the initial contract.

Keep in mind that sellers are allowed to hear ALL subsequent offers while your contract is negotiated (or finalized). In fact a seller may accept another purchaser's offer up to the point of a fully signed, executed and returned contract. This means that until your contract is signed by both you and the seller, your deal may not sustain as the primary deal. Therefore, instruct your attorney to proceed expeditiously.

Your attorney will review with you the contract, perform a "due diligence" reviewing with you the "financials" and/or "issues" of the building, and ask you to execute the contract and put forward a 10% deposit to be held in escrow until closing. Thereafter, the seller signs the contract and your attorney will deliver one original to you and one to your mortgage broker/bank.

Immediately apply for a mortgage (if applicable). Your agent will work with your mortgage broker/bank to coordinate the appraisal of the property and provide the bank with requested information on the building. The loan process typically involves several steps from application to appraisal and finally approval. This process may take up to 45 days to complete and hinges on your ability to provide all of the required financial data to your broker/banker in a timely manner.

While awaiting your mortgage commitment work with your broker to complete your board package (not applicable for townhouse purchases). Your broker will provide an application which varies from building to building which typically must be completed and returned to your broker (who will in turn deliver it to the appropriate party) within 10 days of receipt of the fully executed contract or 3 days for the date a bank commitment letter is received, whichever applies. A typical cooperative board package requires at the minimum, the following: Personal and Business Reference Letters (if necessary, we can provide you with sample reference letters to assist your friends and colleagues), Employment Verification Letters and/or Pay Stubs, Bank Verification and Brokerage Statements, Net Worth Statement (this mirrors the information requested by your bank), two-years tax returns and the mortgage loan application and commitment.

Board packages must not be taken for granted. All questions and requests for documentation must be complied with. Both the application form and the Net Worth Statement should be typed and the package should provide a clear and concise assessment of your qualifications to purchase.

Once completed, your broker will review the package in order to assure that all the required documentation has been supplied and presented in the manner requested by the board and then forward the package to the buildings managing agent or otherwise authorized personnel for processing.

Upon review of your board package, the board will typically schedule an interview to meet with you. Boards vary in the manner in which they meet with applicants so please check with your broker to find out how often the board meets or if they have a separate interview committee that meets on a case by case basis.

After the interview, typical notification of the board's decision is given to you or your Agent within 72 hours however some boards reserve the right to take longer.
Upon board approval, notify your attorney who in turn will coordinate the closing date. A typical closing can take up to 2 weeks to schedule so please keep this in mind when planning your move.

Prior to closing - The Inspection:

The day before or the morning of the closing (but usually after the seller has vacated), your Agent will accompany you on an appointment to inspect that the property is in the same condition or promised condition as stated in the contract. Be sure to check appliances and the removal of personal property, and that the premises are broom clean.

The Closing:

At any closing be sure to bring with you your driver's license or passport, your checkbook for any last minute adjustments, and all certified checks discussed with your attorney.

Cooperatives and Condops: The closing is ordinarily held at the office of the management company for the building. The closing is attended by you, your attorney, the seller, the seller's attorney, the lender's attorney, a representative from the managements transfer dept., and the Agent(s) involved in the transaction. At the closing you will first sign documents necessary to complete the loan transaction inclusive of a Security Agreement, Promissory Note, Stock Power, and an Assignment of Lease. Thereafter, you will sign all documents to convey the apartment and secure interest in the apartment such as Stock Certificate, Proprietary Lease and Consent and Checks representing the balance of the purchase price and adjustments are exchanged for the keys to the apartment.

Condominiums & Townhouses: The closing is ordinarily held at the office of the seller or lender's attorney. The closing is attended by you, your attorney, the seller, the seller's attorney, the lender's attorney, the title company closer and the Real Estate agent(s) involved in the transaction. At the closing you will first sign all documents necessary to complete the loan transaction inclusive of a mortgage and promissory note. Thereafter, you will sign all documents to convey the condo apartment to you including a Deed, Title Report, and Unit Power of Attorney. Checks representing the balance of the purchase price and adjustments are exchanged for the keys to the apartment or house.

Notes - Definitions of different forms of ownership

Cooperative

In this form of home ownership, one owns shares of stock in a corporation that owns the building. These shares are considered "personal property" similar any other shares of stock. For tax purposes, the IRS has recognized this form of ownership and under normal circumstances any mortgage interest incurred by an owner is considered tax deductible. The corporation (Coop) issues to each shareholder a "proprietary lease" which gives the shareholder the right to occupy their specific apartment. In addition, the corporation elects a board of directors who are responsible for overseeing the daily operations of the building, enforcing the by-laws, and acting of behalf of the shareholders to ensure that the building operates as an efficient entity. Owners pay to the Coop a maintenance fee, which pays for such items as; the buildings Real Estate Taxes, underlying mortgage, payroll, management fees, supplies and general maintenance. In addition, many coops accrue a contingency budget for future capital repairs. Typically, the portion of the maintenance that is attributed to the buildings Real Estate Taxes and mortgage interest are "tax deductible (td)" on your federal and state income tax returns. This "td" may change annually, as the mortgage on the building is amortized and Real Estate Tax charges change.

Lastly, but not least, as this form of ownership regards owning stock in a private corporation, approval to purchase such shares of stock must be granted by the board of directors. Thus, a purchase application must be submitted to the board requesting approval to purchase these shares. This application typically requires a minimum of the following: Net worth statement with full backup documentation (bank statements, brokerage and retirement account statements, etc.), 2 years tax returns & W-2's, verification of employment or accountants letter, 2 personal and 2 business letters of reference, landlord reference, a credit check authorization, and a completed application provided by the board. In addition, the board will require an interview in order to meet you and make any inquiries regarding the information you submitted or questions they may have. The board has the right to approve or deny any applicant without cause.

Condominium

In this form of home ownership one owns "Real Property" much like owning a house. The condominium residents elect a "board of managers" who are responsible for overseeing the operations of the building and enforcing the "house rules" of the building. The main difference between owning a "condo" and a "house" is, in addition to owning the apartment, you also own a small percentage of the "common elements" of the building such as the halls, stairwells, basement, etc. Each homeowner receives a separate property tax bill from the city for their unit. In addition, each owner pays a "common charge" to the Condominium association to pay for such items as: payroll, building maintenance and supplies, management fees, and building repairs. In addition, some condominiums maintain a "reserve fund" in order to pay for major repairs and improvements to the building. It is important to note that although the Real Estate Taxes you pay on a condominium apartment are tax deductible, the common charges are not as they are solely to pay for the building operation and are not attributed to any tax deductible expenses.

In recent years many condominiums have implemented a procedure whereby purchasers must submit an application to purchase. Unlike in a coop, the board of managers must either approve the applicant or exercise the condominiums "right of first refusal" to purchase the apartment from the owner. Although this is not a common occurrence, it is an option for the board should they choose to exercise it.

In most condominiums, the owner has the right to sublet or sell their apartment with either no board approval or with a minimum board review. In either case, the board must either approve the applicant or exercise their right of first refusal to match the purchase price. For this reason this form of ownership is very appealing to investors, foreign buyers and parents purchasing for their children

Cond-Op

By definition, a Cond-op is a residential Cooperative where the ground floor (typically commercial units) is converted into a separate "condominium" which is either owned by an outside investor or the original sponsor of the building. Thus, although the residential units are a coop, the commercial units are owned as a condominium by an entity other than the coop. Thus, the coop does not receive the benefit of the income from these units.

Many times, people will refer to Cooperatives that operate under Condominium rules as "Cond-ops". This is not accurate although you will hear this quite often. A Cooperative that operates under condominium rules is just that but may be inaccurately referred to as a "Cond-op".

Townhouse

This form of ownership provides the owner with a "fee simple" ownership of Real Property. The owner is responsible for payment of all Real Estate Taxes, maintenance and repairs of the property. The sale of the property may be conveyed to any party without prior approval by anyone other than the homeowner. There are two typical types of Townhouses; single family and multiple family. In a single family the property may only be occupied by one family although the entire house may be rented to another single (or family) user. In a multiple family residence, the owner may occupy (or lease out) one of the units while leasing out the other units as income producing entities.

For more information on purchasing an apartment in Manhattan, call Ross Ellis at 212-317-7828.

Manhattan Rentals Now Bring Incentives And Negotiations

2009-02-15T14:44:00.000-08:00

Residential rents in Manhattan have fallen and incentives like a month's free rent, an extra month of rent and no fee are becoming very common. Manhattan rental prices are down between 10 and 15 percent from 2007.

Halstead Property Manhattan 4Q Rental Report 08

In addition to Manhattan properties for sale, my company has a large rental department where we are constantly updated on the Manhattan rental market.

As of late, some landlords are offering an opt-out of lease if one loses their job. Although there are terms and conditions, that should ease a New Yorker's mind if they wish to rent an apartment.

Manhattan has become a renter's market as well as a buyer's market.
If you're a bit hesitant to buy now, why not consider a lower rent, upgrading to a larger apartment at a low rent, more incentives. It's all negotiable!

Tips on Renting Apartments in Manhattan

A Renter's Guide
Ross Ellis is committed to providing the same level of services to her customers seeking rental properties as she offers to those in the market for buying a home. Ross offers you an in-depth needs analysis prior to meeting with you, so she can guide you throughout the leasing procedures and assist you in securing your rental home.

Typical New York lease types:

The type of lease used in New York City may vary depending upon the type of building and the conditions under which it is rented. Often, landlords will include riders that may supersede or effectively change language in the lease. It is important to read the riders carefully because they can nullify any clause in the lease agreement. Both parties must sign any riders added to a lease.

REBNY Standard Form of Lease

This lease has its stabilized and non-stabilized variation and it is primarily used when renting in rental buildings as opposed to renting in a condominium or in a co-operative. When used for a rent- stabilized apartment, a rent-stabilization rider must be attached to the lease. Under the Rent Stabilization laws, the State of New York sets the annual rent increases and the lease is automatically offered for renewal each year

Condominium Lease Agreement (Blumberg Form A101)

This lease may contain a cancellation clause and/or require the lessee to pay any increases in condo charges in addition to rent. Most landlords will allow tenants to remove these two items from the lease. Whenever possible, Halstead recommends using REBNY Condominium Lease instead of the Blumberg form A-101.

Sublease Agreement (Blumberg form P193)

This lease form is used most often when renting in a co-operative apartment and in virtually all sublet situations. It is a one-page legal document and various riders are often attached. As in the case with the condominium leases above, Halstead recommends using REBNY Co-operative Sublease Agreement instead of the Blumberg form P-193.

Lease Agreement (Blumberg Form A55)

Predominately used for leasing Townhouses, Brownstones, and Single Family Structures. This lease is also easy to understand. Again, various riders could be attached and need to be reviewed prior to the execution of the lease.

Guarantors - Some landlords may request a lease Guarantor if the prospective tenant does not meet all financial requirements. A Guarantor is an individual that is qualified to guarantee the performance of the tenant. The Guarantor should earn enough income to satisfy the lease in case of default. Such income requirement is usually in the range of 80-100 times monthly rent. Landlords usually request that the guarantor be a family member living in the vicinity of New York City. Guarantors are usually asked to disclose detailed financial information and fill out a credit application as part of the approval process.

Negotiations - In the present rental market it's yours for the asking.

It is advisable that a tenant receives all promises of repairs and improvements in writing. This may be used as a rent negotiation tool if the tenant decides to pay for some of the costs of improvements. Lease renewal increases can be negotiated prior to signing the lease. It is advisable to consult with a rental agent regarding current market trends.

Short Term Rental Apartments - There is a limited supply of short-term furnished rentals. Prices tend to be much higher than a one-year lease and the supply is limited to the higher end of the market. For unfurnished apartments, tenants may rent furniture for a monthly fee. With basic furniture, the monthly cost of a rental package is about $400.00 per month for a one-bedroom apartment. As a general rule of thumb, one can estimate furniture rental costs as approximately 20% of the apartment rent. Ross Ellis will be happy to supply you with a list of reputable furniture rental companies.

When to begin your search - We strongly suggest that you do not begin your search any sooner then 4-6 weeks prior to your intended occupancy date. If you begin your search too soon, none of the apartments you saw during your home finding trip will be available when you are actually ready to sign a lease. Ross Ellis will work with you in a time efficient manner and will strive to minimize your costs by having just one home finding trip to New York City.

Building Types - There are three types of categories of buildings in which you can rent: a rental building, a cooperative, or a condominium. Each property has its own rules and regulations affecting the time frame in which a tenant will be able to move into the apartment. Ross Ellis will work with you and help you determine which type of accommodation best fits your lifestyle and occupancy date requirement.

Building Terms - Prewar Buildings are those built before World War II. These buildings tend to be less than twenty stories high and are recognized for architectural interest with features such as larger rooms and/or windows, hardwood floors and higher ceilings. These can be either doormen or non-doormen.

Postwar are larger buildings than the prewar ones, and they are built after WW2 through the 1970's. Most will have doormen. They can be found on most city blocks constructed of white, red or brown brick.

Modern Buildings are generally built from the 1980's through the present and tend to be either condominiums or luxury rentals. They are mainly hi-rises with doormen and/or concierge services. Many will house a health club and/or pool within the building.

Loft Apartments are usually large open spaces with high ceilings and big windows. They are predominantly located in the downtown neighborhoods of Manhattan and most do not have doormen.

Brownstones or Townhouses are usually 4 to 6 stories high and are either single-family homes or have been converted into multiple apartments (usually one per floor). Generally, these buildings offer a lot of charm with wood moldings, fireplaces and outdoor space, however they do not have doormen.

Walk-Up Buildings are no more than 6 stories high and have no elevator and no doorman

Studio is one or two rooms combining a living room and sleeping area. The kitchen may be within the same room or separate.

Alcove Studio (or L-Shaped) is a one or two room studio with a separate alcove which could be "walled off" and used as a sleeping area.

Convertible (or flex) is an apartment with either an alcove that can be "walled off" to create an additional bedroom, or whereby the living room is large enough to split, making an additional bedroom while still retaining some of the living room space.

Junior is similar to a convertible in that it is typically an apartment with an alcove adjacent to the living room.

Duplex or Triplex are apartments with two or three floor levels respectively.

Loft Area is an additional space created in apartments with very high ceilings. The loft area is usually constructed above the living room, accessible by a staircase or ladder and typically used for storage or sleeping space.

To find out more information renting in Manhattan with renter incentives, feel free to contact me at 212-317-7828.

4th Quarter, 2008 Market Report

2009-02-15T14:40:00.000-08:00

While real estate could be better across the country,the average price for Manhattan apartments only fell 2% from the 3rd Quarter of 2008.

Apartments sold during the 4th quarter spent 16 days longer on the market than a year ago, a 19% increase. Sellers received a bit under 95% of their asking price down from almost 98% in the 4th quarter of 2007.

I offer you the market report for 4th Quarter, 2008.

The Year Past – The Year To Begin

2008-12-20T14:54:00.000-08:00

The holiday season of 2008 is an especially important one. The past year and most importantly the past few months have been historic.

The economy is the most volatile it’s been since WWII. People have lost jobs, homes and savings. Our country is facing many changes with President Elect Obama who will be inaugurated into office on January 20, 2009. We’re all hoping for the best.

People are worried and even scared, but is that any reason to be unkind? During 2008 I noticed an increase of people who are rude and don’t go the extra mile. Isn’t treating people with kindness and respect the way we all should be treating our fellow man?

I’ve especially noticed this behavior in customer service people, who on an average are rude, and don’t help. When you are in a service industry it is essential to give the best service one can offer. We’re all stressed, but if each one of us would remember that our customers are just as stressed, and deserve to be treated with the utmost respect, everyone would benefit. It’s our job to help them. And sometimes, going the extra mile really makes a difference.

As we put 2008 behind us, we can only be positive and hope for that 2009 brings a better economy, and easier times for everyone. And we must remember that when offering our services to customers, that we give them the very best. After all – isn’t that how we like to be treated?

Let 2009 be the year of concentrated kindness and respect for others. What a difference it will make!

Holiday Tipping in Apartment Buildings

2008-12-20T14:34:00.000-08:00

The holiday season is here and it's time to start thinking about tipping for services in our apartment buildings.

For those living in Manhattan, holiday tipping is the norm and can seem endless.

While it's important to be generous, it's also important to be realistic about what you can afford. Especially in our current economic climate.

Tips in decent class buildings (not Park and Fifth Avenues) run between $20 and $300, and it's not uncommon for supers to accumulate well into the five figures.

Porters and doormen see anywhere between $2,000 and $10,000, depending on the size of the building.

Holiday tipping is a way to say ‘thank you' for services. And it's a big part of apartment service worker's compensation.

Some Manhattan apartment buildings pool tips so the workers receive one lump sum. Most leave it up to the individual resident.

I hope you will find the information below useful when tipping in your apartment building this holiday season!

Apartment Building Superintendent
$50-200. Tip less if you tip throughout the year.

Apartment Doorman/Concierge
$10-80 or more each, depending upon building. Those who serve you more should get a bigger tip.

Apartment Building Handyman And Porters
$15-40 each

Apartment Building Elevator Operators
$15-40

USPS Mail Carrier
Non-cash gifts with value up to $20. This is for mail carriers that you know and see regularly.*

UPS - Regular Driver
Has no formal policy. Drivers don't expect tips but can accept them.

Fedex
Not allowed to accept anything over the value of $75. No cash gifts accepted.

Newspaper Carrier
Daily - $25 - 50, weekend - $10

Regular Overnight Delivery Person
$10-30

Parking Attendants
$10-30 each

These are suggested tips for Manhattan. Tips will vary throughout the rest of the country. Most importantly -- give what you can. If you are giving less this year, include a postscript saying "Wish it could be more" and your gift will be very appreciated.

During this holiday season, remember to take time for yourself so that you're not frazzled when entertaining.

And keep in mind - if you're planning on putting your apartment on the market, the holidays are a great time to do this. People who look for a home during the Holidays are more serious buyers! Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!

Wishing you all the blessings of the holiday season,

Ross Ellis
Licensed Real Estate Agent
Halstead Property, LLC

Ask me about Love Our Children USA and Brokers Build at Habitat For Humanity

3rd Quarter Market Report _Manhattan Sales

2008-12-20T14:30:00.000-08:00

I am pleased to provide the Manhattan Sales 3rd Quarter Market Report.

While the luxury market played a large role in increasing the value of the real estate market. The sales from those apartments have continued to aide the market, even as the national business media focuses on the ailing national economy.

Manhattan condo sales have slowed and inventory has grown, leaving developers to negotiate but not slash prices.

Holiday Giving

2008-12-20T14:15:00.000-08:00

With the holidays upon us, it's a time to give gifts to our loved ones, friends and customers.

In a volatile economy gift buying could decrease for some. And at the same time there are wonderful groups doing important work whose donations are suffering.

This holiday season, rather than buying expensive gifts, I will be making donations to charity in the names of my loved ones, friends and customers. It's like giving twice!

Here is a list of top registered charities you may want to consider:

Alzheimer's Associaton
To eliminate Alzheimer's disease through the advancement of research; to provide and enhance care and support for all affected; and to reduce the risk of dementia through the promotion of brain health.

American Cancer Society
The American Cancer Society is the nationwide community-based voluntary health organization dedicated to eliminating cancer as a major health problem by preventing cancer, saving lives, and diminishing suffering from cancer, through research, education, advocacy, and service.

American Heart Association
Our mission is to build healthier lives, free of cardiovascular diseases and stroke. That single purpose drives all we do.

America's Second Harvest (New name is FEEDING AMERICA)
The nation's leading domestic hunger-relief charity

Brokers Build
Brokers Build is a campaign for real estate brokers to raise $1M to build homes with Habitat For Humanity in New York City
(Full Disclosure - the writer of this blog is a Broker Who Builds)

Darfur - Not On Our Watch
Focusing global attention and resources towards putting an end to mass atrocities around the world.

Elizabeth Glaser Pediatric AIDS
The Elizabeth Glaser Pediatric AIDS Foundation seeks to prevent pediatric HIV infection and to eradicate pediatric AIDS through research, advocacy, and prevention and treatment programs.

Feed The Children
Feed The Children provides food, medicine, clothing, educational materials and other essentials to children and their families domestically and internationally.

Habitat for Humanity
Habitat for Humanity International is a nonprofit, ecumenical Christian housing ministry. HFHI seeks to eliminate poverty housing and homelessness from the world and to make decent shelter a matter of conscience and action.

Juvenile Diabetes Foundation
JDRF is to find a cure for diabetes and its complications through the support of research.

Love Our Children USA
The national nonprofit leader in breaking the cycle of violence against children. It has become the ‘go-to' prevention organization for all forms of violence and neglect against children in the U.S.
(Full Disclosure - the writer of this blog is the founder and chief executive officer of this charity)

March Of Dimes
Dedicated to improving the health of babies by preventing birth defects, premature birth and infant mortality.

MS Society
The MS Society is a collective of passionate individuals who want to do something about MS now-to move together toward a world free of multiple sclerosis. They help each person address the challenges of living with MS by funding cutting-edge research, driving change through advocacy, facilitating professional education, and providing programs and services that help people with MS and their families move their lives forward.

North Shore Animal League
North Shore Animal League America, headquartered in Port Washington, NY, is the largest no-kill animal rescue and adoption organization in the world.

ONE
ONE is Americans of all beliefs and every walk of life - united as ONE - to help make poverty history

St. Jude Children's Research Hospital
St. Jude is unlike any other pediatric treatment and research facility. With research and patient care under one roof, St. Jude is where some of today's most gifted researchers are able to do science more quickly. All patients accepted for treatment at St. Jude are treated without regard to the family's ability to pay.

Stand Up To Cancer
Stand up to cancer raised funds for research in unprecedented effort to end cancer's reign as a leading cause of death

Starlight Starbright Childrens Foundation
Enhancing the lives of critically and terminally ill children through granting wishes and hospital programs
Full Disclosure - the writer of this blog is a volunteer with this Starlight Starbright Children's Foundation)

Susan G. Komen For The Cure
The largest grassroot network of people working together to save lives, empower people, ensure quality care, and energize science to find a cure.

UNICEF
Raises funds for programs and increasing awareness of the challenges facing the world's children. The oldest of 37 national committees for UNICEF worldwide, they are part of a global effort to save, protect and improve children's lives.

For other registered charities please visit www.guidestar.org

Is The Manhattan Real Estate Market Holding Steady?

2008-06-15T09:30:00.000-07:00

As a real estate agent in Manhattan, people often tell me they are sorry that things are so bad in real estate.

While I agree with that sentiment for many of my fellow brokers in hard hit areas across the country, the first quarter of 2008 in Manhattan did not show an ailing market at all. To the contrary, Manhattan real estate actually dramatically increased in value during that time.

The luxury market played a large role in increasing the value of the real estate market. The sales from those apartments have continued to aide the market, even as the national business media focuses on the ailing national economy.
Condo sales have slowed and inventory has grown, leaving developers to negotiate but not slash prices.

The Upper East Side has seen fewer increases compared to more popular and trendy neighborhoods.

Those who want to live on the Upper West Side are being priced out and looking farther north.

The greatest price cuts were in the West Village, where three changes brought the average net price change to $2.2 million.

While there is still ample concern over the future of the national market, it is doubtful that the Manhattan market will share the fate that markets across the country are enduring.

Working With Your Real Estate Agent

2008-06-14T17:03:00.000-07:00

Finding the right home in Manhattan can take time and a lot of work. At times it can be overwhelming ...after all it's the most important decision you will make.

A licensed and professional Real Estate Agent can help navigate the process from beginning to end --- and even after your closing --- applying their expertise to your search to get you the results you deserve.

Using the right Agent can make all the difference between finding the home you have always wanted and frustration. Find an agent who can open the right doors for you. Find an agent who listens.

Look for an Agent, not a property since you'll be spending much of your time with this person, read agent biographies, request recommendations, even call to interview them. Communication is 80% of the process, so make sure you and your agent connect.

Share all requested information. Letting your agent know what you want is the first step to successful communication. Many factors play a part in the selection of properties for you to view and there are a wide variety of properties in New York City. Give your agent a complete picture of you and your needs to avoid wasting time looking at properties that does not suit your lifestyle. Make a wish list. You may not get everything on your list, but a good agent will work to get you as much of your wish list as possible.

When looking at properties, give your agent a piece of your mind.While looking at properties, let your agent know what resonates with you for each property. A good agent will consider all of the input you have given throughout the relationship when selecting properties to see, not just your initial requirements. Perhaps your reaction to a property will bring to mind another option they would have otherwise struck from the list. As you see more properties with your agent, they will get to know how they can best assist you.

Be Open. Never feel that you have to hold back in your assessment of a property, your assessment of a contract, or your feelings on a situation. Your agent is there to help you and the more they know, the better off you are.

Pick one agent to assist you. In Manhattan, every agent has access to the same group of listings through RLS (REBNY Listing Exchange Service) which acts similarly to the MLS. Working with multiple agents will just make more work for you, in that you will have to manage a team of people, field many phone calls and emails, learn of duplicate properties and make the search for your home all that more overwhelming.

Whether you're a buyer or seller, pick the agent who is right for you and work exclusively with them. Your agent works for you and if you choose the right agent for your needs, you'll find that the process of buying or selling a home is not nearly as daunting as you think -- because your agent will do all of the work. A good real estate agent is worth their weight in gold!

15 Tips For Packing Like A Pro When Moving To Your New Home

2008-06-14T16:59:00.000-07:00

1. Plan ahead by organizing and budgeting. Develop a master "to do" list so you won't forget something critical. To estimate costs, get quotes from two or three reputable movers.

2. Sort and get rid of things you no longer want or need. Have a garage sale, donate to a charity, or recycle.

3. Don't throw out everything. If you're inclined to toss it, you're probably right. But one can go overboard in the heat of the moment. Ask yourself how frequently you use an item and how you'd feel if you no longer had it. That will eliminate regrets after your move.

4. Pack like items together. Put toys with toys, kitchen utensils with kitchen utensils. Your life will be easier when it's time to unpack.

5. Decide what, if anything, you plan to move yourself. Precious items such as family photos, valuable breakables, or must-haves during the move should probably stay with you. Don't forget to keep a "necessities" bag with tissues, snacks, and other items you'll need that day.

6. Use the right box for the item. Loose items are prone to breakage.

7. Put heavy items in small boxes so they're easier to lift. Keep weight of each box under 50 pounds, if possible.

8. Don't over-pack boxes. That will increase the chances that items inside the box will break.

9. Wrap every fragile item separately and pad bottom and sides of boxes.

10. Label every box on all sides. You never know how they'll be stacked and you don't want to have to move other boxes aside to find out what's there.

11. Use color-coded labels to indicate which room each item should go in. Color-code a floor plan for your new house to help movers.

12. Keep your moving documents together in a file. Including important phone numbers, driver's name, and moving van number. Also keep your address book handy.

13. Back up your computer files before moving your computer.

14. Remember, most movers won't take plants. If you don't want to leave them behind, plan on moving them yourself.

15. Inspect each box and all furniture for damage as soon as it arrives.

Summer in New York City

2008-06-14T16:54:00.001-07:00

Whether you live in New York City, you're in New York City searching for a new home or just visiting, you cannot afford to miss the joys of this amazing metropolis in the summer.

From Bryant Park to Lincoln Center, Central Park, Hudson River Park, Uni0on Square Park and many others, there are musical performances and free outdoor films (including the HBO Bryant Park Film Festival and RiverWalk Film Festival) beneath the stars all summer long.
Amazing concerts such as:

• Central Park Summerstage Free!Frequent summer concerts at the Central Park Summerstage, located at Rumsey Playfield. Some concerts are benefits, but many are free!
• New York Philharmonic in the Parks Free!From June 24- July 15, 2008 the New York Philharmonic will perform in New York City parks.
• Metropolitan Opera in the Parks Free!On June 20, 2008 the Metropolitan Opera will perform in Prospect Park.
• Naumburg Orchestral Concerts 2008 Free!The oldest free outdoor concert series in the US, the Naumburg features symphonic and semi-classical music on select Tuesdays and Wednesdays in Central Park's Naumburg Bandshell.
• GMA's Summer Concerts Free!On Friday mornings in May - August, be a part of Good Morning America's audience in Bryant Park and see popular acts, including the Josh Groban and Chaka Kahn.
• NBC's Today Show Summer Concerts Free!On Friday mornings (mostly) from April - August catch some great performers at Rockefeller Center and a chance to be seen on TV!
• Broadway in Bryant Park Free!On Thursdays at 12:30 from July 10 - August 14, see performances from popular Broadway shows live in Bryant Park.
• 50th Annual Washington Square Music Festival Free!On select Tuesdays in July (and one Saturday in June) you can enjoy this free outdoor concert series.
• Mad Sq Music Free!Free concerts on select Wednesday nights at 7 p.m. from June 18 - August 6, 2008.
• Free For All At Town Hall Free!Free classical concerts at Town Hall on Sundays in April and May. Free tickets are distributed beginning at noon on the day of the concert.
• Mostly MozartThe 40th Season of this Lincoln Center series dedicated to the works of Mozart runs from July 29-August 23, 2008.
• Lincoln Center FestivalBallet, music, dance, and more are featured throughout the festival which runs from July 2-27, 2008. Some free events.
• JVC JazzFestFrom June 15-28, 2008 the JVC Jazz Festival will be in New York City. There are free events, as well as a series of shows at popular venues.
• Summer in the Square Free!On Wednesdays, June 19 - August 14, 2008 Union Square is host to a lunchtime concerts, afternoon yoga classes and evening performances.
• Lincoln Center Out Of Doors Free!Over 100 different events including world music, internationally acclaimed dance, cutting-edge performances, special events, cool jazz, and fun for kids from August 7-24, 2008.
• Clinton Concert Series Free!See free concerts in Clinton Cove Park at 55th Street and Pier 84 at 44th Street on select Monday evenings from June - September.
• Cityparks Concerts Free!In July & August, free concerts will be held at many of New York City's neighborhood parks
• Harlem Meer Performance Festival Free!Jazz, blues, gospel and latin music every Sunday afternoon at the Harlem Meer in Central Park.
• River Rocks Free!Check out these free concerts on Pier 54 in Hudson River Park (at 14th Street) on July 10, 31, and August 14, 2008.
• Summergarden Free!Concerts presented in the MoMA Sculpture Garden every other Sunday evening July 6 - August 24.
• Summer JazzEnjoy jazz concerts at the Scandinavia House in June and July. Admission $12-15.
Awaiting 2008 Updates
• River To River Festival Free!From May to September, the Downtown NYC River to River Festival features a variety of musical performances, as well as movies, readings and more.
• Charlie Parker Jazz Festival Free!On Saturday August 25 and Sunday August 26, experience the Charlie Parker Jazz Festival in two Manhattan parks where Parker lived and worked.
• Seaside Concert Series Free!On Thursday evenings at 7:30 p.m. in Asser Levy Park from July 12 - August 23, check out popular musical acts like Liza Minnelli and Al Green.
• Martin Luther Jr. Concert Series Free!On Monday evenings at Wingate Field check out these free concerts featuring top R&B, soul, reggae and gospel performers.
• Broadway Under the Stars Free!On June 26 at 8 p.m. Broadway performers and a full orchestra will entertain the audience on Central Park's Great Lawn with music and choreography from popular Broadway shows.

Central Park and Shakespeare in the Park, the museums ( the Museum of Modern Art (MOMA), the Metropolitan Museum of Art, the Guggenheim, the Whitney and many others), Times Square, Broadway shows (see a Broadway show where the proceeds go to keep children safe) or purchase tickets at http://www.ticketmaster.com/ , walking tours, Little Italy, Chinatown, the shopping, nightlife, arts and entertainment, a Yankees or Mets game, street fairs and the myriad of restaurants await you.

Summer in New York City offers dining at some of the most incredible restaurants including outdoor sidewalk dining. NYC Restaurant Week Summer 2008 with dates to be released soon offers the best prices in town for dining at the best restaurants.

And from May 15, 2008- August 8, 2008 - Private Dining Discount at the '21' Club 21 West 52nd Street 212-582-1400 Receive a 15% reduction on food and beverage pricing when you book and hold an event in one of our ten private rooms now through August 8 2008. Please mention this offer from nycvisit.com at time of booking. Visit www.21club.com/nycevents for complete terms and conditions.

No matter what your reason for spending time in New York City this summer, New York has much to offer!

Enjoy your summer in New york City!!!

7 Ecohealth Home Principles

2008-06-14T11:53:00.000-07:00

According to Michelle A. Roberts, founder and Creator of Ecohealth Homes Inspired By Caroline McKennasm there are 7 Ecohealth home principles to live by:

To read more about living green click here.

Manhattan Real Estate Slower, But Still Not In A Slump - It’s A Good time For Buyers

2008-05-10T15:31:00.000-07:00

Foreclosures across the country are increasing in numbers, but not in Manhattan.

The reason is partly due to closings at 15 Central Park West and The Plaza, and partly because of the increase of foreign buyers. Additionally there has been activity from domestic buyers with new Manhattan developments.

The median sales price of Manhattan condo, co-op and cond-op apartments dropped in January from the month prior to $850,000 from $928,378 — a 9.2 percent change.

According to Wells Fargo Economics, the April 2008 economic data showed a fair amount of economic stabilization, suggesting the slump hasn't gained much momentum. Economists have responded by scaling back their worst-case scenarios of deep recession, and risk aversion has ebbed in the fixed income and stock markets.

As of April 2008, New York City Added 48,100 Jobs during Past 12 Months:

• This represents a 1.3% increase for the twelve months ending April 2007.
• Sharp gains in the financial and services sectors helped offset the continued loss of manufacturing jobs in the City.
• The national economy added 1.866 million jobs over the past 12 months, a 1.4 % increase.

New York City Inflation below the Nation’s
• For the first time since March of 2006, the annual change in CPI for the New York area was below that of the nation.
• Prices grew at an annual pace of 2.5% in the New York area during April, led by higher energy prices.

While financing is definitely more difficult to obtain, interest rates are lower and it's a favorable time to buy in New York City.

Buyers may not get the deal of the century in Manhattan, but there is definitely room for negotiation.

Any domestic buyer who is hesitant to purchase in Manhattan may want to rethink and buy now. And for foreign buyers, there is now more inventory than in months before.

Buyers who are ready to purchase - domestic or foreign should consult a professional real estate agent who knows the New York market and who can negotiate on their behalf.

Living In The Neighborhoods Of Manhattan

2008-05-10T12:48:00.000-07:00

No matter where you choose to live in New York City, living here is like no other place in the world. New York City offers Broadway, entertainment, world class museums and art galleries, fashion, shopping, restaurants, finance, diverse and interesting neighborhoods, sports, Central Park and so much more.

No matter what you're looking for, you'll find it in New York City.

Learn more below about the Manhattan neighborhood you want to live in. Should you have any questions about living in any of these neighborhoods, please feel free to contact me and I will be delighted to assist you.

Battery Park City
Lying on the southern tip of Manhattan, Battery Park City offers expansive greenery, tree-lined streets and spectacular water views. The quiet calm of this self-contained neighborhood feels more suburban-like than Manhattan. One of the city's newest neighborhoods, it hosts many luxury hi-rise apartments which blend with the nearby colonial buildings and vestiges of the country's earliest days in the financial district. Covering over 90 acres, Battery Park City is bounded by Chambers Street in the North to Pier A, and West Street to the East to the Hudson River. Residents can enjoy waterfront walks, biking along the esplanade and the myriad galleries of nearby Tribeca. Many families and professionals also enjoy the proximity to the financial district, making it easy to get to and from work. Battery City Park sports a Marina, free outdoor concerts at the South Street Seaport and Winter Garden, and boats sailing off to the Statue of Liberty and Ellis Island.

Carnegie Hill
One of Manhattan's most prestigious neighborhoods located on the Upper East Side. Extending from 86th Street to 96th Street and from Lexington Avenue to Central Park, this wealthy locale has some of the most elegant shops and restaurants, which line Madison Avenue, in the entire city. Carnegie Hill consists of luxury apartment buildings, both coops and condos, as well as many exquisite townhouses. The prewar buildings demonstrate some of the most beautiful architecture in all of New York City. Home to the Museum Mile, which includes the Metropolitan Museum of Art, the Guggenheim Museum and the Jewish Museum, Carnegie Hill, offers a large variety of cultural activities. Chelsea Until recent years, Chelsea was said to be the heart of the Garment and Flower districts. Today, it is one of the city's hottest zip codes. Considered a fashionable place to live, it began as farmland in the early 1800's, becoming more commercial later that century with the coming of an above ground railroad.

Chelsea
is located between 34th street and Greenwich Village on the West Side. It is full of off Broadway theaters, new art galleries, and fine restaurants as well as the landmark Chelsea Hotel, a favorite of many famous artists, writers and musicians. During seasonal art openings, the area buzzes with gallery-hoppers that are as interesting to gaze at as the art itself. Chelsea is also home to several popular weekend flea markets and New York City's most modern, state-of-the-art sports complex. Chelsea Piers is a large complex where you can ice skate, drive golf balls, hit inside batting cages or bowl; it also features a health club and many sports leagues. The architecture in this area is unique. East of Ninth Avenue, the spacious and stylish loft warehouses give way to stunning landmark townhouses, prewar co-ops and new luxury high-rise buildings. Traditionalists will appreciate Historic Chelsea's Cushman Row, located between Ninth and Tenth Avenues on 20th Street.

Chinatown Home to narrow streets and strong vibrant ethnic camaraderie, Chinatown is one of the most well known and interesting places in the New York City. It extends from Canal Street to Worth Street and from 6th Avenue to Bowery. It is a very popular tourist destination but now is becoming more and more of a new trendy residential area. Chinatown's growth and expansion has made it one the largest Asian communities in the entire world. Canal Street is the heart of this area, with a large number of vendors selling many different goods with great bargains.

Clinton
Formerly a large industrial district in the 19th century, this has now become one of Manhattans newest charms. Clinton, once referred to as Hell's kitchen, is located on the west side. Its boundaries are 59th Street to the North, 8th Avenue to the East, 42nd Street to the South and the Hudson River to the West. When most of the peep shows and adult video stores moved out over the last couple of decades many business' (most notably Disney and MTV) and new developers moved in to clean up and restore the area. Clinton is home to many young professionals as well as many lifetime residents, most who are all very active in local politics and their neighborhood community. Many of the buildings in this neighborhood tend to be four to six floors however; there are also several new state of the art luxury high rise buildings close to the river. Just like most of Manhattan, Clinton has its share of fine restaurants and also contains a lot of fresh food markets popular among residents and tourist alike.

East Harlem
Also known as Spanish Harlem or El Barrio, East Harlem has a good deal of culture and a real neighborhood feel. The neighborhood stretches from 96th to 125th Street between 5th and 1st Avenues on the East Side. Predominantly Spanish speaking, East Harlem is a very tightly knit community where people sit outside watching life go by and catching up with their neighbors. Although it is thought by some to be a tough neighborhood, redevelopment of many older buildings is transforming East Harlem into one of Manhattan's new and upcoming areas. With its cultural and Latin flavor, East Harlem boasts some of the city's best and most inexpensive restaurants. Fill up on steaming chili rellenos and head out some salsa dancing!

East Village The East Village is one of the more unique neighborhoods in the City with a "happening" reputation and colorful past. While the areas close to Fifth Avenue have always been popular, revitalization further east has transformed the East Village into an entity of its own. Once considered the stepsister of the West Village, the East Village is catching up to its neighbor with its own trendy cafes, boutiques, and art galleries. In its early years, the East Village was home to the Stuyvesants, Astors, and Vanderbilts. The neighborhood then saw waves of immigrant groups followed by the Beat, Hippie and Punk generations - each leaving its imprint.

Located in lower Manhattan, the area stretches from 14th Street to Houston Street and from Bowery Street to the East River. The East Village consists mostly of walkups, which are being renovated; conventional high-rise apartment buildings are not as prevalent. While it still maintains a hip, happening feel, the East Village is seeing more families arrive, and many young professionals now call it home. The refurbished Tompkins Park is the main park in the East Village, offering a welcome respite from city life.

Fashion Center
The Fashion Center, also known as the Garment District, has undergone tremendous change over the past few years. New York's dynamic fashion-design hub is now becoming its own diverse residential community. What is drawing people is not just the reams of beautiful garments - it's the convenient location in the heart of Midtown West, the mix of housing, and the close proximity to many restaurants, commercial offices, retail stores, and public transportation. These pluses play well against the backdrop of style, cutting-edge clothes, millions of shoppers flocking to snap up the bargains, and F.I.T's bright-eyed hopefuls aiming to be the next Ralph Lauren or Donna Karan. Other highlights are Macy's, Madison Square Garden and Penn Station.

Bordered by Fifth and Eighth Avenues, the area runs from 34th Street to Times Square (42nd Street). Among its blend of low and high-rise apartment buildings, "Fashion Central" is seeing a number of luxury buildings go up. Still growing, this neighborhood is likely to become ever and ever more desirable.

Financial District
The Financial District, birthplace of New York City and the nation, is one of the most historic and intriguing neighborhoods in the U.S. Full of winding, cobblestone streets and historic buildings, the Financial District sits on the Southern tip of the island. It is now undergoing major restoration and is again considered one of New York's City's special gems. Wall Street is the focal point of this neighborhood - a narrow street that is home to the New York and American Stock Exchanges. South Street Seaport is also a very popular destination. It boasts many shops, restaurants, bars and antique ships that have been converted into floating museums. During the day, the Financial District is as busy if not busier than any other neighborhood in the world; however, at night, there is a lot of peace and quiet.

In 1995, the Mayor started an Economic Revitalization Program in the neighborhood that began with 5,000 new apartments and the prospect of 7,000 more. Many of the older, large office buildings have been converted to residential space with spectacular views of the water and the Statue of Liberty. The neighborhood has emerged as an around-the-clock community for working, living and entertaining. It offers an elegant residential neighborhood, world-class cultural institutions, and a center for music, dance and visual arts events.

Flatiron
The Flatiron District, with its convenient central location, is popular among older business people, young artists and frenzied shoppers alike. Located on the east side, the neighborhood extends from 14th Street to 23rd Street and is bounded by Park Avenue South to the East and 6th Avenue to the West. The district gets its name from the Flatiron building, the first steel-framed building, famous for its triangular shape and also the tallest building in the world in 1903. You can enjoy the sophisticated Restaurant Row on Park Avenue South, large discounters like Filenes' Basement along Sixth Avenue, and classier shopping on Fifth and Broadway. Madison Square Park is a wonderful, renovated spot to walk your dog or just sit on a bench and enjoy the scenery. The Flatiron District has some of the most detailed and beautiful architecture in Manhattan as well and many huge, airy lofts.

Fort George
Home to the last colonial residence in Manhattan, Fort George is full of history and tradition. The Morris-Jumel Mansion was the headquarters of General George Washington during the Revolutionary War. Fort George extends from West 155th Street to West 181st Street and is bordered by Fort Washington Park and the Hudson River to the West and the Harlem River to the East. Most apartments in the area are in prewar buildings and are very spacious. Only 15 minutes by subway to Midtown Manhattan, this location is appealing for people who want to live in Manhattan but not in the bustling business districts. Most residents here are artists, writers and middle class workers who are very family and community orientated. Fort George is an exciting community, with many different ethnicities and cultures, and an increasingly popular residential neighborhood.

Gramercy Park
Gramercy Park is one of New York's most historic and unique neighborhoods. Centrally located on the East Side, residents have the convenience of living downtown (Soho, Noho and the Village are just blocks away) coupled with a sophistication generally reserved for the toniest uptown neighborhoods. This pristine area extends from 14th to 24th Street between Fifth and First Avenues. With many prewar and post war buildings, the true elegance of Gramercy Park is displayed by the beautiful 19th century townhouses, Victorian brownstones, and prewar buildings surrounding the park - built by such famous architects such as Emery Roth and Calvert Vaux. Gramercy Park gets its name from the only private park in the city. Key access is needed and is given to those who live on the perimeter of the park. Known as the oldest residential neighborhood, Gramercy is also home to many fabulous restaurants, trendy nightspots and lots of great shopping. Given its many charms and convenience, this safe, tight-knit neighborhood draws young professionals and older residents alike.

Greenwich Village
The small, winding tree-lined streets with magnificent 19th century townhouses are only part of what makes Greenwich Village such an alluring place to call home. What began as a peaceful suburb when it was founded is now one of the liveliest neighborhoods in the city. In lower Manhattan, the Village is bounded by 14th Street in the North to Houston Street and Fourth Avenue in the East to Seventh Avenue. Washington Square Park is the center of the Village with its large arch, marking the first presidential inauguration that took place in New York City. Also home to New York University, Greenwich Village boasts a wide variety of events and residents. With bright-eyed students, rosy-cheeked families, artists, celebrities, Wall Street professionals, and old-timers, the village is for anyone and everyone. This neighborhood breathes life with crowded cafs, street vendors, popular music and nightspots. Even though most of the residences are older buildings and townhouses, there are also beautiful new modern buildings, making it easy for anyone to find the ideal home.

Hamilton Heights
Located in upper Manhattan, Hamilton Heights extends from 140th Street to 145 Streets and from St. Nicholas Avenue to Amsterdam Avenue East to West. This exclusively residential neighborhood was once owned by General Alexander Hamilton. Hamilton Heights is a historic locale with three landmarks; the summer home of Alexander Hamilton, St. Luke's Episcopal Church, and the Convent Avenue Baptist Church. A very distinctive area with a lot of unique architecture, Hamilton Heights has beautifully maintained townhouses along tree lined streets. Constructed by many famous architects, most of the home contain garden separating them from the street. The styles differ from Flemish to Tudor to new renaissance to classical and most are one family houses. In addition to the magnificent homes, the City College Campus of the City University of New York is situated around the lovely St. Nicholas Park.HarlemIf you are looking for a location with history, flair, culture and affordability, then Harlem may just be what you are looking for. This upper Manhattan neighborhood has undergone a renaissance. Starting at 116th Street and extending north to the Harlem River, Harlem has many new developments, commercial and retail space. As such, it's becoming a popular destination for all types of people. Even Bill Clinton has moved in! With its new construction, Harlem hasn't lost its old historic flavor. There are still many prewar buildings and enchanting 19th century townhouses equipped with fireplaces and molding and lovely backyards. Harlem is home to Columbia University and the world renowned Apollo Theater where such greats as Duke Ellington, Count Basie, and Aretha Franklin performed. The new Harlem Center is finally here, and more and more businesses are flocking in to meet the needs of this resurrected neighborhood. So hop on up to Harlem and enjoy the pulsating beat and affordable housing!

Kips Bay
What was once a bay, Kips Bay is now a quiet and comfortable location on the East Side of Manhattan. Somewhat understated until recently, this neighborhood east of Third Avenue between 27th and 34th Streets, is becoming more and more popular with stylish young professionals. Some might say it's the lure of the fantastic ethnic restaurants along Lexington and Third Avenues (now dubbed Curry Hill) that has drawn new residents to the area. Others might say it's the enjoyable evening entertainment. The real draw, though, is its proximity to Midtown's business district and Downtown's nightlife. Both are only a walk or short ride away. Because of its smart locale, new boutiques and businesses have also moved in. Notably, Kips Bay is the center of Medicine in the city. It is home to the New York University School of Medicine and Dentistry, Bellevue Hospital, and the Chief Medical Examiners Office. As result, many doctors and hospital staff live here too. Most of Kip Bay's residents live in attractive apartment buildings, as many of the brownstones and townhouses are gone.

Lenox Hill
Lenox Hill is one of the Upper East Sides most affluent neighborhoods. It extends from 77th Street to 66th Street north to south and from Lexington Avenue to Central Park east to west. This area is filled with many luxury apartment buildings, both co-ops and condos, as well eye-catching townhouses. The elegant and sophisticated neighborhood also has many first rate restaurants and shops on Lexington Avenue as well as boutiques, art galleries and hotels on Madison Avenue. The Whitney Museum of American Art, The Asia Society and the Frick Collection are all major cultural attractions located in the heart of Lenox Hill.

Lincoln Square
Home to the Metropolitan Opera House, the New York Philharmonic, the Julliard School and many other cultural institutions, Lincoln Center is the biggest performing arts center in the United States. What was completed in 1968 now is the center of the Lincoln Square area. This neighborhood is located between 62nd and 66th Streets on the West Side between West End Avenue and Central Park West. This artistic menagerie has a many different types of cuisine, hotels as well as popular night spots. Lincoln Square is surrounded by many new state of the art condominium buildings as well as co-ops and townhouses.

Little Italy
Lined with small cafes and beckoning ristorantes, Little Italy's narrow streets are alive with the smells of fresh bread, garlicky pasta and the sweet sounds of "la dolce vida". North of Canal Street, Little Italy runs from Mulberry to Mott Streets and Bowery to Lafayette Street. Even though it has gotten smaller due to nearby Chinatown's expansion, it still has not lost its flair for life and mouth-watering cuisine. The streets are lined with vendors and Italian culture is demonstrated to its fullest. Every September, the streets are closed for the famous Feast of San Gennaro celebration. With its color and convenient location to downtown and many distinct neighborhoods, Little Italy is drawing many new, young residents. It is made up primarily of multi-tenant style buildings, along with some of the city's most creative new developments, providing some of the more affordable homeowner options in the city.

Lower East Side
What was once the world's largest Jewish community has now become one of the most eclectic in all of Manhattan. The Lower East Side is home to designers, writers, professionals, musicians and artists not to mention the myriad different ethnic groups that grace this neighborhood. Old-world shops sit side by side with funky, new boutiques and galleries that showcase the best of New York's avant-garde fashion scene. With many bargain stores, edgy new nightspots, ethnic restaurants and music venues, this neighborhood is truly for everyone. The Lower East Side is bounded by Houston Street, the East River, and FDR Drive. Over the past two decades, this neighborhood has undergone a major renaissance for the better. It is now much safer and cleaner, and its mixture of the old and the new makes it fascinating. Refurbished lofts and duplexes, as well as turn of the century walk-up buildings, are common. With the growth of the neighborhood, it is no surprise that prices have increased and more trendy shops and restaurants have emerged.

Manhattan Valley
Manhattan Valley occupies the area between Central Park West and Broadway from 100th Street to 110th Street on the Upper West Side of Manhattan. This working class neighborhood is becoming more and more of a desirable location to live. With its proximity to Columbia University, many students, staff and faculty are calling Manhattan Valley home. Named for the slope of Manhattan Avenue, this neighborhood has a few quiet blocks with gorgeous townhouses and brownstones. Also, there are many tenement buildings that are being restored and renovated. One can notice the culture and distinctive architecture along Central Park. Amsterdam Avenue and Broadway have many restaurants and bars and many retail stores have opened in the past few years.

Manhattanville
This neighborhood was once a small village in the 19th century that flourished during the Industrial Revolution. Centered around 125th Street and Broadway on the West Side, Manhattanville was once the residential, manufacturing and transportation hubs of New York City because of its access to the Hudson River. Today, the neighborhood still contains its religious and educational institutions and Columbia University is also expanding its campus into this West Harlem locale.

Midtown East
One of the liveliest business sections in the city, Midtown East offers beautiful new luxury buildings as well as old world charm. Located between 30th and 59th Streets on the East Side, this area is home to many corporations such as Met Life and Citicorp as well as the United Nations. The center of Midtown East is Grand Central Station, which has been magnificently renovated, and is an architectural marvel lined with shops and restaurants. With the art deco Chrysler Building illuminating the skyline, every style of home is available in this neighborhood. New luxury high-rise buildings are popular among professionals who choose to live close to work. Townhouses and prewar buildings are also available, with many in the elegant and upscale Beekman area, located between 49th and 51st Streets from First Avenue to the East River. There are also reasonably priced studios and one-bedroom apartments located closer to First and Second Avenues. Despite being one of the busiest places by day, there is no shortage of nightlife here. Numerous delicious restaurants, alluring shops, and jazzy local bars keep residents alive at night.\

Midtown West
Many consider Midtown West to be the heart of New York City. It is the center of business, entertainment, shopping, and tourism in Manhattan and has undergone a major renovation since the mid 1990's. Extending from 34th to 59th Street between Fifth Avenue and the Hudson River, this bustling neighborhood is filled with life and many New York City tourist destinations. Times Square, the Theater District on Broadway, Radio City Music Hall, Carnegie Hall and Rockefeller Center are all found in Midtown West. Real estate development has been the main part of the renovation as many luxury high-rise building have been built in the area. This is a very attractive place to live due to its location. The ability to walk to work, and the great nightlife that Midtown West enjoys, are only two of the many reasons why this area meets its residents' every need.

Morningside Heights
Morningside Heights extends from 110th to 125th Street between Morningside Park to the East and the Hudson River to the West. This West Side neighborhood is home to the ivied walls of Columbia University. Columbia University is located between 114th Street and 120th Street. Morningside Heights is made up primarily of prewar co-ops, and has a variety of residents. Many students, faculty, and staff of Columbia live in the area, as do many original New Yorkers.

Known as one of the safest neighborhoods, this has been a comfortable and quiet community in the past. It is now becoming more interesting and lively with the addition of some alluring new businesses. But even though many scholarly bookstores, tasty restaurants, cafes and bars have graced Morningside Heights, it has not lost any of its charm. Bounded by two parks (Morningside and Riverside Parks), this neighborhood is home to some wonderful architecture and two magnificent churches. The gothic Riverside Church, overlooks the Hudson. This stunning beauty, with the world's largest 20-ton church bell, is a sight to behold. Also, you'll find the arresting St. John the Devine, the country's largest cathedral, and a flourishing center of community activity.

Murray Hill
Known as both a quiet, comfortable neighborhood and one teeming with nightlife, Murray Hill has come a long way since its day as farmland. Many ethnic restaurants, cozy cafes, swanky lounges, and a very popular bar scene give this neighborhood more than a modicum of downtown flair. Also, uptown elegance is manifested with a tantalizing mix of residential options: luxury residential high-rises, beautiful turn-of-the-century townhouses, exquisite pre-war buildings, brownstones, and well-maintained co-ops and condos. Located between Fifth Avenue and the East River and stretching from 34th to 40th Street, Murray Hill draws many young professionals due to its relative affordability and proximity to midtown. This neighborhood has grown in the last few years primarily due to its prime location. It is only a stone's throw away from midtown's business district and a quick ride to downtown's myriad, eclectic enticements.

A burgeoning real estate destination, the neighborhood also has a few notable landmarks to its credit. The Morgan Library and Sniffen Court carriage houses on 36th Street are architectural masterpieces as is the Gilbert-designed Beaux Arts mansion. Furthermore, with Grand Central Station, the New York Public Library, and the Queens-Midtown Tunnel on its fringes, it's easy to see the appeal of this community.

Noho
Noho (NOrth of HOuston Street) is a wonderful fusion of residential nirvana and retail heaven (or madness!) Spacious airy lofts are the order du jour while trendy shops, avant-garde restaurants, hot night haunts, and popular retailers like Tower Records and Crate and Barrel clamor for attention. Noho stretches north from Houston Street to East 9th Street and east from Broadway and Mercer to Lafayette Street and the west side of Cooper Square. Originally, artists occupied most of the residential lofts in the 1970's and '80s, but now there are a wide variety of homeowners. Lawyers, bankers and many professionals as well as celebrities, artists and writers all live in creative harmony here.

The blocks east of Broadway hold a certain magic: wide cobblestone streets pave the way to huge celebrity-owned lofts, not to mention some of the city's finest boutiques and restaurants. There are also a number of young, edgy companies (publishers, record companies and others) in the converted spaces along Broadway. In fitting with Noho's creative bent, beautiful architecture abounds. Along Broadway, you'll find many different styles including Neo-Greco, Renaissance, Romanesque and Classical. There are also many gorgeous 19th Century townhouses, which are part of Noho's historic district. With some of the city's best restaurants and trendiest nightlife, Noho is a highly popular neighborhood.

Soho
What was on the verge of being destroyed in the 1960's is now one of the most fashionable and desirable places to live in New York City. Soho (South of Houston Street) used to be an industrial district with many cast iron buildings, and in the 1960's an influx of artists came and saved the area. By impeccably restoring the old warehouses into spacious and attractive lofts, Soho became a trendy place to live and the area flourished.

Soho is one of the best shopping neighborhoods and most fun to browse. Prime action is on Broadway and its intersecting cobblestone streets. The area, with its fashionable boutiques, clothing stores, see and be seen restaurants, and high-end street peddlers, is bustling with people from every walk of life - and also includes 250 or so art galleries, four museums, performance centers, swanky lounges, bars, nightclubs and spas. Similar to Noho, Soho revels in its unique architecture. Many beautiful buildings abound in different styles such as Victorian Gothic, Neo-Greco, and Italianate. The residents in this neighborhood are mostly well-to-do professionals and artists; many celebrities live here as well. Several new hotels have also opened in the area making Soho a desirable place for international tourists.

Spanish Harlem
Spanish Harlem, also known as El Barrio, is located on the East Side of Manhattan between the East River and Central park from 100th street to 125th street. This lively and developing neighborhood has a rich history, and two celebrated cultural institutions, El Museo Del Barrio and the Museum of the City of New York. With many beautiful townhouses, Spanish Harlem boasts some excellent ethnic cuisine as well easy access to Central Park and the East River walk.

Sugar Hill
"Sweet life on a hill" is the original meaning of this historic Harlem neighborhood. Sugar Hill is located between St. Nicholas and Edgecombe Avenues and extends from 145th Street to 155th Street in upper Manhattan. A middle class neighborhood, Sugar Hill has many well preserved townhouses and brownstones as well as many meticulously designed apartment buildings. Family and community are what drive this neighborhood, many family businesses still exist and most people are involved with local politics. This close knit neighborhood used to be considered the soul of class and elegance is now on its way to regaining that reputation. Sugar Hill is also home to the City University of New York's main campus which adds to the livelihood of this location.

Sutton Place
Sutton is considered one of Manhattans most desirable and prestigious residential addresses. Named after Effington B. Sutton who was a shipping magnate that bought land on the along the East River, Sutton Place is located between East 53rd and East 59th Streets along the East River. With its luxurious co-ops and stunning townhouses, Sutton rivals Fifth Avenue and Central Park West for top prices and extravagance. With all the prewar charm one can ask for, this neighborhood is popular because of its privacy and its safety. Sutton was once mostly populated by older families however, now a growing number of younger families have recently begun moving to this area. There are two public parks and jogging along the East River as well as a dog run, it is also well served by city bus and the express bus to Wall Street.

Theater District
The Theater District is located on the West Side of Manhattan extends 42nd and 54th Streets and between 6th and 8th Avenues. In the heart of this neighborhood lies Times Square. This popular tourist destination is world famous for its entertainment, tall office buildings and marquees filled with bright lights. Approximately 36 theaters put on well-known Broadway performances daily. Most of the older landmark theaters have been restored and back in working order. There are also many famous restaurants that line Restaurant Row, any type of cuisine that one desires can be found within just a few blocks.

Tribeca
Tribeca, the TRIangle BElow CAnal Street, lies on the lower West Side of Manhattan. Close to Soho, it is bordered by Broadway and West Street. Once the industrial heart of the City, Tribeca's factories and unique cast iron fronted warehouses have been converted to spacious lofts, apartments and condos. The neighborhood became a haven for artists who found the loft spaces in these old buildings perfectly suited for studios. Now the neighborhood boasts many famous residents such as Robert DeNiro as well as many upscale restaurants and art galleries. In addition to its culture and happening feel, Tribeca is conveniently located close to the financial district and many unique neighborhoods. With its trendy art scene, hot restaurants and boutiques, and some of the city's top real estate, Tribeca is a prime place to live.

Turtle Bay
Filled with diplomats, doctors, lawyers and business people, Turtle Bay can be described as a neighborhood with wealth, prestige and history. Located in Midtown East, Turtle Bay extends from 43rd Street to 53rd Street and is bordered by Lexington Avenue to the West and to the East by the East River. This neighborhood is also home the United Nations which is located on First Avenue. Due to the amount of security needed for the United Nations, police presence is prevalent; therefore, Turtle Bay is considered one of the safest places to live in New York City. Originally a forty acre farm, now this neighborhood's tree lined streets are filled with restored townhouses, co-op buildings as well as many luxury high rise condominiums. Perhaps the most noticeable residential building is the Trump World Tower which is located across from the UN on 48th Street and First Avenue and is said to be the largest residential building in the world. Turtle Bay is also home to many fine restaurants and a very popular nightlife as well as beautiful parks such as the Dag Hammarskjld Plaza Park and many others which do contain dog runs.

Upper Eastside
Known to many as the most affluent and prestigious milieu in Manhattan, the Upper East Side is awash in elegance and culture. Extending from 59th to 96th Street and bordered by Fifth Avenue and the East River, the Upper East Side is home to such charming neighborhoods as Carnegie Hill, Lennox Hill, East End Avenue and Yorkville. With many verdant, tree-lined streets and avenues, the neighborhood is a delightful place to live. Cultural attractions here are multitudinous. Famous Museum Mile along Fifth Avenue is lined with some of the world's most prominent art institutions: The Metropolitan Museum of Art, Guggenheim Museum, Whitney Museum of American Art, and the Frick Art Collection located in the Frick Mansion, among others. Given its many famous museums and art, the Upper East Side of Manhattan is one of the most celebrated areas in the country.

With many exclusive luxury apartments in co-ops and condos along Fifth Avenue and Park Avenue, there are also many beautiful townhouses that line the narrower streets. More reasonably priced apartments and homes can be found closer to the river. Madison Avenue is host to some of the city's toniest shopping including glamorous designer clothing stores such as Armani, Ralph Lauren and Gianni Versace. And throughout the area, there is no shortage of places to eat. Chic, sleek trendsetting restaurants alternate with warm ethnic nooks. Before or after an expedition along Madison Avenue or Museum Mile, you can easily satisfy any craving from among the myriad cuisines, yummy delights and noshing possibilities throughout the Upper East Side.

Other attributes of this locale include its proximity to Central Park and its numerous elite schools, of prime importance to families. The Dalton School, Chapin, and some of the best public schools in the city, such as P.S. 6, are all located here. While many families have understandably flocked here, more and more young professionals and singles are moving to the Upper East Side as well.

Upper Westside
The Upper West Side has become one of Manhattan's most coveted locations. Full of entertainment, fashionable stores and drop-dead gorgeous architecture, the Upper West Side attracts a wide variety of residents, visitors, and garden-variety wanderers. Charming townhouses, luxurious co-ops, and to-die-for condos with park and river views tend to be some of the most sought-after residences in Manhattan. You'll also find distinguished pre-war brownstones, many of them lining the blocks west of Broadway, and stunning landmarks that cast shadows along the western edge of Central Park. Two of the most architecturally distinguished buildings in the country, the impressive Dakota and the Italian Baroque San Remo, with its looming twin towers, are both on Central Park West. These and many other choice addresses on the shady streets and Central Park West are home to celebrities of all types. The area canvasses 59th to 125th Street between Central Park to the east and Hudson River on the west. While primarily wealthy, there are also middle class residents here, all living in peaceful harmony. The area includes many artists, actors, celebrities, educators, and professionals. The Upper West Side also boasts its own culture. It is home to the Museum of Natural History with its mammoth dinosaurs, a truly awe-inspiring Planetarium, and the magnificent Lincoln Center, as well as numerous other performing arts centers. Popular and trendy bars, as well as gourmet food (think Zabars) and outdoor restaurants, are commonplace in this hip and luxurious locale.

This fun-packed, diverse neighborhood with its tree-shaded streets, friendly neighbors, and charming residences-some with magical views of the Hudson River-illustrates with remarkable persuasion why professionals, artists, and academics alike hunger to live here.

Washington Heights
Rich in history, culture and beauty, Washington Heights is located in northern Manhattan. Along with its neighbor, Inwood, it is experiencing gentrification as increasing numbers of professionals with higher incomes seek affordable housing, a more relaxed suburban feel, and more space in these neighborhoods. Artists, students, and families from diverse backgrounds live here. Many of the buildings were built in the once prevalent Art Deco style, thereby creating a certain stylistic uniformity, which harmonizes the area. Washington Heights has many beautiful houses and co-ops on quiet tree-lined blocks with lovely architecture. Along with its oases of trees, parks and Hudson River views, you'll find many nooks and crannies in this area, still largely undiscovered by the folks who think Manhattan ends at 96th Street. On the other hand, when you want big-city life, this lovely, safe neighborhood is only 15 minutes from Midtown on the A train.

In the heart of Washington Heights, there is a bustling commercial district as well as Yeshiva University and Columbia's Presbyterian Medical Center. The neighborhood's Fort Tyron Park is home to the magnificent Cloisters, a medieval museum, with a tremendous collection of art, built in the style of medieval cloisters, chapels and halls. With its many positives, it's no wonder this neighborhood is becoming increasingly popular. If there is any area of the city that is destined to be the next "it" neighborhood, Upper Manhattan is the one to watch.

West Village
The West Village is as charming and colorful as any neighborhood in New York City. With a rich history and culture, the West Village still has its quaint mlange of narrow streets from its early days as a small country village. Best known as the home of the bohemian and the hip, today it is a modern day mecca for writers, artists, intellectuals, radicals, actors, and students as well as many professionals and families. Because of its Old World charm, many people have been drawn to this area. With its quiet streets, low-rise townhouses, and profusion of cafes, shops, small theaters, boutiques, bodegas and music clubs, the Village is reminiscent of European cities, such as Paris and Budapest. And, along the Hudson River, new luxury residential buildings offer splendid views of the river as well as the city. Given all this history, color and cool, it's easy to see why the West Village is one of the city's most popular neighborhoods in which to live. Situated between Seventh Avenue and the Hudson River, the West Village stretches from 14th Street to Canal Street.

Yorkville
Situated in the Upper East Side, Yorkville is among the most affordable places to live in Manhattan. What began as a village centered around 86th Street and Third Avenue, Yorkville now extends to 96th Street to the north, the east river to the east, south to 72nd street and west to Third Avenue. It is home to major hospitals such as Cornell Medical Center and the world famous Memorial Sloan-Kettering Cancer Center. Well liked not only to young single professionals, Yorkville is also a very popular family destination because of its safety and predictability. Located on the East River, Carl Schurz Park, home to Gracie Mansion, features a dog run and a beautiful east river walk.

Why Hiring A Real Estate Agent Is More Advantageous Than Selling/Buying/Renting Yourself

2008-05-10T12:43:00.000-07:00

According to the National Association of Realtors, 98% of real estate agents sell homes and close deals. Only 2% of all For Sale By Owners (FSBOs) sell on their own.

Home owners know their homes, thus the idea "we can sell it ourselves and save the commission."

But what do sellers really save?

And for buyers, the idea of viewing apartments on their own and making an offer is a breeze. How breezy is it when the seller isn't flexible or there are complications?

When you hire a real estate agent to sell your home or represent you in purchasing a home, you get a lot.

Real estate agents are thoroughly trained and experienced.

You might think you know a lot about real estate, but wouldn't you rather have a person who knows more than you do when selling homes and making that important decision to buy? Real estate agents are not emotionally attached to your home. Therefore they can negotiate on your behalf bringing you the best outcome.

If you're a seller, your agent can help you set the right price on your home that will cause your home to sell. Knowing supply, demand and the area's conditions makes a huge difference as to how long your home is on the market. Your agent will market your property on their company's web site which is likely to be visited by hundreds of thousands of buyers, and to all of the other agents in your area. Agents have various ways of marketing which result in a far greater reach -- bringing you more visits from buyers than you could ever generate on your own. Your agent filters serious buyers from shoppers and brings you qualified offers.

As a buyer, your agent knows the market. They set up appointments for you to see the best properties according to your specifications. They save you the leg work and negotiate on your behalf. Agents often can get you more for your money. You may be a negotiating pro, but, do you have real estate negotiating knowledge? Do you have the professional expertise that could make that home yours vs losing that home to another buyer?

As a renter, your agent has a pulse on the rental market in your area. They know what buildings are like, the neighborhoods, the amenities, and much more. Your agent negotiates the best possible lease for you. Your agent protects you.

Real estate agents have market knowledge.By looking at your newspaper and reading the Internet, you may think you know the prices in your neighborhood. Your professional agent has up to the minute knowledge of what's happening in your neighborhood. And ... they know your neighborhood's comparable properties and sales. They know market conditions and can present data and information to you that you would have no way of knowing, whether you are a seller, buyer or even renter.

Real estate agents work for you. Professional agents qualify buyers. Would you want an offer only to find out the buyers can't afford to buy your home?The paperwork of selling, buying or renting a home can be daunting. When doing this paperwork on your own, one mistake could be the most expensive mistake you've ever made. It could even have legal implications.

Professional real estate agents handle all of the necessary paperwork needed to make your sale, purchase or rental a successful and smooth transaction. A good agent is there for you every step of the way ... including being there for you after your closing.Whether you have questions or any issue related to your property, they re there to assist you.A good agent is worth their weight in gold. And that good agent will be there for you in the future or for anyone you refer to them.

Hot New Housing Developments in Manhattan

2008-05-10T12:39:00.000-07:00

The rest of the country may be lukewarm, and some places even cold … but New York City is at the top of its game in new multi-unit residential real estate sales developments.

From 2004 – 2006, 29,245 permits were issued in New York City according to the U.S. Census Bureau.

Many fear buying because of the “slowdown market” they hear in the media. While there’s a slowdown in the residential sales market across the country …that’s not true of New York City. New York City real estate is hot right now.

Developers are building all over New York City. Halstead Property, LLC the firm that I am proud to be associated with, has established itself as a major player in this highly competitive arena of Manhattan residential brokerage, currently managing 58 new developments. Eighteen of those are completely sold out.

Many of the new Manhattan condos offer incredible amenity packages. However some of the smaller to mid-size buildings don’t feel it’s necessary.

From Downtown to Harlem, less amenities often lower sales prices and common charges. Lower prices and common charges can make a residence in an A-list neighborhood highly attractive.

Yet, there are those who don’t want the commute between Manhattan and the suburbs, and pay the price for every amenity and more.

Regardless of your amenity choices, Manhattan new housing developments are hot.

First Quarter 2008 Market Report

2008-05-10T12:07:00.000-07:00

The average Manhattan apartment price jumped 47% over the past year to a record $1,690,995 as a result of an increase in luxury sales. Apartments priced at over $10 million rose 318% from the first quarter in 2007. Closings at 15 Central Park West and the Plaza played a large role in the price increase.

Manhattan Coop prices averaged $1,333,431 - 34% higher than one year ago. Average Manhattan condo sales increased 52% over the past year to $1,997, 108.

View Halstead Property's First Quarter 2008 Market Report

Various Types of New York City Residential Ownership

2008-05-10T12:05:00.000-07:00

Cooperative
This type of home ownership, is when one owns shares of stock in a corporation that owns the building. These shares are considered "personal property" similar any other shares of stock. For tax purposes, the IRS has recognized this form of ownership and under normal circumstances any mortgage interest incurred by an owner is considered tax deductible. The corporation (Coop) issues to each shareholder a "proprietary lease" which gives the shareholder the right to occupy their specific apartment. In addition, the corporation elects a board of directors who are responsible for overseeing the daily operations of the building, enforcing the by-laws, and acting of behalf of the shareholders to ensure that the building operates as an efficient entity. Owners pay to the Coop a maintenance fee, which pays for such items as; the buildings Real Estate Taxes, underlying mortgage, payroll, management fees, supplies and general maintenance. In addition, many coops accrue a contingency budget for future capital repairs. Typically, the portion of the maintenance that is attributed to the buildings Real Estate Taxes and mortgage interest are "tax deductible (td)" on your federal and state income tax returns. This "td" may change annually, as the mortgage on the building is amortized and Real Estate Tax charges change.

Additonally, as this type of ownership regards owning stock in a private corporation, approval to purchase such shares of stock must be granted by the board of directors. Thus, a purchase application must be submitted to the board requesting approval to purchase these shares. This application typically requires a minimum of the following: Net worth statement with full backup documentation (bank statements, brokerage and retirement account statements, etc.), 2 years tax returns & W-2's, verification of employment or accountants letter, 2 personal and 2 business letters of reference, landlord reference, a credit check authorization, and a completed application provided by the board. In addition, the board will require an interview in order to meet you and make any inquiries regarding the information you submitted or questions they may have. The board has the right to approve or deny any applicant without cause.

Condominium
This type of home ownership one owns "Real Property" much like owning a house. The condominium residents elect a "board of managers" who are responsible for overseeing the operations of the building and enforcing the "house rules" of the building. The main difference between owning a "condo" and a "house" is, in addition to owning the apartment, you also own a small percentage of the "common elements" of the building such as the halls, stairwells, basement, etc. Each homeowner receives a separate property tax bill from the city for their unit. In addition, each owner pays a "common charge" to the Condominium association to pay for such items as: payroll, building maintenance and supplies, management fees, and building repairs. In addition, some condominiums maintain a "reserve fund" in order to pay for major repairs and improvements to the building. It is important to note that although the Real Estate Taxes you pay on a condominium apartment are tax deductible, the common charges are not as they are solely to pay for the building operation and are not attributed to any tax deductible expenses.

In recent years many condominiums have implemented a procedure whereby purchasers must submit an application to purchase. Unlike in a coop, the board of managers must either approve the applicant or exercise the condominiums "right of first refusal" to purchase the apartment from the owner. Although this is not a common occurrence, it is an option for the board should they choose to exercise it.

In most condominiums, the owner has the right to sublet or sell their apartment with either no board approval or with a minimum board review. In either case, the board must either approve the applicant or exercise their right of first refusal to match the purchase price. For this reason this form of ownership is very appealing to investors, foreign buyers and parents purchasing for their children.

Cond-Op
By definition, a Cond-op is a residential Cooperative where the ground floor (typically commercial units) is converted into a separate "condominium" which is either owned by an outside investor or the original sponsor of the building. Thus, although the residential units are a coop, the commercial units are owned as a condominium by an entity other than the coop. Thus, the coop does not receive the benefit of the income from these units.
Many times, people will refer to Cooperatives that operate under Condominium rules as "Cond-ops". This is not accurate although you will hear this quite often. A Cooperative that operates under condominium rules is just that but may be inaccurately referred to as a "Cond-op".

Townhouse
This type of ownership provides the owner with a "fee simple" ownership of Real Property. The owner is responsible for payment of all Real Estate Taxes, maintenance and repairs of the property. The sale of the property may be conveyed to any party without prior approval by anyone other than the homeowner. There are two typical types of Townhouses; single family and multiple family. In a single family the property may only be occupied by one family although the entire house may be rented to another single (or family) user. In a multiple family residence, the owner may occupy (or lease out) one of the units while leasing out the other units as income producing entities.

Global Investors and Buyers Love Manhattan

2008-05-10T11:49:00.000-07:00

With the rest of the country in a real estate slump, that's hardly the case for Manhattan.

A great deal of money is being spent on very expensive apartments in Manhattan. The average price of a Manhattan apartment rose over the past year to a record $1,690,995, fueled by an increasing share in luxury sales. Sales of apartments priced over $10 million jumped 318% from the first quarter of 2007. Closings at 15 Central Park West and The Plaza played the most significant role, and removing them from the average price would bring it down to $1,417,496. The median price, which is not as affected by increased high-end sales, was up just 13% over the past year.

The rapid weakening of the U.S. dollar against the British pound sterling and the euro noticeably lowers the cost of New York real estate for Europeans. And with the U.S. dollar weakening 2 percent against the Japanese yen, international buyers have become a core of Manhattan homebuyers - especially for two and three bedroom apartments or larger.

Foreigners are abundant on the streets of New York, buying everything from apartments to clothing. A huge arrival of Manhattan buyers from Europe, Japan, Korea and Russia have joined the ranks of Manhattan homeowners.

Manhattan boasts some of the most prominent addresses such as The Plaza and Central Park West which are averaging $3,500-4,000 a square foot. In London these same properties would sell at over $6000 a square foot.

The growing influx of foreigners buying homes in New York City for work and play and as investments is rapidly growing. According to the National Association of Realtors, "One in 5 Realtors in the U.S. has sold a home to a foreign investor in the last year."

Global investors are looking for places to invest their cash. And Manhattan is just the place for these investments ... with another record in apartment sales in 2008 thus far.

Now is definitely the time to buy real estate in Manhattan.

Showing Your Home To Sell

2008-05-10T11:41:00.000-07:00

Selling your home is like a job interview. You want to make a great impression!

I cannot begin to describe the number of instances, where I have gone to preview a seller's home or brought a buyer and even renter - only to find the home dirty, dishes in the sink, food left on the kitchen counter, toys ALL over the house beds unmade, etc.

Do not assume it doesn't matter. It does!!!!!

People are coming to inspect your home to see if they want to purchase it. By making a good impression, you increase the chances of getting your home sold or even rented,

The home for sale or rent should be clean, uncluttered, beds made and toys put away.
If you have pets, realize that many people are allergic to pets, and that shedding dog fur and cat dander are everywhere. When showing your home, pets should not be at home. That's what friends, relatives and kennels are for - to help you with those darling fluffy family members!
Additionally, your home should be completely fur and dander cleansed. It should not be obvious to a potential buyer that you have pets living in your home.

If your home needs additional sprucing up, do consider a new coat of paint and staging! It works wonders.

Home staging is preparing a home prior to putting it on the market for sale.

Why stage your home? Staging a home can ensure a quick sale.

You may love the way your home looks, but potential buyers may not. When selling your home, staging it professionally can make your home more appealing and more attractive. It depersonalizes your home, reduces its flaws and very often, raises the value of your home. Very often it can bring a higher purchase price.

With shows like HGTV's ‘Designed To Sell', "Bought and Sold", "Get It Sold", "Buy Me" and TLC's "Flip This House" home owners looking to sell their home, can learn valuable staging information that could be the difference of one's home being sold quickly, or sitting on the market for a long time.

As a professional real estate agent, I have seen buyers cringe at red walls, pink bathrooms, clutter and other people's pictures and momentos. Although this is important to the seller, sellers should not take this personally. Buyers want to see neutral, clean and uncluttered living spaces that they can envision themselves living in.

You can find professional home stagers in most cities by searching the Internet or letting your fingers do the walking in the yellow pages. You can also find these stagers from an accredited home staging school. One of the best ways to find a good professional home stager is to ask your broker. Brokers know the best stagers in their area.

Let the stagers do their job ... regardless of whether you agree with their choices or not.

If you prefer to do the staging yourself:

Get rid of clutter
Put away photos and momentos
If you have children, their toys should not be visible
Clean and light fireplaces so they look inviting
Clear kitchen and bathroom counters
If it's outdated, it should go
Walls and carpeting should be neutral
If furniture is oversized, put some in storage
If you have pets, be sure to vacuum away all pet hair and dander, remove kitty litter boxes, bowls of food and water, and spray your home. There should be no telltale signs of pets in your home.

Make your home appealing. Keep it neat and clean and light scented candles when potential buyers are coming over to see your home. The seller should not be present. Only the brokers and potential buyers should be there.

Remember ... a clean and uncluttered home that is attractive and inviting, is a home ready to be sold!

Add value to your home so it sells!