Category: New York Neighborhood

For several months now, the Covid-19 pandemic has changed our personal and professional habits. In order to keep the economy going in the face of hardening instructions, particularly with the “stay at home order” announced by the Governor, employees have adapted and have had to find solutions to work remotely. In New York State, even though the pandemic is gradually fading, containment is still required. Nevertheless, the real estate market continues to move forward, pending an official reopening of the sector, expected at the end of June.

An enhancement of outdoor spaces, views and ancillary rooms

This episode of confinement shows new awareness of the quality of life and well-being at home, sought after by the population as a whole. When the confinement orders were announced, many city dwellers left to take refuge in their country homes or in vacation rentals in the nearby mountains or by the ocean. Away from pollution, noise and stress for several weeks, some of them took a taste for peace and serenity. Also, in order to be able to work efficiently in one’s own home, many have set up a functional office in their own accommodation.

This situation benefits holders of property, both for sale and for rent, who have an extra room to facilitate teleworking, an outside space of any kind, an unobstructed view, but also a more natural and pleasant nearby environment: getting away from the workplace thanks to the emergence of teleworking.

New working tools for the real estate sector

Despite the slowing of the epidemic, New York State is still far from returning to “normal life”, even though car (and pedestrian) traffic in the city is beginning to increase again. Throughout the containment, with the ban on physical visits, BARNES New York, like its counterparts, has adapted and developed a range of digital tools such as virtual tours, 3D plans, video and videoconferencing, to best support its clients in the fulfilment of their real estate needs or projects, which cannot be delayed for several months. These new tools have demonstrated their performance and real usefulness throughout this period; but beyond that, a certain efficiency, which is quite sufficient for a contract formalization despite the absence of physical visits.

A real estate market that is gradually recovering

For every crisis that New York has experienced in recent years, real estate has always proved to be a safe haven. Even if the number of transactions and inventory are down compared to 2019, the market seems to be picking up again. It will take a few more weeks to see a recovery to levels equivalent to the pre-pandemic period, or if a new market correction, even modest, and necessarily to the advantage of buyers, is forthcoming. After six weeks of continuous decline in the number of transactions, the number of transactions started to rise again in mid-May, with the first week at over 40 transactions, although still well below 2019 levels (-80%). The same is true for new properties entering the market, with more than 130 new properties (although still 70% below 2019 levels). The bottom of the curve seems to have been reached.

Backlog of new programs

While an individual New York homeowner is rarely in a hurry to sell, the economic solidity of the assets generally allows a wait of several months without the need to drastically reduce a selling price for a quick sale. This is not the case for new developments. Just as much as “resales” in the old one, they necessarily suffer from a deficit of acquisitions. But to this is added a halt in construction (which could finally resume in the coming days), which will delay the anticipated delivery dates of the buildings by the same amount, and thus the collection of 80-90% of the amounts under contract. The recurrent operating and financing costs of these megaprojects make even a limited capital investment extremely heavy to bear; the promoters are all the more conciliatory in their negotiations.

Historically, there was virtually no room for negotiation in the New York real estate market, with even fairly frequent “bidding wars”, where transactions closed above the asking public price. Recently, a small margin of around 5% was beginning to be seen on both new and existing properties. Since the pandemic, this figure has been constant and is expected to increase slightly for a while, especially when it comes to new programmes. The best deals are currently to be found in new developments.

Over the past several weeks, the world as we know it has changed profoundly. The Covid-19 pandemic has impacted our society and caused a crisis of rare magnitude. As the months went by, countries became confined and the economy came to a virtual standstill. In the United States, particularly in New York State, containment became mandatory and quickly had many repercussions on the New York real estate market.

Offering new solutions to support customers

Very quickly, it was necessary to adapt to the strict confinement instructions, especially with the “stay at home” imposed by the Governor. Although real estate is considered an essential sector, physical visits are no longer allowed. However, some people have to move in or out; many tenants are at the end of their lease, families have to settle in the coming months, employees are in the process of being transferred, … Thanks to digital tools such as “virtual showing”, 3D plans, video and virtual conferences, BARNES New York, like its New York counterparts, has quickly adapted its processes in order to be able to best accompany its customers in the accomplishment of their real estate needs or projects.

A general halt to construction in progress

Despite a grace period that lasted only a few more weeks, the State of New York has ordered a halt to real estate construction, with the exception of a few strategic projects (infrastructure, social housing, etc.). As a result, the delivery of dozens of new programs, for which the keys were scheduled to be handed over in the second and third quarters of 2020, has been postponed by the same amount. It is still too early to judge the impact on those with later delivery dates, as it could be that “continuous” construction permits will be issued later on to make up for the delays.

For many projects, whose financing structures are highly dependent on delivery times, there have recently been communications aimed at attracting even more buyers, despite this period that might be thought to be calmer. The promoters are offering various offers and discounts, both on tender prices and on acquisition and operating costs, for any new contracts awarded during this difficult period, in order to offset this notorious drop in activity and compensate for the delivery delays already anticipated.

A crisis that generates opportunities for buyers

In line with this rarely conciliatory offer of New York’s new housing programs, and in a context, already before the crisis, favorable to buyers, the impact of the pandemic on New York real estate prices is beginning to be felt, and could be amplified in the coming weeks. And this will continue until the situation is normalised, with reassuring prospects for the medium term.

Historically reluctant to trade, since mid-2019 the New York market has offered trading margins close to 5% in places, due to massive inventory. In recent weeks, we have been seeing transactions with trading above 5%, reaching as high as 10% on some products and even higher.

Luxury real estate as a safe haven

While the constant, and recently exacerbated, fluctuations in the stock markets have once again demonstrated the structural inconsistency of such investments, the real estate market continues to show a certain robustness tending to reassure the medium- to long-term investor. The US economy, the strength of the dollar, and the rare robustness of the New York market in particular, make luxury real estate investment a singularly attractive safe haven. Historically showing an annual appreciation of 3%, a one-off slowdown is certainly expected, but it is not expected to last more than two or three quarters, with a resumption of growth in value terms by the end of the year.

Interview by Rachel Brunet, director and editor-in-chief of Petit Journal New York

BARNES New York invites you in its series of articles untitled “New York City Neighborhoods”, where you can regularly discover the different districts of the city, in the eyes of French speakers who have settled there. They tell us all about their neighborhood, in their words, their tastes, their habits. Today we explore Carroll Gardens, a Brooklyn neighborhood, with Laurène Hamilton. Yesterday an auditor in finance, the young mother is now a tourist guide and founder of her own company. She shows us around her neighborhood – where she lives with her husband, a computer specialist, and their two young children – with a lot of passion and enthusiasm.

Lepetitjournal.com New York : You live in Carroll Gardens. What attracted you to this neighborhood?

Laurène Hamilton : I was looking for a safe and family-friendly neighborhood which also offers nightlife, within reasonable distance of Manhattan. I liked that balance better, because I remain a very urban person. I prefer to live in a small space and be able to have access to an outdoor environment that inspires me.

Can you tell us about life in this neighborhood, the atmosphere? What makes it live, what drives it?

The atmosphere is very intimate, like a small village, with lots of local and independent shops. It is a charming, green area – hence the name – quiet but lively at the same time. You may come across families, singles, couples, and even actors like Neve Campbell. People are laid back but not neglected. Once inhabited mostly by Americans of Italian descent, some establishments still offer Italian products to die for. For example, the Monteleone pastry shop on Court Street sells all kinds of biscuits made with powdered almonds. Try the Rainbow cookies, they are to die for. Another example of a neighborhood institution: Caputo. People buy their bread there daily, and you will be called “Honey”. For history fans, check out the Mary of the Stars Church where the famous Al Capone married in 1918 at just 19 years old! From Carroll Gardens, you are close to Red Hook for a walk, in the middle of industrial warehouses with incredible views of Staten Island or even lower Manhattan.

In the evening, listed establishments like Barely disfigured, where you can have a drink on the four-poster bed, or Ugly Baby, an incredible Thai restaurant, also attract young people to feed their stomachs and their Instagram posts. Who knows, if you are really motivated, you too will line up at Lucali to eat one of the best pizzas in New York?

You are a young mom. How is life with children at Carroll Gardens which obviously appeals to families a lot?

We love it! The neighborhood is full of places for children. Life is pleasant there and our family traditions take root here. Sometimes we sit on stoops – brownstone steps – to eat a pain au chocolat while watching the passers-by. Children love it. When I come home from the nursery, my son says hello to the Caputo’s baker. We often meet acquaintances and we walk side by side chatting. In rainy weather, the Planted café is ideal for getting out of your home and keeping the children busy with a dedicated playing space. Next door, they also have a zero waste shop. In summer, the fountains in the parks attract all the neighborhood toddlers. Seasons pass and lovely memories remain. Carroll Gardens is an inclusive and tolerant neighborhood on a human scale. You will come across elderly people, young people, families, LGBT community, etc. You can feel the openness in the interactions people have with each other or even in the neighborhood’s social network groups. Help is palpable when a neighborhood family is in difficulty.

You are a tourist guide. Can you tell us about the best route to take to discover this district?

I love my neighborhood so much that I’m working on planning a special Halloween tour. Last year with my clients, we even celebrated Halloween together. All the inhabitants were out. Neighbors shared a bottle of wine on the stoops while handing out sweets during the traditional “trick or treat”. It really is a friendly neighborhood. Here is an idea of a route to soak up its atmosphere.

As a Frenchwoman, do you find a little French side to this district through the inhabitants, the shops, the schools?

Yes ! We hear a lot of French speaking. There are several schools that offer courses in French. The best known, being the public school PS 58, which has a bilingual program (beware the zones are changing) or the International School of Brooklyn (ISB), a private school which offers a program with French. During the French presidential elections, it is in those premises of the ISB that we will vote. You quickly find your way around French people at the best of times even if we don’t know each other personally. It is not for nothing that this district is nicknamed Petite France (Little France). Thus a mini French supermarket, Le French Tart Deli, recently opened: there are calissons, traditional French bakery, jams and all these products that remind me of my childhood in France. The La Cigogne restaurant offers Alsatian specialties in a warm atmosphere around a wood fire in winter. Perfect for enjoying a Flammekueche or spaetzle.

Your favorite places in Carroll Gardens?

My favorite coffee shop: Planted, for the Zen and natural atmosphere of the café: pretty wooden tables surrounded by plants, no loud music, a zero waste commitment and in support of the LGBTQ community.

For an exotic coffee: Le Petit Café, built around trees in a Zen setting.

To consume smart: Books are magic, a small independent bookstore that organizes book presentations with writers.

To work on your computer in peace while sipping a soda: Brooklyn Farmacy & Soda Fountain

Gersi : For an Italian dinner with a neo-American twist or a brunch, I recommend this restaurant. Take a seat in their backyard, just divine! Many establishments in the area have landscaped gardens in the back, so in the summer everyone eats out.

Kittery : For a good lobster roll with a glass of white wine on the terrace.

Is this a neighborhood that you recommend for those who want to buy or rent?

It all depends on the person’s perspective. If the goal is to make short-term capital gains, I don’t think this is the best neighborhood, because its reputation is already established. Carroll Gardens continues to attract for sure. If on the other hand you are planning on the longer term side, buying may be a good option. Renting is often a good first step. People usually end up liking my neighborhood and tend to stick around for the long haul.

Thank you Laurène !

Interview by Rachel Brunet, director and editor-in-chief of Petit Journal New York

Read the article in Le Petit Journal New York

Long Island City (LIC), a neighborhood in Queens, New York, has been gaining more and more popularity in recent years. Located on the edge of the East River, opposite the United Nations Headquarters (Murray Hill), it is obvious that Long Island City offers breathtaking views of Manhattan. Composed of buildings, townhouses, and many green spaces, Long Island City offers a solution just as modern and practical as Manhattan with significantly less hustle and bustle. Ideal for young couples or families, Long Island City is just a stone’s throw from Midtown Manhattan.

Once an epicenter of the manufacturing industry, Long Island City is today renowned for being home to one of the most exciting art scenes in the country. The district is made up of industrial buildings which have since been transformed into galleries, museums, studios, restaurants, shops, etc. The district continues to develop and today represents an excellent investment, given the rise in prices in the neighboring districts of Manhattan; offering the advantage of living in peace while remaining only a few metro stations from the heart of the city. In the same vein, also consult the BARNES guide on Dumbo.

A major attraction in Long Island City, the MoMa PS1 is a former public school (Public School 1), which has been renovated and transformed into an artistic space; today it is an extension of MoMa – Museum of Modern Art – one of New York’s most recognized museums.

Founded in 1971 by Alanna Heiss, originally under the name PS1 Contemporary Art Center, the site is used as a studio, performance hall, exhibition space, and serves artists from around the world. A champion of new ideas, the PS1 actively seeks out new emerging artists, new genres or new original works in order to support innovation in contemporary art. In 2000, the PS1 Contemporary Art Center became a member of the Museum of Modern Art with the aim of associating the contemporary mission of the PS1 with the strength of the MoMa, one of the largest and oldest non-profit contemporary art institution in the States. -United. The “birth” of the MoMa PS1 therefore actively contributes to this rich artistic scene today present in Long Island City. Note that the area also hosts the Noguchi Museum (museum in a large garden presenting the work of the American-Japanese sculptor, Isamu Noguchi), and the Socrates Sculpture Park (large outdoor facilities overlooking the East River).

And to talk about real estate, we cannot mention three of LIC’s most ambitious new constructions, namely:

• Skyline Tower: Lots of superlatives for this massive project destined to become the tallest building in Queens, peaking at nearly 240m by 2021. Stunning views spread over 67 floors for 802 condominium apartments; the project will be the first to exceed $ 1 billion in revenue. Note a private entrance for metro line 7. From studios at $ 650,000 + to 3-BRs from $ 2,300,000 +.
• Hero: Project with remarkable architecture, being delivered at the end of 2019; it benefits from a property tax reduction (421-A). Offering over a hundred apartments over 23 floors, it has a great range of amenities with magnificent views of Manhattan, including a shared rooftop. From studios at $ 600,000 + to 2-BRs starting at $ 1,100,000 +.
• Galerie: Located directly across from MoMa PS1, and in close proximity to the Hunter’s Point transport hub, the project was delivered last year. It also offers a superb suite of amenities (including a swimming pool), coming in at roughly the same prices as its competitor Hero: from studios starting at $ 600,000 + to 3-BR starting at $ 1,700,000 +.

For any details and interest in these projects, do not hesitate to contact your BARNES New York experts.

Following our recent article on the Hamptons, BARNES New York takes you this week to Fire Island, located in Long Island, New York. This small, car-banned island offers white sandy beaches, a friendly, family-friendly atmosphere, but also a lively atmosphere, a historic haven for the LGBT community, just a few hours from the ongoing bustle of Manhattan. Fire Island is the perfect escape from the bustle of the city for a getaway…

Fire Island is a long strip of land that runs along southern Long Island. Located 96 km from Manhattan, it is a popular resting destination for New Yorkers who love the sun and the sand. The 17 “beach communities” that make up Fire Island range from crowded beaches (Ocean Beach, Cherry Grove) to unspoiled beaches (Saltaire, where an island population discourages foreigners). Cars are not permitted on the island; residents must get around on foot, by bike, or by boat …

During the year, Fire Island has just over 300 residents… During the summer, that number increases to 20,000. Since its main attraction is the pristine white beach, the season for Fire Island begins in May during Memorial Day weekend and ends on Labor Day, early September. The main activities on the island consist of picnics, boat tours, surfing, fishing, hiking, and bird watching… The area also hosts a raucous party culture, amplified by Rocket Fuel cocktails, a local specialty. ..

If you want to stay on the island, you have a choice of several rental houses and a few hotels. BARNES recommends that you stay in areas like The Grove, and Ocean Beach. Find below the BARNES New York guide to make the most of your stay on Fire Island.

How do I get to Fire Island?

If you are traveling from Manhattan to Fire Island, allow 1.5 to 2 hours for the trip. Most visitors access the island via train (LIRR) and ferry. The LIRR departs from Penn Station. Depending on where you want to go on the island, you can stop at different ferry departure locations: Bay Shore, Sayville, or Patchogue. From there you will have to walk or take a car to get to the ferry. Alternatively, you can drive to Bay Shore, Sayville, or Patchogue and take the ferry from there.

From Bay Shore, you’ll take Fire Island Ferries to popular central Fire Island destinations such as Ocean Beach, Kismet, and Ocean Bay Park (round trip for $ 19 for adults). If you are going to Sayville, take the Sayville ferry to Fire Island Pines, Cherry Grove, and Sailors Haven ($ 16). The Davis Park Ferry in Patchogue will take you to Watch Hill and Davis Park ($ 17).

The island of Fire Island is famous for not accommodating a car (which makes the small villages even more charming and pleasant). However, both ends of the island have parking facilities for visitors to use. You can park at the Fire Island Lighthouse to the west or to the east at the Otis Pike Fire Island High Dune Wilderness.

Keep in mind that although the island is 250m wide, it is 32km long! This means that if you plan on keeping yourself at one end of the island and want to walk to the Grove, it can take almost half a day. Once the car is parked, you can walk, take a bicycle or a water taxi to get to your destination. Water taxis cost between $ 10 and $ 30, and stop about once an hour in each of Fire Island’s 17 communities.

Fire Island Pines

Fire Island Pines, or “The Pines,” represents the community east of The Grove. Since the mid-20th century, The Pines has welcomed owners and tenants, as well as a large community of boaters. Like everywhere on Fire Island, the best activities can be found on the waterfront. Gay bars at The Pines are well known on the island: Sip N Twirl, Blue Whale, and Pavilion.

Cherry Grove

Cherry Grove, or “The Grove”, represents the oldest and most well-known LGBTQ community on Fire Island. Before the modern gay rights movement began in the late 1960s, The Grove was home to an open and proud community of gay residents. Its “Community House” and theater are today considered national historic monuments.

The Grove’s most popular attractions are obviously sunbathing and other beach activities. Here you will find bars such as Cherry’s On The Bay and the Ice Palace Night Club where you can party day and night. For spectacular views and dining, visit The Sandcastle at The Ocean, one of the best restaurants on the island. Only steps from Cherry Grove is Sunken Forest, a natural wonder in Sailors Haven Bay. This rare grove grows from seawater and is home to rare wildlife species …

Ocean Beach

Certainly the most popular destination on Fire Island is Ocean Beach. On an island as residential as it is lightly commercial, Ocean Beach remains the somewhat lively downtown of the island … In addition to a very popular beach, Ocean Beach is full of restaurants, bars, shops, and galleries to visit when you have need a break from the beach. Must-sees in the area are Scoops Ice Cream Shop, Rachel’s Bakery, and Houser’s Bar. For dinner, Hideaway Restaurant is known for its famous lobster risotto. In addition to local house rentals, the Palms Hotel Fire Island offers upscale accommodation. Ocean Drive is also the island’s most family-friendly community with children.

Fire Island National Seashore

The parks of Fire Island are collectively known as the “Fire Island National Seashore”. The Sunken Forest and Otis Pike Fire Island High Dune Wilderness are wilderness areas designated by the local government. They are part of the “National Seashore”. The beaches at Sailors Haven and Watch Hill also offer campgrounds. The historic Fire Island Lighthouse, built in 1858, is located in the west of the island and can be visited as well.

The Manhattan real estate market is once again bringing mixed news for the second quarter of 2019. Benefiting from the delivery of many new projects, price indicators and number of sales are on the rise, yet masking a general trend of market correction to the benefits of buyers.

Sales increased year over year for the first time in two years (+ 5% from 2018). Over 3,300 sales were made this quarter, totaling $ 7 billion (+ $ 1B from 2018).

It is, however, too early to celebrate a recovery, as many sales this quarter are actually off-plan sales (nouveaux développements / sponsors), signed during the previous quarters. Note also that the entry into force of the new tax law on July 1, 2019 prompted many buyers to close this quarter (especially in large budgets; more details here). The contracts signed this quarter, the most reliable indicator of activity, are however stable compared to the second quarter of 2018: acceleration in April (consistent with the tax reform two months later), followed by a drop in May and June.

At the same time, the already high inventory has continued to grow, exceeding 8,000 mandates for the first time since 2011. Price cuts continue, bargaining margins increase; also, the average duration on the market reached its highest level for 6 years.

On the other hand, the median price hit a record high of $ 1,225,000, and the average price its two-year high at $ 2,119,000. These figures, contrary to the bearish market trends, are inflated again by the new developments delivered this quarter, when the contracts had been signed well before, in a better market context. Thus, the price per square foot remains almost unchanged compared to the same quarter of 2018 (and would even have fallen without this influx of sponsor sales).

Some important numbers

• Increase in the number of sales for the first time since 2017;
• Inventory progress for the seventh consecutive quarter;
• New record for median selling price;
• New developments have taken their largest market share for 2 years;
• The new developments show their smallest average sales area for 6 years;

Co-ops – Median price:
Studio : $425,000
1-BR : $720,000
2-BR : $1,300,000
3-BR : $2,335,000

Condos – Median price:
Studio : $584,000
1-BR : $1,150,148
2-BR : $2,160,000
3-BR : $3,842,500