25 Park Row at 34B takes over RENTCafé blog

Take a look at the article about our latest luxury rental listing, unit 34B at 25 Park Row, by RENTCafé blog, introducing you to this magnificent brand new, never lived-in, grand 2 (Convertible 3)-Bedroom and 3.5-Bathroom residence.

Take a seat and get lost in the majestic views from this brand new, never lived-in, grand 2(Convertible 3)-Bedroom 3.5-Bathroom residence at 25 Park Row, the luxury condominium building with the best views of the historic City Hall, Woolworth Building, Manhattan skyline, and the Hudson River, on the border of FiDi and Tribeca in the New Downtown.

Residents may enjoy a 24/7 attended lobby with concierge, and access to a massive Park Row Club, overlooking City Hall Park, including a reading room with fireplace, a private dining area, a 65’ swimming pool, a fitness center, a spa treatment room, yoga and meditation studios, a playroom and a great lawn with outdoor dining terrace.

Read the article:

«New York City Neighborhoods» : Exploring TriBeCa

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 TriBeCaTRIangle BElow CAnal Street with Séverine Cohen, Co-founder of the website “Frenchy Moms” and of the Facebook group “Parents of New York and New Jersey”. She tells us about her neighborhood of TriBeCa, on the edge of two other neighborhoods, Battery Park and Financial District.

You live in TriBeCa. What attracted you to this neighborhood?

We left Paris with our two children, very young at the time, almost 8 years ago. After several trips and long exploratory walks around New York City, I happened to find myself in lower Manhattan and discovered this neighborhood. I fell in love with TriBeCa straight away. I am Parisian, I wanted to live in a neighborhood on a human scale with small streets, small shops, green spaces and a real community, I found my happiness in TriBeCa.

You live in TriBeCa, but you feel like you live in three different neighborhoods. Can you explain to us why, when you live in TriBeCa, you also live in Battery Park and in the Financial District?

Oddly, my building has three different entrances and three different addresses: TriBeCa, Financial District, and Battery Park. My daily trips and commute are made in those three districts. My older daughter goes to school in the Financial District, my other daughter goes to school in TriBeCa, and we end our days in Battery Park for play dates. It is very easy to move from one neighborhood to another by walking, and sometimes we even can’t tell the difference between the three neighborhoods. To live in TriBeCa, for me, is to live in three neighborhoods at the same time.

How is life in this neighborhood, its atmosphere? What makes it live, what drives it?

TriBeCa is like a small village full of families with children of all ages, we all know each other: the hairdresser, the ice cream parlor, the local deli, the families … I like being able to say hello to people I know and meet in the street just like in Europe.

You are a mom. How is life with children and a family at TriBeCA? Are there many families?

There are a lot of families with older, younger children, strollers … We like to call TriBeCa the “diaper district”. There are families all over the world. There are no French schools, but in my youngest daughter’s American public school, there is an “after school” program in French. For families, there is a huge choice of children’s activities, gardens, dance lessons, music, swimming, and even a center where families can meet.

You are the co-founder of the group “Parents of New York and New Jersey” as well as the founder of the website “French Mums”. What are your mom’s addresses in your neighborhood? What about wife’s addresses?

I am the co-founder of the group “Frenchy Parents de New York et du New Jersey” with Capucine de Marliave, a mother who lives in Battery Park and whom I met a few years ago while shopping with the children at J.Crew. This really tells you how friendly this neighborhood is! We created this Facebook group to exchange views and opinions between French-speaking families in New York and New Jersey as well as a website with all our family-friendly addresses, in French and in English.

My favorite places in the neighborhood: Bonjour Kiwi for the youngest children with great activities in French. Le District, the supermarket with French products to enjoy a pastry by the water. The Ever After store to dress the children. I love spending time at Target just down the road from where I live and Century 21 to find bargains. I also like to relax in a spa at Air Ancien Bath.

Tell us about where you live, what attracted you, what do you like about your apartment?

Like I said, my building has three addresses. It’s a very tall building but weirdly we almost all know each other. I love the view of the Hudson River, it makes me feel like I’m not living in a big city and taking a break.

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

What I love about TriBeCa is that everything is on a human scale: shops, schools, businesses. Of course, my building is big, but around me there are a lot of small red brick buildings and small townhouses. The schools are also very European with playgrounds like in France. I love talking to the people in my neighborhood: they all have an accent like me and a story to tell.

Your favorite places in TriBeCa?

In the summer, I enjoy taking a walk by the water in Battery Park, biking with the kids. Fetch food from the Food Court at Brookfield Place and land on the lawns of Battery Park. In the winter, I like to have a family brunch while listening to jazz music at the Roxy Hotel. I also like to walk around the Westfield Mall during the holidays, the decorations there are magical.

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

If you can buy or rent, go for it! TriBeCa is a super endearing neighborhood, I found a real little family there.

How did you manage the quarantine and lockdown in your neighborhood? Does being by the water and in a ventilated neighborhood give you a feeling of security when you are in the midst of a health crisis?

I have always felt safe in TriBeCa. People are very responsible, and everyone in the building wears a mask. I walked around Battery Park to get some fresh air, people were, and still are, very respectful of social distancing and preventive measures and wearing masks.

The TriBeCa neighborhood suffered a lot after September 11, but it has recovered. Next to the 9/11 pools, I love looking at the Oculus Calatrava which represents a bird in flight. I am sure that after the Covid-19 crisis, this district will recover as well as after September 11. New York is strong!

To conclude, what if you had to describe TriBeCa in three words?

Village-like, family-friendly, calm!

EXPERTS DISCUSS – TriBeCa

Rental Market: With an average monthly rent of $ 5,607 TriBeCa rents out much more than the Manhattan average ($ 4,208 / month). TriBeCa’s rent is 33% higher than the Manhattan average. As of June 2020, the average rent for an apartment in Tribeca was $ 3,618 for a studio, $ 4,714 for one bedroom, $ 6,976 for two bedrooms, and $ 9.397 for three bedrooms. The rent for apartments in TriBeCa has decreased by -3.0% over the past year.

Sales Market: In Q1 2020, the median selling price stood at $ 3.337,000, down 25% from a year ago. There were a total of 59 transactions, down 13% from the first quarter of last year. The median price per square foot was $ 1,716, a decrease of -13% year-over-year. In the first quarter, the median Manhattan selling price was $ 1,060,000. TriBeCa stays one of New York’s most desirable neighborhoods.

EXPERTS DISCUSS – Battery Park

Rental Market: With an average monthly rent of $ 5,605, Battery Park rents much more than the Manhattan average ($ 4,208 / month). Battery Park rent is 33% higher than the Manhattan average. In June 2020, the average rent for an apartment in Battery Park was $ 2,681 for a studio, $ 3,585 for one bedroom, $ 5,574 for two bedrooms, and $ 8,264 for three bedrooms. Rent for apartments in Battery Park has fallen by -6.1% over the past year.

Sales Market: In Q1 2020, the median selling price stood at $ 960,000, down 29% year-over-year. A total of 25 homes were sold, which is only a -3% difference from year to year. The median price per square foot in the first quarter was $ 1,254, a -15% year-over-year change. In Manhattan, the median selling price was $ 1,060,000 over the same period.

EXPERTS DISCUSS – Financial District

Rental Market: With an average monthly rent of $ 4,142 Financial District rents less than the Manhattan average ($ 4,208 / month). The Financial District rent is 2% lower than the Manhattan average. As of June 2020, the average rent for an apartment in the Financial District was $ 3,061 for a studio, $ 3,878 for a bedroom, $ 5,516 for two bedrooms and $ 8,068 for three rooms. Rent for apartments in the financial district has fallen by -2.8% over the past year.

Sales Market: In Q1 2020, the median selling price was $ 999,000, a -2% year-over-year change. A total of 69 properties changed hands, up 15% from the same month last year. In the first quarter, the median price per square foot was $ 1,103, a change of -4% year-on-year. The median selling price of homes in Manhattan was $ 1M.

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

Read the article in Le Petit Journal New York

The New York real estate market as the pandemic subsides

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.

In New York City, Covid-19 is shaking up the real estate market

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.

Editorial by Thibault de Saint-Vincent, President of BARNES

“Hope is a loan made to happiness.” Joseph Joubert

Over the last few weeks, the world has been experiencing a crisis on an unprecedented scale due to the exponential spread of COVID-19. One by one, countries have gone into lockdown and their economies have been brought to almost a standstill.

We would like to pay tribute to all of those involved in this combat: to the health care staff first and foremost, for their relentless fight and their courage and determination as they seek to stem the pandemic; and to all those working to provide essential services (pharmacists, shopkeepers, checkout assistants, lorry drivers, dustmen, security services, etc.). All of those undervalued occupations, without which our day-to-day lives would be unbearable. With regard to the real estate sector, we would also like to thank the notaries and banks that have stepped up their efforts recently to allow our clients to finalise their transactions. Lastly, we would like to extend a token of friendship to all of our teams, our partners and our clients to thank them for their loyalty and to assure them of our support. We would like to say those two simple words that are so often forgotten: thank you.

Many of you are questioning the future of the high-end property market in which BARNES has become a benchmark thanks to your trust. Staying true to our values of attentiveness and proximity, we have endeavoured to meet all of your needs and will continue to do so. The initial information available shows that luxury real estate will weather the storm. Although they have slowed, transactions are continuing. Cancellation and withdrawal rates are low, and downward pressures on prices remain limited to a small margin at all of our destinations.

At a time of great scepticism on the equity market, when liquidity seems risky, high-end real estate is asserting its status as a safe haven. Indeed, everyone can measure the precious benefit that owning a premium property brings during this period of lockdown. Both a sound and vital investment, bricks and mortar are proving to be an invaluable asset in these difficult times.

In this highly volatile situation, having a clear view of the market and its environment is of crucial importance. Thanks to its local knowledge, the quality of its expertise and the scope of its services, BARNES is able to provide a precise response to your needs when it comes to the art of living. Its extensive experience has seen it endure and overcome numerous crises. Its global vision that is constantly updated positions it as the guarantor of clear and immediate arbitration.

Both now and in the future, we will be by your side to support and guide you in your choices by remaining faithful to the values that unite us. Together, we will weather the storm and come out stronger.

Take care of yourselves and your families. And above all, don’t lose hope.

Because in the words of Joseph Joubert, hope is a loan made to happiness.” What could be more fitting and inspiring in these times than to have happiness as a creditor.

Thibault de SAINT VINCENT, President of the BARNES Group

Webinar – The impact of Covid-19 on the New York real estate market

Webinar BARNES New York
The impact of Covid-19 on the New York real estate market

In view of these troubled times and turbulent current events, on Friday 10 April at 3.30 pm (Paris time), 9.30 am (New York time), BARNES shared with you his vision of the current situation, the modifications in its internal organisation, in the way it communicates with its customers, and in its interaction with the markets in which the network is present, particularly the New York market. It is by understanding the present context, while remaining as factual as possible, with figures and data in support, that we will be able, with prudence and humility, to prepare for the future.

Within one month, the world as we know it has been profoundly impacted by a pandemic of rare violence, unparalleled and with many repercussions. In Europe, as in the main states of the United States, containment has become mandatory and many companies and independents dread the weeks and months to come. Many experts speak with certainty about the next steps, with the majority of these predictions being regularly challenged after a few days.

As such, BARNES New York has offered you a live virtual conference in French during which the following themes were discussed:

  • Introduction and overview of the main real estate markets in the world where BARNES is present. By Thibault de Saint Vincent, President of BARNES Group.
  • Focus New York. By Christophe Bourreau, Manager Partner BARNES New York.
    • The current new regulatory framework
    • Impact on transactions in progress
    • How have buyers and sellers reacted in the last two weeks?
    • What are the effects on the rental market?
    • Possible short- and long-term consequences
    • How is commercial real estate in New York and the US reacting? By Miriam Driot, Real Estate Agent and Commercial Expert BARNES New York
  • Financing: How are the banks reacting?

With the participation of Rachel Brunet – lepetitjournal.com, Editor of the New York edition.

Contact us for more information

«New York City Neighborhoods» : Exploring Carroll Gardens

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

Living in Battery Park City

living-battery-park-city-new-york

The opinions are unanimous: Battery Park City, in the heart of Manhattan, has been considered for some years as one of the best places to live in New York. It is true that with a luxury real estate park, lush vegetation, but also a sweet and family neighborhood life and trendy restaurants on every street corner, Battery Park City attracts a little more residents every day.

Guided tour of a New York neighborhood that is on the rise.

A quick minute of geography

For those who find it difficult to locate, Battery Park City is a neighborhood in Manhattan located between the Hudson River and West Street, otherwise known as the West Side Highway. The district stretches from Chambers Street in the north to Battery Place and Little West Street in the south.

The little story

In the late 1950s, the once thriving Battery Park City harbor area of ​​downtown Manhattan fell victim to the container transport takeoff, which pushed ships to New Jersey, leaving Manhattan ports in ruins. After abandoning the area, which was completely deserted and then turned into a landfill, several private companies have proposed reconstruction projects. However, after the September 11 attack, Battery Park City became vacant as the neighborhood became an official crime scene. Since then, the neighborhood has risen from the ashes to become a posh place where life is very good.

Life is sweet and beautiful in Battery Park City

Those who like to walk already know that there are no metro stations in the Battery Park City area. Train access is in the Financial District, which means it is always a good idea to have a pair of sneakers in your bag, in case you have to walk a quarter of a mile to the nearest metro.

Despite this, living in this neighborhood is extremely pleasant, for adults, families and their children. Green spaces – A third of Battery Park City is indeed considered “park” -, the tranquility of the streets, the panoramic views of the Hudson, the proximity of the water on 3 sides and the uniformity of the urban landscape is soothing, just steps from other noisier neighborhoods and the vitality of Manhattan.

More generally, the population of southern Manhattan has doubled in 10 years, and restaurants, shops, outdoor facilities for sports along the water have followed suit. Although the atmosphere in Battery Park City is laid back and sporty enough, the food scene in the neighborhood is fairly formal and upscale. Most upscale restaurants are located around Brookfield Place and among them, we must mention the Michelin-starred French cuisine of L’Appart. There are also more casual cards, like that of Tartinery Hudson Eats.

During your walks, you can enjoy Rockefeller Park, Super Duper Tennis, Farmer’s market at Bowling Green Station and the Staten Island Ferry area. You will surely come across the supermodel Tyra Banks who owns an apartment in the splendid Riverhouse residential complex, as well as Leonardo DiCaprio.

The battery park City property market

Battery Park City is slightly more affordable than Tribeca with a median sale price for a three-bedroom apartment of $ 3,125,000. The median rent for a three bedroom is $ 11,000 and for a two bedroom, $ 6,950.

Built fairly quickly – and still expanding- the housing stock is fairly uniform but the apartments are magnificent. In the north, there are mainly large and beautiful brick buildings. The southern section contains complexes such as the waterfront residential building, the Gateway Plaza, which was completed in 1983. Le Solaire, a LEED certified building, and the first “green” residential complex in the country, opened one of its main luxury buildings in 2002 is 225 Rector Place, which was refurbished in 2012. It offers its residents high-end services and lovely views of the Hudson River and the Statue of Freedom.

Living in the Seaport District

If you were offered to live in an iconic and unique American city, in a historic district, you would say that it is very hard to find. Not at all, the Seaport District in New York City is the perfect example of the successful marriage between the charm of the cobbled streets, the proximity to the East River, the roots of Manhattan, the authenticity of a historic place and the unique modernity of its facilities. The stroll through the Seaport District risks capturing your buyer’s heart.

Life in the Seaport District

A quick minute of geography

A quick reminder for those who have just arrived – or for dummies in geography – Seaport District is the maritime district adjacent to the Financial District. Located in Lower Manhattan, it is bounded by the Financial District to the west, southwest and north; the East River to the southeast; and two bridges to the northeast.

The rebirth of a declining neighborhood

In the 18th and 19th century, Seaport District was a commercial district, notably with the dynamism of its port; its development is linked to that of the Schermerhorns family who bought this area to have many buildings constructed there: many of these centenary buildings are still standing.

The district took on its modern appearance in 1810: traders and restaurants sprouted like mushrooms, giving this area new vitality. The area is connected by an underpass from Fulton Center to Brookfield Place. The Tin Building, which once housed one of the largest fish markets in the world, has been completely renovated to accommodate a large Jean-Georges market and a superb rooftop. Today, the Seaport, which only recently recovered from Hurricane Sandy in 2012, is a very popular tourist destination with first the South Street Seaport museum which exhibits several remarkable ships such as the magnificent four-masted ” Peking ‘of 1911, the Wavertree freighter of 1885, the Goëlette Pioneer of 1885, the flagship Ambrose of 1908, the tug Helen McAllister of 1900, the tug WO Decker from 1930… The brand new shopping center is filled with shops and restaurants. Therefore, a stroll along the quays is a popular attraction during the 4 seasons. During sunny days, outdoor concerts are organized as well as exhibitions, stands and much more on the brand new Pier 17. The charm of the Seaport District, meanwhile, has weathered the storms and it has remained intact.

The Seaport District property market

The variety of the urban and architectural landscape

The neighborhood features some of the oldest architecture in downtown Manhattan, and the narrow, winding streets take you on a journey through history with many restored buildings from the early 19th century contrasting with modern luxury apartment buildings.

Thus, one can admire between some beautiful red brick buildings, The Titanic Memorial Lighthouse, built in 1913 to honor the victims of the Titanic tragedy that claimed the lives of many prominent New Yorkers. Or even Bowne & Co Stationers: founded in 1775, it was New York’s oldest operating company under the same name, and they carried on the same tradition of professional printing on real old printing presses. Not far away, the Joseph Rose House, called “The Rat house” is in fact one of the oldest buildings in Manhattan still standing from the colonial era. Likewise, the Paris Cafe, at the crossroads of South Street and Peck Slip, a charming old-style restaurant and pub. It opened in 1873 and is one of the oldest bars in New York. It seems that President Theodore Roosevelt was a regular customer …

On the other hand, new construction is on the increase, rivaling luxurious amenities and breathtaking views of the Brooklyn Bridge. Seaport Residences (1 Seaport), for example, which offers its lucky residents 360-degree views of the river and a superb swimming pool on the 30th floor.

The NYC Townhouse Real Estate Market

Owning a few square meters in New York City is a wish for most of you (and for us). So when this property in NYC is a townhouse, these townhouses with incomparable cachet in the upscale neighborhoods of the city, we reach the cream of the crop, the top of the top. Buying a townhouse is certainly the best thing that can happen to you in New York and we tell you how to do it.

What you need to know before buying a townhouse in New York City

The basics

A townhouse is a private house where at least one wall is shared with another residence. Townhouses are quite rare in the New York real estate market and account for barely 2% of residential transactions. Yet real estate of this type is often superb and some of it is part of NYC’s real estate heritage and history. Historical details, gardens, privacy, numerous bedrooms and bathrooms … In an overcrowded city like New York where housing is often cramped, living in a townhouse is a luxury that you will soon not be able to live without.

Size matters!

Indeed, New York townhouses are described in terms of width and depth. In terms of width, townhouses range from 13 to 25 feet (3.9m to 7.62m), with most townhouses being built within a range of 17 to 20 feet (4.26m to 6m). They are as wide as the size of their lot, which means the size of the parcel of land on which the property is located. In terms of depth, the dimensions vary considerably and there is often an extension on one or more floors which makes the exact size difficult to determine with precision without the help of a professional. Many townhouses also have outdoor space, at the front and back of the house. In general, in most residential areas, the minimum backyard depth is at least 30 feet (9.1m).

As you can see, the larger the townhouse, the more valuable it is because the more air and light, the better the circulation between the rooms. Larger and shorter rooms are also easier to arrange than longer and narrow rooms.

Living in a townhouse

The owner of a townhouse in New York is responsible for paying all property taxes, upkeep and repairs to the property, unlike a co-op or a condominium, but no monthly payment is required for building management. There is no approval by the board of directors for the purchase or sale of such property. Also be aware that the sale of the property can be passed on to any third party without the prior approval of anyone other than the owner.

Tax rates are determined annually by the NYC Council based on the class of real estate. Class 1 includes one to three family homes and Class 2 includes all other residential properties. This rate is then applied to the assessed value of the properties which is estimated by the Department of Finance.

Neighborhoods to find a townhouse to buy in NYC

There are townhouses to buy in almost all areas of New York City, but some are remarkable, in terms of their geographic location and their prestige renovation. Thus, in the Upper West Side, the block between Central Park West and Columbus which historically recorded the most expensive sales in 1970. In the Upper East Side, it is near 5th Avenue, where the most expensive block is located between 70th and 71st East. In the Chelsea district, the most beautiful townhouses are found on 21st and 22nd streets West, between 10th and 11th avenue.

How much does a townhouse cost in NYC?

The price of a townhouse is determined by a host of variables, including building and lot size, location and condition. From one neighborhood to another, sometimes from one street to another, the price can fluctuate considerably. In addition, the immediate environment is very important and you have to look at the houses behind the townhouse, those on the sides and the one in front. The more expensive townhouses are on blocks with rows of townhouses on both sides of the street. Otherwise, there is a fire station, a police service or a school nearby or worse, opposite, prices will be lower because of noise and traffic. Finally, you should know that if the prices of townhouses in Manhattan generally start at several million dollars, they are often cheaper per square meter than apartments. And, unlike a co-op, there is no liquidity requirement imposed on the buyer after the close (other than those required by the lender).

en_USEnglish