Category: New York Real Estate

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 TriBeCa, TRIangle 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

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