Category: New York Real Estate

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.

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).

New York City definitely does nothing like any other place. Its real estate agent commission system for property rentals is further proof of this. The rental market is different from many parts of the country as all brokerage fees are usually paid by the tenant, rather than the owner. However, that was before. A law passed on February 4, 2020 called this rule into question, triggering a great dissatisfaction in the profession and among the renters. The NY Real Estate Board lawsuit has put this new measure on hold, but what will come next?

Real estate agents’ commission system

In principle, in most parts of the United States, the landlord (renter) pays the commissions of the real estate agent who represents him and the one who defends the interests of the tenant. In New York, it’s different, it’s the tenant who has this double burden: he must not only pay the commission for his own agent but also that of the owner’s real estate agent. This “double commission” is around 15% of the annual amount.

The Department of State (DOS) decision

The State Department intervened in the economy of the New York rental market last February.

It has been decided that owners will now have to pay brokerage fees for the real estate agents they hire to represent their interests.

It was a reversal of the tenant-pays system which had been the norm in rental transactions in New York.

Any real estate agent acting on behalf of a landlord who accepts brokerage fees paid by a tenant may be subject to disciplinary action. Agents representing a tenant are not affected by the guidelines.

It should be understood that this measure only affects owners who rent out their property, since they are now obliged to pay the agency fees formerly paid by the tenant. A logical and inevitable consequence, this additional cost for the owners will lead to an increase in rents … and dissatisfaction with the tenants. What started out as good news for them may well become a poisoned gift.

Following the announcement of this measure, the Real Estate Board of New York immediately brought the case to justice, at least to have the decision postponed until March 13, 2020. A case to follow…

Some are truly spoiled from birth. As soon as they were born, they were the subject of unanimous admiration of their elegance, their beauty and their nobility. This is the case of The Vandewater, this magnificent real estate development of 183 apartments erected on the heights of Morningside Heights, offering breathtaking views of Central Park and Midtown Manhattan. The whole neighborhood is looking forward to the arrival of the new baby. Guided tour of a newcomer promises a bright future.

Elegance, comfort and serenity in a luxury residence

The new 33-story condominium known as The Vandewater at 543 West 122nd Street in Morningside Heights started sales just a year ago. Residences are available from studios to 4-bedroom apartments priced at $ 920,000 to $ 6 million. Some have private terraces with views of the city, Central Park and the Hudson River.

For this price, you are entitled to the very top in terms of technology; home automation, materials and finishes, such as oversized casement windows with high performance double glazing and Low-E coating, a white oak floor, a HVAC ClimateMaster system with zoned controls, electric front loading washer Whirlpool or GE and a dryer with heat pump, custom-made equipment… Shall we continue? Yes, just a little: The kitchens are available in two shades of oak with pewter fittings, Perla Venata quartzite countertops, island counters in antique brown granite and Miele stainless steel appliances.

The Vandewater provides its residents with a unique living experience, in a luxurious setting and high-quality service. Thus, a concierge service is provided 24 hours a day and only asks to satisfy your every wish. Residents can enjoy a living room, a club room and an outdoor terrace with dining area. The property includes a 70-foot swimming pool, a fitness center, a children’s playroom and two private gardens. As for our furry friends, they are welcomed in the building and can even go and relax in the pet spa, specially designed for them.

Morningside Heights, a rising neighborhood

The Vanderwater has chosen to be based in Morningside Heights and it is a wise choice. The neighborhood is very pleasant to live with its many green spaces such as Riverside Park, Morningside Park and Saint Nicolas Park. Bordered by 110th Street, 125th Street, Morningside Drive and Broadway, Morningside Heights is a mix of long-time residents and students attending many local academic institutions including the famous Columbia University. In addition to universities and schools, Morningside Heights is known for its many prestigious religious monuments, such as Cathedral of Saint John the Divine, the Broadway Presbyterian Church, or the Jewish Theological Seminary of America.

The first real estate development of its kind in Morningside Heights, buying an apartment in The Vandewater presents itself as a rare opportunity to invest in Manhattan in a booming neighborhood.

Brooklyn is younger than ever. The numerous and recent real estate developments bear witness to this. In recent years, New Yorkers have been able to witness the transformation of the urban landscape with the proliferation of brand new buildings and therefore dozens of vacant luxury apartments. Which are the latest? What are the consequences for the Brooklyn real estate market? We’ll tell you – almost everything.

New construction in Brooklyn

Of course, it would be tedious and impossible to list the new construction programs in Brooklyn, so many and varied.

Generally speaking, developers have rushed to Brooklyn at an accelerated rate over the past five years. And it’s not over, another big wave of residential projects is coming, including the Domino Sugar project by Two Trees; 18 Sixth Avenue, with its 750 units in the Prospect Heights neighborhood; 18 India Street, a beautiful 40-story building with 470 units in Greenpoint; and 9 DeKalb, a huge tower, the first of Brooklyn, with a historic facade and more than 400 apartments.

These projects join major developments that are already selling, such as the Brooklyn Point project of 458 units of Extell Development which will have an observatory, pilates and cycling studios, spaces for climbing, a pet spa, various lounges, an “adventure in the forest”, a stroller valet, a game lounge and … much more.

Another remarkable development, 11 Hoyt, of 481 units bringing together apartments from $600,000 to 4 million. Similarly, the 80 Flatbush, a 2-tower complex (one of which will be Brooklyn’s second tallest tour, after 9 Dekalb, cited above). This project brings 900 apartments in total, 200 of which are reasonably priced, and 2 schools. Approved in 2018, the skyscrapers will become the first fully electric buildings in the city once completed.

Other than pure real estate, some projects are under construction, such as Willoughby Square Park. Promised 15 years ago and under construction since 2010, the project to build this green space between Gold Street and Duffield Street has radically changed over the years. The 1.15-acre space, designed and developed by landscape architecture firm Hargreaves Jones, includes a playground, dog park, lawns, several rest areas and a walkway between Duffield Street and Albee Square West . Construction of the project is expected to continue until September 2021.

All of its projects, which aim to add approximately 35,400 units by 2021, are fortunately targeting a wide range of prices.

The consequences of the Brooklyn real estate market

Some experts fear an over-stock of vacant or unsold housing before the proliferation of all its new real estate projects.

In fact, in October 2019, Williamsburg had the second highest level of condo stock – with 346 units – in the borough, after Bedford-Stuyvesant. According to StreetEasy, it also had 3,244 locations. Over the next three years, Williamsburg is expected to see the largest influx of rental housing in the borough.

Still, other numbers are reassuring: The Extell Project at 138 Willoughby Street in downtown Brooklyn, for example, sold over $ 100 million in inventory in the first seven months of sale. For your information, the total amount of condos is $901 million, starting at $ 850,000 and going up to $ 3.9 million for the penthouse.

New York concrete is precious, it’s no secret. So when you have Manhattan at your feet and your head in the clouds because you just bought an apartment with a view, it is the ultimate, the holy grail. The city is full of tall buildings and rooftop terraces that promise magical views of the NYC skyline. Where can you find a property with a view in Manhattan and what views can you have? Let us take you to great heights.

What can you buy with a view in Manhattan?

More than any other city, Manhattan is built vertically. The city has until recently, held the record for the tallest buildings in the world and has an impressive number of trendy rooftops where you can go for a drink alone with the Empire State Building or the illuminated skyline.

But if you want a private roof terrace or a view all your own, Manhattan has something to satisfy you, whether it be with a loft in Tribeca offering a magical view of Lower Manhattan, or a beautiful apartment between the skyscrapers of Midtown or Union Square, renovated duplex in the heart of Greenwich Village, or the end of it, a penthouse on the Upper East Side. More reasonably, the shared rooftop (collective), which allows you to take in the air and admire the New York view with a lower budget – with the same view. Maintaining this common outdoor space is part of the maintenance costs for apartment owners. Fees can reach $1,500 per month for some Manhattan apartments.

In addition, you can have the view from bay windows of course, but also thanks to balconies and terraces, more common in new constructions than old buildings.

For example, the superb One Beacon Court – located at 151 East 58th Street – has apartments with huge floor-to-ceiling windows that plunge into the greenery of Central Park. And if you need more, climb on the pretty rooftop of the building, for exceptional panoramas.

Located at 415 Main Street on Roosevelt Island, the prime location of the Riverwalk Court also guarantees some of the best views of the Manhattan skyline, the East River and the Queensboro Bridge.

For what price?

Having a garden or terrace at the top of a building is a privilege that is dear to Manhattan if you are ready to pay the price: you can then have a rooftop with grass, trees, gardens, atriums and even a swimming pool or jacuzzi … Only the New York skyline is the limit.

The good news is that the cost per square foot for outdoor space is generally less than the cost for indoor space. Typically: a square foot of outdoor space is about a quarter to half the cost of a square foot of interior space in an apartment. Phew!

We hear about it on the streets of New York City over and over again. Charming, even attractive, the Lower East Side – the LES for the 73,960 people who already live there (2018 figures) – emerged from a difficult past and a mixed reputation, thanks to rapid gentrification in the 2000s. With a cultural heritage inherited from waves of Italian, Polish and Ukrainian, Irish then Puerto Rican and Dominican immigrants, the district now concentrates a variety of restaurants and shops in this image. The ride will please you…

The Lower East Side, a New York neighborhood to live and love

For dummies in geography (and because it is important to know who our neighbors are), the Lower East Side is bordered by East Houston Street to the north, Canal Street to the south, Bowery and the district of Nolita to the west and East River to the east. The nearest metro lines include lines J, F and M.

Introductions over with, you will find in the LES a multitude of activities and attractions.

The area has some superb and historic museums, such as The Tenement Museum on Orchard Street, which tells the story of the many immigrants who settled on the Lower East Side. You can visit restored apartments in two historic buildings to see what life was like for these families. A little further, the New Museum, on Bowery, presents itself as “the only contemporary art dedicated museum in Manhattan“. There are also dozens of smaller art galleries in the neighborhood – many focusing on contemporary art – including Canada on Broome Street, the Marc Straus Gallery and the Nathalie Karg Gallery on Grand Street.

The Lower East Side is home to some of New York‘s most exclusive markets and a large number of independent stores. Be sure to visit the famous Essex Street market, which offers a collection of the best gourmet culinary products. And for those with (very) sweet teeth, they should already know of Economy Candy on Rivington Street.

The original mix of university students and professionals creates a dynamic and youthful atmosphere. It is therefore the ideal neighborhood for those looking to work all day and relax (or party all night).

The Lower East Side real estate market

Old and new, you will have both at LES.

Brick buildings and those with a slightly “grunge” look bear witness to the neighborhood’s past and rub shoulders with newly built luxury condos. The neighborhood is undergoing major redevelopment and sees brand-new constructions regularly emerge from its land.

New developments include: 196 Orchard St., a building of 94 condo units with a two-story fitness center and spa, as well as a 400-square-meter rooftop terrace; 150 Rivington St. – a seven-story building with 45 condos, a rooftop terrace, a fitness center and a terrace for your morning yoga -; and 242 Broome St., a 14-story, 55-unit condo building in Essex Crossing.

The average selling price in the first quarter of 2018 was $ 2,265,789. This represents a 157% increase over the same period of the previous year, when the average price was $881,840, and a crazy increase of 274% compared to the first quarter of 2013, when the average price was $606,333. When we tell you to hurry up….

A quick search reveals that there have been an average of 165 properties on the Lower East Side for sale in recent months, ranging from $400,000 (35 m2 room) to $15,595,000 (5,220 m2 condo). So, contact your BARNES consultant, specialist in the Lower East Side, to find the property of your dreams in this district.