Category: New York Real Estate

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.

The French and Francophone population of New York has always had a soft spot for the north of the region. Perhaps thanks to the less stressful and better quality of life, to the exorbitant prices of housing in Manhattan, or to the international schools in the region. Be that as it may, tens of thousands have invested themselves in the corners of New Rochelle, Larchmont, Mamaroneck, Rye. You can tell us which one you prefer after the visit.

Westchester County, a neighborhood with a bright future

We know that the prices of the 5 neighborhoods of New York City reach very high peaks so one option – or an obligation rather – is to consider the surrounding areas in greener areas but a little further from the city center. Moreover, there is a clear increase in real estate sales in neighboring counties, Westchester for example. Indeed, in the third quarter of 2017, sales increased by 59% in this area and the average house for sale in Westchester spent only 10 days on average in the market. In addition, New Yorkers represent half of those arriving in the county … and a large number of French are certainly part of the other.

In this county, several cities are on the rise.

New Rochelle for example, quite urban but with beautiful parks, welcomes a well-off population, young (average age of 37), often liberal professions who likes to enjoy the many shops and ethnic restaurants and gourmets.

The village of Larchmont, right next to it, invites one to a quiet life, at the edge of the water, and with numerous and green parks, like Manor or Flint Park. It is not by chance that the village was originally a beloved New York vacation destination.

Rye also attracts New York families or expatriates who want to be close to Manhattan without experiencing the inconvenience everyday. With a population of 16,000, the city offers an excellent compromise in terms of quality of life and dynamism.

Why the French live in neighborhoods north of New York City

The village of Larchmont, located in the city of Mamaroneck, has a Franco-American school, known to many Europeans. The real estate is very varied with pretty houses with gardens, more classic co-ops or condos. Most Larchmont homes are priced at or above $ 1 million. Other older properties, such as ranches and colonial homes, are worth about half a million dollars. In general, real estate costs about the same as homes in Upper Westchester or Putnam. Larchmont is home to a wealthy population and has a large number of long-time residents, so much the area is nice and quiet, just 35 minutes by train from NYC.

Rye is in the same genre, with a mix of dynamism and tranquility characteristic of small towns bordering New York City. Rye is located near the sea and Oakland Beach, which offers many family activities on sunny days. Outdoors, the Rye Nature Center invites for beautiful hikes and The Edith Read Wildlife Sanctuary offers acres to admire dozens of bird species.

Mamaroneck remains more affordable in terms of housing even though the city is proud of its splendid houses at the edge of the water. With 4 primary schools and a secondary school, families can provide full schooling for their children. Mamaroneck has its own cinema, newly renovated library, the Emelin Theater, the beach, an ice rink, a large number of restaurants and shops, Hampshire Golf Club, and of course, the harbor and yacht clubs. Finally, if you were told that all this is 40 minutes from NYC’s Grand Central Station, what would you say? That you are booking your appointment to visit now.

Whether for budget reasons or for wanting to live in a less stressful and greener setting than Manhattan, everyone has a good reason to want to buy a property in Northern New York, especially in Westchester County.

What types of property can you buy in cities such as Rye, Larchmont, Mamaroneck or Irvington? And at what price? Here’s what you need to know and what is offered.

Northern New York: A healthy real estate market

The real estate market in this region has indeed grown for 5 years surely because many New Yorkers struggle to find a property, a co-op or a condo in their budget in Manhattan, even in Brooklyn. Thus, 10 days is the average time that a home remains on the market in cities such as Scarsdale, Greenville, Irvington or Rye. In addition, the fact that a significant number of tenants were excluded from the New York City market prompted developers to build new multi-family properties in communities south of Westchester, such as Yonkers and New Rochelle. With supply and demand in constant growth and sales momentum, it is a healthy real estate market that many New Yorkers – and French people – find in all these small towns or villages in northern New York.

Northern New York: What to buy and at what price?

In 2017, the median selling price of a single-family home in Westchester was $ 625,000, but prices vary considerably from city to city. For example, in Yonkers and Elmsford, the median price is between $ 430,000 and $ 470,000, while it is $ 1.6 million in Rye. Popular cities such as Larchmont, known for its charm, Scarsdale and Edgemont, which have several schools, are attracting more and more buyers, and even Westchester’s luxury housing market has picked up, with sales rising, and many upscale properties available.

For a $ 500,000 budget, head north

It’s better to go for a property north of Westchester if you want to buy a single-family home, because in cities like Larchmont or Bronxville, you’ll only get 2-bedroom co-ops for that price.

For a budget of one million dollars, a beautiful house

In most places, a million dollars gives you the right to a beautiful house; In Westchester, expect something a little less fabulous (we stay in New York, all the same). You will certainly find large houses, but many are not in their early youth and if you add the condition of being in a very popular city, your property will surely be small. You have to think about reserving a part of your budget for renovation work. The good news is that the grounds are – much bigger in the county and that for that price you will have a nice garden.

For a budget of 3 million dollars, a superb property

In short, you get what you pay for and when you pay $ 3 million, you have a lot, even in Westchester.

If you are working with a budget of $ 3 million, your housing options have expanded considerably, all over Westchester. “If you are looking for a house in Armonk, Chappaqua or Briarcliff, for example, you can have a newly built luxury home with a garage for three cars and even a pool.”

The heart of New York City is… to the west. Specifically in Midtown, between 34th and 59th Streets, 8th Avenue and the Hudson River. The heart of New York City is Hell’s Kitchen.

Convivial, culturally bubbling, full of history and authenticity, this neighborhood embodies the very essence of New York. Hell’s Kitchen has such a unique atmosphere that you absolutely need to be shared.

A nice neighborhood where life is good

A long time ago (80’s), going for a walk to Hell’s Kitchen was a guarantee to be lost in this sort of Wild Wild West, a risky adventure. But that was before. Now, wandering the pretty shaded streets of this neighborhood is a real pleasure and Hell’s Kitchen is a great place to raise children. Moreover, we have some more good news, the neighborhood has several public primary schools. And it doesn’t end there; this district, also called Clinton, is a great place for shopping; packed with major brands, vintage shops, small shops and even flea markets, you’ll be spoiled with choice. Even though it’s perfect for a family life, Hell’s Kitchen is also very popular with young active people who like to relax in the evening because the district offers an incredible variety of restaurants (and all budgets), bars and rooftops.

The Hell’s Kitchen Real Estate Market

The neighborhood has experienced rapid gentrification in recent years. New buildings are under construction and old ones are being converted into high-end residences. The development of Hudson Yards and the High Line just to the south and the addition of the Time Warner Center to its northeastern border have spurred growth. Prices have risen but remain generally lower than those of surrounding neighborhoods.

It remains rather difficult (but not impossible, especially with an expert BARNES at your side) to find bargains because apartments in older buildings are often renovated to benefit from higher rents.

Although many of the cross streets have low buildings due to height restrictions, the 42nd and 57th Streets have a series of towers, including one that rises to 605 West 42nd Street and has more than 1,100 rental units. pyramid-like building on 57th Street West, between the 11th and 12th Avenues which has 709 rental units. In addition, the recent conversion of a New York Telephone Company building from 1930 to a Stella Tower luxury condo. Its largest penthouse is worth nearly $14 million.

If you want to be more reasonable, that’s about what to expect when you want to live in Hell’s Kitchen: The first prices for studios are about 300,000 dollars, the one-bedroom apartments at 450,000 dollars and the apartments from two bedrooms / two bathrooms to about a million dollars. For rentals, start at $1,800 per month for a studio, $2,000 for a room and $ 2,400 for two bedrooms and a bathroom.

If there is a New York neighborhood that deserves to be talked about, this is it. NoLiTa (North of Little Italy, for those who have just arrived) is a Manhattan village that wonderfully marries originality, chic, charm and authenticity both in the beautiful facades of typical brownstones and in its way of life. A life the European way.

Village life in the heart of Manhattan

Name another place more aware of the trends…. Impossible. NoLiTa always has a head start, on New York, on us and even surely on you. High fashion, with the installation of many independent designers and the proliferation of small shops, the district boasts a unique and privileged art of living. Alongside the concept stores and vintage stores, craft brands, young artists and designers have opened their flagships while ephemeral shops, always at the forefront of the trend, follow one another at a rapid pace. Some say that it is a mere copy of its neighbor SoHo, yet NoLiTa claims a unique and privileged lifestyle, sought after by a young and trendy population, families who want a standard of living and a good number of personalities or stars such as Martin Scorsese, singer-songwriter John Mayer, musician Moby or for a long time, David Bowie.

As you walk through the neighborhood, you will see the magnificent St. Patrick’s Cathedral at the intersection of Mulberry, Mott and Prince Streets. In 2010, she was honored to become The Basilica of Old St. Patrick’s Cathedral. A few steps away, another monument symbol of NoLiTa, the Puck Building, which originally housed the headquarters of the former Puck Magazine.

Ephemeral art galleries and well-established galleries contribute to NoLiTa’s rich cultural life by offering exhibitions, vernissages and artists’ presentations throughout the year.

The real estate market of NoLiTa

We will be honest with you, living in a neighborhood like NoLiTa comes at a price and it is not cheap. For example, 53% of residents pay more than $2,000 a month for a rental (while the national average is around $950) and rent is less than $500 for only 9% of people. In terms of real estate purchase, prices are still quite high, but the acquisition of real estate property at NoLiTa is a safe bet. For information, the average purchase value of a property in the neighborhood is $661,837 (compared to $184,700 national average). However, the demand is constant and many couples or families dream to settle there to live the daily magic of this particular atmosphere.

The offers are sparse and the renewal of the owners quite low, because when one is lucky enough to find a property to buy in NoLiTa, one keeps it! Good news, NoLiTa’s real estate market prices have not (yet) reached the heights of its neighbor SoHo, so it’s time to get started and buy!

Contact your BARNES consultant, New York real estate market specialist, and take advantage of the professional experience and international network of this leader in luxury real estate to find the apartment of your dreams in NoLiTa.