fbpx

Category: New York Real Estate

Discover everything about New York Real Estate, market updates, trendy properties and new developments opportunities you shouldn’t miss. New York Real Estate can be a rollercoaster, and you need to be on top of it. Read our articles presenting you all the recent developments in tern of Real Estate news in new York and things you should absolutely be aware of.

Dumbo, one of New York’s most desirable neighborhoods, continues to grow

As Dumbo, a hip and rather expensive Brooklyn neighborhood, prepares to welcome a new wave of condos, rental buildings and offices, BARNES New York gives you a quick overview.
New York is used to reinventing its neighborhoods; but the changes already made over the past 5 years, and underway in Dumbo, have propelled the neighborhood into another dimension.

Indeed, when New York artists began to flock to post-industrial Brooklyn of the 1970s, they discovered many abandoned warehouses with sweeping views of Manhattan. Today, those same abandoned streets are full of start-ups, hotels, trendy restaurants and luxury boutiques, while the roofs of old factories have been converted into rooftops with swimming pools, bars and restaurants.

Since the opening of the Empires Stores in 2016 (a transformed warehouse that includes a large selection of restaurants as well as a shopping center), Dumbo’s popularity has exploded. Soho House, a chain of hotels with a worldwide presence and access to a private club reserved for its members only, has opened its latest project “Dumbo House” in the same Empire Stores building. Other world-famous establishments, such as the Cecconi’s or Sugarcane restaurants, have also opened their doors nearby. Just a few blocks away is 1 Hotel Brooklyn Bridge, a luxury eco-hotel that houses the upscale Osprey Restaurant. All of these recent commercial projects have made Dumbo an attractive area for residents and visitors. Mechanically, the developers have invested and continue to invest heavily in the neighborhood, building on the success of recent years.

BARNES New York presents recent and upcoming projects in the Dumbo district:

  • 98 Front Street

Condominium currently under construction, and slated for delivery in Spring 2020, 98 Front offers a variety of 165 apartments, spread over 10 floors, from studios starting at $ 700,000, to 3-bedrooms starting at $ 1,855,000. All with a very nice “amenity” offer, including swimming pool, spa, rooftop, …

  • Front & York

Mixed complex made up of a rental property on the one hand, and condominiums on the other; the whole to total around 800 units, with splendid common areas spread over the entire program. Life Fitness has just signed a lease for the fitness offering. 1-BRs start just under $ 1 million; and the 3-BRs from $ 2.5M. Public sales have just started.

  • 10 Jay Street

Red brick and glass facade, 10 Jay Street was delivered last year. Originally designed for condos, 10 Jay Street was converted into an office building during construction. Indeed, a strong demand for workspaces has emerged in recent years in Dumbo, especially by start-ups that are leaving the chaos of Manhattan for the tranquility of Dumbo.

  • 181 Front Street

Rental building open since 2018.; it has 12 floors and 105 units. Although it is near capacity, there are still units available: 1-BR starting at $ 3,850, 2-BR and 3-BR over $ 6,000 / month.

  • 1 John Street

Since opening 1 John Street in 2016, purchase and rental prices in Dumbo have skyrocketed. This 42-unit micro-project had sold all of its apartments as soon as it opened. Today, you can find a few rentals and units for sale (notably a 1,500 sqft. 2-BR for $ 3M).

  • Pierhouse at Brooklyn Bridge Park

The first structure to overlook Brooklyn Bridge Park, built in 2015, was very successful due to the combination of a hotel program (1 Hotel) and a range of condominiums. All of this obviously in direct contact with the East River.

  • 168 Plymouth Street

And for a charming option, why not turn to these old paint factories turned into condominiums. Delivered in 2020, 168 Plymouth Street is a conversion of a now landmarked building; it offers forty options over five floors with very reasonable prices ($ 1,300 + / sqft.).

Dumbo is undoubtedly one of the most buoyant neighborhoods in Brooklyn today, and is even becoming one of the most desirable in New York City. Benefit from the excellent knowledge of BARNES New York, and all the more so to guide you in the constantly changing offer of New Developments.

How to choose a real estate agent in New York?

It’s decided, New York City will be your next living destination. Congratulations! All you have to do is find the house of your dreams in NYC. But here, between the choice of neighborhoods, type of property, meanders and specificity of the real estate system of Big Apple, the best solution to not be lost is to use a real estate agent. Yes, but who, when and how?

Who is who ?

There are indeed several names relating to a real estate agent that do not designate the same person:

  • A Real Estate Agent is a licensed professional who can be either a Sales Associate or a Broker.
  • The real estate agent can be either a “listing agent” or a “buyer agent” (in this case, it represents buyers).
  • A realtor is a real estate agent who is a member of the National Association of Realtors®.

Now you know.

How to choose the right real estate agent in the United States?

Surely because the variety of properties in the New York real estate market is huge, there are numerous NYC real estate agencies. Beware, not all are equal. Experience and knowledge of the market, confidentiality, availability and reliability are some of the essential qualities that must be possessed by the real estate agent you choose.

Thus, a real estate agent worthy of the name must help you effectively:

  • In the purchase of a real estate: understanding your needs perfectly (proximity to all conveniences and amenities or, on the contrary, in peace or close to schools for your settling family, etc …), and knowing on the New York real estate market like the back of their hand, the types of properties, the sale prices of similar properties … In a very dynamic and competitive market like NYC, you have to be extremely reactive because everything is first come first serve. Betting on a knowledgeable and experienced professional, who knows the procedure of buying real estate, is a 100% return guarantee.
  • In the sale of real estate: putting your property for sale “at the right price” is not necessarily obvious. Here again, the use of an experienced and serious real estate agent is essential because only they know the market price and prices of similar goods recently sold. A successful real estate transaction is a transaction made quickly at a price acceptable to the buyer and profitable to the seller. Selling a property at too high a price is simply a waste of time and money, if you need to sell.

But that’s not all, your choice of a real estate agent should focus on the one who works in a reputable real estate agency or group, which has a network of potential customers. BARNES is today the international leader in high-end residential real estate and has a portfolio of clients all over the world. BARNES experts go well beyond the search for real estate and offer a global service to each of their customers.

Rent an apartment in Brooklyn

Finding an apartment for rent in Brooklyn can be very easy, although one needs to know the good neighborhoods, those where you can still do good business and even find the gold nugget, and learn about the rental property market. Here are some tips for making the right choice and being a successful renter.

Find the best neighborhood to rent an apartment in Brooklyn

Most of the properties for rent are marketed through real estate agents. So the idea of ​​looking for an apartment on your own, without an agency is not necessarily a good idea. Indeed, flats for rent in Brooklyn are taken very quickly, often in that same day and it is not uncommon for an owner to receive several offers for a property. The use of a professional who will know the neighborhood, prices, procedure is highly recommended.

Brooklyn has a diverse range of neighborhoods, more or less expensive, generally appreciated for their calm and relaxed, close to amenities, schools and metro, it’s up to you to choose because your best neighborhood is not the neighbor’s.

Williamsburg

The neighborhood of reference for all those who love the dynamism without the frenzy of Manhattan. Trendy but calm, bohemian but chic, urban but green, Williamsburg brings together a well-to-do population of promising young workers. We are talking about you of course!

Dumbo

Despite high prices, the district of DUMBO remains highly sought after by young active tenants, with a comfortable budget. Located not far from Manhattan, it has all the conveniences of a modern and trendy neighborhood with its dozens of shops, gourmet restaurants and rooftops that offer breathtaking views of the skyscrapers.

Brooklyn Heights

This “neighborhood” remains a coveted neighborhood of families looking for a property to rent in Brooklyn. It is true that this neighborhood has it all: dynamic but quiet, historically very rich with its many architectural styles and churches, it also has cultural institutions such as Brooklyn Historical Society and the Heights Players. Finally, it enjoys an ideal location near downtown (Downtown Brooklyn). Only problem, a rental offer much lower than the demand, always high year after year.

Carroll Gardens

This is the favorite neighborhood of many French, perhaps because it is full of European shops, gourmet pastries and especially the variety of schools that offer French education: including the excellent public school PS 58 The Carroll School and the private school International School of Brooklyn.

Park Slope

Families looking for an apartment to rent will love the peace and greenery of this neighborhood, which offers beautiful traditional red brick townhouses as well as more modern buildings. The whole is very pleasant, especially because of the many parks or all the amenities imaginable. Beware, the offer does not always follow a constantly high demand, and prices are affected.

How to go about renting in Brooklyn?

First you need to know that the typical term of a residential lease is 12 months, but you may find it shorter. In this case, the apartment is often furnished.

In addition, you must be able to prove that you earn enough, in general, the amount of monthly income is equal to 4 times that of the monthly rent. Ideally, your compensation should be local, at least American.

There are exceptions and temperament to these rules and it is that the choice of a good real estate agent, working for a serious and recognized agency (We speak of BARNES, of course) can make all the difference. It is therefore important to seek advice from an expert who can refer and negotiate effectively for you.

The agency fees, or brokerage fees, up to 15% of the annual rent, are usually paid by the tenant, but there are cases (or neighborhoods) where the owner who has to settle them. Metoramas, a small cord from your pores, your nearest friend, or your owner, or your number or meter, should perhaps be contacted.

Once you have found the apartment of your dreams, you must act quickly: gather all the necessary documents and prepare the initial amount to pay in order to block the property, until the signing of the lease and the delivery of the keys. For the paperwork, we leave you in the good hands of an expert BARNES!

Summer 2019: Focus on Fire Island, a little piece of paradise in New York State

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

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

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

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

How do I get to Fire Island?

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

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

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

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

Fire Island Pines

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

Cherry Grove

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

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

Ocean Beach

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

Fire Island National Seashore

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

Focus on the Hamptons, the favorite destination of New Yorkers

It’s officially summer season for the Hamptons, an area northeast of Long Island, New York, a short drive from Manhattan. It’s New Yorkers’ favorite place to escape the chaos of the “Big Apple” and relax in the sun, or party in the hippest spots of Southampton and Montauk …

The Hamptons have been very popular for years. Its villages provide an ideal mix for New Yorkers during the summer: oceanfront, rural atmosphere, historic and exclusive charm, all within a convenient distance from New York. Indeed, from Manhattan, it is easy to get there by train, car, bus, or even helicopter. If the people and the local atmosphere are reminiscent of New York City, the area is much more laid back and pleasant for the summer.

Many famous people own vacation homes there, and the absence of paparazzi and privacy make the place conducive to lounging and relaxation. For others, the Hamptons are characterized by world-class beaches, renowned restaurants, and a very lively atmosphere …

WHEN TO VISIT THE HAMPTONS?

Visitors generally start arriving at the Hamptons from Memorial Day (May); but the real high season is from July to Labor Day (early September). This is where the “social scene” is at its peak, with various festivals and events … You can also spend a weekend in the Hamptons in the off-season (September – October), when the villages are less crowded and the weather remains mild.

HOW TO GET TO THE HAMPTONS?

The easiest way from New York is to drive. This is a 2-3 hour drive from Midtown to East Hampton Village, depending on traffic. Many visitors also get there by bus, via the famous “Hampton Jitney” or the “Hampton Luxury Liner” which stops in major hamlets and villages.

Another option is to take the LIRR “Long Island Rail Road” train. Local trains can take up to 3 hours to get to Montauk from Penn Station. There is, however, an express train serving the Hamptons every Friday afternoon in the summer.

The quickest option is to get there by helicopter from Manhattan, avoiding traffic jams and reaching the Hamptons in less than half an hour; finally, for those who can afford it …

WHERE TO STAY AT THE HAMPTONS?

Vacation Rentals: The best way to spend summer in the Hamptons is to spend a weekend, a month, or all of the summer in a house or apartment. August is the most expensive time to book; it’s rare to find even a modest rental for less than $ 7,000 per month, and prices for more luxurious homes even hit six figures!

Hotels: The Hamptons remain limited in terms of hotels. Montauk is the place with the most choice for finding rooms and a variety of options.

Camping: It is also possible to pitch a tent in Montauk’s Hither Hills from $ 35 per day (if you book early). Campground therefore remains the most affordable option to spend the summer in the Hamptons …

Do not hesitate to contact us for more information.

Living in the New York Financial District, the economic heart of the world

The Financial District has long been a banking district, frequented Monday to Friday only, by suits and wolves (the Wall Street kind). Somewhat neglected by families, investors and New York residents, the FiDi had a bad reputation. But that was before. The new buildings now sprout like mushrooms, the day is hectic but security is assured, in short it is now a good choice to reside in the economic heart of the world; living in Fidi has never been so trendy.

The Financial District, a neighborhood rich in resources

Known as FiDi by locals, this neighborhood has almost single-handedly created the image of New York City as a bustling hub of business and commerce. In addition, there is the New York Stock Exchange, the Federal Reserve Bank and, of course, Wall Street. Although it is primarily populated with CEOs and entrepreneurs, more than 60,000 people live in the Financial District (and this is just the beginning).

A pleasant living environment, connected and near the water

This area is bounded by Chambers Street to the North, West Street … to the west, the FDR Drive to the east and the water to the South … Despite its location at the tip of Manhattan, Financial District is extremely well connected by subway, bus, and express train. So you will be at the tip, yet conveniently close to everything.

An indisputable asset of FiDi is its proximity to Hudson River and East River, which, in addition to bringing a delicious breeze on sunny days, offers you the opportunity to enjoy the pleasures of water. Whether you own a boat or not, Pier 15 and 17 are fantastic places to spend a day. You can kayak on the Hudson, admire the Statue of Liberty while watching the ferries, then later, head to the luxury shops of the Fulton Center or stroll along Board Street for a bit of shopping (well-deserved). Relaxation guaranteed.

The Financial District is also a neighborhood with a dynamic nocturnal life and this Fidi experience begins on the plate: several famous restaurants share the culinary scene of the district and there are dozens of drinking options a land in (high) terrace.

The thriving Fidi real estate market

The real estate landscape of the neighborhood is rather vertical with majestic skyscrapers that jump into the sky and beautifully renovated historic buildings. In fact, the 20 Exchange Place or the Woolworth Building or the newest One World Trade Center are known and admired worldwide. In addition, the Financial District has street sculptures of world-renowned architects, such as Oculus on Greenwich Street, or Charging Bull on Wall Street.

It is in this magical and cozy environment that you will have the chance to live daily if you buy an apartment in the Financial District. Many offices have been converted into beautiful apartments, offering services that rival luxury and modernity. We also see the birth of dozens of real estate projects, the residence of The Beekman Residences or 20 Pine, notorious for these sublime Armani fixtures, or the penthouses of 125 Greenwich Street with sublime views of the skyline of Lower Manhattan, the Statue of Liberty, or Ellis Island in the distance. All of these condos offer private access to the subway, state-of-the-art gyms, a billiard room, jacuzzi and sauna.

Strong and varied rental offers

True, the Financial District is an expensive neighborhood, but fortunately, the rental offer promises everyone to find the apartment they need. Good news though, most of the new apartment buildings and condos are perfectly arranged, offering spacious and bright common spaces and are equipped with a gym, a doorman 24/24, swimming pools, and all other comfort you can imagine. Put aside between $3000 to $5000 for a beautiful T1 and its breathtaking view. To rent, larger spaces are rarer, but with a BARNES consultant at your side, nothing is impossible!

Buying an apartment in Greenwich, “The Village” of Manhattan:

It may be because of its narrow wooded streets or because of the arc that stands in the middle of Washington Square Park in the same way as its Parisian counterpart, that you believe yourself to be in Europe, taking a stroll. However, you really are in Greenwich Village, the historical neighborhood of New York City, the cradle of the counterculture movement of the 60s. Mark Twain, Andy Warhol, Bob Dylan and also Edith Wharton or even Eugene O’Neill have left their traces here and in this eclectic mix of genres and personalities, a cultural, artistic, and architectural richness emerges, unique within its field. Buying an apartment in “The Village”, is a deliberate choice, a state of mind.

The Treasures of Greenwich real estate

You will not find it anywhere else: Greenwich Village possesses an exceptional variety of housing types. Pre-war homes with incredible charm, luxurious lofts with doormen, tiny studios for the many NYU students, apartments of all sizes fully renovated in the famous brownstones, the red brick houses that gives a crazy character to this district. Even the most difficult and the most demanding will be satisfied with the many contemporary constructions, nestled behind pretty gardens and perfectly-cut trees. Everyone finds their home in the Village. Purchasing a property and specifically a property in Greenwich is always a great idea and we show you why.

A dynamic real estate market

Greenwich Village is on the rise, but that’s nothing new. The purchase of a condo is a wise choice for those who prefer an urban lifestyle, all the while appreciating a green setting and proximity to beautiful parks. The number of apartment purchases are steadily increasing and the average amount of transaction type is less than 1 million dollars. However, we do find more expensive, much more expensive, if one needs a space in a splendid loft, or if your extensive family wants to live comfortably and in peace in a luxurious condominium. While real estate prices continue to climb, we can still find bargains, especially with the help of a real estate agency that is well established and who works with trusted professionals and experts in this area. Therefore, buying an apartment in this neighborhood is a safe investment, a stable investment with which you can sleep soundly.

The Village, a neighborhood with countless assets

A young neighborhood, in harmony with its past

With more than 1,000 buildings preserved from the pre-war period, Greenwich Village is a district that has kept all its charm. Moreover, each exterior modification on the 4300 buildings of the Village must be submitted for approval from the Commission for the Preservation of Monuments of the City. Yet the district is young and dynamic, the proof in the presence of two famous universities: New York University and The New School. In total there are more than 60 000 students who populate the Village, live in the pretty studios and enliven the streets of this district.

A connected village, centralized … but so peaceful

The beauty of The Village is in the endless presence of vegetation, which brighten up the impeccable streets and provides shade to the delight of the wandering pedestrian. Another appealing feature of Greenwich Village is its proximity to other vibrant areas like Soho, West Village and Chelsea …

In addition, it is extremely well served by the metro, with all lines from A to M, to explore the four corners of the Big Apple. No doubt, you will be at the heart of activity!

Manhattan Market Figures – Second Quarter 2019

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

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

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

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

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

Some important numbers

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

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

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

Live on the West Side of Manhattan

No breaking news here. For years, real estate buyers in Manhattan have faced this age-old battle: East or West?

While the East Side remains a time capsule of the city’s traditional elegance and glamour, the West Side offers residents a cosmopolitan ambiance, a laid-back sophistication, and a stylish edge that embraces modernity in a variety of trendy neighborhoods coveted by many around the world.

Your own West Side Story

To live on the West Side of Manhattan is to remain forever young—and relevant—while welcoming the calmness, security, and stability that maturity brings. Singles, couples, new and well-seasoned families adore living in the chic neighborhoods between the Hudson River and Central Park—and for good reasons.

From uptown to downtown, the list of the most popular places to live on the West Side include the neighborhoods of the Upper West Side, Midtown West, Hell’s Kitchen, Chelsea, the West Village, Tribeca, and even Battery Park down below. While each offers its own distinct atmosphere and allure, they are unified by a culturally-rich history as home to artists and rebels, a high quality of life, and an assortment of high-end properties in refined residential buildings dotting the grid of Manhattan.

The luxury real estate market on the West Side of Manhattan offers a wide variety of real estate: renovated warehouses, old-red-brick low rises and brownstones to modern high-rises and exceptional new residential complexes overlooking the river and even further to New Jersey. You’ll find that almost all of these luxury residences offer premier amenities, such as gyms and home theaters in-house or just steps away.

For the artist or the executive, the true beauty of living on the West Side is that you can make it your own, with the big city at your whim.

Institution meets innovation

Old and new explode on the West Side of Manhattan. From any point, you have access to New York City’s most famous cultural attractions: Time Square, Carnegie Hall, the Lincoln Center, the Museum of Modern Art, the Museum of Natural History as well as the world-renowned art spaces like the David Zwirner Gallery, Matthew Marks Gallery, and Tyler Rollins Fine Art. Your artistic fix is just around the corner.

Residents of the West Side love having options to indulge greenery, between New York City’s largest and most impressive lung, Central Park, and other more intimate green spaces, such as the charming Shakespeare Garden; the waterfront Riverside Park; and The High Line, an incredible innovative 1.45-mile “elevated linear park” built on top of the old New York Central Railroad built in 1847, offering strollers and joggers a unique experience surrounded by a melange of public artworks and architecture, both contemporary and historical.

West Siders tend to catch with friends over a cocktail at trendy bars and restaurants in the neighborhood. For a fanciful outing, you have the swanky PHD Rooftop Lounge and the lively 1OAK club. But if you plan to bring the kids’ along, head to the savory Poseidon Greek Bakery or Chelsea Market, a gourmet food court.

Speaking of the little ones, rest assured they are in good hands on the West Side. Public, private and parochial schools—such as NYC Lab School, Guardian Angel, William T. Harris School, among others—offer full academic curriculums in the big city and beyond.

We’ll end with a shopping tip, and one of Manhattan’s newest innovations: The brand new Hudson Yard is a must-see to shop classic big-name brands and trendy fashion-forward boutiques; not to mention its striking architectural Vessel.

For all other inquiries about living on the West Side, contact a BARNES New York consultant.

Buying an apartment in Manhattan: Condo or Co-op?

Deciding to buy an apartment in Manhattan is the easy part. Among the most prestigious real estate in New York City, choosing between a condo or co-op building can be a challenge.

But, fear not! In this article, we define these two types of property ownership for highly sought after real estate in New York City and help you determine which is the right choice for you.

Condo vs. Co-op: An overview

First thing’s first, this division is a feature unique to the New York City real estate market. While approximately 75% of real estate in New York City are co-ops, more condos are active on the market. So even before drafting up their criteria, it’s necessary that potential buyers know the answers to these two fundamental questions: What is a condo? And what exactly is a co-op?

A condo or condominium allows buyers to acquire full ownership of an apartment in addition to a percentage of the building’s shared areas. At closing, buyers receive a deed, as if buying a house.

A co-op or housing cooperative only allows buyers to acquire shares in the corporation, which functions as the residential building. Keep in mind that the size of the share reflects the size of the unit that the shareowner will occupy. At closing, buyers receive a proprietary lease, detailing the share owner’s right to live in a particular unit or apartment.

Luxury condos and co-ops do not differ physically and offer the expected amenities: doorman, in-building superintendent, concierge, storage, etc. However, the more upscale the building, the more upscale amenities, such as daycare centers, spas, gyms, dog facilities, etc. Of course, these factors will depend on the Manhattan (or perhaps even Brooklyn) neighborhood you choose to buy in and your budget. A crucial differences lie in the fact that a condo is considered “real property” and a co-op share “personal property”.

Should you buy a condo …

Long story short, condos are a relatively new invention of the New York City real estate market and most often found in Manhattan’s new hip neighborhoods—such as the West and East Villages. As a result, they tend to benefit from recent construction and a more modern layout and design.

When compared to the co-op application process, potential condo buyers face much less scrutiny. There is a board of directors, but they only have the “right of first refusal”. In a nutshell, this means that they only have two options: 1) To approve the buyer or 2) Buy the condo themselves. Additionally, condos are much more open to international investors, as there are much fewer restrictions on foreign funds financing the acquisition. Though each association is different, condo owners are more or less permitted to put their unit on the rental market, to be leased and subleased.

When it comes to spending, condos are on average more expensive than co-ops; yet, they offer more lenient down payments of only 10% of the purchase price. Also, consider closing costs and additional fees: title insurance for both lender and purchaser; title searches, recording fees, transfer tax, mansion tax, etc. And since condo owners purchase a portion of the communal areas, they are also subjected to common charges, covering landscaping, paying staff, and some utilities.

Conclusion: Buy a condo in New York City if you are looking for flexibility and limited regulations, you have a higher long-term budget, and a revolving door of new neighborhoods won’t worry you.

… or a co-op?

Conversely, co-ops are concentrated in historic, often pre-war, buildings in older yet more centralized residential neighborhoods, like the Upper West Side or the Upper East Side along Park Avenue, for example.

You might have already heard the rumors, co-op boards are notoriously tough as applicants are held to the highest standards. Potential buyers are required to share financial information and employment verification, as well as a background check. Co-op building’s rules and regulations are every bit as rigorous though varied, with heavy restrictions on renting out apartments for long periods of time. International buyers, we’re sorry to say that co-ops are known to reject oversee funds.

The down payment for co-ops can reach anywhere from 20% to 50% of the purchase price. Don’t fret, these prices are generally lower than condos. Additional costs to consider are overall much lower than condos, however, shareowners are still subjected to the mansion tax and relatively high mortgage fees. Co-ops are not excuses from maintenance charges, which are nearly the same as condos.

Conclusion: Buy a co-op apartment in Manhattan if you are looking to plant roots or for long-term investment and pride yourself in being an open book.

In any case, contact a BARNES New York consultant to buy an apartment in Manhattan and decide which type of property ownership is ideal for you.

WhatsApp
en_USEnglish
fr_FRFrench pt_BRPortuguese es_ESSpanish ru_RURussian elGreek it_ITItalian he_ILHebrew nb_NONorwegian en_USEnglish