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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.

Conferences June 2019 – Investing or setting up in New York: how to take advantage of the opportunities of the current market

Throughout the month of June 2019, BARNES New York organized several conferences in New York, London, Paris, Geneva, Cannes, and Saint-Tropez. We would like to thank all the participants as well as all those who contributed to these events. A real success with more than 250 people registered, we hope that these conferences were at the same time informative, useful and pleasant; the primary objective of such meetings being to inform you about New York real estate, both from a process point of view and market information. Whatever your project (acquisition, investment, rental, sale, etc.) our team is at your disposal and will be happy to assist you.

Please don’t hesitate to ask us for more information on New York real estate.


June 4, 2019 – New York, on the rooftop of The Caledonia, in the heart of Chelsea. In collaboration with Betty Benzakein, Premier Mortgage Consultant at HSBC, Richard Ortoli, lawyer specializing in real estate law and international taxation, and French Morning.


June 18, 2019 – London, exceptional property showcasing a superb bespoke interior, a short walk from Buckingham Palace. In collaboration with BARNES London, Maître Richard Ortoli, and Guillaume Tardivat, account manager.


June 19, 2019 – Paris, in the heart of the Champs Elysées in an exceptional property with a 360-degree view of Paris. In collaboration with Master Richard Ortoli.


June 25, 2019 – Geneva, top floor of the Fédération des Entreprises Romandes, with a breathtaking view of the city. In partnership with BARNES Miami.


June 26, 2019 – Cannes, Villla Bressarello at Cap d’Antibes. In partnership with BARNES Miami and BARNES Yachts.


June 27, 2019 – Saint-Tropez, Villa aux Parcs de Saint-Tropez. In partnership with BARNES Saint-Tropez, BARNES Miami, and Guillaume Nicolau, head of the International Clientele Department at Up Notaries.


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Buying high-end real estate in Turtle Bay

If you’re imagining an idyllic enclave full of rare species near open water, you wouldn’t be completely wrong. Located on the shores of the East River in the center of Manhattan’s skyscrapers, the Turtle Bay neighborhood welcomes a cosmopolite crowd, those with high-purchasing power and those looking for a steal in New York City.

Unsuspecting gems on the market

If you’ve ever wandered through the 10 blocks between East 43rd Street and East 53rd Street, just steps from the water, you might have wondered: Where am I? This can’t be Manhattan. Turtle Bay is a human-scale residential neighborhood, set in the heart of the big city, with some of the most luxurious and affordable real estate in New York.

This intimate neighborhood is a warm and welcoming change of scenery, with a mix of architectural heritage, dressed in both old and new materials: brownstone, limestone, red-brick, terra-cotta, granite, steel, and glass. This surprising melange paints the immaculately-maintained streets of Turtle Bay, keeping buyers on their toes.

Under the expert guidance of the BARNES New York real estate agency, buyers in search of their hidden gem can discover exceptional riverfront properties: renovated buildings built in the 19th and 20th century, as well as colossal new residential developments designed by famous architects (some with 30+ floors!), harboring luxury townhouses with green backyards and high-end apartments with high ceilings in Turtle Bay.

For many, owning property in Manhattan is the ultimate dream, and no matter the profile, it’s not out of reach. Good news! This wide range of properties is offered at a variety of price points.

For more information, don’t hesitate to contact a BARNES New York real estate consultant.

Who lives there?

Like many New York neighborhoods, Turtle Bay has a reputation for its celebrity co-ops, housing industry elites, such as the actress Katharine Hepburn, the published politician Henry Kissinger, the acclaimed composer Stephen Sondheim, even the Grand Duchy of Luxembourg, among others.

But that’s not all. Those who prefer to keep a lower profile, commuting just a few blocks to the offices in the ultra-sleek Midtown East district or to the United Nations headquarters on the waterfront. Its strategic position attracts affluent businessmen and women, as well as international diplomats to buy a high-end property in Turtle Bay. The neighborhood has adjusted appropriately to these privileged newcomers.

International shores in the heart of Manhattan

Over the years, Turtle Bay has managed to keep its authenticity and strong character despite the rise of residential and commercial developments. You can thank its very active neighborhood association, the Turtle Bay Association, and the presence of an international monument, the UN.

The Turtle Bay neighborhood comes alive with its open-borders mentality, encouraging residents to engage with the outside world: language classes at the Instituto Cervantes, Asian art at the Japan Society, and some Scanavian flair at the Norwegian Seamen’s Chruch.

Living in Turtle Bay, a small town in the heart of a major metropolis, will give you access to neighborhood institutes, like the Ideal Cheese Shop, an artisanal shop that has specialized in European cheeses for 63 years, and counting. You’ll also find a number of antique shops and grocery shops, in addition to trendy restaurants like The Smith and La Pecora Bianca.

Buying property in Turtle Bay will offer you an incredible high-quality of life, with green spaces as Peter Detmold Park and Greenacre Park, courtyards and gardens with beautiful sculptures and exotic plants.

Don’t let anyone tell you otherwise. You can really have all, in Turtle Bay, Manhattan.

Contact BARNES New York for a guided tour.

Buy a prestige property on the Upper East Side

This storied neighborhood in Manhattan, NYC, is known for its historical heritage and classic charm as much as its coveted unobstructed views of the Park. Its tranquil streets are lined with refined architecture and prestigious residential buildings fronted by spiffy doormen, eagerly awaiting the arrival of the privileged homeowners of the Upper East Side.

Live in luxury and legacy

You’ve seen it in movies and read about it in books. Since the turn of the 20th century, the Upper East Side neighborhood has been made up of the most desirable and affluent residential blocks in Manhattan, situated between 59th and 96th Street, bordered by the waters of the East River, the famous Fifth Avenue and legendary Central Park.

You wouldn’t be the only one to crack and buy a high-end family property on the Upper East Side, many have come before you. New York’s most influential families still live east of the Park, such as the Rockefellers and Kennedys, but also today’s movie stars and famous personalities. They appreciate the peace, quiet and discretion among charming brownstones, vintage pre-war buildings, high-rise apartments with spectacular city views, overlooking Central Park, one of the biggest landmarks and green spaces in the city covering 341 hectares.

Residential buildings on the Upper East Side are known for their high standard of excellence, offering residents premium amenities and facilities: fitness centers, spas and saunas, 24-hour concierge services, theaters, indoor swimming pools and more.

The Upper East Side is characterized by this old-world allure and new-world glitz, as well an incredibly high-quality of life: gourmet markets, convenience stores, hospitals, upscale restaurants, trendy bars, movie theaters, as well as designer boutiques and high-end department stores like Bloomingdales on 59th and Lexington Avenue.

The real estate market on the Upper East Side is made even more attractive to an exigent clientele with high-purchasing power thanks to its 7 historic districts and 128 monuments, preserved by the Landmarks Preservation Committee (LPC).

Home to arts and culture

The Upper East Side or UES is also a significant cultural center. The area is home to iconic museums like the Metropolitan Museum of Art, The Guggenheim, and the Frick Collection to name but a few. You can also stroll down Madison Avenue to visit a selection of art galleries debuting cutting-edge exhibits.

A top shopping hotspot, too, the world’s most beautiful boutiques and legendary brands have established themselves on pavements of Fifth and Madison Avenues. Restaurants and cafes, like its shops, are known to set the latest trends in terms of both decor and cuisine. The world’s top chefs go to Manhattan in a never-ending chase for new flavors and creativity to delight Upper East Siders.

This cosmopolitan atmosphere offers a unique setting to raise children, even more so with its concentration of academic institutions. In total, there are around 51 schools including a French high school. Its international population is not limited to France, as there are approximately 1,337 students representing over 55 different nationalities.

It would be an honor for BARNES New York to assist your search for your precious gem on the Upper East Side.

Settle down in NoMad, Manhattan

Not to be confused with nomad, a wandering traveler. But if you must, wander into the charming and historic neighborhood of NoMad in Manhattan. Located north of Madison Square Park (NOrth of MADison), surrounded by the popular Flatiron District, Chelsea, Murray Hill and Rose Hill, this frequently overlooked neighborhood is a tiny gem hidden in plain sight.

The start of something new

What was once considered a no-man’s-land, between 6th Avenue and Lexington Avenue, stretching from 25th to 30th Street, is an answer to the city’s never-ending call for more housing. Previously a “Brown Zone” or wholesale district, the NoMad neighborhood is a refuge of beautifully renovated historical buildings that shelter charming pied-a-terres and apartments, swanky hotels, renowned restaurants, trendy bars, and retail shops. Now, a blossom of luxury residential developments is attracting smart buyers who are looking to invest in Manhattan’s next big thing.

What do the real estate trends say?

The real estate market in Manhattan favors a good revival story. After all, the job of real estate actors, investors and developers, requires foresight and a spark of imagination. In the past, NoMad has not always been thought of as a prime residential area – but that’s changing. With an ideal location on the border of Midtown and Lower Manhattan and a collection of high-end establishments, NoMad has never been more ready to welcome new residents to a neighborhood on the rise.

Buyers who are interested in living in a brand new apartment look up and around. Among the breathtaking sight of towering skyscrapers, you will find luxury at its highest: sleek, modern condos with floor-to-ceiling glass windows, boasting eye-to-eye views of the Empire State Building, and comfort and amenities beyond compare. It’s true, this is what dreams are made of.

An “It” neighborhood in the making

NoMad is in the process of creating its own identity. Of course, this doesn’t mean that it’s going to leave its past behind. Whether on foot or bike, passersby are surrounded by daily reminders: magnificent gray-brick turn-of-the-century construction line the streets; the gorgeous New York Life Building, topped with a gilded gold pyramid, still shines bright; the Grand Madison, is an extraordinary embellishment of Renaissance-Revival architecture; and the American Academy of Dramatic Arts, the oldest acting school in America – whose alumni include Grace Kelly, Robert Redford, and Anne Hathaway – remind us what the Big Apple is all about: Making dreams come true.

Now let’s come back down to earth. The new image of this up-and-coming neighborhood is grounded in 2 important pillars. The first is situated on NoMad’s southern border: the timeless Madison Square Park, a 6.2-acre public space with landscaped lawns dotted with artworks, like the striking metal canopies, tilted Fata Morgana, by artist Teresita Fernández.

The second is the recent and ultra-trendy Ace Hotel, the neighborhood’s guiding light. The hotel acts as the neighborhood’s “living room,” which perfectly encapsulates NoMad’s place as an in-between area for after-work cocktails or grabbing a bite to catch up with an old pal. The neighborhood’s ambiance is calm – dare we say quiet? – as commuters, tourists, and wanderers pass through its streets, only stopping at a welcoming restaurant, lounge, or bar – of which there is no shortage. The result is the perfect balance of old and new, within minutes of the city’s endless activities, amenities, and amusement: an untapped residential resource.

To live in NoMad is to live well in the heart of the action and sleep better in a safe haven. Hurry! The time to settle down in NoMad, Manhattan is now.

Making a home: The other side of the Flatiron District

To live in the Flatiron District is to live in a rare environment, with a sense of security, safety, and community in the big city. With big-name neighbors – like Greenwich Village, Chelsea, NoMad, and Gramercy Park – it was destined to succeed. That’s why those looking to buy a residence in Manhattan head first to the Flatiron District.

Let the record show

Before making a home, the neighborhood had to make a name. The Flatiron District was first known as the Toy District, home of toy manufacturers, factories, and annual fair; then, after a surge of photography studios took over cheap lots, its unofficial name became the Photo District.

But how did this neighborhood full of so much character get stuck with the name of a home appliance? The answer is simple: The district is dominated by a landmark skyscraper built in 1903 (one of the first in the city), a wedge-shaped structure called the Flatiron Building. When realtors began to think of a new name to rebrand the neighborhood in the 1980s, they looked up.

Real estate in the Flatiron District

It’s no secret, the real estate market in New York City is extremely competitive. For this reason, the Flatiron District emerged as a welcoming safe haven for those looking to buy and invest in property in Manhattan at a reasonable price.

Located in the fashionable Lower Manhattan area, only 19 blocks split by the famous Fifth Avenue, the neighborhood has become a housing hotspot. Commercial and industrial spaces have been converted into chic and spacious lofts, and recently constructed luxury condominiums and modern residential buildings have added to supply in order meet high demand. Centrally located with a bounty of square-footage, the Flatiron District is a favorite among families led by working professionals.

Living in a small town in the big city

Imagine walking the streets, greeting neighbors by first name, and seeing the Empire State Building, One World Trade Center, and other soaring towers on display every day. It’s the stuff of movies. The hustle and bustle (or noise and traffic) of Fifth Avenue, Broadway, and Park Avenue is muted on peaceful little side streets and quiet tree-lined blocks hidden off the main roads, where most residential entrances are located. This is the magic of living in the Flatiron District.

Many people who live in this vibrant neighborhood also work there. Typical morning program: drop the youngest off at one of the excellent daycares or play centers in the area; check that the oldest children have arrived at one of the most competitive public schools (or private if proximity is not a priority); then to the office. All done foot, or bike if you wish.

Manhattanites from all over the island often meet at Madison Square Park, to the north, and Union Square Park, to the south. In spring and summer, these green spaces offer an especially delightful breath of fresh air in the concrete jungle – playgrounds, landscaped lawns, benches, sculptures, and live performances in open-air included.

When it comes to preserving history, the Flatiron District does not disappoint. Much of the neighborhood’s beautiful 19th-century architecture are grand relics of the Ladies’ Mile Historic District and give the neighborhood an air of old-world elegance. Of course, it’s important to note that the birthplace of Theodore Roosevelt has been memorialized at 28 East 20th Street, a registered National Historic Site.

The Flatiron District has a reputation for its shopping. Along 23rd Street, you’ll find an array of designer boutiques and upscale home decor and furniture stores. Foodies, too, feel right at home among the District’s trendy restaurants and food trucks. Our tip: The go-to local spot is Gramercy Tavern, a fine-dining restaurant with deep roots in the neighborhood.

Here, there are no comprises to divide the household: To have all the benefits of the city and the intimacy of a close-knit town, buy a loft or condo in the Flatiron District.

Find the Brooklyn neighborhood that’s right for you

Whether you are new to New York or a longtime resident, searching for the best neighborhood to live in in Brooklyn is both an exciting and demanding exercise. With a more relaxed pace of life than Manhattan, thanks to its many parks, greater security, and a general feeling of calm, Brooklyn is very popular with expats, families, but also young professionals for its trendy side. With the growing attractiveness of this “borough”, many micro-neighborhoods have developed there. Here is a short guide to some of them, favorites of the French in Brooklyn, according to BARNES – Luxury Real Estate Agency for more than 10 years. This will help you find the neighborhood that suits you best.

The trendiest neighborhoods

These Brooklyn neighborhoods are very attractive to young professionals thanks to their diversity, dynamism and accessibility. They include a large number of bars, restaurants, museums and art galleries.

Williamsburg

It is undoubtedly the Brooklyn neighborhood that has experienced the most upheaval in the past 15 years. Williamsburg is Brooklyn’s pioneer neighborhood, showing its living potential and real estate value.

Connected to Manhattan by the L Line (which ultimately won’t close after years of doubt), the first stop after the East River is in the heart of Williamsburg. The neighborhood is thus ideally placed and offers a remarkable compromise: comfort, luxury and proximity to Manhattan, while remaining in the relaxed atmosphere of Brooklyn. It is easy to travel between the two boroughs, whether by metro, ferry, or bicycle. Williamsburg has a rich cultural and artistic heritage with upscale restaurants and art galleries.

The popularity of the neighborhood has necessarily been accompanied by a rise in prices. Today it is one of the most expensive neighborhoods in New York City. However, the work in progress on the L line, which could complicate journeys a bit, has tempered this increase for a time. Yann Rousseau, deputy director of Barnes New York indicates that “the announcement of the shutdown of Line L in 2015 caused a drop in real estate prices, both residential and commercial, and many businesses have closed their doors. When two months before the closure scheduled for April 2019, the Governor gave up this measure so devastating for the neighborhood, real estate immediately changed its trend and it is now again attractive to invest ”.

Dumbo

Dumbo, acronym for “Down Under the Manhattan Bridge Overpass”, has been very popular for years both for its proximity to Manhattan and for the views of its skyscrapers. Now one of the most desirable neighborhoods, Dumbo has welcomed New Yorkers who abandoned their apartments in SoHo and Tribeca for lofts, cobblestone streets, and some quiet. Very trendy district with upscale restaurants, it invites young workers and families. Many French parents have made their home in Dumbo, among others for its nursery school (The Language and Laughter Studio) which offers lessons in French. The neighborhood is also very pleasant for children thanks to the many green spaces and other attractions.

The most “family-friendly” neighborhoods

Greenery, parks, attractions, schools… These criteria are very important for French families (and others) in New York. You don’t have to choose between a great family life or the buzz of New York City because today it is possible to have the best of both worlds in these Brooklyn neighborhoods!

Carroll Gardens

A lively neighborhood with a wide choice of shops, restaurants and bars, Carroll Gardens offers a particularly French flavor to Brooklyn. It is also a district rich in history, which retains its brownstone style with brown stone townhouses, authentic European pastry shops, as well as numerous parks and green spaces. These qualities make the neighborhood an ideal place to raise children in a French environment, in particular thanks to its multiple teaching options in French: the private bilingual  International School of Brooklyn  and the public school PS58 The Carroll School which offers a French bilingual program. If you are looking for a private garden, this is the area of ​​choice, with its offer of brownstones, buildings often divided into luxury apartments but sometimes kept as detached houses. Moreover, “the French are largely responsible for the increase in the prices of goods located in the area of ​​the PS58 school”, confides Christophe Bourreau, director of Barnes New York.

Park Slope

By Mikeruggy – Own work, CC BY-SA 4.0

“Park Slope is a neighborhood highly coveted by families for a multitude of reasons,” says Christophe Bourreau. “There is real diversity, family friendliness, quality parks… The district is also known for its culture and vitality”.

Indeed, many families are leaving Manhattan for the more pleasant life of Park Slope. It is famous for its pretty 19th and 20th century brown brick houses but also for its few modern buildings. “Townhouses”, “condos” and “co-ops” in well-preserved buildings characterize the neighborhood well. There is something for every taste ! Although the supply is limited and the demand for “townhouses” is high, there are many styles and prices to choose from for real estate in Park Slope.

Brooklyn Heights

This quiet and peaceful neighborhood in central Brooklyn owes its historic charm to its architecture and key location. It is the most exclusive area of the “borough”, enjoying a central position (close to Downtown Brooklyn), serene and residential streets, yet adjacent to the dynamic and well-connected main streets. Brooklyn Heights has been attracting new buyers for years, mainly young professionals and young couples looking to be close to schools, to live in a residential environment, or simply to invest in more spacious accommodation… It also remains a value safe haven investment in the long term, due to limited inventory and strong demand.

Neighborhoods to watch closely for investment

As Brooklyn’s popularity continues to rise, other neighborhoods are emerging and developing. Watch it today as long as the prices are affordable …

Greenpoint

At the northern tip of Brooklyn, above Williamsburg, is the charming neighborhood of Greenpoint. Once a bastion of the Polish community, it has retained its industrial aspect of the end of the 19th century, when factories, glassworks and construction sites were active. Greenpoint has taken advantage of these large spaces by modernizing them. Factories and other warehouses are stylishly transformed into modern and luxurious apartments that prompt celebrities such as Sarah Jessica Parker or Paul Giamatti to move in. The area’s real estate is very attractive at the moment as prices have not yet peaked in more central areas, and are notably much lower there than in Williamsburg. Indeed, Christophe Bourreau confirms that “real estate in Greenpoint has for years been watched by many investors because the gentrification process has already started”.

In addition, another public school with instruction in French is located there, PS110, The Monitor School. The bohemian yet refined atmosphere, art galleries, trendy bars and restaurants make Greenpoint a great option. “Its proximity to Long Island City (LIC), Williamsburg and Manhattan make it an area with great potential. Amazon’s announcement to move to Long Island City immediately resulted in Greenpoint’s prices rising. Amazon has changed its mind, but it won’t be long before other companies create similar moves, ”predicts Christophe Bourreau.

Bed-Stuy

Bedford-Stuyvesant, a district in vogue today, owes its evolution to the beauty of its alleys and its “brownstown” houses. Although the price of real estate there has already risen significantly in recent years, buying and renting in Bed-Stuy is still cheaper than in Manhattan or Dumbo. This pleasant district of Brooklyn charms its visitors with its houses with gardens or its buildings not exceeding three floors. New York City has designated Bed-Stuy as a Historic District, protecting over 800 buildings! Living in Bed-Stuy therefore means that you will be able to enjoy these views every day …

Bushwick

Credit: Nicholas Doyle – nsdoyle.com

An emerging neighborhood ideal for active city dwellers looking for a more lively, evolving, and relatively inexpensive neighborhood. One of the few neighborhoods still in transition, Bushwick is a source of inspiration for artists and writers. The neighborhood remained the same until the mid-1990s, when it has since become a hub for new entrepreneurs and startups. The neighborhood began to gain notoriety when artists and designers seized local real estate opportunities to create trendy lofts and studios. The streets of Bushwick are a veritable open-air museum dedicated to street art: it is one of the few places in the United States where crowds come to contemplate the walls! In addition, the parks add a lot of recreational value to Bushwick.

“People looking for the ‘real’ Brooklyn usually find what they are looking for in Bushwick,” says Feryel Cherait of the house Barnes.

Buy an apartment in New York without paying any charges or property taxes for 10 years? It’s possible !

Moving to New York is a life project that can be as exciting as it can be scary at times. Being accompanied by a real estate expert is a real guarantee of success. This is the reason why BARNES is always very attentive to the opportunities that the New York market may offer to its clientele of investors or looking for the right deal. Thanks to its network, BARNES can help you invest in an apartment in New York without charge or monthly tax for several years … even up to 10 years!

It is important to know that in New York, every owner of a condo must pay the condo fees (or “common charges”) each month.

These fees are often paid monthly to the building and correspond to the running costs of the latter, which will often provide its residents with a gym, a doorman, a swimming pool, maintenance of common areas, etc. The more services there are, the more the cost increases.

Thus, in Manhattan, these charges are on average $ 1.30 / sq ft or $ 14 / m2. In other words, for a 90 m2 apartment, it takes $ 15,600 / year.

In addition to these building charges, there is also the real estate tax (“Real Estate Tax”) which may vary from one building to another but which will be on average close to $ 1.20 / sqft ($ 13 / m2) . Or $ 14,400 for a 90 m² apartment.

These monthly charges and taxes, commonly called “Carrying cost” can therefore represent around $ 30,000 per year, or even $ 150,000 over 5 years, which is not negligible… Fortunately, these costs can be reduced considerably, or even to be entirely dispensed with!

Regarding property tax, it should be noted that some buildings benefit from tax reduction programs, thanks to the “421-A”, attributed by the city of New York to buildings that meet a certain number of criteria.

This allowance usually lasts 10 years, but can in some cases last 15 or 25 years, especially when the city wants to encourage developers to build in certain areas or certain types of buildings. The mechanism is progressive with total exemption in the first years (up to 12 years after delivery of the building) then a graduated increase in the Real Estate Tax until the program expires.

Note that 421-A benefits the building as a whole, and not a developer or owner, which is a valuable resale aid.

For example, if you buy an apartment in a tax-rebated building in the first year and sell it in the seventh year, your buyer will in turn benefit from the remaining three years of reduced taxes since the allowance remains with the property, and not with its owner.

BARNES can also advise you on certain buildings that combine the benefit of 421-A and exemption from condominium fees, which has the consequence of having a “carrying cost” of … $ 0!

Indeed, some condominiums in NYC offer the payment of your charges by the developer, as long as certain conditions are met. Thus, we can exempt from paying the charges of a 1 Bedroom for 5 years, or 10 years for a 3 Bedroom! And at the same time, benefit from all the many quality services of the building.

In this context, BARNES New York can allow its clients to take advantage of these opportunities and optimize their investment. Thanks among other things to a perfect knowledge of the New York real estate market, to the advice of our experts allowing the best negotiations as well as to the privileged commercial relations maintained with the most reputable developers.

The icing on the cake: the buyer’s broker’s commission is paid by the seller, even if the interests of the buyer have been defended in the negotiation!

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