Category: New York Real Estate

In order to complete its 2019 budget, and after the stir caused by the record sale of the most expensive apartment in the history of the country, the state of New York had in mind in recent months the idea to create a tax “Pied-à-terre Tax”on luxury secondary residences. After heated debates, the city’s real estate industry got this project to be abandoned, fearing that the impact would be too great on a market in the grip of a slowdown since 2017, and on this high-end segment. in particular.

The game was not won in advance, as he was vigorously defended by the newly elected Democratic leaders. Indeed, the latter argued that the bill could have contributed to financing public transport (MTA), to curb the often unpopular enthusiasm of real estate developers and to specifically target the elites, decidedly singled out across the West. . The sudden impetus for this new tax surprised even within the ranks of Democrats. It goes without saying that the players in the real estate industry reacted so vehemently as they had not been consulted.

Real estate developers therefore quickly engaged lobbyists and presented legislators with economic projections and analyzes demonstrating the very negative impact of such a tax, as well as the difficulties of its implementation. Indeed, how to precisely determine the use which is made of a property (main or secondary residence)? The project was buried in the wake …

However, on April 5, this tax proposal disappeared, the legislators quickly returned to the charge by proposing to increase an existing tax (the “Mansion Tax”), which is paid only once by the purchaser for any purchase. over $ 1 million.
This tax, which was previously 1% for all transactions greater than $ 1M, may therefore, as of July 1, 2019, go up to almost 4% for a real estate purchase greater than $ 25M.

In addition, the State Transfer Tax has also been amended, from 0.4% to 0.65% of the sale price, when the amount of the sale exceeds $ 3M. Note that this tax is generally the responsibility of the seller (excluding new programs).

New York State Assembly Speaker Carl E. Heastie said the Transfer Tax, levied at the time of closing, will be more manageable, and that the revenue generated will mainly go to the NYC subway. According to projections, this could bring in an additional $ 300M to $ 650M per year.

In conclusion, it is strongly recommended that anyone with a short-term New York acquisition plan take the next few weeks to see it through, before law enforcement takes effect on July 1, 2019!

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Important numbers to remember

Kenneth C. Griffin’s $ 238 million penthouse acquisition becomes America’s highest record deal, and has raised the issue of a pied-à-terre tax.

July 1, 2019: Beginning of the graduated increase in Transfer and Mansion Taxes from $ 2 million.

Between 300 and 650 million dollars per year: estimate of the amount that will be generated by the increase in the two taxes.

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Sources : NY Times, City Realty, Crains New York, Bloomberg

Bed-Stuy, it only takes these two hyphenated syllables to throw you into a state of wonder. Is it the latest trendy New York band or a new ready-to-wear line? No, it’s actually one of the most popular neighborhoods in the Brooklyn borough: Bedford-Stuyvesant.

A little bit of history

In 1964, New York was officially named by the English. However, that was only after the governor Peter Stuyvesant surrendered the capital of New Amsterdam, known as New Amsterdam, which occupied the great New York City we know and love today. In any case, this Brooklyn neighborhood pays homage to its Dutch roots.

A character all its own

Bed-Stuy, for short, is the perfect example of gentrification in New York City. Its ultra-chic neighbor, Williamsburg, certainly has something to do with it. A neighborhood once described as difficult, today Bed-Stuy’s popularity is shooting through the roof, especially on the west side. The neighborhood has caught the attention of real estate investors, the usual seers of real estate market trends. Buyers who are looking for the next big deal have (smartly) followed. Residents, who have lived in the neighborhood for years, are very active in the community, spearheading strides of development to improve their quality of life. Restaurants and bars across the neighborhood are under renovation. New fine grocery stores, shops, and cafes are popping up on the streets. As a result of all this interest, Bedford-Stuyvesant and its real estate market are booming.

The residential streets of Bed-Stuy are emblematic, lined with red-brick brownstones, giving the neighborhood a classic New York charm. You’ll also find 19th-century industrial buildings that are increasingly being renovated into contemporary-style loft apartments.

A neighborhood rising with the tide

Located to the west, the quiet – or “bourgeois” – part of the neighborhood is becoming quite popular. Its streets are lined with admirable trees and red-sandstone buildings aligned and fronted with romantic stone staircases.

When it comes to shopping, Fulton Street is the place to go. Even Manhattanites jump boroughs to scour shops to find rare gems. The bridge suspended over this street is a hotspot for lovers of beautiful photographs. To find unique shops, head to Lewis Avenue or Malcolm X Boulevard. There you’ll find independent bookstores, cafes, bakeries, and even a small market selling products from local producers.

Living in Bed-Stuy is a very good idea. Real estate prices for buying or renting are still reasonable, attracting a population of young families and students. With large spaces, lively public parks and gardens, and great transportation, the neighborhood is one that moves. Several subway lines allow easy access to Manhattan – a service worth gold for daily commutes into the city

It’s no secret. Life happens fast in New York City, and Bedford-Stuyvesant is no exception. As the neighborhood embarks on a beautiful new chapter and the real estate market settles into an upward groove, it’s safe to say that real estate in New York City is taking off on the other side of the East River.

Let’s play a lighting round of jeopardy. Best Residential Neighborhoods in the US: This New York neighborhood is located opposite Queens, above Williamsburg, at the northern tip of Brooklyn.

Your answer: What is Greenpoint?

Find out below.

Real estate in Greenpoint

When it comes to the real estate market, it’s imperative to be one step ahead. But it’s also smart to be familiar with past records (and not just for trivia).

The Greenpoint neighborhood was previously dubbed “Little Poland” thanks to its strong Polish ties, the result of a surge in immigration around a century ago. Today, the neighborhood is full of promise – the kind of promise that will make the price per square-meter surge, too. In fact, real estate investors are starting to buy apartments, big lofts, abandoned warehouses, and brownstones to resell quickly. This resale is an express way to make a profit. We believe the answer is: What is a flip?

Yesterday to today

Greenpoint has preserved some of its industrial features dating back to the late 19th-century. At that time, the area was home to many shipyards, glass companies, and all kinds of factories. Since, the neighborhood has been able to take advantage of these vacant spaces, and give them a modern makeover. Developers buy and renovate large factories, transforming them into prestigious contemporary-design apartments (currently in style). The neighborhood’s cachet is undeniable, even families have begun to take notice. Real estate in Greenpoint is very attractive, in part for its peaceful, family-friendly spirit, in part for its international school: for example, the Franco-American school P.S. 110 Monitor School. What’s really interesting is that the prices are still reasonable and cheaper than its ultra-trendy neighbor, Williamsburg.

Stroll the neighborhood

You’ll be enchanted by Greenpoint’s bohemian spirit. Important parts of everyday life, art, galleries, pastry shops, trendy bars, and fashionable boutiques mingle with family houses and red-brick buildings.

Shopping in Greenpoint is above par. You’ll find international and European designer brands. During breaks, snack in Polish bakeries that have been passed down through the generations, or concept restaurants to make delicious gourmet discoveries; such as its cafes, for example, which are half-florist, half-coffee shop, and half-bookshop. Refined and cozy at the same time.

On the East River

Taking long walks around Greenpoint is a pure delight, whether it’s in its lively streets or Transmitter Park, a popular meeting place for families and friends to enjoy free time with the dazzling panorama of Midtown in the background. Here you’ll find the starting point of the East River Ferry, which takes you to Manhattan, an airy alternative to the subway. Not to mention, with views of the iconic skyline, this commuter’s route with officially put you in a New York state of mind at the top of each workday.

You still can spot fishermen on the waterfront, but also fashionable restaurants and concert halls. Speaking of which, you must check out the selection of floating restaurants offering spectacular sunset views.

If you’re waiting for the right moment to buy property in Greenpoint, wait no longer. The time is now! Seize the opportunity before it’s too late and live a relaxed life in Brooklyn, New York.

Photo Credit: Wikimedia

As announced for many months, Amazon was planning to open its second official headquarters in New York. On February 14, the company said it had definitively given up.

The opening of a new Amazon headquarters in New York would have been of great benefit to the city. Indeed, it promised an investment of 2.5 billion dollars in the Big Apple, as well as the creation of 25,000 jobs. While in 2017, Mayor Bill de Blasio announced a plan to create 100,000 jobs, the Amazon installation would have put New York on the right track to achieve that goal. It might even have been the start of a new era for the city. The installation of such an economic giant would have shown that New York is ready to become an important technological hub, and would thus have drawn in its wake many other companies and start-ups in the sector. It would also have allowed the city to further diversify its economy; and ultimately to prove that California is no longer necessarily the best option for tech companies in the United States.

Although the new headquarters had many advantages for the city, many New Yorkers opposed it. A protest campaign organized on social networks against the giant Amazon has had a lot of impact in this regard. Some were particularly worried that this arrival would open the door to real estate speculation in Long Island City and its surrounding neighborhoods. But strong criticism has also been expressed about the fact that the city had agreed to grant Amazon substantial tax advantages in order to be able to gain its favor over other cities. But this shortfall, according to the protesters, could have benefited the maintenance of the public transport network, public schools, and the most underprivileged, …

In the end, Amazon decided to cancel its project, believing that it was not as beneficial as initially expected. The company recently said on its blog that it will no longer pursue the idea of a second New York headquarters, even though, according to executives, a large majority of New Yorkers supported the project: “Although polls show that 70% of New Yorkers support our projects and investments, several politicians have made it clear that they oppose our presence and thus would not collaborate with us to establish the relationships required for the advancement of these projects that we, and many others, were planning for Long Island City.”

We could have said that, despite the protesters, Amazon would still have settled in New York since the majority was apparently in favor. However, the group’s management feared that this would tarnish the brand image too much, given the amount of negative press received since the announcement of their new New York headquarters. This change in Amazon’s decision could have serious repercussions for the city over time, proving to businesses, once again if needed, that settling in New York is not that easy.

During the course of our lives, there will be many opportunities. As it happens, we may not always be ready to seize them. But some opportunities only come once, like making a home in the hippest neighborhood in Brooklyn: Williamsburg.

Williamsburg is a neighborhood exploding with major brands, trendy bars and restaurants overflowing with creativity. So it attracts a population one could only categorize as cool. We don’t mean to get too familiar, but all the positive energy bubbling in  Williamsburg has a tendency of making us lower our guards, leaving all stress and anxiety on the other side of the East River.

The neighborhood carries an undeniably artistic air. Major artist – like Robots Will Kill and Nick Walker, among others – regularly paint the walls, embellishing the area with spirited works of street art.

Williamsburg is known for its stylish lofts and high-end buildings breaking ground on the shores of the East River, offering breathtaking panoramas. Moreover, ultra-modern luxury buildings are continuously under construction to accommodate a young clientele, mostly with families and children.

The neighborhood’s breathtaking view of the Manhattan Skyline cannot be understated. It’s impossible to get tired of the blazing sunset, especially while sipping on a cocktail at a fashionable rooftop bar or, even better, while comfortably lounging on the sofa with your better half. But just that won’t complete your weekend program. In Brooklyn, on the other side of the river, the things to do are varied and vast.

Explore unique concept store and flea markets – like the Brooklyn Flea Market – to scour for rare vintage finds, in true hipster style. Head to Bedford Avenue and wander through its lively blocks to uncover small independent shops in old abandoned warehouses. Come tête-à-tête to the famous Mona Lisa of Williamsburg – we promise Leonardo won’t find out. As for the gourmands, the Smorgasburg food market is an inevitable pit-stop thanks to its delicious selection of booths specializing in organic dishes, chocolate creations, coffee beverages, international cuisine, and more.

Now that you’re hooked, we’ll get to the good stuff. This ultra-trendy neighborhood is on its way to becoming among the most in-demand neighborhoods in New York City. As a result, real estate prices are sure to skyrocket within the next 3 years. Good news is that there’s a window of opportunity for you to secure a sweet real estate investment for the future, right now. You might hear that, starting in January 2019, a major subway line connecting Manhattan to Williamsburg (to be precise, the L) will be out of service. But don’t fret, it’s only a temporary hiccup. Today, buildings under construction and apartments on the market are experiencing a drop in prices. This is a golden opportunity because the work won’t last forever. Not to mention, with the exemplary American work-ethic and knack for efficiency, your move-in date will undoubtedly be sooner rather than later.

Plus, you’ll able to bask in the light – natural or artificial – while crossing the Williamsburg Bridge on foot, by bike or car; the iconic Manhattan Skyline as your witness. The underground route across the East River will almost seem like a non-factor.

Our advice: Take advantage of this drop in real estate prices and make a smart investment en route to accumulate value over the next 3 years. Jump at this once in a lifetime opportunity and buy a luxury apartment in Williamsburg, Brooklyn.  

The Upper East Side is undoubtedly one of the chicest neighborhoods in Manhattan. Wondering why? Well for starters, type in Manhattan, New York, NY on Google Maps and it’ll become very clear as the huge green mass that is Central Park captivates you and the screen. Without any hesitation, you know that’s exactly where you want to live.

Located on the northeast corner of this urban island, between Central Park and the East River, the UES is home to a very affluent population. Its buildings, houses, and apartments are luxurious and often featured in glossy magazines for their elegance and timeless style. Lining the streets are friendly doormen, gatekeepers to residential buildings and their top of the line concierge services.

Everyone knows New York City is a city like no other, completely unique, and the Upper East Side is no different. Its blocks of architecture boast a mixture of skyscrapers, well-cut stone buildings, brownstones, palatial towers like the Plaza Hotel and Trump Palace Condominiums. Overall, the neighborhood is residential and commercial, very clean and secure. The names of its avenues have been heard around the world: Park Avenue, Lexington Avenue, Madison Avenue (known to be one of the most expensive), and, of course, the iconic Fifth Avenue. An urban landscape at its core, the atmosphere of the UES is dynamic and energetic while still remaining discreet and fairly quiet: the serenity that comes after making it, after finally realizing your dreams. You’ll notice that the residences are very modern, with windows as walls offering spectacular views of the city or the park. Residential buildings are often equipped with gyms and swimming pools. You’ll also find older upscale buildings that are very charming and fronted with beautiful marble entrances. Inside, elevators operators keep you company on the way up to visit, or return home, to plush apartments.

You may be surprised by how many children live in the neighborhood because the Upper East Side is at its core is a family neighborhood, set with some of the very best academic institutions. In total, there are around 51 schools including a French high school. UES moms are already thinking about registering their newborns for a first-rate kindergarten class. Don’t think for a second that this private establishment is only populated by baguette enthusiasts. The lucky 1,337 students represent over 55 different nationalities.

The outstanding Central Park and its 341 hectares in the heart of the city also attract New Yorkers with children (trees and children are like 2 peas in a pod) but also exercise enthusiast and musicians of all kinds. Artificial lakes, walking paths, its renowned 2.54-km Reservoir, 2 ice skating rinks, 21 athletic fields and its famous zoo. All of this is surrounded by immense, towering buildings and the incessant buzzing of the city.

The Upper East Side’s real estate assets are highly valued and sought-out by a very affluent clientele. The price per m2 is high, but as a certain famous beauty brand says: “Because you’re worth it.” Businessmen and businesswomen, people with high net worths as well s those with high purchasing power are very fond of this classic Manhattan neighborhood.

The UES is also a significant cultural center. The area is home to landmark museums like the Metropolitan Museum of Art, The Guggenheim, and the Frick Collection to name but a few. 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 (they are the most discerning judges).

Sure, it’s a little cliché, but the simple truth is that Manhattan is a special place that becomes even more magical, more mythical on the streets of the Upper East Side.

This townhouse has been off the market for awhile. Purchased in 2009 for $15 million by Bob Weinstein, a co-founder of Miramax Studios, this 5-story home is located at 39 West 70th Street and on sale for $19 million – a significant selling price but not unreasonable given the property’s quality.

Offering 6,600 sq. ft. (613 m2) spread over 7 levels, the lucky buyers will have 5 bedrooms with bathrooms. On the ground floor is a large gas fireplace, moldings with remarkable details and large windows giving the place a certain character.

Design details are arranged throughout. Upstairs, the master bedroom has a large dressing room of 14 m2 (150 sq. ft.) and three outdoor areas (garden, terrace, and rooftop). One of this townhouse’s most unique aspects is its half-court basketball arena and gym.

With its corrugated glass façade, 252 East 57th Street was one of the first new developments aimed at redesigning North Midtown East when it was launched in early 2014. But after a long period of slow sales (about half of the condominiums, or 95 units, remained unsold), developers have decided that it’s imperative to take new incentives. In addition to a price cut last year, some developers are now offering brokers a 4% commission, of which 1% is paid as soon as the contract is signed. Developers are trying their best to distinguish themselves in order to attract more and more potential buyers.

In recent months, prices of high-end condos have declined to record lows. However, lower prices are not the only way to attract buyers. They can ask that the seller be responsible for the transfer tax (this fee is 2% of the selling price). In efforts to avoid the public display of low prices, they offer other benefits as compensation. In regards to buildings with a large number of vacant units, it is necessary to be resourceful.

Since developers are now under significant pressure, construction loans are substantial and creditors are anxious about not being reimbursed. Banks are even starting to inquire about the rental rates of larger units.

Today, it’s becoming increasingly difficult to sell new condos that were evaluated in 2014 and 2015 at very high prices, almost 2 years before they were realized. In addition, many of them arrived on the market over the same time period.

The sales of new developments have fallen by 13.2% since last year. 479 fewer units were sold in the fourth quarter of 2016 compared to the same period in 2015. Meanwhile, the average time on the market in days has increased by 20.7% (181 days).

In recent months, the downtrend in sales has frightened a number of developers, including CL investment, which ended the renovation of a $300 million luxury condo at 287 Park Avenue South last fall. In February, the Chinese investment company also sold 32.9% of its shares to Coda, the Magnum Real Estate group specializing in rental-to-condo conversions at 385 First Avenue. Kuafu Properties put an end to its development at 161 East 60th Street, a $ 300 million site now controlled by Denis Shan, the former director of Kuafu. In addition, JDS Development Group and Property Markets Group suspended their sales at 111 West 57th Street last year.

Even if certain offers are not very attractive for developers, most of them are no longer able to refuse a deal. Today, buyers are trying to make developers pay the closing costs (transaction fees), transfer taxes, and mansion taxes.

Each developer has its own method. One of them recently decided to offer fees for an entire neighborhood. However, it is much more common to adopt a “building by building” or “unit by unit” sales approach.

Most buyers today are trying to save every dollar where they can. Even (and especially) those interested in property worth more than $10 million, and ask for conditions during discussions. Reasonably priced properties in the best locations are sold immediately without the need for such flexibility. In general, a competitive atmosphere offers the most advantages to buyers.

The price and expense sharing is not the only topic of negotiation. In some cases, you can request customized modifications. Like a car, for example: The developers of a house at 357 West 17th Street asking for $36.8 million, are including a Bentley worth least $200,000.

“Offering a higher commission does not necessarily sell an apartment, but attracts the attention of brokers,” according to the president of a development company. Everyone knows that there are many real estate goods available in Midtown, so it is essential to differentiate.

However, in some cases, the only way to sell is to reduce prices.

“Developers are not only offering to cover closing costs, but they are crossing the final barrier: prices,” said a New York broker. “The drop in prices affects not only the people who bought in the building and are trying to sell but also the neighboring properties.”

When the luxury market adjusts its prices to cope, amounts drop to dizzying lows … For example, this triplex penthouse at 12 East 13th Street which initially asked for $30 million is now available for sale for only $16 million!