Category: New York Real Estate

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.

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!

_________________________________________________________________

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.

_________________________________________________________________
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.