While the Covid-19 pandemic does not seem to be slowing down, or resuming as a second wave depending on the location, there are many lessons to be learned, almost six months after the start of the first containment measures.
From a global perspective, real estate has reasserted itself as a safe haven at a time when economic activity is contracting and stock markets are fluctuating nervously, both as a source and consequence of notorious instability.
As far as New York real estate is concerned, it is interesting to note, once again, the very strong resilience of this market, which has so far had only limited impact. Although historically there has been virtually no room for negotiation, in 2019 and early 2020 we saw the first signs of a “buyer’s market“, i.e. that it was (finally) possible to negotiate a little bit on asking prices, at a rate of a few percent depending on the neighborhood and the property. Since the second quarter, this trend has increased somewhat as demand has contracted in the wake of containment measures and restrictions on international travel. The fact that at the same time the inventory has also been reduced by around 30% (some people have taken advantage of the situation to withdraw their goods from the market in anticipation of better days) has tempered the increase in this margin for negotiation; we are now seeing price reductions of around 5% to 10% in the former.
On the other hand, it is a sector that is particularly affected by the effects of the pandemic, and especially by travel restrictions (especially international travel). These are new programs that are mostly targeted by buyers who do not live in New York, and/or rental investors. Moreover, these new programs have much more impactful scheduling and financing constraints than an individual owner, and they must “sell off their inventory” as quickly as possible in order to honor the commitments made to the various stakeholders, including financing and regulations.
It is on the strength of this observation and the recent negotiations conducted by BARNES New York with various developers, which revealed unprecedented commercial discounts, that we now recommend that wise investors take a close look at this real estate sector. Although this varies by project, inventory and neighborhood, we are relatively confident that we will achieve negotiation targets that go even beyond 15%. In some places, our clients have even been fortunate enough to exceed 25% cumulative discount (price and closing fee concessions). While the New York real estate market has historically, and on many occasions, demonstrated its strong resilience and ability to absorb various economic shocks, the exceptional discounts currently granted (until the health and economic situation in the world normalizes) should translate into as many gains in value in the short to medium term.
Do not hesitate to contact us now so that we can present you with the most relevant options today; as well as to pre-register for the next webinar we will be holding on this topic in the coming weeks.
Last but not least, which mainly concerns residents more than investors (although), the containment measures and the risks incurred in high-density areas have favoured a significant growth of the residential real estate market in the inner suburbs. Any property located less than an hour’s drive from Manhattan, in a lower density area, with a stock of single-family homes and a satisfactory school offer, has seen its appreciation increase considerably since the beginning of the year. It is still uncertain at this stage what the long-term effect of such an exodus will be: is it for secondary use (weekends, holidays) or for permanent settlement? In any case, “suburbia” has a bright future ahead of it, and this could be more sustainable than the pandemic. With this in mind, BARNES New York is preparing to open an agency in Westchester, as close as possible to the French-speaking communities of Larchmont and Mamaroneck. Although we are already working on this project through our network of agents active in the area, we will be making a new panel of resources and an office available to you by the end of the year.
Elected for the second year as the best hotel group in the world, discover the future and first establishment of Six Senses in the United States, within the New York condominium under construction, the XI. And take advantage of BARNES ‘partnership with their Crans-Montana site, in the heart of the Swiss Alps.
Now renowned for being the best luxury hotel group in the world, Six Senses has earned this worldwide fame thanks to its values, its architecture always in harmony with the local environment, and its outstanding service. Six Senses’s mission is to promote luxury and personal health, while being sustainable; their vision being to improve all aspects of the experience specific to the needs of each client, from sleep to food and of course well-being with exceptional spas and a physical support service and personalized spiritual.
Six Senses is present in the most coveted regions of the world: Maldives, Seychelles, Thailand, Oman, Portugal… The chain now has 19 hotels around the world and numerous opening projects in new and equally exceptional locations.
New York – The XI, future first American installation of 6S
Located in desirable Chelsea, the XI is an entire block of residential condominium development, overlooking the Hudson River on one side and the High Line on the other, right in the heart of New York City. Led by the developer HFZ Capital Group, and designed by the architecture firm Bjarke Ingels Group, this project with two towers (the X and the I) will include 247 apartments, the famous Six Senses hotel with 137 rooms, 8,000 m² of premises commercial, an artistic space, …
The XI will therefore host the very first Six Senses hotel in North America. The residents of the XI will be able to benefit from the advantages and exclusive services of the hotel (laundry, housekeeping, valet, restaurants, room service, conference rooms, lifestyle expertise and concierge, etc.) and will also be able to take advantage of commercial discounts in all areas. chain hotels. They will also receive a free two-year membership to 6S Place, their private health club, including: multi-service spa, heated swimming pool, jacuzzi, fitness center, sauna, hammam, meditation room, yoga studio, bars juice, coworking spaces, lounges, …
Located at 76 11th Ave, this new program will be delivered in early 2020; with prices ranging from $ 2,350,000 for a 1-bedroom to $ 9,000,000 for a 4-bedroom.
Crans-Montana – Barnes Suisse 6S offer
Barnes Suisse sells the Six Senses Residences in Crans-Montana, in the heart of the Swiss Alps, an enchanting village surrounded by striking nature. It shines through the excellence of its hotel industry, its major sporting events, its social and cultural life. Just an hour’s flight from the main European capitals, the resort enjoys ideal accessibility. Six Senses Résidences presents an exceptional opportunity to become the owner of a prestigious apartment in the jewel of the Alps. New program delivered in 2021, only 17 apartments are available. Owners will have access to the exclusive amenities and privileges of the 6S resort while enjoying the privacy of a private second home.
Built with renewable and local materials, in compliance with energy and water consumption standards, the residences have a low environmental footprint while offering sumptuous and comfortable spaces for an ideal vacation in the mountains. It is important to note that the Six Senses in Crans-Montana is the only luxury real estate product that foreigners can buy in Switzerland, as a secondary home and without applying for a Swiss residence.
Contact your BARNES New York branch for any information regarding the Six Senses offer in New York or Crans-Montana.
Long Island City (LIC), a neighborhood in Queens, New York, has been gaining more and more popularity in recent years. Located on the edge of the East River, opposite the United Nations Headquarters (Murray Hill), it is obvious that Long Island City offers breathtaking views of Manhattan. Composed of buildings, townhouses, and many green spaces, Long Island City offers a solution just as modern and practical as Manhattan with significantly less hustle and bustle. Ideal for young couples or families, Long Island City is just a stone’s throw from Midtown Manhattan.
Once an epicenter of the manufacturing industry, Long Island City is today renowned for being home to one of the most exciting art scenes in the country. The district is made up of industrial buildings which have since been transformed into galleries, museums, studios, restaurants, shops, etc. The district continues to develop and today represents an excellent investment, given the rise in prices in the neighboring districts of Manhattan; offering the advantage of living in peace while remaining only a few metro stations from the heart of the city. In the same vein, also consult the BARNES guide on Dumbo.
A major attraction in Long Island City, the MoMa PS1 is a former public school (Public School 1), which has been renovated and transformed into an artistic space; today it is an extension of MoMa – Museum of Modern Art – one of New York’s most recognized museums.
Founded in 1971 by Alanna Heiss, originally under the name PS1 Contemporary Art Center, the site is used as a studio, performance hall, exhibition space, and serves artists from around the world. A champion of new ideas, the PS1 actively seeks out new emerging artists, new genres or new original works in order to support innovation in contemporary art. In 2000, the PS1 Contemporary Art Center became a member of the Museum of Modern Art with the aim of associating the contemporary mission of the PS1 with the strength of the MoMa, one of the largest and oldest non-profit contemporary art institution in the States. -United. The “birth” of the MoMa PS1 therefore actively contributes to this rich artistic scene today present in Long Island City. Note that the area also hosts the Noguchi Museum (museum in a large garden presenting the work of the American-Japanese sculptor, Isamu Noguchi), and the Socrates Sculpture Park (large outdoor facilities overlooking the East River).
And to talk about real estate, we cannot mention three of LIC’s most ambitious new constructions, namely:
Skyline Tower: Lots of superlatives for this massive project destined to become the tallest building in Queens, peaking at nearly 240m by 2021. Stunning views spread over 67 floors for 802 condominium apartments; the project will be the first to exceed $ 1 billion in revenue. Note a private entrance for metro line 7. From studios at $ 650,000 + to 3-BRs from $ 2,300,000 +.
Hero: Project with remarkable architecture, being delivered at the end of 2019; it benefits from a property tax reduction (421-A). Offering over a hundred apartments over 23 floors, it has a great range of amenities with magnificent views of Manhattan, including a shared rooftop. From studios at $ 600,000 + to 2-BRs starting at $ 1,100,000 +.
Galerie: Located directly across from MoMa PS1, and in close proximity to the Hunter’s Point transport hub, the project was delivered last year. It also offers a superb suite of amenities (including a swimming pool), coming in at roughly the same prices as its competitor Hero: from studios starting at $ 600,000 + to 3-BR starting at $ 1,700,000 +.
For any details and interest in these projects, do not hesitate to contact your BARNES New York experts.
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.
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, 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 …
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.
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.
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
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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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.
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, 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, good 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!
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 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. English. 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 is a neighborhood highly coveted by families for a multitude of reasons,” says Christophe Bourreau. “The schools there are excellent, 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.
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 good 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 …
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.
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 …
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.
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!