Buying real estate in New York: expert advice

Bien Vivre aux États-Unis:
the 1st digital show for French people in the United States

BARNES New York & Westchester invites you to the conference dedicated to the New York real estate market, “Buying real estate in New York”, on the occasion of its participation in the online exhibition “Bien Vivre aux Etats-Unis”.

This digital event will take place on Monday, September 13 at 12.00 pm (EST time zone). The fair will then run throughout the week until September 17, presenting a series of conferences with expert speakers to support expats in the United States, whether you have been settled there for a long time or still dreaming of living there.

Yann Rousseau, Managing Partner of BARNES New York & Westchester, will join the discussion with Betty Benzakein of HSBC and Amélie Deschênes of OFX, addressing in particular:

  • The New York Acquisition and Leasing Process
  • Update on the state of the real estate market in New York & Westchester for Q3 2021
  • Settlement or “relocation” formalities
  • Preferred neighborhoods
  • The different real estate products available
  • The role of the real estate agent

Monday September 13 at 12.00 pm EST / 6.00 pm CEST

This event is sponsored by USAFrance Financials and organized by French Morning.

Should you invest in Manhattan real estate now?

By Annie Newman

Manhattan is often described as the financial and cultural center of the United States, and even considered by some as a world capital. Historically, it has been a constant attraction for tourists and immigrants from all over the globe and it is now recognized as one of the most desirable and exciting places to live and work. It is not surprising that the value of Manhattan real estate exceeds the sale prices of most metropolitan cities in the United States and around the world.

Why is it special to buy an apartment or home in Manhattan?

Those who call Manhattan their home feel a sense of tremendous pride and even though it is densely populated, people are willing to go the extra length to find their place in the city that never sleeps. The skyline of Manhattan is unmistakably recognized by people all over the world, including those who have never even visited New York. Songs, movies, television and theatre shows have been produced about Manhattan as it captivates the minds of all those who have heard of its bustling business and entertainment life.  This massive metropolitan area has a record number of skyscrapers that offer some of the most incredible views in the world.

Owning a property in Manhattan is a prestigious advantage.  Almost any apartment there can offer views that even penthouses in other cities don’t offer. Due to the large population, the buildings in the city are known to be built as high rises and skyscrapers and many apartments offer spectacular sceneries since the structures are built with such elevation. Some of the world’s tallest skyscrapers are found in Manhattan.

Manhattan real estate is in high demand

Manhattan not only has a large population, but it has an influx of workers from other boroughs or even states that commute there on a daily basis, creating a landscape that requires constant building and expansion. Every centimeter of land is precious and many in the construction industry have to win over bids to build more properties over those who want to try to maintain green spaces. This is the reason why one may find beautiful and spacious homes or townhouses for sale in Manhattan, but the main landscape can be seen from far as a city with tall buildings and limited space to build large private properties. Owning a home in Manhattan is truly glamorous.

View over Manhattan at night, with the lights from the city.

The city is known for its industrial past and some of the historical factories have been transformed into luxury and spacious lofts that can be found in many districts of Manhattan. The condos for sale reflect the prices of some of the most desired pieces of real estate in the world. Some apartments for sale in Manhattan can actually comprise of multiple floors and have as many rooms as a suburban house elsewhere in the United States. Unlike the suburban homes, these multi-floor condos offer breathtaking views at all times of a city whose lights shine and light up the sky from miles away.

Choosing a neighborhood or district to live in Manhattan is a wonderful experience as almost every corner of the city has special attractions for the local residents. Some people may prefer areas where the entertainment and theatres are world renown, others like the more quiet areas of the city. The city has mass transit subway and buses systems that create efficient and quick access to all areas of interest.

Local and International investment in Manhattan properties

Foreign investment in Manhattan real estate has been desirable for many people around the world who are looking to invest in valuable properties that are always in demand. Aside from investments, some people who reside in other cities who are looking to own a second home often choose Manhattan as their preference. Home owners in places such as Miami, Los Angeles, Paris, London and other big cities pride themselves to own a place to call their home in New York. Manhattan will always be on the top of the list of the world’s most famous and attractive cities.

Manhattan’s luxury real estate market

During the Covid pandemic, prices did fall to a certain degree but the real estate market in Manhattan is now bouncing back and is especially growing in the high end luxury property market. Some of the world’s most expensive homes and apartments have been sold right in Manhattan and it is no wonder that the buyers chose this city as their residence. Not many people would accept to invest over 100 million dollars for properties in other cities but Manhattan is able to attract such great investment due to its special character. A Manhattan penthouse was sold for $238 million in 2019, making it one of the most expensive homes ever sold in the United States. It would be challenging to sell a property of that price range in most other cities across the continent! Real estate professionals know that living in a Manhattan home can be priceless. Having a presence in New York City by purchasing real estate there is exciting, profitable and unique. Every square foot of land and real estate has tremendous value and worth.

Manhattan is not only multicultural in regards to its population, but the actual architecture and buildings that comprise this city can vary greatly in style. Some residents and buyers prefer the more historical look of the typical New York apartment buildings while others are more impressed by the shine and glamor of the new constructions that offer more modern styles of living. Both types are charming because they either represent the long history of a city of opportunities or the new shine of a constantly growing and fast paced world superpower.

The real estate market in Manhattan is booming and experts are predicting that the trend of record sales and contracts will continue in the coming years. BARNES New York has the exceptional resources to provide you with all your luxury real estate interests and can guide you in your search for your dream Manhattan home or project. Our properties are unparalleled in prestige and luxury and we are looking forward to present you with the most exclusive places.

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«New York City Neighborhoods» : Exploring Hudson Heights

Interview by Rachel Brunet, director and editor-in-chief of Le Petit Journal New York

BARNES New York invites you in its series of articles untitled “New York City Neighborhoods”, where you can regularly discover the different districts of the city, in the eyes of French speakers who have settled there. They tell us all about their neighborhood, in their words, their tastes, their habits. Today this article is exceptionally written in the first person because I personally invite you to follow me to my neighborhood: Hudson Heights. I am Rachel Brunet and I am the director and editor-in-chief of Petit Journal New York. I’m telling you about this little-known neighborhood, maybe because it’s hidden away, up there in Manhattan …

A family-friendly neighborhood

I moved to Hudson Heights in January 2019. A neighborhood that I had absolutely no knowledge of and which, over time, has completely conquered me. Basically, it was the rent prices that drove me to move north to Manhattan. Admittedly, an apartment of over 100 square meters and three bedrooms for less than $ 3,000 does not leave room for too long a reflection. Especially when the express metro is almost right downstairs of your building.

Station 175. “It’s far away,” some friends told me, “it all depends on where you are going,” I retorted. I quickly realized that in less than 40 minutes, I was still connecting my daily destinations. So, no, it’s not too far away. And frankly, in 2020 it was far from nothing …

Hudson Heights is a neighborhood that stretches from George Washington Bridge – itself located at 178th Street – to Fort Tryon. And from the Hudson River to Broadway. A small, secluded haven in Washington Heights, between the Hudson River and Fort Tryon. From street to street, English gives way to Spanish, the official language of this Hispanic neighborhood of Washington Heights. But in Hudson Heights, everything changes. As elsewhere in the city, this district is a joyous melting pot of communities. There are Americans, and many communities from Eastern Europe. There is also a strong community of the Jewish faith. In the course of my urban wanderings, I often come across an image that sends me back to France. Most of the buildings here were built in the 1930s, and some are Art Deco inspired. It reminds me of Boulogne-Billancourt, just at the entrance to the Bois. On Pinehurst Avenue, across from Bennett Park, Hudson View Garden. A residential complex. Inside, small alleys, well-tended grass, a pond with large fish, a flower garden. Absolute serenity. Architecture brings me back to Trouville-sur-Mer. Half-timbering is everywhere.

181st Street is the street for restaurants. Japanese, Italian, Thai, American, there is something for everyone and the prices are very affordable. There is really something for everyone too since there is even Café Bark, a cafe for our four-legged friends … New York will always be New York. On the 181, I have my little habits, between the Thai restaurant Tung Thong 181 and the Japanese restaurant Sushi Yu, my heart is still swinging. Not to mention Le Chéile and its superb pink terrace reminiscent of the Canal Saint Martin. Eight streets to the north, another spot for restaurants and shops. Here again, I’m used to it. Fresco’s Pizza, the best in New York according to my son or Kismat, the Indian restaurant in the neighborhood. But also, my little Ozzie’s supermarket. And hold on tight, I’m constantly discovering French products that are much cheaper than elsewhere in Manhattan. Jams, pains au chocolat, baguettes, brie, this shiny supermarket is my Ali Baba cave.

A little further up 187th Street, an exceptional wine shop, Vines on Pine, with a large selection of wines from all countries. The owner’s joke: tell me “have a good one, kid!”

Manhattan’s highest point

When I think of my neighborhood, I think “up” or “down”. And it’s not for nothing. In Bennet Park, nestled between 183rd and 185th Streets, is a treasure, little known to New Yorkers: Manhattan’s tallest natural point. 265 feet above sea level, the level of the Statue of Liberty torch. Suffice to say that it goes up and that it goes down. What a surprise the first time I found myself at the bottom of the long staircase to 181st Street. For a few seconds, I couldn’t tell if I was in New York or Montmartre.

Bennett Park is the meeting place for parents and children from this very family-friendly neighborhood, but also for older people who come to catch a ray of sunshine in the spring or a little cooler in the summer. It is not uncommon to see a group of musicians there, residents of the neighborhood. Their voices mingle with the cries of the children, each day a little more numerous. A little happier. For the record, this park is built on the site of the old Fort Washington where the Continental Army routed the British troops in 1776.

My pleasure in this area: take Cabrini Boulevard and go up to Fort Tryon. I walk along Birds of Cabrini Woods Nature Sanctuary. The wood is located at the southwest corner of Fort Tryon. A natural sanctuary, it is a favorite spot for bird watching and stunning views of the Hudson and Palisades across the river.

Cabrini boulevard ends at the entrance to Fort Tryon, a veritable urban forest that is home to The Cloisters, but not only! Coyotes, raccoons, opossums, groundhogs, snakes, bees, butterflies, and thousands of squirrels share this vast 27 hectare land, in addition to 81 species of birds, including hummingbirds and hawks. At the entrance to Fort Tryon, Heather Garden – many times voted the city’s finest garden – a pathway overgrown with flowers and shrubs, 60 meters above the Hudson. In summer, I often see hummingbirds there … My little piece of paradise …

In a few weeks, I’ll be leaving this neighborhood, life taking me further down in Manhattan, but still near a park. I won’t tell you which one …

Experts Discuss – Hudson Heights

Rental market:

As of January 2021, the average rent for an apartment in Hudson Heights is $1,600 for one bedroom, $2,500 for two bedrooms and $2,995 for a three bedroom apartment.

Sales market:

In December 2020, across Hudson Heights, the median asking price of sellers for available properties was $590,000, up about 3% year-on-year to $672/square foot. The median recorded final sale price is $780,000. This difference is mainly explained by the low number of transactions as a result of the Covid period, which significantly slowed the market in 2020 and therefore reduced the reference sample.

Interview by Rachel Brunet, director and editor-in-chief of Le Petit Journal New York

Read the article in Le Petit Journal New York

«New York City Neighborhoods» : Exploring Turtle Bay

Interview by Rachel Brunet, director and editor-in-chief of Le Petit Journal New York

BARNES New York invites you in its series of articles untitled “New York City Neighborhoods”, where you can regularly discover the different districts of the city, in the eyes of French speakers who have settled there. They tell us all about their neighborhood, in their words, their tastes, their habits. Today we explore Turtle Bay — a district located in Midtown East, with Lidia Del Pozo, Senior Business Development Officer, VP at Bank of the West BNP Paribas Wealth Management. She tells us about the neighborhood she has lived in for over a year with her family.

Lidia Del Pozo in her apartment in Turtle Bay, LePetitJournal.com

Lepetitjournal.com New York : You live in Turtle Bay. What attracted you to this neighborhood?

The reason I decided to live here is not for the neighborhood itself, but especially for its location in Manhattan. Before moving to New York with my husband and daughter, we took just five days to decide on the neighborhood and apartment we would live in. The Turtle Bay neighborhood stood out for us because of its central location in the city. We thought that it would be the best way to be close to all the city’s points of interest. The other reason, which confirmed our choice, was the proximity of my workplace. Indeed, I work for BNP Paribas Wealth Management which is also located in Midtown, and therefore a few blocks away from home.

Can you tell us about life in this neighborhood, the atmosphere? What makes it live, what drives it?

I would say that this neighborhood doesn’t have just one identity. I would be unable to say if this is a residential area only or an office district or an embassy district. Turtle Bay is a bit of everything at the same time: there is simultaneously a neighborhood life, with its small local shops, its small bars and restaurants, nurseries, playgrounds, but also an office district, therefore very lively Monday to Friday, with a lot of people in the streets very early in the morning and during lunch breaks. And in this mixed landscape sits the headquarters of the United Nations and a few embassies that revolve around this majestic building, the most beautiful in the city, in my opinion. Obviously, when General Assemblies take place, the district takes on a new face. The district is then under very strict protection and becomes a little locked down and paralyzed. These few days are not very pleasant but not unlivable either. The organization is quite impressive!

And it’s exciting! That’s what makes this district extremely lively and international.

A street in Turtle Bay, LePetitJournal.com

You live near the United Nations Headquarters, where French is one of the official working languages. Do we hear Molière’s language a lot in the streets of Turtle Bay?

Yes, indeed, French is a language that’s heard very regularly on the sidewalks, between two colleagues who go to their office at the United Nations, who we can easily identify in the street because they very often wear their access badge to the building around their neck; or the families I meet when I go to the playground with my daughter, for example. There are a lot of francophones in Turtle Bay. To give a fairly representative example, at the nursery my daughter attends, in her class, out of 10 students, 4 come from French-speaking families! Being able to speak French is of course very practical, especially at first, and always a good way to create new relationships very quickly, although it makes me practice my English less.

Your favorite places in Turtle Bay?

One of my favorite places in my neighborhood is probably the Grand Central Market, which is located on the grounds of Grand Central Station itself. It is a single alley where we find a succession of small stands who offer fresh and good quality products. Despite the fact that it is indoor, the atmosphere is close to that of a traditional market and the merchants are very nice. What I love most about this neighborhood is the fact that it is right on the East River. I am lucky to have a nice river view from my apartment and to be able to witness some really beautiful sunrises. Simple walks along the river are very pleasant and a bit of a change of scenery from the urban, city life.

Is this a neighborhood that you recommend for those who want to buy or rent?

I am not an expert in the real estate market, however what I can say intuitively when it comes to renting, yes it is a neighborhood that I recommend, because it is good to live and as I already have mentioned, it is ideally located in Manhattan to discover the city. Among the other reasons, the proximity to the river, the security and safety brought by the presence of the United Nations headquarters and finally, the very cosmopolitan aspect of the neighborhood. Regarding the purchase of a property, I would evoke the same motivations with the addition of the fact that it is a neighborhood quite popular with expats working at the United Nations, therefore with a certain demand on the market.

If you had to describe Turtle Bay in three words? 

If I had to describe Turtle Bay in three words, I would say that it is lively district, a very cosmopolitan district and therefore conducive to meetings and a multi-faceted district where personal and professional lives mingle.

acheter-appartement-luxe-vue-manhattan
Aerial view of Manhattan skyline at sunset, New York City

Experts Discuss – Turtle Bay

Rental market:

In March 2021, the median rent for an apartment in Turtle Bay was $ 2,200 for a studio (-40% over one year), $ 3,200 for one bedroom (flat), $ 4,000 for two bedrooms (-20%) and $ 6,200 for three bedrooms (+ 24%).

Sales market:

At the end of Q4 2020, across Turtle Bay as a whole, the median asking asking price of sellers stood at $ 950k (when the Manhattan average is $ 1M) showing a significant increase in the order of 20% over one year with $ 1,207 / square foot and around sixty transactions over the quarter.

Interview by Rachel Brunet, director and editor-in-chief of Le Petit Journal New York

Read the article in Le Petit Journal New York

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