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
When buyers and investors think of New York City and its boroughs, they often imagine or assume that the homes or apartments for sale are small and lack the quiet qualities of suburbs. Houses for sale in Queensmay just be a great surprise for anyone involved in the real estate market in New York. One of the special qualities of this New York City borough is that it includes many regions that have quiet towns with single family homes that are incredibly spacious and spread out in comparison to the big city life or to the overly urbanized landscapes of other boroughs in the area. Long Island is an area that is adjacent to Queens and offers this small town lifestyle that is rare to find in a populous metropolitan area. If the borough of Queens would be a city, it would be considered the 4th most populated city in the United States. It offers a high quality of life, big backyards, shopping and entertainment, as well a bustling economy. Amazon considered Queens among its top choices for headquarters in the borough. The two main airports of New York City are located in Queens, it is a great convenience to live next to the John F. Kennedy and La Guardia airports that are located there. Massive properties and mansions in Queens can be found scattered around the borough in popular towns or in more hidden and peaceful neighborhoods. One is more likely to find large homes and a suburban lifestyle in this huge borough. It offers high end and luxurious settings for those who want to live near New York City without the pressures of big city daily life.
Homes for sale in Queens
Just like all New York City boroughs, Queens is located next to Manhattan, one of the most desirable and popular locations on earth and therefore it is common to find homes that vary in the higher price ranges. Unlike other boroughs though, Queens and Long Island offer spectacular homes for sale that are either brand new constructions or much more recently built compared to areas like Brooklyn that have buildings that often date from the post-war period. The apartments for sale in Queens as well as the houses there can offer a suburban type of life that cannot be found in Manhattan or in the busy districts of many New York City boroughs. The real estate in Queensis characterized by a much bigger variety of choices of home sizes and styles than other places around the Big Apple. The condos in Queens can be found on the market for lower prices than those in the more metropolitan districts but can be as beautiful and modern. Queens is so big and offers such varied types of cultural and economic facets that it is definitely worth being explored for your choice of a dream location.
Astoria is one typical neighborhood of Queens that offers the less intimidating types of buildings and architecture compared to Manhattan and Brooklyn. It includes less skyscrapers and high rise buildings and has a more familiar and warm environment to live in. The area is trendy and multicultural and offers different types of restaurants and entertainment venues. There are museums and other attractions for the local residents and tourists. It is the third most expensive neighborhood in the borough as it is becoming increasingly popular.
Houses for sale in Long Island
Even longtime residents of Manhattan and Brooklyn can be taken by surprise by the lush green and quiet homes that can be found in the Long Island region. Long Island homes for sale can range in the millions of dollars but are worth the investment especially for residents who want to raise a family in a region like New York that can be sometimes considered too densely populated or overwhelming as an environment to bring up children. Yet, it is not just families who can appreciate this area adjacent to Queens and close to Manhattan. The Long Island real estate market offers homes that are spacious in peaceful settings. The condos for sale are often situated in upscale settings. In Long Island, buyers and investors can find mansions for sale that would not even exist in Manhattan even with the available budget due to lack of space in the big city. The townhouses and homes in Long Island are especially large, luxurious and modern in comparison to many houses or apartment buildings inside the metropolis. Many residents who invest large amounts of money into homes in New York City complain about the lack of space for parking and recreation, while in Long Island, one can have a two or three car garage that fit comfortably in the design of the homes there. Even though it can be exciting to live in Manhattan or right across in downtown Brooklyn, there are many reasons to believe that it is advantageous to invest in a home in a place like Long Island that has all the suburban qualities of life yet so close to the great things that New York City has to offer and can be accessed so easily.
During the Covid Pandemic, areas such as Long Island and Queens saw less of an exodus of residents as its spacious towns offered less crowded buildings and a strong diversified economy. Many new contracts for properties were signed in Queens during and after the pandemic and it did not lose its attractive character. The future of the real estate market there is promising.
BARNES New York is here to help you choose the right neighborhood in Queens for your real estate project to buy your dream home, thanks to a great team of knowledgeable experts that are present to assist you in your investment goals.
Is Brooklyn the next Manhattan? When you hear of Brooklyn, you may think it’s only one neighborhood but Brooklyn comprises of many different neighborhoods with various cultures, lifestyles and architecture for you to choose from. Some areas have become very exclusive and expensive. Brooklyn is geographically larger than Manhattan and many areas have wonderful water views and sceneries. Even though some parts of Brooklyn include post war buildings, there are many new developments and high rises that are newly built and offer all the modern facilities that you may need. Brooklyn is a short drive from Manhattan and many people work and commute every day between those two boroughs. One can live in Brooklyn and have an apartment that faces the Manhattan Skyline without the prices of living directly in Manhattan itself. Some Brooklyn apartments for sale may actually be as expensive as some Manhattan condos and some houses for salein Brooklyn may be even more expensive than some found in Manhattan. Brooklyn is becoming more popular and trendy amongst young people, investors and those who desire to work in Manhattan but prefer the more quiet or affordable neighborhoods of Brooklyn.
Luxury condos in Brooklyn
One Brooklyn neighborhood that is developing quite quickly and is becoming popular among investors and residents is Williamsburg. Some people may not realize that Brooklyn also offers luxury real estate but some homes and apartments are priced and sold reflecting a true luxury market. There are luxury condos in Williamsburg that face the water and have beautiful views of the city and nicely built boardwalks and parks with access to ferries at all times of the day. Some other communities also offer single family homes or semi-detached houses that are surrounded by beautiful nature and peaceful settings. Some apartments in Brooklyn are very spacious and you can choose a brand new construction or a completely renovated historical structure. One historic Brooklyn mansion in Prospect Park went on the market for $30 million. Not many suburbs of big cities offer such exclusive properties.
The future of Brooklyn Real Estate
During the Covid pandemic, some investors realized that due to certain business closures, some of the Manhattan real estate had temporarily dropped in value or prices but the Brooklyn real estate market maintained a more balanced and stable demand during that challenging period. Over time, Brooklyn homes and townhouses increased in value and the last couple of years have seen an even bigger increase in the value of real estate in Brooklyn. Many millennials keep moving from the densely populated and expensive Manhattan districts to the nearby neighborhoods in Brooklyn that are up-and-coming. Brooklyn has just as much access to public transport and subway systems as Manhattan and it is therefore very easy to reach Manhattan from there. It encourages more people to live in Brooklyn and go to Manhattan for business or entertainment. Brooklyn itself though has enough public places and entertainment venues that are attractive enough to compete with the Big Apple.
How to choose a property and neighborhood in Brooklyn
Brooklyn is one of the 5 boroughs of New York City and is an area in demand when it comes to real estate and purchasing land or residences. Brooklyn is the fastest growing borough in terms of population. There are so many condos in Brooklyn as well large homes and even mansions that offer great views, exciting lifestyles and proximity to the glamor of Manhattan. There are dozens of Brooklyn neighborhoods and choosing the right place to live is an important decision. One has to decide if they prefer to be as close as possible for work purposes to the big City, or if they prefer more quiet areas. They need to decide if they prefer certain cultural aspects of the different regions or if they prefer a certain type of architecture. Brooklyn has many respected and visited museums. Some parts of Brooklyn are definitely older and have typical post war buildings but many are renovated and quite expensive. If you prefer brand new constructions, there are many new buildings that are constantly being built. Just like Manhattan, many buildings are constructed as high rises due to the large population and the desirable real estate market. It is worth taking the time to explore the different areas of this large borough as each neighborhood has a lot to offer to its population.
Brooklyn luxury condos are now competition to homes and townhouses
The number of luxury contracts for properties is increasing steadily in Brooklyn and many buyers are choosing to purchase luxury condos over traditional houses or townhouses in the borough. The reason for this phenomenon is that these residences are more likely to be newer constructions; they offer more special views due to their high rise nature and don’t need the renovations necessary for many of the Brooklyn homes that were built quite a few decades ago. Some of these condos have more than one floor and can offer a similar or better lifestyle than a house and includes more modern amenities. Some older houses are even included in the luxury real estate market in Brooklyn because many buyers choose to renovate them to a great extent after purchasing them. The median asking price for Brooklyn luxury apartments andcondos are often in the millions. Being so close to Manhattan and even having direct views of the city contributes to the value and price range of these homes. Many other big cities in the world can offer exclusive properties and have prices to reflect them, but usually the direct suburbs are significantly less expensive. Not in Brooklyn though because being close to a city such as Manhattan is truly special as it is one of the most popular places in the world.
BARNES New York is at your disposal to guide you and help you choose the right Brooklyn apartment or residence of your dreams thanks to a strong team of experts to assist you in all aspects of your real estate goals and expectations. We look forward to presenting you with the most prestigious and exclusive properties that Brooklyn has to offer.
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.
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 Manhattancan 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.
BARNES International is expanding, after being present in the U.S. for more than a decade. With offices in New York and Miami, BARNES is on its way to open a brand new agency in Larchmont, north of New York City.
BARNES, a major player in high-end residential real estate and an ambassador of ‘Art of Living’, supports its clients with all aspects of their lifestyle ambitions. Discover one of the world’s most recognized and trusted International Luxury Real Estate Group, established in the entire New York area, with a prominent presence in Westchester and the Hamptons, as well as Miami. Eventually, BARNES goal will be to expand in the Hamptons and Greenwich, Connecticut.
Established with over 100 offices in about 20 countries, including major international cities and top holiday destinations, BARNES offers an exclusive selection of premium properties in Europe, the US, the Middle-East, the Indian Ocean and the Caribbean. From high-end hotels worldwide, landmarked castles, equestrian properties, vineyards in France’s top winemaking districts and art collections, BARNES offers a wide range of custom services that will suit the client’s specific need. With a truly international team, we welcome all clients and accommodate them in their native language as much as possible.
The brand provides its clients with global expertise through both consulting services in investment arbitration for international real estate and tailored local support, assisting you in any of your endeavors.
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.
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
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!
An interview with Christophe Bourreau, director of Barnes New York.
A leader in international luxury real estate, BARNES has been supporting its clients in Florida since 2002. I joined BARNES in 2008 with the aim of promoting the American market in France. In June 2009, I became Director of BARNES office in Miami, a leading company in the international luxury real estate industry. BARNES has been in the Big Apple since 2009, New York being a priority market for our customers. I became director of BARNES NY in 2011. Since then, we have been advising buyers and sellers in their real estate projects, mainly in Manhattan and Brooklyn.
You and your company
Which services, which products, which activity?
BARNES assists you in all of your projects by offering all the services essential to the achievement of a perfect acquisition, from legal arrangement to final decoration, including financing, international formalities, domiciliation, insurance, rental management, etc.
What is the spirit, the culture of your company? What characterizes it?
Since its creation in 1995, BARNES has reinvented luxury real estate and offers an integrated international network in order to offer tailor-made solutions to its customers. From transaction to rental management, BARNES now deploys its expertise through more than 10 businesses.
BARNES brings together more than 800 employees, all experts and committed, in more than 15 countries and 85 offices. The promise of BARNES lies in the possession of fine real estate among the greatest international capitals and resorts.
A true family business, BARNES transmits to its employees its essential values of excellence, respect and its French know-how.
Why did you decide to settle in New York?
New York has always been a priority market considered by our customers, whether for a pied-à-terre or an investment. New York was simply the logical next step in the development of our BARNES office.
What advice would you give to those looking to move to New York?
Moving to New York is as exciting a life project as it can be difficult … My advice would be to always be accompanied by experts in every area related to an expatriation project: accountant, lawyer, real estate agent …
New York and you…
What do you like about New York?
New York is a land of opportunity. It is a constantly changing city where anything is possible when you have ambition and when you make the necessary efforts to achieve that ambition.
It is also the capital of the world where all types of cultures and profiles are present and contribute to making New York a city of incomparable richness.
What is your favorite neighborhood in or around NY City?
I really like Williamsburg, which has been able to redesign and completely rethink itself over the past 15 years.
The United States and you?
What do you like most about America?
What I like most about America is this culture of entrepreneurship and accepting others.
Bien reçu, merci !
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