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The Real.Est List
The Real.Est List
Ask an Expert: My co-op needs cash. What's the least painful way to get it?
by Teri Karush Rogers | 5/14/13 - 2:21 PM
Is your building cash-poor? Consider selling off pieces of the roof for residents to use as private outdoor spaces.
Q. My co-op building has been hit hard in recent years by property taxes on top of a huge elevator replacement project. Our maintenance charges are already on the high side and we are trying to avoid another increase or an assessment.
Can you suggest some other alternatives for raising money that would be less painful?
For example, one idea that has been suggested is dividing up our undeveloped roof area and selling it to shareholders.
A. You're on the right track, say our experts, who shared some common and not-so-common ways co-ops and condos are building up their coffers nowadays.
The StreetEasy Hot Dozen: 12 rentals that may or may not be available by the time you read this
by Alex Hughes | 5/14/13 - 11:36 AM
On the Lower East side, $2,495/mo gets you two bedrooms, a sparkling white bathroom and a washer and dryer in this rental at 172 Rivington Street and Clinton Street. Or it would have, if someone hadn't already snapped it up.
What can $2,500 a month get you in Manhattan? Three diverse apartments within $25 of that magic number made it into this week's Hot Dozen--the 12 rental apartments Streeteasy.com visitors clicked on most often over the past seven days.
Here's the scoop.
How to buy a NYC apartment: The international edition
by Mayra David | 5/14/13 - 8:58 AM
Photo Credit / Djibouti
Buying an apartment in NYC is challenging enough for the natives, which is the raison d'etre for BrickUnderground's popular How to Buy a NYC Apartment guide.
If you're a foreign citizen, however, things get even trickier. We suggest beginning with a close reading of the above guide to build a basic understanding of how the real estate game is played here.
Then keep in mind some additional provisions that apply to you as an international buyer:
1. Forget co-ops (for the most part)
Never say never, but generally speaking, foreign buyers will find it difficult to buy in a co-op versus a condo building.
(Why should you care? For one thing, although they tend to be more modern, condos cost around a third more than co-ops.)
Are you a real New Yorker? Here are 12 ways to tell
by Alana Mayman | 5/13/13 - 2:00 PM
You may pride yourself on your Wikipedia-like knowledge of the best/worst rooftop bars and smartest/dumbest places to hail a taxi at rush hour, but you're not really a New Yorker until you pass through the Five Stages of Real Estate Grief (denial, anger, bargaining, depression, and acceptance)...and the following NYC real estate truths no longer shock you:
- You may be an adult with no curfew, but your doorman will always judge you for coming home late/drunk/both.
- The super expects a holiday tip even though you haven't seen him since last Christmas and Task Rabbited your clogged sink last week.
- The neighbors you can see walking around naked in their apartment are rarely the ones you want to see naked. Ditto the ones you can hear having sex.
The Open House Scorecard: Mom wasn't the only hot ticket this weekend
by Sara Alessi | 5/13/13 - 11:39 AM
The wall of windows in the living room of this $800k two-bedroom, two-bathroom condo in Park Slope provides skyline views of Manhattan from Wall Street to the Empire State Building, and the private balcony offers harbor views.
Whether you like to gaze out over peaceful gardens, green parks or the city skyline, there’s a view for you in this week’s Open House Scorecard--the 10 open houses those browsing StreetEasy this weekend saved to their open-house planners more often than any others this weekend.
An $800k two-bedroom, two-bathroom condo on Fifth Avenue and 13th Street in Park Slope offers skyline views of the city from Wall Street to the Empire State Building from a wall of windows in the living room (pictured at left), as well as harbor views from the private balcony.
- Sponsored by Gotham Brokerage Co., Inc.
5 reasons to get apartment insurance if you have outdoor space
5/13/13 - 10:38 AMWhether it’s a roof deck, terrace, patio or backyard, private outdoor space is among the most coveted amenities in New York City real estate.
But along with the fun, sun (hopefully) and bragging rights, an outdoor space of one’s own presents some additional risks to property and people.
"Fortunately, areas immediately contiguous to your apartment are generally considered part of your apartment for insurance purposes," says New York City apartment insurance broker Jeff Schneider of Gotham Brokerage.
Here are a few outdoor perils that, if they happen to you, will make you glad your co-op, condo or renter’s insurance is up to date.
How to win a bidding war, your dog may be medically necessary, and more
by Lucy Cohen Blatter | 5/13/13 - 8:56 AM
- When faced with a bidding war: Buyers should stretch budgets, sellers should ask for best and final sealed in an envelope, and other tips (NY1; previously)
- ...such as, forget about bidding over asking price--a non-contingent offer is what'll seal the deal (New York Times)
- More than an "emotional support" pet, your dog may be medically necessary (New York Times; previously)
- You must make at least $73,000 a year to afford "affordable" housing in TriBeCa (CurbedNY)
- Advice for when balconies (or neighbors with balconies) go bad (New York Post)
- Looking for more reasonable rent? Head uptown. Downtown rents are highest, with a median of $4,149 (Elliman report)
- Upsides to living high in the sky: great views, peace and quiet. Downsides: price, cell service, an ever-looming threat of power outages (New York Times)
- Hide your daughters, a Barbie dreamhouse could be coming to NYC (NY Observer)
- "If you take anything at face value in the New York City apartment-search hunt, you've lost the race before it even started" (NY Magazine, DNA Info)
No-Fee Apartment of the Week: $3,250 two-bedroom in Crown Heights
by Lucy Cohen Blatter | 5/10/13 - 12:58 PM
This $3,250 two-bedroom in Crown Heights has got condo-like amenities. Just check out that kitchen.
This brand-new construction in Crown Heights features 14 units, including this $3,250 two-bedroom (note: that's the net effective rent, taking into account that one month is being offered free).
Pros: The newly built apartments have condo-like amenities, and all units have central A/C, a washer-dryer, stainless steel appliances (including a dishwasher), designer kitchen, bathroom, and lighting fixtures. Plus, as stated above, they're offering one month free rent.
Cons: Though it's far from tenement-style, the building is a walk-up.
- Transitions
Lower East Side to Williamsburg: Add the (soon-to-open) Whole Foods, and this neighborhood will be perfection
by Quinn Asteak as told to Mayra David | 5/10/13 - 11:24 AM
After three years living on the Lower East Side with a roommate, I needed my own space. It was just time to move on to bigger and better things. Specifically, a bigger and better kitchen. I’m a personal chef, so a nice, spacious kitchen in which to prepare meals is pretty important. That, and I really wanted to live in Williamsburg.
I had been thinking about the move for a while and did a lot of research about what I could get for my money in Williamsburg. But the search itself hardly took any time at all. It all just came together very quickly.
Within hours of telling my roommate that I was ready to move out, I ran into a friend who happens to be a real estate broker. Right away, he set me up with someone from his company to take me out to see apartments.
StreetEasy’s Most Wanted: Who says three’s a crowd?
by Sara Alessi | 5/10/13 - 8:58 AM
If you’ve got a growing brood, you’ll be glad to know there are two more bedrooms in this $875k Park Slope co-op...and no underlying mortgage.
Families with big broods seem to have been on the hunt for apartments this week, as StreetEasy’s Most Wanted--the 10 sales listings those browsing StreetEasy.com this week saved more often than any others--is populated by an assortment of three-bedroom and could-be-three-bedroom apartments across the city.
An $875k three-bedroom, one-bathroom (perhaps you can anticipate some morning traffic jams?) co-op on President Street, between Fifth and Sixth Avenues, in Park Slope is versatile in that the third bedroom could also work as a home office. The floor-through is finished with prewar details such as crown moldings, pocket doors and a working marble fireplace in the living room and a decorative one in the master bedroom. Each bedroom has a closet, on top of two additional closets within the unit and one in the hallway just outside. The walk-up building has relatively low maintenance at $650/month, no underlying mortgage or flip tax, and a shared garden.
Real Estate Want: An amazing roof-top "lawn"
by Julie Inzanti | 5/09/13 - 3:28 PM
You can have a private garden party right in the heart of TriBeCa
New Yorkers want it all…including a little bit of weekend house in the middle of the city.
Look no further than this $14 Million TriBeCa penthouse on the rather appropriately named Beach Street.
Skip the weekend traffic, stretch out on the chaise lounge and/or roll around on the astroturf of this 3,000-square-foot wrap-around rooftop terrace. There are south and west exposures with a view of the Hudson River too.
The master bedroom has direct access to the private roof oasis…and let's just say the interior of this 5-bedroom rooftop palace ain't half bad either....
Real Estate Want is a weekly column featuring New York City apartment details we're coveting right now.
Rent Coach: Should I rent my apartment out to a daycare center?
by Mike Akerly | 5/09/13 - 1:46 PM
Rent Coach Mike Akerly
Q. I am a small landlord with a couple of walk-up buildings in Brooklyn. I have a lower duplex apartment available, and a prospective tenant is interested in not only living in the space but also operating a licensed day care from it.
She says she is willing to pay well above the asking rent in consideration of my approval of the situation. This sounds like it could be a win-win situation for all involved.
Is there anything I should consider before moving forward?
A. Yes, and it is complicated enough that you should hire an attorney experienced in this arena if you intend to explore it further.
The first issue pertains to zoning, a land use regulation tool that gives municipalities the authority to regulate the type of land use (e.g. residential, commercial, etc.) within a particular area.
- Hell's Bitchen
Believe it or not, the sight of a CVS is welcomed in Hell's Kitchen
by Kelly Kreth | 5/09/13 - 10:04 AM
In some neighborhoods, pharmacies are a dime a dozen. Not in Hell's Kitchen.
While walking along Tenth Avenue near West 53rd Street the other day I spotted a sign that said, “CVS/pharmacy: Coming Soon.”
Now, in a city peppered with Duane Reades and other assorted pharmacies one would not think this is noteworthy news. However, the nearest Duane Reade on Tenth Avenue is many blocks away on West 37th and the nearest CVS is on West 42nd Street. There are many on Ninth Avenue, but in NYC an avenue is actually a world away.
So this new CVS is a real game changer. Welcome to the dance floor, CVS.
This newcomer to Hell’s Kitchen, I’m sure, is due to the ever-growing need for amenities for those in new developments popping up here and there, particularly for those living in tony Mercedes House, up the block on 54th and Eleventh Avenue.
- StreetNoise
What a $10 apartment looks like, the worst rooftop addition ever (?) and more
by Lucy Cohen Blatter | 5/09/13 - 8:58 AM
- Here's what a $10 East Village apartment looks like (Gothamist)
- NYC brokerages face severe shortfall of exclusive listings (perhaps it's time to negotiate that 5% commission?) (The Real Deal)
- And the Sore Thumb Award goes to...one of the most out-of-place rooftop additions we have ever seen (West Side Rag)
- 1 a.m. pizza, Seamlessing lunch and dinner? Yep, we've lived in NYC too long (Buzzfeed)
- Dog lovers, take note: These are the UWS's best and worst dog parks (DNA Info)
- Sayonara Craigslist? New website Urban Compass wants to make NYC apartment searching less awful (NY Observer) ...
- ...speaking of Craiglist, there are some shockingly bad rooms available for rent on there (New York Magazine, The Worst Room)
- Who's got room to move furniture around anyway?? Now you can virtually redecorate your apartment (NY Times)
- If you're looking for a deal on rent in Williamsburg, better head south (and you could save about $1,600 a month) (DNA Info)
- Feeling crafty? Here's how to tile your own bathroom floor (NY Times)
- Noticing low inventory in the Hamptons? Blame Sandy (NY Observer)
Your Celebrity Neighbor: Matt Lauer
by Sharon Krum | 5/08/13 - 3:10 PMWHO: Matt Lauer can’t seem to get a break these days, yet when we watch him in the morning, he’s still a pro. We’re not switching channels.
WHERE: The co-anchor of “Today” lives on the Upper East Side, where the median sales price is 1.25 million and the median rental price is $3,000, according to StreetEasy.Your Celebrity Neighbor is a weekly heads-up on the A-listers who call your neighborhood home and (in theory) shop the same Duane Reade as you.
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