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July 22, 2008, 5:56 pm
Filed under: Real Estate News | Tags: Real Estate, NYC, condo, manhattan, the real deal

Latest Headlines

http://ny.therealdeal.com/

July 22, 2008, 5:48 pm
Filed under: Articles | Tags: christopher gray, Financial District, historic landmark, jack berman, metroloft management, michael roche, NY Living Solutions, NY Times, Real Estate

Streetscapes | Exchange Place

An Early Tower That Aspired to Greatness

Architectural Forum/Library of Congress; G. Paul Burnett/NYT

SURPRISING FIND The City Bank-Farmers Trust building, at left and above in 1931, has a plain facade except for 14 hooded figures at the 19th floor. The building’s two lavish lobbies were fashioned from 45 different kinds of marble. Today, the tower is being renovated for rental apartments and retail space.

By CHRISTOPHER GRAY

Published: July 20, 2008

FIFTY-NINE stories does not seem like much now, but when planned in 1929, the City Bank-Farmers Trust Building was to be the tallest skyscraper in the world after the Empire State Building. With its sheer limestone facade, haunting sculptural treatment and rich marble halls, the building — which is being converted to residential use — is a surprising find on its cramped, odd-shaped block at Exchange Place, at the conjunction of Beaver, Hanover and William Streets.

Underhill/Library of Congress

In 1929, the financial district was booming. The architects Cross & Cross were at work on a 50-story office building for Continental Bank at Broad Street and Exchange Place, which ultimately wasn’t built.

Then the National City Bank of New York merged with the Farmers’ Loan and Trust Company, and entered the skyscraper sweepstakes. When their architects, also Cross & Cross, filed plans at the Bureau of Buildings on Oct. 2, The New York Times described the new structure, at 71 stories and 846 feet, as the highest ever officially proposed.

The design for the City Bank-Farmers Trust tower called for an illuminated globe on top, but the stock market crash a few weeks after filing brought the project up short, and it was reduced to 59 stories.

Research by the Landmarks Preservation Commission gives the height as 685 feet, although just before completion The Times reported it as 750 feet. A partial set of engineering drawings from 1930 by the firm of Purdy & Henderson shows the 54th floor — several levels below the roof — as 670 feet high.

The exact height of the building remains unclear. But it is safe to say that, when completed, it trailed the Empire State Building (1,250 feet), the Chrysler Building (1,046 feet) and the Bank of the Manhattan (927 feet).

In August 1930, The Times reported that Gilbert Nicoll, a 20-year-old messenger, was near death after being hit by an iron bolt dropped from the 57th floor. He had been unemployed for months, according to the article, and the accident happened on his first day as a bank messenger.

The building was completed the next year. The outside is plain, even ho-hum, except for 14 moody hooded figures at the 19th floor. The magazine Through the Ages said in 1931 that they represented “giants of finance, seven smiling, seven scowling.” Figures of coins on the ground floor represented countries in which the bank had its main branches. The Times called the building “conservative modern.”

According to a 1931 article in Architecture and Building, the two lavish lobbies were fashioned from 45 different kinds of marble, quarried in Germany, Italy, Czechoslovakia, France, Spain, Belgium and elsewhere.

The brothers Eliot and John Walter Cross formed a talented and versatile partnership. Well born, well educated and socially connected, they did in-town mansions and country estates, banks and garages, lofts and skyscrapers — like the 1931 General Electric building at 51st Street and Lexington Avenue, with its Art Deco radio-wave imagery.

The architects’ niece Sarnia Marquand told a reporter in a 1980 interview that John Cross was the designer in the firm and Eliot handled the business side. Their most recognizable design is probably the sumptuously plain Tiffany & Company store at 57th Street and Fifth Avenue, which dates to 1940.

According to the 1996 Landmark designation report, City Bank-Farmers Trust went through several changes, evolving into First National City Bank, and then, in 1976, Citibank. Its move out of the skyscraper happened in stages, the last one in 1989.

The tower is easy to see from a distance but hard to find on the ground in the maze of irregular downtown streets. The City Bank-Farmers Trust banking hall runs along William Street. It is a high, columned space in English oak with polished marble and nickel trim, all handled in the Art Deco classicism that had become a safe alternative to radical European modernism.

At Exchange and William, the main entrance to the banking hall is a high rotunda, flush with varying marbles, the most striking a golden travertine from Czechoslovakia, quite different from the pallid ivory-colored stone popular in the 1960s. From the tower there are wide views to the harbor and around to old skyscrapers on the land side.

Today, a real estate firm, Metro Loft Management, is renovating the tower for rental apartments, and has 350 units ready on the floors from 16 to the top.

A second phase, lower down, will involve office tenants; the company that takes the high banking hall will have a most spectacular retail space.

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State of the Market: Hoboken vs. Jersey City

July 8, 2008, 5:43 pm
Filed under: Articles | Tags: Hoboken, Jersey City, manhattan, New Jersey, nj living solutions, Real Estate

Grove Street (Jersey City) published a new entry entitled “Hoboken / Downtown Jersey City” on 6/17/2008 5:19:32 PM, written by Grove Street JC.

Hoboken / Downtown Jersey City

In response to a JCList.com thread on “The State of the Hoboken (Real Estate) Market.”

So one poster posited that Hoboken real estate isn’t selling well, and another post stated that “all of the buyers are over in Jersey City.” Is this true? Our view, is yes, it is true. Let us examine:

Hoboken real estate, particularly in the areas more than a 10 min walk, is not selling well. The only desirable locations are really the places that are close to the PATH. Of course there are nice condos/apartments way out from the PATH, but typically it requires a shuttle bus or lightrail. While not terrible, your typical first-time homebuyer is looking for proximity to mass transportation. Especially if they work in Manhattan and would be taking the PATH or Ferry. Areas closer to the Hoboken PATH surely may be in higher demand, but there isn’t as much new construction (which is what homeowners are looking for

On the other hand,Jersey City is developing rapidly, and 95% of all the new developments/construction are located within a 5 minute walk to either the Grove Street, Exchange Place, or Newport PATH trains (depending on which neighborhood you are in, Paulus Hook, Powerhouse, Liberty Harbor, Hamilton Park, Newport, etc). Putting yourself in the shoes of a first-time homebuyer (most likely a NYC transplant looking for more space), why would anyone desire to live in a condo where a shuttle bus is required? In Hoboken, when RE was booming and before JC started to develop, homebuyers accepted the shuttle bus as they may have been priced out of waterfront Hoboken property (lack of supply as well). Now that Jersey City has started to revitalize (in the Grove Street area particularly), first-time homebuyers are flocking to downtown JC - because of its excellent proximity to PATH trains and also brand-new luxury construction/amenities. So, when faced with the choice of living in a brand-new apt 3 minutes from the PATH, or an older Hoboken apartment with the shuttle bus — obviously homebuyers are leaning toward downtown Jersey City.

Currently, in terms of neighborhood, Hoboken offers much more currently in the way of cafes, restaurants, nightlife, shopping. But for a first-time homebuyer, looking to invest in an area - JC is certainly a better value because much of the new construction is located near the waterfront and the PATH train. Add in the fact that you’re part of an exciting, growing neighborhood, and JC is the better option over (established) Hoboken. Already there are a number of excellent restaurants, cafes, and boutiqe shops lining the streets of Grove Street. To be fair, it’s nothing like (established) Hoboken, but it’s definitely a different feel — a type of urban, dynamic vibe that permeates through the streets, shops, and people.

Our view is that Hoboken real estate has seen a ceiling, while JC still has room to grow (once the US economy recovers, JC should soon exceed Hoboken RE growth).

Permalink: grovestreetjc.com/2008/06/17/hoboken–downtown-jersey-city.aspx

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Hoboken Weathers the Market

June 23, 2008, 4:39 pm
Filed under: Articles | Tags: condo, Hoboken, New Jersey, New York, nj living solutions, NYLS, Real Estate

By ANTOINETTE MARTIN

Published: June 22, 2008

HOBOKEN was often held up as the prime example of the booming real estate market, and now it appears that the city is showing that it can hold its own in a down market, too.

A rendering of 800 Madison, part of the Upper Grand development.

Average sales prices are still increasing for downtown condominiums in Hoboken, although most asking prices are open to negotiation these days, as several developers acknowledged in interviews.

Developers say that their new buildings are still selling out, if somewhat slower than in the past. (One that didn’t, the Velocity, suffered from construction delays and questions about its site near city housing projects, and switched to a rental building late last year.)

The Web service Streeteasy.com reports that waterfront properties continue to command premium prices about 30 to 35 percent above those on Hoboken’s west side, a former industrial area that was nearly unimaginable as a neighborhood only five or six years ago.

But development on the west side is continuing, fueled by interest from buyers and renters, developers say.

The Tarragon Corporation is completing its sixth residential building in the neighborhood at its eight-square-block Upper Grand development. The company now has four condominiums and two rental buildings there, and will soon break ground on the west side’s first high-rise condo.

William Rosato, Tarragon’s president, acknowledges that the market on the west side has cooled over the last two years. “It used to be that if we asked $500,000 for a condo, five buyers were standing in line to buy,” he said. “Now, if you ask $500,000, people wait to come in and begin a negotiation.”

Nevertheless, Mr. Rosato added, “Prices are holding pretty strong, as is the pace at which we sell.”

Benjamin D. Jogodnik, a vice president of Toll Brothers who runs its City Living division, said the company had sold more than 400 high-end condominiums at three Hoboken developments since late 2005, when the statewide residential market began to deflate.

There are only a handful of units left at one of those developments, Harborside Lofts, a 116-unit building with balconies and rooftop terraces. The terraces were sold separately, at prices that reached $225,000.

Mr. Jogodnik said the second buildings at both the Hudson Tea and Maxwell Place complexes are approaching completion. Both developments have had steady sales, with Maxwell Place now about 95 percent sold.

Toll Brothers is also building 10 “maisonette” town houses at Maxwell Place. The town houses have the Hudson River outside their doors, and lots of glass facing the view.

The town houses are priced about $1 million above other high-end apartments in Hoboken. The asking prices range from $2.5 million to $3.8 million, for houses that range from 2,300 to 3,800 square feet of space.

No marketing has been done since the town houses became available last fall, and work on the pier outside the windows still obstructs the view of the river from most of the unfinished condos.

“But we have sold four,” said Mr. Jogodnik. “Four in six months, at these kinds of price points, in this market? I’m O.K. with that.”

Bargaining is taking place at all price points for condos old and new, according to statistics from Streeteasy.com. While the average price of a two-bedroom apartment in Hoboken has increased 9.4 percent since the beginning of the year — to $634,917 — more than half of the two-bedrooms currently on the market have had their original asking prices reduced, by an average of 5.3 percent.

Meanwhile, the average price for a one-bedroom unit has dropped 9.3 percent since January — to $420,797 — and 40 percent of those units now on the market have had their asking prices reduced, by an average of 3.3 percent.

There are relatively few three-bedroom units in Hoboken, most of them penthouses, but the average price is up by 3.3 percent, Streeteasy.com reported, to $882,943.

More of the negotiating is occurring on the west side than on the waterfront, Streeteasy.com indicated. About 88 percent of the two-bedroom units listed on the inland side have reduced prices, taken down by an average 7.4 percent.

Still, new high-end developments keep springing up.

The Vesta Group, a developer of boutique condo buildings in TriBeCa and Chelsea in Manhattan, has just begun marketing a 16-unit project on Observer Highway on Hoboken’s south side.

Vesta is promoting the building as Hoboken’s first with video doorman technology, which allows deliveries of groceries and packages while the apartment dweller is out. Vesta is selling two- to four-bedroom units for $690,000 to $1.47 million.

Marketers of this building and others are stressing Hoboken’s walkability, and the fact that schools, shops and retailing are close at hand.

There is one residential amenity that Hoboken has been conspicuously lacking, however, ever since the last movie theater closed in 2005.

But last week, Tarragon, in partnership with Clearview Cinemas, broke ground on a five-screen theater.

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Frequently Asked Questions…

June 17, 2008, 7:03 pm
Filed under: Articles | Tags: jay romano, living solutions, NY Times, NYLS, security deposit

June 15, 2008, 11:51 am

Staying in the Apartment for an Extra Month

By Jay Romano

I live in a rent-regulated apartment in Brooklyn, which I rent on a yearly basis. I plan to vacate my apartment one month past the expiration of the lease because I am moving out of state. My landlord tells me to sign a lease for a whole year and to sign a letter saying I am responsible for rent if he is unable to replace me with another tenant. What should I do?

“The tenant should not sign any renewal lease for a term of one year,” said David Ng, a Manhattan lawyer who represents tenants. “If he does, he would liable for the balance of the 11 months if he vacates after the first month.”

Mr. Ng said that at worst if the letter writer is a rent-stabilized tenant and if he failed to sign a renewal lease (rent-controlled tenants typically do not have rental leases), the landlord might commence proceedings to evict him from the apartment based upon expiration of the last lease.

But as a practical matter, by the time the proceeding is brought, the tenant is likely to be out of the apartment. “Even if he is not out, I know of no court that would not allow him to stay until the end of that first month,” Mr. Ng said.

The only possible liability that the tenant may face is a higher rent for one month and legal fees to cover the costs of the landlord’s bringing a proceeding.

“In most instances, a landlord’s attorney would not recommend that a landlord bring a proceeding to evict a tenant who would be moving in a month’s time,” Mr. Ng said.

———————————————————–

June 1, 2008, 1:45 pm

When a Landlord Won’t Return a Security Deposit

By Jay Romano

I moved into an apartment on a one-year lease. Thirty days before the end of my lease, I gave notice to vacate and requested, in writing, the return of my security deposit and interest.

I moved out on March 2 and have yet to receive a check or a notice stating that the landlord was keeping the deposit. There was no damage to the apartment, so I expect the full deposit to be returned. They are not returning my calls.

What should I do?

Dov Treiman, a Manhattan real estate lawyer, said the tenant had two possible paths to pursue. “First, the tenant may bring a case in small claims court or, for very large security deposits, in the regular part of the New York City Civil Court,” he said.

“Second, the tenant may file a complaint with the Bureau of Consumer Frauds and Protection of the New York State Attorney General’s Office.”

Mr. Treiman said that pressing the case in small claims court or Civil Court could prove very frustrating, because it could entail several appearances in court.

Also, the landlord will frequently be represented by a lawyer, and the tenant typically will not be. While not always the case, the lawyer could use various tactics to delay the case or to wear the tenant down in hopes of forcing him or her to give up.

Even if the tenant wins in court, Mr. Treiman added, he or she would then have to turn over the judgment to a city marshal to have it enforced, a process that can also be time consuming and somewhat expensive.

On the other hand, the consumer fraud bureau of the Attorney General’s Office is very interested in these cases and in getting them resolved quickly. “They have tremendous power to coerce landlords to return the security deposit, but will only do so if the deposit has not been returned for more than 30 days after the tenant moves out,” Mr. Treiman said.

The Bureau of Consumer Frauds and Protection is at 120 Broadway in Lower Manhattan. The toll-free consumer help line is (800) 771-7755.

http://realestateqa.blogs.nytimes.com/

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Sex and the City - The Real Estate Episode

June 17, 2008, 4:24 am
Filed under: Articles | Tags: blog, living solutions, NYLS, Real Estate, sex and the city, trulia

The Sex and the City movie is everywhere! The HBO series included some fabulous shoes, but at Trulia, we’re more interested in the fabulous real estate. Carrie, Samantha, Charlotte and Miranda each had distinct personalities, and the housing to match. Here’s a look at some great properties listed on Trulia that would surely be approved by the girls of Sex and the City:

• Carrie – When we last left Carrie, she was enjoying the single-girl lifestyle in a brownstone apartment in the Upper East Side. This classic brownstone with modern upgrades priced below $800,000 might make a great first home purchase. The private outdoor patio looks like a great spot for an evening cosmopolitan - or two!
• Samantha – This sleek condo a few blocks up from the Meatpacking District has Samantha all over it. The modern interior with huge windows and great views has the sexy look that would appeal to her uninhibited sensibility. (And the glass shower door doesn’t hurt, either.)
• Charlotte – Nothing but a classic Park Avenue pad for her! This beautiful Park Avenue co-op has the traditional, sophisticated look that Charlotte embodies.
• Miranda – The only one to move outside of Manhattan, Miranda would enjoy the extra space that comes with this Park Slope home. Its backyard is great for a family, and a second unit in the house could either be rented out as an investment or used for overnight visitors from Manhattan.

Fri, Jun 6, 2008

Real Estate News

(http://www.truliablog.com/)

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Celebrity Listings Fix

June 17, 2008, 4:17 am
Filed under: Real Estate News | Tags: celebrities, dean martin, living solutions, mansion, michael roche, New York, Real Estate, sharon stone

Recent Celebrity Listing Activity

(http://www.truliablog.com/)

	Actress from hit TV series ‘24′ sells LA beach bungalow sold for $1,200,000 2br / 2ba 762 sqft
	Multi-millionaire Sidney Kimmel sells Palm Beach mansion for $77.5 MM to former Goldman Sachs COO sold for $77,500,000 9br 18,437 sqft
	E! ‘Talk Soup’ host Joel McHale unloads Glendale, CA home sold for $732,000 2br / 2ba 1,634 sqft
	MTV Reality TV star Lauren Conrad buys Spanish-style home in Hollywood sold for $2,360,000 3br / 1ba 2,166 sqft

	Actress Sharon Stone slashes price on Mediterranean mansion – again! $10,000,000 7br / 8ba
	Former home of Rat Packer, Dean Martin, just listed $5,495,000 5br / 6ba
	Disco queen Diana Ross lists French Normandy-style mansion $39,500,000 15br / 14ba
	Bravo’s famous flipper, Jeff Lewis’ TV home on the market $2,995,000 3 br / 3.5 ba 3,024 sqf

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Jersey City vs. Manhattan

June 15, 2008, 6:43 pm
Filed under: Articles | Tags: derrick gross, Jersey City, manhattan, michael roche, NY Living Solutions, NYLS, Real Estate, streeteasy

Jersey City vs. Manhattan

Median price for a condo in a new development in downtown Jersey City: $579,900

Median price for a condo in a new development in Manhattan: $1,475,000

Average price in Jersey City: $640,864.

1br: $539,304
2br: $656,795
3br: $1,231,666

Average price in Manhattan: $2,184,928.

Studio: $891,441
1br: $1,020,626
2br: $1,992,638
3br: $3,751,874

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More Real Estate News !!!

June 14, 2008, 4:33 pm
Filed under: Real Estate News | Tags: crain's, curbed, flatbush gardener, michael roche, NY Living Solutions, NYDN, nyo

Mayor Bloomberg warns that property taxes might have to be raised [Crain's]

A look at architect Enrique Norten’s One York, where telecom mogul Michael Hirtenstein bought six apartments for $25 million [Curbed]

The rezoning proposal for Victorian Flatbush takes shape [Flatbush Gardener]

Ridgewood, Queens, offers bargains [NYDN]

Is the condo market really saturated? [NYMag]

Developer Aby Rosen talks about the Chrysler Building and Tom Wolfe [NYO]

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Prices come down to help move new projects

June 14, 2008, 4:28 pm
Filed under: Articles | Tags: NYLS, Real Estate, NYC, lauren elkies, condos

Condos on the chopping block

By Lauren Elkies

As sales have slowed and inventory has grown, developers are clamoring to move new development condo units, many by adjusting prices.

Price cuts are outpacing price increases, and prices appear to be falling on the whole in the two most active boroughs for development, Manhattan and Brooklyn, particularly in Harlem and much of Brooklyn.

The Real Deal compiled a project-by-project and neighborhood-by-neighborhood breakdown of price changes among listings where there were price fluctuations during the past 90 days. Data was provided by StreetEasy, the home listing and data Web site. Listings excluded resales.
The data showed that 54 percent of Manhattan listings that saw a change in price had dropped their prices in the three months, and 64 percent of Brooklyn properties that had fluctuating prices cut theirs.

Although the actual average price changes in Manhattan were about three-and-a-half times more than the changes in Brooklyn, where there are more fringe neighborhoods and sales prices are lower, the average net price change was comparable at -$15,362 in Manhattan and -$14,516 in Brooklyn.

While the data show some price drops, Andrew Gerringer, managing director of Prudential Douglas Elliman’s development marketing group, said that the developers he is working with are negotiating, but not by not slashing prices.

“Developers are offering brokers more commission and paying closing costs,” he told The Real Deal.

Although not all brokers readily acknowledge developers are adjusting prices, and the StreetEasy research is limited, (because it only covers a three-month period and the number of price cuts need to be considered relative to the initial prices), the data provide a glimpse into how market conditions are affecting pricing. The data was also impacted by big price cuts at a single development, which could affect totals for an entire neighborhood.

MANHATTAN

Manhattan held up fairly well over the three months ending May 15 with slightly more condo price decreases than increases. There were 178 increases with an average change of $146,483 and 208 decreases with an average change of $153,864.

Of all submarkets in Manhattan — Downtown, Midtown, Upper West Side, Upper East Side and Upper Manhattan — only the Upper East Side, the most expensive market in terms of the average price per listing ($4.1 million), was in the black in terms of a net price increase ($106,436), meaning that on the whole, developers raised their prices more than they lowered them, StreetEasy determined. Percentage-wise, the Silk Stocking District also had the most price increases (27) relative to decreases (11).

“The Upper East Side, on a valuation basis, has not spiked as much as other popular and trendy neighborhoods, so it has a little more headroom for pricing,” said Jorden Tepper, executive director of sales at Century 21 NY Metro Fine Homes & Estates.

Downtown Manhattan, which has a new development inventory that almost matches the size of all the other submarkets combined, saw the most price increases of all submarkets with 88, despite concerns about an inventory oversupply, particularly in the Financial District. A couple of projects contributed to the steep total, including River Ridge condos with 13 increases (and three decreases) and Tribeca Summit, also with 13 increases (and three decreases). As a result of a few large markdowns, the average net change, however, was -$18,128.

Upper Manhattan fared the worst in terms of the number of price reductions with 75, compared to only 14 increases. Harlem had 52 price decreases and six price increases.

“People who wanted to be on the Upper West Side were getting priced out and went farther north,” said Sofia Kim, vice president of research at StreetEasy. So developers started building aggressively to meet demand. At the same time, current market conditions are putting pressure on prices in fringe outlying neighborhoods including Harlem.

“All fringe neighborhoods are suffering,” said Darren Sukenik, an executive vice president at Prudential Douglas Elliman. “These fringe neighborhoods were successful in an inappropriately manic-driven market two years ago.”

Of 29 Manhattan neighborhoods, more than half saw negative net changes.

After Harlem, Chelsea had the most price drops with 18.

“With Tribeca and Soho’s stunning condo lofts coming to market month after month, Chelsea no longer has the allure it once did,” said Jeffrey Tanenbaum, a vice president at Barak Realty. “Not to say Chelsea is passé, but it no longer is the most exciting flavor of the month.” Tribeca saw 19 price increases and five price decreases. Soho was split with four increases and four decreases.

But in a testament to the allure of a good project, there were 22 price increases in Chelsea.

The greatest price cuts Downtown were in the West Village, where three changes brought the average net price change to -$2.2 million. The price decreases included the $2.5 million price slashing of Julian Schnabel’s Palazzo Chupi’s duplex from $32 million to $29.5 million and the $4 million cut in price at Hudson Blue at 423 West Street.

BROOKLYN

The majority of Brooklyn’s 23 neighborhoods saw overall price drops. Prices were slashed at 183 units with an average price decrease of $42,195. There were 103 listing increases averaging $34,660.

In the popular and increasingly saturated new condo market in Williamsburg, where the market varies by area, there are bound to be price changes.

“Williamsburg is definitely a hotbed of activity so you’re going to have more competing developments,” said Kim of StreetEasy.

Williamsburg was home to the greatest number of units with price changes (104). Developers raised prices 64 times and lowered them 40 times. The majority of the price increases were at Northside Piers. Without that project, the area would have done poorly with 40 price decreases and only 11 increases.

Northside Piers, a Toll Brothers project marketed by Halstead Property, had 53 price increases — four units at the project had as many as four price changes — in the three months, with an average price change of $40,302, StreetEasy data indicate. Although increases might seem strange considering Toll Brothers reported its eighth-consecutive quarterly decline in revenue last month and might want to sell units quickly at lower prices, prices were too low from the start, said a broker who has worked on the project.

“Northside was the first tower ever in Williamsburg,” said William Ross, a director in new development marketing at Halstead, and former director of sales for the Brooklyn office. As such, Ross said the team did not how to accurately price the units. “We did the best we could,” he said.

The majority of the 180 units in the building have had price adjustments, Ross said. Last April, Halstead reduced the prices of 35 units in the building, all large units with unimpressive views, by an average of 12 to 15 percent, or $65,000 each. “We found out the larger units that don’t have views didn’t sell until we did the decrease,” Ross said.

The numbers for Clinton Hill (24 price reductions and three increases) and Park Slope (18 decreases and zero increases) were pretty weak, but some brokers attribute the price drops to developers trying to push the neighborhood boundaries.

As the boundaries of Clinton Hill and Park Slope expand farther away from main transportation lines, so do price reductions. Homes in the heart of Park Slope and along brownstone row in Clinton Hill are selling well, said Tom Le, vice president and associate broker at the Corcoran Group in the Williamsburg office. But projects on the outskirts are on shakier ground. Too many developers do not create the right product in the right location, Le said.

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WEEKEND REAL ESTATE NEWS

June 2, 2008, 3:47 pm
Filed under: Articles | Tags: NYLS, NY Observer, NY Times, NYDN, Time Out New Yorkm, Real Estate Blog

What you need to know to get a home loan in today’s more regulated mortgage market. [NY Times]

Living in: Yorkville. [NY Times]

Q & A: When a landlord refuses to return a security deposit. [NY Times]

The new cast of The Real World will live in a $6 million, two-story penthouse at the Belltel Lofts in downtown Brooklyn. [NYDN]

A list of weekend getaways that won’t lighten your wallet or expand your carbon footprint too much. [Time Out New York]

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NYLS Agent Rob Riley stars in Cat on a Hot Tin Roof

May 27, 2008, 5:45 pm
Filed under: Uncategorized | Tags: broadway, cat, cat on a hot tin roof, NYLS, Real Estate, robert christopher riley

CAT 2008

Robert Christopher Riley(Servant/ understudy Brick, Gooper and Lacey) is extremely grateful to be working with such a talented company in his Broadway debut. Favorite credits: Joe Turner’s Come and Gone, Fences, Witness for the Prosecution, A Christmas Carol, Untold Truths (written and performed with Kashi Johnson). He holds an MFA from Ohio University and a BA from Lehigh University.

Rob C. Riley has been a member of the NYLS family since day one. Riley attended Lehigh University with NYLS Co-Founder Michael Roche and Chief Operating Officer Giovanni Castro. Despite attending grad school in Ohio and facing a hectic acting schedule here in New York, Rob C. Riley has been a top producing agent at NYLS. Unfortunately for NYLS, Riley’s acting career has taken off. Robert Chistopher Riley is now starring in Cat on a Hot Tin Roof on Broadway http://www.cat2008onbroadway.com/index.html.

TICKETS ON SALE NOW!
Final Weeks! Strictly Limited Engagement Closes June 22!

The Broadhurst Theatre
235 West 44th Street | New York, NY 10036

Schedule Tuesday at 7PM, Wednesday at 2PM & 8PM, Thursday at 8PM, Friday at 8PM, Saturday at 2PM & 8PM, Sunday at 3PM;
no performances Mondays

Running Time 2 hours and 45 minutes, including two 12 minute intermissions

Price $61.50-$96.50

RCR

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(( NYLS EXCLUSIVE )) 555 W. 23rd Street - Apt N11F

April 19, 2008, 3:46 pm
Filed under: NYLS Exclusive | Tags: andrew ziff, chelsea, condo, exclusive, New York, NY Living Solutions, NYC, NYLS, Real Estate

NYLS Exclusive

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Greatly Exaggerated? By JOSH BARBANEL

April 19, 2008, 3:55 am
Filed under: Articles | Tags: NYLS, Real Estate, New York, NY Living Solutions, Apartments, NYC, article

April 13, 2008

Big Deal

Greatly Exaggerated?

By JOSH BARBANEL

REPORTS of a decline of the Manhattan real estate market may have been premature.

Since the release of first-quarter sales results on April Fool’s Day, brokers have been ruminating on the extent of a slowdown in the property market. One report prepared for Prudential Douglas Elliman by Jonathan J. Miller, an appraiser, showed a 34 percent drop in quarterly sales, compared with the corresponding period in 2007, the steepest decline in sales in memory.

This finding, however, was called into question by higher sales figures recorded by other brokerage firms. And even one of Elliman’s top-selling brokers, Dolly Lenz, said in an e-mail message to fellow brokers, “Something is very wrong somewhere and I need a plausible response, as will we all.”

In a later e-mail message to a reporter, she said that despite some stress “here and there due to overbuilding,” the “market is really quite good over all.”

Last Wednesday, Gregory Heym, the chief economist for Halstead Property and Brown Harris Stevens, sent an e-mail message of his own to brokers at those firms. He said that while each company’s sales figures were only estimates, the Douglas Elliman report was incorrect and “missing almost 600 sales, which were available for anyone to view” in the city’s online records.

Mr. Miller, the president of Miller Samuel Inc., said he used the same methodology that he has been using for 14 years, based on a variety of public and proprietary sources, and that differences in firms’ reports could be caused by the timing of data collection. “I stand by my numbers and the methodology used to compile them,” he said.

Because there is often a lag of several weeks in reports of property closings, each firm tries to capture closings filed in public records up to a few days before the end of the quarter, as well as additional reports of closings from managing agents and other sources.

But a review of closing documents filed by last Wednesday, nine days after the end of the quarter, showed that the number of sales was roughly flat compared with the same quarter a year ago. They fell, but by less than 1 percent, or a decline of 11 sales out of nearly 3,500 sales reported in April 2007.

Last spring, the number of closings rose to record levels, but with contract signings lagging lately and uncertainty on Wall Street, few brokers are predicting a similar surge this spring. Yet who would have thought that Manhattan apartment prices would hit record highs in the first quarter, while prices fell across the country?

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2008 AIDS WALK !!! ((REGISTER NOW))

April 14, 2008, 8:03 pm
Filed under: Community Service | Tags: aidswalk, Apartments, Community, New York, NYC, NYLS, Real Estate, rentals

Aidswalk Logo

NYLS is proud to be participating in our second annual Aids Walk on May 18th, 2008. Please join our team and help raise money by walking through Central Park for those affected by HIV/AIDS.

If you are interested in Joining this years NYLS Aids Walk Team, Please visit www.aidswalk.net and click on “TEAMS” and look for our two teams, “NYLS DOWNTOWN” and “NYLS GRAMERCY”. To donate to this worthy cause please click on “Donations” under our team name.

If you have any questions please visit www.aidswalk.net or give us a call at 212.962.3940.

(The 2007 NYLS Aids Walk New York Team)

2007 NYLS Aids Walk Team

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Building Spotlight = 15 Park Row

April 14, 2008, 7:43 pm
Filed under: Building Spotlight | Tags: NYLS, Real Estate, New York, NYC, Tribeca, Financial District, City Hall, Rental apartment, historic building, studio, one bedroom, loft

15 Park Row

The spectacular panoramas that residents enjoy at 15 Park Row are classic and inspiring. Breathtaking East River vistas, from sunrise to sparkling night bridges, are complemented by celebrated views of the Woolworth Building and of course, the elegant greenery of City Hall Park.

15 Park Row carries the illustrious architectural heritage of design by the renowned R.H. Robertson. It was at one time, from 1899 - 1908, the worlds tallest office tower. Its ornate twin towers remain a signature presence among downtown manhattan’s most celebrated landmarks.

BUILDING AMENITIES:

Beautifully restored Beaux Arts Lobby
24-Hour attended lobby
Laundry facilities on every floor
High Speed Internet Options
Time Warner Cable Television
Fitness Center

RESIDENCE AMENITIES:

High Ceilings
Oversized Windows
Pass Thru Kitchens featuring Golden Peach granite coutertops, White wood cabinetry, and GE appliances
White Marble Bathrooms with Pedastal Sink
Hard Wood Parquet Floors

Please visit www.15-parkrow.com for more information or call the Rental Office at 212.962.3940 anytime.

CURRENT AVAILABILITIES:

STUDIO - “C” Line - $2,095

C Line

ONE BEDROOM - “F” Line - $2,850

F-Line

LOFT - “D” Line - $2,995

D-Line

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NYLS WINS !!!!!!!! ((NYLS 52 - LIC 43))

April 11, 2008, 6:21 pm
Filed under: NYLS Basketball | Tags: Apartments, Basketball, Careers, Championship, NY Living Solutions, NYC, NYLS, Real Estate

Final Score

Last night Team NYLS defeated Team “LIC” to win their 2nd “Urban Professional League” Championship…

GAME SUMMARY: With many fans cheering them on, Team NYLS got off to a shaky start and trailed by two points at halftime (22-20). In the second half however, Team NYLS got it together; led by leading scorer Laverne Goulbourne (22 points) and Michael Roche (14 points), NYLS hit a number of amazing shots to take the lead for good with 10 minutes left in the game. Team captain Giovanni Castro provided much needed leadership down the stretch and 6th man Ben Brown played great defense and provided excellent toughness in the second half. In the end it was Team NYLS 52 and Team “LIC” 43. Team NYLS finished the season with 13 wins and only 1 defeat.

Team NYLS would like to thank those who attended the game (and those who arrived just after the conclusion of the game) and the Championship Afterparty.

N Y L S

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NYLS Basketball - CHAMPIONSHIP GAME ((TONIGHT!!))

April 10, 2008, 5:51 pm
Filed under: Uncategorized | Tags: Basketball, Championship, Community, Events, New Jersey, New York, NYLS, Real Estate

1st NYLS Championship Team

Come cheer on the NYLS Company Basketball Team TONIGHT at 9pm at Westside Highschool, Located on 50th Street between 10th and 11th avenue. The NYLS Boys Basketball team is seeking their 2nd “Urban Professional League” Championship tonight against team “LIC”…

After finishing the regular season with 11 wins and only 1 defeat, Team NYLS won their first playoff game last week against Team “Hoop Dreams” in a very competitive game that was decided in the final minutes of action. Team NYLS would like to thank all of the loyal fans who have supported the Team all season long…

Please contact Team NYLS Captain, Giovanni Castro at 917.880.2047 for more info on the Team and remaining game schedule…

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