To understand what’s happening in the Morningside Heights real estate market, we interviewed an award-winning Certified TopAgent who specializes in the area.

James Perez, Brown Harris Stevens: Jim has been selling Upper West Side and Morningside Heights homes for over 12 years. He is intimately familiar with the neighborhood as he is a graduate of Columbia College and received his MBA from Columbia University.

.

What are some of Morningside Heights’s defining characteristics?

When I started in the business, we had to market the Upper-Upper West Side and Morningside Heights. Today, we no longer have to. Demand for homes in Morningside Heights is strong for a few reasons: The architecture is stunning; there are several private schools north of 110th Street that are attracting a lot of interest, and there are four or five new developments on Broadway north of 96th Street that have sprung up over the last few years.  Finally more people have realized that for an extra one or two subway stops you’re in a totally different environment that is brighter, less congested, quieter and of course still less expensive.  You just feel the difference immediately.

What is the housing stock in Morningside Heights?

The Morningside Heights home sale market is still comprised of mostly co-ops, but new developments – both new construction and conversions – are changing that.  However much of the housing stock in the area is owned by Columbia University, and is provided as rentals to students, faculty, and staff. This greatly reduces the number of Morningside Heights homes that might otherwise be available for sale.

What do you see happening in the Morningside Heights home market these days?

We’re actually seeing a tightening of supply — we have more and more buyers who are having a hard time finding properties to look at, much less to buy.  We’ve seen a lot of Morningside Heights homes purchased that were recently put on the market, and even some of the older listings are finally selling. Between the sales activity and the fact that quite a few owners took their apartments off the market earlier this year, we’re actually seeing a frustrating supply situation for buyers.

What advice would you give to a buyer looking for a home in Morningside Heights?

You really have to stay on top of things.  The Morningside Heights home market does not have a lot of supply:  West End Avenue ends at 107th, and north of that is Riverside Drive, Broadway, and Columbia, so the geography is limited.  Columbia’s ownership of the housing stock strongly limits a buyer’s options, as well.  Because it can be difficult to find apartments in Morningside Heights it is important tow work with a broker who has his finger on the pulse of this market and has a lot of local contacts.

What advice would you give to someone selling his/her Morningside Heights home?

First of all Morningside Heights home sellers should work with brokers who have a long and proven track record in the neighborhood, can properly price and present, and successfully close on deals due to their familiarity with the buildings, management companies, and policies.

Next, each property is different, but staging is always important. Some apartments need more work than others.  No matter what it is always a good idea to de-clutter and clean your home. This might entail having a professional stager involved.  Unquestionably presenting it in its best light is absolutely necessary.

Last, and perhaps most critical, is pricing.  Buyers are willing to pull the trigger when they see a good property, but if the seller is being unrealistic they’re willing to look elsewhere.

What do you see happening in the Morningside Heights home market in the next 6-12 months?

Forecasting is tough, but the Morningside Heights home market feels really good right now.  The market feels strong because good properties are selling quickly. We’ve had a number of bidding wars, so if you’re a buyer, you have to ask if you can run the risk of waiting any longer.  Nine months ago buyers waited as prices continued to drop, but now things have changed and buyers have to make a decision whether the price drops will continue or not.

For sellers, you should cast your line into the water.  Consider going to market immediately because the fish are biting, so to speak, and who knows what will happen down the road.

Click for independent reviews & profiles of top agents who specialize in Morningside Heights.

To understand the special issues that arise when selling real estate related to the disposition of an estate or through a probate, we two interviewed an award-winning Certified TopAgents who specialize in this area.

Dan Farris, Brown Harris Stevens: Dan has been selling Manhattan real estate for nearly 20 years. He has successfully worked with many estates and probates, selling properties, providing broker opinions, and managing the staging process.

..

Joanne Douglas, The Corcoran Group: Joanne and her team annually close between $15-30 million in estate/probate sales alone. She is an annual member of Corcoran’s President’s Circle (Top 25 agent in the firm) and has been selling Manhattan real estate for 25 years. 

.

What makes selling an estate different than selling a non-estate apartment?

Joanne Douglas: There’s nobody living in the home…and unfortunately you can feel that when you come in. But you don’t want it to feel that way.  Usually, in an estate/probate situation, the apartment is dated or very cluttered. It’s very important to convince the trustee or heir to hire a professional cleaning crew. Sometimes it’s even worth white-washing the apartment. If possible, we prefer to keep the furniture because the apartment will photograph better, but if we have to, we’ll hire a haul-away crew to remove any shabby furniture. In certain instances, we’ll bring in a professional stager who will bring in accessories to warm up the apartment.  It may cost a couple thousand dollars to do that, but it makes a huge difference in the sale.

Dan Farris: In terms of the presentation, it is important to make the home look as inviting as possible.  If there are things such as leaks or signs of leakage, fix them and paint them so they look good cosmetically. When you’re dealing with an estate/probate, you need to remove the clutter so the apartment is appealing.  If it smells, you should rip up the carpet.  Some apartments only need a touch up, but others may need to an entire paint job and re-flooring. If there are any signs of death or medical care, for example a shower or toilet seat that provides assistance, remove them. You want the home to be appealing to people moving in.

Read the rest of this entry »

To understand what’s happening in the Financial District and Battery Park City real estate markets, we interviewed several award-winning Certified TopAgents who specialize in the area.

Jon Phillips & Ginnie Gardiner, Halstead Property: A husband and wife team, they almost exclusively represent sellers and developers. They are members of Halstead’s Gold Circle, Platinum Circle and Producer’s Council and have extensive experience in the Financial District and in Battery Park City.

.

Paul Gavriani & Vincent Falcone, The Corcoran Group: Paul and Vincent lead a team of seven agents. Since 2006, they have been members of Corcoran’s President’s Council (Top 25 agents in entire company). They have extensive experience working with investors and first-time buyers purchasing in the Financial District and in Battery Park City.

What makes the Financial District and Battery Park City different than other neighborhoods in New York City?

Paul Gavriani: Obviously, you have Wall Street there…this area is where many of the international banks and financial institutions have their offices. However, since 9/11, the Financial District has become much more of a residential area. New York City enticed residential development in the Financial District by offering developers tax abatements, such as the 421-a tax abatement. For ground-up development, the abatements typically last 10 years but in the Financial District, New York City provided up to 12-15 years of abatement, so that attracted a lot of buyers. New York City wants to make the Financial District an 18-hour neighborhood. They have tried attracting retail stores to provide the services that are necessary to live in the area—such as grocery stores. However, quite a bit of the retail that has leased space in the Financial District has been more high-end retail, such as Tiffany’s, not the everyday services that people who live in the neighborhood want.

Jon Phillips: The Financial District has great ambiance and architecture. You have the Seaport, a number of parks and a large amount of restaurants. Still, the retail element is mostly missing. The residential market in the Financial District has the potential to be very vibrant if the City could figure out the symbiosis with the retail aspect. The retail never came in to support the residential development. There should be a Whole Foods in the Financial District just as much as “Pink” Shirts. They need the basics; they need the neighborhood stores. If there was that support, and the educational support was maintained, the Financial District could become a new, vibrant area. It’s halfway there, but having an awkward adolescence.

Vincent Falcone: Battery Park City is next to the Financial District–you simply need to cross West Street–but has a much different feel. Battery Park City started as 27 acres of landfill from the World Trade Center development project. New York City literally built more land onto the island. The City leased the land to developers who build condos and rental buildings. Because the land is owned by the state (which acts as a landlord of sorts), property owners don’t pay taxes to New York City.  Instead, they pay PILOT — Payment in lieu of taxes. PILOT is much higher than the taxes you would pay in other neighborhoods, so the cost of ownership is pretty high. On the upside, most of the buildings are relatively new and have great amenities, and the physical space, with its parks, waterfront, and art is fantastic. It’s a relaxing neighborhood and right next to the Financial District.

Read the rest of this entry »

To understand what’s happening in the Tribeca real estate market, we interviewed several award-winning Certified TopAgents who specialize in the area.

Barbara Godson, Halstead Property: Barbara has been selling lofts and co-ops in Tribeca since 1984. Throughout her career, she has sold roughly $300 million of Downtown Manhattan real estate.

.

Timothy Melzer, The Corcoran Group: Tim is considered to be one of the city’s most knowledgeable Downtown Manhattan real estate agents. Tim was named REBNY’s Rookie of the Year in 2001 and has since sold over $100 million in real estate.

.

Paul Gavriani & Vincent Falcone, The Corcoran Group: Paul and Vincent lead a team of seven agents. Since 2006, they have been members of Corcoran’s President’s Council (top 25 in entire company). They have extensive experience working in Tribeca.

.

What are some of Tribeca’s defining characteristics?

Timothy Melzer: Tribeca stands for Triangle Below Canal. It stretches from Canal to the West Side highway to Broadway, and it connects down to Park Place. Over the past few years, Tribeca has gained a lot of exposure in the media. There is a car named after it and people associate it with Robert Deniro and his film festival. Tribeca is now considered a place in which you’ve “made it” if you live there. Really though, it’s a family-oriented neighborhood. Tribeca has some of the best schools in the state and a very active, involved community.

Tribeca has cobblestone streets, is clean, and feels like a brand new area, only it’s built from older manufacturing buildings. Tribeca has more services than other downtown areas and is less touristy.  Either you live there or you don’t really go there. Many finance professionals live there because Goldman Sachs, Citigroup and Merrill Lynch are all within a few blocks.

Paul Gavriani: A lot of people know the name “Tribeca” and like the sound of it, but they don’t understand what Tribeca is.  Tribeca is a more industrial area than most other Manhattan neighborhoods – many of the buildings are former warehouses that have been converted. Because these buildings were once industrial buildings, Tribeca is the land of huge lofts and the floor spaces can be huge. Some of the services we take for granted in other neighborhoods are not there – they may be there one day, but they’re not there yet.

Vincent Falcone: At first glance, Tribeca with its many industrial type buildings appears to be less residential than it really is. However, once people become familiar with the area, they come to love it for the “real” neighborhood that it is.

Tribeca’s streets are generally clean, quiet and safe. Geographically, it is abutted on the West by Riverside Park and its miles of bike and jogging paths. The area boosts one of the best school systems in then city.  Its residents are a diverse group including Wall Street professionals who work in nearby offices, families requiring spacious living quarters (which the neighborhood has an abundance of) and creative types who love the large open spaces which can be found here.

Barbara Godson: Tribeca feels almost like a village. Once people move down to Tribeca, they don’t want to leave. Sometimes they go down there reluctantly, but once they buy and move in, they love it. It’s quieter than most other Downtown neighborhoods in the evening.

Read the rest of this entry »

To understand what’s happening in the Murray Hill real estate market, we interviewed several award-winning Certified TopAgents who specialize in the area.

Gabriel Bedoya, The Corcoran Group: Named Corcoran’s “Rookie of the Year” in 2003, Gabriel has been one of the firm’s Top 25 agents for the past three years. Because he works with many international clients, much of his business is focused in Midtown West.

.

Michael Gordon, The Corcoran Group: Michael sold more units in Corcoran’s largest development project, The Orion, which is located in Midtown West. He has been a part of Corcoran’s Multi-Million Dollar Club since 2002, his first year in the business.

.

Doug Heddings, Charles Rutenberg Realty: Doug has been in the business for nearly 20 years and is an expert in Midtown West real estate. Prior to joining Charles Rutenberg Realty, Doug received Prudential Douglas Elliman’s Legend Award in 2008.

.

What are some of Midtown West’s defining characteristics?

Gabriel Bedoya: Midtown West is a dynamic neighborhood because it has so many different elements. Of course, it is very popular with tourists because of Times Square, the Theater District, the beautiful hotels, Rockefeller Center, and it’s proximity to Central Park. The neighborhood also has great residential areas, as well. The farthest west area of Midtown West is the most residential part of the neighborhood. Due to the zoning, all of the buildings capped at five or six stories, so it’s brighter, and there is a distinct neighborhood feel. It’s almost European in a way – rather than shopping for everything at mega stores, you go from your neighborhood bakery to the meat market to the fish market to a wine store and cheese market. Midtown West has a ton of restaurants with all different types of cuisines and flavors.

The neighborhood continues to move west towards the River. Between 10^th and 11^th Avenues, you have a mixed zone of residential and businesses.  Whether they’re offices or, for instance, fashion designers, it’s a mix. There are two hotels opening very soon on 11^th Avenue and 47^th and 48^th Streets, because developers believe that this area will be one of the real growth areas in the city.

Michael Gordon: The two major components of Midtown West are Times Square and Clinton. Clinton is another name for Hell’s Kitchen. Clinton has a limited building restriction, so there are fewer high rises than in the Theater District and Times Square.

The western parts of Midtown West are comprised of mostly low-rise buildings, especially between 42^nd and 50^th Streets.  Closer to Times Square, from 6^th Ave to 8^th Ave for example, the buildings are taller and have better views, so the feel is different.  One area is more residential and one more business oriented.  The high-rise buildings offer fabulous views of the Hudson River, at reasonable prices. Today, Midtown West offers some of the best values in the city.

Doug Heddings: My customers who purchased in Midtown West love that the neighborhood as a real Manhattan energy to it.  The neighborhood as added some unbelievable restaurants in the past 5-10 years. Many of my clients work in Midtown West, so they love having a short walk to work. Midtown West is also one of the last neighborhoods in the city where you can go to a fish market, a real NYC butcher, and local bakery instead of a huge grocery store.  There are still quality mom-and-pop markets. There’s the Amish market run by the Lancaster Amish.

In certain ways, Midtown West is still untapped, particularly in the far western part. There is room for development and growth, so that area hasn’t seen its peak yet, in my opinion.  I think it might see it in the next up cycle, so there could be some great opportunities to buy properties that will significantly appreciate.

What is the housing stock like in regards to Midtown West homes?

Michael Gordon: There is a mixture.  Midtown West has condos, townhouses, co-ops, rent stabilized buildings, luxury rental buildings and office buildings.  It’s a relatively new residential area; recently it has become much more a destination for people to move, whereas before, it wasn’t heavily populated.

Gabriel Bedoya: There are a good number of condominiums, so I think there are more in relation to the rest of the city.  The co-ops are all low-rise buildings, and the condos are all high-rise, so while there are fewer condo buildings, there are more units.  There is a large stock of luxury rentals, as well.

Read the rest of this entry »

To understand what’s happening in the Murray Hill real estate market, we interviewed several award-winning Certified TopAgents who specialize in the area.

Dina Cohen, CitiHabitats: Dina specializes Murray Hill and Chelsea. She has won numerous CitiHabitats awards, including Top Producer, Highest Earning Sales Agent, Top Sales Listing Agent, and the award for Outstanding Customer Service.

.

Ivana Tagliamonte, Halstead Property: Ivana was the #1 selling agent for the Halstead Village office in 2008 and is consistently ranked as a Top Producer. She has sold over $100 million in real estate and is a well-known Murray Hill expert.

.

Karen Giaquinto, Prudential Douglas Elliman: Karen has helped her clients buy and sell dozens of apartments on 5^th Avenue in Murray Hill. In 2008, Karen was awarded the Prudential Douglas Elliman Legend Award (top producer for five consecutive years).

.

Tracie Hamersley, CitiHabitats: Tracie has sold over $75 million worth of real estate in the past six years.  She has been the top agent in CitiHabitats’ Murray Hill/Gramercy office on multiple occasions.

.

What are some of Murray Hill’s defining characteristics?

Dina Cohen: Murray Hill is a lively neighborhood that has every amenity that a person would need. There are tons of restaurants and bars, boutiques, all kinds of shops; Murray Hill has a neighborhood feel to it. It is also extremely convenient — it’s very close to Midtown and Grand Central and Gramercy Park. Murray Hill has become very popular because of its convenience.

Ivana Tagliamonte: Murray Hill is from 42^nd to 34^th or 28^th (depending on who you talk to) so it covers a pretty big area. It is centrally located so you can get Uptown and Downtown quickly and easily. The neighborhood really has a mix of people, from those wanting to be close to Grand Central or their office, to townhouse owners to young professionals. Many Murray Hill residents love the neighborhood because it is where they socialize – there are great bars, restaurants, Irish pubs and inexpensive ethnic restaurants.

Karen Giaquinto: In certain ways, parts of Murray Hill have recently been discovered.  For a long time, the area toward 5^th Avenue was very commercial. Michael Graves’ building, 425 5^th Avenue, changed that. Several years later, 325 5^th was built and 225 5^th was converted to condominiums. Today, there a number of newly constructed or converted luxury buildings located along 5^th Ave in Murray Hill which has made the 5^th Avenue corridor in Murray Hill extremely attractive to both residents and investors. Some of the buildings offer great views of the Empire State Building and Chrysler Building, which buyers find attractive.  Even though the economy isn’t doing well, people like a central location, and Murray Hill definitely offers that.

Read the rest of this entry »

In New York City, there are many issues that a savvy buyer needs to keep in mind before committing to a purchase. It’s not just about location and price. Here’s a top 10 list of things you want to think about before committing to a purchase.

1. Outdoor space. One of the most valuable features a Manhattan home can have is some outdoor space. A balcony is nice but a large terrace or patio is even better. But some unforeseen problems can crop up if you are not careful. First, if you are not on the top floor but your space is open to other floors above you, make sure your upstairs neighbors don’t like to toss their cig butts out the window–or worse. Look around for any butts in crevices for clues. If your potential terrace is a result of a set-back and there are many stories right above you, you may be in for more falling debris than just a cigarette butt! Second, if you have little ones, you need to think about the unthinkable–and how to prevent a toddler from exploring places they should not.

2. Living next to an elevator. If the home you are interested in is right next to an elevator, your commute might be a few steps shorter, but you need to see if the “enhanced” noise level is acceptable. Elevators can make deep, penetrating mechanical sounds…and people waiting for an elevator can make penetrating people sounds.

3. Living under a terrace or the roof. This is something you probably never would consider, but if you live underneath a terrace, or right below the roof, you could be in for flooding trouble. Terraces and roofs often have drains that block up–and when they do, the water has a nasty habit of finding a way into the apartment directly below.

4. Living on the ground floor. This is no secret. New York City ground floor apartments are noisy and people can look into your home. Duh. But even if the price is right, make sure you really understand the implications…it can get pretty nasty. There are things you can do–ultra quiet “city windows,” blinds that open from the top down, etc., but make sure that you know what you’re getting into.

Read the rest of this entry »

To understand what’s happening in the Washington Heights real estate market, we interviewed an award-winning Certified TopAgent who specializes in the area.

Kelly Cole, The Corcoran Group: SVP and member of Corcoran’s Multi-million Dollar Club and Corcoran’s Advisory Council, Kelly is considered to be the firm’s resident expert for Washington Heights. Because she also owns and lives in Washington Heights, Kelly has a detailed, intimate perspective on specific apartments, buildings and blocks throughout the area.

.

What are some of the unique aspects of Washington Heights?

Washington Heights has two distinct residential pockets – the Southern part, located in and around the Audubon Park Historic District, and the Northern part, located between 181^st Street and 192^nd Street. Most Washington Heights co-ops and condos rest within these areas.

The Northern pocket of Washington Heights, commonly referred to as Hudson Heights, is charming and quiet.  There are beautiful wide, tree-lined blocks with well-kept buildings mostly of the Deco era.  You get lots of sky.  There are two main thoroughfares, 187^th and 181^st, that have shopping, restaurants, pet stores, wine shops, a high-end spa – all of the amenities you would want and expect from the Upper West Side only on a smaller scale.  It’s only 20 minutes to Midtown on the A Train; farther East you can get the 1 Train.

Hudson Heights has a sweet “village” feel, similar to some Brooklyn neighborhoods.  There are a lot of great parks and being the highest point in Manhattan, the vistas are breathtaking. Because the neighborhood is north of the GWB and because there is very little high-rise development, any riverfront home has amazing views of the Hudson River and Palisades.

How would you describe the Southern pocket of Washington Heights…how are homes in the area different?

The Southern pocket of Washington Heights, The Audubon Triangle, is located west of Broadway between 155^th and 160^th Streets.  It includes the Audubon Park Historic District and is teeming with glorious pre-World War I buildings.  It has some of the premiere, well-established Washington Heights co-ops which offer full-time doormen, and amenities such as garages and gyms. The pre-war Washington Heights homes in the Southern pocket include classic six, seven or eight room apartments, which are rare anywhere North of here. Many pre-war rentals have been converted to condominiums here which affords buyers yet another option when looking to purchase a Washington Heights home.

There are fewer upscale dining options here than in Hudson Heights, but there are certainly plenty of shopping and food options. The growth here has been slow, steady and organic, which is why I think these Washington Heights homes have held their value reasonably well and appreciation potential is huge.  The Audubon Triangle, while strictly residential, has a decidedly urban vibe.

What are you seeing in the Washington Heights home market these days?

Prices for Washington Heights homes have come down, as they have throughout Manhattan, but I think we’re at or near the bottom.  Price per square foot for a Washington Heights home has dropped to a range that is more consistent with $500-550 psf, whereas before it was $650-750 psf.  In terms of activity, I’m definitely seeing an uptick. Deals are happening more easily now – as long as sellers acknowledge the new realities in the market.  Large Washington Heights homes are attracting buyers who are still priced out of the UWS for classic six or sevens.

What advice would you give to a potential Washington Heights home buyer?

Determine which pocket of Washington Heights best suits your lifestyle. Which subway line is best for you to be near? Are you a nester, or do you want to have a handful of restaurant choices outside your door? Do you want to re-sell quickly or stay in the neighborhood for a while?  All of this is important because the vibe from lower to upper Washington Heights is very different, and they attract disparate personality types. Additionally, if you regularly travel outside the city to New Jersey, upstate NY, Connecticut for example, Washington Heights is ideally located to avoid city traffic and extended commute times.

What advice would you give to sellers of Washington Heights homes?

Because prices have come down on the Upper West Side, sellers of Washington Heights homes are competing with those sellers.  For example, a buyer can get a one bedroom on the UWS for $500k or less now, however the apartment will probably be small (600 square feet, if you’re lucky) and in a non-doorman building. A similarly priced Washington Heights home might be 1,000sf and be in a doorman building. It is important for sellers to market their property in a way that highlights the reasons (i.e. apartment size, neighborhood feel, amenities) that make it worth traveling an extra two or three stops on the subway.

To understand what’s happening in the Flatiron & Union Square real estate markets, we interviewed several award-winning Certified TopAgents who specialize in the area.

Holly Parker, Prudential Douglas Elliman: Holly is an award winning member of Prudential Douglas Elliman’s Pinnacle Club. She in the last few years, she has sold several dozen homes in the Flatiron and Union Square neighborhoods.

Tracie Hamersley, CitiHabitats: Tracie has been the top agent in her brokerage’s Gramercy office on multiple occasions. She is a condo owner in the Flatiron District and has sold over $75 million worth of real estate in the past six years.

Ivana Tagliamonte, Halstead Property: Ivana was the Halstead Village offices’ top agent in 2008. She specializes in the Gramercy, Flatiron, Union Square neighborhoods.

.

What are some of Flatiron and Union Square’s defining characteristics?

Tracie Hamersley: Flatiron has a slight industrial feel and it’s a business center.  Of course, Flatiron has the Flatiron Building, which is my favorite landmark in NYC.  Madison Square Park has been cleaned up and is amazing. The park isn’t just for families, but also hosts concerts. Shake Shack in the park is a big draw as well. Flatiron is centrally located – all the buses and subways stop along the 23^rd street line.

Ivana Tagliamonte: Flatiron is unique because there are a lot of older loft buildings that have been converted. That means that you can find tremendous Flatiron homes with large windows and high ceilings.  Flatiron offers a great opportunity for people looking for two to three bedroom homes – there are some great values.  Flatiron feels like Tribeca, but it’s in the middle of everything. Union Square is always going to be popular.  Between the green market, the Union Square renovation, and the Tiffany’s building renovation, there is a lot going on at Union Square these days.  Everyone wants to live where the action is, and Union Square is certainly a prime location.

Tracie Hamersley: Union Square is a great outdoor space.  Many people forget that there’s more green space in New York than just Central Park, but Union Square is great because there is so much activity there. The area has Whole Foods and Trader Joe’s on 14^th Street and is a great meeting space. There’s a lot of personality and a great mix of people at all times and that is reflected in the different types of properties in the area and adjacent streets.

Read the rest of this entry »

To understand what’s happening in the Gramercy real estate market, we interviewed several award-winning Certified TopAgents who specialize in the area.

Holly Parker, Prudential Douglas Elliman: Holly is a member of Prudential Douglas Elliman’s Pinnacle Club.  She is a long-term Gramercy resident and has completed dozens of deals in the neighborhood.

>

Ivana Tagliamonte, Halstead Property: Ivana was the top agent for the Halstead Village offices in 2008.  She is a well-known Gramercy-area expert.

:

Tracie Hamersley, CitiHabitats: Tracie has sold over $75 million worth of real estate in the past six years.  She has been the top agent in CitiHabitat’s Gramercy office on multiple occasions.

.

What are some of Gramercy’s unique characteristics?

Ivana Tagliamonte: Gramercy has a lot of historic co-ops as well as some prestigious full-service post-war co-ops.  There is a charm about Gramercy, probably associated with Gramercy Park (the only private park in NYC). You don’t have to be on the park to appreciate it because the neighborhood has a lot of beautiful townhouse blocks – East 19^th is known as “Block Beautiful.” What makes Gramercy so unique is that it is not only a historic neighborhood, but it also has great amenities, including top restaurants, boutiques and services—and is one of the most centrally located neighborhoods in the city.  You are steps away from Midtown, the East Village, Union Square and the West Village.

Holly Parker: Gramercy Park is just beautiful. If you’re a Downtown person and you want to be able to walk to great restaurants and a farmer’s market, Gramercy is ideal. The area offers an amazing quality of living.

Tracie Hamersley: It’s diversity makes it unique. You can’t put a label on Gramercy.  You’ve got University students, people who have lived there for 40 years, families, singles and professionals – you really have every type of person.

What do you see happening in the Gramercy market these days?

Tracie Hamersley: There simply aren’t many Gramercy homes – studios, one or two bedrooms – on the market. There are even fewer large Gramercy homes. Prices have come down, but now there is less room to negotiate than there was a few months ago.

Ivana Tagliamonte: The Gramercy home market is still very stable.  There is still low inventory around Gramercy Park and the more coveted buildings have very few units available. That said, you can find values and great opportunities.  For example, there is potential to purchase in some premiere, new developments at the same price they were sold for several years ago. Because you would not be buying from the developer, you would not have to pay the 2-3% closing costs that the original buyer paid.

Read the rest of this entry »

To understand what’s happening in the Inwood real estate market, we interviewed an award-winning Certified TopAgent who specializes in the area.

Kelly Cole, The Corcoran Group: Kelly has been representing buyers and sellers in Inwood and the Upper West Side since 2003, with over 300 deals to her credit. She is a member of Corcoran’s Multi-million Dollar Circle and has served on Corcoran’s Advisory Counsel. Because she also lives in Upper Manhattan, Kelly has a detailed, intimate perspective on specific apartments, buildings and blocks throughout the area.

.

What are some of the unique aspects of Inwood?

I refer to Inwood as the last great frontier in Manhattan in terms of value and untapped possibilities.  It’s the Northern-most neighborhood in Manhattan. West of Broadway is strictly residential, but there’s a large area along Broadway and on the Southern border with shops and restaurants. On the Western border sits bucolic 196-acre Inwood Hill Park offering Manhattan’s only salt marsh along with great hiking trails, eagle watching, dog runs, ball fields and outdoor Shakespeare concerts.  It really is the heart of the area, and the anchor of this close-knit community.

What is important for a potential buyer to know about the Inwood home market?

Inwood has become a destination for people who want to live in Manhattan, but are either priced out of lower Manhattan, or want a calmer place to call home. In terms of prices, no other neighborhood offers the value that Inwood homes do. You can find real quality homes for $400 psf or less, if you are lucky.

Inwood homes are mostly low-rise co-op buildings from the Art Deco era. There aren’t many condos in Inwood. The streets are wider, there are a lot of single family homes peppered throughout some of the blocks – but they never seem to be for sale! You get tons of sky, fresher air, and it just feels different – as I say, Inwood is in Manhattan, but not of Manhattan.
Read the rest of this entry »

To understand what’s happening in the East Village and Lower East Side real estate markets, we interviewed an award-winning Certified TopAgent who specializes in these areas.

Anna Shagalov, Halstead Property: Anna has been representing buyers and sellers in the East Village and Lower East Side for almost a decade. She is a member of Halstead’s Platinum Circle, Gold Circle and Producer’s Council. Further, as a resident of the East Village, she intimately knows the local community.

What are some of the East Village and Lower East Side’s defining characteristics?

Both the East Village and Lower East Side offer terrific amenities. Just about every block in both the East Village and Lower East Side has a bodega, deli, laundromat and dry cleaner. Also, both areas are becoming destination spots for dining–the restaurants here are amazing.

The shopping is a little edgier, but the more well-known boutiques are starting to appear. In terms of transportation, the B,D,F, and V trains stop in both the East Village and the Lower East Side and, once you get to know them, they are great because they are some of the only subway lines that run diagonally through the city.

Both the East Village and Lower East Side neighborhoods have traditionally been considered rental neighborhoods. When rental buildings in the East Village and Lower East Side were converted to homes, most were converted into co-ops. Today, we’re seeing rental buildings in these neighborhoods being converted into condominiums but there are still more co-ops in the East Village. Buildings in the East Village tend to be small, walk-up tenements, so they cater nicely to first-time buyers and those looking for more affordable housing.

The Lower East Side is undergoing quite a bit of change. Today, the Lower East Side is a trendy neighborhood; it is edgier and has more flair than some of its surrounding neighborhoods. There has been a good amount of development in the Lower East Side recently, both for new condominiums and for high-end rentals. New developments in both areas tend to have more of a loft feel.

Read the rest of this entry »

To understand what’s happening in the Financial District & Battery Park City real estate market, we interviewed two award-winning Certified TopAgents teams who specialize in the the area.

Jon Phillips & Ginnie Gardiner, Halstead Property: A husband and wife team, Jon and Ginnie almost exclusively represent sellers and developers.  They helped conceive of the 50 Pine Street condominium conversion project and then sold out the building.  They have extensive experience with new condominium developments and are members of Halstead’s Gold Circle, Platinum Circle and Producer’s Council.

Paul Gavriani & Vincent Falcone, The Corcoran Group: Paul and Vincent lead a team of seven agents. Since 2006, they have been members of Corcoran’s President’s Council (Top 25 agents in entire company).  They have extensive experience working with investors and first-time buyers who typically are the primary purchasers in the Financial District.

What makes the Financial District different than other neighborhoods in New York City?

Paul Gavriani: Obviously, you have Wall Street there…this area is where many of the international banks and financial institutions have their offices. However, since 9/11, the Financial District has become much more of a residential area. New York City enticed residential development in the Financial District by offering developers tax abatements, such as the 421-a tax abatement.  For ground-up development, the abatements typically last 10 years but in the Financial District, New York City provided up to 12-15 years of abatement, so that attracted a lot of buyers. New York City wants to make the Financial District an 18-hour neighborhood. They have tried attracting retail stores to provide the services that are necessary to live in the area—such as grocery stores.  However, quite a bit of the retail that has leased space in the Financial District has been more high-end retail, such as Tiffany’s, not the everyday services that people who live in the neighborhood want.

Jon Phillips: The Financial District has great ambiance and architecture. You have the Seaport, a number of parks and a large amount of restaurants. Still, the retail element is mostly missing. The residential market in the Financial District has the potential to be very vibrant if the City could figure out the symbiosis with the retail aspect. The retail never came in to support the residential development. There should be a Whole Foods in the Financial District just as much as “Pink” Shirts. They need the basics; they need the neighborhood stores. If there was that support, and the educational support was maintained, the Financial District could become a new, vibrant area. It’s halfway there, but having an awkward adolescence.

Paul Gavriani: Battery Park City is next to the Financial District – you simply need to cross West Street – but has a much different feel. Battery Park City started as 27 acres of landfill from the World Trade Center development project. New York City literally built more land onto the island. The City leased the land to developers who build condos and rental buildings. Because the land is owned by the state (which acts as a landlord of sorts), property owners don’t pay taxes to New York City.  Instead, they pay PILOT — Payment in lieu of taxes.  PILOT is much higher than the taxes you would pay in other neighborhoods, so the cost of ownership is pretty high. On the upside, most of the buildings are relatively new and have great amenities, and the physical space, with its parks, waterfront, and art is fantastic. It’s a relaxing neighborhood and right next to the Financial District.

What are you seeing in the Financial District market these days?

Ginnie Gardiner: It is rough in the Financial District these days. There is a serious inventory issue, so supply far outweighs demand.

Read the rest of this entry »

To understand what’s happening in Harlem’s real estate market, we interviewed several award-winning Certified TopAgents who specialize in the the area.

Tony Oakley, The Corcoran Group: For the past six years, Tony has worked on numerous new development projects in Harlem.  He is an expert at understanding the inventory and pricing trends in the Harlem condominium market and is a consistent member of Corcoran’s Multi-Million Dollar Club.

Julia Boland, Halstead Property: Since moving to Harlem a few years ago, Julia has become one of Harlem’s most active and knowledgeable agents. She leads a team of experienced agents and is regularly sought after by the media regarding Harlem’s latest real estate trends..

.

Dianne Howard, The Corcoran Group: Dianne is a long-time Harlem resident.  Since she began her career in real estate, she has focused much of her business in Harlem due to her intimate knowledge of the neighborhood.

.

What are some of Harlem’s special characteristics?

Julia Boland: The first thing that I noticed in Harlem was how wide the streets are because the boulevards in Harlem go both ways.  The sidewalks are larger, too.  Not only does that make it easier to get to the established infrastructure of bus lines and subways, but it also means there is more light in people’s apartments.  Also, the type of housing stock is different.  Unlike the rest of Manhattan, which is primarily co-ops, Harlem is primarily condos and townhouses.

Tony Oakley:  Harlem has an immense amount of diversity among its residents.  Also, there are primarily low buildings, so there’s a lot more sunlight in the apartments.  There are more townhouses than in other areas.

Dianne Howard:  Harlem is more affordable than many other neighborhoods in Manhattan.  You tend to get a lot of first time buyers in Harlem because you get more space for the money.  Harlem is also quieter than many of Manhattan’s other neighborhoods, which gives it a great, neighborhood feel.  You don’t see 50-story apartment buildings like you would elsewhere.  It’s townhouse living in Harlem – most buildings are under 12 stories.

Read the rest of this entry »

To understand what’s happening in Chelsea’s real estate market, we interviewed several award-winning Certified TopAgents who specialize in the the area.

Leonard Steinberg, Prudential Douglas Ellliman: Leonard is the leader of one of Prudential Douglas Elliman’s most successful teams and is a Douglas Elliman “Top 10″ broker. His team is expert in Downtown real estate and has extensive experience working with Chelsea real estate  and West Chelsea real estate.

.

Jon Phillips and Ginnie Gardiner, Halstead Property: A husband and wife team, Jon and Ginnie got their start in the real estate business focusing on Chelsea lofts. Halstead Platinum Circle winners, they have owned a Chelsea home for many years and know the neighborhood extremely well, experiencing Chelsea’s transformation first-hand.

.

Michael Murphy, Prudential Douglas Elliman: As an owner of a Chelsea home, Michael knows the neighborhood intimately and focuses much of his business there. A Prudential Douglas Elliman President’s Circle  award winner, he is also a former CPA, bringing a quantitative and analytical approach to his real estate practice.

.

What are some of Chelsea real estate market’s unique characteristics?

Leonard Steinberg:  Chelsea real estate has a significant number of low-line buildings, affording great light, as well as probably the greatest collection of wonderful modern architecture in the city.  It’s a new environment, and it offers a very high quality of life, with a good level of balance between park land, culture, amenities, history, and modern architecture. Within Chelsea, there are nuances, as well.  South Chelsea is close to Greenwich Village, while North Chelsea is close to Midtown which is quite convenient for people whose office is there. West Chelsea’s benefit is the riverfront and protected views, which means you get sunsets.  That is a huge element in many of peoples’ lives.  East Chelsea real estate, which is closer to Fifth Avenue, is more centrally located and affords a different level of access to retail spaces.

Mike Murphy:  Chelsea is centrally located, so it will always be desirable neighborhood in which to live. While West Chelsea is currently considered a bit more of an “edgy” neighborhood, but Central Chelsea real estate will always remain healthy.  Also, Chelsea’s diversity is pretty unique.  There are all types of people living in Chelsea – it really is a melting pot.

Ginnie Gardiner: The art galleries in Chelsea are an international destination. The Highline Park is a fun, outdoor area that connects Chelsea real estate to the Meatpacking District and is really revitalizing the riverfront.

How has Chelsea changed in the last several years?

Leonard Steinberg:  Chelsea is a new area in the city for high-end real estate.  In the last ten years, a significant level of development has converted rather extraordinary existing buildings in Chelsea to residential homes, and what was once a commercial neighborhood has become a predominantly residential neighborhood. This makes for an extraordinary span of real estate.

Ginnie Gardiner:  Chelsea used to be thought of as the old brownstones in the West 20s, but with retail anchors such as Whole Foods, Chelsea has extended to 30^th Street.  There’s still a lot of sexiness to it, with the new Highline Park and the art market.  Even though art dealers took a hit, they’re still there.  There’s a lot of vitality and activity.

Jon Phillips:  The amount of growth Chelsea experienced gave it a boost, more than other neighborhoods.  Surprisingly, the saturation of new development in Chelsea real estate has had fairly fortuitous support.  We’ve seen quite a bit of new development being absorbed.

Mike Murphy:  While the market was booming over the last five to seven years, there was a lot of new construction of Chelsea homes, primarily for new condominiums.  The number of Chelsea homes dramatically increased and has shifted the inventory, mixing new developments with older Chelsea co-ops.

Read the rest of this entry »