An Empire Estate of Mind

Upper East Side Mansion Rental

2012-05-25T09:12:00.000-07:00

Measuring 20 feet wide, this newly renovated townhouse is perfectly positioned on a prime block in the East 70s steps from Park Avenue. With approximately 7360 square feet inside, the townhouse features an elevator that services every floor, five bedrooms, one staff room on the top floor, six full baths, two half baths, and an elegant curved center stair.

From the impressive front door, the grand marble entryway measuring 21' x 18' features a large coat closet, powder room, and elevator access. Two steps down and through pocket doors, there is a grand reception room which leads to the kitchen. Occupying the entire extension, the kitchen includes a dumb waiter to the parlour floor above as well as a rear stair which leads to a serving kitchen above. Access to the L-shaped rear garden is available through the kitchen and the reception room.

The graceful parlour floor features a living room in front, a dining room in the rear, and the serving kitchen in the extension which also includes a powder room. Both living and dining rooms include wood-burning fireplaces.

On the third floor, the master bedroom suite includes a large dressing room and full bath with stall shower and separate tub, all contained within the extension. There is an additional walk-in closet within the bedroom. Positioned on the third floor front is a wood-paneled library with a wood-burning fireplace and custom built-ins throughout.

The fourth floor is outfitted as two bedrooms each with an en-suite bath and ample closet space including a dressing room in the rear bedroom extension. There is a laundry room on the landing between the two bedrooms. The fifth floor features two bedrooms each with en-suite baths and a sun-flooded terrace off the rear bedroom. A staff bedroom on the fifth floor landing includes a full bath and a large skylight. There is a full stair to the decked rooftop garden which provides wonderful light and city views.

With five bedrooms, a staff bedroom, six full baths, two half baths, an elevator, rear stair and dumb waiter to a serving kitchen, and extraordinary public rooms for entertaining, this 20-foot wide townhouse has been meticulously designed with expertly sourced finishes throughout. This exquisitely crafted townhouse is available for rent, offered unfurnished, and seeks a one (1) year minimum lease.

Please contact for pricing and to request a viewing of this timeless and precious space.

Ultra Rare

2012-05-23T09:01:00.000-07:00

SKY PALACE LIKE NO OTHER!

Located on the 49th floor of one of Manhattan's most luxurious, full-service condominiums, this spectacular full-floor home has been meticulously renovated to the most exacting standards.

Floor to ceiling windows throughout the residence capture unparalleled 360 degree views of Central Park, the Hudson to East River, the Atlantic Ocean, and outstanding open city views. Spanning 5,678 square feet, this 11-room home has a gracious layout, incorporating four bedrooms and four and a half baths. The entertaining rooms include a sundrenched 38-foot corner living room, an elegant 22-foot dining room. There is also a 22-foot corner family room and a state-of-the- art screening room/media room (which could also serve as a 4th bedroom).

A professional Chef's kitchen has top-of-the-line appliances and includes a large breakfast room which could easily seat 12 people.

The vast corner master suite has a windowed study, two voluminous walk-in closets, and the master bath has Bain Ultra Jacuzzi tub, double sinks, double steam room. Two additional bedrooms may be found in the Eastern wing of the home. There are also separate staff quarters along with a full bath. The home has pristine oak flooring, a Crestron system, a state-of-the-art sound system, and 9-zone central air-conditioning as well as a separate laundry room.

The Bristol Plaza was built in 1987 by New York's world renowned Millstein family, considered to be one of the most respected and well known real estate developers in the United States. This 50-story white-glove condominium offers residents the highest levels of service, security and privacy. Residents enjoy a circular private driveway, offering direct access to the building's lobby. Amenities include full-time doormen, concierge service, valet, and optional housekeeping services. A fully-equipped fitness center is also available to residents, featuring a 50-foot pool, weight room, massage room, spa area and steam room. The building also has business/conference meeting rooms, a lounge and an impressive roof-deck. In addition, the Bristol Plaza also has an extended stay hotel which is attached to the building.

Please contact for pricing and to arrange a viewing.

203 West Houston Federal Townhouse

2012-05-21T14:00:00.000-07:00

Summary

Tucked discretely behind a handsome historic Federal-style façade, a sleek Philip Starck-inspired interior awaits. Why choose between vintage and modern for downtown living when you can have both? Currently configured as two separate duplexes, this townhouse can easily be converted into a single-family residence.

The entry-level duplex, designed as an open loft space, is a visual delight. Entertain guests or just settle in for the night next to the gas fireplace. The top-of-the-line kitchen features floating custom-built cherry cabinets with Duravit hardware, granite counters, a Bosch oven, a gas-powered range with a hidden vent, an oversized stainless steel refrigerator and a Bosch dishwasher. A full bathroom and storage space are also located on this level. Outside, a private south-facing garden is the perfect oasis and includes brushed cement walls and a custom-built Argentine charcoal grill. Back inside and up an elegant floating staircase, the master suite awaits. The suite is cleverly suspended over the garden below, and includes a large walk-through master bath with an oversized shower and an adjoining office or seating area.

The upper-level duplex is as equally impressive as the space below. The south-facing living room overlooks a tree-lined green space that affords privacy and serenity. The modern kitchen has been updated and features stainless steel appliances. A full bathroom is located on this level. Upstairs, two bedrooms and an additional full bathroom can be found.

The entire townhouse has had all of its plumbing and electrical wiring replaced in the past five years. Steel beams, a fire escape, and a new rear wall have all been recently installed. This is a great opportunity either to move in and occupy both spaces as one residence, to live in one unit and rent the other, or use the entire townhouse as an investment property. An additional 400 sqft of FAR may be available.

Irving Place Penthouse Duplex...

2012-05-17T09:30:00.000-07:00

A rare chance at history and serenity in the midst of it all!

Stretched over 27 vertical feet of the top two floors of this prime Gramercy Park co-op, the opportunity to create a townhouse in the sky beckons. Plans are in place to create a dramatic duplex residence with 3-bedrooms, 2-baths and 2-half-baths. In addition, the proposed floorplan includes a sweeping floating staircase, new fenestration, a laundry room and abundant closet space.

The plan retains the home's two existing wood-burning fireplaces, which imbue the living room and master bedroom suite with warmth and ambience. The solarium and terrace with panoramic city and park views on the upper floor will also remain intact. Dramatic in any incarnation, the architectural plans included in the sale capitalize on the space's three exposures and uncommonly grand ceiling heights, but can easily be customized to suit the most exacting tastes. This is a rare opportunity to create a thoroughly unique space within one of Manhattan's most coveted addresses.

Bask in the renderings and floor plan and contemplate what awaits...

A penthouse oasis in SoHo NYC

2012-04-27T09:08:00.000-07:00

Of course I am here to keep you drooling with anticipation. So today we will get a sneak peak at one of the most unique penthouses in the entire city right now. This is a rarity in that it is a doorman elevator building with all amenities, but the apartment itself has more outdoor space than many apartments in town. This is an amazing property unlike anything else in the world. There are great loft spaces, townhouses, towns, even islands and such to purchase across the globe. To secure a penthouse of these proportions, in the heart of the city many refer to as the center of the universe, in central Tribeca no less, is monumental. This is over 7000 sf of space within and 4000 sf of PRIVATE outdoor space. The full service building is made by the same Architect of the famed Dakota and the internationally acclaimed Plaza. The building also offers a gym and business conference center. The home is unmistakably unique as it offers a private glass enclosed penthouse designed by Alan Ritchie. There is a massive living room, dining room and BILLIARDS room that all spill out onto the private 35ft rooftop pool for this home. There is a fully stocked caterer’s kitchen with sub-zero wine fridge for up to 300 bottles. This is a property that will make the world sit up and not only take notice, but give you a standing ovation and demand an encore!!! I have seen $125K/mth rentals and $16M penthouse apartments. This one takes the cake for sure!

As always, stay tuned for more mind blowing spaces in NYC!

Denise Rich's Fifth Ave Penthouse

2012-04-24T09:30:00.000-07:00

There are many properties in the world. Few have the decadence and opulence of this magnificently designed place on Fifth Avenue here in Manhattan.

Trophy Properties in NYC Pt 1

2011-10-18T18:06:00.000-07:00

There is no shortage of quality property in this city. The surrounding areas may be suffering, but the prime areas are only just beginning to see real returns to glory. Properties that were temporarily off of the market (T.O.M) have now made returns and have even higher asking prices than originally. To satisfy your thirst for some apartment debauchery after a bit of a layoff, take a gander at this wonderful home which I recently visited, currently on the market in Tribeca for $16M. It is a truly one of a kind home with multiple private roof-top decks, automated dinner table, master bed, Crestron control system, movie projection and all sorts of other bells and whistles to numerous to list.

There are not many penthouses like this in the entire city right now. Stay tuned and I'll find something else to try and top this!

Brooklyn's Finest

2011-04-28T09:00:00.000-07:00

So you want to be near the city, but don't want all of the congestion and drama? Do you need more space and the feeling of a real neighborhood? Are there not enough trees on Park Avenue for your tastes? This is the best of Brooklyn.

There are many places and then there are exceptional spaces. This is indeed quite an exceptional space. Situated on scenic Hicks Street just steps from the Brooklyn Promenade, this is a rare opportunity for one of the entire city's best neighborhoods and a fantastic amount of space.

This is where Park Avenue meets Brooklyn Heights. There are magical river views from the fifty foot long loft style Living Room. You are located in Brooklyn Heights premier Co-op residence. Of course there is a 24-hour manned elevator in beautiful prewar building steps from Montague Street. The owners have spared no expense renovating this three bedroom, three bathroom home complete with wood burning fireplace. The kitchen is totally state of the art with the finest of finishes throughout.

Please inquire for pricing or for a viewing with at least 24 hours notice.

It's Free to Look: Intelligent Design | The New York Observer

2011-04-11T11:15:00.000-07:00

Take a glimpse at the link below after you read for a complete slideshow.

The above apartment is in the heart of Lincoln Center and is a magnificent sanctuary in the city.

I have a nose for great spaces and perhaps because I lived on 63rd Street and also went to Fiorello LaGuardia HS of Performing Arts on 66th Street, I have always loved this area of the city. There is Lincoln Center, Central Park, great places to eat and most of all, some of the most wonderful homes in the entire city.

I will tell you that nothing has been spared in the configuration of this space. This apartment knows just how to tempt you, beginning from the floor-to-ceiling windows that overlook Central Park, the midtown skyline, the Statue of Liberty and the Hudson River. It's almost as if I designed it to satisfy your taste for technology, because the customized kitchen "takes full advantage of space and light" along with state-of-the-art lighting, cabinetry, granite counter tops and appliances.
If you mosey over to the master suite, and you'll experience a "clever" office wired for sound, cable, fax and telephone, as well as an ensuite bathroom with a Whirlpool bath. The second and third bedrooms are also fully equipped for wall-mounted entertainment systems. Other "thoughtful" additions include a Lutron lighting system, integrated surround sound and automated window treatments. Even the layout is intelligent, as each room "flows seamlessly" into the next for floorplan perfection.
The condo also has direct access to the Lincoln Center Promenade, and is "perfectly situated to take advantage of the city's finest entertainment and cultural destinations." Offering "every conceivable amenity"—private swimming pool, sauna, steam room, gym, reception room, catering kitchen—and a prime location to boot, 160 West 66th Street takes the idea of a "smart home" to a whole new level.
This is by far, one of the premier properties in the city and I am glad to share it with you.

It's Free to Look: Intelligent Design | The New York Observer

Do make suggestions if there is an area you would like me to target for my next post.

Who do you work with?

2011-04-05T08:02:00.000-07:00

Take a pause from running around and seeing places you don't even like with novice "salespeople" who clearly don't listen. Why use a broker to sell if they are not actively working to market your property as if it were as important to them as it is to you?

There are many apartments, brokers and properties.

This doesn't mean that they are all a good fit for your needs.

Work with the professionals who know ALL of the inventory available.

Work with the professionals who listen to your needs.

Work with someone who shows that they care!

Take time to contact us with your list of requirements.

We will send you ours.

Perhaps we can work together for a mutually rewarding experience!

Excelsior!

NYC Union Square Loft

2011-04-04T08:02:00.000-07:00

This is a 12,000 sf foot space between Union Square and Fifth Ave on a side street. There are many properties in this city for more money than the asking price of $9,995,000. There are 11 actually and only one is a private loft like this. I can assure you that nothing will give you this perfect blend of location, space, quality, novelty and private outdoor space.

As seen in the movie "RENT", this Flatiron Stunner was conceived by renowned architect David Howell. The Private elevator opens into 6,000 Square Feet of luxurious living on the first level, and the Penthouse roof level contains an additional 6,000 Square Feet of Sun Drenched outdoor space with unobstructed views of Manhattan that will take your breath away.

The elevator opens into a massive living/entertaining room with south-facing windows and an enormous fireplace: A sleek Boffi kitchen includes a Sub Zero fridge, Viking ovens, Gaggenau dishwasher, cook top and grill and a large Sub Zero wine cooler. There are 2 Master suites and a huge spa-bathroom with a Chromotherapy infinity tub. 4 bedrooms are easily accommodated: one room is currently a state-of-the-art recording and telecommunications center. BUILD TO SUIT! A dramatic stairway leads up to the roof with approved plans and permits to build a sensational rooftop Palace, garden, lap pool, etc, perfect for entertaining on a grand scale. With numerous skylights, central air conditioning and many other features and amenities, this penthouse is a rare and unique entity in one of Downtown's most desirable locations.

This State Of The Art Loft Sets A New Standard Of Loft Living!

CHANGE IS IN THE AIR!

2011-04-02T01:47:00.000-07:00

This is the beginning of a new era in my blogging. I have multiple blogs online now and each will be tailored to specific needs. It is only fitting that since this was where it all started, this will get the overhaul.

Going forward, this blog will ONLY have unique massive spaces. Huge lofts, townhouses, penthouses and various other BALLER type apartments that while ANYONE can show you big price tags, only I can show you great location and value overall.

Here is a quick sample of the exact type of unique properties that will be found in An Empire Estate Of Mind going forward...ENJOY!

R$ Blessed

NYC Studio Tour: North Brooklyn Part 1

2011-03-16T21:22:00.000-07:00

For those on the music tip. This goes out to all of the Brooklyn heads!

NYC Studio Tour: North Brooklyn Part 1

Rookie or Veteran?

2011-03-14T10:54:00.001-07:00

You are here looking for a home. You call or email about a specific place that's the DREAM home on the perfect tree lined street, only to not get an address, hear that it's rented or if you are lucky, get taken to a box facing a brick wall.

This is the most in demand market to find a home and the busiest time of year for rentals is approaching fast. The vacancy rate is under 1% again. To put that it in perspective, for every one building with 100 apartments in it, you MAY be able to sublet a room from someone within.

To move is an important decision. Likely one of the more important ones you are likely to make in the next three to four years. To do this and not choose wisely the target of attack is like throwing dice against a wall. Is that really how to chose a home?

There are over 27,000 licensed real estate salespersons in this city. Each year there are about 10,000 transactions. The amount of new agents that actually last in this business is less than 10%. This brings to mind an interesting question.

Would you buy a car from a pizza-maker? Get a haircut from your bank teller?

That's the likely result when you put your trust in an inexperienced agent. He/She will likey be in another industry when you are looking to purchase in two or three years IF that agent can even find you and secure the right place.

If that's what you want to spend your time doing, then you can do that without a broker and save the fee if you are able to find a place. This is not the time of year to risk losing the perfect place because someone wants to show you what they want you to see and not take you to what you are telling them you want.

A broker earns the fee for much more than just how many places they show you. A good broker earns the fee for showing you less places that are ALL viable options based off of your needs. There is no way that a rookie can do this without the proper inventory knowledge. There are many managements, co-op/condo owners and developers to choose from. Too many apartments to list that turn over before they can even be listed during this time of year.

The essential functions when using a broker for a rental are to save you time in the initial search, securing the apartment by having the neccessary documentation, saving money over the course of the initial year or two by finding that gem that is NOT available to the public and PERHAPS a below market rent. This is among the many other hats (pun not intended if you know me) we wear. (Board package and interview preparation, relationships with owners/landlords/supers/porters, knowledge of areas for those relocating and other networking possibilities).

Take time to really think about your search for a home and remain open minded about the possiblities. This city is a cornucopia of experiences for you to delve into. Make sure that you are not being led by someone with no sense of the realities in this marketplace.

Renters vs Landlords...Who's really running this town tonight?

2010-09-27T11:41:00.000-07:00

This is a question that came into my mind when listening to people all over talk about the real estate bubble and the economy. I have lived here my whole life and see things a bit differently than most other people living here. In other parts of the country and even the world, there is very little, if anything, that can compare to the rental market here. China, Japan, London, San Fransisco are other areas that are tight markets overall, where the demand far outweighs the supply. None have the draw and lure of this city. So who really runs this town? Renters or landlords?

The rental market here is somewhat insulated from what happens elsewhere. Even in the midst of the recession periods dating back over 100 years, the vacancy rate here in Manhattan is never in double digits. Actually, for it to hit 1% or greater is actually viewed as the market having a surplus here. This means that there is always fierce competition for affordable (if you can call it that) housing in Manhattan. The higher end market sometimes seems to go faster when priced properly and in a sound location.

Honestly, the pricing is actually irrelevant as this city is all about location. For a solid location, the price can be what the market will bear. For example, a new building on the corner of West 72nd and Broadway, directly across from the 1/2/3 train station aptly named, "The Corner" has rented at least 75% of it's units with studios STARTING at $2975, 1BR's at $4600, 2BR's at 7950 and 3BR's at $16,000 per month. They began leasing earlier this year. I still can't figure out why you take a train if you pay $18,000 per month for a three bedroom. I would think sitting in traffic in a towncar with a/c is better than having Louie from the Bronx eat his bagel, Henry the Hipster from Harlem (used to be Larry Homeboy from the hood, not as much anymore) blasting gansta rap from his ipod and various shady individuals rub you up on your way downtown in 20 minutes on those sardine cans we call the subway, but what do I know?

This shows that while the rest of the country and even this city and state, are in a crunch financially, New York is still the most affluent city around. The landlords have always been in control historically. With the "crash" which was really more like an altitude adjustment of rents and sales prices here since the fourth quarter of 2008, the renters gained some ground as rent prices dropped 4% and sales prices became more negotiable through the last two years. The sales market is still a buyers market. We are still seeing some of the lowest mortgage rates ever, and the owners are having a hardtime finding buyers as mortgages are not getting approved as much for sub 700 credit scores. Rentals, is another story altogether.

There is a shortage of rental apartments as the vacancy rate has dipped below .90% again for the first time since the second quarter of 2008. The landlords can always rent directly and the renters can always rent directly. It's kind of like finding a needle in a haystack in this city though. That's a part of why broker's earn our fees. It's not just about turning a key or opening a door and being a bit of a tour guide. We screen, guide, advise, prepare and even serve as therapists more often than not.

Landlords have been offering a month of rent either free or towards the broker's fee. A standard broker's fee is 15% of the first year's rent (a little less than 2 months rent). Many broker's will settle for this concession from landlords when it's offered, as it helps everyone. The landlord gets a tenant that has been pre-screened by a broker rather than a random street-walker, the renter gets a decent apartment and saves almost two months rent and the broker gets a piece of a commission rather than no commission at all. As the market tightens, those concessions from landlords dry up. For a landlord, a person being able to pay the fee is more likely to be a model tenant. It speaks volumes to a landlord that someone is financially solvent enough and willing to pay an expert two months rent to find the best possible space, quality, location and price for the dollar.

I have seen those concessions vanish in high demand areas that they were never really offered in before. There usually is a catch when a landlord offers this. Either it's a large managment and the apartment has been vacant for a while, the monthly rent is the same as if you paid a fee yourself to a broker, the area is a fringe area (further from a subway or "developing" area) or the landlord is desperate to get it rented fast. Either way, you get what you pay for. Do the math and you'll see that finding a below market rent with a broker's fee involved, usually balances out better in the long run over two years or more versus a market rate apartment with yearly increases in the rent of 7-10%. If you don't have the money for a fee, than begin to expect five, six or even ten hour days, at least five or six days a week, of pounding the pavement looking for your next place.

The concessions have vanished a bit, but with the traditionally slower winter rental season approacing, I sense more will begin to pop up again in a month or so. This is the time where the renters will be able to negotiate lower monthly rents, perhaps get a fee paid from a landlord if they are going through a broker. Do realize that the landlord may ask you to sign a 16 month lease so that they get the apartment back vacant during the peak rental season and can get top dollar.

I guess the renters are in control in fringe areas. Those are hard to rent apartments and so when a landlord has someone interested, they can be a bit more agreeable. The owner has to offer free rent and or pay a month to the broker to ensure the units get rented and not sit vacant for months at a time. In high demand areas, there's no question about it. Let's be honest though, overall, the landlords have what we want as prospective tenants. Even when things can seem otherwise, they are always in control!

The Recession has been over?

2010-09-20T12:22:00.001-07:00

There is much talk about the economy and where things stand. Here is an interesting article that was posted today that may alter your outlook.

http://www.ritholtz.com/blog/2010/09/its-official-recession-ended-june-2009/

Priced out of Downtown? Here are the best options in the boroughs

2010-08-17T11:56:00.000-07:00

I know that everyone comes here to live in Manhattan here. But what do people who live here do when the landlord raises the rent to an amount that you just can't afford anymore? For those that are new to the city and the market reality of the prices and space here has just smacked you in the face, I have some areas that you will want to consider.

Williamsburg
This is the first place people mention when considering going away from the traditional areas on Manhattan to live. It's hipster vibe, trendy shops and cafes make people gush for days. I lived here for a year and it was decent. There is almost too much to do along Bedford Ave. Cool bars, great restaurants and McCarren park are the pluses of the neighborhood. The subway access if you are close to the L train and no further than Lorimer is actually superb. The problem is that rents here are starting to mirror Manhattan places now that it is a known hot spot.
http://newyork.timeout.com/section/williamsburg

Harlem
This was once an area that people feared. With a huge expanse by Columbia, Bill Clinton coming to town and the lack of acreage on Manhattan Island as a whole, this area is enjoying a new Harlem Renaissance. The rents here are lower than areas below 96th street (but hurry, because they are rising), the commute downtown is not that bad (try to get a spot near an express train) and the food and shopping options are plenty. Your getting the Manhattan zip code, but if you are smart, can pay borough prices. The trade off is less drunk frat kids stumbling around the streets for EVERYBODY hanging out on the streets. From Grandma's and Grandpa's to young children staying out way past their bedtime, this area of NYC is super diverse and becoming more and more gentrified by the week.
http://newyork.timeout.com/section/harlem

Astoria
I have stayed here off and on at times. My father lived here when I was young. This is a great area that looks close on the map to Manhattan, but if you are not right by the subway, it can be a bit of a trek on the late night. The area is becoming trendy and so the prices are nearing Manhattan prices, though you MAY have more flexibility in terms of requirements and negotiating a deal. MAY is the operative word. Dining options are mostly Greek as there is a heavy Greek population in the area. This is the first destination for most when considering the outer boroughs.
http://newyork.timeout.com/section/harlem

Jackson Heights
This area is a hidden jewel of the boroughs. If you don't know, now you know. This is a great area for keeping the costs down. This is a diverse area in Queens with great subway access if you can get a place in the 70's to 80's and not too many avenues away from Roosevelt Ave. In some ways, it can actually be a shorter commute than Astoria if you work it out the right way. I lived here for over five years and loved it. Great food, cheaper prices than Manhattan or Astoria and only a 30 minute commute to Manhattan max.
http://newyork.timeout.com/section/jackson-heights

Park Slope
After Williamsburg, this is usually the next place on peoples map when considering BK. The Brooklyn Heights area is always first on the list, but with it's superior subway access and closer to Manhattan than parts of Manhattan location, it is the one area of the city that is truly across the river with city prices. So heads turn to Park Slop as the next viable choice. There is a great neighborhood feel, great school systems for those families with or having children. Good dining options and a short trip to the city make this a solid value.
http://newyork.timeout.com/section/park-slope

That's the five top areas that people consider when leaving the traditional areas of the Upper West or East sides, midtown to downtown. I have one more bonus area that is perhaps the best jewel in all of the boroughs. The mainstream writers haven't caught up to this old school native yet though. To find out about that one, you will have to go with me ;-)

No Fee? No More?

2010-07-29T13:02:00.007-07:00

The end of the no fee season is back upon us. There has been a major shift in the rental market here. With rents rising once again, owners and managements paying a month's rent towards the broker's fee are few and far between. Properties with solid location are in short supply and the demand is high. If you are looking for a "no fee" apartment in this city over the next two months, you may as well go and take the course for your real estate license. At least then, you will have access to the proper databases to search efficiently. Properly priced apartments are renting within a day of hitting the market, if they even make it to the market right now!

The one month "OP" (owner paid) commission rate is going to be a last resort for properties that are not renovated, in fringe areas or are sitting on the market for too long for various other reasons. The best priced, good quality, spacious and prime location properties will be offered and able to be secured through a broker in this market. I have seen this trend for the past five years with the rental market here. Usually this happens earlier in the year around the spring rush. The fact that it is happening so late in the rental season this year, indicates that this may be a cold winter for renters. Traditionally, this is the time of year where the "OP's" begin to appear. To see them disappearing is a sign that the "no fee" market may be crashing for a long period.

The Fall of the Wall?

2010-07-20T08:20:00.000-07:00

Here in NYC, we live in a housing market that already has low supply and high demand. Thereforre the rents are above average when compared to the rest of the country. To offset this and find a way to reap the benefits of living in Manhattan, many renters when looking for doorman buildings, have resorted to putting up temporary pressurized walls to create second or third bedrooms. This makes a $3500 one bedroom now affordable for two young professionals who can really only afford $1700 per month in rent.

This will soon be a thing of the past. This year, many landlords are no longer allowing walls to be erected and many are even going so far as to having existing walls removed. What many are being told, which is in compliance with a Department of Buildings code, is that they can only put up a partition or shelving unit which results in obviously, less privacy. The effect of this is massive, as many new tenants in the city rely on doorman buildings for the obvious benefits of security, as well as the convenience of on site staff for everything from repairs to package/dry cleaning reception. Few are the new hires who can come right out of college and afford a $3500 one bedroom at 40 times the monthly rent on thier own.

Many renters are now being forced to consider other areas of the city such as Washington Heights, Harlem, Long Island City and Brooklyn in order to get the same luxury at a more affordable price. The old "boundaries" of what was once deemed a safe area to live are being pushed further and further outwards and upwards with each week.

Rents are rising in Manhattan again!

2010-07-12T23:00:00.000-07:00

I have watched the markets around the country plummet and not yet recover over the past six years. Here in Manhattan, that is just simply not the case. There is such an unbalanced set of supply and demand here that you can not imagine until you have lived here.

There are more people than there are apartments to rent. I got a client this weekend who called me on a three bedroom uptown. Upon talking to her I realized that she was actually trying to find enough space for FIVE people to share for under $3000! There are serious gaps in peoples perceptions of the market here.

Take a look at these statistics.
http://www.cityrealty.com/new-york-city-real-estate/carters-view/

The link above is great if you are thinking of moving into an apartment in Manhattan. I am quite sure many people feel that they can try to do it on their own without a broker. Do realize that it is possible, but you will have a long winding road. Even with a broker it is tough if he or she has no relationships or even worse, a bad one with the managing agents or landlords. There is very little time for the good apartments to be viewed and secured in this current market state. You must be pro-active and not reactive when trying to find a place during this time of year. There is only going to be less to choose from with each day and many young agents don't realize the cycle of turnaround.

I hope that these facts are helpful in your securing a new home. If you need any help, I am here to guide you home!

RENTAL ALERT!!! Vacancy rates below 1% again!

2010-07-10T17:52:00.000-07:00

After a much needed respite, I am back!

This is a busy season as within seconds of posting an ad, I proceed to get calls for twelve hours straight from 11:30AM-11:30PM yesterday. There are tons of people looking and not much selection. There is also very little time to deliberate as I have been showing in groups. If you don't want it, there are four more people lined up outside who will take it.

The rents are rising and the landlords are not offering concessions as much as they were in the past years. This is the time to find a good broker and go out looking during the week. You will maximize your chance of viewing the right place and securing it. Viewing on the weekend can leave you applying for an apartment only to find out that someoone else is signing leases on it that Monday.

Many of my clients can attest, that you will be glad to pay the fee for a lower monthly rent. Anything that is offered as a "no fee" during this time of year, is something that you are really just paying the fee back to the landlord in the form of a higher monthly rent.

Glossary of Real Estate Terms

2008-10-20T11:53:00.000-07:00

Alcove studio
A studio apartment with a separate alcove that can be used as a sleeping area. Many people put up a screen or other partition to give themselves more privacy.

Balcony
An outdoor space that protrudes from a building. Most balconies are private but some are shared between neighbors.

Building Amenities
Extra features and services offered by a building. Amenities could be a gym, concierge services, high speed internet access, a business center, etc.

Classic 6, 7 or 8
The term 'classic' followed by a number (usually starting at six) refers to the number of rooms in an apartment. It is most often used with pre-war apartments. For example, a 'classic 6' would be a two bedroom with a living room, dining room, kitchen and maid's room.

Co-broke
When brokers are working on a 'co-broke' basis, they are sharing exclusive listings with each other. In a co-broke transaction, one broker will represent the buyer or renter, while the other will represent the owner of the property. The commission is usually split 50/50.

Convertible/Flex One, Two, Three or Four bedroom
An apartment that is convertible or flexible in terms of the number of bedrooms. For example, a convertible two bedroom is a one bedroom apartment with enough space (usually in the living room) to wall off an area for the second bedroom. A convertible three bedroom is a two bed apartment where a third bedroom is carved out of the living space, and so on and so forth. The terms 'convertible' and 'flex' can be used interchangeably.

Duplex
An apartment with two levels.

EIK
Stands for Eat In Kitchen, a popular apartment feature.

Exclusive listing
When a broker has an 'exclusive' listing, the owner of that property has hired them on an exclusive basis to either rent or sell their apartment. The broker will try to rent or sell the property through the brokerage community or through their own marketing efforts.

Façade
The front of a building. A façade can be made out of a number of materials, such as granite, glass, marble, limestone, etc.

Floor-thru
An apartment that runs from the front of a building to the rear wall, occupying an entire floor. Usually found in brownstones and townhouses.

Guarantor (or co-signor)
A guarantor is a person who assumes financial responsibility of a lease for a tenant or tenants who otherwise would not meet the landlords financial qualifications. For example, someone attending law school who might not have an income would use a guarantor, often a family member, to satisfy the landlord that rent payment will not be a problem. The guarantor is a 'backstop' for the tenants in the event of non-payment. Guarantors generally need to make 80 times the months rent in annual income to qualify.

Half-Bath
A bathroom with no shower or bath.

Junior four
A one bedroom apartment with a separate alcove area. The "junior" refers to the fact that the alcove qualifies as a junior fourth room. (The other three rooms are the bedroom, the kitchen and the living room) This separate alcove can be used as a dining area, or, if the building allows, as a walled off sleeping area.

Keyed elevator
Refers to an apartment that has an elevator that opens directly into it. One must use a key to operate the elevator. This feature is found mostly in lofts and penthouses.

Loft areas
Apartments with high ceilings will sometimes have a 'loft area' built into them. A loft is a platform constructed over the living space for the purpose of extra storage, a sleeping area, a home office, etc. Generally you can access the area with a staircase or ladder. Loft areas are very useful because they make use of otherwise wasted vertical space.

Managing Agent
A third party-organization that manages most co-op and condominium buildings. Most co-op and condo buildings will hire a managing agent to maintain the building, collect rent or monthly maintenance fees, manage the building staff, etc.

Market rate (or 'non-stabilized') buildings
With a market rate apartment, a landlord, at his own discretion, determines how much monthly rent he will charge on any given apartment. Renewals are not guaranteed unless stated in the lease. Introduced in 1993, "luxury destabilization" is the newest form of a Non-Stabilized Lease. It provides for lease-end destabilization of apartments which rent for over $2,000.00 per month.

Murphy bed
A bed that is built into the wall or attached to the wall and pulled down when needed. A popular piece in studios, Murphy beds are a great space saver and come in a variety of styles and price ranges.

Open Kitchen
A kitchen that that is not separated from the living space of an apartment. Open kitchens are a common feature of loft apartments.

Original Detail
Refers to the details originally carved and built into pre-war apartments. Apartments from this era typically had very ornate patterns, moldings and decorations around doorways, fireplaces, etc. Sometimes during renovations these details can be lost.

Pass-through kitchen
A kitchen with an opening to the living or dining space of the apartment.

Pied á terre
A French expression; translated literally it means "foot on the earth". It refers to an apartment that someone uses as a second home, usually because their business requires to them to spend several days or weeks in New York every month, with their primary residence being too far away for a daily commute. Pied á Terres are also kept by those who simply enjoy having a place to stay of their own when they visit New York for shopping and social activities.

Quadraplex
An apartment with four levels.

Rent Stabilization
Established in New York City in the late 1960's, its mandate was to set limits on the monthly rental increases building owners could charge for vacant apartments and renewal leases. It also set guidelines of performance for both landlord and tenant. In stabilized buildings, rent increases typically range from 3%-5%. Tenants are guaranteed the automatic right to renew their leases provided they have fulfilled the terms and conditions of the lease.

Room Count
The number of 'rooms' in an apartment. A living area, a bedroom, and a walled kitchen count as 'rooms'. Therefore, a one bedroom apartment with a living room and kitchen has three rooms. A studio with a separate kitchen has two rooms. A studio with a Pullman kitchen has one room.

Security Deposit
A deposit, usually one month's rent, that a rental tenant will give to the landlord at lease signing as security against damage to the apartment during the course of their tenancy. At the end of the lease term, the landlord will take the cost of any damages caused by the tenant out of the security deposit before returning it. Most of the time the deposit will be held in an interest bearing escrow account.

Studio
A one or two room apartment with a combined living and sleeping area. The kitchen is either a separate room or set in a wall off the living area. This type of kitchen is usually referred to as a “Pullman” kitchen, after the Pullman railroad cars.

Terrace
A roof or part of a roof or a building, used as outdoor space for an apartment. Often confused with a balcony, the terms are used interchangeably.

Triple-Mint
Refers to the condition of the apartment. An apartment is 'Triple-Mint' if the apartment, kitchen and bathrooms are all in mint condition.

Triplex
An apartment with three levels.

Walk-through Kitchen
A kitchen with two means of entrance. You can actually 'walk through' the kitchen from one room to another.

WEIK
Stands for Windowed Eat-In-Kitchen, a very popular feature.

The NYC Real Estate Market's Financial 101

2008-09-30T08:59:00.001-07:00

Wow! Contrary to media reports, I have been busy as usual this year. My lack of posts each month is testament to that. We all have seen what has happened in the financial sector this year. While nationwide it may seem bleak, allow me to give you some insight into what it means here in NYC.

New York is primarily a city of renters. There are many people who own and sublease the unit for various reasons. The vacancy rate for rentals is above 1% for the first time in years. I expect this to plummet below 1% again with the changes in the financial sector. While this is still the best place to invest in over a 5 year period, the outlook by many is that there is only so much that the market can bear and that prices will plummet soon. I have lived here for over thirty years. I have witnessed firsthand the Bronx burning in the 70's, fire in the sky with towers falling at the start of this century and I can testify that is not going to happen. Sure, there will be more room to negotiate a price on a property that is a resale or in an older building. Places that are priced too high to begin with will sit on the market longer.

The last major change in our country was 9/11. Even after those attacks, the market here rebounded to levels never before reached. In studying the history of real estate in this city over the past 100 years, I have noticed that there is always a slight dip
for one or two out of every twenty years. After that, things continue to rise steady. Look at the link for sales figures of the last quarter sales2quarter2008.pdf . Now compare that with figures from the rental market 8-2008-mra.pdf and lastly, look at the market reports for 2002, just after 2001 may2002-oct2002.pdf also for 2006 bw2006.pdf . What you will notice is that there is one constant, rents continue to rise.

With more people than ever before assuming that the market will crash, do you really think rents will drop if the vacancy rate drops again due to more people renewing leases and renting as opposed to buying? For the first time since 2001, I noticed several landlords of high end rental buildings offering concessions to offset the cost of a broker's fee. They are looking to keep the building full. This is in order to keep the buildings at the lowest possible vacancy rate so that they can charge the highest possible market rent!

While not an option for everyone, if you have between a 10-40% down payment saved up, this is the perfect time to buy as many owners are fearing a drop in the market and thus a bit more negotiable than ever. Also, mortgage rates are at an all time low. This city is fast paced and not for the weak of heart. If you are even thinking about what to do in terms of renting or buying, call or write me for expert advice!

Don't believe the hype!

2008-08-05T10:02:00.000-07:00

There is a little known saying inside media circles. "If it doesn't bleed, it doesn't read!" This is more true than most of us realize. As humans, we often have a fascination with the morbid. Why do you think that most of what's in the papers and on the news is dark and depressing? We all hate hearing awful things, but it gives us conversation material around the water coolers at work. "Wasn't that awful what happened on the news last night?" or "Did you hear about Brittney/Pam and Tommy/Paris/INSERT ANY CELEBRITY NAME HERE?"

In the interest of bringing you fact, not fiction, this year's market report is now out and viewable simply by clicking on the title of this post. It gives you hard facts about the state of the market in this city right now amidst all of the "bubble" speculation and with other housing markets in the country suffering.

I figured after a month off from writing, I'd give you a double whammy of data today. I hope that you all enjoy these posts today as they are extremely resourceful.

Want to live in Manhattan and get a doorman? Find a roomate!

2008-08-05T09:41:00.000-07:00

Hey all,

I had to take a month off from writing during my birthday month. It's still quite busy although not the usual frenetic pace the summer yields. Here is a post that is quite relevant for the time and market we are currently in.

This is the time of year where people can usually get the best deals. If they are new to the city and feel the need for a doorman building, the landlords are offering more concessions this year than I have seen over the last four years. If you click on the title of this post, you will see the most recent market report for this year on the average rental rate.

The rents are not dropping as much as people think. The only size apartment that has dropped across the board is a one bedroom. This makes for an interesting situation. While many landlords are no longer allowing temporary walls to convert the apartments into a two bedroom, the ones that still are will yield some great options.

No matter how you slice it, the average person needs to spend between $1800-$3000 to live in the city these days. Occasionally, there are some options to be had for less if you sacrifice a little living space in the apartment or location of the building.
I am finding some convertible apartments in doorman buildings from $2500-$2850. However, there are only 7 in the entire city right now. Generally, to do this you will find more results in the $2800-$3800 range.

It's always best to have one roommate rather than two. Think of the old saying, "too many cooks in the kitchen". It can delay the process and cause you to lose that perfect place if all parties are not on the same page with needs, viewing times and paperwork. The link will show you what the averages are, but with a crafty veteran like me on your side, we may be able to negotiate a better deal if your timing is right!