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That’s according to a team of researchers in Europe affiliated with the independent nonprofit Regulatory Assistance Project. They published a study in Joule this week that provides yet more evidence to debunk the myth that heat pumps can’t handle cold climates.

Electric heat pumps both heat and cool indoor spaces by moving warmth into or out of them as needed. And while global sales grew by 11 percent in 2022, according to the International Energy Agency, heat pumps still only account for about a tenth of the world’s building heating. To achieve the Paris Agreement’s target of net-zero emissions by 2050, heat pumps will need to replace far more fossil-fuel boilers and furnaces — including in places with frigid winters.

Extreme cold historically has been a barrier for the technology, with major utilities and fossil fuel interests asserting that heat pumps don’t work below freezing and pointing to drops in efficiency as evidence. But as the new study and examples from places including Norway and Maine have shown, modern heat pumps are reliable and outperform fossil-fuel heating in the cold.

To find out how well air-source heat pumps work as temperatures plummet, the team analyzed data from seven field studies across three continents, drawing on observations of different heat-pump models from Canada, China, Germany, Switzerland, the United Kingdom and the U.S.

These studies reported on heat-pump performance in the depths of winter — January — using a metric called the “coefficient of performance.” COP measures how much thermal energy you can get out of a heating system for every unit of energy you put in. Heating technologies that burn fossil fuels or use electric resistance convert one form of energy into another, so they hit a thermodynamic limit at 100 percent efficiency, or a COP of 1.

But heat pumps cleverly move heat around using refrigerant. They can routinely achieve COPs of 3 to 4, though higher values are possible, according to Duncan Gibb, senior advisor at the Regulatory Assistance Project and co-author of the new study. For instantaneous measurements (as opposed to those averaged out over a day), “I’ve seen some data where it gets up to 7.”

Efficiency declines when temperatures drop, however, as the gap between outdoor and desired indoor temperature widens. (This is the major reason why geothermal heat pumps, which draw heat from the earth and are much more insulated from the temperature swings in the ambient air, are more efficient.)

Even though the COP of air-source heat pumps declines as temperatures fall, the team found that heat pumps surpass fossil and electric-resistance systems in efficiency — including at temperatures that define, for many Europeans, “the coldest days of the year,” Gibb said.

Ninety-five percent of European households dwell in countries where mean January temperatures are higher than -5°C (23°F), according to Gibb. In those conditions — and indeed even at lower temperatures — heat pumps still hum along with a COP of 2 to 3, as shown in the following chart.

Air-source heat pumps keep churning out heat in cold temperatures. Each dot is either a heat pump’s instantaneously measured COP at a specific temperature or averaged across a day’s range of COP and temperature values. Data is from seven field studies. (Joule)

Specially designed cold-climate heat pumps can produce heat in even more extreme weather, the team found, although these results aren’t shown in the chart above. Heat pumps tested in temperatures as low as -30°C (-22°F) in Finland ran with a COP of 1.5 or higher, Gibb said.

These observations are critical for countries figuring out how to get off fossil fuels, including France, Germany, the Netherlands and the U.K., Gibb noted. For Europe, “there are very few — if any — technical conditions where a heat pump is not suitable based on the climate.”

That helps explain why heat pumps are taking off in some colder parts of the continent. The Scandinavian countries of Norway, Sweden and Finland have some of the frostiest winters in Europe, but they are also some of the most enthusiastic heat-pump adopters. These countries experienced the highest per capita heat-pump sales in Europe in 2022, according to the authors.

As for the U.S., in 2022, Americans bought more heat pumps than gas furnaces. That includes success in Maine, which despite its bone-chilling winters has already blown past its goal to install 100,000 new heat pumps by 2025. In July, it upped its pledge to deploy 175,000 more by 2027. Customers in both Maine and Colorado have attested that their heat pumps kept them cozy during extreme cold snaps in the last couple of years.

Still, the myth of heat-pump insufficiency persists. Ironically, a nation with milder winters, the U.K., is one of the places Gibb has seen the misconception most. In media stories and social posts, people have reported being dissatisfied with their heat pumps. It can happen, Gibb acknowledged, but it isn’t necessarily a reflection of the tech’s capabilities, he said. “In many cases, they just got a bad installation.”

These types of stories represent “a pretty dangerous line of misinformation,” Gibb said, “because it erodes public trust in [heat-pump] technology when it can achieve very high performance.” The U.K. installed less than a tenth of the number of heat pumps that France did last year.

What’s more, companies in the fossil-fuel business have pounced on even slight declines in heat-pump efficiency as a valid reason to delay a transition to clean heat. For example, in July, U.S. utility Xcel Energy argued that heat pumps should play a limited role alongside the continued use of fossil gas as part of efforts to decarbonize Colorado, citing a recent report the utility had funded. Preliminary results found a modest drop in heat-pump efficiency, 5 to 12 percent, at higher altitudes — the testing facility was about a mile above sea level.

Xcel also stated that while heat pumps do well above 40°F, “their performance degrades at lower levels.”

For those reasons, “most homes using heat pumps for heat would require additional backup heating, either gas-fired or resistance electric heating,” Xcel concluded.

“It’s true that the performance does decline when it gets colder. That’s a fact,” Gibb said. But when “entrenched interests” use that to write off heat pumps, they’re ignoring the fact that the technology still handles cold weather reliably — and more efficiently — than fossil-based alternatives.

Alison F. Takemura is staff writer at Canary Media. - Article link here

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Your cheat sheet to the climate law’s consumer incentives

2023-09-22T07:52:00.002-07:00

Your cheat sheet to the climate law’s consumer incentives

The Inflation Reduction Act has a bevy of programs to help you install everything from a heat pump to better insulation. Here’s how to navigate it all.

17 August 2023

(Raze Solar/Unsplash)

Canary Media’s Electrified Life column serves up real-world tales, tips and insights that demystify the process of shifting your home to electric power. Canary thanks Lunar Energy for its support of the column.

When President Joe Biden signed the Inflation Reduction Act into law one year ago, he did more than supercharge U.S. manufacturing and the deployment of renewable energy — he also gave households a big pot of money to electrify their own lives.

The climate law delivers a game-changing bonanza of clean energy incentives to consumers. With a historic $8.8 billion in funding for rebates, plus an array of generous tax credits that have no federal spending cap, there’s never been a better time to start plotting out a roadmap for ditching fossil-fuel-burning appliances and electrifying your home, according to Sage Briscoe, director of federal policy at electrification nonprofit Rewiring America.

After all, the climate law’s benefits don’t last forever. Unless renewed, the tax credits expire or ratchet down after 2032, and the rebates will only be available until their funding runs out.

But figuring out a game plan to take advantage of the IRA’s incentives can be daunting. Some of the benefits aren’t available yet, while others that are finalized have fine print that can be tricky to navigate if you want to make the most of them.

This article aims to make that task a bit easier. Think of it as a cheat sheet for the IRA’s consumer incentives, including who they’re for, how to use them — and when they might be available if they’re not already.

Getting to know the IRA’s consumer tax credits and rebates

The IRA has two kinds of benefits for consumers: tax credits and rebates.

The tax credits directly decrease your federal taxes, and they’re available now. You can’t receive more in tax credits than you owe the government, though, so if your tax bill is $0, you won’t qualify for these incentives.

The Residential Clean Energy Property Credit (under tax code 25D) will lower your federal tax bill by up to 30% of the cost of a clean energy installation such as solar panels, battery storage and geothermal heat pumps. The credit is uncapped, so whatever the cost of the project, you can claim the full 30 percent. You can even use the tax credit for multiple projects in the same year, and if your tax bill isn’t big enough, you can carry the savings forward to reduce taxes in future years.

Two tax credits can help you buy an EV: the Clean Vehicle Credit (30D) will reduce your federal tax bill by up to $7,500 if you buy a qualifying new EV. And the Used Clean Vehicle Credit (25E) will lop 30% of the cost of the vehicle off your tax bill if you buy a qualifying used EV, with a cap of $4,000. Both of the EV credits have specific income thresholds for consumers: for single tax filers, these are $150,000 for the new EV credit and $75,000 for the used EV credit, with amounts doubled for joint filers.

Also, not every EV is eligible due to some domestic-manufacturing requirements and price limits; DOE maintains an updated list of qualifying cars here.

Finally, the Energy Efficient Home Improvement Credit (25C) can help you make a variety of home energy-efficiency upgrades, from installing insulation to buying air-source heat pumps. These credits shrink your tax bill by up to 30% of costs and are capped annually: up to $2,000 for a heat-pump air conditioner/heater or a heat-pump water heater, and separately, up to $1,200 on other qualifying improvements. That means you can claim a total of $3,200 in any single year.

Because this credit resets annually, spacing out upgrades makes financial sense. For example, it’s better to get the heat pump and heat-pump water heater in different years to claim the credit twice and potentially reduce your tax bill by $4,000, rather than buy both appliances in the same year and only be able to claim $2,000.

Work with your contractor to figure out eligibility for the home-related tax credits, or if you’re buying appliances yourself, make sure to double-check that they qualify. The Department of Energy has more information on each type of incentivized upgrade, and the IRS has an in-the-weeds fact sheet to help you wrap your head around them. Save your receipts and claim the credits when you file your taxes.

A closer look at efficiency and electrification rebates

The IRA rebates are a different animal. They provide discounts on home efficiency and electrification upgrades at the point of sale, so you don’t have to wait until you file your taxes. And although higher-income households will be able to access some of the rebates, they’re primarily geared toward helping lower-income families.

While the tax credits disproportionately benefit wealthier homeowners who tend to have bigger tax bills, “the rebates are the vehicle for equity in this space,” Rewiring America’s Briscoe said.

Let’s take a closer look at the IRA’s two forthcoming rebate programs.

One program is for home efficiency rebates (Section 50121 of the law), often called the “HOMES rebates.” This is a performance-based program whose details will ultimately depend on how states choose to implement it.

But in essence, the program awards rebates to homeowners and multifamily-property owners who undertake whole-home retrofits that save energy. If they cut a home’s energy use by 35% or more, they can qualify for 50% off the cost of the project, capped at $4,000. Low-income homeowners, defined as earning less than 80% of the area median income, can qualify for double the dollars: up to $8,000 or 80% off the cost of the retrofit. A multifamily-building owner could also use this $8,000/80% incentive if at least half of the building’s households have incomes below 80% of the area median income.

Consumers will most likely interact with contractors while doing the retrofit and receive the rebate as a discount off their project bill.

The other rebate program, called HEEHRA, is for home electrification (Section 50122 of the IRA). These rebates will be like coupons for appliances or other home efficiency and electrification upgrades, including heat pumps, insulation and electric induction stoves.

A visual tour of the maximum HEEHRA rebates available (Energy Smart Colorado)

Both moderate-income families (earning between 80% and 150% of area median income) and low-income families (earning less than 80% of area median income) will qualify for the rebates. But while moderate-income households can use them to cover up to half of a project’s costs, low-income households can use them to cover the whole thing, up to a total of $14,000.

Building owners can also use the HEEHRA rebates to benefit renters; owners of multifamily buildings will be able to combine tenants’ rebates to electrify shared resources, Briscoe said. “If you’ve got shared hot water, which isn’t that uncommon…you could pool that funding” and, for example, upgrade the building’s gas water heater to an electric heat-pump water heater.

Though the details will depend on the states, in practical terms, the HEEHRA rebates could shrink your contractor bill. Or if you’re buying an appliance yourself, a rebate could be a digital voucher you get from the state energy office that you use at checkout to lower the cost, Briscoe told Canary Media.

Rebates from the two programs can be mixed and matched for distinct upgrades, according to Kara Saul Rinaldi, chief policy officer for the Building Performance Association, an industry group. But tax credits and rebates can be combined for the same improvements; after subtracting the value of the rebate, you can use the relevant tax credit on the remaining cost.

Though neither the HOMES nor HEEHRA rebates are available just yet, the DOE did hit a milestone in July. It provided extensive guidance to state energy offices that need to design the programs to administer the rebates. The BPA anticipates that most states will start issuing rebates in 2024, and some could even be ready in late 2023. So keep an eye on your state energy office for updates.

Tools to navigate your energy transition

If you want to go deeper into the incentives available to you, here are a few other resources to check out:

The Department of Energy’s Energy Savings Hub is a choose-your-own-adventure electrification catalog. It illustrates all of the federally incentivized changes you can make in your own home — and features a dog named Sparky.
Rewiring America’s interactive IRA Savings Calculator shows what the climate law could do for you, given your unique situation. (Canary Media gave it a whirl when it first came out.) Using a few pieces of information about your income and household, this tool zeroes in on relevant upgrades and tallies how much money you could get to electrify your life.
And here’s some past coverage from Canary Media to help you prepare: Before making any big purchases, experts recommend taking steps such as scheduling an energy audit, checking out your electrical panel, and seeing what other utility, local and state funding might be available to make your home more efficient and electric.

The IRA encourages people to take actions that finally meet the moment on climate, Briscoe said. “By electrifying our homes and our lives, we really can make this huge step in reducing our own emissions and be a beacon to our neighbors, friends and family to show them what they can do.”

By Alison F. Takemura is staff writer at Canary Media. Article link

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A beginner’s guide to the different types of heat pumps

2023-09-19T08:31:00.000-07:00

A beginner’s guide to the different types of heat pumps

Air-source, ducted, mini-split — what does it all mean? Canary Media explains some of the most common heat-pump concepts.

19 September 2023

Canary Media’s Electrified Life column shares real-world tales, tips and insights to demystify what individuals can do to shift their homes and lives to clean electric power. Canary thanks Lunar Energy for its support of the column.

Heat pumps have been around since the 1850s, but it’s only recently that they’ve started attracting so much buzz.

Instead of combusting fossil fuels or using resistance to make heat, electric heat pumps move heat from one place to another. That enables them not only to eliminate fossil fuels from home heating, but also to outperform conventional options such as gas boilers or oil furnaces.

“That’s why everything is all about heat pumps,” said Amruta Khanolkar, incoming associate director for market transformation at consultancy TRC Companies.

To get this fossil-free heating and cooling technology into more homes and businesses, the federal Inflation Reduction Act and many state and local utility programs are heavily incentivizing the adoption of heat pumps — with potentially thousands of dollars available per household.

If you’re planning to take advantage of these subsidies and get a heat pump anytime soon, it’s worth familiarizing yourself with some of the basic principles and configurations of the technology first. Let’s dive in.

How do heat pumps actually work?

A heat pump delivers comfort by circulating refrigerant. In the winter, the refrigerant absorbs heat from outside (even in subfreezing temperatures), causing it to boil into a gas. A compressor then squeezes the refrigerant gas, making it hotter, because gases heat up under pressure. This really hot compressed gas flows into a spring-shaped coil. Then a fan blows over this coil, pushing warmed air into a building. The refrigerant cools to a liquid, and after it pours through an expansion valve to chill it even further, it’s ready to absorb more heat from the outdoors once again.

In summer, a heat pump operates in the same way, just in reverse; instead of absorbing heat from outside, the refrigerant collects heat from indoors and dumps it outdoors.

How a heat pump works. In heating mode, refrigerant absorbs heat from the outdoors, releasing it indoors. (Cielo)

What are the main types of heat pumps?

Heat-pump types are divided by their thermal-energy source. If they absorb heat from the ambient air, they’re called “air-source heat pumps.” If they suck thermal energy from a pond or stream, they’re “water-source” heat pumps. If they draw heat from the ground or groundwater, you guessed it, they’re “ground-source” or “geothermal heat pumps.”

There are also “absorption” heat pumps that can run on fossil gas, but they’re not effective decarbonization tools.

Heat pumps are categorized not only by what they gather thermal energy from, but also by what they transfer that energy to. A heat pump can gather thermal energy from the outdoor air and then release it into indoor air, making it an air-to-air heat pump. Or it could gather warmth from the air and use it to heat water that circulates through radiators, making it an air-to-water system.

What exactly is a geothermal heat pump?

Geothermal systems are less common in the U.S. than air-source heat pumps, which are much simpler to install and cost less upfront, according to Matt Rusteika, director of market transformation at the Building Decarbonization Coalition. But while geothermal heat pumps have a higher price tag, they’re far more energy-efficient than their air-source cousins, so they cost as little as one-third as much to operate over their lifetime. That’s because they take advantage of relatively constant underground temperatures, which don’t typically drop below 40 degrees Fahrenheit — even in the winter.

Here’s how they work: Geothermal heat pumps collect thermal energy from ground loops filled with water that’s mixed with glycol, an antifreeze agent. These pipes can be laid horizontally in trenches (less than 10 feet deep), vertically in boreholes (100 feet deep or more), or in water that’s more than 8 feet deep. The installation costs can make geothermal systems several times more expensive than air-source heat pumps, according to the Department of Energy.

Ground-source or geothermal heat-pump configurations. Water-source systems, as shown above, are often lumped in this category. (Consolidated Electric Cooperative)

But it’s important to note that the pipes of geothermal heat pumps have an estimated life span of up to 50 years. The longevity of the above-ground heat-exchange equipment is about half that, though, the same as for air-source heat pumps.

What are ducted heat pumps vs. ductless mini-split heat pumps?

Ducted heat pumps are air-source heat pumps that connect to central ductwork — just like a typical central air-conditioning system — and carry hot or cool air all over a home.

A ductless mini-split heat pump doesn’t need ducts. “Mini-split” refers to being a “split” heat-pump system. In contrast to single-package heat pumps, split heat pumps have both an outdoor unit that collects thermal energy and a separate indoor unit that delivers it.

With ductless mini-splits, a single outdoor unit can connect to as many as eight indoor units. The refrigerant lines from the outdoor unit flow directly to one or more smaller air-handling units, or heads, rather than to a central ducted air handler. The heads look like long white boxes with vents. Inside, a fan blows across the heated refrigerant to deliver warmed air to a space.

A ductless mini-split heat pump system (Attainable Home)

But wait — mini-splits can also be…ducted! Some mini-splits are designed to connect to short lengths of ducts that can deliver conditioned air to a few different rooms. Here’s an example of a home setup with both ducted and ductless mini-splits from the Pacific Northwest National Laboratory.

A system of ductless and ducted heat pumps (Pacific Northwest National Laboratory)

Do I have to be a heat-pump expert to get a heat pump?

Heat pumps are sophisticated heating, ventilation and air conditioning (HVAC) systems, for which “the level of complication never ends,” Abigail Daken, Energy Star HVAC product manager, told Canary Media.

This article can help you speak the language of heat pumps, but it won’t help you scope, size and install the system. That’s why you absolutely should consult an experienced HVAC professional — preferably several — to decide what type of heat-pump system would be the best fit for you and your home.

After all, “heat pumps are like sandwiches,” said Rusteika. “There’s a million different combinations.”

Taking the next steps

Now that you’re more familiar with heat-pump concepts, here are 10 questions to ask if you want one.
The Inflation Reduction Act provides serious financial incentives for both geothermal and air-source heat pumps that are Energy Star–certified.
Lots of states and local utilities offer incentives for heat-pump adoption. These can take the form of generous rebates and low-interest loans that help you finance a new system. Check with your utility about any programs it offers. Also, search the Database of State Incentives for Renewables & Efficiency — just filter by technology > energy efficiency > HVAC > heat pumps. The database doesn’t cover local incentives, though, so EnergySage recommends trying a Google search: type in “[your town] heat pump” and “rebate” or “loan.”

By Alison F. Takemura is staff writer at Canary Media. By Canary Media

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To combat illegal short-term rentals, NYC requires hosts to register their listings. Here's how it works - By Brickunderground.com

2023-09-10T10:08:00.001-07:00

To combat illegal short-term rentals, NYC requires hosts to register their listings. Here's how it works

Depending on the host's settings, Airbnb listings without registration numbers will switch to 30-days or be deactivated
Short-term rental sites like Airbnb, VRBO, and Booking.com can't process transactions without verifying registration status

By Jennifer White Karp | September 5, 2023 - 10:30AM

Not long ago, two New York City renters checked out two different apartments at a rental building managed by DSA Property Group. Their applications were “rock solid,” says Arik Lifshitz, CEO of DSA Property Group. Both had good credit and money in the bank. They signed leases, but instead of moving in, the renters quickly listed the apartments on Airbnb, something the building does not permit.

The new renters clearly “never intended to live here,” Lifshitz says, even though “the lease and a separate rider makes it clear as day that short-term rentals are not allowed.”

When presented with the short-term rental listings, both tenants denied responsibility and refused to leave. One of them went as far as to claim it was the building that posted the listing to take over her place. Eventually she demanded $20,000 to leave, according to him. No dice, he says. The two sides are going to court, and he expects it will take several months plus thousands in legal fees to settle the case.

[Editor’s Note: A previous version of this article was published in December 2022. We are presenting it again with updated information for September 2023.]

Experiences like this have left Lifshitz jaded about the city’s efforts to rein in illegal Airbnbs. It’s an ongoing problem, he says. NYC is flooded with illegal short-term rentals, too many for the city to police. But he’s willing to participate in a new effort to block illegal short-term rentals, which launched in January 2022.

That’s because a new law, Local Law 18, now requires owners and renters to register their short-term rentals with the Mayor’s Office of Special Enforcement (OSE). Hosts get a registration number to display in listings. Sites such as Airbnb, VRBO, Booking.com, and others are prohibited from posting listings for unregistered short-term rentals.

Enforcement begins September 5th and Airbnb says listings without a registration number or exemption will be converted to long-term stays of 30 days if a host’s calendar settings permit them, otherwise the listing will be deactivated. In addition, existing Airbnb short-term reservations with check-in dates on or after December 2nd will be canceled and refunded.

What are the rules in NYC for short-term stays?

The new law does not change the existing rules for short-term rentals: Owners or renters cannot rent an entire apartment for fewer than 30 days, even if the host owns or lives in the building. Short-term rentals are only allowed if the host remains in the same unit as guests, and no more than two guests are permitted.

In addition, the new law does not allow short-term listings from renters or owners in rent-regulated buildings and NYCHA units are not permitted. The law also apply to one- and two-family houses.

Over 10,000 Airbnb listings for NYC short-term rentals "are likely to disappear" when the new rules go into effect, the Daily News reports, citing an estimate of nearly 40,000 total Airbnb listings in the city from Inside Airbnb, an independent watchdog group.

What is the new registration process for short-term rentals?

As part of the new law, when hosts register with the city, they must confirm that they are the owner or tenant through bank statements or utility bills, and that by offering a short-term rental they are not in violation of the lease or the laws governing short-term rentals, or zoning rules.

Owners will be required to provide lots of information about themselves and the unit, including their identity and their address, the full names of everyone who lives there, and a diagram of their property that shows which rooms will be used for the short-term rental and where the emergency exits are located. There will be a $145 non-refundable fee to process the application.

Both hosts and sites that fail to comply with the rules can be penalized. Fines for hosts could be as much as $5,000 and platforms could face penalties of $1,500. Enforcement of Local Law 18 fines begins September 5th.

What’s the goal of these new restrictions for short-term rentals?

These new registration rules “clarify short-term rental laws and lay out a straightforward process for hosts to obtain a registration for their legal rentals, as required by Local Law 18 of 2022,” said Christian Klossner, executive director of the Mayor’s Office of Special Enforcement, in a prior statement to the New York Post. His office regulates short-term rentals and will be overseeing the new registration system.

That article includes a response from Airbnb, which called the registration system “draconian and unworkable” and says it “will prevent lawful and responsible hosts from listing their homes at a time when New York families are navigating the rising cost of living.” Airbnb did not respond to a press query from Brick as of publication.

During a public comment period about the new law, some New Yorkers also complained about a potential loss of income. For example, low-income New Yorkers or those with disabilities said that home-sharing allows them to make ends meet, Thrillist reports.

To Ryan O’Connor, chief executive officer at Clinton Management, the property management affiliate of Douglaston Development, the new registration system creates responsibility and clarity.

“The unfortunate truth is the ones who suffer the most are small, multi-family buildings where the owners don’t always know that renters are putting their units on Airbnb, to the detriment of their neighbors,” O’Connor says.

Some of these short-term rentals are for rent-stabilized units, where tenants are paying below-market rents, he points out.

“I used to manage those walk ups; there’s no staff on site. Those buildings bear the brunt” of this problem, he says. “I suspect many property owners and residents will be in favor of clarifying who is staying in the building.”

How the new banned building list works

Another element of the law is a new list of buildings that prohibit short-term rentals.

Owners who tell OSE that short-term rentals are not allowed in their building mean registration requests from these buildings will be denied. Likewise, condo and co-op boards can also put their buildings on the prohibited list.

The new list appears likely to make it tougher for renters—like the ones Arik Lifshitz is dealing with—to be able to post illegal short-term listings. For example, if someone submits a short-term application, the OSE will notify the building owner of record, in effect giving building owners and boards an opportunity to confirm or block the request.

OSE is also expected to inform landlords and boards about how they can apply to get on the banned building list.

The origin of the new short-term rental law

The NYC Council passed the bill that created this registration system at the end of 2021. Former council member Ben Kallos was the lead sponsor of the bill, which is modeled on similar systems in San Francisco, Chicago, Portland, and Santa Monica.

According to a statement released by Kallos’ office at the time, “[m]ore than 37,000 NYC homes on Airbnb will have to be registered with the city thanks to the new law.”

Kallos pointed to the disconnect between empty NYC hotel rooms and the number of listings for entire homes (nearly 20,000), many of which may be illegal and exacerbate the affordable housing crisis, he said.

“Housing should be for New Yorkers. Hotels should be for tourists. We need every apartment being listed illegally on Airbnb back on the market to help our affordable housing crisis,” Kallos said.

Full article: https://www.brickunderground.com/rent/local-law-18-registration-requirements-for-short-term-rental-host-banned-building-list-nyc

Chart: Renewables are on track to keep getting cheaper and cheaper

2023-09-09T12:15:00.000-07:00

Chart: Renewables are on track to keep getting cheaper and cheaper

A new report says that ongoing improvements in solar and wind tech will keep driving steep cost declines that make them even more competitive against fossil fuels.

1 September 2023

Alison F. Takemura

Canary Media’s chart of the week translates crucial data about the clean energy transition into a visual format.

Renewable energy already beats fossil fuels on cost globally — and according to analysts, the gap is only going to grow.

By 2030, technology improvements could slash today’s prices by a quarter for wind and by half for solar, according to the authors of a recent report from clean energy think tank RMI. (Canary Media is an independent affiliate of RMI.)

These remarkable and ongoing cost declines have made clean energy so attractive that it now outcompetes fossil fuels for new investment: 62 percent of global energy investment is expected to flow to clean energy technologies this year.
That cash is helping push renewables to new heights. According to estimates from the International Energy Agency, global clean energy capacity is expected to jump a jaw-dropping 107 gigawatts to more than 440 gigawatts this year — its largest increase ever.

What we’re living in “is an energy technology revolution,” said report co-author Kingsmill Bond, an energy strategist at RMI. It’s obvious from the data, yet the point is often lost in “a consistent drumbeat of counternarratives” about how difficult it is, and will be, to leave fossil fuels behind, he added.

“U.S. fossil-fuel demand peaked 15 years ago,” Bond said. “This is happening; people have just missed it.”

Renewable energy costs have fallen, and are projected to keep falling, because these technologies are riding “learning curves”: For every cumulative doubling of the deployed tech, its cost declines by a quantifiable percentage that varies by technology. Learning curves are a robust phenomenon that’s been observed for over 50 kinds of tech. Over the past 40 years, the average learning rate has been 20% for solar and 13% for wind.

That’s the underappreciated power of learning by doing; the more solar panels and turbines people make, the more they discover how to make them better, faster and cheaper. The RMI report’s range of forecasted cost declines is based on both these long-term average learning rates and the higher rates observed in more recent years (30% for solar and 25% for wind).

Fossil fuels, by contrast, have not gotten on empirical learning curves. For more than a century, fossil fuel prices have swung wildly without trending consistently downward.

Fossil fuels aren’t getting cheaper because they’re not technologies, but rather commodities dug up from the ground, said Sam Butler-Sloss, co-author of the report and an energy analyst at RMI. The tech used to extract and refine them undergoes far fewer iterations than solar panels and wind turbine blades, which are mass-produced, a characteristic of technologies with fast learning rates.

Lower costs are just one reason to pursue clean energy among many others that are much harder to assign a dollar value to, Butler-Sloss said: greater energy security, less price volatility, lives saved from displaced fossil fuel pollution, and avoidance of the climate disasters that come with a much warmer world. All those concerns point toward investing in a renewable energy future, he added.

That’s not to say the energy revolution will happen on its own. As the report states, “We have to work hard” to stay on this trajectory. “We need to build out grids, change permitting laws, scale up flexibility solutions, improve regulatory and market systems, and speed up deployment in the Global South.”
But those actions will only become easier the cheaper renewable energy gets, according to Butler-Sloss. “There is an inexorable economic logic to this transition,” he said. And although the transition needs to go faster, “it provides massive momentum to have the economics on our side.”

Full Article: https://www.canarymedia.com/articles/clean-energy/charts-renewables-are-on-track-to-keep-getting-cheaper-and-cheaper

- This article was published by Nice News - https://nicenews.com/

Here's how much it costs to gut-renovate a brownstone in NYC - By Brickunderground.com

2023-09-03T08:48:00.002-07:00

Here's how much it costs to gut-renovate a brownstone in NYC

The average cost is $300 to $500 per square foot, or $960,000 to $1.6 million for a 3,200-square-foot brownstone
Upgrading mechanical, electrical, and plumbing systems increases the cost to $600 to $800 per square foot

Embracing the task of renovating a New York City brownstone is a daunting but ultimately rewarding endeavor. One way to reduce the fear factor is to get a handle on how much it is going to cost you—and the potential issues unique to brownstones that can ramp those costs up.

Working with a design-build firm can also help by contracting with one company from the initial design phase right on through the build stage, which can translate into greater transparency around costs as well as the projected timeline. But for you to realize those results, the firm should have specific experience in brownstone renovations, which are unlike other renovations.

The partners behind Mammoth—a full-service NYC-based architecture and design firm—have handled brownstone renovations of various scopes and budgets, from $20,000 to over $2 million. Through Mammoth Built, the firm's one-stop, design-build shop for renovation projects, they leverage state-of-the-art technology for planning, budgeting, design, and communication at each step—and specifically for an urban market.

"Our systematized design processes allow for predictable project schedules while still resulting in beautiful and unique projects that are tailored to each individual client's needs," says founder and architectural designer Maryana Grinshpun.

Keeping projects on track goes far in keeping costs in check. "Our construction team is involved in design meetings from the outset, allowing us to monitor budgets at all times," says Mammoth Built co-founder Jessica Maktal, who has a 20-year background as a designer and high-end general contractor. (The two women met in architecture school more than a decade ago).

So if you are embarking on a renovation for your own brownstone––whether you've lived there for years or just closed on the deal—the following walks you through the potential costs.

How brownstone challenges can impact project costs

Brownstone renovations present their own unique challenges that drive up labor and materials costs. First, there's the push and pull between honoring the architectural integrity of these residences—characterized by ornate, brown sandstone façades (hence their name) and grand stoops in the front and private yards in the back—and needing to accommodate the demands of modern-day living. This often plays out in relocating and enlarging the existing kitchen, or blowing out the back to create a stronger connection with nature. (See more on layout considerations and costs below.)

Because of their age, brownstone renovations tend to be impacted by things like outdated electrical systems and piecemeal shortcuts left by the previous owners. And if yours is in a historic district, any renovations will require additional approvals by the Landmark Preservation Commission (LPC).

"As a homeowner, taking on this renovation challenge gives you the opportunity to both reimagine your living space and breathe new life into NYC history," Grinshpun says.

What to budget for according to the project scope

The average cost to gut renovate a NYC brownstone is roughly $300 to $500 per square foot. That translates to $960,000 to $1.6 million for a 3,200-square-foot brownstone.

However, oft-needed upgrades to mechanical, electrical, and plumbing systems will cause those numbers to increase. When gutting an older building, you can expect to pay closer to $600 to $800 per square foot. So that same brownstone could cost anywhere from $1.92 million to $2.56 million and up.

Although there are many variables that go into the final tally, here is a general overview of project costs based on the scope and quality of finishes. For comparison, "light" renovations do not involve any layout changes or opening up walls; a mid-range project might include some demo work.

Light renovations with big-box finishes: $175 to $275 per square foot
Mid-range renovation with medium-grade finishes: $300 to $600 per square foot
High-end renovation with some/all top-tier finishes: $600 per square foot and up.

Pro Tip:

At Mammoth, we know you want to live in a home that speaks to who you are. "We make designing and building bespoke home renovations simple for those looking for custom design and quality construction, under one roof," says Maryana Grinshpun, Mammoth's Founder. “Clients boast about the transparency and ease of working with us. As an independent, woman-owned, design-build company, we will be your partner in delivering a stunning home and streamlined service. You'll spend less time worrying about your renovation, and wake up in a home that inspires you".
See what our clients are saying >>

Where to splurge and where to save

When budgeting for a brownstone renovation, it is important to consider the preliminary splurge-or-save equation. The ideal strategy involves making strategic investments in statement finishes and materials that draw the eye while relying on more affordable, simpler materials for the base of the palette.

Be mindful of your budget when evaluating whether it supports nuanced (but costly) layout changes, such as shifting the cabinetry/vanity and fixtures in an existing kitchen or bath (without knocking down walls), or whether it can sustain more extensive overhauls to the configuration of all of the floorplans.

The quality of the finishes and materials will also depend on your budget—maybe you decide to splurge on the kitchen island and countertops while forgoing custom cabinets or high-end appliances (or vice versa—you could go with a more durable and affordable surface and spend big on all the rest).

Upgrading systems, such as electrical and plumbing, is often a worthwhile investment. Other upgrades include standard modern conveniences like central AC, security systems, and audio/visual services. Besides improving the functionality and safety of your home, some of these improvements may be required to comply with modern building codes, in which case allocating funds for them will be a must.

What common layout changes can cost

In brownstone renovations, establishing an efficient floor plan is often a challenge because of their typical narrow footprint. The following are some layout considerations and associated costs that will often come up.

Kitchen: Both the garden and parlor levels are well-suited for relocating the kitchen. Garden-level kitchens are ideal for homeowners looking to optimize their inside-outside connection, whereas parlor-level kitchens utilize the ceiling height to maximum effect. "When relocating a brownstone kitchen (whether from the parlor floor to the garden floor, or vice-versa), more extensive plumbing work may be required," Maktal says, adding that you should expect to spend an additional $100-$200 per square foot to cover the cost of opening walls and ceilings to run new water, waste, and vent lines and to close them back again.

Primary bathroom: Browntones lend themselves to various generous configurations for primary baths. This could include having a soaking tub, steam room, and dressing area, which could range (at the high end) from $1,200 to $2,000 per square foot, including custom millwork. Alternatively, a steam shower costs between $5,000-$10,000, and a good-quality, solid-surface soaking tub starts at around $4,000 and goes up from there.

Cellar: Code constraints generally prohibit the cellar from being used as a bedroom or having a full bath. Therefore, these spaces are most often finished as a gym, home office, or media/family room. Not including equipment, finished cellars in NYC brownstones start around $200 per square foot, according to Maktal.

Stairwell: Older brownstones that haven’t recently been renovated will often have a load-bearing wall hugging the stairwell. If your budget allows, removing this wall can create opportunities to maximize the footprint of communal areas such as the living and family rooms—or you can use that exposed space for additional storage with custom cabinetry for a seamless look. Maktal says this type of custom millwork under the stairs starts at around $2,000 per linear foot.

The stair location and geometry can also be manipulated to create spaces that are better suited for social interaction, such as by opening up the flow between the kitchen and living area. "When planning for structural changes and/or replacing staircases in brownstones, having a structural engineer on board is a must. Expect to pay $5,000-$15,000 in engineering fees for these types of projects," Maktal says.

Floor-by-floor configurations: Unless your brownstone sits on a corner, the only windows will be on the opposing street and garden façades, leaving dark swaths in the middle of each floor. One effective way to maximize natural daylight is to position all habitable spaces such as the kitchen, living spaces, and bedrooms on those façades while pushing the utilities—storage, mechanical, and plumbing systems—to the center of the building where light is limited. Expect to spend $10,000 and up per floor for projects that involve relocating plumbing services to a central core, Maktal says.

Windows: You may also be able to enlarge existing openings, at least on the rear façade (the only option in a historic district), to bring in more natural light. One of the more popular renovations is to replace the entire back wall on the garden and parlor level with casement windows and doors, letting light flood into the kitchen and living spaces. "On either level, a wall of glass is great for offering views of the garden. Depending on the existing exterior wall configuration, projects like this can run from $50,000 and up," Maktal says.

Skylights: Another strategy for bringing light into the core of a brownstone is from above, either by using existing skylights above the stairwell or adding new ones, and then creating shafts that channel natural light into the upper levels of the building. Depending on whether you are simply replacing the skylight or enlarging the opening, it will run anywhere from $1,500 to over $20,000 for the skylight alone, plus another $10,000 (or so) for the crane to hoist it to the roof (exclusive of installation).

Outdoor spaces: Brownstones often have a combination of terrace, garden, and roof space available, which could accommodate a variety of activities such as gardening, dining, and entertaining. Even if you are only updating a garden-level yard, there are too many variables to project realistic costs. For example, creating a bluestone patio (at about $10/square foot) will be different than an all-wood deck (more like $30/square foot); it also depends on whether the materials can be delivered through the front door and out the back, or whether a crane would be required (at about $2,000). Site preparation is another factor—are you ripping out an existing patio or deck or starting from sod? There's also fencing, and so on. Suffice it to say you can design a backyard space for almost every budget, and working with an experienced firm can help you achieve your goals.

The upshot

Investing in your brownstone renovation is a significant project that demands time, resources, and expert knowledge. "However, the end result—a beautifully restored piece of NYC history that is customized to your needs—is always well worth the investment," Grinshpun says.

Mammoth is a woman-owned and -run design-build firm with a studio in Dumbo and extensive experience in the urban renovation market. We specialize in a thoughtful, efficient, streamlined design-build process with a design-first approach. Ready to renovate? Contact us for a complimentary consultation.

Full article: https://www.brickunderground.com/improve/mammoth-how-much-cost-renovate-NYC-brownstone-kitchen-cellar-skylights

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The buyer's and renter's guide to NYC's public and private elementary schools - By Brickunderground.com

2023-08-18T10:38:00.003-07:00

Although free pre-K is guaranteed for all four-year-olds, not all public schools participate in the program
A test is no longer required for the gifted and talented program, but the entrance process is still complicated
The admissions process and tuition varies for each private school; all offer financial aid based on eligibility

By Jennifer White Karp | August 15, 2023 - 9:30AM

In most places, when you’re a parent searching for a place to live, you typically want to know how close is the elementary school your child(ren) will attend. But in New York City—like so many aspects of living here—getting into an elementary school can sometimes be very complicated. Living near an elementary school doesn’t necessarily mean your children will go to school there.

The reason: NYC public elementary schools rely on a zoning system—and so you could live a few blocks from a school but still be outside of its geographic boundaries and zoned for a different school instead. (Depending on where you live, you are likely to still have a few options for elementary school.)

[Editor’s Note: A previous version of this article was published in August 2022. We are presenting it again with updated information for August 2023.]

Another unique aspect of NYC public school is its gifted and talented program, which offers accelerated instruction to eligible elementary school students. In a major shift (as of August 2022), acceptance is no longer determined by special testing. Instead, acceptance is based either on a Department of Education (DOE) ) pre-K teacher’s determination or a parental interview by a DOE staff member who then nominates your child into a lottery.

Sound confusing? Fortunately, there are lots of resources available to help navigate the whole public and private elementary school situation. Brick talked to some of the experts who track NYC schools to find out what has changed and what you need to know whether you're looking to rent or buy—and whether you have young children now, expect to in the next few years, or just want to buy a place that will be in demand by families when it's time for you to sell.

Public elementary school options

About half of NYC children who attend public elementary schools go to the school that they are geographically zoned for (see more on school zones below). The rest head to charter schools, magnet schools, and gifted and talented programs at designated schools.

The percentage of students attending zoned schools has dropped in recent years.

"Many more families exercise school choice than most people realized," says Clara Hemphill, founder of InsideSchools, a website with independent reviews of schools and guides to the NYC school system. (Hemphill, who has since retired from InsideSchools, is the author of “New York City's Best Public Pre-K and Elementary Schools: A Parents' Guide" as well as "A Brighter Choice: Building a Just School in an Unequal City," published in March 2023.)

One helpful tip: By answering a few questions, InsideSchools will generate a list of schools that your child is eligible to attend. The site also has forums for parents to chat about their experiences with schools called InsideSchools+, and parents can set up a free membership and take online courses to learn about the school admissions process.

In general, the process works like this: To keep your options open, you apply to several different schools. (For kindergarten, you can list up to 12 schools on one single application). Even if you choose to go with your zoned school, you must still apply in advance for a seat.

NYC’s MySchools is the portal where you create your application and get guidance on the admissions process. In 2023, according to education consultant Robin Aronow, founder of School Search NYC, which helps guide NYC parents through the school application process, applications for all DOE options, including general education, gifted and talented, and the Special Music School, were on one application that opened in early December and closed in mid-January. Placements were released in early April. Charter school applications are generally due April 1st, with placement notifications shortly afterward.

Have questions about a specific school? Every public school has a parent coordinator who is available to answer questions about the process. The contact info is typically listed on the school's independent website, as well as the DOE’s website for each school or on InsideSchools.

How do you get into NYC pre-kindergarten?

One of former Mayor Bill de Blasio's major initiatives was free pre-K for all, and all four-year-olds in the city are now guaranteed a spot. The city followed that popular program with a 3-K program, offering free, full-day early childhood education to three-year-olds, and expanded it city-wide last year. However, placement is not guaranteed.

It's important to understand that not all public schools offer pre-K programs, so your child may have to travel out of your area to attend. Of those that do offer them, many have limited space. There are also pre-K centers run by DOE staff, like K280 School of Journeys in Windsor Terrace (at the Bishop Ford School Site), considered to be the model for the program.

Pre-Ks are zoned by district, so you can apply to go to any pre-K in your district, but keep in mind that kids aren't eligible for bussing until they're five years old or older. You can also apply to a pre-K outside your district, but residents in that district will be given priority.

Worth noting: Aronow says that even underperforming schools tend to have pretty good pre-K programs.

An important caveat: Just because your child attends a pre-K program at a school does not mean they are automatically enrolled in that school's kindergarten. Kindergarten is a separate application process. Once a child is enrolled in a kindergarten in a school, for example, that goes through fifth grade (or higher), they do not need to apply again.

What are zoned schools?

Some schools have a catchment area, referred to as a “zone,” and if you live in a school’s zone, your child has priority to attend that school. (So students can apply to a school they are not zoned for, but if there is a waitlist, they get in line behind students that reside within the zone.)

Schools are part of districts; there are 32 school districts in the five boroughs and hundreds of school zones.

School zone boundaries don’t often make a lot of sense. You may live down the street from a school, and one side of the street will be in the zone and the other side is not. In addition, sometimes schools “rezone” or redraw their boundaries.

When a rezoning happens, families with children already attending a school that find themselves outside the zone will continue to attend the school, but newcomers will go to a different school.

You can check out which school your current apartment (or the apartment you're interested in) is zoned for on the DOE website, or by calling 311 or the school's parent coordinator. Additionally, you can use InsideSchools's search to find the zoned school for an address, as well as other schools in that district.

Laura Zingmond, senior editor at InsideSchools, says if you’re considering a move to a place that appears to be on the border of a school zone, don’t take a broker’s word for it that it falls within a certain zone. Some apartment listings include school zones, but the information can be outdated or erroneous.

The safest bet—and a must-do piece of due diligence to make before signing a lease or contract—is to call the school you think you're zoned for, as they'll have a database of all the addresses that fall in their catchment.

How to do research on a school

Once you've found your zoned school, do a search for it on the DOE site and then click on the school's name. You'll get a lot of information, including the school quality guide, which is based on results from the NYC School Survey and more information on student achievement, and the quality review report, which is the result of a two-day visit by an experienced educator. Be aware that the reports might be from previous years as there were no state tests in 2020, and in 2021, nearly 80 percent of students in third through eighth grades did not sit for the tests.

Another good place to do your research is InsideSchools's "staff picks,” which can be found by refining a search on the site.

Other categories that can be selected include "gifted & talented,” "charter,” and "dual language." The site has reviews on all schools and provides real specifics, including rodent problems and the like.

Where to look for NYC elementary schools

There are many high-performing zoned schools in Manhattan, particularly on the Upper East Side, Upper West Side, the Village, Midtown East, and Tribeca. There are also several “choice,” aka un-zoned schools, Aronow says.

Hemphill says the schools everyone has heard of—such as PS 6 on the Upper East Side, PS 87 on the Upper West Side, and PS 234 in Tribeca—"are great schools but are also in fantastically expensive neighborhoods.”

Schools in Brooklyn’s District 13, which includes Clinton Hill, Fort Greene, and downtown Brooklyn, have become very popular in recent years, she says.

Hemphill singles out Williamsburg as one neighborhood where schools are making great strides, including Brooklyn Arbor (PS 414).

If you want other solid schools, Hemphill says, look at District 2 (Manhattan) or District 26 in Eastern Queens. District 15 in Brooklyn is also known for its high-performing elementary schools.

And for more intel on the Bronx, check out InsideSchools’s Best Bets in the Bronx.

Applying to out-of-zone schools

You can apply to schools out of your zone or even your district, and chances are better that you get a seat even in super popular schools, like the Upper East Side's PS 6 and the Upper West Side's PS 87. Note that District 1 on the Lower East Side, District 7 in the Bronx, and District 23 in Brooklyn are all so-called "choice" schools, meaning there is no zone. (See the next section below for more detail).

The DOE only releases seats after all zoned applicants have been registered.

Important to know: If you decide to move out of your zone, your child won't be required to switch schools. That's why lots of families move to a less expensive neighborhood after their child starts school in a desirable location—and why popular schools can get overcrowded because more families with school-age children repeat the pattern.

"Once your child starts at a school, they remain in the school for the duration, as long as they get to school and picked up on time," Aronow says.

So if you rent in an expensive neighborhood with a good zoned school for a year or two, and then move to a more affordable neighborhood, you can keep your child in the original school. One catch is that if you change zones, your child's younger sibling(s) won't get priority in your original zoned school, although they will have priority over those outside the district.

Note that schools can and do check to see that there were no false representations on your original application—and that you did, in fact, live in the zone when your child first started. "Especially if they’ve been tipped off," Aronow says.

‘Choice’ schools or un-zoned schools

Choice schools—as the name suggests, these are schools that parents get to "choose" rather than being zoned for—tend to be more progressive. They give priority to those who live in the district, and admission is offered via lottery. In some cases, there may be a few seats left for non-district families.

All schools in District 1 on the Lower East Side, District 7 in the Bronx, and District 23 in Brooklyn are choice schools; there are also individual non-zoned choice schools such as Midtown West, Tribeca Learning Center, and Ella Baker in District 2; Manhattan School for Children in District 3; Central Park East I and II in District 4; Central Park East I and II and Teacher’s Community College in District 5; Teacher’s Community College, William Lynch (formerly Hamilton Heights), Washington Heights, WHEELS, Castle Bridge School, Amistad, and Muscota in District 6; and The Children's School and the Brooklyn New School in Brooklyn's District 15.

What are magnet schools?

These are choice schools that are intended to foster diversity and receive federal funding for specialized curriculums focused on science, technology, or art. They are not gifted and talented schools, notes Alina Adams, a consultant, founder of NYC School Secrets, and author of “Getting Into NYC Kindergarten."

"Most people, if they're moving to New York from somewhere else, think these are gifted and talented schools," she says. "They're not."

That's good to know since enrollment is the same as for choice schools—no extra hurdles to clear.

According to InsideSchools, it’s a good idea to call your district office to find out if there are any magnet programs in your area. You can also find magnet schools by borough and district (and even apply to them) on the official magnet school program website, or by contacting the magnet school office at (718) 759-4977 or info@magnetschools.nyc.

How charter schools work

Charter schools are public schools that operate independently of the local districts under a charter from the state Board of Regents or the State University of New York. They tend to have high standards for academic achievement and behavior, and many boast impressive standardized testing results, though some critics have questioned their record retaining children with special needs or English language learners and criticize their ability to take space and resources within public school buildings.

Admission is by lottery, but preference is given to kids in the district. A particular demographic may get priority. Applications are available on the NYC Charter School Center website or at individual schools. The application deadline is April 1st, however, some schools may have later deadlines.

Students are admitted according to the number of seats available, according to the website, and if a charter school receives more applications than available seats, the school is required to hold a lottery. Lotteries are typically held in April and May. Applicants who don’t get a seat via the lottery are placed on a wait list.

What about NYC's gifted and talented programs?

Before the pandemic, there were question marks next to the city’s gifted and talented program. And while there were major changes to the admissions process with the elimination of screening, it appears the program will remain during Mayor Eric Adams and School Chancellor Banks’ tenure, Aronow says.

InsideSchools has more on how the gifted and talented admission process works now: Students who are presently in a DOE pre-K program will be evaluated by their teacher, who will nominate them if they are determined to be eligible. If your child is in a private, parochial, or charter school, or is being home-schooled, and if you list at least one G&T program on your kindergarten application, a DOE staff member will call and interview you about your child’s gifted traits. If the staff member determines your child is eligible, your child will be nominated. "All nominated applicants then enter, in essence, a G&T lottery, as there are more applicants than seats." Aranow says .

The program was also broadly expanded, Aronow points out. “G&T will now be in every district starting with kindergarten, one can apply in kindergarten through fourth grade, and there is a new special third-grade entry point as well.” Note that to get into a grade-three G&T program, the top 10 percent of second graders in each school will be invited to apply based on their grades in English, math, science, and social studies.

Adams adds that "for 2023, a fourth-grade G&T entry was also available at schools with the special third-grade track the previous year, and likely that will be the case for 2024, too."

Parents’ experiences with the new admission procedure have varied widely, with some reporting feeling like their child was shut out of the process. In addition, while eligibility for the program was expanded—now several thousands more students make the cut, Adams says—only 100 seats have been added.

Besides district programs, there are citywide G&T schools—The Anderson School on the Upper West Side, NEST+M (New Explorations into Science, Technology and Math) on the Lower East Side, TAG (Talented and Gifted School for Young Scholars) in East Harlem, Brooklyn School of Inquiry in Bensonhurst, and PS/IS 300, The 30th Avenue School on two campuses in Astoria. But in the last three years, all G&T applicants have been eligible for both programs instead of admission being based on grades.

“Now there’s no distinction. Everyone is in the same pot—it’s just a random lottery," Adams says.

One thing hasn’t changed: Even though public school enrollment is down, it’s a mistake to think by moving near a gifted and talented school your child has a better chance of getting in.

“Demand is so out of proportion with supply that lower enrollment hasn’t made a difference,” Adams says, adding “If you move into a popular gen ed zone, even in August, you will have a good chance of getting into the zoned school in September. That’s not the case with G&T. Know that the gifted and talented program is not based on zone. You do not have priority, and that’s especially true now.”

Going forward, you can expect additional changes to the program as school officials try to make the system fairer based on lessons learned during the pandemic.

"The past two-plus years have underscored the need to make admission to NYC schools more diverse and equitable," Zingmond says.

What to know about CUNY's gifted and talented program

Hunter College Elementary School is a free, gifted K-12 program run by Hunter College and CUNY with a curriculum that exceeds New York State-mandated guidelines issued by the Board of Regents. The elementary school (K-6) is now open to students citywide. Entry points are for kindergarten and seventh grade only, and most students join in seventh grade.

It has a separate application process, and admissions for fall 2023 have ended. According to the website, the application schedule for fall 2024 will be posted sometime in September, with all final admission notifications expected to be released in early February 2024.

Why sleeper schools might be worth a try

Aronow suggests considering new schools. "Many parents are hesitant to try them out, but these schools often have newer facilities than more established schools, plus a dynamic and engaged staff."

For example, she says schools in Hell’s Kitchen are promising and increasingly popular, and Brooklyn’s District 17 has momentum and an engaged community.

What are key NYC public school deadlines?

Public school students must turn five by December 31st of the year they start kindergarten (meaning they can start school before they turn five).

Tours are usually held in the fall and spring, with specific dates listed on a school’s website. Plan to do them because they are a good opportunity to ask questions and get a sense of a school that you cannot get otherwise.

The application deadline for kindergarten is mid-January, and the notification date should be no later than April.

Public schools don't have interviews, per se, though the Special Music School has a music evaluation, and Hunter has an assessment for students who make it to the second round of the process, which is determined by the Stanford-Binet IQ cut-off.

Each charter school sets its own application deadline, but most require that applications be in before April 1st. Some schools have later deadlines, so inquire with individual schools.

What to know about NYC private schools

There will always be parents who choose to go private for many different reasons: Religious instruction, better facilities, smaller class size, and extras like music instruction for every student, a perk parents are not likely to find in public school

The Upper East Side has the largest concentration of private schools in the city and is home to most of the single-sex schools, such as The Browning School and The Buckley School. The Upper West Side has the second largest concentration of private schools, including Collegiate, an all-boys school.

Some of the most well-known NYC private schools include Bank Street School for Children, Columbia Grammar & Preparatory School, Dwight School, Trinity School, The Brearley School, The Dalton School, The Spence School, Friends Seminary, and LREI (Little Red Schoolhouse & Elizabeth Irwin High School) in Manhattan; Horace Mann School, Ethical Culture Fieldston School, and Riverdale Country School in the Bronx; and Berkeley Carroll Schoo;, Saint Ann's School, Poly Prep, and The Packer Collegiate Institute in Brooklyn.

Other private schools that have opened in recent years include Avenues, Basis Independent Manhattan and Basis Independent Brooklyn , and Hudson Way Immersion.

What is the age cutoff for NYC private schools?

Some private schools offer pre-K programs, some offer preschool for three-year-olds, and a very select few offer programs for two-year-olds. Once your child has been accepted into a preschool program, they don't need to apply again for kindergarten.

Unlike public schools, where kindergartners can start when they're four as long as they turn five by the end of the calendar year, the majority of private schools require that kindergartners are five years old by September 1st.

The reason for this is "the schools want to be sure that the child is socially and emotionally ready for kindergarten," says Gina Malin, the former executive director at the Parents League of New York, a nonprofit association of parents and independent schools. "Kindergartens have changed—the days are longer, and they're asking five-year-olds to do a lot more than in years past. The curriculum is more advanced."

The downside: This means that if your child's birthday is in the fall, you'll be paying for one more year of preschool.

How do students get accepted to NYC private schools?

The private school admissions process starts the September before your child enters kindergarten. Malin suggests that parents start doing their research during the spring before that.

In addition to the Parents League website, many parents rely on the "Manhattan Family Guide to Private Schools and Selective Public Schools" by Victoria Goldman. (Goldman also penned the "Manhattan Directory of Private Nursery Schools.") The Independent Schools Association of Greater New York has a comprehensive website and puts out a directory as well.

Other websites that might be worth checking out include NYSAIS.org (New York State Association of Independent Schools) and NAIS.org (National Association of Independent Schools). Individual schools have their own websites, too.

Since private school notifications go out so much earlier than for public schools, some parents who hope to get into a certain public school will put down a non-refundable deposit (around 15 percent of tuition) at the private school as a backup.

Although that's not advisable, Malin suggests that anyone who plans to do this read the private school contract carefully to make sure they are not responsible for the first tuition payment or even the full year's tuition on top of the deposit.

Each school does its own individual assessment, with many schools changing their testing procedures because of the pandemic. Typically a group or individualized tour is followed by an interview with the parents. Children are also asked to come in for a play visit.

"Usually, a family will have two to three visits to the school during the admissions process," Malin says.

In the past, applications went online in August or September, and are usually not processed until after Labor Day. Acceptance letters went out in February and you usually have a week to accept or decline.

Many schools give preference to legacies (children of former students), but schools define legacies differently. Some only include parents, some include grandparents, aunts, and uncles. Siblings almost always have priority, but admissions for siblings are not guaranteed or automatic, Malin says.

Connections don't hurt, but neither do they guarantee admission to a school, she says. And in order to make the process fair, most schools don't require letters of recommendation.

"Admissions directors don't want lots and lots of letters from various connected people," Malin says. "Especially if [the letter writers] don't know the family well."

What do private schools cost—and is financial aid available?

Tuition for schools is now $55,000 to $65,000, with newer schools closer to $40,000. Upper school tuition is sometimes a few thousand dollars more, but many ongoing schools have adopted a policy to keep tuition the same across all grades.

Since private school does not come cheap in NYC, it's no surprise that many parents inquire about financial aid.

Malin stresses that parents should not be afraid to ask about the levels of aid available; with the exception of some nursery schools, it's available at all private schools.

"Most schools have really generous financial aid packages," she says. "It varies from school to school, depending on their budget and endowment. Some offer partial aid, some offer full."

Her advice: Speak to admissions or financial aid officers. There's usually someone in the admissions or business office who deals solely with this issue. Sometimes, though, the admissions officer and financial aid officer are the same.

Private school admissions decisions are rarely "need-blind." Rather, they can be "need-aware," Malin says, meaning that admission for students requiring financial aid will depend on the family's need and the financial aid budget of the school. Most often, financial aid does not affect admission, but in some cases, it may.

Financial aid is based on many factors, including income, how much you pay in mortgage or rent, how many children you have, whether you have outstanding debt like student loans, the costs of caring for an elderly family member, etc. Many schools ask parents to fill out an application through websites like TADS or FAST. Those services take the above issues into account and generate a monetary number, and the schools use that as a guideline, doing their own calculations from that.

"Just like when you’re doing your taxes, being organized is really important," Malin says. Read: You'll need to gather a lot of forms and be aware of all of the deadlines.

Sometimes accepted students can be added to a financial aid waitlist if the money is not available at the time of acceptance.

"People may not know that private schools are diverse, both socioeconomically and culturally," Malin says. “There is a wide array of independent schools in the city—Montessori, progressive, special needs, language-immersion, Waldorf schools. There are lots of philosophies and approaches."

—Earlier versions of this article contained reporting and writing by Mimi O’Connor.

Source: https://www.brickunderground.com/blog/2013/03/buyers_and_renters_guide_to_NYC_grade_schools

The Tallest Buildings in the World - By DailyPassport.com

2023-08-08T09:13:00.001-07:00

Credit: Rasto SK/ Shutterstock

When it opened in 1930, Manhattan’s Chrysler Building became the first skyscraper to exceed 1,000 feet in height — surpassing the Eiffel Tower as the world’s tallest building, only to be bested by the Empire State Building in less than a year. Flash forward to 80 years year, when a certain skyscraper took the world’s-tallest crown, falling just 300 feet short of 3,000 (!) feet. Here, survey the 10 (currently) tallest buildings on the planet — incredible feats of engineering and stunning symbols of wealth and urban elegance.

10. Taipei 101 – Taipei, Taiwan

Characterized by its distinctive pagoda-inspired shape, Taipei 101 rises to an impressive 1,667 feet above the streets of Taiwan’s capital. Symbolism played an important role in the design and naming of the emblematic landmark, situated in the Xinyi Special District commercial hub. The name is a reference to the 101 floors — the number 100 symbolizes perfection, and the number 1 represents the ability to break the boundaries of perfection. The skyscraper is also recognized for its innovative energy-efficient features, including the ventilation equipment and water storage found in its eight stacked modules. The building’s facade is made from green-tinted glass that helps to repel solar heat. Tourist attractions at Taipei 101 include a food court, a multi-level shopping mall, and a panoramic observatory.

9. CITIC Tower – Beijing, China

The 1,731-foot-tall CITIC Tower (also known as China Zun) is the tallest building in Beijing’s sprawling skyline. It soars above the modern Central Business District of China’s capital city with a curving shape inspired by a zun, a ceremonial wine vessel that traces back to the Bronze Age in China. Typical of a zun, the tower has a wide base that tapers inward before broadening at the summit. This design and infrastructure also helps the building to withstand earthquakes in the country’s most active seismic zone. Of the 109 above-ground and eight below-ground floors, 108 are occupied by the China International Trust Investment Corporation (CITIC Group) and other businesses.

8. Tianjin CTF Finance Centre – Tianjin, China

Tianjin CTF Finance Center is a futuristic-looking skyscraper owned by the Hong Kong-based conglomerate Chow Tai Fook Enterprises. It reaches a lofty height of 1,739 feet and has a sleek and softly curving glass exterior. This integrates harmoniously with eight sloping mega-columns that enhance the building’s response to seismic movements. Tianjin CTF Finance Centre is a mixed-use building: Spread across its 97 floors are retail outlets, office spaces, and several hundred hotel rooms and serviced apartments.

7. Guangzhou CTF Finance Centre – Guangzhou, China

Guangzhou CTF Finance Center is another colossal skyscraper owned by Chow Tai Fook Enterprises. Like its Tianjin counterpart, it is exactly 1,739 feet tall. The building has a series of self-cleaning and corrosion-resistant terracotta mullions that adorn the facade — the use of terracotta is symbolic of the material’s importance in Chinese history. The podium and lower floors are home to the Guangzhou K11 high-end shopping mall, while offices, apartments, and a luxury hotel occupy the remaining floors. Access to the hotel is via one of the world’s fastest elevator systems, which travels 95 floors in a mere 42 seconds.

6. One World Trade Center – New York, New York

One World Trade Center overlooks the Hudson River and spectacular Manhattan skyline with a symbolic height of 1,776 feet. The 104-floor skyscraper stands on the site of the rebuilt World Trade Center complex and has the same name as the North Tower, which was one of the Twin Towers destroyed on 9/11. When it was completed in 2014, One World Trade Center became the tallest building in the United States, overtaking the throne from Chicago’s Willis Tower (formerly the Sears Tower). Its prismatic glass facade glimmers like a kaleidoscope and changes throughout the day with the moments of the sun. Over half of the skyscraper is leased to businesses, including the media company Condé Nast. Visitors can enjoy 360-degree city views, multimedia exhibits, and restaurants at the One World Observatory.

5. Lotte World Tower – Seoul, South Korea

The 1,824-foot-tall Lotte World Tower is the tallest building in South Korea. It’s packed with retail and entertainment attractions from the lobby all the way up to the 123rd floor. Self-described as a structure where “globalism, Korea’s traditional beauty, human technology, cutting-edge and nature exists in harmony, ”the skyscraper is home to the Lotte Museum of Art, an aquarium, a luxury shopping mall, and Korea’s biggest duty-free store. At the top is Seoul Sky, an observatory and glass-floored skywalk accessed via the world’s first double-decker elevators.

4. Ping An Finance Center – Shenzhen, China

Following its completion in 2016, the Ping An Finance Center became the tallest skyscraper in Shenzhen. Its reinforced concrete and stainless steel structure soars 1,844 feet above the city’s Futian Central Business District. The tower is a symbol of the growth of Shenzhen — since the 1980s it has evolved from a town of 30,000 people to a megacity with a population of over 10 million. Much of the building is occupied by hotel, retail, and office spaces, namely the namesake Ping An Insurance group. The 116th-floor Freesky observation deck affords breathtaking views over the city, bay, and mountains of Shenzhen.

3. Makkah Royal Clock Tower – Mecca, Saudi Arabia

A stone’s throw away from Islam’s most sacred site is the Makkah Royal Clock Tower. The central feature of the King Abdulaziz Endowment Project, the world’s third-tallest building stands majestically at 1,972 feet while overlooking the Kaaba. The Makkah Royal Clock Tower is home to the luxury Fairmont Hotel, with rooms that feature views of the Great Mosque of Mecca. Atop the building are four clock faces, which are the biggest in the world. The Clock Tower Museum spreads across the upper four floors and has cosmology and science exhibits in addition to a balcony lookout.

2. Shanghai Tower – Shanghai, China

The imposing Shanghai Tower is a 2,073-foot-tall skyscraper that serves as a mixed office space and leisure and entertainment center. An iconic landmark of Shanghai’s Lujiazui financial district, it forms one part of a trio of supertall structures alongside the Jin Mao Tower and Shanghai World Financial Center. Shanghai Tower twists upwards in an ultra-modern helical shape and is coated with two layers of glass. It’s known for its energy efficiency and sustainability — the glass layers act as a natural cooling and ventilation system, and the building also has a system to collect rainwater and reuse wastewater. High-speed elevators whisk visitors up to observation decks situated on the 118th and 119th floors.

1. Burj Khalifa – Dubai, UAE

Tallest of the world’s supertall skyscrapers is Dubai’s Burj Khalifa. Ascending to a dizzying 2,716 feet, it beats its closest rival by almost 700 feet and claims seven world records. Among them are the world’s highest occupied floor and tallest service elevator. Around 380 engineers and technicians worked on this architectural wonder, and the construction process involved approximately 22 million hours of person-hours. Spread across the 160 floors are opulent residences, a hotel, bars, and more than a thousand pieces of artwork. The highlight on the 148th floor is At the Top, Burj Khalifa SKY — the highest observation deck on the planet.

Credit: Sven Hansche/ Shutterstock

Credit: Abrar Sharif/ Shutterstock

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Credit: Sean Hsu/ Shutterstock

What factors can affect your ability to get a mortgage?

2023-03-30T08:51:00.001-07:00

What factors can affect your ability to get a mortgage?

One key step in purchasing a home is qualifying for a mortgage, or the loan used to buy property. Although the application process can be overwhelming, it's a lot easier if you know what to expect.

If you've ever applied for a loan in the past, you know that certain aspects of your financial history play into your ability to qualify and the rate and term for which you can qualify. A mortgage loan is similar, with certain elements playing a major role in the approval process. Explore what factors can affect getting a mortgage and how to prepare your finances before submitting an application.

Credit score

One of the first things a lender will look at is your credit score, which reflects your history of repaying your debts. Various financial factors are included in your credit score, such as student and automotive loans, credit cards, and lines of credit. Some credit histories also include cell phone bills and rental property agreements. Lenders view applicants with higher credit scores as lower-risk individuals, so they're able to qualify for loans more easily.

In addition to using the credit score for qualification purposes, a lender also uses the score to determine the rate class for which an individual can qualify. For example, lenders might have top-tier classifications for those with good to excellent credit, and those borrowers can get substantially lower interest rates. Among most lenders, the benchmark credit score to get into a higher tier is 650.

Before you submit an application, reviewing your credit score and taking a closer look at your history is helpful. If you spot any discrepancies, you can work with the major credit reporting bureaus to remove errors or inaccuracies and bump up your score. A low credit score makes it more difficult to qualify for a loan, so it's worth trying to raise it before applying for a mortgage.

Down payment

A down payment is a sum of money paid to the seller at the time of the purchase. The buyer pays the sum, and the amount they can pay plays a role in the overall approval process and the total monthly payment. To put it simply, a higher down payment results in a lower amount borrowed from the lender. The down payment also determines what type of loan a borrower can qualify for, as some loan types require a minimum percentage to be paid down.

A conventional mortgage often has a requirement of 20%, although a buyer who can't pay that much down may be able to get the loan by paying mortgage insurance. Private mortgage insurance (PMI) shields the lender against the risk of the borrower defaulting. Some specialty loan types, such as FHA, USDA, and VA loans have lower down payment requirements.

Employment history

Your employment history plays a major role in whether or not you can qualify for a mortgage loan. Lenders use this as a measure of risk since a steady source of income indicates the applicant's ability to pay back the loan. In contrast, an individual with a spotty employment history who changes jobs frequently often doesn't look as stable to a lender. Lenders typically have to verify employment as part of the review and approval process and look at several months' worth of pay stubs.

Self-employed individuals can qualify for mortgage loans, although the process may be a bit more complex. Those who work for themselves typically have to provide tax documents for at least the last few years, allowing the lender to determine their average income. If you're thinking about changing jobs, it's best to wait to do so until you've closed on your loan.

Debt-to-income ratio

Before a lender approves a mortgage loan, they assess the applicant's debt-to-income ratio. This involves an assessment of how much money you bring in each month and any outstanding debts you're responsible for at the time. This calculation may include various types of debt, such as:

Auto loans
Credit card debt
Student loans
Lines of credit
Medical or healthcare debt
Mortgage loans

By dividing your total debt by your gross monthly income, a lender can determine your debt-to-income ratio. This formula provides insights into the monthly mortgage payment you would be able to realistically afford on top of your existing debt.

Although lenders will look at this ratio early in the application process to determine whether a borrower can qualify for a mortgage, they can also review it again at any point before the loan closes. It's important to avoid making large purchases on a credit card, opening a new credit card, or taking on additional debt when you're applying for a mortgage loan. These factors can change your debt-to-income ratio and affect your ability to qualify.

Loan amount

The prices of the homes you're looking at factor into your ability to qualify for a mortgage. It's smart to start the application process before you shop for homes, as you can get a better idea of what you can qualify for before falling in love with a property you can't afford. The amount you need to borrow is the cost of the home, minus your down payment, plus any closing costs associated with the mortgage loan process.

Home location

The state and even the city you're shopping in can affect your interest rates and qualification status. Rural areas may qualify for different loan types, while homes in urban areas could have different requirements.

Loan term

The term of a mortgage loan refers to the length of time allotted to repay the total debt. The most common mortgage term is 30 years, although some lenders offer shorter terms for those who want to pay off the debt sooner. When assessing mortgage lenders and loan options, it's important to compare similar options. The term you select will determine how long you'll make monthly payments, the interest rate you can qualify for, and how much you'll pay each month.

You might also hear lenders talk about fixed-rate and adjustable-rate loans. These terms refer to whether the interest rate will remain the same for the duration of the loan or if it can change. A variable rate might offer a lower rate at first, but it comes with a higher level of risk since the interest rate could increase based on economic conditions and market rates. Although you can't change the interest rate on a fixed-rate loan, you can refinance and get a new loan if rates drop.

Source: Alliant Credit Union

WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU!

Fernando & FBR team

Fernando Branco, GRI, ABR, CNE

Real Estate Broker

Graduate Realtor Institute (GRI)

Accredited Buyer Representative (ABR)

Certified Negotiator Expert (CNE)

Fernando Branco Realty

162 Huntington St, Ste 1R, Brooklyn, NY 11231

c: (212) 321-0115

e: Team@fernandobrancorealty.com

Working by referral. Let us help you find a home too!!

NYS Housing, Anti-Discrimination & Agency Notice & Disclosures

Seller's Concessions and Paid Rate Buydown

2023-02-03T07:26:00.001-08:00

A Buyer recently informed me his Seller just offered him a 2-point concession…What does this mean and what are the buyer’s options?

A seller’s concession is a monetary contribution given by a home seller to a potential home buyer to use towards her closing expenses and prepaid items. Lenders allow the seller of a home to “credit” a portion of her proceeds to the home buyer but lenders have limits on the amount of seller’s concession they will permit. Generally, for “conventional” (non-jumbo and sold on the secondary market to Fannie Mae and Freddie Mac, among other investors) loans, if the buyer’s down payment is less than 10%, the seller can contribute up to 3%. If the down payment is 10 – 25%, the Seller can contribute up to 6%. If the down payment is more than 25%, the Seller can contribute up to 9%.

Many mortgage professionals will apply the seller funds to underwriting costs, escrow fees, and loan fees, but some deeper thinkers consider permanently buying down the interest rate on the loan which significantly reduces the monthly mortgage payment. So, in a better case scenario, a buyer can take those offered 2 points and buy her rate down for the life of the loan with the lender.

For example, if a base rate is 6% on a given product, typically 2 points would buy that rate down to 5.5%.

Another option, however, is referred to as a Temporary Buydown. In this example, instead of getting 5.5%, a buyer can use the points to buy down the rate to 4% the first year, 5% in year 2, and then the rate would go back to 6% the rest of the way. Ultimately the Temporary Buydown option is a great way to front-load interest savings and if strategically, a buyer either plans on leaving the home soon OR thinks rates could fall, and there is a refi opportunity available in the not-too-distant future, this may be a great way to use that seller concession.

WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU!

Fernando Branco, GRI, ABR, CNE

REAL ESTATE BROKER

Graduate Realtor Institute (GRI)

Accredited Buyer Representative (ABR)

Certified Negotiator Expert (CNE)

Fernando Branco Realty

162 Huntington St, Ste 1R, Brooklyn, NY 11231

c: (212) 321-0115

e: Team@fernandobrancorealty.com

Working by referral. Let us help you find a home too!!

NYS Housing, Anti-Discrimination & Agency Notice & Disclosures

Coops and Condos - Know the Facts

2023-01-03T06:00:00.000-08:00

What’s the Difference Between a Co-op and a Condo?

Co-ops are a unique part of the New York City real estate landscape. In fact, when you buy a co-op, you’re not buying real estate in the traditional sense. You’re purchasing shares of a cooperative, or “co-op,” and that co-op owns the building. The bigger your unit, the more shares in the co-op you own. You’ll get what’s called a proprietary lease, which lays out the relationship between the co-op and you, the shareholder.

A condo, on the other hand, is a private residence in which you own the unit itself, making it true real estate. Not only do condo residents own their individual apartments, they also jointly own common areas that make up the rest of the building, like the hallways, elevators, and any other shared spaces. You’ll receive a deed, which is a record of ownership.

“You have a little bit more control and a little bit more flexibility as an owner of a condo than when you purchase a co-op.

Price points, approval processes, down payments, homeowner restrictions, and financial requirements make up the rest of the key differences. But none of these differences mean that one is inherently “better” than the other. That’s for you to decide, based on your needs.

Are Condos More Expensive Than Co-ops?

As you peruse your buying options, you’ll probably notice that condos tend to command higher prices than co-ops — even when they’re on the very same block.

So why are condos more expensive than co-ops? It’s a combination of factors. First of all, as mentioned before, condos are true real estate while co-ops are shares of a building. Additionally, condos are generally newer and have more amenities than co-ops. They can be attractive to overseas buyers, many of whom come with deep pockets. But the price differential might not be as stark as the sales numbers suggest. On average, most condos are larger than most co-ops in the same bedroom category. When you factor in that additional square footage, condos cost only about 10% more than their co-op counterparts.

That said, maintenance fees (known as common charges for condos) are another cost to be aware of as you decide between property types — and they tend to be higher in co-ops. In both condos and co-ops, these fees cover building upkeep, some utilities, and building staff salaries. But co-op maintenance fees also have to cover building insurance, an underlying mortgage, property taxes, and any other fees incurred by the cooperative, making them cost more. Condo owners pay property taxes separately; they’re not included in the monthly common charges.

There Are More Co-ops Than Condos in NYC

The Big Apple contains far more co-ops than condos. In fact, city estimates suggest there are twice as many co-ops than condos in NYC. The discrepancy can largely be attributed to the so-called co-op conversion boom of the 1980s, when developers converted an enormous number of rental buildings into co-ops.

Among listings currently available for sale, however, you’ll probably notice a more even split between co-ops and condos at any given time. So while there may be more co-ops in existence, condos are just as readily available to potential buyers like you.

What About Subletting Policies?

Most co-ops have strict rules around subletting, including minimum time periods that an owner must live in an apartment before they can rent it out. And some co-ops don’t allow subletting, period. When subletting is permitted, co-ops usually have limits on how long an owner can rent out their apartment within a five-year time frame.

“There’s more flexibility in a condominium. Usually, condos have one-year minimum rental policies, but some have more flexible policies in place. In addition, many investors purchase condos and quickly turn them around to put on the market as rentals.

Many Home Buyers Prefer New Construction

Buyers are often willing to pay a premium for new developments with fancy features. With fresh luxury towers coming on the market every quarter, the price per square foot keeps getting pushed upward. Since condos are generally newer, they’re often pricier than co-ops of similar size. Even when real estate values increase across both property types, co-op values generally don’t surpass those of condos. However, there are always exceptions to these patterns — and just because a home is newer doesn’t necessarily mean it’s better.

Condos Have More Amenities

For many homebuyers, a building’s amenities are becoming just as important as the unit itself. The newer condominiums are focused on amenities.

Luxury buyers are not only looking for fitness centers and roof decks these days, but also steam rooms, basketball courts, pet spas, and beyond.

Co-ops can certainly have the same “white glove” touch as condos — after all, Park Avenue is known for some of the most exclusive and luxurious co-op buildings in all of Manhattan — but they generally lag behind newer condo buildings on amenities, a selling point for condos in the co-op vs. condo face-off. Many co-ops, space permitting, have adapted to changing demands by adding amenities like gyms, private storage units, and roof decks. But many simply weren’t built with amenities in mind, so adding them is near-impossible due to space restrictions.

Approval Process for Co-ops vs. Condos

Let’s say you find the perfect apartment, you figure out your finances, and you decide to make an offer. If that dream home is a co-op, you might need to slow down, and maybe even hit the brakes entirely. That’s because co-ops impose greater restrictions on transactions, and potential purchasers have to be approved by the co-op’s board — a process that can be notoriously difficult.

Potential buyers not only submit an application, but are also interviewed by the co-op board, which can reject a buyer for any number of reasons. The process has been historically criticized for its lack of transparency and can take a matter of weeks, or in some cases several months. Co-op boards can also determine the amount of financing a buyer can use in their purchase.

Condos, on the other hand, have a much more simple approval process. When you submit an application for purchase, the condo board typically has the right to purchase the unit from the seller at the same price instead of selling it to you. But in most instances, the board will waive this right and approve your purchase. All in all, it’s a lot simpler than a co-op transaction.

Do Co-ops and Condos Have Different Down Payment Requirements?

Every building has different requirements, but a good rule of thumb is that co-ops generally require a down payment of at least 20%, and expect you to have a significant chunk of money left over. In fact, some co-ops require 25% down or even more, often to restrict purchasers to a certain buying power.

Condos usually require a 20% down payment, but it’s less of an industry standard than it is in the co-op market. In some cases, you can even find condo buildings that will accept 10% down.

Beyond the actual cash you need to put down, you’ll also need to consider your debt-to-Income ratio, or DTI, which is calculated when you apply for a loan. To get this figure, divide your monthly debt payments by your monthly gross income. Many co-ops boards won’t accept applicants past a certain threshold, with the average NYC requirement hovering around 28%.

Do Condos Have Higher Closing Costs?

Yes indeed. If you’re purchasing a condo, you should expect higher closing costs. Since a co-op is considered shares of a building and a condo is real estate, there are several additional fees to consider, including title insurance and mortgage taxes.

Both condo and co-op buyers will have to pay attorney fees, and a mansion tax if the apartment is purchased for over one million dollars. A good rule of thumb is to be prepared to spend 2-5% of the purchase price on closing costs, with condo buyers usually approaching the higher end of that range.

Co-op vs. Condo: Which Is a Better Value?

So, which is better: co-op or condo? It ultimately comes down to personal preference. You have to factor in what you’re looking for and take all of the differences above into consideration.

Co-ops are typically seen as the most common entry point for first-time buyers. If your top priority is a lower price point and you can afford the potentially higher down payment, a co-op might be the right choice for you. Additionally, they’re great for buyers who are planning to live in their homes full-time instead of renting them out. But if you want a newer building with more amenities, or just want to move in faster, you may want to consider a condo. Condos also provide more flexibility for subletting or selling your home if your circumstances change.

Need more help understanding or deciding? Contact me so I can help you choose which type of property is right for you.

2022 Annual Market Update - December 23, 2022

2022-12-31T09:15:00.002-08:00

2022 Annual Review
December 23, 2022

Happy Holidays!!!

Join us as we take look back at the major forces that shaped the market this year with all the talking points you need to know about the Manhattan & Brooklyn Real Estate markets. Get ahead of the curve and deliver the right message to your clients with our 2022 Annual Review.

This week's highlights from UrbanDigs:

Supply trends becoming a driving force of market leverage
Pending sales down sharply in both boroughs
Resale Condo Price action packing a surprise number for Q4? Watch to see....
A look at the latest Q4 Negotiability trends for both boroughs
Manhattan & Brooklyn sentiment pulse check

WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU!

Fernando & Team

Fernando Branco, GRI, ABR, CNE

REAL ESTATE BROKER

Residential Real Estate

Commercial Sales & Leasing

Graduate Realtor Institute (GRI)

Accredited Buyer Representative (ABR)

Certified Negotiator Expert (CNE)

Fernando Branco Realty

162 Huntington St, Ste 1R, Brooklyn, NY 11231

c: (212) 321-0115

e: Team@fernandobrancorealty.com

Working by referral. Let us help you find a home too!!

THE LUXURY MARKET REPORT NOVEMBER 21 - 27 2022

2022-11-29T12:43:00.000-08:00

THE LUXURY MARKET REPORT NOVEMBER 21 - 27 2022

-- Report on Contracts Signed - Manhattan Residential Properties $4 Million and Above

--- 15 CONTRACTS SIGNED ---

During the Thanksgiving week, fifteen contracts were signed last week at $4 million and above, 2 fewer than the previous week

The volume more than doubled to $219,070,990.

Condos outsold Co-ops, 13-0, and 2 Townhouses were in the mix.

OLSHAN Realty's Stat Geed Alert: For perspective, the 10-year Thanksgiving week average is 16 signed contracts.

Full report: https://olshan.com/marketreport.php

WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU!

Fernando Branco, GRI, ABR, CNE

REAL ESTATE BROKER

Graduate Realtor Institute (GRI)

Accredited Buyer Representative (ABR)

Certified Negotiator Expert (CNE)

Fernando Branco Realty

162 Huntington St, Ste 1R, Brooklyn, NY 11231

c: (212) 321-0115

e: Team@fernandobrancorealty.com

Working by referral. Let us help you find a home too!!

NYS Housing, Anti-Discrimination & Agency Notice & Disclosures

Mortgage Interest DROP Nicely!

2022-11-18T08:29:00.001-08:00

Mortgage Interest DROP Nicely!

WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU!

Fernando Branco, GRI, ABR, CNE

REAL ESTATE BROKER

Graduate Realtor Institute (GRI)

Accredited Buyer Representative (ABR)

Certified Negotiator Expert (CNE)

Fernando Branco Realty

162 Huntington St, Ste 1R, Brooklyn, NY 11231

c: (212) 321-0115

e: Team@fernandobrancorealty.com

Working by referral. Let us help you find a home too!!

NYS Housing, Anti-Discrimination & Agency Notice & Disclosures

THE LUXURY MARKET REPORT NOVEMBER 7 - 13 2022

2022-11-14T07:43:00.004-08:00

THE LUXURY MARKET REPORT NOVEMBER 7 - 13 2022

-- Report on Contracts Signed - Manhattan Residential Properties $4 Million and Above

--- 24 CONTRACTS SIGNED ---

Twenty-four contracts were signed last week at $4 million and above, 10 more than the previous week

The volume more than doubled to $219,070,990.

Condos outsold Co-ops, 14-6, and 4 Townhouses were in the mix.

OLSHAN Realty's Stat Geed Alert: Fueling the robust rebound were 7 properties that cracked $10 million, the largest number of trophy properties to sell since the week of May 9.

Full Report: https://olshan.com/marketreport.php

WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU!

Fernando Branco, GRI, ABR, CNE

REAL ESTATE BROKER

Graduate Realtor Institute (GRI)

Accredited Buyer Representative (ABR)

Certified Negotiator Expert (CNE)

Fernando Branco Realty

162 Huntington St, Ste 1R, Brooklyn, NY 11231

c: (212) 321-0115

e: Team@fernandobrancorealty.com

Working by referral. Let us help you find a home too!!

NYS Housing, Anti-Discrimination & Agency Notice & Disclosures

Remember to Fall Back This Sunday!! Plus Market Updates

2022-11-05T21:15:00.003-07:00

Tomorrow, November 6th, at 2 am, daylight saving time ends and we will turn our clocks back one hour.

Please take this opportunity to also start getting ready for the season ahead...

- Remember to check batteries of smoke and carbon monoxide detectors.

- Click the links here for:

1) The Manhattan Weekly Real Estate Market Report

2) The Brooklyn Weekly Real Estate Market Report.

Do you have any questions about the current Real Estate market? Does a family member, a friend, and/or someone you know need Real Estate guidance? I'd love to help and your referral would be greatly appreciated! Thank you!

Warmest regards,

Fernando

Fernando Branco, GRI, ABR, CNE

REAL ESTATE BROKER

Graduate Realtor Institute (GRI)

Accredited Buyer Representative (ABR)

Certified Negotiator Expert (CNE)

Fernando Branco Realty

162 Huntington St, Ste 1R, Brooklyn, NY 11231

c: (212) 321-0115

e: Team@fernandobrancorealty.com

Working by referral. Let us help you find a home too!!

NYS Housing, Anti-Discrimination & Agency Notice & Disclosures

From 1 room to 2: The insider's guide to temporary pressurized walls

2022-09-04T13:51:00.000-07:00

If you are a new renter in New York City, maybe as a recent college grad or young professional, your strategy might be to divide and conquer an apartment—and squeeze in a roommate or three—in order to turn a place you can't afford into one that you can. One of the ways to do this is to put up a temporary pressurized wall, which can transform a one-bedroom apartment into two (or a two-bedroom into three, and so on).

Using a temporary pressurized wall—one that is not permanently attached to the walls or floor and doesn't interfere with the ventilation or sprinkler systems, or block exit routes—is a popular strategy to add a bedroom for apartment shares or families. You can also use a pressurized wall to create a home office if you work from home.

Here's what you need to know about using a temporary pressurized wall safely, and a round-up of the companies that sell and install them

This temporary pressurized wall system with French doors by Manhattan Pressurized Walls runs about $2,600 plus tax, however, pricing is subject to changes in material costs. Courtesy of Manhattan Pressurized Wall

Because adding a temporary pressurized wall can change an apartment’s layout, you or your landlord may need to get a permit from the Department of Buildings (see more on this below). This involves hiring an architect, drawing up plans, and getting the plans approved—a policy that has been increasingly enforced over the last several years. As a result, many landlords and management companies prohibit temporary walls. In these buildings, you can still explore other solutions, such as installing bookshelf walls that stop at least one foot from the ceiling and are considered furniture. There are also curtain room dividers that are reinforced to block out sound. Neither of these requires permits (or even permission).

But if those solutions don’t suffice, you have two options: seek out a different building or try and work with your existing landlord. “Most of my clients still prefer pressurized walls,” says Donny Zanger, owner of All Week Walls. “Because they are adults who are looking for real privacy, and pressurized walls are still the best way to achieve that.

What exactly is a temporary pressurized wall?

Temporary walls are non-load-bearing (they do not support the ceiling) and are not permanently attached to other walls or the floor. As such, they are able to be installed and removed without causing damage to permanent walls—no nails, screws, or other fasteners required.

When planning to put up a temporary pressurized wall, it is important that this wall not block exit routes or interfere with your apartment's ventilation or sprinkler systems.

Note that this offer (much) more sound insulation and privacy than walls that do not extend to the ceiling or are free-standing

Do I really need a DOB permit for a temporary pressurized wall?

The answer here is maybe. According to Andrew Rudansky, Department of Buildings press secretary, the DOB doesn’t differentiate between pressurized or temporary walls and “regular” walls when it comes to permit requirements, so you still need to follow some rules.

He says that if a floor-to-ceiling divider is added to an existing space, and changes the layout of a dwelling, permits might be required because of egress, light, and ventilation issues. "There is no definitive answer for whether a project that adds a wall needs a permit or not, because every renovation project is different," he says.

He recommends consulting a design professional like an architect or contractor, or to contact the DOB directly, to see if your project requires permits and approvals. When contacting the DOB directly, be sure to call the borough office where the apartment is located.

Another way to get feedback is to attend the DOB's weekly open houses every Tuesday from 4 to 7 p.m., which have resumed after a pandemic pause. At these "Buildings After Hours" events, you can receive one-on-one customer service at your local borough office.

Another important consideration when adding a temporary wall is making sure any new bedroom is legal. This means it must be a minimum of eight square feet for either length or width and at least 80 square feet (so you can’t make a bedroom out of long, skinny space). There must be a window that faces outside for natural light and air that also offers a means of escape in an emergency (so no air shafts). No pass-through bedrooms are allowed.

How to find a building that allows temporary pressurized walls

If adding a wall to create a room is the only way to make an apartment work for you, then you need to make doubly sure that it is permissible by the landlord. Try to have the owner confirm it in writing. Some buildings can be vague about what they allow, so make sure you specify pressurized walls that extend to the ceiling.

On the flip side, some building owners are aware that allowing pressurized walls gives them an edge over those that require a 12-inch gap or other loophole. And in some cases, the longer the lease, the more amenable the landlord may be.

If you’re planning to carve out additional rooms, always check directly with management—not your real estate agent—before you sign a new lease (start your search with these NYC landlords that allow temporary walls). Be sure to look for listings that say “wall shares allowed” and rule out any that say “no pressurized walls."

Find out what styles of temporary walls are allowed and if the building requires you to work with a specific wall company. Note that most wall companies have forms and specs on their website to make it easy for you to weigh the options with your landlord. These companies are also used to working with buildings and can help smooth out the process.

How much does a temporary pressurized wall cost in NYC?

The whole idea behind these temporary walls is to help make your rent more affordable. If you and your roommate are both signing a new lease, you may be planning to split the cost of the temporary wall installation. Explore the different companies and features to find the most cost-efficient solution, using the following tips. Be sure to get all the costs and other details in writing, and read the fine print to avoid any surprises.

Prices for temporary walls from the companies below range from $650 to over $3,000, depending on ceiling height, added features, and any custom requests.
Add-on features vary among companies but different door styles (sliding, pocket, standard, and single- or double-pane French doors) and windows are common and available in different sizes.
Temporary walls are around five inches thick, give or take a few centimeters, and can support up to 25 or 30 pounds; you can usually pay extra to have the wall reinforced for mounting a flat-screen TV or other heavy objects.
Same for soundproofing, which is described as offering about the same noise barrier as real walls.
Prefabricated walls with seams tend to be cheaper and quicker to make and install, though seamless walls blend in better with permanent walls and the ceiling and look more like traditional walls.
Some companies lease the walls for a specified time frame (usually two to three years), after which a renewal fee is required. Others let you purchase the wall outright (a good option for long-term renters). None of the companies contacted demand a deposit.
All companies will remove the wall for no extra charge within a time specified in the lease or purchase agreement and with advance notice. Make sure you know what your company requires from the get-go.
Before the company arrives, make sure you reserve the service elevator if there is one (walk-ups may cost extra); clear out four feet of space on either side of the wall.
The walls are painted white unless you request a custom color, in which case you will need to buy the paint yourself and let the company know in advance.
Plan for anywhere from four to eight hours for the installation, and to be there to let them in (or make plans for the building to allow access) and also at the end, to make sure it all looks as planned.
Payment is required the day of installation, usually once the wall is in place. Unless otherwise noted, all the companies listed below accept cash, checks, credit cards, and PayPal.
Make sure you have your landlords give approval before the company arrives—and never schedule the installation on the day the moving company will be unloading boxes.

Here are five of the more well-established wall companies that work in NYC, listed in alphabetical order.

1. All Week Walls

All Week Walls has “over 15 years of experience and over 5,000 walls built,” according to its website, and a solid reputation in NYC for its customer service and quality products. They will even work weekends, a rarity among wall companies.

Temporary walls run from $700 to $2,000, depending on the finish and features. “Most customers want multiple walls such as T-configurations and also a seamless look, all of which pushes up the price,” Zanger says. He also recommends adding soundproofing for more privacy (at an additional cost).

Removal is included within the first year and with at least 30 days' notice; otherwise, it will cost $850.

2. Manhattan Pressurized Walls

Manhattan Pressurized Walls (aka MPW), in business since 2009, is what at least a handful of management companies report as their company of choice.

Prices start at around $1,250 for an eight-by-10-foot seamless pressurized wall with a standard swinging door and goes up from there depending on additional costs for different doors and other features. MPW offers extra soundproofing options to make the temporary walls as noise-tampering as regular walls.

All temporary walls are painted with two coats of Benjamin Moore paint in your choice of white, China white, linen white, or white dove in a flat finish. Custom colors and finishes will be charged accordingly, or you can paint the walls yourself.

The lease term is two years, with an option to renew for an undisclosed amount (it will be specified in the lease agreement). Unless you provide at least four weeks' notice, the cost of removal during the lease period is $360.

3. NYC Pressurized Walls

NYC Pressurized Walls (affiliated with 1DayWall) builds temporary walls that range from about $875 to $1,600. Unlike the other companies listed here, they offer walls that are only three inches thick upon request (otherwise the walls are four and three-quarter inches), helpful in especially tight spaces.

The walls are painted flat white using Benjamin Moore Super Hide paint (the default of most NYC rentals); custom colors will cost extra and must be provided by the client. Although the company claims the walls are “quite noise resistant,” it will add more sound insulation upon request.

You can hang items 30 pounds or less on the walls; if you want to mount something heavier, the company can reinforce a specific area with advance notice before the installation.

Removal is free within two years and with four weeks' notice; otherwise, it costs $350. The company only accepts cash or certified check.

4. Room Dividers NY

Brooklyn-based Room Dividers NY has been around since 2004. The company builds all the walls on site and to spec, so there’s no prefabrication.

Prices range from $750-$2,500, with the average being $1,100 for a wall with a standard door.

The lease term is three years and can be extended for another three years for $150. Removal is free of charge during the lease period so long as you provide a 30-day notice.

Long-term renters can choose to skip the renewal fee and purchase the walls outright, in which case removal will be either $150 or $300 depending on how long you’ve had them.

Per the website, a week’s notice is usually sufficient for you to schedule a new installation. The walls are five inches thick, same as regular walls, and “offer similar sound insulation.”

Like other companies, Room Dividers NY offers doors in many sizes but recommends going no smaller than 30 inches to make it easy to move furniture in and out. Unlike other companies, it offers sliding barn doors (priced accordingly).

5. Wall 2 Wall NY

Founded in 2012, Wall 2 Wall was named “Best of NYC 2019" in its category by New York magazine. It is also the go-to company for many landlords throughout the five boroughs.

“As a high-volume company, we have relationships with practically every building in NYC and know what’s allowed and what’s not,” says owner Eddie Sapienza.

The price of the most basic wall with a swinging door is $800 for clients on a budget. But Sapienza says he will build anything a client wants, “including a wall with double-frosted French doors in the center and lighted plexiglass windows on either side.”

Wall 2 Wall also guarantees all mechanical parts such as hinges and door tracks—but not holes punched through walls (it happens).

Removal is free within two years and with 30 days' notice, which you can schedule on the company’s website. After that, removal is $350 plus tax. The company accepts all forms of payment except cash.

BY EVELYN BATTAGLIA

—Earlier versions of this article contained reporting and writing by Lucy Cohen Blatter and Donna M. Airoldi.

Full article: https://www.brickunderground.com/blog/2011/12/From_1_room_to_2%3A_%20An_insider%27s_guide_to_building_a_wall_in_NYC

WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU!

Fernando & FBR team

Fernando Branco, GRI, ABR, CNE

PRINCIPAL BROKER

Graduate Realtor Institute (GRI)

Accredited Buyer Representative (ABR)

Certified Negotiator Expert (CNE)

Fernando Branco Realty

162 Huntington St, Ste 1R, Brooklyn, NY 11231

c: (212) 321-0115

e: Team@fernandobrancorealty.com

Working by referral. Let us help you find a home too!!

NYS Housing, Anti-Discrimination & Agency Notice & Disclosures

How much does co-op and condo insurance cost in New York City?

2022-09-01T12:49:00.000-07:00

If you’re buying a co-op or a condo in New York City, you also need to plan on buying co-op or condo insurance—so it’s a good idea to budget for that cost. (Your building will have a master insurance policy, but that only covers the concrete shell of your apartment and common spaces.)

While of course, it’s prudent to get co-op or condo insurance, it’s also often a requirement of your building or your mortgage lender. In fact mortgage lenders tend to be more strict than buildings; they often require condo owners, for instance, to insure the interior structure—walls, floors, built-in renovations—for at least 20 percent of the loan.

The cost of co-op vs. condo insurance in NYC

There’s not much difference in the cost or the specifics of co-op or condo insurance in New York City.

“The prices are the same and the contracts are virtually identical, too,” says Jeffrey Schneider, president of Gotham Brokerage. "The right degree of coverage is what matters."

The pandemic has brought on a series of changes, however.

"It's a good idea to give your current insurance a fresh look. Water damage, broken pipes, theft and burglary are up now that many people are spending more time out of NYC. Also, if you have renovated or are thinking about renovating, you should make sure your coverage reflects it. Some people are also looking to downgrade from some of the more expensive policies," Schneider says.

Degrees of coverage

Basic

For the most bare-bones coverage, prices start at about $350 per year.

“A basic policy for $380 to $400 or so would cover $25,000 of contents, $20,000 for the walls and floors, and $100,000 of third-party liability. Exact pricing varies by location, credit score, and underwriter approval,” Schneider says.

Liability insurance covers events like someone tripping on a rug and being injured in your apartment, a neighbor who gets bitten by your dog, or, more commonly, water damage to someone else’s property from your overflowing tub, washing machine or toilet.

Most basic co-op and condo insurance policies come with $100,000 worth of liability coverage. While that’s not chump change, paying an additional $70 more a year will buy you $1 million in coverage, so it’s probably worth it to be safe rather than sorry.

Good

Considering that it costs at least $300 per square foot to rebuild an average NYC apartment, you could use up the allowance of basic coverage pretty quickly in the event of extensive water or fire damage. A policy that costs $580 to $650 a year will cover up to $50,000 of your contents, $50,000 for walls and floors, and offers $300,000 in liability coverage.

Excellent

If you’re buying an apartment in the mid-six figures or higher, you’ll probably want to spend more. Insuring a 1,100-square-foot prewar apartment worth $1 million would cost around $1,400 to $2,800 annually—depending on location and expansiveness of policy terms—with $100,000 contents coverage, $300,000 walls-and-floors coverage, and $1 million liability coverage.

Factors that affect the price you will pay

Insurance rates in NYC are similar to those in other markets around the country, although Schneider reports that local rates have increased significantly recently due to rising construction and material costs as well as significant water claims tied to changing weather patterns and aging pipes.

“We have lots of old pipes bursting as well as severe weather events,” Schneider says, noting that water damage is one of the firm’s most common claims. Click here for the top three claims.

How much coverage you want is a significant factor in how much you will pay, but it’s not the only one. Other variables that impact your cost include zip code, building construction, and your insurance score, the last one being an assessment of your risk based on prior claim activity and your credit score.

Another one to think about: Your proximity to water—as in a shoreline. (The concern is not so much flooding due to rising waters—that requires separate coverage in any event—but wind damage from coastal storms.)

“Crime rates do not have a huge impact. But if you have a location by the water, you often cannot get standard coverage,” he says. In that event, your insurance agent may be able to find coverage from a small number of carriers that insure properties in flood zones.

Some factors that can work in your favor to help you get the best rate include having sprinkler and alarm systems, living in a doorman building (where someone is on site monitoring comings and goings), and phone-based security/low temperature warning apps or systems like Nest. Essentially something that adds an additional level of security or reduces risk can help.) Click here for additional ways to make sure you get the best rate.

Keep in mind that you may need to pay more to insure certain items or equipment. Fine art is typically covered under general contents, but if you use professional equipment as part of your job, that should be insured separately.

Jewelry also requires a separate policy. Rates vary widely by location, but jewelry ranges from $10 to $40 per year per thousand dollars of value. Professional equipment usually requires a separate policy with separate underwriting and policy minimums that can be $250 to $800 and up. Significant art pieces should be insured separately as well.

Jeff Schneider is the president of Gotham Brokerage Co., an insurance brokerage that has been serving NYC renters, co-op, and condo owners for over 50 years. For a free quote, click on over to Gotham Brokerage or give them a call at 212-406-7300.

BY GOTHAM BROKERAGE

Full Article: https://www.brickunderground.com/buy/how-much-does-co-op-condo-insurance-cost-in-nyc#:~:text=If%20you're%20buying%20a,your%20apartment%20and%20common%20spaces.)

WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU!

Fernando & FBR team

Fernando Branco, GRI, ABR, CNE

PRINCIPAL BROKER

Graduate Realtor Institute (GRI)

Accredited Buyer Representative (ABR)

Certified Negotiator Expert (CNE)

Fernando Branco Realty

162 Huntington St, Ste 1R, Brooklyn, NY 11231

c: (212) 321-0115

e: Team@fernandobrancorealty.com

Working by referral. Let us help you find a home too!!

NYS Housing, Anti-Discrimination & Agency Notice & Disclosures

Luxury Market Report - Contracts Signed - Manhattan Residential Properties $4M & Above - August 22-28, 2022

2022-08-31T10:16:00.001-07:00

Luxury Market Report - 2022

Report on Contracts Signed

Manhattan Residential Properties $4M & Above

August 22-28, 2022

Full Report: https://olshan.com/marketreport.php

How to decarbonize your house with the Inflation Reduction Act incentives

2022-08-30T15:12:00.002-07:00

Heat pumps, insulation, and electric stoves will reduce your home’s use of fossil fuels and save you money—and the Inflation Reduction Act makes the upfront costs easier to handle.

A typical house runs on fossil fuels: Gas or oil powers your furnace and water heater. The stove in your kitchen probably also runs on gas (that is, methane); the direct emissions from all of the gas stoves in the U.S. are equivalent to the pollution from half a million cars as methane leaks out during use and as the appliances sit there. Your clothes dryer might also run on gas. The electricity from your utility company probably still isn’t fully renewable. The car in your garage probably isn’t yet electric.

“If you add all of that up—all the decisions we make about energy at our kitchen tables—something like 42% of U.S. energy emissions are tied to those decisions,” says Sam Calisch, one of the founders of Rewiring America, a nonprofit focused on electrification.

Systems-level changes obviously also need to happen. But swapping out your old appliances and car for clean alternatives can make a true difference, and the new incentives in the Inflation Reduction Act, the climate bill recently passed into law, can make many of the upfront costs easier to handle. Over time, decarbonizing your house also saves money. Rewiring America estimates that as households electrify, they can save, on average, $1,800 per household per year on energy bills.

The new climate incentives in the Inflation Reduction Act are “going to be transformative to how the market works,” Calisch says. “We estimate something like $100 billion of those dollars are going to actually directly help consumers make this transition and realize the benefits of electrification.”

One key part of the new law is a set of rebates aimed at low- and moderate-income households. Households making between 80% and 150% of the area median income can get back half of the cost of specific energy upgrades, while those making less than 80% of the median income can be fully rebated, up to a certain cap. The incentives include:

Up to $8,000 for a heat pump for heating and cooling
Up to $4,000 to upgrade your electrical panel (to prepare for an all-electric home)
Up to $2,500 for new wiring
Up to $1,750 for a heat pump water heater
Up to $1,600 for insulation, air sealing, and ventilation
Up to $840 for an electric stove, oven, or an electric heat pump dryer

For those who don’t qualify for a complete rebate, upgrades can still be expensive, but the partial rebates can help nudge people to make greener choices when they were already going to replace old equipment. The incentives are upfront discounts and can be combined up to a total of $14,000 per household, since the total funding available has limits. They aren’t available yet, since states will be getting funding to administer programs. But they can be combined with additional federal tax credits that are available now and can be used to reduce your next tax bill.

A heat pump, for example, qualifies for a tax credit of up to $2,000, or 30% of the cost of the equipment and installation. A new electrical panel can get a tax credit of up to $600. More expensive equipment, including geothermal heat systems and solar panels, can also get 30% tax credits. Another program, called Hope for Homes, gives as much as an $8,000 rebate when homeowners can show that energy upgrades have improved efficiency by a certain percentage. Some of the incentives are also available to renters, including a 30% tax credit on a subscription to a community solar program. Two other tax credits are available for buying either new or used electric cars.

All of the changes don’t have to happen immediately. In a guidebook that walks you through how to electrify your home, Rewiring America suggests starting out by making a note of how old your appliances are, and then making a plan for replacing them with better versions as they wear out. In some cases, that might mean simple steps like adding a new electrical outlet near an appliance so you’re ready when you need to buy an electric replacement. “One thing we’ll see frequently is people get excited, and then they go and start looking at the details of what it’ll take,” Calisch says. “And it can be overwhelming. It’s important to remember not everything has to happen at once. You have time to do this. And what’s really important is just to plan for it.”

Another early step is to get a home energy audit to see where you may need to add insulation to stop energy leaks. You’ll also want to buy renewable energy by switching to a new plan through your utility or joining a community solar program. As the cost of wind and solar power have steeply dropped, the grid is already transitioning, but consumers can help push utilities to move faster. (Even while your electricity isn’t completely renewable, switching to electrical appliances like heat pumps is a good idea because they’re much more efficient, and then they’ll be in place as utilities add more and more clean energy.) In many cases, it also makes financial sense to add solar panels to your roof.

All of the changes will end up ultimately saving you money. A new calculator estimates the total incentives you could access through the Inflation Reduction Act, as well as how much you could save on energy costs by making the switch. A couple living in Burlington, Vermont, for example, making $100,000 a year, would be eligible for $21,536 in total incentives and could save an estimated $1,450 on energy bills each year.

Here's the link to the article: https://www.fastcompany.com/90780252/how-to-decarbonize-your-house-inflation-reduction-act-incentives?partner=rss&utm_campaign=rss+fastcompany&utm_content=rss&utm_medium=feed&utm_source=rss

WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU!

Fernando & FBR team

Fernando Branco, GRI, ABR, CNE

PRINCIPAL BROKER

Graduate Realtor Institute (GRI)

Accredited Buyer Representative (ABR)

Certified Negotiator Expert (CNE)

Fernando Branco Realty

162 Huntington St, Ste 1R, Brooklyn, NY 11231

c: (212) 321-0115

e: Team@fernandobrancorealty.com

Working by referral. Let us help you find a home too!!

NYS Housing, Anti-Discrimination & Agency Notice & Disclosures

Here's what you need to know about installing central AC in your NYC brownstone

2022-08-26T08:53:00.002-07:00

Was it hot enough for you this summer? If you own a brownstone, you may well be considering installing central air conditioning to make your home more comfortable now that longer stretches of higher temperatures are predicted to be the new normal. (So long unsightly window units.) Knowing your options will help determine if it’s worth the investment.

And if you own a multi-family townhome, installing central AC is a way to attract or keep tenants in a pricier rental market.

“Adding air conditioning will make the rental more competitive with newer developments. You can’t give them a swimming pool but you can give them this value-added amenity," says Soozy Katzen, leasing director at Fox Residential.

It’s a way to help your property stand out in the white-hot townhouse rental market, too. Nadine Adamson, a broker at Brown Harris Stevens, leases the garden floor of her own townhouse. “Now is an especially good time to spend money toward attracting qualified candidates.” (She should know—she also owns the townhouse catty-corner to hers and rents that as a duplex.)

Brick Underground spoke to these and other experts about the ins and outs of installing air-conditioning in your NYC townhouse.

Ducted vs. ductless central AC

Which of the two basic AC options you choose will depend on the usage as well as the budget. Traditional split systems (what people think of as "true" central AC) involve a big air handler inside that branches out through the heavy use of ductwork, requiring hefty construction work to hide all the mechanicals. Wall-hung units (aka mini splits) are easier and quicker to install—no ductwork required—and therefore less expensive, though by no means cheap. These provide heat as well. Both rely on outside condensers.

George Wong, owner of Mr. Air NYC, a HVAC contractor, says many townhouse owners do a mix—traditional (ducted) in your own residence for the clean design and wall-hung units (ductless) for rentals.

The differences mostly boil down to installation and aesthetics. With traditional split systems, there’s simply no getting around ripping open the walls to run the ductwork.

For that reason, Adam Meshberg, founder of Meshberg Group, an interior design and architecture ﬁrm, advises doing these projects as part of a larger renovation. “Once you are doing sheetrock work, you may as well do it properly to hide the ductwork and avoid ending up with soffits anywhere,” he says.

On the other hand, no ductwork is required with mini-splits (though it can be optional; see more on that below). That's why these less-invasive options are the default for tenant apartments. But they are also catching on with landlords, who may not want the hassle and dust. Brands include Mitsubishi (a contractor favorite), Daiken , and LG (top pick of the engineers Meshberg works with).

Adamson for example went with wall-hung units in the rental as well as her own residence, where she didn't want to disturb the original plaster details. She put two units on the upper two floors with the bedrooms, which also keep the parlor floor cool (since warm air rises). “I don’t love seeing the boxes but I love how great they work,” she says.

There's a solution for that: Mitsubishi offers a low-profile, ducted unit that can go above the ceiling or under the floor as well as a recessed ceiling cassette.

Meshberg usually recommends installing these kinds of mini-splits in a dropped ceiling in a closet or pantry or bathroom and then run some ductwork through the joists to keep the ceilings elsewhere nice and high. "You only need about six inches for mini-splits compared to 10 inches for regular splits, and you won't end up with a big box along the side of the room," he says.

Vinnie Croce, owner of Cool Tech HVAC, says ducted mini-splits now account for about 20 percent of all his jobs. He too puts them in the ceiling of a closet or other space and says it will be enough to cool three to four other rooms, all with minimal ductwork. "It works well and is very quiet," he says.

That said, sometimes the ceiling is just too low even for that. In those cases, Meshberg says the console-type mini-splits (at only eight inches deep) are great for putting on the floor in front of a window. He usually builds out a custom bench to house it. "It's like a through-wall package unit you see in a new apartment building, only much smaller and quieter. We do this a lot in garden-level spaces," he says.

In some rare cases, you may be able to retrofit your existing heating ducts to accommodate a new split system, drastically reducing the installation work.

How much does installing central AC cost?

Costs vary, as no two townhouses are alike and there are so many variables at play. And the cost of both labor and materials has skyrocketed (just like for seemingly everything else these days). Potential delays due to ongoing supply chain issues coupled with high demand are affecting the entire industry. (Expect lengthy lead times of two to three months.)

Croce puts the average cost to cool a four-story townhouse around $65,000, up some 30 percent over last year.

Wong says it would cost about $75,000 for a four-story duplex with ducted units in the owner-occupied half and ductless in the rental half.

But the costs can quickly spiral up if you plan to put condensers on the roof, which is by far the more common occurrence. "You can mount one in the backyard or hang it from the rear but not two," Croce says. Both must go on the roof in a historic district.

Rooftop installations could add over $10,000 in filing fees from the Department of Buildings; $5,000 to $20,000 for steel dunnage (or support); $2,000 for a crane to hoist it all up; plus other costs to meet fire department code standards.

Case in point: Meshberg says installing AC will cost between $80,000 and $100,000, including electrical wiring but not necessarily all the rooftop expenses, for a four-story, 20-foot-wide townhouse on the Upper East Side. "You can't cover the whole floor of a big footprint with just one handler. The more zones you have, the more handlers and condensers you will need, and the more construction work is required," he says.

Score one more advantage for the Mitsubishi mini-splits: Wong and Croce say you can run as many as eight different units on just one outside condenser (more like five or six for other brands), each with its own zone. The condensers are usually smaller too. "That makes it easier to get by landmarks," Meshberg says.

You can even hide a ground-floor condenser behind a cool facade.

Is putting central AC in a rental worth the investment?

The answer appears to be yes. Kantha has seen potential high-end renters shun apartments when there's no upgraded A/C, especially in larger spaces where you'd need two or three window units per room. “Tenants who are spending anywhere from $5,000 to $20,000 a month expect to have functional air conditioning they can control on a thermostat,” he says.

So he recommends an HVAC upgrade to all his landlord clients, minimizing expenses by putting A/C only where the tenant needs it and going with mini-splits. “People can look beyond the boxes, so the added expense of installing ducted AC is not going to be worth it in terms of rental value,” he says.

Unless that is you are updating a high-end or luxury rental, in which case Kantha says there's an expectation of not seeing wall-hung units.

If that's your situation, he suggests following Meshberg's lead and hiding the mini splits in the walls like ducted systems. As a bonus, each zone remains separate, meaning if one breaks the others may still operate. "This can be the difference between staying in a home and needing to find temporary housing until repairs are made," Kantha says.

Adamson points to another benefit: Having mini-splits makes it easier to charge tenants for their electricity, since each system is clearly earmarked (the same goes for heat). “It gives the tenant individual control over the thermostat and then they can eat the cost should they crank it up and leave town.” (Though she herself would encourage a more energy-saving ethos.)

And according to Energy Saver, the U.S. Department of Energy's consumer resource on saving energy and using renewable energy technologies at home, ductless units are as much as 30 percent more efficient than central systems.

What about installing a new heating system?

According to those interviewed here, many people prefer to stick with their existing radiators and just spend money on air conditioning. But mini-splits provide both cooling and heating. "There's a special valve that closes up in the winter and then the build-in heat pump produces heat," Croce says.

Wong says this allows you to do away with a traditional mechanical room, cutting out the boiler and using these as the sole source of heat. "Some models can go down to -13 degrees Fahrenheit, providing plenty of heat."

You'll also be reducing your carbon footprint, which is why the New York State (NYS) Clean Heat Program offers rebates and other financial incentives to switch from fossil fuel to electrical heat pumps. (Rebates are also a proposed part of the Inflation Reduction Program that was recently passed, though that will likely take time to be implemented. Stay tuned.)

At the very least Wong recommends relying on mini-splits for all but the most frigid months, so maybe you only have to ignite the boiler for February and March. "It's more economical because you are only heating the zones you are in rather than the entire building," he says.

Meshberg agrees: "The cost for the additional heating will be minimal. You'll end up with forced hot air plus radiators, which can be pretty good for a cold house."

By BY EVELYN BATTAGLIA

Article link: https://www.brickunderground.com/improve/installing-central-air-conditioning-ac-in-townhouse-brownstone-nyc

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N.Y. Today: Emissions standards that buildings must hit

2022-08-23T07:59:00.002-07:00

In 2019, the City Council enacted a package of bills to reduce the greenhouse gas emissions that cause climate change, including one bill that became Local Law 97 and set limits for emissions from large buildings. Building owners are scrambling to figure out how to pay for upgrades to comply. I asked our writer Jane Margolies to explain.

There’s a series of deadlines. You wrote that nearly all of the 50,000 buildings subject to this law will meet the first one, in 2024. What about the second deadline, in 2030? How hard will it be for building owners to comply with the standards that take effect then? What kind of work will they have to do?

It’s going to be much, much harder to meet the standards in 2030. For 2024, most buildings that are running reasonably efficiently — buildings that are well insulated, have LED lighting, have heating systems tuned up and don’t have old, rattly, single-pane windows — are going to hit the standards. It’s pretty low-hanging fruit.

For 2030, it could take not just tuning up heating systems that run on oil or gas but replacing them with systems that run on electricity. These can be expensive projects. New buildings can be designed with the requirements of Local Law 97 in mind, but it can be difficult to do retrofits in older buildings.

How steep are the fines?

It all depends on what your emissions are. The law has a specific equation for calculating fines based on how much a building is over its limit. The owner of the Bank of America building, once the greenest around, expects to pay $2.4 million a year in 2024.

What about apartment buildings? Aren’t they subject to the same law?

Yes, and they will actually have the hardest time complying. The majority of the buildings that look like they won’t make the 2024 deadlines are apartment buildings. Some of these are the ones with the rattly old windows. Many still have old oil-burning furnaces. Two garden apartment complexes in Queens that are faced with the prospect of replacing all their furnaces have brought a lawsuit against the city over Local Law 97.

You write that the real estate companies that run large office buildings have been working on going green. What about mom-and-pop companies that own smaller commercial buildings? Do they have a sense of what they have to do to comply — or what the fines would be?

Some of these owners have small staffs and have their hands full running their buildings and complying with other city regulations like for facade inspections. Some are just keeping their head above water, especially over the last couple of years of the pandemic when some lost tenants or had tenants that were not able to pay their rent in full.

Debbie Fechter, who’s a partner in a family-owned real estate business with four buildings in Manhattan that are covered by Local Law 97, told me that they’ve had trouble getting the attention of the engineering companies that owners hire to do energy audits on buildings for help on how to comply. The big real estate companies have dedicated sustainability staff whose job is to be on top of all this.

Some real estate executives say it’s unfair to hold them accountable for carbon emissions from the power plants that generate the electricity they would consume when they stop using fossil fuels in the boiler room. How would the city determine what a building owner is responsible for?

It’s based on how much power a building is using — information that owners report to the city. The thinking is that as the grid gets greener over time, with the addition of things like hydro power, the power-plant emissions that count against buildings will go down, and so will the fines.

By James Barron - NY Times

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