nyc BLOG estate | Manhattan Real Estate

Upper West Side Retail Rezoning Plan Modified

2012-05-25T22:02:00.000-04:00

REBNY (Real Estate Board of New York )reports The City Planning Commission has modified the plan to rezone storefronts on the Upper West Side.and will now go to the City Council this summer for a vote. The modifications are in response to many issues raised by property owners and businesses including members of the Real Estate Board of New York.

TD Bank 86th & Columbus Avenue

These proposed retail storefront restrictions would apply on Broadway from 72nd to 110th streets; Amsterdam Avenue (on the east side) from 73rd to 87th streets and 105th to 109th streets and (on the west side) from 75th to 110th streets; and Columbus Avenue from 72nd to 87th streets.

The plan limits store frontage to 40 feet wide along sections of the Columbus and Amsterdam corridors and limits banks to 25 feet on these avenues and Broadway. The aim of these regulations is to limit the number of banks and drug stores and other large stores and to promote a more vibrant streetscape.

The revised plan includes a simplified certification process that would allow existing businesses to apply for an expanded frontage up to 60 feet. This new certification would require applicants to do three things: show proof that the frontage will not exceed 60 feet; produce an affidavit that the use has existed for at least one year and that the use cannot otherwise expand due to physical restrictions, presence of other uses or regulatory limitations; and prove that at the time of the application, not more than one non-residential establishment exceeding 40 feet exists on the same block, the block directly across the street or the blocks immediately north and south of the applicant's block.

Make Meaning 329 Columbus Ave (75th/76th St)

The modifications also include regulations that would allow active projects in the development pipeline to continue unaffected by the new rules for retail storefronts.

To qualify, the work must have a building permit no later than the final date of adoption of the zoning change and be finished within six months, or in the case of a landmarked building there must be a complete application at the Landmarks Preservation Commission (LPC) before the date of adoption and work must be completed within six months of receipt of an LPC permit.

SUN-CONTROL DEVICES EXTENDED FROM BUILDINGS

2012-05-17T10:29:00.001-04:00

MAYOR SIGNS LEGISLATION INCREASING DISTANCE SUN-CONTROL DEVICES CAN EXTEND FROM BUILDINGS

Remarks by Mayor Michael R. Bloomberg at a Public Hearing on Local Laws

“Introductory Number 340-A will allow for sun-control devices to protrude from a building up to two feet six inches. A sun-control device is a structure that extends from a building to provide shade from the sun. Sun-control devices help combat heat gain and prevent glare on buildings. Currently under the Building Code, the maximum they can extend from a building is ten inches, which limits their effectiveness.

“It is estimated that 15-20% of the energy used in New York City is related to cooling buildings. In the summer, this increases dramatically to up to 40% of energy use. This legislation will continue our Administration’s efforts to decrease energy consumption and build a more sustainable New York.

Manhattan Monthly Market Snapshot: April 2012

2012-05-11T23:46:00.000-04:00

Marketwide Summary

April advanced this Spring's strong contract activity and price gains. Market -wide contract activity is up 19% from last April with strong activity from both condos and co-ops.

Market-wide is even with March but is 10% lower than April 2011,

due to a 15% decrease in condo inventory.

This limited supply is driving condo prices higher and pushing buyers into the co-op market. Condo average price per square foot is the highest it has been since the market's peak in the summer of 2008.

Co-op pricing is down from last year but new buyers in the co-op market are evidenced by 20% year-over-year increase in sales.

source: The Corcoran Group: Manhattan Monthly Market Snapshot

Manhattan Rental Market Analysis: April 2012

2012-05-11T21:59:00.000-04:00

Manhattan Neighborhood Population Increases

2012-05-10T11:32:00.001-04:00

REBNY Reasearch Senior VP, Mike Slattery reports: According to the Census, New York City’s population reached 8,175,133 in 2010, a modest increase of 2.1% since 2000.

However, some neighborhoods had much a higher percent increase in population.

In Manhattan, the community districts with the highest percent increases are:

Community District	Neighborhoods	# of additional residents	% Increase 2000-2010
1	Battery Park City, Tribeca	26,558	+77.2%
4	Chelsea, Clinton	15,766	+18.0%
5	Midtown	7,645	+17.4%
10	Central Harlem	8,614	+ 8.0%

What's in a Neighborhood Name? Clinton or Hells Kitchen?

2012-04-27T12:28:00.000-04:00

Clinton - Hells Kitchen - Midtown West - West 30's - West 50's

Some still argue about the exact boundaries of Hell's Kitchen, but it's commonly considered to run from 34th to 59th Streets and from Eighth Avenue to the Hudson River. The area is also known as Clinton and long-time residents use the two terms interchangeably. Some are proud to call the neighborhod "Hells Kitchen" while some prefer to say Clinton.

Yesterday I was showing one of my listings in Clinton/Hells Kitchen. A pre-war Art Deco charmer at Pembroke, 357 West 55th Street. A one bedroom with sunken living room in a circa 1935 6 story coop on a pretty tree lined block.

The buyer a long time neighborhood resident said she could never call the neighborhood "Clinton" and her agent agreed. When they asked about the coop board I answered: "They're a regular coop board but the building is in "Hells Kitchen" not on Park Avenue". The buyer who has lived on the block for many years quickly replied "West 55th Street between 8th and 9th Avenue is called "The Park Avenue of Hells Kitchen." So now you know!

The neighborhhood names are interchangeable on real estate websites as well. The NY Times calls it Clinton in or around Midtown and Midtown West and StreetEasy clearly calls it Clinton while on Corcoran.com it's Midtown West.

I have another exclusive listing 5 blocks away, a large, corner post-modern loft-like studio at Worldwide Plaza, a white glove luxury condominium occupying a city block in Midtown Manhattan from 49th to 50th between 8th and 9th Avenues.

The residences at Worldwide Plaza include a 39-story tower with 654 apartments at 350 West 50th Street. Built in 1988 it was an anchor for new development and gentrification in the neighborhood. For 20 years the neighborhood has been changing. It has become renovated, gentrified. New condo construction along with many new restaurants and bars have opened in the neighborhood.

Corcoran.com calls 350 West 50th Street Clinton and gives Clinton boundaries from 34th Street to 50th Street, from Eighth Avenue to the Hudson River.

A formerly low-rise area just west of the Theater District lies "Hells Kitchen" or "Clinton", the area is also home to charming row houses.

While some still argue over the exact street boundaries everyone agrees it's west of Eight Avenue. East of Eighth Avenue including Carnegie Hall and Time Square is considered Midtown West.

What's in a neighborhood name? Call it "Hells Kitchen" or call it "Clinton" or "Midtown West" but what ever you call it the neighborhood is one of Manhattan's HOTTEST neighborhoods and still very COOL!

Co-op and condo buyers find that the prices are affordable, and the transportation is great. The Hudson riverfront offers opportunities for bicycling, jogging and kayaking. Ninth Avenue, a Midtown West restaurant row draws both pre- and post-theater crowds and locals to its trattorias, cafes, grills, and steakhouses.

According to Brian Williams on NBC nightly News. The best slice of Pizza in NYC is at Sacco on 9th Avenue between 54th & 55th Street. A family run business for more than 50 years named after the town Sacco in Italy.

Whatever your lifestyle, budget or architectural preference. Clinton, Hells Kitchen, The West 50's, has something for you. It may be the neighborhood you've been looking for.

350 West 50th Street 6K
Large Loft-Like Renovated Studio | condo
$499,000

357 West 55th Street 1M
Pre-war One Bedroom Art Deco Charmer | coop
$525,000

Happy Earth Day | Go Green

2012-04-22T12:15:00.000-04:00

Earth photo by Astronaut Sunita Williams

related "green" blog posts:

Green Real Estate Glossary | nyc BLOG estate | Manhattan Real Estate

Green Condo Buildings in Manhattan | nyc BLOG estate | Manhattan ...

Schwab House: Upper West Side Coop Goes Green | nyc BLOG estate ...

Green Concrete at Manhattan Construction Sites | nyc BLOG estate ...

green resources / services

New York City Passes Green Legislation

the VISIONAIRE: Green luxury living in BPC | nyc BLOG estate ...

property tax abatement for going green

One Jackson Square: Modernist 'Green' Condos

"Green- Up" NYC Streets -Plant a Tree

empire state building going green

nyc yellow taxis "green" by 2012

broadway goes green

nation's first multi-story green industrial facility opens in nyc

NYC Residential Buildings "Go Green"

nyc's first-ever green school in battery park city

tips for greening your apartment

New NYC Smoking Policy Disclosure Law

2012-04-19T23:27:00.000-04:00

New Policy Does Not Change Residential Rules Permitting or Banning Smoking,
Helps Tenants Make Informed Housing Choices

Mayor Bloomberg introduced a bill yesterday that would require owners of residential buildings with three or more units in New York City to inform prospective tenants and purchasers whether smoking is allowed inside apartments as well as on balconies, courtyards and rooftops. Building owners would also be encouraged to use this as an opportunity to alert current residents of their smoking policies.

The new law, which is similar to other disclosure policies such as a history of bed bugs or lead paint, would require landlords to provide a disclosure form to tenants and apartment purchasers stating the building’s smoking policy before a lease or sale is finalized. It is similar to laws that have been passed in Maine, Oregon, and several local jurisdictions. The law would not restrict smoking in private residences but enable all residents, including smokers and non-smokers, to know a building’s smoking policy before deciding where to live.

Manhattan Monthly Market Report : March 2012

2012-04-12T18:52:00.000-04:00

Manhattan Monthly Market Report: March 2012

NYC Employment Numbers

2012-04-11T10:40:00.000-04:00

Mike Slattery, REBNY (Real Estate Board of New York) Research VP reported NYC employment numbers in the REBNY Research newsletter.

Private sector employment in New York City rose by 65,200, or 2.0 percent, to 3,251,200 for the 12-month period ending February 2012. Job growth occurred in professional and business services (+30,300), leisure and hospitality (+15,300), trade, transportation and utilities (+11,900), financial activities (+8,000). Job losses were centered in natural resources, mining and construction (-3,300) and manufacturing (-2,300).

Historically the FIRE sector, which is comprised of finance, insurance, and real estate sectors, has been the most vital to the New York City employment. In February 2012, these sectors showed mild growth from the previous month and February 2011.

Financial activities jobs in February 2012 totaled 442,200, an increase of 1.8% from February 2011’s totals and 0.1% from last month’s total. Real estate employment totaled 107,900, 1.1% greater than February 2011 and a 0.5% increase from last month.

The hospitality and leisure sector in NYC increased employment to 339,800 jobs, an increase of almost 2% from January 2012 and a 4.7% increase from the same month last year. This sector has performed particularly well despite the recession due to New York’s appeal as a tourist destination and the addition of new hotels to the market.

The February data also showed that 101,600 people were employed in natural resources, mining and construction in NYC during the month. This was a decrease of 0.8% from last month and a 3.1% decline from February 2011.

Manhattan Rental Market Analysis: March 2012

2012-04-06T19:51:00.005-04:00

For an appointment for a rental search or purchase, please call: 917-312-0924

Manhattan Market Report | First Quarter 2012

2012-04-03T17:38:00.001-04:00

Manhattan Market Report | First Quarter 2012

With 2,700 sales, Manhattan transaction activity remained steady during First Quarter 2012. This sales level was even with First Quarter 2011 but slightly higher than Fourth Quarter 2011.

Closings were 60% higher this quarter compared to First Quarter 2009. Demand is outpacing supply as inventory continues to fall. Total market-wide listings declined 9% versus a year ago to 8,367. Availability typically rises at the beginning of each year; this year listings increased 7% versus Fourth Quarter 2011, a more substantial increase from the same period one year prior. On the new development front, limited new product introduction is the leading cause of supply constraints.

As a result of steady demand and diminishing inventory, prices are being pushed higher as prospective buyers are forced to enter the resale market. For these reasons, market-wide median price, at $809,000, increased 1% from a year ago and 6% from last quarter. Average price per square foot, at $1,065, increased 4% from a year ago and 2% from last quarter. Condo price per square foot was at its highest since First Quarter 2009.

The very high end of the market continues to record eight figure transactions with records set in First Quarter 2012. Strong demand for super luxury properties only solidifies this city’s position as one of the world’s top real estate markets with broad appeal to home buyers from around the globe.

Download complete report including specific neighborhood reports

Q&A: What does "AS IN" Condition Mean?

2012-03-31T13:18:00.002-04:00

In Manhattan most properties are sold "AS IS." What does "AS IS" Condition Mean?

Contract contains "as is" language - "official notice" of the property's condition. The purchaser must rely upon its own investigation, rather than upon the Seller's representations, with respect to the condition of the property.

"Seller makes no representation as to the physical condition or state of repair of the Unit, the personality, the included interests or the premises. Purchaser has inspected or waived inspection of the unit, the personality and included interest and shall take the same "as is", as of the date of this contract, except for reasonable wear and tear. However at the time of the closing, the appliances shall be in working order and required smoke detector(s) shall be installed and operable".

Caveat Emptor (let the buyer beware).

The basic theory in New York real property law is "caveat emptor," meaning, "let the buyer beware." This theory is supported by the well-settled principal that a seller has no duty to speak when the parties deal at arms length; the mere silence on the part of a seller without some act or conduct that amounts to concealment is not actionable. Therefore, unless a seller takes affirmative action that prevents a buyer from determining the existence of an adverse condition (i.e., painting over a wall that is the subject of constant leaks), a buyer has no recourse against a seller on account of that condition.

Don’t Look to the Listing Broker

In many cases the broker will not have enough information about a particular building or apartment to be in a position to make any representation as to potential problems that may exist. This is particularly the case in New York City, where it would be virtually impossible for brokers to keep abreast of the changing conditions of buildings, let alone the thousands of apartments in any given neighborhood. Furthermore, much of the information circulated by brokers is second-hand or anecdotal, and should not be considered absolutely reliable for such a large investment.

Bottom line: "Due Diligence"

How is a buyer protected? There is a due diligence window between Accepted Offer and Contract signing. Do not sign a contract until you and your attorney have done their home work. Inspect the premises, the building financials, read board meeting minutes, talk to neighbors, the condition should be factored into the offer or request that repairs be performed prior to closing. Avoid disputes about inclusions and exclusions of Personal Property. Appliances and fixtures must be in "working condition"

"AS IS" Condition of the Property.

The seller must deliver the premises vacant and broom clean at closing.

NYC Rent Stabilization Law Extended through 2015

2012-03-28T09:55:00.001-04:00

MAYOR BLOOMBERG SIGNS LEGISLATION EXTENDING THE RENT STABILIZATION LAW THROUGH APRIL 2015

Introductory Number 791 extends the Rent Stabilization Law from April 1, 2012 through April 1, 2015. In order to extend the Rent Stabilization Law, the City must determine that a housing emergency exists to merit the need for rent stabilization.

The 2011 Housing Vacancy Survey, conducted by the New York City Department of Housing Preservation and Development, reports the vacancy rate in rental apartments to be 3.12 percent, well below the 5 percent rate at which the law requires that rent regulation be discontinued.

The Rent Stabilization Law, enacted in 1969, has been extended in three-year periods since 1979, and requires owners of properties with six or more rental units to abide by the annual rent increase set by the Rent Guidelines Board.

Mayor Bloomberg extended the law for three more years despite a possible ruling by the Supreme Court.

New York City's Complicated Property Tax

2012-03-23T11:33:00.000-04:00

In New York City property taxes make up 1/2 of the city's tax revenue annually.
The real property tax is:
1. The most complicated tax to understand
2. The most inequitable in its assessment of tax liability
3. A major impediment to economic growth and capital investment
Learn more in this video.

New York City's Improving Economy

2012-03-23T09:08:00.000-04:00

The City’s Improving Economy

Tax revenues continue to rebound as the city’s economy continues a gradual recovery. New York City has regained 65 percent of the private sector jobs lost during the recession, while the rest of the country has only gained back 36 percent.

The city now is expected to recover all jobs lost during the recession by the end of 2013, one year sooner than the rest of the country.

Mayor Bloomberg presented a Fiscal Year (FY) 2013 Preliminary Budget and an updated four-year financial plan. The Mayor outlined a plan that achieves a balanced budget – closing a $2 billion budget gap without tax increases, no layoffs of teachers or uniformed workers and no walking away from NYC's long-term investments which was made possible by the City’s years of prudent planning and spending restraint.

The Preliminary Budget reduces year-over-year controllable City expenditures, but expenses that are not fully controlled by the City – primarily pensions – continue to rise and continue to make less funding available for City services. The Preliminary Budget relies on $6 billion in savings for FY 2013 generated though eleven rounds of deficit closing actions taken by City agencies since 2007.

Last week New York passed a sweeping pension reform package. The plan that will save state and local governments more than $80 billion over the next 30 years. New York City taxpayer savings will account for $21 billion of this savings.

With this historic agreement, not a single current government worker or retiree will be affected and future city employees will receive pensions that taxpayers can afford

View New York City's Financial Plan Fiscal 2012/2013

NYC Real Property Market Value 2012

2012-03-14T18:15:00.001-04:00

Mike Slattery, REBNY(Real Estate Board of New York) Research Department Senior Vice President reports that according to the New York City Department of Finance, the market value of real property is $845.4 billion, an increase of 3.8 percent compared to last year.

Manhattan rental apartment buildings’ market value increased 15 percent, cooperative apartment buildings increased 9.5 percent and condominium units 7.1 percent compared to a year ago.

In Brooklyn, rental apartment buildings increased 3.9 percent, cooperative apartment buildings 1.6 percent and condominium units 1.2 percent compared to 2011.

Compared to the peak of the market in 2007, the market value of Manhattan rental apartment and cooperative apartment buildings has increased 22.5 percent, and condominium units increased 48.2 percent according to the City of New York.

In Brooklyn, the market value of rental buildings was up 3.5 percent, cooperative apartments 18.4 percent.

These market value increases have resulted in a 40 percent increase in real property taxes since the peak of the market in 2008.

Is NYC Rent Regulation Unconstitutional?

2012-03-11T18:24:00.004-04:00

32 West 76th Street - Upper West Side

The Supreme court may soon decide if New York state and city rent regulation (rent control/ rent stabilization) laws are constitutional.

An Upper West Side couple who own a Beaux-Arts brownstone on west 76th Street between Central Park West and Columbus Avenue have been in federal court during the past few years attempting to overturn the rent regulations protecting their tenants. One of those tenants pays about $1,000 a month and has lived in the one-bedroom unit since 1976.

While I support affordable housing for poor and middle class families there are many affordable housing programs in NYC besides rent regulation such as HDFC coops, Mitchell Lama, 80/20 and section 8 vouchers.

Perhaps in the outer boroughs middle and lower income families actually live in rent regulated apartments, but the coveted Manhattan rent stabilized apartments are in some of Manhattan's most sought-after buildings.

Buildings that converted to coops or condos 25 years ago or even recently like The Apthorp under non-evict plans still have rent regulated apartments primarily occupied by wealthy, connected Manhattanites that were fortunate enough to get the apartments 25-30 years ago or inherited them including former mayors, congressman, celebrities, real estate brokers and friends of landlords.

Mayor Bloomberg does not live in Gracie Mansion, he's a billionaire and his own $48 million dollar townhouse is a nicer mansion than Gracie Mansion but when Ed Koch was Mayor he preferred his $300 rent stabilized Greenwich Village apartment over Gracie Mansion. It must be a nice apartment.

Many of these tenants are holding out for huge payments from a developer or coop/condo board to vacate. Many rent regulated tenants have been offered $Millions for their apartments that they don't even own. Many own in The Hamptons and Florida defeating the purpose of affordable housing.

My first NY apartment was stabilized it was also in an upper west side townhouse owned by a couple but I gave it up when I bought a coop more than 20 years ago. I became a home owner while my income was less than half the income threshold for rent stabilized apartments.

According to the Wall Street Journal the Second Circuit Court of Appeals tossed out the couple's suit in March, but they filed petition for certiorari in the Supreme Court, and, the high court has asked New York City and the tenants to respond. Attorney's for New York City and NY the state Attorney General are preparing their arguments to fight the suit.

The Fifth Amendment to the Constitution provides that "no person shall be . . . depriv but they receive no sued of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation."

Rent control is subsidized housing but not by the city state o9r federal government. It is subsidy mandated by the government that requires property owners to subsidize legally privledged tenant leases in their buildings. The property owner/landlord receives no subsidy or tax credit from the government.

Maybe the United States Supreme Court will end regulation or force the city and state to subsidize the owner/landlords.

Manhattan Monthly Market Snapshot: February 2012

2012-03-09T11:31:00.000-05:00

No More New Drugstore Chains and Banks on UWS

2012-03-07T17:57:00.005-05:00

Community Board 7 voted unanimously to approve the city's plan to limit the size of storefronts on the Upper West Side.

Last month I reported that the city’s plan to limit the size of Upper West Side storefronts won approval from Community Board 7′s Land Use Committee. This week it was approved by the full community board.

The plan would rezone the main retail strips on Columbus Avenue, between West 72nd and West 87th streets, and Amsterdam Avenue and Broadway, between West 72nd and West 110th streets. New stores on Columbus and Amsterdam would be limited to 40 feet of frontage. At the same time, the new rules would narrow the frontage allowed for banks to just 25 feet. About 77 blockfronts would be affected.

Existing stores with 40 feet or more frontage will be grandfathered into the plan. About 18% will be grandfathered in. Sort of like rent regulation and rent control for retail tenants.

The Special District regulations would be applicable to lots with a frontage on the following portions of Broadway, Amsterdam and Columbus Avenues:

Special Enhanced Commercial District – 2 includes Amsterdam Avenue bounded by 75th Street and 110th Street on the west side, excluding the blocks between 100th – 101st and 102nd-103rd streets, and bounded by 73rd and 87th streets, and 105th and 109th streets on the east side of the avenue; and
Columbus Avenue bounded by 72nd and 87th streets.
Special Enhanced Commercial District -3 includes Broadway bounded by 72nd Street and 110th Street on the west side, and 74th Street and 110th Street on the east side.

Time will tell if this new zoning plan will help or hurt the neighborhood and businesses in the neighborhood and/or potential new businesses.

related links:

Proposed Upper West Side Neighborhood Storefronts
Upper West Siders Say No to Drugstore Billboard
Say No to DRUGstore chains Update No Walgreens on Broadway
Say No to DRUGStore Chains

Manhattan Rental Market Report: February 2012

2012-03-06T13:34:00.006-05:00

Perhaps no other indicator is more relevant for Manhattan than the impact the rental market has on the sales market. We are seeing a very low vacancy rate (less than 1.59% in February one of the slowest months and in some neighborhoods even lower) and a very rapid run up in rents.

Unless you have a rent controlled apartment, your landlord can raise your rent as much as he or she desires. As rents run up the rent vs. buy comparison begins to weigh heavily on the side of buying. This has already and will continue to strengthen the sales market as more people realize they can save substantial money by owning.

Selling, Buying, Renting, Leasing?

Have it your way! Contact me for all your Manhattan real estate needs.

Murray Hill | Manhattan Neighborhood

2012-02-29T20:45:00.018-05:00

Murray Hill | Kips Bay

Historic Murray Hill Landmark

Midtown, on the East Side, from 23rd Street to 42nd Street. The area runs from the East River to Park Avenue South between 23rd Street and 34th Street, and expands from the East River to Fifth Avenue between 34th Street and 42nd Street. Kips Bay runs from 23rd Street to 42nd Street, east of Third Avenue.

Murray Hill is a townhouse paradise — of 100 townhouses listed in the area in the 1892 Social Register, 60 are still standing.

Yet those single-family Murray Hill homes, many of three and four stories and some renovated with elevators and gyms to match their double Dacor ovens, rub elbows with high-rise condo towers.

29/Park Madison

In Murray Hill, the formerly business corridors of Madison and Fifth avenues are being converted into gorgeous new loft-like apartments.

The area of Murray Hill is itself named after the Quaker merchant who built his farm here in the eighteenth century when the area was green countryside — Robert Murray’s land extended from 33rd Street to nearly 39th Street!

The area of Kips Bay, which has many dining options and a movie theater, is either to the east of or the Easten section of Murray Hill, depending on who you talk to. Kips Bay Towers, two high-rise post-war condos which share a large common garden, is one of the first apartment complexes designed by noted architect I.M. Pei.

Cultural attractions abound in Murray Hill; the recently renovated Morgan Library is a historic treat. The original building, showcase to a famous banker’s collection, is a breathtaking landmark Italian-style mansion — and the Morgan Library’s Murray Hill collection includes Mozart symphonies, Gutenberg bibles, and carved Babylonian seals and amulets.

Currently there are approximately 300 active listings for sale in Murray and Kips Bay. Available apartments range from a 450 square foot studio for $229,900 at The Murray Hill Crescent to a 6100 square foot, 6 bedroom, 8.5 bath penthouse at Park South Lofts for $8,245,000.

Currently there are about 400 apartments available for rent in Murray Hill ranging from a small 1 bedroom in a walk-up building for $1400/month to $20,000/month for a 3 bedroom , keyed elevator loft style home on Lexington Avenue.

Contact me at 917-312-0924 if you're interested in purchasing an apartment or townhouse in Murray Hill or if you are thinking about selling your Murray Hill home.

Mitchell Hall, Associate Broker, Corcoran

Riverside Boulevard - The New Upper West Coast

2012-02-27T21:55:00.014-05:00

The New York Times recently cited Corcoran Sunshine Marketing Group data that show prices and sales pace on Riverside Boulevard far outpacing the market.

The average price per square foot of a Riverside Boulevard condominium increased 10 percent year-over-year to $1,552 in the fourth quarter of 2011, compared to a 4 percent gain to $1,417 in Manhattan as a whole. Sales activity rose 23 percent between 2010 and 2011 compared to 6 percent Manhattan-wide.

In January, Yankee Alex Rodriguez sold his condo in the Rushmore with an asking price of $8 million despite purchasing it just 10 months earlier for $5.5 million.

The Times noted the area has come a far way from when Donald Trump first laid down the plans for Riverside Boulevard in the early 1990s. In fact, I remember taking potential buyers over there just a few years ago. They liked the apartments but said they didn't want to wait 5 years until the area developed into a real neighborhood. It's a real neighborhood now.

Riverside Boulevard AKA Riverside South is perhaps the most exciting new community in Manhattan. The new Upper West Side coast extends along the Hudson River from West 59th Street to West 72nd Street on 92 waterfront acres, formerly occupied by the Pennsylvania Rail Road yards.

Donald Trump bought the property back in the 1970's. The buildings range from 30 to 40 stories, and the waterfront park covers 23 acres. Design standards imposed variations among the towers, and the street plan respects the existing West Side grid. The first building was completed in 1998.

Trump Place: 240, 220, 200 Riverside Boulevard

The four Trump Place condominium buildings (120, 200, 220 & 240 Riverside Boulevard) front the Hudson River along the northern most boundary adjoining Riverside Park. Trump also built rental buildings located at 140, 160, and 180 Riverside Boulevard.

Trump Place was one of New York City’s first projects to offer a unique mix of richly diverse luxury amenities such as English billiard rooms, European spas, tranquil libraries & reading rooms, screening rooms, and sky terraces offering spectacular views.

With the 25-acre Riverside Park South offering waterfront bike paths, picnic and sporting areas, and an enormous public recreation pier, Trump Place completes the all inclusive lifestyle like no other neighborhood in New York. In 2000, seven acres of land stretching from 68th to 72nd Streets was added to Riverside Park, called Riverside Park South.

In 2005 The Carlyle Group and Extell Development Company purchased a large tract of land and three apartment buildings from investors and Donald Trump for $1.76 billion. The transaction included a tract of land, which is bounded by 59th and 65th Streets and West End Avenue and Riverside Boulevard, and three existing apartment buildings.

Extell developed The Avery, The Rushmore and The Aldyn. The Avery was completed in 2008 and The Rushmore in 2009. The Avery is sold out and only a few sponsor units are available at The Rushmore. However, there are currently resales available at both buildings. The Aldyn, now selling.
The buildings will be joined by several additional residential developments (Riverside Center) taking shape in the next few years.

The Avery 100 Riverside Boulevard

The Avery, a 32-story building with 274 one-to-three bedroom residences, has views of the Hudson River and Riverside Park between 64th and 65th streets. Avery features a state-of-the-art fitness center that overlooks a large children's playroom, a gaming room, Abigail Michaels concierge service, an onsite parking garage and an unprecedented partnership with Lincoln Center for the Performing Arts.

The Rushmore 80 Riverside Boulevard

The Rushmore's 16-story base gives rise to two soaring towers standing 43 stories tall. The Rushmore will offer its 289 residences world-class amenities, including La Palestra Fitness and Wellness Center, indoor lap pool, screening theater, private sundeck and an exclusive partnership with Kidville, NY.

The Aldyn 60 Riverside Boulevard

The Aldyn, a new luxury residential 40 story building has rental apartments on the second through tenth floors and condominium apartments from the 11th floor through the 40th floor. The Aldyn Residences, Athletic Club and Spa includes 40,000 square feet of amenities overlooking the Hudson River. Sports lovers and athletes will love LA PALESTRA Athletic club & Spa designed by Roman and Williams

The properties of Riverside South have some of the best amenities in New York City. The selection of apartments includes everything from small one-bedroom residences to large combinations with big ter

Riverside Park South, designed by landscape architect Thomas Balsley, spans from 62nd to 72nd street connecting Riverside Park with Hudson River Park.

Six more towers with about 3,000 apartments, along with an elementary school, retail space and a hotel, are planned between 59th and 62nd Streets.

40 Riverside Boulevard - The Newest Glassiest Tower

The final piece of the Riverside South community will be built by award winning architect Christian de Portzamparc. Riverside Center will provide the neighborhood with much needed infrastructure, amenities and open space including a new 150,000 square-foot school.

Riverside Center

Email me for current available apartments
or to Sell your home

Congratulations to "Made in NY" Oscar Nominees

2012-02-26T16:11:00.007-05:00

The “Made in NY” film Extremely Loud & Incredibly Close is nominated for Best Picture (executive producer, Scott Rudin) as was actor Max von Sydow for his supporting role as the Renter.

Margin Call, about a crisis at a financial firm, was nominated for its original screenplay, written by J.C. Chandor, who also directed the film. The project shot on location in the City during the summer of 2010. Additionally, Hugo received a nomination for Best Film Editing (Thelma Schoonmaker). The film, which takes place in Paris and was filmed in the UK, was edited in New York.

A number of New Yorkers also received nominations for their work in various other projects, including: Woody Allen (Best Director, Midnight in Paris), Glenn Close (Best Actress, Albert Nobbs), Martin Scorsese (Best Director, Hugo), Meryl Streep (Best Actress, The Iron Lady) and Michelle Williams (Best Actress, My Week with Marilyn).

In the documentary and short film categories, a handful of New Yorkers also earned nominations. Locals Marshall Curry and Sam Cullman were nominated for Best Documentary Feature for their film If a Tree Falls: A Story of the Earth Liberation Front while Joe Berlinger and Bruce Sinofsky received a nomination for Paradise Lost 3: Purgatory. New Yorkers Rebecca Cammisa and Julie Anderson (God is the Bigger Elvis) and James Spione (Incident in New Baghdad) were each nominated for Best Documentary Short.

Historical Oscars and other memorabilia have been on display at Vanderbilt Hall in Grand Central from February 22-26 as part of the Academy of Motion Picture Arts and Sciences’ annual exhibit. Visitors have the opportunity to have their picture taken with an Oscar as well.

Over 100,000 New Yorkers work in film and television production. NY is the birthplace of film and television technology. 2011 was a record year for film and television production in New York City. The entertainment industry is approximately a $5 billion industry in New York City.

“New York City is the entertainment capital of the world and is poised to be the digital media capital of the world." Mayor Mike Bloomberg.

Come live, work and play in NYC.

"Made in NY"

Click here to find a Manhattan trophy apartment or townhouse.

The Academy Awards will be broadcast live on ABC beginning at 7pm tonight February 26, 2012.

Enjoy the show!

Midtown West - Manhattan Neighborhood

2012-02-25T08:40:00.012-05:00

Midtown West - Manhattan Neighborhood

Midtown West, from 34th Street to 57th Street, from Fifth Avenue to the Hudson River.

View From 41st floor apartment at The Link 52nd Street and 8th Avenue

Give my regards to Broadway — and let me live there in a luxury Midtown West condo while you’re at it. The formerly low-rise neighborhood west of Fifth Avenue has recently allowed some luxury high-rises, and the doorman condos often offer views to the river, the neon lights of Time Square and beyond. The center of Midtown West is Clinton, which boasts state-of-the-art condominiums like the Link, the Orion and Platinum and new comers The Dillon and Griffin Court.

The Dillon Townhouse Units - West 53rd Street

The Dillon, a new development, 83 unit condominium at 425 West 53rd street has 9 townhouse units with garages. Prices range from the $600's for studios to a 2700 square foot townhouse priced at $4.15 million.

Griffin Court 454 West 54th Street - 800 10th Avenue

Griffin Court, a 95 unit new luxury condo at 800 10th Avenue between West 53rd and West 54th Street is a full service building with amenities that include a courtyard, garden, fitness room, private storage and high-speed internet access. Prices range from $735,000 for a 681 square foot studio to $3.86M for a 1911 square foor 3 bedroom 3.5 bath penthouse.

The Residences at Worldwide Plaza on 50th Streets between 8th and 9th Avenue has been a popular condo with studio apartments starting in the high $400,000 range.

Worldwide Plaza

In general, the Midtown West neighborhood is walk-to-work for any number of people, from the aspiring Broadway hopefuls who share brownstone apartments and co-ops to the corporate executives who head to Rockefeller Center.

The neighborhood is home to a number of Manhattan arts institutions, such as Carnegie Hall and Alvin Ailey, and the northern end is close enough to Central Park that the park’s quiet and greenery are star attractions. For dining, whether fine or casual, Midtown West co-op and condo dwellers hit Ninth Avenue, the area’s restaurant strip.

In the winter, the Times Square area’s big draw is the Rockefeller Center Christmas tree, unmatched anywhere else in the world. During the summer, many Midtown West residents head to Bryant Park for the luxury of free movie screenings and jazz concert.

Manhattan Seller
Manhattan Buyer