Susan Singer

Manhattan apartment buyers faced mixed picture

Susan Singer — Thu, 09 Feb 2012 18:34:24 +0000

The Manhattan market for condominium and co-op’s has come back a fair distance from the lows plumbed in early 2009, but there is still one part of town where the market remains a bit soft and that’s midtown, according to a recent analysis of the market.

In that river to river swath of Manhattan between 34th and 59th streets there were 1,320 units actively for sale in midtown as of the end of last year—a 15 month supply at current absorption rates, according to a recent analysis conducted by Vanderbilt Appraisal Company.

“Midtown is rarely a buyer’s first choice, so demand is a little weaker and the level of supply of inventory tends to be higher,” said Michael Vargas, principal and co-founder of Vanderbilt.

In contrast, in the relatively hot Upper West Side market there are 1,016 units up for sale, a mere six month supply at current absorption rates. Vanderbilt says when there is more than a nine month supply of inventory prices tend to decrease, when there is a six to nine month supply prices tend to be stable and when there is a one to six month supply prices tend to rise.

When prices declined these past few years, “people were no longer priced out of prime areas,” said Jim Gricar, general sales manager at Halstead Property, referring to the Upper West Side and Upper East Side. As a result, he noted that today there is hardly anything available for sale in the Upper West Side.

“It’s one of the tightest markets inventory-wise and prices there are on the rise there as a result,” he added.

In all of Manhattan, there were roughly 6,400 units for sale at the end of 2011, a nearly nine month supply according to Vanderbilt. That number of units was also down about 13% from September.

In the Upper East Side and in Upper Manhattan, above 96th Street on the east side and above 110th Street on the west, it will take roughly 10 months in both to absorb the current inventory of 1,624 and 615 units, respectively. Downtown, south of 34th Street, it will take eight months to absorb current inventory.

The residential sales market has come a long way from the Lehman Brothers crash in the fall of 2008, when the appraisal firm started tracking inventory and absorption. Six months after the collapse, it would have taken close to two years, a little over 20 months, to absorb all the units on the market. That glut sent prices lower.

“The market slowly but steadily rolled back to where we are now,” said Mr. Vargas. “Excess inventory was absorbed because prices fell.”

Mr. Vargas expects the sales market in Manhattan to remain stable this year for multiple reasons. They include the election, the fact that prices are not declining as much as they did three years ago and the lack of new development coming on the market for sale due to a drop in recent construction.
Read more: http://www.crainsnewyork.com/article/20120206/REAL_ESTATE/120209935#ixzz1luWnKe00

Inventory tightens for Manhattan renters and buyers

Susan Singer — Tue, 07 Feb 2012 20:05:28 +0000

Inventory is dwindling for both Manhattan renters and buyers, according to two recent market analyses, and that’s pushing apartment rents and prices higher.

Citi Habitats figures cited by the Wall Street Journal show just 2,230 new rental units will arrive in Manhattan this year, as the construction slowdown during the recession starts to rear its head just as apartment demand is at its highest. Many people have turned to renting in the uncertain economy and the vacancy rate during the typically lax winter months currently sits at just 1.27 percent.

The rental construction that began to pick up with the market likely won’t bear fruit until late next year or early 2014, meaning conditions will stay tight for the foreseeable future, Citi Habitats said. The Journal said those conditions will reward the Related Companies and Metro Loft Management who are bringing 232 units and 418 units, respectively to 102nd Street and Park Avenue and John Street in the coming months. Rents for one-bedroom apartments in new developments average $3,984 per month, according to the data.

Meanwhile, Crain’s reported that a Vanderbilt Appraisal Company analysis shows declining inventory is stabilizing prices for Manhattan apartments. The appraisal firm said when there’s six to nine months worth of inventory prices are stable; anything less than that and prices rise, anything more and prices fall. In Midtown there’s still 15 months worth of inventory, but on the Upper West Side there are just 1,016 units on the market — a six month supply. The Upper East Side has 10 months worth of apartment supply and Downtown there exists an eight month supply. As a whole, there are 6,400 units for sale in Manhattan, down 13 percent from September, representing less than nine months worth of inventory. [WSJ] and [Crain's]

UES Residents Push Back On MTA Plan To Build New Subway Entrance

Susan Singer — Fri, 27 Jan 2012 18:37:54 +0000

The Metropolitan Transportation Authority wants to build new entrances so the disabled can access the subway at 68th Street, but some Upper East Side residents say the plan will diminish the quality of their block. NY1’s Tina Redwine filed the following report.

People who live on East 69th Street between Lexington and Park say it’s a special place.

“It is a beautiful block. Quiet. It has been here for a long time and I don’t think it will enhance our street at all,” said one resident.

“It” is the Metropolitan Transportation Authority’s plan to build new entrances to the 68th Street subway station located at 69th Street and Lexington Ave while the ones at 68th Street are shut down for a year to allow an elevator to be installed there.

Residents worry the $57 million project will lower their quality of life and their property values.

However, MTA officials say it has to be done to give people with disabilities more access and to ease overcrowding at the second busiest local station in the city.

Riders welcome the change.

“At my age, climbing up the steps isn’t fun,” said one subway rider.

“It’s difficult because you know you can’t move, there is no space for you to even stand sometimes with the rush hour, and you get late for classes and miss your trains,” said another.

The MTA considered putting the stairs at 70th Street or down at 67th Street, but the subway platform doesn’t extend that far, so it would cost more and take longer to build stairs here.

Officials say the most cost-effective plan is to put the stairs at 69th Street.

An outside consultant’s environmental study is due in June, but residents have hired their own experts and a lawyer whose political connections go back to the administration of Mayor John Lindsay in the 1960s.

“We don’t necessarily agree that the MTA will be doing a fair study. It’s easier to back into a preconceived plan, decision, than it is to go out and do an honest study,” said Sid Davidoff of Davidoff, Malito & Hutcher.

Davidoff said putting the stairs on 67th Street where there is already a bus stop makes more sense and that his experts will come up with their own estimate of what it should cost.

The local community board said it will hold a public hearing on the plan as soon as the MTA’s environmental study is done.

NY ONE

Rejection From A Co-Op Board Can Sometimes Be Reversed

Susan Singer — Tue, 24 Jan 2012 00:11:21 +0000

New Yorkers who are rejected by a co-op board should not lose hope, as they may be able to get the board to reconsider their applications.

Let’s say you find the perfect apartment in a co-op, submit a board package, go on the interview and are promptly turned down. Most people lick their wounds and move on, but many do not realize they still may have a chance. Real estate attorney Sandor Krauss says in rare cases, an applicant can get a board to reconsider.

“No is usually no. However, there are times where certain circumstances that are unique to your application can be amended or revised to help the co-op board think that you are a better or more qualified applicant,” says Krauss.

First, he says you should talk to your attorney or agent and go over your interview. Try to think if there was anything that happened that could be the reason why you were rejected.

If you think elements of your application were misinterpreted or if there is something you can easily change, he says your attorney should draft a pleasant letter that asks the board to reconsider based on the changes.

Typically, rejections are because of finances. Maybe you can offer additional financial information to clarify a misconception or offer some solutions.

“We may offer a significant time in escrow or maybe two years of maintenance, a guarantor,” says Krauss.

Sometimes it could be as simple as reworking the contract. For example, instead of having a guarantor, the board may prefer that person be a co-purchaser.

If it is not financial, ask yourself if it is something you can change. For example, if you are a musician, would you agree to practice elsewhere or during limit hours? Would you be willing to scale back that major renovation you told them about? If you are willing to make a change, you should certainly let them know.

Also, see if the seller may be willing to make an appeal on your behalf.

“The seller has standing, the seller is the shareholder. And there are times, especially in small co-ops, where the seller knows the board and maybe appeals to the board on behalf of you saying, ‘Look, I’ve presented everything I can. This guy’s got great financials. What’s the problem here?’” says Krauss.

While Krauss says these tactics rarely work, it really depends on the extent of the revision. If you think you or your financial standing have been misunderstood, it certainly can’t hurt to ask

NY ONE

Trump Soho’s Developers to Auction Hotel and Unsold Condos

Susan Singer — Thu, 19 Jan 2012 22:04:35 +0000

The developers of Manhattan’s Trump Soho will put the hotel and its unsold condominium units up for sale, said Alex Sapir, one of the property’s builders.

The Sapir Organization, which developed the property with Bayrock Group LLC, has hired brokers Eastdil Secured LLC and Jones Lang LaSalle Inc. to hold an auction for the unspecified number of unsold condominium units and the hotel’s common areas, said Alex Sapir, president of the Sapir Organization.

Sales of the Trump luxury units come as the city’s supply of for-sale condos shrinks. There were 3,382 units listed for sale in the fourth quarter, down 4.6 percent from a year earlier, according to Jonathan Miller, president of New York real estate appraiser Miller Samuel Inc.

“This is a real trophy property,” Sapir said in an interview today. “An asset like this is a once-in-a-lifetime opportunity.”

The 46-story Trump Soho, managed by the Trump Organization, offers condos for sale that may only be used by their owners for 120 days of a calendar year. For the rest of the time, they’re offered as hotel rooms, with owners sharing in the rental revenue.

Testing the Market

The decision to hold the auction comes after the group received unsolicited offers for the hotel, Sapir said. “They were numbers that we would be very happy selling at,” he said.

The firm chose to sell by auction to gauge the depth of the buyer pool and to probe how much investors might pay for a hotel asset in Manhattan, Sapir said.

Prospective buyers will receive preliminary information about the sale as early as today and the auction probably will be held in March or April, he said.

New York City hotel room rates rose 2.6 percent in November from a year earlier to an average $279 a night, according to Smith Travel Research Inc. of Hendersonville, Tennessee. Revenue per available room climbed 6.1 percent to $230, as occupancies climbed by 3.5 percent over the year.

The property is being marketed to would-be buyers in Asia, Russia and the Middle East, Sapir said.

Sapir and Bayrock paid down $100 million of debt on the property owed to iStar Financial Inc. in 2010. Donald Trump characterized the deal as a “major paydown of the existing mortgage” which at the time stood at $295 million.

Units for Sale

The 391-unit Trump Soho development has recorded at least 90 sales, according to property-data website StreetEasy.com. Forty-two units are currently listed for sale, with prices ranging between $995,000 for a 425-square foot studio to $8.74 million for a 2,331-square-foot two-bedroom, according to StreetEasy.

The Sapir Organization, based in New York, owns office and apartment buildings in Manhattan including 11 Madison Ave., home to Credit Suisse Group AG, and 2 Broadway, where the Metropolitan Transportation Authority is based. It also owns about 515 apartment units in Tribeca.

The firm is in talks to acquire a parcel of land near the World Trade Center where it plans to build a hotel, Sapir said.

Bloomberg

Some City Co-Ops Become More Accepting Of Dogs

Susan Singer — Tue, 17 Jan 2012 15:58:36 +0000

Dogs are members of the family to some and unwanted neighbors to others, so several buildings have a ban on four-legged pets. But these days, there are so many legal loopholes around no-dog polices that many co-ops are eliminating them.

“As a trend, it’s becoming much more common. The forces of change are pushing for allowing dogs because it has become impossible to prohibit them,” says real estate attorney Dean Roberts of Norris McLaughlin & Marcus. Roberts, who works with buildings to resolve doggie dilemmas, says changes to local and federal laws have left loopholes that make enforcing no-dog policies too difficult.

There are two main ways that dog owners can get around no-pet rules.

“The two major loopholes would be the pet law which is a 90-day rule that says
if a landlord doesn’t commence an action within 90 days, he waives the right to commence the action,” says Roberts. “The other loophole is the Americans with Disabilities Act, which provides the landlord having to provide an accommodation which the dog is often deemed to be.”

That means if someone gets a note from a doctor that they need dog for emotional support, no matter the condition, the dog must be permitted.

So instead of banning dogs altogether, many buildings are now leaning towards allowing them with strict set of regulations.

“The rules tend to be as to size, entering and leaving the building, behavior in the common areas. Some of the rules require dogs travel in freight elevators and as always, the landlord can reserve the right to bring a lawsuit if the dog is a nuisance,” says Roberts.

Some buildings also have fees, registration requirements or even ask for extra insurance.

These rules mostly apply to co-ops. Condos do not have that landlord-tenant relationship so the circumstances are different. Rules in a rental can change whenever a lease is up.

As the policies change, a whole new set of issues could arise, like one person’s need for a pet versus another person’s need to avoid pets. But as buildings change with the times, they will have to adjust accordingly.

3 Bed | 4 Bath | $4,950,000 | Chelsea

Susan Singer — Tue, 17 Jan 2012 15:24:06 +0000

410 West 24th Street Apt. 18BCE

Listing ID#: 600949

Description:

Stunning Chelsea pre-war 3 bedroom and 4 bath home, easily converts to a 4th bedroom if desired. Known as the jewel in the crown of London Terrace, this exceptional property has South, North, East and West exposures. Unobstructed views of the Empire State Building and cityscape. No expense has been spared in this mint renovation. Custom arched glass French doors, formal entry, 9 outfitted closets and a working fireplace are a just a few of the features that make this apartment a true gem and a unique offering in Chelsea. All utilities are included in the maintenance as well as access to London Terraces legendary indoor pool and historical gardens.

Offered:

Price – $4,950,000
Maint/CC – $6,670/month

Apartment Details:

Beds – 3
Baths – 4
Type – Coop

Property Features:

Walk-in closet | Hardwood floors | High ceilings

Building Specifics:

Additional Photos:

Susan Singer, SVPCertified EcoBroker

Mobile: 917-207-6368

Direct: 646-998-7458

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www.susansingerspaces.com

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2 Bed | 2 Bath | $1,595,000 | Chelsea

Susan Singer — Mon, 16 Jan 2012 03:03:47 +0000

470 West 24th Street Apt. 19A

Description:

The quintessential pre-war home awaits you, high atop the Towers of London Terrace. This landmark property overlooking Chelsea’s High Line elevated park offers you two bedrooms, two windowed baths and a large windowed kitchen. Cozy up in front of the fire as you gaze out at the Hudson River and glorious sunsets! With twelve windows, south and west view of the river and a perch overlooking the gardens to the east you’ll be hard-pressed to leave home. Of course you cantake the elevator up two flights to the beautifully planted roof deck or enjoy a swim in the half-Olympic size pool. Truly spectacular, this home is well-priced and ready for you to call your own.

Offered:

Price – $1,595,000
Maint/CC – $2,625
Down – 20%

Apartment Details:

Rooms – 5
Beds – 2
Baths – 2
Type – Coop

Property Features:

Walk-in closet | Hardwood floors | High ceilings

Building Specifics:

Additional Photos:

Susan Singer, SVP Certified EcoBroker

Mobile: 917-207-6368

Direct: 646-998-7458

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www.susansingerspaces.com

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Open House: Sunday, January 15th, 2012

Susan Singer — Fri, 13 Jan 2012 20:23:23 +0000

London Terrace – 465 West 23rd Street, #4-G

1 – 2.30 pm
ALCOVE STUDIO | WALK-IN CLOSET

For more information on this property, click here to view the full listing.

3 Bed | 3 Bath | $1,100,00 | Barryville

Susan Singer — Fri, 13 Jan 2012 13:35:04 +0000

Barryville, New York

Listing ID #: 422289

Description:

Many of you know the NYC work of architect Thomas Juul Hansen where he has designed one million square feet of super-luxury interiors for residential towers, commercial spaces and private homes.

Now you have an opportunity to purchase the ideal mountain retreat he created in Barryville, NY. Just an hour and 45 minutes from the city in the private community of Highland Lake this 3400 square foot home sits on a mountaintop with views of the Delaware from every room. As you enter the main floor offers you a great entertainment space with open kitchen, living and dining spread in front of an over-sized stone fireplace flanked by winged private bedrooms. Each bedroom offers an entrance to your cedar deck, private bath and floor to ceiling windows to enjoy the view and changing seasons.

The chef’s kitchen spans a full wall with a counter to match and is equipped with Bosch appliances, Sub-Zero refrigerator and Meille exhaust system.

The floor below includes an oversized room which now functions as a studio but easily works as a second entertainment space with a Danish stove to enjoy on cool evenings. A third bedroom and bath creates the perfect guest room with its own outdoor deck. Sitting on 9 acres the property includes a plateau below which has been fully readied for a pool with electric and water…or you can take your canoe over to the private lake where the sound of your oars dipping into water will be the only sound you’ll hear. With just 20 homes in the community you’ll rarely see a neighbor as the lots are all 9 acres or more.

Barryville offers the perfect spot for a weekend home with historic sites, museums and white water rafting on the Delaware. Or, if you’re considering a full time residence you’ll find an incredible home with a Montessori school some travel miles to attend.

We look forward to showing you this spectacular residence.

Offered:

Price – $1,100,000
RET – $657/month

Property Details:

Beds – 3
Baths – 3
Type – Other

Property Features:

Additional Photos:

Susan Singer, SVPCertified EcoBroker

Mobile: 917-207-6368

Direct: 646-998-7458

Email Susan

www.susansingerspaces.com

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