Posts in NYC
Manhattanhenge is Tonight!

For just a couple incredible days a year, the Manhattan sunset transforms the city into a magical place with light flowing directly down east to west streets, unencumbered by our tall buildings.

And it is happening tonight! 

Conditions for viewing are expected to be perfect, with clear skies and summer temps. The sun will be setting at 8:27pm so try to find a spot (a little early!) along 14th,  23rd, , 34th, 42nd or 57th Streets and enjoy the ride!

Click through for more from astrophysicist Neil deGrasse Tyson.

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Back by Popular Demand - Q2 2018 Manhattan Market Report

It is official, we have shifted to a buyer's market in Manhattan due to a large increase in available inventory and decrease in transactions. 

Well priced listings are still moving quickly in all segments though we have noticed higher velocity primarily in resale neighborhoods (East Village) vs. those currently saturated with high end new development (Midtown West). 

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Must See: Murakami at Galerie Perrotin

Most Saturdays you'll find me one of two places with my partner in crime. The first is exploring the city on our old school Schwinns ( #schwinnsinthecity). Second, is enjoying the insane art scene around the city. This weekend we were fortunate to find a master, TAKASHI MURAKAMI, right around the corner at Galerie Perrotin. Smiles abound.

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The Best Month and Day to Sell Your Home

When considering listing their properties, many of my clients inquire as to if there is a better time of the year to list. As one might imagine, spring is a particularly strong market in New York City as the weather warms up and buyers tend to get out and see what is available. A recent article in Inman suggests that May is a sellers best bet for seeing the largest return. 

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A Brand New City Within NYC

On a recent bike ride up the West Side Highway, I was reminded of the immense scale of development happening above the Hudson Yards. Taking up the equivalent of 8 square blocks just south of the Javitz Convention center in Manhattan, it is the largest private real estate development in the history of the United States. It is incredible to watch this entire "city" being developed on the West Side.

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New NYC apartments hitting the market: Spring 2018

With Spring right around the corner, the real estate market is already heating up. And across the top 40 new developments on or coming to market, there is a lot to talk about. And buy. And rent!

Curbed has pulled together its top list highlighting the best of projects in Manhattan, the  Bronx, Queens, Brooklyn, Staten Island, and New Jersey. Check out the list with an interactive map here.

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Google is Taking Over

Google is taking over a solid chunk of the Meatpacking/West Chelsea district as it expands to allow for future space needs. It had already purchased 111 Eighth Ave for $1.77 in 2010 and is in contract for the Chelsea Market building across the street for $2.4 billion or a staggering $2000 per square foot (compared to $1400psf that the GM building at 767 Fifth Ave). The Chelsea Market building, currently home to advertising agency Deutch, NIke, the Food Network and when closed, will bring Google's property holdings close to $14.5b worldwide. Read about it in the Real Deal here.

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LES Art Installation Celebrating Mom and Pops Shops

Lower East Side photographers, James and Karla Murray, have been shooting mom and pop bodegas, newsstands and diners for years. As the city rapidly changes, they celebrate the mom and pops retail that defined downtown neighborhoods with their unique aesthetic character. 

The couple,  as part of the "Art in the Parks UNIQLO Park Expressions Grant Program" will create a structure the celebrates favorite shuttered shops including  the dearly departed lunch counter, Cup & Saucer

Check out their collection of independent business in their book Store Front: The Disappearing Face of New York (2008) and the article here

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Q4 2017 Manhattan Market Report

In anticipation to sweeping changes to tax legislation, resale activity ramped up during the fourth quarter as buyers rushed to lock-in the full $1M mortgage interest deduction on new mortgage originations. Resale closings for condos and co-ops within the $1M - $3M price segment, where buyers could be most impacted by the new limit in mortgage interest deductions, increased 11% and 13% year-over-year, respectively. Furthermore, resale activity within the $500K - $1M price segment increased 21% year-over-year as potential buyers originally feared a mortgage interest cap of $500K. In fact, median condo resale prices were down 13% this quarter compared to 4Q16, which was not attributable to any particular project or neighborhood, but as a result of a broader shift in resale volume to units priced between $500K - $1M. However, it remains to be seen how the GOP Tax Bill will impact Manhattan real estate performance long-term, especially when taking into account the $10K cap to state and local income taxes (SALT) deductions, lower marginal taxes for many income brackets, and the new $750K limit in mortgage interest deductions.

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Q3 2017 Manhattan Market Report

There continues to be strength and activity in the core market. The number of condo contracts signed with last asking prices between $1M - $3M and $3M - $5M increased by 11% and 7% year-over-year, respectively. This year-over-year increase in contract activity has been stimulated by a few macroeconomic factors: (1) equity markets, which are typically highly correlated with luxury residential sales in New York City, have continued to reach new highs (the S&P 500 increased by 17% year-over-year from September 2016 and recently crossed 2,500 for the first time), (2) financing remains readily available and inexpensive, and (3) purchasers now have the clarity needed to finalize buying decisions with confidence compared to a year ago when uncertainty regarding the U.S. Election, interest rate hikes, and Brexit was palpable.

Read the Full Report here.

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Best home goods and furniture stores in NYC

New Yorkers have some of the most unique and fashionable taste when it comes to decorating their homes! As a real estate agent, I have the pleasure of visiting these spaces daily and recognize that the creativity is an expression of both the owner's style as well as the plethora of options they have when it comes to shopping. 

Curbed recently posted a fantastic list of the Best Home Goods and Furniture stores in NYC. I'm a huge fan of Tictale, John Derian,  The Future Perfect and of course, ABC Carpet and Home. Which are your favorites? Who would you add?

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A Good Time to Buy New Development in New York

If you are in the market for a new condo in NYC, the market is starting to look more and more favorable. Developers are facing a very different market than when projects got off the ground a few years ago. Softening sales and rising construction costs are starting to present opportunities, especially, but not limited to high end new developments around the city. For a more complete picture of the mounting issues, check out The Real Deal article  or get in touch.

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Interview Prep for Your Dog

Searching for a dog friendly home in New York can be a challenge, but there are a number of things you can do to prep your pup to meet a landlord or pass a co-op interview. These can range from the obvious going for a long walk before the interview to getting certified by the American Kennel Club as a "Canine Good Citizen"

Here is a great list of specific things you can do to get your dog ready.  Also, recent New York Times article on the Canine Good Citizen Program is a great read as well.

Happy 14th Stella!

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2017 Q2 Manhattan Sales Report

Contract activity in the second quarter was essentially flat compared to the same period last year as pricing metrics continue to test record highs. Equity markets, which are typically highly correlated with luxury residential sales in New York City, have also plateaued near all-time highs and interest rates remain suppressed despite three interest rate hikes from the Federal Reserve since December 2016. This macroeconomic environment is likely contributing to relative renewed strength in the high end of the market. Aspirational pricing led to increased buyer patience, however, as Time on Market increased 12% year-over-year to a median of 74 days. Download the full report here.

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