New York City
Northern New Jersey
Open House Planner
Shop for a Broker
Condo Market Index
New pricing just released... increase 55k-100k depending on a unit.
Yeah, that isn't sustainable and the reason why I said most of Central Harlem will continue to see significant increases. I think the Adeline has already priced in much of the growth and is due for a breather while other buildings in the neighborhood will start playing catch up.
The appreciation you have noticed is the delayed reaction as Central Harlem retail has really started to shine while you see an increase of wealthier buyers tickle in.
my point regarding Adeline was that 40 % price increase happened over few months not over 5-6 years.
Even @ Kalahari 1.5-2 y ago you could buy 2 br 2 ba for 700k and now one on sale for 1.19 mln
Over the mid-term of the next few years, I am bullish on Manhattan real estate. I think most of Central Harlem will increase significantly, but East Harlem and Hamilton Heights will likely appreciate at a greater rate. That said- I am still not really crazy about East Harlem- way too many housing projects a too few large influences from within the neighborhood (though that section on 125th and 2nd ave is promising). Hamilton Heights has the greatest potential with Columbia coming up on the edges and City College expanding and becoming a much stronger school. It's only in the last couple of years did we start seeing better retail start to enter Hamilton Heights- and this is still in the early phase...but a year or two from now, things will look very different. I remember Amsterdam Ave like this during the mid 1990's,
I am extremely concerned about our new mayor's upcoming dealings with the unions- expired contracts with potential for retroactive pay increases. Long term it could be a disaster for the city if handled incorrectly- but this won't likely impact real estate pricing until much longer than your 2-5 year horizon.
Semerun, what do you think about NYC, Harlem and Manhattan market ( pricing) for the next 2-5 years?
If it is a resale with a tax abatement - look up the unit in the department of finance, check the quarterly tax record and at the bottom it will tell you the present day un-abted tax amount. Divide by 12 and you have what the taxes would be present without current abatement.
For any primary home after 421A or J51 ends you can get the coop / condo abatement - 17.5%
For a new development (one that has not sold/closed) you will need to look at the offering plan.
Acris, you can get the Condo Declaration and Schedule B - which is filed before the offering plan. There is no tax info in it but you can get other useful info. The condo declaration is folded into the offering plan when that is drafted.
Term, etc., of the abatement are at a different site: https://a836-propertyportal.nyc.gov/
Check the current statement at http://www.nyc.gov/html/dof/html/property/property_bill_soa.shtml#
That'll tell you what the city projects the RE taxes will be when the abatement ends.
Besides inquiring with the listing agent, is there another way to find out a unit's post-abatement taxes? Is there some sort of Acris-type site that would list this?
Any leads much appreciated.
A sad day. Living There, formerly NateFind, has shut down. I used it to find new listings in NYC which were updated on a daily basis, and it also had a daily list of units which were reduced in price. Anyone know of a site that supplies that information daily?
@yikes likely no
did they clean out the sandy sewage yet?
Depending on the upward limits imposed by zoning, is it a reasonable price if you're going to raze the structure and put up something significantly larger?
Yeah I hear you. I am one of those people who bought a place in Gowanus and renovated it, but this place just scares me.
It is on the wrong side of Butler (as opposed to the Carroll Gardens side) but in this market, it's not an outrageous price. I'm sure some would rather be in Gowanus and have a fixer upper that they can renovate completely, as opposed to the same price for a stately old brownstone in a less gentrified area (Bed Stuy or Bushwick).
and the views will be gone soon from the new developments going up near them
Last time I checked, they negotiated pretty heavily when I was bringing clients there a year ago. And the high common charges and taxes (especially) are a good case for trying to bring that price down as much as possible.
Just remember though, getting a great price is good, but having high monthlies is always a hard sell... especially since they will keep going up.
The common charges have always been high though because of the amazing amenities they have there. It is basically a spa in your building.
(Matthew Russell - Brown Harris Stevens)
great builing though
365 units and only 134 units are sold.......been on the market forever and main and taxes are ridiculous......only 36 percent sold...what happens to a building like that when no one buys?......
Yes rent stabilized tenants are stable.
AVM: Developers and management companies perform useful services, often at reasonable prices in relatively competitive markets. They are not the same thing at all as landlords, even if the same companies are often in all three businesses.
Landlords take some (limited) part of the financial risk associated with a building (although usually quite a bit less than tenants and financing sources) and may put up some (usually a small part) of the capital tied up in a building or unit. But mainly they expect to be paid for their blocking rights -- to get out of the way of other people who have more use for the property.
Your claim that RS tenants have no skin in the game is strange. I'd have thought the person actually using the property has the largest concern of all. In any event, it appears to be contradicted by the reality that RS tenants are more stable and have longer average tenure than either "owners" or lenders.
I agree with what aboutready said.
You have issues. You're creepy.
I agree with yikes' second paragraph except where he starts talking baby talk like a disturbed pervert that you don't want anywhere near your daughter.
Sounds like a nightmare to live there
going E on 62nd- yes, it's bunchup behind traffic leaving the bridge and cars going to FDR
going S on 2nd, it's bunchup behind cars leaving the bridge and turning left on 2nd.
Very ,very noisy from 62nd street going east. Tons of noise and traffic. Is that bridge traffic? View listings during rush hour
Wow why are there so many LAWSUITS???
Very over priced for small apartments and views that are going to be blocked by the new hospital buildings going up to the north and south. They don't tell you about the 2 towers going up on 73rd and 74th street. There is also a proposed addition going up from NY Hospital that will block southern views.
I can't imagine the feeling of being the buyer of #4N right now
10/30/2013 #4N $724,780 +2.1% $709,500 Sold studio 1 bath 615 ft²
10/21/2013 #5N $643,906 -10.4% $719,000 Sold studio 1 bath 615 ft²
The couple suing the building for $5.5 mil. They bought an apt for $1.7 mil
I think the building should sue the couple. Some people are gready like hell.
Interesting. Not sure what justifies a 1M increase in 4 months, given no work was done to this apt. Will be watching this one.
Here is an update...
If the tenants win here landlords in the City are going to go crazy. You'll never again see more money raised by upstate politicians in such a short amount of time.
This new amenity concept is settled law. The law couldn't be more clear - if the amenity wasn't available at the time the original lease was signed then stabilized tenants have no right to it.
This principal of law is more commonly seen regarding laundry rooms. If a laundry room is added in the basement of the building the landlord can legally only allow market rate tenants access. That's the law. The law is clear. The law was negotiate and voted upon and signed by the governor. It is as clear as day.
The tenants must lose this case and it's a shame that City officials are supporting the breaking of this law.
> Denying rent-stabilized tenants access to specific facilities and areas sends a clear message that they are not desirable.
So they not only get cheap rent at the expense of everyone else, but we must pretend that they are 'desirable.'
> once you give RS tenants an amenity or service, it can never be taken away
That is my understanding. Hence the free maid service and elevator operators.
When I picture hb I kind of envision Tony Randall. Extant.
There's usually only one board, since only one entity can act for the building as a whole. The governing documents specify how many seats the owners can have, and there're lots of other clauses about how expenses are split between the various kinds of unit.
Right now, 388 Bridge has only six units: two commercial, one parking, two 80/20 rental, and one "Divisible", which'll later be split it into the 144 separate saleable units.
Those 144 will together own 36% of the Common Interest, and 46% of what they're calling the Dwelling Common Interest.
Also interested myself. Here is a list of other mixed use buildings in NYC, though I don't think any of these include rentals.
Can someone explain how a "hybrid" building such as 388 would work in terms of condo OWNERSHIP? eg Would the condo owners have the right to have their own board or would the developer retain control because the rental/affordable housing components are greater than the percentage of owners? Are there other examples of hybrid towers in NYC that I could research? Thanks 4 any info.
Sorry, but I just realized I posted this to the "Sales" board. I've re-posted this question in the "Renovation" board.
Hi all -- I need to purchase quite a few decorative lighting fixtures -- everything from wall sconces in the bathroom (ideally LED), to overhead bedroom lighting fixtures, to hanging pendants over a kitchen island. Does anyone have any recommendations for good decorative lighting stores/showrooms in either NYC, New Jersey, or Connecticut?
I have someone for it.. Please contact me, or how do I get in touch with you, know the building very well..
My name is Wendy Jodel and I just closed on many apartments in your building and have a list of people that want the specifics on the apartment.. I know it a Jr 4.. could you please send me the details. Or provide me a number where I can reach you. Ask Joseph about me.
Hello fellow sharehlders,
My apt. (8C) is going on the market. It is the large junior four with the dining L.
It has been gut renovated and is in triple mint condition.
If you or anyone you know is interested, please email me.
"H" apartments on highest floors actually have great views to the West from both bedrooms and kitchen. From the dining area a great view to the southeast. Very bright. Very airy. At night, beautiful views of the tops of the lit skyscrapers. You can almost imagine what this building was like when it was built as a "tower in the park".
Agree with Oxymoronic, and add that families may discount it further because the larger 2BR units are on the south side of the building, and somewhat hemmed in by taller office buildings on 3 sides, with significantly limited views from the BRs. 2 BRs on the north side are limited, and exist either through combinations (higher maintenance), or the C line above the 23rd floor (in short supply, and significantly more expensive). Building does not have 'family' facilities like a playroom, stroller storage, etc., and washers/dryers in units are uncommon, as kitchens are miniscule.
Significant foot traffic on the street during the day, quiets down at night pretty much like the rest of the UES, but vehicle traffic off the bridge is still a factor.
Floorplans here: http://nyre.cul.columbia.edu/projects/view/16621 (B, C, D, E face north; A, F, G, H face south).
Anyone want to venture a guess how much apartments could cost in this building? I'm looking for a 2BR. Think I could get one for under $1.9MM at 400 Park?
Just walked past this site yesterday and have been wondering what it would get developed. Before they had boarding up by the site itself, but in the last few days they've put up new barriers going onto the road so I assume (as per article below) that they're going to break ground fairly soon.
Streeteasy says that sales start June 2014 but surely they'll start a lot sooner than that, no? How long does it generally take between them breaking ground to fully finishing a building like this? (40ish floors).
Really? You want your building staff to assume the responsibility and liability of saving lives? Are you going to compensate them for that duty? Are you going to pay for their legal defense should something go wrong? Were we not such a litigious society, perhaps. But we are a bunch of bloodthirsty wolverines. If I were a building staff worker I'd refuse the training. I wonder what their union's POV is on this matter.
It is a great idea; the more people skilled in these things the better.
In terms of requirements my understanding is that it's limited to defibrillators being required in some commercial and institutional settings but not in residential buildings -- and even then the requirement is for the equipment and its maintenance, not staff training. (AED training is basically familiarization; you could pick one up without training and use it effectively - it tells you everything once you turn it on. CPR, however, covers more scenarios and requires real training.)
Questions to work out in a non-mandated setting (e.g. residential building) might include:
- is this considered a job duty? (e.g. discipline for failing to respond or for performing the rescue attempt improperly; possible loss of indemnification under the good samaritan laws)
- will there be a mechanism for summoning staff to an incident? (you still want people calling 911 rather than just the doorman) or is it just for incidents they happen to encounter?
I don't think there is any mandatory training. One of our doorman had a heart attack last summer and I believe all that was done was calling 911. Unfortunately it was too late, and I suspect would have been even if there had been a defibrillator and or a trained person available. (There are doctors living in the building I don't know if anyone tried to reach them.) Nevertheless I think its a good idea for building staff to be trained in life saving techniques and would support such a program for our building. True our staff is relatively small but if the cost were say $5K, it would not be much per unit and if it saves one life....its more than worth it.
The standards & regulations, I have no idea, but if you or a loved one ever needs help, you'll be glad that they know what they're doing rather than just standing there looking panicked & helpless. It's held that these procedures, properly used, do indeed save lives. I wonder we don't all learn it in school.
I was curious if people know what is customary and what is required by law in terms of building staff being trained in CPR and use of a defribillator. My building just held three training sessions to train TWENTY EIGHT (28) staff in CPR and use of the defribillator and it just sounds like overkill to me. I don't know how much these training sessions cost but it just doesn't seem necessary to me and I was wondering if anyone knew what was standard for NYC (Manhattan) condo buildings. Thanks.
I would go with 301, even though it is not a prime number.
Yes, it was subsidized and had a tier structure for income restrictions on certain units when it was first built, but that's no longer the case. The garage issue is also a result of the board as you need to occupy the unit in order to have a spot, however, most holders of the spots no longer reside there (either renting or sold). The spots are not transferable as per their by-laws. That website owner is very much open to discussing issues with the board.
I looked into that building about 10 years ago. I backed out of a deal when I was given a paper signing over my rights to vote to the Board. It was the last straw with everything else that came out in the "due diligence".
There were a number of owners that came under regulations for people with lower incomes. Some wanted to sell and could not find people who met the income requirements since they had not been updated since the 1980's when the place opened. Some of them stopped paying maintenance.
There were also inexplicable regulations over spots in the garage. Some owners could pass on their parking spot when they sold. If your apartment didn't come with that, there was an extremely long waiting list for parking. That mean waiting a few years for parking. This was a problem since parking is tight in the area, lots were far from the building, and I had to commute by car to the job I had.
I really hated to turn down the apartment. It was a nice apartment with gorgeous views of Central Park and was very reasonably priced. The services in the building also seemed good with laundry off the lobby and pocket gardens.
The board has pretty much been the same the last two decades. They weren't allowing owners to rent (like a typical condo, which those buildings are )until 2012 citing one page of the by-laws, not realizing the next page superseded the clauses they were swearing by, and did indeed allowed for renting. They decided to not let the other owners know this. And held a vote where they gave the owners the choice of (a) not allowing renting;or (b) renting after 1 year of occupancy. The remaining owners voted b. It shouldn't be too hard to fight them in court if someone purchases a unit as an investment property. There's a quite a paper trail that a lot of the owners were copied on to substantiate that. I know some owners even had outside counsel opine that it was a regular condo and circulated it to other owners.
board seems to be a cluster and operating more like a coop.....
search just River Terrace Tenants
Has anybody else gotten the letter tonight from 22 River Tenants Association on the issue of tenants' rights? Can't find the Facebook page mentioned in the letter.
Some tenants have received 90-day notice. If they move out before the 90-day notice ends, they will still have to pay rent. Owners' intention is to kick everyone out before they get the approval for the conversion, so they can renovate and sell at higher prices. No one will be able to buy at insiders' prices, except for maybe the lucky few whose original leases end in July or August without the kick-out clause (before building got sold).
Starting in Feb, leases are no longer being renewed.
they filed a permit application to remove non load bearing walls, floors, fixtures etc so sounds like they are renovating---was filed for floors 3,26, and 27 (those floors are empty). Leases that are being renewed have a clause that they can terminate your lease with 90 day notice.
It's just two bedrooms, with the second used as an office. They're saying that room can be split into two 9'x8' bedrooms, but you'd have to do it yourself.
Well priced. Why market this as a 2br with an office and not a 3 bedroom?
They should at least change the name of the street, it's so dated.
Maybe to biatch rd or shawty st.
1) There are many cabs on William Street. The only time it is hard to get a cab is between 4:30 and 6:00pm.
2) William street is half a block away.
3) On weekends my friends have been able to find parking 2-3 blocks away. If you are willing to spend 30min, you'll find one. Don't know about week days. However it seems very difficult.
4) Some do, some don't. The selection on seamless is pretty poor overall.
Hello. I'm considering buying into 15 broad. Got a couple questions on the neighborhood itself. I currently live on the UES and don't really come down to FiDi often.
(1) Are cabs available at all times?
(2) How far do I have to walk from 15 broad to get a cab?
(3) Is roadside parking even possible down here? In UES, it was a pain, but guests could eventually find roadside parking if they looked hard enough (i.e. 30 mins)
(4) Do restaurants in Tribeca deliver to this building (e.g. via Seamlessweb)?
Thanks in advance to anyone that can help me out!!
I bought in 15 broad. I love it. The building and amenities and the staff are magnificent. Not having cars in the direct area around it is amazing and when my teenagers pop out the subways at night they are surrounded by security. Rumours of both Whole Foods and Fairways coming into the area along with a rather long list of impressive retailers. And you can literally get to anywhere from here either by subway or boat or cab or helicopter ;-) And it was barely affected by Sandy, was in the least affected zone. The people that are in the building are also really nice, the ones I have met anyway. Oh and taxes and CC are relatively much less than other similar buildings. Definitely worth considering. I think the marketing on this building has been a little lax and also there was a lawsuit that is now over that caused it to lag, it won't for much longer! If you can still find a bargain here then it won't be for long.
It's actually in flood zone 4.
I need management name and contact information
refrigerator doors open from the center - so you have a full width refrigerator and opening but with the clearance requirements of a side by side.
What is a french-door fridge?
I went to see these last night. Kind of by accident, I was looking for another building but when I saw there was an open house I jumped on it. The units are immaculate. Very nice looking and larger than the floorplans make out. Plus they have nifty features like french-door fridges and double-flush toilets. I do think they are priced a little high, especially since they're a bit of a hike to any subway but the G, but I'm still considering them.
Anybody else have some input?
Any thoughts from people who have seen these units on why they're priced so high? Except for a few units, the layouts leave a lot to be desired.