Monthly Archives: December 2010

Upper West Side-Manhattan New York

1 Reply

Upper West Side

The Upper West is one of Manhattan’s most quintessential and classic Manhattan neighborhood communities.  Spanning a huge area from Central Park to the Hudson River and from 59th Street to approximately 110th St, the Upper West Side is made up of various and unique sections, including Columbus Circle, Lincoln Square, Central Park West, and the Riverside Drive and West End Avenue.

The Upper West Side is prominently known as a center for the performing arts.  The Lincoln Center is the largest performing arts area in the entire United States.  The development of the Columbus Circle area including the condominium buildings such as Time Warner Center, Trump International Hotel and Tower and 15 Central Park West have paved the way for more expansion in the Riverside Park South area.

The Upper West Side is considered to be one of the most ideal neighborhoods to live in Manhattan because of both its high quality of life, walking distance to Central and Riverside Parks, access to multiple subway and bus routes, school choices, along with a rich tradition of the arts and culinary choice.

The residential real estate choices are plentiful.  Whether you want to live in a classic pre-war co-op on Riverside Drive or Central Park West, or a high rise condominium such as Millennium Park, Time Warner Center or even 15 Central Park West you will find it in the Upper West Side.  Some of the most famous architecturally significant buildings both past and present can be found whether you are looking at the Dakota on Central Park West, The Ansonia on Broadway, or the newly minted premiere pre-war condominium building 15 Central Park West.

Dorchester Tower Condominium-155 West 68th Street New York NY 10023

The Coronado-155 West 70th Street New York NY 10023

The Grand Millennium-1965 Broadway New York NY 10023

Millennium Tower-101 West 67th Street New York NY 10023

The Park Millennium-111 West 67th Street New York NY 10023


View Larger Map

Greenwich Village-Manhattan New York

1 Reply

Greenwich Village

Greenwich Village is one of Manhattan’s most famous and historic neighborhoods.  The boundaries for Greenwich Village are from Houston St to 14th St and from Broadway to Seventh Avenue.

Known as one of the cultural centers of New York City, Greenwich Village has a long standing tradition for musicians, American counter culture and a center for learning.  Home to New York University, the presence is undeniable as university buildings and university related residences surround the famous Washington Square.  Quite arguably the heart of Greenwich Village, Washington Square Park is located at the foot of Fifth Avenue.  The Washington Arch and fountain are center pieces to any visit to Greenwich Village.

Real estate in Greenwich Village is a reflection of its history.  Known for its 19th century townhouses, tree lined streets and historically significant buildings, real estate in Greenwich Village is extremely desirable.  Some of the more prominent Greenwich Village Condominiums include 25 Fifth Ave, 59 W 12th St, and 28 E 10th St.  Known as the Gold Coast, the lower part of 5th Avenue has a rich tradition of some of the finer downtown pre-war co-op residences.  Whether you are looking for a sleek glass condominium, grand pre-war elegance in a co-op apartment or a 19th Century Greek Revival Townhouse you can find it in Greenwich Village.

Whether you are a full time resident or just a visitor, your time spent in Greenwich Village will be very much enjoyed and appreciated.


View Larger Map

Lincoln Square-Manhattan New York

Leave a reply

Lincoln Square

Lincoln Square is the heart of the Upper West Side and home to Lincoln Center, one of the premiere performing arts centers in New York City. The Lincoln Square neighborhood is centered on the performing arts center located at 65th Broadway.  The neighborhood stretches from 72nd to the low 60s, spanning the Broadway corridor.  This neighborhood is a reflection of its surroundings with many condominium and co-op resident options.  Close to both Central park and Riverside Park and multiple subway and bus routes Lincoln Square has become a very convenient and attractive option for a Manhattan residence.

The Lincoln Square neighborhood started to see a revitalization in the 1960’s with new development that originally started with the Dorchester Towers at 155 West 68th Street built by the established Milstein Family. Development was centralized along the Lincoln Center performing arts center.  In the 1990’s notable Lincoln Center Condominium buildings such as Millennium Tower and Millennium Park with their amazing Upper West Side views of Central park, Hudson River and city skyline views were built.  The area around Columbus Circle saw the development of most notably the Trump International Hotel and Tower and recently the Time Warner Center and crowned with the crown jewel of Upper West Side condominium buildings, 15 Central Park West.

The Lincoln Square neighborhood offers the quintessential charm of New York City along with the conveniences that you come to expect.  Being just steps away from one of the premiere performing arts centers at Lincoln Center sets this part of the Upper West Side apart.

Call us directly (917)837-8869 for YOUR own Lincoln Square Manhattan condos today.


View Larger Map

Types of NYC Manhattan Buildings:Brownstone, Pre-war, Post-war, Lofts, highrises

Leave a reply

Glossary of Terms Types of Manhattan NYC Buildings

Brownstones or Townhouses These are typically 4 to 6 story buildings built in the 1800’s through the early 1900’s. They are either single family houses or have been converted over the years into multiple apartments. As a single family home, a townhouse or brownstone offers buyers privacy and the ability to purchase without the cooperative board process. Some apartments in townhouses can have grand living spaces and, therefore, will be quite expensive. Generally, these buildings afford more “charm”, with features such as gardens, fireplaces, beautiful floors and ornamental wood moldings. In almost all cases these buildings will not have a doorman. One can also purchase a coop or condo unit in a townhouse building. The term “brownstone” refers to the type of material used as facing on the front of the structure.

Pre-War Buildings Prewar buildings are those built before World War II. These buildings are usually ten to twenty stories, provide spacious apartment lay-outs, gracious architectural amenities with features such as larger rooms, fireplaces, hardwood parquet floors and higher ceilings. These can be doorman or non-doorman buildings.

Post War Buildings These buildings were built between the late 1940’s through the 1970’s. They are generally hi-rise and are constructed of white, red or brown brick. Most will have doormen. Postwar apartments may actually afford more living space than their prewar counterparts in studio, one and two bedroom sizes. They have ample closets, live-in superintendent and laundry facilities.

Hi Rise Full Service Buildings These are generally associated with new construction or are apartment buildings that were built from the 1980’s through the present. They are typically condominiums, twenty to forty or more stories with doorman and concierge services. Other amenities often include: health clubs and swimming pools, valet services and parking garages

Elevator Buildings This description is usually reserved for a non-doorman building that is six to twenty stories tall. There is usually an intercom security system, and some may have video security. These buildings could fall into either the pre-war or the post-war category.

Loft Buildings These buildings either were previously built for commercial or manufacturing purposes and are now used for residential living spaces or are newly constructed as loft buildingsThe spaces typically offer higher ceilings (9 feet-20 feet), open spaces and original details such as supporting columns, tin ceilings, etc. They are usually found in Greenwich Village, SoHo, TriBeCa, Chelsea, Flatiron, Nolita, and lower Manhattan and often do not have the services of a doorman.

Walk-Up Buildings This is the least expensive type of housing, and the quality can vary widely. Usually these are 4 to 5 story buildings with no elevator, hence the term “walk-up.” They were originally constructed as multi-family housing and lack the charm and elegance of traditional brownstones or townhouses.

Search all your New York city properties-Manhattan Condos here

What is a sponsor co-op apartment in NYC?

Buy Manhattan New York Condo or Coop Must Read

Call us at (917)837-8869 directly for your Real Estate information. Subscribe or share with friends on Facebook , Twitter or a social media icon of your choice.

NYC Apartment Terminology (Studio, Alcove, Alcove Studio, Duplex, Loft Area, Classic)

Leave a reply

Familiarize yourself with the following terminology. It’s almost all unique to New York City. It’s also important to know that we speak in “number of rooms,” as well as using the definitions below.

A room in Manhattan must be at least 100 square feet and have a window…except in the case of a kitchen. Most kitchens are considered rooms, unless they are Pullman types, which would be found as part of the living room. And we don’t count baths as rooms. So, a Three Room Apartment would be comprised of a Living Room, a Kitchen and a Bedroom. A Four Room Apartment would have a Living Room, a Kitchen, Two Bedrooms, or One Bedroom and a Dining Room. You’ll hear the term Half of a Room, e.g., Three And A Half Rooms. This means that the Living Room has an alcove adjacent to it which is not quite the size of a true room, or in some cases it may mean a foyer large enough for dining. Review the list below, and check with us for further clarification.

STUDIO One or two rooms with combined living and sleeping area. If the studio is one room, the kitchen will be of the Pullman variety. If it is two rooms, the kitchen will be separate.

ALCOVE Alcove is an area adjoining the living room space of an apartment. It is generally less than 100 square feet and is not considered a full room, but often called a half room. It can be used as a “dining alcove” or “sleeping alcove”. Depending upon size, it may actually be “walled off” to create an additional bedroom.

ALCOVE STUDIO – This is either a one and a half or two room apartment with a separate alcove, often L-shaped, which can be used as a sleeping area.

JUNIOR OR CONVERTIBLE This is an apartment with an alcove off of the living room which can be converted into a bedroom or used for dining. A Junior 4, for instance, would be a three room apartment (living room, kitchen and bedroom) which has the potential to be four rooms by using the alcove space to create an additional room.

DUPLEX In New York this means an apartment with two floors or levels, not two apartment units.

LOFT AREA This is an additional space created in apartments with very high ceilings. The loft area is constructed above the traditional living area, accessed by a staircase or ladder, and used for extra storage, sleeping or living space (e.g., a mezzanine).

CLASSIC The word “classic” is usually followed by a number indicating the number of rooms in an apartment. It is generally associated with pre-war apartments that meet a criteria of room numbers and design for buildings of that period. However, a “classic” can exist in a post-war building, assuming it follows the same guidelines. As an example, a “classic six” is comprised of a living room, dining room, kitchen, two bedrooms, and a maid’s room.

here are few other posts that may interest you:

What is a sponsor co-op apartment in NYC?

Foreigner and investors buying Manhattan Real Estate

Central Park Condos – Manhattan New York

Call us directly for additional Real Estate questions at (917)837-8869.

What is a SPONSOR Co-Op Apartment in Manhattan?

Leave a reply

Manhattan New York Real Estate (housing market) is made up with Co-ops, Condominiums, Townhouses and Rental Apartments.

Many of our first time or out of town buyers have often seen ‘SPONSOR’ unit Co-Ops, it is important for buyers to understand the difference of each housing product so they can make a better and educated buying decision between a traditional Co-Op and a Sponsored Co-Op apartment.

“Sponsor units have NO BOARD APPROVAL! When an individual or company converts a rental building to a co-op or condo, the first transfer of an apartment, or “sponsor unit” does not require board approval. Sponsor Unit: Apartments that are held as an investment by the sponsor, the original developer who built the building or converted the building to a co-op. Sponsor apartments are usually exempt from board approval.

REMEMBER: Sponsor units command a premium because people who might not pass a board can buy them.

  • For example, a sponsor unit would be a good choice for parents who want to buy an apartment for a child who is a student.
  • A sponsor unit may be the best apartment for someone who is not working, or only has a short job history.
  • Basically, if you aren’t a candidate for a co-op building and can’t quite afford a condo, keep an eye out for a sponsor unit!
  • Buyers of a sponsor unit should take note that they will need to pay NY State and NY City transfer taxes, and often the seller’s attorney fees.
  • You still have to submit a board package (Homeland Security! The management company needs to know who is moving into their building) and you almost always have to abide by the building’s house rules as far as sublet requirements and pets.
  • Although it varies from sponsor to sponsor, you may be able to put down less than the minimum financing normally required by the building.

Other Manhattan Housing Real Estate information that may interest you.

Buyers Must Read Financial Report of the Manhattan Condo or Coop building

100 West 39th Street-Bryant Park Tower Condo details

https://manhattannycondosforsale.com/union-square-ny-condos/

Call us at (917)837-8869 directly for your Real Estate information. Subscribe or share with friends on Facebook or Twitter.

Manhattan New York Buyer Guide Part 1-Know the Housing Product

1 Reply

Understanding the Products: (Co-Ops, Condos, Condops, Townhouse)

Buying an apartment in New York City will be an exciting and also daunting experience.  Because New York City offers a unique buying experience with many of its own quirks and differences the first step for any New York City first time homebuyer or first time investor is to become well informed and educated about the different real estate products you will be looking at to ensure your experience will be as calm and rewarding as possible. 

1. Co-Op:

A phenomenon that’s almost unique to Manhattan, the Co-Op Apartment, has been the traditional form of ownership in New York City for the last century.  About 80% of all apartments available for purchase are in co-operative buildings.  Co-ops are owned by an apartment corporation.  When you purchase within a co-op building, you’re purchasing shares of the corporation that entitle you, as a shareholder, to a “proprietary lease.”  The bigger your apartment, the more shares of the corporation you own. 

Standard Co-Op apartments:

Board approval is required. You are buying shares of corporation, you are required to put down 20% or more of down payment, there will be a full financial disclosure, debt to income ratio requirement and board interviewing process. Each Co-Op building has their own financial requirements and criteria, some are more flexible than others, such as allowing guarantor, co-purchase, gift money from parents, pied-a-terre, your debt to income ratio, work history, down payment required…

Subleasing a co-op can be difficult.  The board of directors will have to approve the prospective tenant subleasing your apartment.  Each building will have their own rules regarding for how long you can lease your unit and other criteria. 

All prospective purchasers must interview with the Board of Directors.  Prior to the interview, prospective purchasers  prepare a detailed “Board Package” which usually contains personal and professional letters of recommendation as well as a great deal of personal information concerning income and assets. 

Sponsor Co-Op apartments:

NO Board approval is required.  These are Apartments that are held as an investment by the sponsor , the original developer who built the building or converted the building to a co-op. Sponsor units command a premium because people who might not pass a board or don’t want to go through a board approval process can buy them.

For example, a sponsor unit would be a good choice for parents who want to buy an apartment for a child who is a student. A sponsor unit may be the best apartment for someone who is not working, or only has a short job history. Buyers of a sponsor unit should take note that they will need to pay NY State and NY City transfer taxes, and often the seller’s attorney fees.  You still have to submit a board package (Homeland Security! The management company needs to know who is moving into their building) and you almost always have to abide by the building’s house rules as far as sublet requirements and pets.

2. Condominium:

Unlike Co-ops, you are buying Real Property. You hold title to your apartment unit plus a percentage of the entire project in common with all other owners.

Resale condo apartments:

These apartment units are previously owned.  The sellers are individual owners. There is still a monthly common charge similar to the maintenance charge in a co-operative.  These charges don’t include your real estate taxes and are not tax deductible.  They also tend to be lower than in co-ops because there is no underlying mortgage for a condominium building. 

There is no board approval process like a co-op, typically you can finance up to 90% of the purchase price and sublet them at will.  Condominiums are the number one choice for flexibility.  Because there is more scarcity and flexibility owning a condominium there is a premium paid to own a condominium compared to buying a co-op apartment.

New Development Condo apartments:

These apartments are brand new construction or pre-construction. They are being sold by sales agents of the developer.  Buying into new construction has its perks such as being able to pick out the best apartment unit that suits your need, particular floor apartment, or apartment built to your specification if you get in early… Some of the disadvantage of new development would be, uncertain on closing date, not able to know exactly what the apartment looks like, the building management track record, and the possible higher closing cost than resale condo apartments.

3. Condop: Co-Op with Condo rules.

The special hybrid of a Co-Op and a Condo, the Cond-op.  When buying into a Cond-op, you are buying shares of corporation, as you would be if you were buying into a standard Co-Op, but the major difference is that the policy and the rules of the building will be Condominium rules.  These rules would be unlimited sublet policy, able to resale the apartment unit immediately with no board package and interview, investor friendly, a lot more flexibility.

4. Townhouses: 

Townhouses are sometimes bought as hey are non-uniform units in certain neighborhoods or streets in New York City that are designed to mimic detached or semi-detached homes. The distinction between dwellings called just “apartments” or “condos” is that these townhouses usually consist of multiple families, usually multiple floors. The price range of the townhouse is usually higher than single unit of condo or co-op apartments.

Which is Best for YOU??

That really depends on your specific situation and what your goals for purchasing are.  If you are looking to buy an investment property and rent it out immediately then a condo or condop would give you the most flexibility.  Are you a first time buyer who has fallen in love with prewar apartments with their high ceilings, fireplaces, ornate details, well then a co-op will probably be in your future.  Are you looking for privacy, a house in the city, more square footage than in a high rise, looking for an exclusive property, a townhouse might be a good option.  What type of property is best for you depends on your personal preferences, your financial situation, your long term goals, and many other important factors.   If you have just started thinking about purchasing it may be in your interest to contact a real estate agent for a free consultation regarding what type of property in New York City might be right for you.

Midtown Manhattan New York Studio Condo Under $500K

Leave a reply

Midtown Manhattan NY  Studio under $500K – Vanderbilt condominium at 235 East 40th Street #11J, New York, New York, 10016.  NEW ON MARKET for $405,000. 235 East 40th Street is a Full Service condominium building with Doorman, Concierge, Porters & Package Room, Built in 1986.

Midtown Manhattan Studio Condo Under $500K are popular among pied-a-terred or second home buyers. Besides servicing the local market, we also work with many buyers from out of town, oversea foreign buyers. Manhattan New York is a city that everyone loves and would like to own a piece of. Our out of town buyers look into studio apartments as a long term investment as well as second home for them when they visit the city of Big Apple.  Not only it is a wise investment, they save the hotel expenses when they or their family/friends visit the big city. Especially during holidays, many of our out of town past clients come into Manhattan New York to enjoy the festive lights and the holiday energy that this big city has to offer.

This Midtown Manhattan Studio under $500K is situated in a building that has Courtyard, Garage (Accessible From Elevator Banks); Health Club; Pool; Sauna; Jacuzzi, Squash Court, ½ Basketball Court, Table-Tennis, Central Laundry Room.

Perfect Midtown Manhattan New York Studio for studio seekers or investors. Vanderbilt is one of the most sought after condominium in the heart of Midtown Manhattan because of its convenient location to major transportation, Grand Central Station and major Midtown business offices. 

To find other similar Manhattan (Studio) Condo investment Under $500K that suits your needs, please Contact us for your own Real Estate consultation call (917)837-8869 or email us. 

 Read other Manhattan Condos Investments related blogs in below links:

View Larger Map

Bryant Park Tower – 100 West 39th Street #38G

1 Reply

BRYANT PARK TOWER located at 100 West 39th Street: DOUBLE PARK VIEWS from this CORNER 38th Floor Condo unit. It is Overlooking Empire State building with dramatic Manhattan Skyline views.

Bryant Park Tower (100 West 39th Street) has 43-story, mixed-use, it is located on the west blockfront on the Avenue of the Americas between 38th and 39th Streets, was completed in 2006 and has 93 condominium apartments on its top 11 floors.

Bryant Park Tower address is 100 West 39th Street, this condo unit has Sparkling, Bright, with Huge OverSized windows, this Sunswept exposure Junior One-Bedroom (alcove studio) Sanctuary features Bamboo Floors, Separate Dining/Office Area, Fabulous Closet Space, Sleek translucent Italian Iceglass doors, Limestone thresholds, and a Dream Kitchen with White Oak cabinetry, White Marble countertops, Lightolier lighting and Never-Used Appliances, all with a Soothing Spa-Like Pristine Bathroom outfitted with an Ivory Porcelain floor, Zuma tub, Heated Mirrors, Italgraniti Ceramic tile! This Top Condo with Doorman, “Quintessentially” concierge service, Free Laundry facilities, fitness room with flat screen TV’s, Parking.

Bryant Park Tower - 100 West 39th Street EILEEN HSU

Bryant Park Tower, it is located in the Heart of the City…with the N,Q,R,S,W,1,2,3,7,9,B,D,F,V,S,4,5,6 Trains, Grand Central, Port Authority, and Penn Station Steps Away…Fifth Avenue Shopping, the Theatre District, Fabulous Asia de Cuba, Morgans, Fab restaurants and nightlife outside your door.

If you are a buyer that is looking to buy in Midtown East or Midtown West location, please contact us today (917)837-8869 to assist you in negotiating the best price possible.  We have several amazing deals and steals for our buyers, we invite to call us and we can have some confidential conversation on your specific needs.

Other Manhattan New York Condos blog series that may be interest to you.

  1. https://manhattannycondosforsale.com/union-square-ny-condos/
  2. Search all your New York city properties-Manhattan Condos here
  3. Setai Fifth Avenue condos-New Constructions New York city
  4. 100 West 39th Street-Bryant Park Tower Condo details

Foreign National Buyers and Investors buying Manhattan NY Condos

Leave a reply

Foreign National buyers and investors buying Manhattan New York Condos are majority of our clientele, we often have to explain to the buyers about the Manhattan housing market, which consist of Condominiums and Co-Ops. Often, we encounter the question….”Can a Foreign National Buyers and Investors buy a property in a co-op?”

Co-op buildings are governed by Co-op Boards, which make every important decision about the building and set building house rules and policies. Among those decisions, Co-Op board of directors approve every potential purchaser.

Foreign National Buyers or Investors to buy an apartment in a co-op building are not easy for several reasons:

  1. Co-op purchaser approval takes weeks — if not months — and is a rigorous and notoriously difficult process. The majority of co-ops only approve buyers with New York employment, US income tax and excellent credit history in the US. The law doesn’t require a co-op to even provide an explanation for a potential buyer’s rejection.
  2. There are often restrictions on how much financing a buyer can use (for example, no more than a certain percentage of the unit price).
  3. Almost all co-ops restrict the right to sublet your apartment, which makes it unattractive to investors. Usually, co-op apartments cannot be rented out at all or can be rented out for 1 or 2 years after a certain number of years of owner occupancy.
  4. Co-ops regulate your use of the apartment in many other ways… including having guests or performing renovations.
  5. When selling (or renting it out when allowed) a co-op, your buyer will be subject to co-op approval as well, which reduces the number of qualified buyers and therefore reduces the price of your investment.
  6. There are often additional “flip taxes” on the resale of a co-op to discourage speculators.

 

Here are few considering factors for Foreign National Buyers and investors buying Manhattan condos must consider before investing in Manhattan New York Real Estate:

  • Why do you want to buy in Manhattan New York? Is it because of the currency conversion rate that makes the purchase to be an attractive investment?
  • Are you aware of the purchase process? In Manhattan New York, until there is a signed contract by both buyers and sellers, there is no deal. Verbal offer acceptance can change any time.
  • How much do you want to ‘disclose’ about yourself? In Manhattan New York, unless you are buying a new construction from a developer/sponsor, there will be a condo application where you will have to disclose your financial information. The condo board package is must for all of the resale condo units/apartments.
  • Do you know the difference between Co-op, condop and condo? Co-Op is an unique products that is very common here in Manhattan New York housing market. Co-Op is 85% or more of the market here and it is not investor friendly as Condomiums (condos).
  • How much financing do you plan to obtain if any? In today’s market, foreign nationals have some limited financing options, individual foreign nationals must discuss their specific status and financial picture with our financing experts to see if they are able to obtain a loan.

As experts in working with Foreign National buyers and out of town buyers, we are constantly educating the buyers and addressing the misinformation and false assumptions that client bring from his/her home town/country, and culture in order to explain the options, alternatives, and their consequences.

Manhattan New York Buyer Guide Part 5-Buy Manhattan Condo or Co-op Smart

Leave a reply

New York City First Time Buyer and Investor

PART 5- BUYING WITH YOUR HEAD AND YOUR HEART!

Buying your 1st or your 10th New York City apartment will probably be the biggest purchase of your life.  In today’s market it’s more important now than ever to understand what your long term goals for purchasing.  Are you sick of paying rent to a landlord and purchasing your first starter studio or 1 bedroom?  Maybe you have outgrown your current apartment and need that second or third bedroom?  An investor looking for a long term investment and tax benefit? Or an overseas buyer looking for a second home here in Manhattan.  Whatever the reason might be, the key to a successful purchase and ultimately long term success is to become educated about purchasing and to find an apartment that you can see yourself owning for the long term.

Steps to a Successful Purchase

  1. Understand Why You are Purchasing – Are you looking for an apartment that you can lease once your purchase?  Well than a co-op might not work for you and a condominium would be your best option.  Are you renting right now and want to find out if it makes sense to buy and stop putting money in your landlords pocket?  A rent vs. purchase analysis might show that it makes more sense for you to rent, but the qualitative benefits of owning your own apartment could also affect your decision.  How long do you plan on being in the apartment?  One year or indefinitely? Right now in this market, you should plan on owning for a minimum of 5 years to see a significant amount of appreciation.  The key is to think about what your long term goals are for purchasing because that should dictate what type of property is right for you and how you should go about your search for your next home.
  2. How Much Can you Afford- Speaking with a mortgage broker or the bank of your choosing and having an in depth discussion of how much you can afford will have tremendous impact on your purchase.  Because lending isn’t what it was a year or even 6 months ago, guidelines changing, conforming loan rates changing, having an up to date understanding of where you stand obtaining a mortgage is essential to a successful purchase.
  3. Becoming Market Educated- Currently Manhattan is a changing market.  How much is an apartment worth today?  One market report says that median prices went up a few percent, but another report says that the transactions are down 70%.  Who to believe and what does it mean to you?  Looking at the city as a whole will give you a macro-perspective, but the key in my opinion is to follow the price point and neighborhoods that you are going to purchase in.  A one bedroom condominium in the West Village and a Classic 6 in a Park Avenue co-op are not apple to apple comparisons, so reading a report that says prices are down 20% citywide, may not be indicative of the type of property you are looking for.  The way I see things is that right now, an apartment is worth the price a buyer is willing to pay and whatever the seller is willing to accept.  I find market reports extremely useful, but the key is to break them down for the micro-search that you are doing.  
  4. Go with your Gut Instinct- Most of my customers know the apartment they will buy when they step their foot in the door.  Ask yourself the question, do you love the apartment, can you see yourself living there?  The perfect apartment doesn’t exist, because it is usually out of our price range, but first impressions are very important.  Once you have educated yourself and understand the variables of your purchase you will be ready when you see the right apartment.

Manhattan New York Buyer Guide Part 4-Know the Building management

Leave a reply

Part 4- WHO MANAGES THE BUILDING?

One of the most common questions we receive is who manages the building?  What kind of track record do they have?  What happens if my sink backs up, dry cleaning is delivered, do they return phone calls quickly?  As a part of being a first time home owner in a co-op or condominium building in New York City you will be a part of your experience will be influenced by the management company that runs your building.   Typically the size of your building will dictate the type of management company that runs it.

Doing research about the management company, ask your broker about their experiences with the company’s reputation, and if you know people who have lived in a building managed by a particular company will be extremely useful information.

There are certain management companies that specialize in running large buildings with hundreds of units.  These companies have the experience, infrastrcuture, and are specifically positioned to run buildings with dozens of support staff, maintenance workers, and resident requests.  The big management companies typically manage multiple buildings and they have websites where they can be researched.  Run a google search on them to see what the residents are saying, how quickly do they resolve issues? Keep in mind its always the disgruntled person who speaks the loudest!  

In our experience, big management definitely has its pros and cons, as both a resident and as a real estate agent.  Big management firms have the resources, training, and experience to solve almost any issue that comes up.  Although in our working experience, big management can take a few days to find the right person to answer a question or concern.  There are also times big property management is more reliable in terms of having all of the documents I might need to obtain information for financing or to submit an application.

If it is a smaller management company that runs the building find out if the super lives in the building? The super will be your knight in shining armor when you have any issues, definitely make sure you get to know them. Small management in our working experiences,  have always been very organized and prompt in answering phone calls. Although the management may only manage one building or two, they are usually very sufficient and friendly to the residents of the building.

You will sometimes find that the building is self-managed, if this is the case, make sure you do your due diligence and find out how the mangement is structured and who is responsible for your requests.  

Each experience is will be different, whether you live in a 500 unit building or a 20 unit building, everybody wants prompt and friendly service.  You can get it in many ways from a helpful super to a large management company with staff at your disposal.  If you have a question regarding a specific building feel free to contact us below and we will answer all of your questions.