17 July, 2014 posted by: CORE
With single women buying homes at twice the rate of their male counterparts, brokers throughout the city are noticing the growing trend of women purchasing pricey Manhattan homes for both investment and lifestyle reasons. This week, Katherine Clarke at the New York Daily News profiled three single NYC women, chronicling their search for the ideal pad. According to the piece, single professional women have been more active as homebuyers than men for almost twenty years, with the gap now growing wider. According to data from the National Association of Realtors, single women make up approximately 16% of homebuyers nationwide, while single men account for just 9%. Banking executive Ana Kostreci, one of the three women profiled in the article, purchased a one-bedroom home near Lincoln Center after beginning her apartment search with CORE’s Deirdre De Risi. When asked about her decision to finally buy a home, Ana said “I was always raised to be independent and realistic, and not wait for the white picket fence.”
16 July, 2014 posted by: CORE
As the international hub for some of the world’s most noted historic and modern art exhibits, New York City entices visitors and residents with its vast art scene. Home to several modern galleries, exhibits and museums such as The Museum of Modern Art and the renowned Whitney Museum, New York City remains a popular destination for those looking to indulge in the visual arts. Here is a roundup of some of the city’s most impressive art exhibits taking place this summer.
- Widely regarded as one of the most influential artists of our time, Jeff Koons’ exhibit “A Retrospective” will be showcased at the Whitney Museum from now through October. From his famous balloon animals, to a massive ‘Play-Doh‘ sculpture, the exhibit features his best work dating back to 1978. Daily tours are open to the public and will be held every weekday and during select weekend hours.
- Presented by MoMA, Rockaway!, in recognition of the ongoing recovery of the Rockaway Peninsula, is a curated public arts festival which features the work of several local Rockaway artists, including Patti Smith, along with Adrián Villar Rojas, Marina Abromovic, Terence Koh, Tom Sachs, Michael Stipe and others. Admission is free and the exhibit is set to run until September 1st at Fort Tilden and Rockaway Beach.
- On the High Line, artist Ryan McNamara will be showcasing “Misty Malarky Ying Yang,” presented by High Line Art tomorrow evening at 7:30pm. The piece celebrates the 35th anniversary of President Jimmy Carter’s famous 1979 “Malaise Speech”. Admission is free and all ages are welcome to attend. Additionally, summer commissions include Edward Ruscha and Mark Dion.
15 July, 2014 posted by: Tony Sargent
West Chelsea is being transformed block-by-block along The High Line, experiencing an unprecedented amount of luxury new development activity, starting with the new Whitney Museum on Gansevoort Street, to its apex at Hudson Yards. New co-ops and rental projects such as London Terrace and the Fitzroy Townhouses also add to the sophisticated flare of this rapidly expanding nabe. While press stories continue to tout the latest in this frenzy, West Chelsea has also managed to retain the charm of its 19th-century charm, while providing some of the city’s best views, as far as the Empire State Building and beyond.
Its historic district of beautiful Federal and Italianate houses create a boundary between the more loft-like Central Chelsea and trendy West Chelsea. The neighborhood’s luxury developments, permitted into existence with the changing of zoning from commercial to residential use, came on the heels of the support for the High Line. Today, developments designed by luminaries such as Lord Norman Foster, Zaha Hadid and Thomas Juul-Hansen are raising the bar for residential activity in the area, further anchoring The High Line District’s platinum reputation. Read the rest of this entry »
26 June, 2014 posted by: Doug Bowen
As an investor, landlord and broker for the past 15 years, I have had the great opportunity to watch the miraculous “coming out” of a borough that spawned the term “urban flight” in the 1960’s. Recognized as the largest brand coming out of NYC, Brooklyn has quickly become a world-class destination in its own right. Why Brooklyn? The answer comes down to fundamentals.
The most populous borough with 2.8 million residents, Brooklyn itself would stand alone as the 4th largest city in the U.S. It is also the 4th largest economic center in the country. Back when Brooklyn was on the brink of becoming what it is today, you used to have to trick cabbies to take that trip. Nowadays, tourists and residents alike continue to shuttle between destinations such as the new Barclay’s Center and arguably one of the best parks in New York City, Prospect Park. Brooklyn is the home of the most talked-about restaurants downtown, as well as several noted dance, music and theater venues, all of which have come to the area because they too want to experience what the borough has to offer. Read the rest of this entry »
25 June, 2014 posted by: CORE
With Chinese buyers officially surpassing their Russian counterparts as New York City’s leading demographic of foreign home buyers, industry professionals continue to keep a pulse on the opportunity to reach this increasingly powerful group. This week, Forbes contributor Michael Cole provided readers with an interesting narrative, chronicling how the United States stacks up against the United Kingdom in reaching Chinese investors. According to Cole, “the United Kingdom seems to be winning the battle for the hearts and wallets of China’s biggest property buyers, despite the recovering U.S. market.” With real estate at the forefront of investment interests, Chinese insurers boast almost $1.19 trillion in available assets to spend in global markets. With these figures in mind, it’s no wonder why both the United Kingdom and the United States are competing to attract China’s growing number of investors.
18 June, 2014 posted by: Adrian Noriega
A recent article in the Financial Times revealed what may or may not be an inadvertent bias on the part of the London-based publication comparing premium real estate values between London, New York and Hong Kong. The article suggests that London is probably the best value for the high net worth real estate investor dollar, given a broad range of considerations from tax burden to price and a host of others. Citing an exclusive report viewed by the FT, their assessment finds despite the high prices of London properties, Hong Kong is even pricier; and while NYC’s prices may be lower, they’re offset by the city’s higher tax burden.
Speaking with clients who have (or have had) properties in these three cities, I found that the consensus was all were pretty comparable in terms of key amenities and requirements sought after by real estate investors. Close proximity to world trade and banking centers? New York, London and Hong Kong all get a check mark. World-class nightlife, cultural outlets and accessibility? Check! Marquis properties with global cachet? Each burgh has it in spades. So what it all really comes down to, as is the case with nearly all types of investments, is the potential for change in valuations in the future.
At the risk of appearing biased, I contend that New York City offers the best premium real estate investment opportunity now and in the foreseeable future. Here’s why: Read the rest of this entry »
10 March, 2014 posted by: CORE
A sampling of last week’s press coverage of CORE and CORE properties.
Social Media’s New Status
The Real Deal
CORE’s Director of Marketing Elizabeth Kosich provides expert insight about the importance of social media within the real estate community. In regards to content, Elizabeth says “Facebook drives engagement and is a one-stop shop for focus grouping. Twitter is really effective for sharing news and driving traffic, and Instagram is great for visual content,” such as listings.
West Village People
Steve Snider discusses the growth of the West Village and its increasing popularity. “The growth of the Meatpacking District and the opening of the Whitney Museum and High Line all contribute to the trends we are seeing in this area,” says Steve.
A Day in the Life: Emily Beare
The Real Deal
Emily Beare is featured in this profile piece, documenting her day-to-day activities as a wife, mother and real estate broker.
20 February, 2014 posted by: Jarrod Randolph
The 3rd and 4th quarter housing reports parallel and reconfirm a market in great need of new product. As reported by REBNY, Brooklyn and Queens saw 31% and 40% increases in residential sales respectively, which outpaced Manhattan at 19% over 4th quarter 2012. These figures have great impact on how the market will perform the first half of 2014, which is traditionally the height of the city’s selling season.
CORE’s Real Time Report highlights four very important market influencers that deserve a closer look.
1.) Overall inventory in Manhattan is down 9%.
Approximately 2,500 new development units hit the market in 2013, 90% of which went into contract or closed. 2014 is slated to see similar numbers. The lack of new product limits options for resale owners, which is exacerbated by tight lending regulations and increased short-term mortgage rates that prevent a lateral move or trade up. These aspects will continue to keep the housing stock depressed. Read the rest of this entry »
19 February, 2014 posted by: CORE
In this month’s issue of The Real Deal, Emily Beare was recognized in the magazine’s Data Book supplement. As one of New York City’s most well-respected and successful brokers, her rental deal at 15 Central Park West was listed as one of the top transactions of the year, priced at $125,000 per month. In today’s Q&A, Emily provides insight on the intricacies of this city’s real estate market and her own personal journey within the industry.
What inspired you to get involved in real estate?
I was at a point in my life where I wanted to do something different and my daughter, Elizabeth, suggested I get my real estate license. I always had a passion for real estate and I was already involved with sales and marketing, so it seemed to make sense to get involved in the industry.
How was your listing at 15 Central Park West different than other deals you’ve worked on?
This listing was different because it is simply one of the city’s most iconic buildings. It was very exciting to work on a property of that level. The building is world-renowned and designed by an acclaimed architect, setting it apart from other buildings. The people that came through the door were some of the most interesting folks I have had the pleasure of meeting.
How do you see the Manhattan real estate market evolving?
2013 was the year of irrational exuberance. It will be interesting to see how 2014 unfolds, with rising interest rates and the uncertainty of a new mayor. Developers are hoping to keep up the pace of these record-breaking numbers, but there may be some push back from buyers. It is difficult to know how deep the ultra-luxury market is. We may just find out in 2014. Read the rest of this entry »
17 February, 2014 posted by: CORE
A sampling of last week’s press coverage of CORE and CORE properties.
The New York Times
Jarrod Guy Randolph’s latest listing at 845 United Nations Plaza is featured in this “Exclusive” piece. After a three-year long renovation, unit 32A is now on the market for $25 million.
First Resale in Walker Tower Flipped for Near $3 Million Profit
The New York Times
Reba Miller is mentioned in this exclusive article, as the listing agent of Walker Tower’s first resale deal.
Brooklyn Bridge Park Designed to Draw Locals and Visitors to a Grand View
The Epoch Times
Doug Bowen is featured in this Brooklyn trend piece, discussing the allure of Brooklyn Bridge Park. According to Doug, “It’s become a world-class attraction.”