A sampling of last week’s press coverage of CORE and CORE properties.
Introducing the Upper East Side’s New CORE
In celebration of CORE’s new Madison Avenue office, our good friends at The New York Observer hosted a night of mingling, good food, and outstanding conversation last Wednesday at Rouge Tomate. The New York Observer was also celebrating the launch of their new lifestyle section “NYO”, with guests of the party getting a first look at the new publication. Guests included CORE brokers and staff, industry professionals, developers, architects, members of the media, and other invited guests.
Last month, I participated in an exciting continuing education course for brokers at the Real Estate Board of New York (REBNY). It was set up as three mock closings: one for cooperatives, one for condominiums and lastly, one for townhouses. I played the part of the purchaser in each and several of my industry peers played sellers, attorneys, closing agents and brokers. It was incredibly fun and funny as we covered many of the issues that can go terribly wrong at a closing, how to prevent them and also how to remedy each problem case by case.
It was such an impactful course that I wanted to share with you the lessons learned. Beyond the people and basic documents involved in a closing, there are some minutiae you should look out for as it can delay or postpone your ability to close as scheduled.
I will cover the three different closing outlines in a three-part entry over the next few days to help prepare you for the closing table.
PART I: Condominiums
ACRIS Document: It is pertinent that the purchaser have pre-registered transfer tax documents on ACRIS transfer tax forms for a condo closing. This is how your purchase is filed with the city.
Loan Payoff/Line of Credit: The seller’s attorney must order payoff letters for all loans and lines of credit. These letters state that there is a freeze on the loans or lines of credit the day of closing thus giving you the set payoff figures for which your bank checks are cut.
Wavier of Right of First Refusal/Common Charge Letter: The wavier of right of first refusal must come for the condo board stating the right is waived and they approve the sale – it is the only way to close. The common charge letter states that the CC’s are paid at least up to the closing date. If they have not been paid and the letter is not up to date, money may need to be left in escrow until the issue is cleared.
Unpaid Real Estate Taxes: It states in the contract that the taxes must be paid prior to closing. It is pertinent that you confirm the taxes are paid and there are no penalties prior to closing. It is the seller’s responsibility to pay them.
Work Permits: Check with the DOB and make sure there are no open work permits registered to the apartment. Most title companies will not allow a closing unless all permits are closed.
Last night, viewers of CBS2’s “Living Large” segment were able to get an inside look at Adrian Noriega’s exclusive penthouse listing at 15 West 20th Street. Located in the heart of the Flatiron District, the home features the very best in luxury amenities, including a wood-burning fireplace cased in imported marble, sophisticated custom woodwork, built-in sound system, radiant heated flooring in the master bath, Sub-Zero and Miele appliances, and central heat and air. With almost 2,000 square-feet of outdoor terrace space, this penthouse showcases the best of urban living with a suburban feel at $7.995 million.
Last July, New York City’s Mayor, Michael Bloomberg, announced his adAPT NYC contest for proposals on the development and design of micro-dwellings based on the idea of accommodating the housing needs of the City’s growing population. Shortly after, CORE’s CEO, Shaun Osher, was interviewed by CNN on the contest and overall concept of micro-apartments in Manhattan.
Since then, 33 development teams submitted renderings, floor plans, and other visuals in the hopes of winning the first NYC contest focused on facing the challenges of space and a growing population within an urban setting. In early 2013, Bloomberg announced the winning group from the adAPT NYC contest which includes Monadnock Development, Actors Fund Housing Development Corporation and nARCHITECTS. The winning team’s design will be constructed on a city-owned site at 335 East 27th Street and will consist of compact residences ranging from 250-375-square feet.
Although this project hasn’t even broken ground yet, the response generated from the contest by developers, architects, real estate professionals and the general public has proved Mayor Bloomberg’s housing goal to be valid and in many ways necessary. Yesterday, the New York Observerreported that the Department of Housing Preservation and Development is hoping to have another request for proposal (RFP) out on another 2-3 micro-unit developments throughout the City this year. We can’t wait to see what the next round of proposals for micro-apartments will look like, and we’re excited about this small new development trend within one of the world’s greatest cities.
The Observer's Jared Kushner, Joseph Meyer and CORE's Jack Cayre and Shaun Osher
To toast to the grand opening of CORE’s new Madison Avenue office and the launch of The New YorkObserver’s new lifestyle section, “NYO”, CORE partnered with the New York paper last night for an evening of celebrations at the Upper East Side’s Rouge Tomate. Filled with Observer bigwigs including the paper’s owner, Jared Kushner, industry professionals, CORE agents and staff, developers, architects, members of the media and other invited guests, the night featured speeches from our CEO, Shaun Osher, and Joseph Meyer, CEO of The New York Observer, great food and outstanding conversation. Check out the recap of last night’s event, courtesy of our friends at The Observer.
Real estate brokers attend conferences all over the country learning how to improve their marketing efforts, reach buyers and sellers better and how to sell more effectively. Sue Adler of Keller Williams, New Jersey decided that something was missing from all of these conferences: the voice of the buyer and the seller. Along with several other brokers, she founded Hear It Direct, a series of full-day real estate consumer conferences held in different markets throughout the country with the aim to put brokers in a room with panels of consumers.
I was honored to be a part of a panel at Hear It Direct’s recent east coast seminar on March 13, 2013. With my previous experience as a luxury real estate speaker and panelist both nationally and internationally, I was excited to share my perspective as part of a Gen-Y panel moderated by Inman News founder, Brad Inman. The millennials, who are having their first experiences in the real estate market, have a lot to say and some valuable opinions on how the real estate industry is evolving. While many recognize that technology is quickly changing the real estate industry, it is rare for realtors to hear its effects the consumer directly from Generation Y, who will be our client demographic over the next forty years.
The top two quotes from the Gen-Y Panelists were:
“I’m used to technology and texting so I like to do my own searches. I don’t need my broker to filter my search or be the first to find the home, but to work with me and to bring their negotiation and interpersonal skills to the table in order for me to close on the house I want. A broker’s knowledge and ability to communicate in person is better than mine.
“I am not influenced by or even read Zillow Reviews or other ‘Testimonials’ on an agent’s page because, after all, who would post a bad review about themselves on their own website.”
As a broker, I have been committed to improving real estate brokers’ approach to technology, and have traveled globally to real estate conferences to speak with 3,000 agents and mortgage brokers about luxury real estate marketing, how to stay ahead of the curve on social media in luxury real estate and the best way to react to a market setback. To me, this business has always been about the buyer and seller, not the broker, which is why I was proud to support Hear It Direct. - Tony Sargent
Five years ago, I told a reporter from The New York Times that Manhattan was essentially becoming one luxury neighborhood and we would start to see properties in “newer” residential areas meet the market in more established areas. With all of the residential development over the past ten years, this is now a reality, and, to the surprise of a few people, last month showed that the average price of a home was more expensive downtown than it was uptown.
Above: The Atalanta Building (one of the first TriBeCa conversions) was originally a refrigeration building with no windows.
Having sold downtown for almost 2 decades, I’ve pioneered sales and marketing in a number of these newer downtown areas. And it’s because of the pioneering developers that these neighborhoods have evolved into some of the most desirable residential neighborhoods in the City. Some of the more notable pioneers should be recognized for their vision, and for blazing a trail that benefited the adopters.
What these “downtown” developers created was a product to satisfy the demand of their generation of buyers. Conversions in loft buildings with great volumes of space that the uptown buildings couldn’t satisfy. Homes that had the amenities, services, and finishes that uptown buyers expected, but in architecturally different and historically significant buildings. New residential neighborhoods like West Chelsea, SoHo, TriBeCa, and the Bowery have now become expensive zip codes and it’s no surprise that we are currently selling a new development in Chelsea at higher prices than almost every new development in Manhattan.
In 2009, there were more than 10,000 Manhattan apartments for sale. This year, there aren’t even half that many. On Tuesday, April 2nd, Jarrod Guy Randolph was featured on a CNN Money segment about the creative measures brokers must take in Manhattan’s current low inventory market. In the segment, “NYC Brokers Get Creative to Score Listings,” Jarrod was interviewed by CNN reporter, Zain Asher. Strategies Jarrod has employed include schmoozing with doormen who know “everything that’s going on in their building” to sending strategically targeted letters. Jarrod has been able to remain successful even in one of the worst markets. His creativity even allowed him to score a gorgeous $1.975M listing at 456 West 19th Street. Watch Jarrod’s interview on CNN Money below.
One Museum Mile made New York City real estate history yesterday with the news that one of its residences sold for the highest price per square foot in the neighborhood of Upper Carnegie Hill. At $3.6 million – a price which broke over $2,000 per square foot – residence 11Bfeatures a wrap-around terrace with sweeping views of Central Park. Outlets including Curbed, The Real Deal, and Buzz Buzz Homefeatured this neighborhood record and referenced One Museum Mile’s recent sales milestone of over 50% sold and in contract.
The Wallabout neighborhood in Brooklyn is featured in last week’s Wall Street Journal.Doug Bowen gives insight into the revival of this area, spurred by bolstered activity in the nearby Navy yard, thriving businesses, and the development of a new mixed-use complex.