Culture

 

Hot Topic: Hidden Spaces in Williamsburg

24 May, 2017 posted by: CORE

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Last week, Win Brown’s modern townhouse listing at 257 Berry Street was highlighted in a round-up of properties with “small, private nooks” to call one’s own on Brick Underground. The Williamsburg home offers a mezzanine overlooking the living room that is perfect for reading, watching TV or catching up on work at home.

Click here to read the full article: Five homes with small private spaces to call one’s own



 

Best Apartment I Ever Sold: Isaac Metcalf

23 May, 2017 posted by: CORE

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Best Apartment I Ever Sold invites our agents to share the unique story of their best selling experience to date. This week, learn why Isaac Metcalf‘s sale at 537 East 6th Street, 5 is his best one yet.

Six months ago, I was asked to represent the seller of 537 East 6th Street, 5. This unit is located in a small six-unit deregulated Housing Development Fund Corporation (HDFC) building in the East Village. This was definitely the best apartment I ever sold, not only because the apartment was large and unique but also because it really challenged me as a broker since they wanted the market rate for a HDFC apartment that was also a 5th floor walk-up.

After a few weeks on the market, I had multiple offers from well-qualified buyers. As we negotiated with the potential buyers, we decided on one and positioned another as a back-up buyer. As the potential buyers were about to sign the contract, we found out that the purchasers were going through some legal troubles and were therefore unable to get financing. While this was happening, the back-up buyer proceeded with another purchase and it left us back on the market with nothing to show for it.

About three weeks later, we had another potential buyer come through and during the negotiations, NYC’s Housing Preservation & Development and the mayor were debating reinforcing sale and income restriction on deregulated HDFC properties.  A decision to reinforce these restrictions would make it very difficult to sell considering we wanted market rate for the property. Did I mention that all this is happening in real time? The purchase ended up falling through because of this looming information. Therefore, we now needed a buyer with low income and high assets (due to the looming income restrictions) who also didn’t mind taking the risk that the apartment could possibly become a full-fledged HDFC again.

Then, about a month later, that perfect person came through the door: a woman who had recently graduated college whose father was buying an apartment for her. She fit the buyer profile for 537 East 6th Street, 5 given her low income and high assets. With that said, I negotiated like a pro after the offer came in, and secured for them a deal at only 4.5% off the listing price. Next, we went through the grueling application process followed by an equally grueling board interview. We finally closed last week and that day ended with probably the best night’s sleep I’ve had in a long time.

537 East 6th Street, 5 was the greatest sale I’ve ever done and has certainly reminded me why I love my job.



 

Transformation on Museum Mile

22 May, 2017 posted by: CORE

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CORE was tasked by the developer of 1280 Fifth Avenue with selling a new development project by Central Park that had been plagued with a lack of sales and low pricing. CORE’s challenge was to transform the building with a completely new branding, marketing and sales campaign. We renamed and rebranded the project as One Museum Mile – a destination address.

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By anchoring the building to the beginning of Museum Mile and connecting it to the world’s most elevated addresses and cultural destinations, CORE sold 99 apartments and shattered the neighborhood price per square foot record.



 

House Call: 60 White Street, PHE

19 May, 2017 posted by: CORE

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THE LISTING
60 White Street, PHE

THE AGENTS
Emily Beare
Lic. Assoc. Real Estate Broker
212-726-0786
ebeare@corenyc.com

Shaun Osher

Founder and CEO, Lic. Real Estate Broker
212-726-0778
sosher@corenyc.com

THE DETAILS
Offered at $9,275,000, this duplex penthouse atop Tribeca’s most environmentally-conscious boutique condominium features over 700 square feet of private terraces. The stunning outdoor spaces boast two outdoor showers and unobstructed views of Freedom Tower. Stop by this Sunday for a tour of this one-of-a-kind penthouse in the heart of Tribeca!

THE HOUSE CALL
Sunday, May 21, 12:00 – 1:00pm


 

Hot Topic: Wall Street Journal House of the Week

17 May, 2017 posted by: CORE

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Did you catch Emily Beare‘s listing at 213 West 23rd Street, 8N on the Wall Street Journal last week? This stunning industrial-style loft, once a YMCA basketball court, was voted “House of the Week” by readers. Check out the link to read the renovation story and learn how architect Annabelle Selldorf helped design this remarkable home!

The full article: A Manhattan Loft That’s a Slam Dunk



 

True Gotham: History Repeats in Manhattan Real Estate

16 May, 2017 posted by: CORE

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Reporting from the front lines, Douglas Heddings brings us “True Gotham” – your source for NYC real estate tips, advice, anecdotes and general market insights that aim to inform and enlighten.

Once upon a time, I suggested that a client strongly consider a purchase at 15 Central Park West. That client barked at me that she “would NEVER pay $2,000/sf for an apartment in Manhattan! That is just absurd!” Since then, that unit has traded multiple times for as much as $8,000/sf.

In 2003, when my wife and I purchased our current home, the New York Post ran a two page spread complete with a full page photo of me in a “Superman” stance titled, “Buyer Shootout.” The piece covered the bidding war climate by which we were directly impacted and the buyer’s remorse that hit even people like me in the real estate industry. Our home has appreciated by nearly 300%.

There is no denying that the appreciation seen over the 25 years that I have been selling real estate is more than remarkable. Of course I could share anecdotes of those who were forced to sell in a down market for a loss, but there have been some prevailing themes in the past quarter century:

1. Location, location, location with the greatest opportunity in areas that are explored by pioneers like artists and other creative types (Soho, West Village, the Lower East Side.)

2. Don’t dismiss a big name architect or developer. (Robert A.M. Stern has the golden touch. Pair his masterful design with a location like 15 Central Park West or 70 Vestry and you can’t go wrong).

3. Look at opportunities for infrastructure growth. (Riverside Boulevard on the Upper West Side will see more shopping, movie theaters and even schools in the coming months.)

This brings me to my recent visit to Hudson Yards. WOW! Mark my words that this new enclave is going to be a destination community sought by people both in and out of Manhattan. Many of the residences will be enjoyed by the likes of employees at KKR, Blackstone and Millbank Tweed. Others will be occupied part-time by both international and domestic owners who simply want a Manhattan escape that will provide some of the best restaurants, shopping and culture in the world. The most impressive new development project in the United States, Related’s Hudson Yards will feature indoor and outdoor performances and concerts in the Shed, beautiful parks and open spaces, navigable artwork in the form of Thomas Heatherwick’s Vessel, and a seamless connection to the Highline which carries you past Zaha Hadid’s New York signature masterpiece and through West Chelsea to the Meatpacking District.

This may seem like a bold statement and only time will tell, but the residences at Hudson Yards are going to see long time appreciation in line with the 300-500% increases that I have witnessed in my 25 years in this business. Mark my words – many will look back and wish that they had the vision and courage to take the leap now. Closings are only 18 months away.



 

House Call: 72 Sullivan Street

12 May, 2017 posted by: CORE

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THE AGENT
Paul Johansen
Lic. Assoc. Real Estate Broker
718-489-8445
pjohansen@corenyc.com

THE DETAILS
Offered at $3,675,000, this 4-bedroom, 3-bathroom located in the heart of Red Hook features over 2,000 square feet of outdoor space. Besides breathtaking views of the Statue of Liberty, this home boasts an expansive living room, dining space and open kitchen.

Be sure to schedule a time to see this townhouse listing near the Brooklyn waterfront on Sunday!

THE HOUSE CALL
Sunday, May 14, 1:00 – 3:00pm


 

CORE 10: Emily Beare

11 May, 2017 posted by: CORE

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Welcome to CORE 10, an off-the-cuff interview series with prominent CORE figures. Read on to learn more about this week’s guest, CORE broker, Emily Beare

Who is the living person you most admire? My mother has been my greatest inspiration. She brought up 4 daughters who are best friends and has 12 grandchildren and 8 great-grandchildren. She is also an active member of her local community. At 86 years old, she volunteers her time to helping tutor children and supporting domestic abuse survivors and nursing home residents. Not to mention she is a world traveler, amazing cook and voracious reader.

Who is the most interesting New Yorker you know? Iris Apfel. Iris is a true icon and she is still working at 95 years old. She has always remained true to her authentic self.

What is your earliest New York memory? Seeing President Kennedy in a parade. It’s a very special memory my mom and I always reflect on.

What is the best advice you’ve ever received? To follow my passion and everything else will fall into place. I have given that advice to my children and my girls that are a big part of my life.

What do you consider your greatest achievement so far? My children. I am so proud of both of them and how they evolved to be such loving, caring individuals and amazing spouses and parents.

What are your three most treasured possessions? My daughter Elizabeth made me two very special books to celebrate my birthday – one has photos and letters from all the special people in my life, the other is a history of my life from past to present. My son David and daughter-in-law Alex had a monogrammed locket made for me with photos of their wedding day and Elizabeth and Jarett’s wedding day. I also treasure a very beautiful ring of my mother-in-law’s that she recently gave to me.

Name a movie, book or work of art that changed your life. What I love most about art is how I’ve seen it change the lives of others. One charity I work very closely with is Lalela, a South African charity promoting the global exchange of ideas, art and music. It has been an amazing gift to see how Lalela has empowered impoverished children with the tools to develop their creative skills and create permanent change in their communities.

What’s your greatest luxury? Spending time with my grandchildren almost every day.

What’s your secret talent? If I told you it wouldn’t be a secret!

Which words or phrases do you most overuse? Everyone in my life would say it’s “Yes” because I love to make people happy.


 

Hot Topic: Residential Conversions in the Wall Street Journal

10 May, 2017 posted by: CORE

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Did you catch agent Jim St. André in the Wall Street Journal last week? Jim was interviewed for a feature on top artists’ homes, specifically lending his expertise on the conversions of these industrial spaces in Tribeca into residences. According to Jim, these conversions have never been more popular. Click the link to read more of what Jim had to say regarding the topic!

Click here to read the full article: The Iconoclastic Homes of Top Artists



 

Commercial Basis: Short-term Investment Strategies

09 May, 2017 posted by: CORE

an interior view of a house attic under construction

Commercial Basis explores how technology, branding and demographic preferences are shaping office and retail real estate in New York City. As these forces break down the barriers from where we live to where we work and shop, Lead Commercial Specialist Alex Cohen assesses the impact on real estate values and opportunities.

With housing prices rising even in unlikely markets like Las Vegas and Detroit, the “fix and flip” phenomenon appears once again to be gaining in popularity. While the opportunity to achieve a quick profit in a rising home market from buying a property in need of a makeover and quickly selling it at a significantly higher price may appear enticing, there are significant risks associated with house flipping, in common with other short-term investment strategies.

The Risks
The renovation required to improve a property to appeal to a higher demographic of buyer may cost more than anticipated. A “fixed” house may face significant competition from newly constructed properties delaying a successful sale and adding to carrying costs or generate significantly less profit than anticipated upon sale. A renovation may also quickly increase property taxes. Finally if the property is resold within a year, there is no opportunity to defer capital gains taxes through a 1031 “like-kind” property exchange.

An Alternative Paradigm 
I’ve previously written about the demographic and housing supply trends that make carefully researched millennial-oriented real estate investments promising, both from an income and an appreciation perspective. The objective is not to hold a property indefinitely, but rather to capitalize on appreciation over time and trade up to a more valuable property, after earning sufficient rent to at least cover carrying costs and financing. With financing, levered appreciation can be particularly dramatic. If a property is purchased for $200,000 with $50,000 in equity and a mortgage of $150,000 and later sold to net $240,000, after transactions costs (brokerage, transfer taxes and closing costs), the initial investment of $50,000 has grown by 80% (to $90,000). If the property is held at least a year and a new real estate purchase meets the 1031 guidelines, taxes on this gain are deferred.


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