29 April, 2016 posted by: CORE
59 West 71st Street, 5B
Lic. Real Estate Salesperson
Located on the Upper West Side just moments from Central Park, this classic six was recently renovated by a top award-winning design team. On the market for $2,750,000, the home boasts 3-bedrooms, 2-baths and countless modern luxuries.
THE HOUSE CALL
Sun, May 1st, 1:00 – 2:30
27 April, 2016 posted by: CORE
The Wall Street Journal featured CORE CEO and Founder Shaun Osher‘s historic listing at 27A Harrison Street as their pick for “House of the Day” yesterday. Built in 1899 – originally on Washington Street – the home was designated for historic preservation and relocated to Harrison Street in the early 1970’s. The article discusses the modern renovation of the townhouse including an installation of a modern, stainless-steel staircase, which resembles a piece of art. Current owner Sarah Bartlett remarked on her renovation inspiration, what she loves most about the home and why she’s leaving.
For the full article click here: Historic on the Outside, Modern on the Inside
22 April, 2016 posted by: CORE
1280 Fifth Avenue, 19A
Lic. Assoc. Real Estate Broker
Found within the Upper East Side‘s One Museum Mile, this spacious 3-bedroom, 3.5-bath apartment overlooks Central Park’s most coveted corner.
THE HOUSE CALL
Sun, Apr 24th, 2:00 – 3:00 (By appointment only)
Sun, Apr 24th, 3:00 – 4:00
20 April, 2016 posted by: CORE
Mansion Global discussed how older smart investment properties can meet, and even, exceed modern energy standards. Featured among the residences undergoing luxurious, yet eco-friendly transformations in New York City is The Patrick Lilly Team‘s The Residences at Prince Street (otherwise known as 38 Prince Street).
The article also discussed tips on going green, including getting an energy audit and restoring energy-efficient historic features.
For the full article click here: Classic Homes Go Green
11 April, 2016 posted by: Douglas Heddings
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.
Control is indeed an illusion that is all too often an obstacle to consummating the real estate transaction. I have written before on True Gotham about the multiple parties involved — often as many as 13 different people in a single real estate transaction — each party frequently believes that they have control over certain if not all aspects of a transaction. There are a plethora of Zen and Buddhist quotes on the subject of control. Psychologist Ellen Langer even named and defined the illusion of control as a tendency that occurs when someone feels a sense of control over outcomes that they demonstrably do not influence. Many other psychologists have studied this phenomenon over the years and the greatest obstacle appears to be that the more a person believes that they are knowledgeable or even an expert on a subject, the greater the presence of the illusion of control.
‘The Master allows things to happen.
She shapes events as they come.
She steps out of the way
and lets the Tao speak for itself.’
Think about all of the ways we go through our lives with the very false sense that we are somehow in control of outcomes — just ask any parent of a teenager. I’m not suggesting we should all throw our hands up and surrender to chaos or anarchy. Not at all. What I am suggesting is that mindfulness is a very powerful asset when attempting to navigate what is often a complex real estate transaction. In my own personal experience, I have been much more of an asset to my customers and all parties to a transaction when I am mindful of just taking the next right action on behalf of my customers. I control the action but not the outcome. That said, if the seller, buyer, real estate agent, attorney, mortgage broker or whomever else may be involved could remember to do the same, it is my belief that each transaction would have a greater probability of proceeding in a much more smooth and efficient fashion.
04 April, 2016 posted by: Alex Cohen
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 will assess the impact on real estate values and opportunities.
WeWork, the co-working office space firm founded in New York in 2010, now has a valuation of over $16 billion dollars based on private equity and venture capital funds raised. This valuation is comparable to the market values of Vornado and Boston Properties, two of the largest and most established REITS (real estate investment trusts). Unlike these landlords, WeWork owns no real estate. WeWork generally leases office space for long lease terms and builds out and subleases office and open desk space for contract terms of one month to a year. What explains WeWork’s ability to raise money based on this presumed sky high valuation?
- While we can assume WeWork’s initial market valuation if the company were to go public today would be $16 billion (or higher), there is no guaranty this valuation would hold up over time. For example, Groupon had a $17 billion valuation when it went public in 2011 and today has a market value of a fraction of that amount.
- Like some observers and analysts, I see WeWork as a “disrupter” that has created a new paradigm for the workplace – similar in impact to Airbnb, which owns no hotel rooms but is currently valued more than Marriott, and Uber which owns no cars but is valued at more than the market capitalization of Hertz and Avis combined. Like Airbnb and Uber, WeWork is capitalizing, in part, on the dominant impact of PDA technology and millennial preferences for how we live, work and play.
- The US (and multinational) workforce continues to shift from full time employment to contingent jobs, such as freelancing, temping, contracting or part time jobs. Currently 40.4% of the U.S. workforce has a contingent job and this is expected to grow to 50% in ten years. WeWorks greatest success is in curating appealing environments for these “unaffiliated” workers (or members) and for the small and growing firms they create.
- Without advertising or other marketing WeWork has achieved average occupancy rates of 98% for facilities open more than six months and typically achieves 40% profit margins as the density of a WeWorks office is nearly twice that of a typical dedicated office space. WeWork’s combination of flexibility (including the ability of its members to easily grow or shrink occupancy without capital investment), free drinks and snacks and a zeitgeist of collaboration, community and innovation have built a uniquely successful brand identity, largely through word of mouth of its members. WeWork leases space in older and loftier buildings and employs organic finishes and an overall chic industrial aesthetic that contrasts with the typical slickness and monotony of most corporate office space.
- WeWork currently has 70 spaces already under lease including several over 250,000 square feet, and its funding may allow it to grow by more than 150 centers per year (across the U.S., Europe and Asia) if a recession does not tamper with employment growth in the 24-hour, millennial-heavy markets the firm targets. In 2014 and 2015, WeWork was the largest lessee of office space in the United States. WeWork’s growth dwarfs that of all its competitors except for the office suite firm Regus, which has not been able to shake its outdated generic corporate office aesthetic. Limiting larger corporate occupancies (firms like Apple, Microsoft and Merck) to no more than 20% of its total membership, WeWork often turns away tenancies for lack of space.
Photo credit: WeWork