Culture

 

The Modern Kitchen

31 May, 2016 posted by: CORE

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“Open Kitchens” are the product of a residential design evolution which began in the 1960’s and 1970’s with the conversion of artist’s lofts into live/work spaces and eventually into luxury apartments. In of themselves, open kitchens weren’t a design decision at all, but rather the most cost efficient and practical solution to introduce cooking into spaces originally designed for light manufacturing and heavy floor load storage.

Over the last 5 years, the open kitchen concept, has been renovated out of many existing apartments and is being designed out of many new developments. The motivation for the design correction is staggeringly simple. Food has once again become the foundation of  the entertaining experience and a key virtue in overall wellness. The kitchen, once perfunctory and a design after thought, has again become the critical element in not only apartment design, but also lifestyle design. Buyers of real estate want to be in the kitchen and they want their friends and family to be there as well. We are seeing a huge upswing in dining options within the kitchen, as does the The New York Times

In case you missed it, they took a look at how the closed kitchen is making a comeback. “Kitchen size aside, the pendulum has started to swing back toward enclosed kitchens. Several new residential buildings in Manhattan have offered separated kitchens – a nod to prewar apartment design, but also to the growing demand from potential buyers looking for separate cooking and entertaining spaces.” CORE’s 173-175 Riverside Drive, 8/9B is a prime example of this trend, listed by agents Tali Berzak and Isaac Metcalf.

For the full article click here: The Closed Kitchen Makes a Comeback



 

True Gotham: Spring Inventory Climbs but Summer Looms

26 May, 2016 posted by: CORE

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For buyers of New York City real estate, any report of expanded inventory is welcome news to say the least. It is surely music to the ears of many buyers that Manhattan inventory has indeed increased by 52% since the first of the year (via UrbanDigs). It may be equally as exciting to buyers to hear that although the number of contracts signed has increased by 6% in the same time period, the year over year comparison shows a 13% increase in inventory and a nearly 20% decrease in contract signings. But this is what has happened this spring. What can we expect going forward?

Summer tends to be a more historically predictable season with both contracting inventory as well as fewer signed contracts. If we look at the past 4 years of inventory and contract signings, the patterns are quite predictable:

Sales Inventory

Contracts Signed

If history is any indication of what summer will bring, it is safe to say that inventory will contract by approximately twice as much as contract signings. Our market will remain tight as it continues its search for equilibrium.



 

House Call: 318 Knickerbocker Avenue, 4J

20 May, 2016 posted by: CORE

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THE LISTING
318 Knickerbocker Avenue, 4J

THE AGENTS
Tali Berzak and Isaac Metcalf
Lic. Assoc. Real Estate Brokers
917-246-8581 or 917-734-2376
tberzak@corenyc.com
imetcalf@corenyc.com

THE DETAILS
Offered at $1,150,000, this 2-bedroom, 2-bath duplex home offers luxury amenities including deeded parking, a private landscaped terrace, a fitness center and bike storage.  Don’t miss your chance to purchase at The Knick, one of Bushwick’s few condominiums and most sough-after conversions!

THE HOUSE CALL
Sun, May 22nd, 2:00 – 3:00



 

Hot Topic: Oh-La-Lita!

18 May, 2016 posted by: CORE

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In case you missed it, Gotham Magazine took a look at how Nolita (North of Little Italy) is rapidly evolving as a neighborhood. With an increase of trendy stores, restaurants and real estate projects, the thriving area is experiencing a boom. CORE’s 42 Crosby, The Residences at Prince and 224 Mulberry were among the properties highlighted which have significantly contributed to neighborhood growth.

What’s next? With a current population of 5,000 people, experts say Nolita’s boom is only in its beginning stages.

For the full article click here: Oh-La-Lita!



 

House Call: 160 West 66th Street, 40E

13 May, 2016 posted by: CORE

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THE LISTING
160 West 66th Street, 40E

THE AGENTS
Gerry Kendrick and Arthur Korant
Lic. Assoc. Real Estate Brokers
646-349-9832 or 646-349-9833
gkendrick@corenyc.com 
akorant@corenyc.com

THE DETAILS
This Upper West Side 2-bedroom, 2.5-baths corner unit condominium is the ultimate home for anyone looking to purchase luxury living at its finest. The unit boasts spectacular views from the 40th floor of Manhattan’s skyline and amenities such as a 24-hour doorman, fitness center, swimming pool and reception room. Offered at $4,295,000, be sure to add this open house to your weekend to-do list.

THE HOUSE CALL
Sun, May 15th, 1:00 – 3:00 (By appointment only)



 

Hot Topic: Buildings Get Bike Friendly

11 May, 2016 posted by: CORE

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Last week, The Residences at Prince were featured in a The New York Times article covering the increase of bike storage (and demand) among New York City’s residential buildings and its residents alike. The article discussed a new wave of bike-focused amenities such as available pumps, repair stands, hooks for hanging helmets and even door attendants acting as bike valets.

The Residences at Prince are among the many new development projects catering to the needs of a population more focused on biking. According to a survey by the New York City Department of Health and Mental Hygiene, 20 percent of the population in Manhattan, Brooklyn and Queens cycled several times a month. 

For the full article click here: Buildings Get Bike Friendly 



 

House Call: 20 Henry Street, PH2N

06 May, 2016 posted by: CORE

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THE LISTING
20 Henry Street, PH2N

THE AGENT
Tony Sargent
Lic. Assoc. Real Estate Broker
212-500-2105
tsargent@corenyc.com

THE DETAILS
This one-of-a-kind Brooklyn Heights penthouse condominium features 3-bedrooms, 2-baths and a stunning private rooftop terrace. On the market for $2,995,000, this home is the perfect city escape complete with skyline views, a sod lawn, gas grill and beautiful landscaping.

THE HOUSE CALL
Sat, May 7th, 11:30 – 12:30



 

Hot Topic: Tribeca’s 464 Greenwich Street

04 May, 2016 posted by: CORE

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The Wall Street Journal exclusively featured Tribeca’s 464 Greenwich Street in their “Private Properties” section online Monday. The article, slated to appear in Friday’s newspaper, highlighted the 9,000-square foot single-family home offered at $29,950,000 by listing agents Shaun Osher and Jim St. Andre.

Originally a coffee roasting plant, J.Crew’s Millard “Mickey” Drexler bought the five story building in 2008. He worked with architect and designer Thierry Despont to turn it into a magnificent single-family home while keeping some of the industrial feel.

For the full article click here: J. Crew’s Mickey Drexler Lists Tribeca Townhouse for $29.95 Million



 

Commercial Basis: Part I, Why A Millennial-Centric Investment Strategy?

02 May, 2016 posted by: CORE

Astral Apartments, Greenpoint

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.

The media is rife with attention to the predilections of millennials (born between 1982 and 2001) who form a demographic cohort of nearly 76 million, that is now the largest living generation in America. In this first of a two-part post, I will explain why an urban real estate investment strategy attuned to Millennial tastes is on target. In the second part of this post, I will describe how to implement a millennial-oriented real estate investment plan.

Millennials seek to live and work in walkable urban areas

Resurgent American Downtowns have long been attributed to aging baby boomers, who as empty nesters were eager to swap suburban homes for urban condos. Millennials are even more inclined than boomers to live in walkable urban areas, particularly if these neighborhoods re-enhanced by the availability of a wide range of transportation options. A Rockefeller Foundation survey in 2014 found that up to 86 percent of millennials said it was important for their city to offer opportunities to live and work without relying on a car. Nearly half of millennials who owned a car said they would give it up if they could count on public transportation options.  A 2014 Harris poll of millennials found that over three-quarters agreed to the importance of affordable and convenient transportation options other than cars in deciding where to live and work. For millennials the fifteen most desirable US metropolitan areas include those with some of the nations’s strongest mixed-use neighborhoods where residents can work, live and play without heavy reliance on owned vehicles: San Diego, New York, Boston, Denver/Boulder, San Francisco, Seattle, Chicago, Los Angeles, Portland, Washington, Austin, Phoenix, Charlotte, Atlanta and Miami.

Millennials need to rent

Most millennials are not financially equipped to purchase urban homes or apartments. Despite a persistently low interest rate environment, millennials are far less likely to purchase rather than rent because of tighter availability of credit and far more rigorous mortgage underwriting standards since The Great Recession. Not only do millennials have more personal debt (particularly student loan debt) than earlier generations, but having witnessed the distress caused by the housing bubble of the late 2000s, most Millennials believe that owning a home may not offer the kinds of financial benefits it once did. As a result, the rate of home ownership among millennials aged 25-29 is only 31.8%, the lowest rate on record for any adult age cohort, according to the US Census. In a rising interest rate environment, none of these conditions are expected to mitigate.

Supply of rental housing has fallen

Since The Great Recession, new housing production (single and multi-family) has fallen far behind the pace of new household formation and demand. Amidst this backdrop, the private equity firm Blackstone has become the largest owner of both private homes and multi-family apartments and its enormous portfolio across 25+ markets has a total vacancy rate under 4% and has seen rents rise more than 5% per year.

These conditions present an ideal opportunity for investors to focus on current returns and future appreciation from owning urban housing positioned to appeal to renting millennials. In the second part of this series, I will detail how to implement this selective investment approach. Stay tuned.



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