Culture

 

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.


 

Quoin April 2017: Taxes

08 May, 2017 posted by: CORE

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If finalized, the new “Mansion Tax” will increase from 1% to 2.5%, but will apply only to homes over $2M (previously $1M). Any tax increase is met with skepticism, and in Manhattan taxes and fees are always hot topics.

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From my experience, purchasers are buying new development apartments, with or without tax abatements. They want the product. They want to be the first owner who enjoys the apartment before any other owner. It is like a new car out of the showroom, they don’t want a used car.

– GREG MAYBAUM

Esq, Real Estate Closing Attorney

 


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While the proposed tax rate is set to jump 150%, New York is still one of the least taxed super-cities on earth. With comparative rates as much as 5.6 times higher, NYC should remain the world’s most attractive city for luxury real state investment.

Based on 1M property purchase – Domestic Buyers; Source: JLL

 


 

IS THIS REALLY A “MANSION” TAX OR A “FLAT” TAX IN DISGUISE?

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The average apartment costs $2M in Manhattan. For this reason, some claim this is a blanket tax on almost all flats. This could hold down values of sub $2M dwellings, and spur more rental inventory. It may also elevate consumer expectations for true luxury living, particularly on elite listings.

 


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House Call: 200 Riverside Boulevard, 9D

05 May, 2017 posted by: CORE

200_Riverside_Boulevard_9D_01

Lic. Real Estate Salesperson
Licensed as Lori B Ben Ari
646-668-3412
lbenari@corenyc.com

Julie Messeca
Lic. Real Estate Salesperson
212-612-9625
jmesseca@corenyc.com 

THE DETAILS
Offered at $2,795,000, this 3-bedroom, 3-bathroom condo, situated on the picturesque Riverside Boulevard, boasts sprawling city views and loft-like living. An open kitchen outfitted with granite counter tops and custom cabinetry is perfect for entertaining on a grand scale. Don’t miss the chance to stop by this home located in one of the Upper West Side’s best full-service condominiums on Sunday!

THE HOUSE CALL
Sunday, May 7, 12:00 – 1:00pm (By appointment only)


 

Hot Topic: Accounting Benefits of Coworking Spaces

03 May, 2017 posted by: CORE

Alex-Cohen-web

Looking for the lowdown on coworking spaces? Last week, our very own Alex Cohen was featured in the Huffington Post, offering his expertise on the benefits of coworking spaces beyond the camaraderie and community. Learn what Alex had to say about these locales, perfect for digital nomads, entrepreneurs and more!

Click here to read the full article: 11 Surprising Benefits of a Coworking Space 



 

Trends & Tides: Early Spring Manhattan Market Snapshot

01 May, 2017 posted by: CORE

15 CPW park view PANO (1)

Trends & Tides takes a look at the ever changing environment of New York City real estate – past, present and future – by offering observations, analyzing perceptions and challenging myths, while giving a dose of reality along the way.

CORE saw a 26% increase in contract signings for the first quarter of 2017 and April has proven to bring more of the same with the Passover/Easter Holiday week seeing unexpected record activity. Spring has definitely sprung as my peers at other firms seem to echo my experience. That said, I wanted to take a deeper dive into exactly what is happening across different price points in the Manhattan marketplace (real time up to the minute data courtesy of UrbanDigs).

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You see that the $10M+ market has seen contraction in inventory since last year but it is worth noting that 178 of those 402 units over $10M are actually over $20M which is a considerable number of ultra-high end homes. Quite a bit of inventory if you are shopping the $20M+ market. Despite that fact, pending deals since last year remain flat at 72 deals in the $10M+ range in contract. As far as the other segments of the market, relatively few additional properties are on the market this year versus last and the contract activity seems to indicate that much of the new inventory is being absorbed rather quickly.

Making sense of what is going on in different price points, different locations, and overall different segments of the market is precisely why the consumer needs a real estate professional to assist with proper pricing and effective marketing strategy. Not everything is selling in this market and it remains imperative to navigate wisely.


 

House Call: 135 West 70th Street, 3C

28 April, 2017 posted by: CORE

135_West_70th_Street_3BC_01

THE AGENT
Adie Kriegstein
Lic. Real Estate Salesperson
Licensed as Adrianne Y. Kriegstein
917-921-6929
akriegstein@corenyc.com

Michael R Rosser
Lic. Real Estate Salesperson
212-233-2674
mrosser@corenyc.com

THE DETAILS
Offered at $3,950,000, this 4-bedroom, 3.5-bathroom condo combines the best of loft living with a townhome feel. Located on the convenient Upper West Side, this gem of a loft offers a 600-square-foot great room with 16 foot ceilings – ideal for entertaining. Schedule a time to see this prized listing in the heart of Manhattan on Saturday!


THE HOUSE CALL
Saturday, April 29, 11:30am– 12:30pm (By appointment only)



   

Hot Topic: Innovating the Application Process

26 April, 2017 posted by: CORE

Large stack of multi-colored files and paperwork on an office desk. Blue window background. Business themes. No people.

Recently CORE was the first New York real estate brokerage firm to adopt a technology that completely changes—and greatly improves—the co-op board application process. Featured in The New York Times, BoardPackager is a good reminder: if it’s always been done a certain way, it might be time to ask why.

CORE caught up with Ming Ooi, BoardPackager’s COO and Co-founder:

“It has been a tremendous boost for BoardPackager in the real estate, technology and investment sectors to have CORE as an early adopter because the agency’s reputation as a cutting edge brokerage really added to our credibility and opened a lot of doors and opportunities. Furthermore, CORE agents have been instrumental in not just the adoption but providing valuable real-world feedback that has allowed us to improve the platform; and we continue to value and encourage that insight from such tech savvy users.”

Click the link to read the full article on this revolutionary online platform: The Dreaded Co-op Board Application Goes Online



 

Dwell Diaries: 124 West 23rd Street, 15A

25 April, 2017 posted by: CORE

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Dwell Diaries provides a peek at a “day-in-the-life” in one of CORE’s exclusive listings. From master suites to neighborhood hotspots, our diary doesn’t spare a detail.

Waking up at 124 West 23rd Street, 15A is nothing short of blissful. Thanks to this three-bedroom’s location at the cusp of Chelsea, Flatiron and Nomad, each morning presents itself with not only endless convenience but also ample opportunity for “New York moments.” Floor-to-ceiling windows in the luxurious master bedroom suite ensure natural light doesn’t escape your morning routine. The master bedroom suite also boasts a deep soaking tub and radiated heated floors. Who needs to a spa day when everything you need for relaxation is at home at 124 West 23rd Street, 15A?

Even though this boutique building features a fitness room, gym and 24-hour concierge, you don’t have to go much farther if you wish to switch up your workout regimen or run errands. Firstly, luxury workout locales such as David Barton, Equinox and SoulCycle are only blocks away from 124 West 23rd Street. With proximity to three vibrant New York City neighborhoods, there is no shortage of excellent shopping, dining and other activities. Eataly, the largest Italian marketplace in the world, situated in Flatiron is a one-stop-shop for high-end groceries, upscale (and al fresco) dining and much more. If you’re only looking for the necessities this afternoon, your local Whole Foods in Chelsea should do the trick. Finally, some of the best luxury shopping lives on Fifth Avenue – you’ll find Anthropologie, J.Crew and Michael Kors to name a few.

Fancy an afternoon pick-me-up? Dough Doughnuts, the Brooklyn spin-off on West 19th Street, is the perfect pit stop for a sweet treat and coffee. If your pick-me-up is more savory than sweet, nostalgic New York City doesn’t escape this neighborhood, thanks to the nearby eatery El Quijote. Once part of the historic Chelsea Hotel, this longtime eatery offers traditional Spanish dishes. As the evening nears, and with groceries in hand, why not enjoy dinner at home in your open Snaidero kitchen? Dine al fresco on one of your two private terraces while gazing at the New York City skyline; 15 floors up on West 23rd Street is wonderfully quiet on a spring evening. In the hub of Chelsea yet outside of the fray in this quiet, boutique building – what’s not to love about living at 124 West 23rd Street, 15A?



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