Culture

 

True Gotham: Avoiding Drama in Today’s Complex Real Estate Market

19 June, 2017 posted by: CORE

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.

If there is one word that I would use to describe the current climate of the New York City real estate market, it would be complex. It seems that most every deal is posing different challenges. From buyer, seller and even agent and attorney posturing, to financial curve balls from banks, and co-op board and managing agent interventions, all too frequently an unnecessary wrench is being thrown into the transaction process. It has been my experience over the years that there are several best practices that anyone involved in a transaction may implement to maintain peace and harmony through the closing:

1. Manage expectations: Communication is key here and it is imperative that all parties are informed of possible hurdles before having to leap them. When all else fails, think like Amazon and under promise and over deliver.

2. Remove ALL emotion: Emotion creates drama and drama has no place in a real estate transaction. Check yourself regularly to make sure that you are not being driven by your feelings.

3. Let go: No one person in a transaction controls all facets. Don’t attempt to control the deal nor the people involved in the deal.

4. Be professional: Be mindful of being of service to your customer and others involved in the transaction which leads to the final point…

5. ADD value: Ask yourself throughout the transaction if you are an asset or a liability and make every effort to add value to the transaction by practicing the 4 points above.

It is possible to have a smooth real estate transaction, but in order to do so, all parties involved must let go of any potential drama and remember that the ultimate goal is to peacefully trade real estate. This isn’t always possible but is definitely more so than many believe.



 

True Gotham: Why I Live in New York City

13 March, 2017 posted by: CORE

Manhattan at Night BW

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.

My wife makes me! That is all. No, seriously, my wife was born and raised on the Upper West Side of Manhattan and made it clear to me that she wouldn’t likely ever have the desire to leave Manhattan. I migrated to the Big Apple in 1989 from the suburbs of Baltimore. Prior to my move, I had never even visited “the city” as the natives refer to her and I met my wife in 1992 so the rest is history. Many of my friends and family are baffled by our residence in New York and frequently ask questions like, “how is it raising children in the city?,” “isn’t it noisy/dirty/scary?,” “how do you afford it?”

The parents of the girls on my daughter’s soccer team will tell you that I frequently dream of living in a big house in Montclair, New Jersey with some grass and maybe even a pool. But the reality is that every time I begin to get swept away in the day dream, I realize how incredible the last 28 years have been for me as a resident of “the city.”

• The food and restaurant scenes are unparalleled and on a practical level, there just aren’t too many places where the daughter can have Chinese, the wife sushi, the son Mexican and I Indian all at the same dinner table. And given that my wife cooks about 4 days a week, she is able to shop on her way home from work for the freshest ingredients straight from some of the best markets in the world.  Most of those markets deliver too!

• According to a quick Google search, there are upwards of 100 museums in New York City. My daughter and her grandfather are in the process of visiting them one at a time whenever he’s in town from Santa Cruz.

• Broadway and Off-Broadway shows are just a short 30-40 blocks from our home. My wife and daughter have seen Wicked twice and we were even blessed this year to score 2 face value tickets to Hamilton so that our son and daughter could attend together. Kate and I also scored 2 face value tickets separately and wow, what a show!

• My almost 16-year-old son has been traveling by subway to and from school since he was 9 (full disclosure, we followed him for the first couple of weeks until he proved he was ready.)

• Our kids have MANY friends from diverse socioeconomic backgrounds and cultures and they don’t feel the need to discuss those backgrounds. They are just simply friends.

• My 13-year-old daughter does not go to the same school as her older brother because they are very different people. Both schools are well suited for each of them. That choice is invaluable!

• The city truly NEVER sleeps! If you want a hamburger at 5AM, the diner or corner deli will happily oblige.

• The infrastructure is incredible. This city is never paralyzed by weather and rarely are people rushing out to buy bread and milk before a blizzard. You can likely have it delivered in the middle of a blizzard.

• Yes, it is expensive but you can also earn a very handsome living here.

Basically, the availability and convenience of just about everything makes me appreciate the life that I have here with my family and serves to wake me from the day dreams of suburban bliss that so often permeate my mind. The grass is not always greener.



 

“In Like Flynn”

30 January, 2017 posted by: CORE

What does it mean? It is a slang phrase meaning “having quickly or easily achieved a goal or gained access as desired.”

Where did it come from? A celebration of the freewheeling lifestyle and cinematic feats of 1930’s movie icon Errol Flynn. Our building embodies this spirit.

What does it look like? For CORE, it looks like this…



 

True Gotham: Social Media and Doing Right by Our Clients

30 January, 2017 posted by: CORE

TG

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. 

This past September I decided to take a break from social media, specifically Facebook. While I missed the pictures of my sister’s kids, the posts from my nephews, in-laws, my mom and many of my friends, I did not miss the political posts that contributed to my considerable loss of faith in a segment of our nation. Even more aggravating than the nonsensical diatribes on our political climate, I noticed a huge surge in the amount of egocentric posts by some of my very own real estate colleagues. Facebook Live posts from the backs of taxis, poorly acted vignettes created under the auspices of showing the social media sphere how one runs their business and even inflammatory and highly offensive personal political views are attacking many of the New Yorkers whom we serve.

We were drowning in a perfect storm of self-produced “reality” TV shows, easy access to broadcast ourselves to the masses and an epidemic of unbridled narcissism. We utterly and completely missed the point of why we do what we do – we find homes for the men, women, friends, families and children who make up the greatest city in the world.

Have we forgotten that the customer is ultimately whom we serve? In these posts, I see no mention of them, no appearance and rarely a word about them, unless it’s in effusive praise of the agent. Many may think this is funny coming from the guy who introduced the guided video tour to the Manhattan market in 2006. Yes, there were times when I was shooting where I lost sight of the fact that the video was about the property and ultimately doing my job for the customer. Fortunately, I had videographers who always brought me back to reality (real reality) to maintain focus on the task at hand: doing right by my homeowner.

I’m back on social media now. As much as some of the content remains an irritant, I see many ways in which video, Facebook Live, Snapchat, Instagram and the like can play a positive role in servicing the client and raising the bar in the real estate industry. Some are doing it right but most aren’t, in my opinion. There is a better way and I have to believe that those of us who are committed to doing right by our clients will find it.



 

House Call: 15 Renwick, TH3

27 January, 2017 posted by: CORE

15_Renwick_Street_TH3_03 (1)

THE LISTING
15 Renwick, TH3

THE AGENTS
Doron Zwickel
Lic. Assoc. Real Estate Broker
212-612-9607
dzwickel@corenyc.com

THE DETAILS
This stunning multi-level 3-bedroom home located in the coveted Hudson Square neighborhood is offered at $5,900,000. The residence offers an open flow living room, 18-foot ceilings, private yard and a recreational room. 15 Renwick is located on a single-block street, one of only a handful in the city. Don’t miss your opportunity to catch a glimpse of this awesome property!

THE HOUSE CALL
Sun, Jan 29, 2:00 – 3:00



 

Commercial Basis: What Was Once Old Is Now New Again

23 January, 2017 posted by: CORE

saks

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.

Dating back to the 19th century, the famous department stores of New York (Bergdorf Goodman, Bloomingdale’s, Macy’s etc.) were developed and continue to be owned by the retailers themselves. In some cases, as the fortunes and appeal of certain department store brands waned, it was their real estate that actually retained value because of its locational strength.

For example, Vornado’s Steve Roth purchased the depleted Alexander’s retail chain precisely because of the value of its Manhattan location across from Bloomingdale’s and developed it into Bloomberg’s 731 Lexington Avenue mixed-use skyscraper.

After World War II, most new stores were not typically owned by the retailers, but were in space developed and owned by shopping center developers (later reconstituted into mall REITS) and leased to department stores and specialty retailers. For over 50 years most retail development was channeled into suburban shopping centers.

With the resurgence of urban downtowns over the past 20 years, the focus has returned to “main street” retail and particularly to mixed use developments and nonhomogeneous shopping centers, that often combine shopping, dining, office space and apartments. Interestingly, during the 2010-2020 period, New York City is seeing the largest investment in new and redeveloped retail projects in its history. With the exception of the Nordstrom’s tower, these projects are largely outside the upscale tourist-oriented retail/hospitality core (Fifth Avenue, Madison Avene, 57th Street), that with New York’s tourist boom, has recently seen the largest increases in store rents in history. They follow the post-World War II model of shopping space developed for and leased to retail brands. These range from the redevelopment of South Street Seaport and Brookfield Place to the Shops at Hudson Yards and the Westfield World Trade Center. Each of these shopping centers is geographically proximate, but not necessarily spatially integrated into a much larger mixed-used development. However, with the exception of restaurant and entertainment offerings, these shopping centers are not generally attuned to the consumption habits of those who will live and work in the balance of these developments.

Another model of retail development being pursued by LVMH through its L Real Estate affiliate, which perhaps other global luxury conglomerates would be wise to consider, involves investing in and owning luxury retail-driven urban mixed-use developments in prime shopping/lifestyle neighborhoods where the prospective retail brands (owned by LVMH) generate not only value (and rent) for the investors but in essence become part of the branding of the entire project to attract the highest paying office and residential tenants. This is the basis for L Real estate’s investment in Miami’s Design District http://corenyc.com/culture/2016/12/commercial-basis-brand-meets-space/  and for L Real Estate mixed used retail-center projects in Shanghai, Ginza and Abu Dhabi.



 

House Call: 4 West 21st Street, 10C

20 January, 2017 posted by: CORE

4_West_21st_Street_10C_01

THE LISTING
4 West 21st Street, 10C

THE AGENTS
Brett Caspi
Lic. Real Estate Salesperson
516-633-6106
bcaspi@corenyc.com

Adrian Noriega
Lic. Assoc. Real Estate Broker
Licensed as Adrian S Noriega
646-279-6104
kwallison@corenyc.com

Nicole Fasciglione
Lic. Real Estate Salesperson
631-457-9976
nfasciglione@corenyc.com

THE DETAILS
Offered at $1,595,000, this oversized, beautifully designed 1-bedroom is located in the heart of Flatiron. The home offers an open layout and large windows throughout, providing for  sun-drenched living. Stop in this Sunday for an open house tour of this lovely property!

THE HOUSE CALL
Sun, Jan 22, 2:00 – 4:00



 

Hot Topic: Soho’s New Star

21 December, 2016 posted by: CORE

42_crosby_02

It’s no secret that the Annabelle Selldorf-designed building at 42 Crosby is redefining the meaning of luxury in Soho. The outstanding new development was exclusively featured on Observer last week, revealing photos of the condominium’s model apartment. Take a look at this sneak peek as you will certainly not be disappointed!

Click here to read the full article: The First Look at 42 Crosby’s Model Apartment



 

True Gotham: Holiday Homes

19 December, 2016 posted by: CORE

greenwich-village-02

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. 

There are varying opinions regarding whether or not a seller should list or keep their home listed over the holiday season. There’s no doubt that activity slows a bit during the period approaching New Year’s Eve but I question whether that slow down is more a function of decreased inventory as misinformed sellers pull properties from the market. Inventory definitely drops just as it does in August, but in the 25 years that I have been involved in selling NYC real estate, I can tell you that my experience has consistently been that properties that are listed over the holiday period often find buyers.

This year sees Hanukkah, Christmas and Kwanzaa beginning on consecutive days: the 24th, 25th and 26th, respectively. So, it’s very possible that there won’t be many showings on those three days, but I’m betting that the week following the start of those holidays will see considerable activity – only if your property is still on the market.

Happy Selling and Happy Holidays!



 

House Call: 29 East 22nd Street, 12S

16 December, 2016 posted by: CORE

29_east_22nd_street_12s_03

THE LISTING
29 East 22nd Street, 12S

THE AGENTS
Michael Rubin
Lic. Assoc. Real Estate Broker
347-880-0349
mrubin@corenyc.com

THE DETAILS
Offered at $4,250,000, this 4-bedroom Flatiron loft features soaring ceilings and huge arched windows, making the home warm and inviting. Not only is this propertysun-drenched and spacious with spectacular views, it’s also ideally located at the crossroads of Flatiron, Nomad and Madison Square Park. Take advantage of this Sunday’s open house to come and tour the beautiful space!

THE HOUSE CALL
Sun, Dec 18, 1:00 – 2:30



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