News

New York After Brexit

The Epoch TimesJune 29, 2016

After Brexit, London may no longer be a popular city for Chinese and Middle Eastern billionaires who seek to park their wealth in penthouses. Especially in the luxury residential race, New York can push ahead and top the charts in terms of real estate investment.

 

Brexit is not good news for real estate investors and developers in the U.K. Although nothing will change until 2018, the U.K. property market will suffer from prolonged uncertainty, according to industry experts.

 

“It is little early to see what the effects would be,” said Shaun Osher, founder and CEO of CORE, a real estate firm in New York. “But it may have a positive effect on New York City, which is considered the number one safe haven.”

 

According to Osher, New York is not a speculative market like some other major cities and it is one of the strongest global investments, which has historically outperformed most markets.

 

“New York real estate would definitely become a more attractive option for a lot of foreign buyers,” said Sofia Song, executive vice president of data & research at Douglas Elliman Real Estate. “It is especially appealing to the buyers in countries whose currencies are pegged to the U.S. dollar, like the United Arab Emirates and Qatar.”

 

London has always been an alternative to New York but the introduction of a 3 percent stamp duty surcharge on second homes in the U.K. in April has already weighed down investor interest, according to Song. “And now Brexit has added an immeasurable level of uncertainty to the market,” she said.

 

Despite uncertainties, the falling pound will make the U.K. real estate market very attractive to overseas investors, who look for bargain hunting. Particularly London’s luxury property market would become a much more attractive investment, according to Song.

 

“With the U.S. interest rates remaining low, and economists predicting an impending recession in the U.K., the immediate impact could definitely be a much-heightened interest for the New York real estate,” said Aleksandra Scepanovic, founder and managing director of Ideal Properties. “However, if the pound continues to slide the New York properties could become less attractive due to their rising prices and the pound losing value against the dollar.”

 

Some experts fear a severe initial correction in the U.K. property market. That is why U.K. house builders and real estate firms deeply rooted in the English economy took a big hit with the Brexit vote.

 

The country’s four major housebuilders, Taylor Wimpey, Persimmon, Barratt, and Berkeley, have lost as much as 30 percent of their value since the referendum on June 23. About 6.5 billion pounds ($8.7 billion) has been wiped off their market values.

 

London focused real estate agent Foxtons issued a profit warning on June 27. The company’s shares dropped 23 percent after it warned that its 2016 revenues and profits would be significantly lower than last year. The company expects a “significant uncertainty” in the London residential markets caused by the Brexit.

 

In May, Chancellor George Osborne warned that property values would be affected if Britain voted to leave the European Union. He projected the immediate economic shock would cause house prices to fall between 10 percent and 18 percent by 2018.

 

“Whenever there is an unforeseen or unexpected political or social change in any city, people become very cautious but I think in the long term London will remain a solid contender in the global economy,” Osher said.

Former Loft of Artist Bill Alpert Hits the Market for $3.1M

6sqftJune 28, 2016

Here’s a rare opportunity to own a Soho loft that was the longtime home of an artist–most of the artist apartments of the 60s and 70s have since changed hands. This apartment at 64 Grand Street belonged to Bill Alpert, who was known for his abstract paintings and lived here from 1967 until his death last year. It is very much a raw space, with the original hardwood floors, exposed ceiling pipes, a fire escape view and walls high enough to hang nothing but artwork. We can’t imagine the price for it back in 1968, but now it’s asking just a hair over $3 million. 

 

Any buyer will have an impressive 2,150 square feet to work with, not to mention three exposures and 10-foot ceilings. It’s a big enough room, the listing suggests, to be transformed into a two- or three-bedroom apartment. 

 

The open kitchen is no frills, and is definitely not the focus of any true artist apartment. Before Soho was re-zoned for residential use, in fact, artists could only set up hot plates in their illegal warehouse conversions. 

 

Despite this apartment being one long, narrow space, you’re getting great light from large windows at either end.

 

There’s an iconic NYC fire escape view from one end of the apartment. 64 Grand Street–located in the Cast Iron Historic District–is a seven-story brick building that was constructed in the early 20th century. It has since been converted to 17 co-ops, and we bet this is the last remaining “raw” artist loft of the bunch.

The Thousand List

Real Trends/ The Wall Street JournalJune 28, 2016

CORE agents Emily Beare, Heather McDonough, Henry Hershkowitz, and their respective teams, were included in the 2016 REAL Trends “The Thousand List”.

The Week In Luxury: A Map of NYC’s Priciest Apartment Sales

The Real DealJune 27, 2016

Emily Beare and Karen Ringler's closing at 830 Park Avenue, 8C and Emily Beare's closing at 39 Fifth Avenue, PHB were on the list of the highest recorded sales in NYC last week.

George Condo’s Former $26.5M Townhouse Hits The Market

New York PostJune 23, 2016

This bourgeois dream — a $26.5 million, five-bedroom, five-story landmarked townhouse at 74 Bank St. — was once home to artist George Condo.

 

Now the 6,000-square-foot, 25-foot-wide home, which has two fireplaces, is being marketed as a single-family mansion.

 

Built in 1842 by Andrew Lockwood, the Greek Revival residence has been redone by top architects Leroy Street Studio (LSS) and Christina Markatos Design.

 

The home comes with 13-foot ceilings, a large formal dining room, living room, chef’s kitchen with a decked terrace and stairs leading down to a large, landscaped garden.

 

There’s also a home gym in the basement, and a garden surrounded by bamboo that looks out onto other gardens. The listing broker is Jim St. Andre of Core.

Mondo Condo

New York PostJune 23, 2016

THIS $26.5 million five-bedroom landmarked townhouse at 74 Bank St. was once home to artist George Condo. Now the 6,000-square-foot home, which has two fireplaces, is being marketed as a single-family mansion. Built in 1842, the residence has been redone by top architects Leroy Street Studio (LSS) and Christina Markatos Design. The home comes with 13-foot ceilings, a large formal dining room, living room and landscaped garden. The listing broker is Jim St. Andre of CORE.

Nate Berkus Sells Impeccable Village Penthouse For $9.8M

CurbedJune 21, 2016

Celebrity interior designer Nate Berkus, who ascended the ranks with an Oprah endorsement and Target collaboration, has sold his utterly charming Greenwich Village penthouse. Berkus and husband, fellow designer Jeremiah Brent, listed their Fifth Avenue digs for $10.5 million in November, less than one month after the 3BR/2.5BA duplex was featured on the cover of Architectural Digest (because of course it was.)

 

The duplex was originally listed for $10.5 million, but went into contract asking $9.8 million. The New York Observer says the buyer is Charles de Viel Castel, a financier-turned-jewelry designer.

 

No corner of Berkus and Brent’s apartment went without renovation, and that includes combining the original $6 million penthouse with an adjacent one-bedroom apartment also designed by Emory Roth. The apartment today boasts three wood-burning fireplace, a windowed shoe closet that rivals the best of them, and wrap-around terraces.

 

Where next for Berkus and Brent, and their daughter Poppy? The couple recently purchased a $2.36 million four-bedroom in West Hollywood, but Berkus seems enamored with Greenwich Village. "This neighborhood, particularly the blocks around West 11th and West 10th streets, has a unique magic," Berkus told AD. If judging by Berkus’s former Village pad, it’s only up from here.

8 Questions To Ask Before Buying Your First Home

CurbedJune 21, 2016

Buying your first home is a big deal, and very exciting, but you shouldn’t rush into this decision. Owning a home might not be something for which you are ready, even if you can afford it. To help first-time homebuyers figure that out, we queried real estate experts to compile the eight key questions every potential homeowner should ask before sealing the deal.

 

Why am I buying a home?

 

"I know it sounds silly," says Elizabeth Kee, a real estate broker at CORE in New York City, "but I ask everyone this question first. There are many responses, and you'd be surprised to know that many times I end up talking people out of purchasing when they are buying for the wrong reasons."

 

One example she shared is people who want to be investors because they heard flipping New York real estate is very profitable. "[It] can be true only if you never have to sell, and you can sell when the time is right." Kee says.

 

Another example is being lent money by a friend or family member so you can borrow money to buy a home. "There is a reason banks don't let you borrow money to borrow money. You should likely only buy if the money is a gift that never has to be repaid."

 

Can I afford to buy a home?

 

If you’re living in the suburbs or the country, buying a home usually means buying a single-family house. If, however, you’re in a city like New York, there are many more options.

 

"Knowing what your options are is very important. If you aren't someone who can qualify for a co-op, you shouldn't waste your time viewing 80 percent of the homes on the market in NYC," says Kee.

 

Condos are also an option in cities, and while they don’t have the same qualifications as a co-op board, they usually cost more. So you have to figure out if buying a home is something you have the budget for.

"I always start with the financials because as future buyer, or potential future buyer, you have to know whether you qualify to purchase or not," says real estate agent Elice Shikama of RE/MAX in Franklin Lakes, New Jersey. "Without being able to qualify, there’s no further steps you can take."

 

Before you finalize the answer about being able to afford a home, Lynnette Bruno, Trulia’s Vice President of Communications, recommends you factor in staying there for five to seven years.

 

"There are many one-time costs associated with buying a home and moving, and you’ll unlikely be able to recoup if you sell your home in less than three years," she says. "You are gradually, over time, building your equity," says Shikama.

 

How much money am I qualified for?

 

If you have enough money to purchase a home in a cash transaction, you’re quite fortunate. But most first-time homebuyers will need a mortgage, so finding out how much of a mortgage you qualify for is a crucial step before starting the actual search for a home.

 

"If you don’t know how much you qualify [for], how [are] you going to know, ‘What price range should we look for?’," says Shikama.

 

"Many times I end up talking people out of purchasing a home when they are buying for the wrong reasons."

 

"Determining your buying power is crucial to determining if you can buy what you want to buy," says Kee. "Understanding how one can liquidate other investments (while limiting penalties) and learning how to borrow money, based on your income, assets, and liabilities are often overlooked. If you plan to finance any portion of your purchase, you need to understand different mortgage products and how each product can affect your repayment monthly and long term. If you don't plan to live in that studio for 30 years, why would you pay more interest every month to get a 30-year fixed mortgage?"

 

Who is my team?

 

The homebuying process usually requires a host of professionals working for you. "Buying a home is not only a significant investment, it can also be a difficult task and without the right team, success will be difficult," says Kee.

 

You need the right financial advisor to help you navigate your current financial situation; the right mortgage broker or banker to help you select the right mortgage product for a property they are willing to make a loan for; and someone who is committed to getting you the funds you need for your purchase.

 

"They need to be knowledgeable and able to be patient with you to educate you on what types of loans they can offer you for what you want to buy," Kee says. You also need a real estate attorney and a real estate agent, both local and knowledgeable, and a title agency.

 

Who are my trusted personal advisors?

 

Yes, you need to have the professionals on your side, but you also need people who really know you personally.

 

"These are the people who will give you an objective opinion on the purchase of your home. Don't bring the friend who doesn't want to go to the second open house because they want to go to brunch and don't bring your mother if she wants you to wait to buy a home until you get married, have a baby, or have more money," Kee says.

 

"Once you decide you want to buy your home, you want someone to support that decision, take it seriously and help you to make one of the most important decisions of your life."

 

Are there any environmental issues in the area?

 

Shikama says to check for nearby Superfund sites—extremely polluted sites containing hazardous materials that require long-term cleanup—or other contamination that could leach into groundwater or emit fumes. There are more than 1,300 Superfund sites across the country, all of which are identified on the Environmental Protection Agency’s website.

 

The U.S. National Library of Medicine also maintains the TOXMAP, a tool that maps reported locations of toxic waste sites and other environmental problems. It pulls information from the EPA, as well as non-EPA datasets.

 

How are the schools?

 

If you’re not raising a family, the school system doesn’t really matter. If you are, Shikama recommends you check the local school system’s website to see if it has reports, but many real estate agents will help compile the information.

 

What’s the crime rate?

 

You love the house and the schools have excellent ratings, but is it a safe place to live? Shikama says that real estate agents themselves won’t tell you a place is safe because that could leave them liable. It’s recommended that you get in touch with the local police precinct or police department to collect statistics and make the judgment for yourself.

 

There are also a number of online databases that you can search. Neighborhood Scout, Crime Reports, My Local Crime, and City-Data all break out reports by location. Family Watchdog also provides information on registered sex offenders.

Nate Berkus Sells Greenwich Village Penthouse for $9.8M

6sqftJune 21, 2016

Interior design couple Nate Berkus and Jeremiah Brent listed their pristine Greenwich Village penthouse in November of last year for $10.5 million. Though they undertook a beautiful update (which was featured as the cover story in last September’s issue of Architectural Digest), this was a steep increase, so it’s not a total surprise that the selling price came in slightly lower at $9.8 million. According to the Observer, the buyer is “financier-slash-jewelry designer” Charles de Viel Castel.

 

The duplex spread was renovated to hold entertaining on one level with the family quarters (three bedrooms) below. There’s 10.5-foot coffered ceilings, four fireplaces, a wrought iron staircase, and a glass-enclosed office.

 

A modern kitchen opens to a formal dining room; between them, pocket doors can be opened or closed depending on the setting. The kitchen, which has a gorgeous wall of windows and skylights, is described as a “space only found in old-world New York mansions.”

 

The very large master suite boasts a “dressing room larger than most bedrooms,” according to the listing. The marble master bath is not too shabby, either.

 

Berkus and Brent had previously gushed over the pre-war co-op at the Emery Roth-designed 39 Fifth Avenue: “We couldn’t stop thinking about the apartment, believing we were meant to live there…we were able to create the home of our dreams.” Their daughter Poppy was born last March, which could be the reason for the move.

Nate Berkus Just Sold His Sky-High Manhattan Penthouse

Elle DecorJune 21, 2016

It should come as no surprise that design guru Nate Berkus is also a real estate mogul.

The interior designer has sold his Fifth Avenue penthouse apartment for $9.8 million to financier-slash-jewelry-designer Charles de Viel Castel, according to Luxury Listings NYC. That's nearly twice what he paid for the three bedroom, two-and-a-half bath pad in 2013, the Observer reports.

Highlights of the space include 10.5-foot coffered ceilings, three wood-burning fireplaces, a wrought-iron staircase, and a closet that is bigger than most apartments.

Rumor has it that Nate and his husband, Jeremiah Brent, could be on the hunt for a more kid-friendly home, but there's no word on where the family's heading next. It may not be too far away – the designer moved to this space from an apartment building just three blocks away, according to the Observer. One thing's for sure: It will be stylish beyond compare.

Nate Berkus Sells Greenwich Village Duplex For $10M

Luxury Listings NYCJune 20, 2016

Remember Nate Berkus and Jeremiah Brent’s absolutely dreamy Greenwich Village duplex apartment? Well, no surprise, but the interior design power duo has managed to sell the place at 39 Fifth Avenue for $9.8 million to financier and jewelry designer Charles de Viel Castel. Emily Beare of Core had the listing.

Nate Berkus Has Sold His Village Duplex For $10M

The Real DealJune 20, 2016

From Luxury Listings NYC: Remember Nate Berkus and Jeremiah Brent’s dreamy Greenwich Village duplex apartment? Well, no surprise, but the interior design power duo has managed to sell the place at 39 Fifth Avenue for $9.8 million to financier and jewelry designer Charles de Viel Castel.

Nate Berkus’ Gorgeous Village Penthouse Sells for $9.8M

ObserverJune 20, 2016

The Oprah-approved designer has sold his gorgeous Greenwich Village penthouse, for nearly twice the $5 million he paid for the space in 2013.

 

The duplex did, of course, get the full royal renovation treatment from the famed interior designer, who resided in the three-bedroom, 2.5-bath pad at 39 Fifth Avenue with his husband, fellow interior designer Jeremiah Brent, and their daughter, Poppy, who was born in March last year. Now that they have a child, perhaps they’re looking to upgrade to some kid-friendly digs, but it couldn’t have been easy to leave this prewar co-op.

 

It was, of course, featured in Architectural Digest–on the cover, obviously, showcasing such features as the corner living room with 10.5-foot coffered ceilings, three wood-burning fireplaces, and a formal dining room. The chef’s kitchen “offers space only found in old-world New York mansions,” per the listing held by Core broker Emily Beare, which apparently means a “Butcher block,” marble countertops, and lots of fancy appliances along with a wall of windows and skylights.

 

The duplex has a wrought-iron staircase, a study, and a “glass enclosed office,” perhaps so one can look out at the loveliness of the space while doing work. Which, in Berkus’ case, is designing even more pretty spaces. There’s also a master suite with eastern views, a fireplace, and what the listing promises to be a “dressing room larger than most bedrooms.”

 

The penthouse was scooped up by non other than financier-slash-jewelry designer Charles de Viel Castel, who paid $9.8 million for the space–sure, it’s not quite the $10.5 million that Berkus was first asking, but it’s definitely not chump change!

 

Burkus is a big fan of Greenwich Village–he moved to this penthouse from 23 West 9th Street, a brisk three-minute walk away. “This neighborhood, particularly the blocks around West 11th and West 10th streets, has a unique magic,” Berkus told Architectural Digest.

 

Well, even if he makes the daring leap outside of those two blocks, we think it’s safe to assume he’ll make it (almost) as stylish as this one. Almost.

On the Market

The New York TimesJune 19, 2016

A two-bedroom two-bath in a prewar elevator building with a live-in superintendent. 

 

PROS A long foyer leads to a spacious living room with an adjacent dining area. A kitchen pass-through lets in light and connects the space to the dining area. A roomy master bedroom suite has a double shower with two shower heads. There are high beamed ceilings throughout.

 

CONS The windows look at neighboring buildings. The second bathroom has a quirky layout with a column in the middle. The building lacks a doorman.

 

102 East 22nd Street, 1EF 

Gain A Competitive Edge

Crain's New YorkJune 19, 2016

When Unilever needed space for its Co-Creation (Pitch) Center—where the multinational brand works with consumers on product development—commercial broker Alex Cohen’s client, based in the U.K., was interested in opening up in Red Hook or the Lower East Side.

 

Cohen, lead commercial broker for New York City brokerage CORE, knew that those neighborhoods would not be ideal. He turned to an app on his iPad called CoStarGo to illustrate this. CoStarGo provides detailed listings and property data, photos and other information.

 

“I had to show them the Lower East Side was not developed the way the Hudson waterfront is,” he said. “It was sweatshops and tenements. It doesn’t lend itself to the kinds of creative occupancies that neighborhoods like Tribeca and SoHo do.” Unilever eventually signed the lease for a 30,000-square-foot space at 99 Hudson Street in Tribeca, moving there in 2015.

 

Many real estate professionals in the city are turning to specialized apps and websites to keep in touch with clients, show spaces to distant prospects, research properties and promote listings. There are plenty of tools vying for their attention, with real estate tech startups raising a record $1.75 billion in 2015, according to CB Insights.

 

Apps can be especially useful for on-the-go research, say brokers. When Cohen needs to learn who owns an off-market building for investors, he uses Reonomy, a real estate analytics software. That can save him precious time. “I’m negotiating right now for a NoHo building that is not on the market,” said Cohen. “We used Reonomy to identify the actual owner behind the LLCs. He’s overseas.”

 

Reonomy has some competition. Commercial broker Michael Vallejo and his client passed a building recently where a client was interested in the office space. Vallejo, who works for TheSquareFoot brokerage in Manhattan, quickly turned to Falkon, a real estate property research app focused on New York City, to find the owner’s name.

 

“I shot [the landlord] an email right there and askedhim if he had anything available that met the client’s requirements.” Though he did not, Vallejo said the app saved him from a lot of time-consuming sifting through city records.

 

Compass, a tech-enabled residential brokerage based in Manhattan, has developed its own apps. “New Yorkers are obsessed with data and obsessed with real estate. When you can match data with real estate, New Yorkers love you,” said James Morgan, a top broker there.

 

Not long ago, the technophile broke out the firm’s market data app during a pitch to a couple on Central Park West. “I’m pretty sure I got the listing because I was able to pull out my phone and share exciting news about an innovative app,” he said.

 

Nooklyn, a tech-enabled brokerage based in Brooklyn, has attracted more than 23,000 users to a platform where they can rent apartments, connect with roommates, and learn about neighborhoods. Nooklyn’s 116 agents list properties on it, as well. “It took off immediately,” said co-founder Harley Courts.

Mickey Drexler’s TriBeCa Home

InCollectJune 17, 2016

Mickey Drexler unloads another NYC gem.

 

Just last month, we reported that Mickey Drexler was selling his stylish TriBeCa residence. Now, the J. Crew CEO is unloading another stunner in the same neighborhood. The twenty-four-foot-wide, 9,000- square-foot Renaissance-style loft is located in a late-nineteenth century building designed by Hugh Getty for Samuel Crooks, a wholesale coffee and tea merchant. The building was used as a roasting plant before it went residential.

 

Drexler enlisted the French architect Thierry Despont to transform the space into a single-family residence. The five-bedroom home is filled with stunning fixtures, unique materials and finishes, and custom design touches that incorporate elements of the structure’s industrial past. The property boasts a grand entrance foyer with glass block inspired by the Modernist architect Pierre Chareau's seminal Maison de Verre in Paris, a 1,500-square-foot living room with soaring ceilings, a rooftop terrace, a gym, a sauna, and a commercial-sized elevator.

 

For the furnishings, Despont opted for rich textures, bold colors, and lustrous finishes, creating a sleek and sophisticated ambiance throughout the home. In the living room, sumptuously upholstered furniture mingles with striking mid century lighting and sculptural decorative objects, while the black-and-yellow dining room boasts graphic patterns and geometric forms, including a commanding Stilnovo chandelier. This one-of-a-kind loft is listed for $29.9 million. Click here to view the full listing.

Vast Tribeca Apartment

InmanJune 15, 2016

This spacious apartment in Manhattan’s Tribeca neighborhood has been recently renovated with a new kitchen and remastered bathrooms. On top of sweeping views of the city, a media room and new wine bar, the place has an upgraded Creston AV system to control temperature, lights, music and shades.

 

The home is listed at $9.995 million by Jim St. Andre with CORE.

How to Find the Best Retail Space for Your Pop-up Shop

NCR SilverJune 15, 2016

Opening a pop-up store is a great way to boost your business — if enough people find it. Because these stores are temporary by nature and the window for making a profit is small, picking the right location is critical. Choose well, and your pop-up should thrive. Choose poorly, and it may go bust.

 

Pop-up shops can live in countless places, from empty retail storefronts to public event spaces to active stores that may rent you room to sell your related goods.

 

If you choose to rent empty retail space, scouting locations is not dissimilar to shopping for a traditional store location, said Alex Cohen, lead commercial specialist at New York City real estate company CORE. Some of the same considerations apply: visibility, storefront size, signage potential and the volume and demographics of customer traffic to neighboring retailers.

 

“Obviously, you want to avoid locations that may be subject to road closures, police actions and other calamities that may undermine your sales,” Cohen said.

 

Here are Cohen’s top tips for choosing the best, most appropriate spot.

 

Clarify your goals

 

Before you look for locations, determine what you want from your shop.

           

“You must establish whether the goal of the pop-up is to maximize net revenue from sales, which would make a location’s rent cost and other expenses critical concerns, or to build brand awareness or launch a new product, in which case the relationship between rent and potential sales is less direct,” Cohen said.

 

Determine how much money you have to spend

 

Don’t assume empty store space equals low rent. “Even neighborhoods with a large amount of vacant storefronts don’t necessarily mean your pop-up will get a deal on rent,” he said.

 

When you look at a space, think about how much time and money will it take to make it work. Does it have the basics you need, such as enough shelving and good lighting? Do you need a dressing room? Can you build one if there isn’t? Does it have adequate electricity and access to Wi-Fi for your POS system?

 

Decide how visible your pop-up shop needs to be

 

“One approach is to focus on very high-traffic and expensive rent areas where foot traffic and visibility will drive customers to the the pop-up store location,” Cohen said. “In New York City, this would mean renting a store in Times Square for a mass market audience, on Madison Avenue in the 60s if you are targeting well-heeled tourists or the wealthy, Upper East Side and older demographic, or prime Soho streets for the affluent younger shopper.”

 

An alternative approach is to rent space in a lower traffic, less visible (and therefore less expensive) location. “But for these locations, more marketing dollars will be spent to drive traffic to the store as a destination.”

 

Know your target customer

 

No matter how much money you have to spend on location, if you put your pop-up shop in an area where none of your potential customers will find it, you won’t succeed.

 

Know who is most likely to purchase your products and do all you can to locate your pop-up in their path. If you’ve been selling merchandise online or in a main store, you may already know your niche. Next, research the types of customers who frequent the area you’re considering. Visit the space at different times of day. Pay attention to other shops in the area to see if you can capitalize on their customer traffic.

 

Read the fine print

 

Know the terms and restrictions of your lease or rental agreement. “Definitely avoid stores where your leased possession of the store is dependent on when and if an existing tenant vacates. An existing tenant holding over in the space can eat into your valuable selling period,” Cohen said.

 

Be sure you can make temporary modifications the site or shop if you need to. Confirm the rules for signage and the hours you may operate.

 

Know the difference between a lease and a license. A lease is a temporary agreement for use of a space. It will state how you may and may not use the space and is generally for exclusive use of a space. A license gives you the right to use the owner’s space, much like a lease; however, it may not grant you exclusive use of a space. A license is granted for more short term use of a space.

 

Finally, be sure you have the permits required by the municipality in which you plan to conduct business.

Interiors For 74 Kent Street

New York YimbyJune 14, 2016

One of the landmarked Eberhard Pencil Factory buildings has sat vacant at 74 Kent Street in Greenpoint for several years, after a drug bust and a failed residential conversion. Now, renovations are nearly complete at the 108-year-old building, and the owners, Caerus Group, are on the hunt for trendy tenants to fill the space.

 

They’ve commissioned SGA Architecture to create renderings of what the built-out spaces could look like. For now, the floors are renovated and empty. Caerus hopes to attract tech, media, and design tenants, and restaurants or retailers could fill the ground floor and lower level.

 

The brokers, Alex Cohen of CORE and Stephen Ruiz of Cushman and Wakefield, expect to rent the space for roughly $50 a square foot. “Vice Media was the first to pay those kind of office rents [in North Brooklyn],” said Ruiz, referring to the company’s new headquarters in part of the former Domino Sugar Factory campus in south Williamsburg. “And there are projections that rents could get up to $60 or $70 a square foot.” He added that this was the largest office space available for rent in the area right now, rivaled only by the 40,000-square-foot community facility space in the William Vale Hotel in Williamsburg.

 

The 33,000-square-foot building features 16-foot ceilings, and individual floors range from 8,200 to 9,200 square feet. Tenants on the second and third floors will get private terraces, and there will be a shared, landscaped roof deck on the top floor.

 

74 Kent first hit the market at $60 a square foot in December, but no tenants have signed leases yet, according to the brokers.

 

Kickstarter moved into another one of the landmarked pencil factory buildings two years ago, becoming the first major “TAMI” tenant to arrive in Greenpoint. TAMI stands for technology, advertising, media, and information.

Winka Dubbeldam Asks $13.75M For Renovation

6sqftJune 13, 2016

When Tia Cibani, creative director of popular Canadian fashion brand Ports 1961, left the label after the birth of a new baby, she was far from abandoning her fashion career. The young international designer launched her eponymous label in 2013. Though a creative career and family life are a lot to balance, being able to call this four-story, 5,000-square-foot West Chelsea townhouse home certainly didn’t hurt. When Cibani purchased the home for $4.4 million in 2007, it needed a total overhaul, and noted Dutch architect Winka Dubbeldam, designer of Tribeca’s V33 and the Greenwich Street Project at 497 Greenwich Street, was just the innovative force the project needed. The 1910 townhouse–with colorful contemporary interiors that are anything but stodgy–is now on the market for $13.75 million.

 

The 21-foot wide home on a street lined with the coveted neighborhood’s loveliest townhouses and gardens got the full treatment from Dubbeldam and her firm Archi-Tectonics. Dubbeldam is known for her innovative designs using sustainable materials and smart building systems, all of which are evident in the choices made during the four-year renovation that transformed this remarkable residence. The home was featured in New York magazine, where Cibani explains the creative collaboration process in which she designed the interiors herself.

 

12-foot high carved wood walls separate the entry foyer from the main parlor/living room; the walls slide in two directions to create private or public open space.

 

Warm Siberian oak floors imported from Russia offset modern details like an all-glass rear facade and a unique interior staircase separated from the living area by floor-to-ceiling panes of glass. Light from a skylight and a rear garden fills the home.

 

On the garden level are a guest suite with an en-suite bathroom and kitchen, a laundry room and a den with a wet bar.

 

One floor up on the parlor floor is the aforementioned living room with a fireplace, a large open kitchen from Valcucine and a dining room overlooking the large, landscaped rear garden through floor-to-ceiling windows.

3 Apartments Under $1.1M to See This Weekend

DNAinfoJune 10, 2016

188 Woodpoint Road, 2B

 

Lowdown: This second floor corner apartment in a small elevator condo from 2011 has triple exposures and a 228-square-foot terrace that opens directly onto the living rooms.

 

“It’s really all about the terrace,” said Win Brown, of CORE. “It’s like doubling the size of your living room.”

 

Besides the fluid boundary between the terrace — which is the largest in the eight-unit building — and the living room, there’s also a pass-through window from the kitchen to the terrace, making it easier to move dishes between the two spaces.

 

The unit also has ebony-stained oak floors, Carrera marble counters in the kitchen and a king-sized master bedroom with a double closet and en suite bath.

 

The building has good financials, Brown noted, and has two commercial spaces in the ground floor, including a home design firm and an empty unit that formerly housed a yoga studio.

 

Location: It’s perched on the corner of Woodpoint and Skillman, amid a mix of other new development and typical vinyl-sided row houses in a quiet area of Williasmburg. It’s just three blocks from Cooper Park, with its new tennis courts and other features. It’s three blocks from the Graham Avenue L train and near the area’s new boutiques as well as older faves, like Fortunato’s.

 

Why put it on your open house calendar? “It’s priced very well for a two-bedroom in today’s market,” Brown said.

This $675,000 Studio Comes With A Secret Garden

GothamistJune 09, 2016

A little sidewalk door marked 340a on West 11th Street is a portal to a magical world that you can be a citizen of... if you have $675,000. That's how much a studio apartment is going for in the 19th Century "back house" at the address. It's damn charming, and will transport you to a more bucolic, old world Manhattan. Sometimes New York City looks like that.

 

The West Village apartment features a wood-burning fireplace, a little alcove for you to dream sweetly in, pure bliss, other things you'd expect in an apartment, like a stove, a bluebird that comes to your window every morning, and a courtyard. A private courtyard, but presumably you'll need to share it with 41 other units in the complex. Bonus: no upstairs neighbors, as this slice of heaven is on the top floor. 

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