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Manhattan, NY Real Estate News

By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
You've Found IT....Fallen in Love and Make an Offer-and Holding your breath for an Outcome! I know that Realtors are fortunate enough to see this and hear this all the time.  You may have worked with a couple for AGES, shown them dozens and dozens of homes and just when you're ready to cash in the towel, you catch that "look."  The one you've seen before...the one that says they can't LIVE without this house.  There are offers to be made, Home Inspections to sweat through and mortgages to qualify for....and what about the BIDS from other potential occupants?  I can't even imagine how stressful it is because if Activerain is ANY indication how hard a Realtor will work for a client to get them into THEIR home, that's a LOT of work to be done and some sleepless nights. Although it may soun...
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By Rashaun Page
(THE RASHAUN PAGE AGENCY)
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By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
There is ANOTHER name for this post. It's called "How Many Pictures can you get into a POST?" Yes, the saga continues.  I certainly can't speak for all New York City Feng Shui Consultants but this one LOVES Manhattan and spent quite a day there.  If you've missed the first two parts of this you can read them here:  A New York City Day--Take a Walk with Feng Shui Long Island  A New York City Day, Pt. 2 Still Walking with Feng Shui Long Island To see some pictures of Central Park you can try:  A Feng Shui Consultant in Central Park, New York by Feng Shui Long Island   (My goodness, I wasn't expecting a whole SERIES :)So, we were FINALLY headed out of Central Park on our day in New York City and were going to find somewhere good to eat.  We exited Central Park on 79th Avenue on the Upper W...
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By Andrew King
(Avalon Real Estate Agency)
The first quarter is almost over and here is where we stand on prices. I thought it might be interesting to pass the market stats for Manhattan Sales. Average listing prices : Studios $636,942 One Bedrooms $938,994 Two Bedrooms $1,703,963 Three Bedrooms $3,229,273  The address everyone seems to want is UES. Here are some sprinklings of listing available now...Rentals:Studio on East 81st $1725Studio on East 74th $17501 Bedroom on East 85th $1975 2 Bedroom on East 84th $2695Sales: The Henry T. Sloane Mansion on East 68th $64,000,000 Well you get the idea, the market has slowed but the bubble hasn't burst :)   
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By Paul Macapagal, NYC Sales Expert
(Town Residential)
Closing Costs Condominiums For the Seller Broker: Typically 6% Own Attorney: Consult your attorney Processing Fee: $450+ NYC Transfer Tax: Residential: Up to $500,000 = 1% $500,000+ = 1.425% Commercial: Up to $500,000 = 1.425% $500,000+ = 2.625% Admin. Fee: Non-Deed Transfers (i.e., Co-ops) = $50 Residential Deed Transfers= $75 Commercial Deed Transfers = $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75 Miscellaneous Title Fees: $200-$500 Pick-up/Payoff Fee to Title Closer: $100-$300 Miscellaneous Condominium Charges: Vary by building Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes. For the Purchaser Buyer's Attorney: Consult your atto...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
RELOCATION PACKAGE Manhattan, New York City Relocation Guide Manhattan Living: Brownstones to Glass Mansions in the Sky Manhattan Relocation: Helpful Tips, Links and Contact Information Relocation Guide: Time Line For Purchasing A Manhattan Home Relocation Guide: Understanding (and loving) Manhattan New York Apartment Terminology A-Z: A Consumer Guide NYC Room Count: A Consumer Buyers Guide New York City Building Terminology Co-ops vs. Condos: Understanding Manhattan Housing The Co-op Board Interview: Tips to Help Pass a Coop Board Interview Manhattan Coop & Condo Restrictive Covenants Aztec Recognition Agreement FAQ About Manhattan New Developments Manhattan Selling "AS IS" Manhattan Closing Costs for Coops and Condos How to Rent an Apartent in Manhattan, NYC   Back to School Series B...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
COOPERATIVE APARTMENTS CLOSING COSTS FOR THE SELLER: Broker NegotiableAttorney $1,800.00 and upCo-op Attorney $450.00Flip Tax 1% to 3% of price (if applicable)Stock Transfer Tax $.05 per shareMove-out Deposit $500.00 -$1000.New York City Transfer Tax 1% of price up to $500,000,plus $25.00 recording fee, and 1.425% of price over$500,000.New York State Transfer Tax $2.00 per $500.00 of sales priceBank Attorney Fee $300.00UCC-3 Filing Fee $20.00 FOR THE PURCHASER: Attorney $1,800.00 and upBank Fees (if applicable):Points 0 to 3% of loan valueApplication, credit check, etc. $400.00Bank Attorney $450.00UCC-1 Filing Fee $20.00Short Term Interest One MonthMove-in Deposit $500.00 -$1000Recognition Agreement Fee $200.00Lien Search $250.00Maintenance Adjustment One MonthMansion Tax 1% where price...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
The Platinum 247 West 46th Street Sales are underway at The Platinum a 43 story condo being constructed in Midtown West. Unlike the recently completed The Link at 310 West 52nd Street that marketed the "Hells Kitchen" lifestyle, The Platinum is being marketed as the "cutting edge" building in Midtown West. Hells Kitchen, Midtown West, Clinton, The Theatre District, The Great White Way, Restaurant Row, whatever you want to call it - it is a vibrant hot neighborhood convenient to all. The 43 floors will have 220 apartments. Amenities include "The Zone" a full floor of unique lifestyle amenities including the Q lounge with billiard tables, spa lounge a retreat featuring a water wall, fitness center, golf stimulator , experimental shower, treatment room, outdoor terrace, cabana lounge seati...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
  Time Line Guide For Purchasing 1. Mortgage Pre-Approval: Typical Time frame: 30 minutes - 2 hoursYou must know how much you can spend before you spend it. Condominium apartments require at least 10% down; cooperatives generally require at least 25% down. However, every building is different. Go to this web site to get pre-approved and start the mortgage process. 2. Find an apartment: Typical Time frame: 3 - 6 months before closing.Depending on what you are looking for, the length of your search will vary. The average person sees 10 - 25 apartments before deciding on one. Viewing apartments on-line can save you time and headaches by eliminating those you don't like. The first apartments you see are often the best, so try to be alert and ready. 3. Negotiations: Typical Time frame: 1 hou...
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By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
A PERFECT New York City Day....When I can, I love to add pictures.  Yes, Rod Stewart was right, every picture tells a story.  I had written about that beautiful, spring-like day we had in January and showed several pictures of Central Park.  What I didn't realize at the time was how many people LOVE that park and some have some very special memories there.  This post is just a walk up to the Park but I am going to add more photos of Central Park to enjoy. What exactly is it that a Feng Shui Consultant loves about New York City?  EVERYTHING!My daughter was home for winter break when we heard a high would be in the 60's for that day; we just looked at each other and didn't have to say a word.  On the very first warm, sunny day after the winter each year I head to Central Park-to get outsi...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
  Before you come to love Manhattan, you must understand our peculiar housing market. Manhattan is a unique place in the real estate universe. Not only does it have a large rental market (75% of the available housing units vs. about 5 - 10% in other markets), but it has ownership and other important differences that are often puzzling to newcomers. 70% of Home ownership in Manhattan is in coop apartments. The rest are condos, condops and townhouses. Most new construction developments are condos. Most pre-war apartments are co-ops. Manhattan apartments are either pre-war (WWII) or post -war (modern.) Most Townhouses or Brownstones were built in the 19th century. Showings normally 9 - 5 p.m. (7p.m. the latest) Most co-ops have restrictions on showing times that vary widely, but must be ad...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
President Bush's plan to relieve mortgage debt could be a boon to NYC co-ops. The Mortgage Forgiveness Debt Relief Act of 2007 will allow co-ops to raise rents for their retail tenants, which could bring in more money to pay for staffs, and capital improvements and can lead to reduced monthly maintenance fees, the New York Sun reported.The federal 80/20 law had mandated that no more than 20 percent of a coops income could come from outside sources including commercial tenants. This law had become a problem for many coops that include retail space in their buildings since retail rents have gone up significantly. Many coops have been renting space to Mom and Pop retailers at low rents to keep the outside income within 20 per cent. A change in the law modified those rules late last year, a...
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By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
Well, I did it....and I had a BLAST!  In case you're wondering what I'm talking about, I was due to read a blog post for a Radio Station at Fordham University....Activerain Hits the RADIO! A True Activerain SUCCESS STORY! by Feng Shui Long Island  The show is about Interior Design and they will have several Interior Designers speaking about all different aspects of it.  And included in there will be my Feng Shui Post (modified and edited per their request).  I also have to wonder, was THIS what was coming??  It very well could have been!Historic Fordham University, Keating Hall, Home of WFUV Radio for New York City.I got to go to prestigious Fordham University, a historical college campus located in the Bronx, New York.  The radio station also has other offices in New York City.  It's a...
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By Rudy Bachraty
(Director, Communications & Partner Strategies, WellcomeMat)
Because as far as I know, he is the first real estate blogger in New York City to do it in such detail. Chances are, you can be the first to do it in your city or town too. James Hathaway and the New York Condo Blog team put together a list of the Top 100 Condos in New York City. This is a great example of how real estate agents across the nation can demonstrate their local area expertise while adding value to their readers. Information is power. So who's next? 
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By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
Quite often I am asked just how long will it take for Feng Shui to start working...in other words, when will they see changes?  I tell them it's impossible to tell.  We were always taught the art of using Feng Shui in your space is a PROCESS and for some people, it can literally change the Energy of a space overnight and things will start to change.For others it can take weeks or even months and they can become frustrated and lose confidence.  That is the worst mistake they can make.  A Feng Shui consultant cannot tell a client exactly WHEN the changes will occur, only that they will and they need to trust and believe in the process.  If negative thoughts start to come in, it will certainly delay the process.I have also noticed something else over the years that I don't have an exact an...
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By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
There are many things we could look at from a negative perspective in Feng Shui.  Or we can use INTENTION and some Western Methods to help correct our spaces.  What to do when a client does not want to put ANY money into a space?  We do the best we can and work with it.These particular clients lived in the beautiful part of New York City called Tudor City.  If you did not see the pictures of this lovely Historical part of New York, you can take a look here:My clients, a husband and wife, had recently left a 4 bedroom, 2 bath home in sunny Florida to relocate back to Manhattan. They had formerly lived in Tudor City and were delighted to find a studio there that was available to rent.  They did plan to move, however, when a one bedroom became available and did not want to put any money in...
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By Anthony Carollo
(Carollo Real Estate Inc.)
According to a recent article Home Prices Start to Dip, Recalling '90s Slump on NYTimes.com all the talk of the housing slump and downward real estate market seemed foreign to most homeowners, considering that the value of real estate has increased exponentially in value in recent years.  For example, the prices of real estate in Manhattan make  homeownership unattainable for most.  Although, the Manhattan real estate market has remained strong throughout this alleged slump, more cracks have begun to show in the housing market.  Furthermore, some analysts have gone as far to label the present market comparable with "severe downturn in the region during the recession that followed the boom years of the late 1980s."  According to the article, the strongest tell tale sign of trouble is the...
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By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
Feng Shui in New York City @ Historic Tudor CityAs well as I think I know New York City and much of Manhattan, I don't know how I've missed this beautiful, historic place.  I'd likely not have seen it, either, had I not been called to Feng Shui a New York City Apartment.  I was fortunate to get there early and had time to explore this lovely part of Midtown that I had never seen before.It was truly like stepping back in time.  The streets are very narrow for residents only and it is the quietest area of the City I have ever been in; if you didn't KNOW you were in New York City, you wouldn't believe you were right in the HEART of it!A bit of history that my client shared with me:  Tudor City is a historic district in Midtown Manhattan and was developed in the 1920's by Fred F. French.  H...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Manhattan neighborhood index for folks relocating to Manhattan. The Upper East Side: The Upper East Side has been considered Manhattan's most prestigious residential neighborhood covering the East of Central Park to the East River, and from 59th Street at its southern boundary to 96th Street at its northern boundary. While the most coveted, prewar homes on Fifth and Park Avenues are beyond the financial reach of all but the wealthiest New Yorkers, there are also surprisingly good values that abound nearby. There are exceptional values in all ranges of housing from post-war hi-rises to brownstones, and from rental to coop/ condominium ownership. It is the perfect quiet, residential area to raise a family with proximity to Manhattan's best private and public schools. Central Park, itself,...
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By Anthony Carollo
(Carollo Real Estate Inc.)
According to an interesting article posted on NYTimes.com Real Estate Section: Co-ops Reap Unexpected Bonanza a law changed last month means change for commercial tenants.  According to this law change cooperative buildings are now allowed to increase the rent they charge their commercial tenants.  Apparently, retail space in some cooperative buildings in New York City have rented at bargain rates and in some cases, tenants have received thousands of dollars back at the end of the year.  All of these measures were taken to ensure that tenants were not overcharged for their retail space.  Although all of this sounds quite generous, the fact is that these cooperatives were mandated to follow such practices because of the 80-20 rule, a federal tax regulation that requires residential coope...
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