apartment | Kevin Brunnock | NYC Real Estate Professional

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December 8, 2020

Tips for New York Home Appraisal

If you are looking to buy a new home or just refinance your current mortgage, your lender will want to schedule an appraisal. This objective assessment helps to determine what your home is worth. Something that ranks high to all lenders is the consideration of collateral on their loan. Whether you are buying or selling, it will help you get a feel for how appraisals work. Here’s how you can prepare for your NYC home appraisal.

What’s Involved?

So what should you expect if you have someone come to your home to appraise it? An appraiser’s job is very similar to a home inspector’s position, with some tiny differences. Items that range from big to small will be taken into account by your appraiser, so that geometric mural that you did during the lockdown may need to go.

Things That Go Into a Home Appraisal

While your potential buyer may love your place and decide that they are ok with your asking price, all lenders will require you to have your home appraised to determine its value. To help them arrive at an estimate, they will look at the following:

Your home’s exterior: The appraiser will look at just about every part of the construction of your home. From the roof to the foundation, walls, and flooring, these will all be the potential cause for the house’s value to decrease if the appraiser finds something wrong.
Size: A big part of determining the home’s value is the slot’s size and square foot of the lot. The more rooms and bathrooms that a house has can help to raise the value of the home. Knowing the floor area or FAR of the property will tell you if space has room for extensions, which can be another factor in the value.
Condition: Just like your exterior, the appraiser will go over the inside of your home with a fine-tooth comb. The flooring, kitchen, plumbing, electrical, and lighting are all components that your appraiser will be assessing.
Improvements: Your appraiser can also help you determine what might need to be updated to increase your home’s value. Renovating a bathroom or adding an HVAC system can add years of life to the property, which helps increase the value.

Who Receives the Appraisal Information?

The final verdict will be gathered by your appraiser and at the disposal of who ordered it; this is usually the lender. It is then up to them how the information is distributed, regardless of who paid for it. If the buyer asks for an appraisal, the lender is obligated by law to release that information. Your appraisal is valid for six months, but market prices can change quickly. Many lenders will only consider an appraisal to be valid for about three months. Any changes to the market or the property can drastically alter the value price.

January 14, 2020

Blending Traditional and Modern: New York City Real Estate Architecture

When you think “New York City architecture”, you probably immediately picture towering skyscrapers that reign over the city with all glass windows. You aren’t wrong, but if you look closer you’ll start to see several addresses transforming their facades in a new and exciting way. More and more architects are reimagining what buildings throughout NYC should look like. Many real estate addresses are taking a blended approach, giving a nod to the past while bringing the building into the future. Here are five of these innovative buildings you can search for the next time you find yourself in the Big Apple.

Prospect Leffert Gardens, Brooklyn

This 467-unit luxury rental building still boasts a glass facade, but incorporates brownstone-esque bay windows, precast concrete, and a chevron pattern to give homage to the surrounding architecture. The result is a stunningly unique place to live in Brooklyn if you’re looking for something both modern and traditional.

Oskar, Hell’s Kitchen, Manhattan

This luxury rental fuses modern glass and shapes with old-school masonry. The building features a rounded glass form but incorporates the traditional with white terracotta wrapped around the facade. While it blends well within its surroundings, its impressive fusion of modern and traditional elements set it apart, making it a unique find within New York’s real estate market.

11 Hancock, Harlem, Manhattan

This building, by far, has the most powerfully modern shape, but the traditional aspects are certainly there to make it stand out above the rest. The 12-story cantilevered structure offsets its modern shape by combining glas, steel, brick, and burnished copper, all paying tribute to different eras of construction in the city.

40 Bleecker, NoHo, Manhattan

Manhattan has no shortages of condos, but not all condos are made equally. This 12-story building sits in a landmark-rich neighborhood. The architects wanted to do something different but not so different the building would stand out as an eye sore. This address features a brick and metal facade with punched-glass window openings to give homage to the pre-war buildings that dominate the area.

July 15, 2019

Moving Tips If You’re Coming to NYC from Out of Town

Moving itself is a hassle, but moving to New York City presents a set of unique challenges, especially if you and your moving company are unfamiliar with the, ahem, quirks of the city. To ease your transition, be sure to brief your movers on the conditions they might experience, such as the lack of parking, tight spaces, and other issues that might arise. Prepared movers are better movers, and if your mind is drawing a blank, here are a few tips on what to discuss with your mover if you are coming from out of town. What you (and your movers) don’t know can end up costing you extra.

Big Trucks Won’t Fit

Most of the time, you won’t be able to bring an 18-wheeler into the city. Some companies will drive a truck to the outskirts of the city before transferring to a smaller truck to shuttle into the five boroughs. Be aware though: you’ll be charged what’s known as a “shuttle fee” and should be sure to have that included in your quote.

Certifications and Insurance

Most elevator buildings in Manhattan require proof of insurance from the hired moving company prior to authorization to work in the building. As such, out-of-state moving companies will likely be blocked from doing the drop off at the building. If your moving company is from out of state, you may need to look for an additional moving company that has the needed requirements.

Tight Spaces

New York City moves are notorious for their narrow hallways and tight stairways. As Lior Rachmany, CEO and founder of Dumbo Moving + Storage, puts it, “Only the best of movers can move in New York.” Make sure that your movers have experience with these kinds of spaces. More often than not, it will be necessary to disassemble furniture prior to moving. Be sure to discuss what happens to the furniture before it gets loaded on the truck.

June 26, 2019

How New York’s New Rent Laws Will Affect Real Estate

Tenant protection laws were first introduced to New York City in 1920. The country was recovering from World War I and many landlords were raising rents monthly due to a housing shortage.

Just this month, landlords and legislators are having similar conversations about New York’s rent laws. On June 14, 2019, New York State and Assembly leaders passed new laws to protect tenants by controlling rent in New York. In light of the new law, landlords will have limited ability to raise rents, even if renovate their buildings or apartment complexes. Landlords can also no longer be able to raise rents due to vacancies or deregulate apartments.

So what does this mean for NYC real estate?

The new laws have shocked New York’s real estate investors. Some landlords and investors are concerned that they will not be able to cover the costs of maintaining buildings without the ability to raise the rent. This leads to concerns that property values will decrease and many landlords will choose to sell.

Some people, however, are seeing opportunity in the new market. Some property owners who will now struggle to stay afloat will be looking to sell quickly and likely for lower prices than they would have otherwise. Furthermore, the newly passed laws are expected to cause foreclosures, which lower property values. Investors who are able to take advantage of the lower prices for property may be in luck.

The long-term effects of these new laws have yet to be seen. While it’s likely that some investors will suffer as a result of the new restrictions, others may flourish. Many have theorized on the potential outcomes, but it will take time before the consequences come to fruition. In other words, “only time will tell.”

October 11, 2018

Top 10 Luxurious Apartments for Rent in NYC

Moving to New York City is an extraordinary opportunity. The possibilities are endless, the neighborhoods are continuously expanding, and the broker fees are almost everywhere. There are even ways to avoid broker fees! Apartment hunting can be a long and draining process. Take a little time to have some fun by looking at some of the most extravagant listings out there. These listings will give you something to strive for. Imagine instead of $2,000/month, think instead $50,000. Below is a list of the most luxurious apartments for rent in NYC.

Soho – 20 Greene St. – $75,000/month

This gorgeous two-bedroom mansion lives on the (key-locked) top floor of the building. It is made up of 4,189 glorious square feet. The ceilings stand at a towering 14-feet, dark hickory floors, an oversized fireplace, surround-sound speaker system, central climate control, custom-design casement doors, and windows. The kitchen is freshly renovated with industrially sleek style. Enjoy your very own private outdoor gardens attached to the unit. It gets better (which is hard to believe), there’s also a master suite overlooking a bluestone patio, whose bathroom is finished with stylish black and white marble finishes and deep brass lining. And to top it off, it includes a home office, exercise room, and three other terraces that are on the second floor.

Upper East Side – 985 5th Ave. – $25,000/month

This apartment complex is 26 stories above Manhattan, each of which holds two residences with breathtaking views of Central Park. Each apartment contains a formal dining room, gourmet granite kitchen, polished hardwood floors, marble bath, and multiple walk-in closets. Here you have access to multiple building terraces, a private entrance to your apartment, and a fitness center.

Theater District – 130 W 44th St. – $75,000/month

This is a pent-out penthouse and is better known as the Director Suite. Thierry Despont designed the light ochre suede walls, leather-wrapped furniture, and two bedrooms, each containing their own massive granite bathroom. The kitchen is outstanding and fully equipped. It also has an 8+ capacity dining room.

NoMad – 121 Madison Ave. – $10,904/month

This duplex penthouse apartment provides a stellar view of Manhatten, specifically the Empire State Building. It also includes a glorious wrap-around terrace, and the master bathroom has a marble soaking tub, stall showers, double sinks, and a walk-in closet. The kitchen is freshly redone with premium cabinets and stainless steel appliances.

West Village – 165 Charles St. – $60,000/month

A fantastic 4 bedrooms, each with its own marble bathroom, walk-in closets, and a wraparound terrace. This is an award-winning duplex and it will surely take your breath away. Between views of the Hudson River, a renovated chef’s kitchen with sleek white cabinetry and a climate-controlled wine cellar, and a beautiful naturally lit frosted staircase, it’s almost impossible to choose which feature is the best. Let’s not forget, the building features a 50-foot indoor lap pool, gym, sauna, movie theater, and resident lounge.

June 10, 2018

Affordable NYC Housing – Summer 2018

Affordable housing in the wonderful city of New York isn’t the easiest to find, but have no fear, there is a light at the end of this tunnel. Recently, New York’s Curbed posted an article on some of the most affordable locations within our metropolitan. Spots are filling up quickly though so apply right away!

Manhattan West
This megabuilding is a 62-story tower located in the western part of Manhattan. There are a few floor plans to choose from including one-bedrooms, two-bedrooms, and just a couple of three-bedrooms. Rent can range from $600+/month to $2,500+/month. They have an application deadline of July 10 so act quickly.

222 East 4th St
Located only a few blocks from Grand Central is a 42-story rental. The deadline to apply for this location is July 2. It’s finishing up its development by BLDG Management with the design of Handel Architects. At its completion, it will be home to 300+ units. Rent is estimated to be between $600+/month and $2,700+/month for a mix of studios, one-bedroom, and two-bedroom units.

Tremont Renaissance
This 12-story development is located at 4215 Park Ave in the Bronx Tremont neighborhood. The units throughout this building have a rent between $800+/month and $1,900+/month. Great for singles and also families.

Hunters Landing
59 affordable units are offered at Hunters Landing, just a few blocks from the train stop on Hunters Point Avenue. These units, ranging from a studio to a three-bedroom, are offered exclusively to middle-income New Yorkers.

1 Flatbush Ave
The Brooklyn rental, located on Flatbush Ave and Fulton St, is a 19-story building that has just opened a lottery for their 37 available units. Although a majority of the rentals are studios, there are a few one- and two-bedroom units as well. Rent rates are from $900+/month and $1,100+/month.

The Maya
Possibly one of the best apartment complexes in New York City is the Maya, located in the Jamaica region of Queens. Each of the units, including all from studio to three-bedroom, feature an outdoor space, indoor/outdoor parking, a fitness center, and a rooftop terrace. Rents are in the range of $1,400+/month and $2,200+/month.