new york city | Kevin Brunnock | NYC Real Estate Professional

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January 20, 2021

Why New York City is Poised for a Real Estate Bounceback in 2021

Throughout 2020, New York City has been hit hard through various lockdowns and preventive measures against the COVID-19 pandemic. Hope has been on the rise though through upcoming vaccines, and some of the project developments that have cropped up in the meantime. Take a look into just some of these projects opening up in New York City from 2021 and beyond.

Residential

More people than ever are coming to New York City to start fresh or take on a new job opportunity. The city is building around these people through various buildings like Sven, a 958-unit skyscraper built in Long Island City, or the easily affordable building opening up at the Astoria waterfront. For those living around the Bronx, many restaurants and shops are planning on opening up at the La Central residential complex in 2021. Make sure that you are always looking more into how New York City is building itself around the people that live in it.

Commercial

While people have been spending 2020 working from home, businesses have been spending time reinventing their office spaces. JP Morgan Chase is choosing to move to 425 Park Avenue for their brand new tower, a home for many employees working out of the city. Developers around New York City understand the need for more restaurants for workers which is why the Manhattan West complex is planned to open up in 2021, a food hall including some of the most famous chefs and food brands around the city. Always look around and see how New York City is constantly becoming a better place for those working there.

Art

New York City isn’t just a great city for those looking for a new job but for those interested in art as well. At the World Trade Center, the Perelman Performing Arts Center will be opening up for black creators looking to make their work known in theater, music, dance, and more. Architect David Adjaye has also been working with The Studio Museum in Harlem to construct a new building to hold all of their collections. Whether you are interested in some of the pre-existing venues or some of the new art establishments being built in New York City, you always have somewhere to visit no matter what art medium you’re interested in.

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.

July 28, 2020

Tips For New Residents of New York City

So you’ve decided to take the plunge and choose to live in New York City. While this is an exciting choice, it’s oftentimes a gigantic change, especially if you’re coming from a small town or someplace more rural. While you might think making the adjustment will be easy, it’s almost guaranteed you’ll have a rough time if you’re moving there and have nobody to guide you. Luckily, there are plenty of guides that feature tips and tricks to help you adjust, with many of them coming straight from the mouths of both newer and older New York City residents. Here are a few of those tips and tricks.

Prepare Your Budget

You’ve probably heard about this but you won’t truly understand until you experience it; living in New York City can be expensive. Many times you’ll find that living in Manhattan and other parts of the city costs double of what it cost to live where people are previously coming from, unless they’re coming from an equally pricey area such as another metropolitan area. If you think you have enough money prepared for the adjustment, think again as you’re likely under prepared.

Public Transportation

Owning a car while living in New York is often no fun at all. Many New York Residents have gotten used to taking public transportation. You have the option of taking a bus, taxi or the subway, and the options vary in price and where they’ll bring you. Since traffic is always so jammed up in the city, public transportation is likely your best option so it might be wise to figure out your favorite style of transportation and stick with it.

Feeding Yourself

Feeding yourself when moving into the city can be a little challenging at first. Depending on where you live, you’re likely not going to be able to go to the large grocery store’s you may be accustomed to. Oftentimes you’ll be walking to the closest bodega and only getting enough groceries that you can carry home to your apartment. If that isn’t enough to satiate you, you may be tempted to order take out or go to a restaurant. While that’s not necessarily a bad choice, it’s quite expensive and can add up quickly. It’s important to figure out this balance before you overspend by eating out all of the time.

June 4, 2020

Should You Buy Or Rent In NYC?

If you’re moving to New York City, one of the hardest decisions you’ll likely have to make is choosing between buying a home there or just renting one. Many different factors come into play when making this decision. Are you planning on staying in New York for a long time? Can you afford extra chargers such as utilities, food, entertainment, and property taxes? These are some of the common questions you should ask yourself before deciding if owning your home is worth it. It usually takes about 5.6 years in order to break even after buying a home in New York, so if you think you’ll be there that long or longer, buying may be worth it. To be sure, let’s take a look at some of the other benefits that come from both buying and renting in NYC.

Renting

While a lot of people say that renting is a waste of money in the long run, there are still plenty of perks that come with it, especially in a place like New York City. First off, by renting your home you can give the neighborhood or even the building you’re in a “test drive”. It gives you the chance to learn more about the area you’re in. Another great perk to renting is that in most situations the landlord will pay for most utilities outside of electricity and the internet. You may have to pay more for these units but overall this makes things like budgeting much easier. Renting also helps you get your money situation in order in case you ever decide you do want to buy.

Buying

One of the biggest perks of owning your home is the fact that you build equity. When you rent, the landlord builds equity, meaning you get nothing but the space you’re renting. Building equity is great because once the mortgage is paid off you can use that equity to borrow money for another large purchase in your life. Buying is also great because of the tax reductions you get, as well as the potential for the IRS not applying capital gains tax when you sell your house. Finally, the ultimate benefit of buying your home is the freedom you get. You can do whatever you want to your home when you own it, but when you rent it there are usually distinct boundaries.

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.

September 17, 2019

4 Reasons to Live in NYC

If you’re looking for a new city to move to, you should be considering New York City. There are many reasons that 8.6 million people have chosen to call this great city home. In addition to our world-class museums and entertainment, here are four reasons to live in NYC.

1. NYC is where many great things begin.

If you enjoy being in the “center of the action” or being the first to experience new things, NYC is the place to be. Many great new things start in New York City, including technology, architecture, and music.

2. You can be “green” in NYC.

When you live in New York City, you can opt-out of driving a car. Instead, you can choose to walk to many destinations or, if you have a longer commute, the subway is always an option. Furthermore, an increasing number of apartment complexes are also now composting and recycling. You’ll also find that most places to live in NYC require less energy due to the vertical nature of the buildings.

3. NYC is full of history.

Whether or not you are a history buff, it’s hard not to enjoy the history around NYC. The city’s architecture is full of rich history. Some of the most famous buildings, statues, and monuments are here. New York City is also often the center of “history in the making.” An example is the super tall buildings that are breaking records and will transform the skyline by 2022.

4. Nowhere else has the same amount of diversity or variety.

New York City is one of the most (if not the most) diverse cities in the world. Here you can find people of every culture in the world. As a result, you’ll also find restaurants and other bits of culture from across our planet.

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.”

April 10, 2019

Tips for Millennials When Saving for a Home in NYC

The cost of housing may be going up, but millennials could account for 43 percent of property buyers in the United States over the next several months. If you are a part of this demographic and you plan to buy a home in New York City soon, here are some tips that will help you save for your big purchase.

Keep an Open Mind

New York is one of the most expensive places to live, so you might not have as many options as you think you do. Instead of accepting nothing less than a posh Manhattan apartment, be prepared to look at other places that might be more affordable. It’s a great way to keep your options open, even if you ultimately don’t end up where you originally planned to live.

Consult a Mortgage Expert

Before you start shopping around for homes, speak to a mortgage expert to determine what you can afford for a down payment and your future mortgage payments. That will give you a better idea of what you should be looking for.

Stay in One Place or Downsize

Since it costs so much to live in even a small New York apartment, you might need to spend a couple of years saving money. To make this easier, either remain in the home you are in now or downsize. If you won’t have to spend the extra money you make on living expenses, you can set that aside for the kind of home you really want.

Be Patient

Even though we did say that you should keep an open mind and be prepared to look at homes outside of where you originally planned to live, there’s nothing wrong with being patient and waiting for something you love to open up. Buying a home is a long process, especially when you want to live in a place as expensive as New York City. It will take time to save up enough money and be approved for a loan anyway. You can wait a little bit longer for the perfect home to become available.

March 4, 2019

NYC Neighborhood Guide: Where Tourist Must Visit

Planning a trip to New York City? Below you will find a handful of the top attractions, places to see, and which neighborhoods in New York to visit during your vacation.

Downtown

Financial District (Wall Street)

The financial district or better known as Wall Street encompasses the entire southern tip of Manhattan and is considered the economic capital of the country.

Things to do in the Financial District

You should take a trip to Battery Park at the southern tip of Manhattan for a stroll through flower gardens and waterfront landscape. Catch a ferry to the Statue of Liberty and Ellis Island to learn about immigration to the United States through NYC.

Explore the moving 9/11 Memorial & Museum, located on the former site of the World Trade Center. Here you’ll find a monument to the lives lost in 1993 and 2001 and learn about the brave history of those who lived through the tragedy and helped to rebuild this iconic part of NYC.

See what all the excitement is about at the headquarters of the New York Stock exchange. Stop by the impressive federal Hall building and be sure not to miss 40 Wall Street.

Little Italy & Chinatown

Little Italy and Chinatown are two distinct neighborhoods that represent two different cultures with an emphasis on one common thing. That thing being delicious, ethnic food.

Things to do in Chinatown

Be sure to stop by Mott and Grand Streets for exotic food stands busy markets and little shops. If you want a little cultural perspective and for a better understanding of Chinatown, the world’s largest Chinatown outside of Asia, visit the Museum of Chinese in America.

Things to do in Little Italy

Check out the boutique shopping scene in NoLlta (North of Little Italy). Then head to grab some delicious Italian cultured food at any of the popular restaurants along Mulberry Street. Then poke around the specialty shops to see all the imported Italian treats.

After you’ve shopped and tasted your way through the North of Little Italy, head to the Italian American Museum for a cultural account of Italian immigration to the United States.

February 4, 2019

2019 NYC Housing Predictions: What to Expect Next Year

The bumpy sales market that took place in 2018 has been a turbulent time for New York City real estate. Luxury prices have continued to sink, and transportation headaches have played a big role in driving market dynamics. Given that the housing market looks different than it did a year ago, here are six broader trends we see dominating 2019.

The Buyers Market is Staying

The number of homes listed for sale hit all-time highs during 2018, yet recorded sales throughout the city fell. More New Yorkers – seeking to accommodate a growing family, to relocate, or simply to cash out their investment – will inevitably look to sell in 2019, adding to a market that’s already saturated. These sellers will need to take much greater measures to move their homes.

Queens is the exception

The big outlier in the sales market in 2018 was Queens. Prices there have risen at a consistently faster pace than in Brooklyn or Manhatten, yet remain relatively affordable, with an average listing price of $657,000, compared to Manhatten’s $1.39 million and Brooklyn’s $950,000. Much of the enduring price growth in the borough is attributable to making up for lost time.

Downtown is the New Downtown

With interest rates and sales prices high, renting will remain more attractive than buying for many New Yorkers in 2019. We expect competition for rental units in many of the city’s priciest, most central neighborhoods to heat up next summer. Rents in newly chic neighborhoods in outer-boroughs now equal in many Manhattan neighborhoods. This past fall, median rents for 1-bedroom apartments in Dumbo, Downtown Brooklyn, and Long Island City exceeded those in Chelsea, Nolita, and the East Village, respectively. Outer-borough new construction may still offer more per dollar in terms of space and amenities, but with roughly similar median prices in many outer-borough and Manhattan neighborhoods, choosing among them has become a matter of preference than affordability.

Bedlam on Bedford Avenue

The popular commuting line, the L train, will shut down for 18 months beginning April 27. The market for nearby rentals has been weakening over the course of 2018, as longtime residents decamp for more convenient neighborhoods. Nonetheless, people still have a lot of interest in the neighborhood.

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