Tag: new york real estate (page 1 of 2)

Making the Most of a NYC Studio Apartment

New York City is known for a lot of things, one of them being its real estate. While many people dream of someday living in a spacious New York City apartment, a lot of those living in a city are confined to small one-bedroom or studio apartments. It can feel a bit cramped, but with these tips, you can make the most of your NYC studio apartment.

Clever Storage

The best way to ruin the layout of a tiny apartment is by having all your belongings out in the open. To give the apartment a clean and open appearance, find ways to store your belongings away. Every piece of furniture is a storage opportunity such as a bedside bureau, a side table with shelves or a drawer, or a lidded ottoman

The Mirror Trick

Making tiny apartments feel bigger can be tough, but there is a super easy trick you can try. Especially is your space is lacking natural light, decorate your apartment with mirrors. Setting up a mirror helps bounce light around, creates depth, and makes the room look bigger than it really is. 

A Stylish Dresser

To add style and sophistication to your small space, invest in a good dresser. In a studio, the dresser can be utilized in many different ways. The top of the dresser can be used as a dressing table, a makeshift kitchen table, of a place to add some decoration. A dresser can easily become the focal part of your studio, so make it count!

Furniture to the Wall

Another great way to keep the space open is by keeping furniture against the wall. Furniture in a small space can easily block out the natural light and make it appear to be even smaller. Pieces such as couches, dressers, bookshelves, nightstands, and other pieces should also be kept partially open to create expansiveness in your studio by leaving room for white space.

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. 

How to Adjust Living in a Big City

Many people dream of moving to a big city. Much of the time, when they finally achieve their dream of moving to New York City, there is a bit of a culture shock. When living in NYC, there is a lot to get used to. There is much more hustle and bustle, and a lot less space. Here are a few tips on how to adjusting moving to the big city:

Join a Club

This one may seem a little silly, but it’s very effective in making the big city your home. When moving from a small town to NYC, it’s important to find something you love to do by joining a club, If your hobby is gardening, join a community garden. If you love music, find a favorite local band to see a show. One of the best ways to make a city as big as New York feel more like home is by finding something that you love to do through the club, team, or community.

Never Fear Public Transportation

Driving a car might fly in a small town, but it’s a whole other story in a big city. Most of the time, taking the subway, train, or bus is much faster, easier, and cheaper. It’s important to get a feel of the land and learn about the city by public transit. It helps whenever you get lost and adjusts you to the routes you need to take.

Say Hi to Your Neighbor

One of the best ways to make a big city feel like home is by getting to know your neighbors. In a bigger city, some people like to keep to themselves. You don’t have to sit and play Scrabble with them every other Friday, but simply saying hello and introducing yourself to them is a great first step. This might not lead to you making best friends, but it’s always nice to be friendly with your neighbors to build a stronger sense of community.

Take Time to Explore

The big city will seem big and scary at first, and it will be easy to stick to the places you know right away. Try not to get in the habit of only going to the places you know. The city is big enough to find a new adventure every day. Find new favorite spots and you will fall even more in love with the grand New Your City. 

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.”

The Price of Being a Millennial in NYC

It’s a well-known fact that the cost of living in New York City is one of the highests in the nation. Over the past decade, the cost of living and rent prices have gone up significantly in the city. Although a costly place to live, NYC offers an abundance of career opportunities and metropolitan advantages–which is most appealing to millennials.

Creating a life for themselves in NYC has millennials spending much more than what they can afford. A recent report by StreetEasy, which survey 1,000 renters in NYC, confirms that millennials are much more likely to live outside of their means when it comes to housing in the city. The housing market in NYC is expensive and according to Grant Long, “…despite facing rising housing costs and budgeting constraints, aspirations of owning a home remain high in the city, particularly among millennials.”

All five boroughs–Manhattan, Bronx, Brooklyn, Queens and Staten Island–reported that housing in the city is more than often unaffordable. According to the stats collected by StreetEasy, each generation approaches the situation differently. The New York Business Journal states, “45% [of millennials] say they chose a more expensive home than they’d planned, compared to 30% of ‘Generation Xers’ — those born from the early 1960s to late 1970s — and 19% of baby boomers.” The majority of the older generation seem to know how to realistically budget their cost of living more effectively than millennials.

Although the housing prices of the city continue to rise, about 34% of millennials are hoping to purchase a home sooner rather than later. According to the report, the majority of renters living in NYC find housing to be very unaffordable. Perhaps owning a home is more appealing since 39% of homeowners find housing more affordable, having more freedom to buy and sell. But even owning a home does not shield residents against the struggle of rising housing prices in the city.

Other stats from StreetEasy report that “New Yorkers pay 1.3 times more for housing than average Americans”. In order to stay in the city and find decent housing, about one third of those surveyed reported spending more than their initial budget. To no surprise, 46% say that housing in the city is unaffordable–which one third say the high cost of living is their biggest reason to move.

Even with the cost of living so high, generation after generation come to New York City, hoping to capture the life and opportunities only the five boroughs can offer–no matter what the price.

CRE Must Reads to Get Ahead and Stay Ahead

CRE Must Reads to Get Ahead and Stay There _ Kevin BrunnockThese hand-picked seven reads will help any CRE professional best maximize their time and make the most out of any growing business:

7L: The Seven Levels of Communication: Go From Relationships to Referrals by Michael Maher: By prioritizing relationship building, Maher offers tangible tips on how to cultivate communications skills to grow your network and get you ahead.

The Due Diligence Handbook For Commercial Real Estate by Brian Hennessey: This invaluable resource will be a handbook you will want to keep on hand for years to come because of its practical checklists and expert tips designed to create value-add in any property.

The Millionaire Real Estate Agent: It’s Not About the Money…It’s About Being the Best You Can Be! by Gary Keller: Although this book was originally written for brokers, the content transcends to any career in real estate by offering useful tips on how to generate leads and pump up sales.

Nine Proven Strategies To Make 2018’s Peak Rental Season Vacancy-Free (published in Forbes): With the busy summer rental season approaching, this quick read will offer a myriad of tips on how to maximize your business potential during the holy grail months for commercial real estate brokers.

Three Essential Strategies For Smart Student Housing Development (published in Forbes): The hot housing market has spilled over into the student sector. This timely and informative article will bring you up to date on how to best capitalize on this relatively new real estate sector before it’s too late.

The Conversion Code: Capture Internet Leads, Create Quality Appointments, Close More Sales by Chris Smith: In this day and age, digital is king. It is imperative that CRE professionals possess the skills to effectively market their properties in a variety of online avenues. This book will help you get the job done and stay one step ahead of your competitors.

The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Tim Ferriss: It is too easy to get sucked into the trap of living to work and not working to live. Learn how to best manage your time so that you can maximize your efforts to achieve the greatest success in the shortest amount of time.

5 Essential Books for Commercial Real Estate Professionals

5 ESSENTIAL BOOKS FOR COMMERCIAL REAL ESTATE PROFESSIONALS _ KEVIN BRUNNOCKThe best real estate professionals are always looking to learn. Whether it’s making the most of new technology or being as productive as possible, there’s always room for improvement. The problem is, there are hundreds of books, podcasts, and seminars to choose from. In this post, real estate professionals will discover the 5 most important books to advance their career.

1) The Millionaire Real Estate Agent

This book, written by Gary Keller, is widely considered the best book for real estate professionals in existence.

Real estate professionals will be given clear, actionable steps they can use to improve right away.

The book is most helpful for brokers, but it doesn’t focus on just one specialization – so almost anyone involved in real estate can benefit from it.

2) Real Estate Finance and Investments

It’s rare that a book can help both the beginner and the experienced professional – but William Brueggeman and Jeffrey Fisher accomplished just that when they put together this text.

This book not only teaches readers how to invest in real estate, but it also has a lot of complex strategies and formulas. This makes it an excellent reference guide to always have handy.

3) Raving Fans!

This book is all about providing the best customer service in order to close deals as a real estate agent.

Readers will discover how to clarify their vision so that customers want to do business with them. Then, the book goes a step further and shows the reader how to make those new customers lifelong fans.

4) The 4-Hour Work Week

If someone is looking to improve their productivity as a real estate professional, this book should be at the top of their list.

They’ll learn every possible way to get the most out of their time, whether it’s outsourcing administrative tasks or attracting new customers.

5) Principles of Commercial Real Estate Underwriting

This classic text is an excellent reference material for someone who needs a refresher on certain aspects of real estate.

With this book handy, the reader can underwrite commercial real estate assets with ease.

These are the best books available for commercial real estate professionals. Whether a professional is looking to simply improve their productivity, have a go-to guide, or immerse themselves in the industry – it’s all possible with the books on this list.

 

Cornell University Leases Midtown Manhattan Space

cornell_2Cornell University has opted to lease midtown Manhattan space for the purpose of student and alumni networking. The institution will be taking three floors at 45 W. 57th St., totally 4,000 square feet.

The Ithaca-based Ivy League establishment will occupy the second, fourth, and fifth floors of the seven-story building for 22 months, with an option for renewal. Priced at $60 per square foot, Cornell’s graduate school of management, school of hotel administration, college of business, and school of applied economics and management, as well as other academic branches. The space will act as a bridge between campuses and a beacon for the engineering campus being built on Roosevelt Island. Next month, Cornell will begin its occupancy by using the space for events.

“We see a strong presence in New York City as essential for enhancing our relationships with our alumni, corporate partners, and other key stakeholders,” said Soumitra Dutta, dean of the Cornell College of Business, according to Crain’s New York. “The space will also provide an excellent platform venue for our faculty and students to take advantage of the unique resources of New York City.”

The property is owned by the U.S. subsidiary of a Turkish real estate development and investment company, Sedesco Inc.. The development firm’s general counsel, Derek Gilchrist said the relationship between Sedesco and Cornell was a close one, and it came about organically when following Cornell’s Roosevelt Island. As soon as space became available, the two entities hashed details about to establish an outpost in Manhattan.

Silicon Valley Bank Doubled Their Manhattan Office Space

svbThe West Coast established Silicon Valley Bank recognized for catering to tech firms has nearly doubled their Manhattan office space, taking over an entire floor at 387 Park Avenue South. This move is expected to bring New York City one step closer to the tech community.

Established in Santa Clara, California, the financial institution leased 20,000 square feet, relocating to the new space from the current 10,400 square feet space located at 303 Fifth Ave. After their move, Silicon Valley Bank will sublease their current space.

Matthew Leon, an associated with Newmark Grubb Knight Frank, help to broker the deal, negotiating on behalf of the building’s landlord TF Cornerstone, as well as Chip Sealy, an executive at TF Cornerstone. According to Silicon Valley Bank representative Robert Tunis, the intention of the move is to grow and become closer to clients they finance in the tech sector. Park Avenue South  has easily matured into one of the most essential for office space in midtown south, nestled in a neighborhood that’s become a home for multiple tech companies within recent years.

“It’s where their constituency is,” said Tunis, who along with Ferriello will handle the sublease of the bank’s space at 505 Fifth Ave. “This new office puts them closer to that. You go where your business is.”

This latest deal is just one of many signed with TF Cornerstone since their multi-million dollar renovation of 387 Park Avenue South, which involved installing a private roof deck, a new façade for the three lowest floors of the building, new elevators, and HVAC. Criteo, a tech firm, leased the top three floors of the building last year, which granted them exclusive access to the private roof space. Criteo later leased another floor, taking on additional square feet.

Only the ninth and a portion of the eighth floors are presently available at the 13-story property. Also, the third  floor will soon become vacant when SUNY Stony Brook’s 10-year lease expires at the end of the month.

Large-Scale Real Estate Projects Underway in New York City

city-road-street-buildingsNew York City has a number of large-scale real estate projects in the works, headed by numerous Manhattan developers, including Joseph Chetrit’s Chetrit Group, L+M Development, Sumaida + Khurana, and Kenneth Horn’s Alchemy Properties.

Half of permits filed during the month of April were for projects greater than 100,000 square feet, according to PropertyShark. The other half consisted of filings for residential projects, as well as a Brooklyn office, school expansions, and hotels. These projects,whether launched by larger or smaller firms, are important constructional developments, offering New Yorkers housing and schooling options, as well as a closer proximity to retail outlets.

One of New York City’s more prolific affordable developers L+M Development Partners filed a permit application for a 59-story, 266,000-square-foot residential tower, which will be located in the Financial District (23 Park Row). Joe and Rachelle Friedman, the founders of J&R Music and Computer World, partnered with L+M Development Partners to construct the apartment complex, which will hold 108 apartments. Also, COOKFOX Architects have been slated to design the property.

A 19-story,174,000-square-foot Downtown Brooklyn office building may be erected at 540 Fulton Street if the Dushey family’s Jenel Management has anything to say about it. The future office building will have three levels of retail space, and it will be replacing the  two-story, 26,000-square-foot retail establishment that stood there one year ago prior to demolition.

The Tel Aviv, Israel-based property management firm Sumaida + Khurana and the Chelsea-based firm LENY are planning an 80-unit, 34-story, 123,000-square-foot condo tower in Hell’s Kitchen (609 West 56th Street). Also, on the base floor, there will be retail outlets available. In addition to the Hell’s Kitchen property, they 823 11th Avenue.

In partnership with Shifra Hager’s Cornell Realty Management, Joseph Chetrit’s Chetrit Group acquired a number of retail properties near Penn Station in a deal with investor Charles D. Cohen. After parting ways, the Chetrit Group filed a permit for a 122,000-square-foot hotel, which will have approximately 33 floors and 300 rooms. The proposed hotel is expected to be located at 249-263 West 34th Street.

Another hotel is planned for Long Island City, where investment firm Brooklyn North Capital filed a permit for a 198-key Red Lion Hotel. Expected to open in 2019, the building will stand 14 floors and will have 61,000 square feet of space. The investment firm purchased the site, located at 38-15 9th Street, for $4.7 million in March.

iStar, which is a real estate finance firm and developer, is planning to construct a 135-unit, 107,000-square-foot supportive housing project just minutes from Coney Island’s boardwalk. They leased the promising space from the city’s Economic Development Corporation last year. In months and years to come, iStar plans to build 1 million square feet of housing in the area.

The New York City School Construction Authority is planning a five-story, 96,000-square-foot expansion of P.S. 19 in North Corona, Queens (40-10 99th Street) and they’re planning to add a  five-story, 67,000-square-foot building at P.S. 46 Edgar Allen Poe branch in Fordham, Bronx (2760 Briggs Avenue). These changes will bring forth more space for cafeterias, classrooms, auditoriums, offices, and an outdoor playground.