Tag: New York (page 1 of 2)

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.

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. 

The Best NYC Neighborhoods To Raise A Family

Living in New York City can be a challenge. It’s a big departure from more urban towns and can be a rather large adjustment. Add bringing a family with children into the city, and you have an entirely new set of problems. When most people think of New York City, they think of busy streets with nonstop traffic and no space for children to play and enjoy life. While some parts of the city can be like that, there are plenty of other great places to raise your children in New York. Here are some of the best neighborhoods in New York City to raise a family.

Harlem

If you journey to the northern end of Manhattan you’ll find Harlem, one of the best places to raise a family in the city. Harlem is known for having a strong community presence and is a cultural hotspot in the city, meaning your kids will grow up in a place that’s safe and full of people from all different walks of life, giving them new perspectives they might never have discovered otherwise. Harlem is known for having lower rents that give families more wiggle room, and there are plenty of activities for kids to take part in due to the various parks in the area.

Riverdale

Located in The Bronx and all the way at the northern end of the subway lines, Riverdale features a much more suburban feel than other New York City neighborhoods. Living here will give you much more space both indoors and outdoors for a better price than you’d pay in most neighborhoods. Aside from that, there are plenty of great activities you and your family can take part in, with several great parks such as the Van Cortlandt Park and of course the ever famous Bronx Zoo.

Astoria

This Queens neighborhood is loved by parents and like the others, features plenty of awesome activities that your family can enjoy. The neighborhood is rather close to both Manhattan and Brooklyn, but more importantly, it features a great public school system so your kids can receive the education they deserve. Speaking of education, the Queens Library has several branches and can be a great place to bring your kids to explore the unending possibilities of reading a good book. Like the other neighborhoods on this list, prices are more family-friendly than many other parts of the city.

The Best NYC Neighborhoods To Live In

New York City is gigantic. If you’re thinking of moving into the city, you’ll have plenty of options to choose from in terms of the neighborhood you live in. While you may think you only have to choose between Manhattan, Queens, Brooklyn, the Bronx, and Staten Island, the fact of the matter is that there are several neighborhoods within these 5 boroughs. That’s a lot of options, and it’s important you pick the right choice for your budget and lifestyle. Here are a few of the best neighborhoods to live in within New York City.

SoHo

Located in Manhattan, SoHo stands for South of Houston and is one of the busiest neighborhoods in the city. If shopping is your thing, you’ll never get bored in SoHo as it features great high-end clothing stores as well as plenty of great food options. You’ll also be able to find various art galleries within the neighborhood and the architecture sets up a certain vibe if that’s your thing. Being located in Lower Manhattan, housing can become rather expensive and you’ll primarily find expensive lofts and co-ops.

Downtown Brooklyn

If you’re looking for a location based on convenience such as having plenty of transportation options, Downtown Brooklyn might be the place for you. It’s located right over the Brooklyn Bridge and in the past few years, thousands of new apartments have been made as the neighborhood grows. Plenty of subway and bus lines get off in the area, meaning you can get to Manhattan in about 15 minutes and also be close to other great neighborhoods where you can find options for dining and shopping. Due to the location’s recent growth, housing will likely be expensive, though not as expensive as SoHo.

Forest  Hills

If you’re looking for something a little more urban and not as much big city, Forest Hills in Queens might be a good spot to check out. The area features a fantastic view of the Manhattan skyline so you’ll be close to the city but not smack dab in the middle of all the commotion. The architecture is one of the area’s many points of interest and you’ll find many single-family homes as opposed to the many apartments deeper into the city. To top it off, the area is much cheaper than Manhattan or Brooklyn if you’re not trying to break the bank.

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.

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.

Historic House Museums in NYC

Across New York City, there are dozens of historical buildings and history on nearly every corner. However, there are little-known house museums, 23 in total, spread across the city. They are all run by a non-profit group, the Historic House Trust, which aims to preserve the richness of the past to educate the present and future generations of those who choose to visit. Here are some of the top houses to visit on your next trip to the big apple.

Merchant’s House Museum

As one of the first individual buildings to be designated an official landmark, this home is steeped in history. It features a gorgeous facade, many items from the late 1800s, and offers a rare glimpse into domestic life during the 19th century. You might want to book your tour in advance for this popular house!

Gracie Mansion

If you want to see how the wealthy once lived along the East River, look no further. Built by a merchant, Archibald Gracie in 1799, this house is the only one of its kind left along the river. After the rich owners left, it once was used as an ice cream stand for the surrounding park, but upgraded its standing by becoming the home to the mayor in 1942. 

Morris-Jumel Mansion Museum

Built in 1765 as a retreat for a wealthy couple, this home has seen quite a few changes. From host to fashionable parties, to being seized by the Continental Army to serve as the headquarters for George Washington, to becoming the extravagant home of a French wine merchant, this mansion was finally opened to the public in 1904 as a museum and features items from each of its transitional periods. 

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. 

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.

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.