Tag: nyc real estate

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.

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.

 

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.

 

Pro Tips : Real Estate Investing for Beginners

Kevin Brunnock Real Estate

Nowadays people from various industries are looking to expand their portfolios by investing in properties. Real estate investing is a great opportunity to do just that, and I recommend it to those ready and willing to make the commitment. However, before purchasing any properties, consider the following 5 ways to prepare.

Make a Plan

Never forget that this is a business. This means you should treat it accordingly. Make sure that you do your research and come up with a solid business plan that outlines your goals over the next 10 years in 2 to 3 year phases. Your business plan should not only identify the short and long-term goals, but should share how you intend to accomplish these.

Know Your Credit

At the outset of this exciting new venture, make sure that you are armed with as much information as possible. In this case, make sure that you look up your own credit report to determine your eligibility and ability to finance a property. Lenders usually demand a score of 700 or higher FICO scores from those looking to purchase investment property. In addition to procuring your FICO score, calculate your debt vs monthly income ratio . If it is currently too high, you may want to reconsider your budget, and start to pay down any outstanding debts or loans.

Do Your Research

No need to stay too close to home when considering properties to invest in. Of course there are advantages to living near your potential investment, but try not to limit your options with this mindset.

Connect with the experts

Talk to an accredited mortgage broker in your area. Ask a certified realtor for recommendations. Join a real estate club, take your friends that work in real estate out to lunch, join online forums. However you choose to engage with the real estate community, find a way to get involved. It’s critical that you speak with people currently in the industry, so that you can get a better sense of what it is you are committing too.

Diversify your sources of purchase:

Consider mixing up the means through which you purchase properties. Instead of launching your search through just one venue, look into multiple avenues. Real estate auctions, word of mouth and more traditional multi-listing sites are a great place to start. Use your network and some creativity!

 

How Are Millennials Affecting the Housing Market?

Screen Shot 2015-03-30 at 11.36.31 PMThat the odds stacked against Millennials isn’t necessarily secret. Those who are between the ages of eighteen and thirty-three have several factors set against them in the search for financial stability. Many struggle under crushing student loan debt; others can’t find a well-paying job to even begin paying off said loan debt. Between these and any number of other contributing factors, Millennials struggle to enter the housing market. As a result, several authorities in the real estate market were recently asked whether they thought Millennials were dragging down the housing market; their responses were collected for an article recently completed by U-T San Diego.

Nearly all those asked noted that several factors that are beyond the control of Millennials play a role in their difficulties to join the housing market and become homeowners. Several factors include difficulty paying off their very expensive college degree—specifically in finding an actual job that is capable of paying off student debt—tight lending standards, high housing prices, a delay in marrying and/or starting a family and hesitancy due to seeing friends and family suffer through debt of their own. As a result of all of these factors, Millennials are forced to live at home with parents for an extended period of time—longer than any other previous generation. Alternatively, even those who are able to find a job to help pay off their various debts, the job does not often pay enough to afford to become a homeowner in the slowly recovering economy; many are forced to settle as renters.

However, despite all of the struggles that exist against Millennials, many of the authorities asked believe that the desire to become homeowners is strong. Leslie Kilpatrick, president of the Greater San Diego Association of Realtors, cited a study recently conducted by the California Association of Realtors found that the majority of Millennials plan to buy a home in the next five years. Although all those asked agree that an economic turn around is needed for this statistic to become a reality, some are seeing the signs of the start of a turn around. Home prices have stabilized and interest rates remain at historic lows. Credit availability and lending guidelines have improved and finally fewer investors are in competition with first-time buyers. All of these factors combined may indicate a positive future for Millennials entering the housing market. All authorities asked on the issue believe that the group holds enough in number and in power to have a strong influence on the housing market, should they decide to pursue owning a home instead of renting.