Contact Us at 917-860-2782 or vshtainer@compass.com

What Do Rising Interest Rate Mean for the Housing Market?

rising mortgage rates

Mortgage rates of been on the rise lately, with the most recent tear higher garnering quite a bit of attention. The 30-year fixed rate is approaching 5%, a number that hasn’t been seen since around 2011. Remember, while rates are high relatively speaking, rates are still lower than what was observed in the 70s, 80s, and 90s.

The expectation is that rates will continue to rise with economists forecasting we will see 5% by the end of 2018 and could possibly see 6% by the end of 2019. Why are rates rising so rapidly? The most recent jobs report was indicative a strong economy with unemployment the lowest it has been in decades. A strong job market translates to a strong economy, and a strong economy means rising interest rates. 

So, what do rising rates mean for home buyers and the housing market? Remember the following

You Have Mortgage Options 

When headlines and the press speak to mortgage “rates” they are referring to the 30-year fixed rate. This is the most expensive mortgage product as it has the longest built in protection period. But what if you do not plan to be in the home for that long…why pay a premium for time protection that you may not need?

Many buyers are shocked to see all the various mortgage products that exist when they sit down and discuss their needs and options with a Mortgage Broker. A qualified Mortgage Broker will be able to advise on which product makes the most sense given your qualifications and time horizon. 

Control What You Can 

There are aspects that you can control when it comes to financing your home and getting the best rate possible. Two of the biggest influencing factors are 1) down payment and 2) credit score. 

Down payment:

The amount of money you put down on a home is one of the biggest tools you can use to lower your monthly payment because the more you put down, the less money you are borrowing. We understand getting a substantial down payment can be challenging, especially for first-time homebuyers who may be younger and faced with high student debt.

It is also important to remember that any down payment 20% or greater will remove the need for Private Mortgage Insurance (PMI) which can be a substantial savings on your monthly payment.

Credit Score:

If you have ever borrowed money, you know the importance of a strong credit score as it relates to getting the most favorable rates. Yes, you do not need the best credit score out there to qualify for a mortgage, however, the better your score the better the rate you will receive which means the lower your monthly payment will be. Turning a credit score around can take some time, so if purchasing a home with financing is in your future and your credit is damaged, start working hard now to get it on the rebound.

Tax Benefits

There are tax benefits to having a mortgage which are something to consider. While many do not know exactly where they stand in terms of tax liability given the new changes to tax code, we expect to get more clarity after filing 2018 returns.  

With that said, interest paid on a mortgage is generally tax deductible. Under the new tax laws, if you take out a new mortgage, you can deduct up to $750,000 in mortgage interest from your taxes.  In a sense, this makes your effective mortgage payment lower as you are getting benefits when you file your taxes…something to keep in mind.

Questions about taxes? We are not tax advisors and would defer you to your qualified tax advisor who has a full picture of your tax liabilities.

If You Are a Seller

Rising mortgage rates may not only impact buyers, those actually taking on a mortgage, but could also have an impact if you are a seller, so it is important to say abreast of market trends. 

Sellers – enlist the advice of your broker in regard to pricing. Your broker will be attuned to trends in the neighborhood and know if impacts are being felt as a result of rising rates. This is especially important for sellers who are selling property that is more likely to appeal to first-time home buyers who are more pressed for cash and concerned with monthly payments. Will a reduction in price make your property more attainable for them?

It is important for sellers to understand the buyer’s perspective given we are currently in a Buyer’s Market. Buyers are faced with a one-two punch of rising rates plus increased home prices over the past few years. Price your property according to what the market is dictating if you want to sell.

What does it all mean? We feel rising rates will certainly have impact on some home buyers that are on the cusp of affordability, however, we do not feel that rates are at a point where it could completely stall the market and put large downward pressure on pricing. In fact, some pent-up demand may be spurred to “jump” in to the market as affordability (of monthly payments) becomes a concern. People see the pace at which rates are rising and do not want to be priced out because of higher rates in a few months.

What You Need to Consider When Investing in Manhattan Real Estate

Have you been considering investing in real estate? Headlines and news stories may have some home owners concerned about their property purchase, or investors second guessing a decision to invest in Manhattan real estate. Like any investing, it is important to take a disciplined approach to investing in real estate guided by the advice of an expert. Analysis of over a decade of Manhattan housing data exhibited the strength of the borough to remain a sound investment compared to many of the global markets out there.

So, is all of Manhattan the same? Considering the following things when approaching Manhattan Real Estate from an investment standpoint.

Manhattan is a Resilient Market

Manhattan is somewhat a world of its own when it comes to the market and its driving factors in comparison to the larger macroeconomic landscape. The Manhattan market moves at its own pace during economic downturns as a result. We, of course, observed a large anomaly to this during the Global Financial Crisis of 2008. The crisis took down the entire global economy and impacted Manhattan housing. However, recovery in Manhattan was much quicker than that of other global centers.

During this crisis time, Entry-level luxury bounced back most rapidly. UBS Wealth Management publishes a Global Real Estate Bubble Index annually, and New York City was rated “fair value,” especially in comparison to hot markets such as San Francisco, Hong Kong, and Toronto.

Entry-Level Luxury

We have talked about entry-level price points as being key in the current market throughout many issues of Victoria’s View. In the case of Manhattan, some could argue that entry-level pricing could stretch as far as $5-6M. These are the properties that have shown exceptional price resilience over recent years in a market that some argue is slow.

Sub $3M has been especially busy the last few years. Open houses are getting a lot of foot traffic at this price point, and some properties are even experiencing bidding wars, especially those priced in the $1M range.

Why has entry level luxury faired so well? Demand is strongest at this price point in Manhattan. At this price, demand is fueled by working urbanites that are looking for their first-time home purchase, or are, perhaps, upgrading from a 1 bedroom to a 2 or 3 bedroom as they start a family.

Compared to ultra-luxury, or properties priced $10M+, entry-level luxury in Manhattan has remained more stable, largely a result of this demand from working professionals who need a place to live that we just discussed. Entry-level luxury likely has a higher buyer based composed of individuals seeking their primary residences rather than a second or third home which is often the case with buyers at ultra-luxury price points.

Volatility Factors

When you invest in stocks, you assess funds/companies/ETFs that match your identified risk profile. Risk may be assessed on things such as sector – Utilities may be considered more risk averse and less prone to price swings than a sector such as Biotech.

So, when thinking about real estate, what factors should you use to assess risk and volatility when considering your investment? Bedroom count plays a big part of real estate price movement. As a result, bedroom count can be a contributing factor to price volatility of real estate assets. One and Two-bedroom apartments are more common while 4+ bedroom apartments and large townhomes are more unique and rare, thus there is an inherent pricing question when it comes to large apartments as there is simply less historical data and comparables to which to defer.

While more bedrooms may mean more risk, more risk is often associated with the possibility of more reward. Prices of large apartments have risen dramatically since the 1980s and 1990s, however, in similar fashion, they were largely impacted during the great recession with pricing on large properties still under pressure.

   via     Price swings in YoY rents by bedroom count. Notice the swings in 3 bedroom rents compared to Studios and 1 Bedrooms

via Price swings in YoY rents by bedroom count. Notice the swings in 3 bedroom rents compared to Studios and 1 Bedrooms

Pricing on one-bedroom properties have recovered from recession lows, largely fueled by the consistent demand in this space.

Intrinsic Value

Just as a company or stock has intrinsic value, so, too, does real estate. When considering investing in real estate, partner with your broker so you can identify properties that have more intrinsic value than others.

Contributing Factors

  • Natural Light

  • Neighborhood Stature – are there good schools nearby? Is the area established, up-and-coming, or on a decline?

  • Quality Construction and Materials – your broker knows new development and construction better than you. Lean on them to advise which buildings are constructed from the best materials and workmanship

If your investment is for the purchase of generating income, we have you covered! Check out our article on What to Expect When Investing in Real Estate. If you are purchasing real estate as investment with the goal of renting out, discuss what rents look like in the builder with your broker, and how that estimated figure would stack up against anticipated mortgage and carrying costs. There are ways to extract additional value out of your investment:

Ways to Extract Additional Value out of Your Investment:

There are additional ways to squeeze a bit more rent out of your unit and also have an increased likelihood to win over a prospective tenant as they are shopping around. While some of them are an expense upfront, they are some of the most common requests we see from prospective renters. Thus, you will most likely recoup the cost of these investments into your property.

  • Consider building out the closets to maximize storage with systems such as California Closets

  • Install Electric Shades/Window Treatments

  • Ensure the washer/dryer are good machines. It may be worth it to upgrade the machines from the base units that came with the apartment

Hiring a broker will be crucial to maximize the rent received. They are able to position your apartment on the market to appeal to the right audience and spend the time to understand the intricacies of the board package and fees.

  • Price correctly! Rely on your broker’s expertise to price correctly so you can rent sooner rather than later.

  • Get the condo leasing application to review the fees. That way, your broker can speak to prospective tenants about all fees associated with the unit. Additionally, this is important to understand in case you need to offer concessions to remain competitive

  • Good photos matter!

  • Get a floorplan of the unit to place online with the listing



Condos with a Luxe Perk: Residents-Only Dining

We’ve written about the lavish amenity offerings that have changed luxury real estate in a landscape where high-end inventory is up and competition among new developments is tough. Some of the most exclusive buildings offer residents a unique experience, one that will cost you even more than a SoHo House membership since admission will require the purchase of a unit in the building…residents-only dining.

Amenities are an extension of the residents’ homes, and restaurants take this to a new level with sophisticated private dining by top chefs only available to residents and their guests. These types of buyers look for convenience, but do not want to sacrifice quality to achieve that. These restaurants allow busy people with demanding careers to come home and not worry about cooking, hosting business lunches, or catering a dinner party.

432 Park Avenue

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432 Park Avenue made a name for itself as the tallest residential building in the Western hemisphere as well as for its tall prices for units in the building. The building amenity package is unrivaled, with the exclusive restaurant occupying the entire 12th floor. The restaurant is headed by Michelin-starred chef, Shaun Hergatt. In addition to the interior dining room, the space also has a 5,000 square foot terrace overlooking 57th Street which can be reserved for private events. If you aren’t in the mood to eat in the restaurant on the 12th floor, in-residence dining is also available.

15 Central Park West

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15 Central Park West made a splash among the world’s elite as it quickly became an “it” address recognized across the globe upon completion. It set the bar high in terms of luxury offerings, including a private restaurant for residents and their guests. The restaurant at 15 CPW debuted before that of 432 Park Avenue. The building describes the dining offering as a “private dining service with an in-house chef provides full catering for Fifteen Central Park West residents desiring anything from a four-course custom menu for 80 guests to an at-home romantic dinner for two.”  The restaurant is known to host special meals year-round including women’s lunches with speakers covering varying topics and a special brunch on Mother’s Day each year.

Jade Signature

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The trend of resident-only dining is not confined to New York. One of the latest luxury high-rise to hit the shores of Sunny Isles Beach, just north of Miami, has embraced the exclusive trend as well. Jade Signature, designed by famed architects Herzog & De Meuron, offers a truly luxurious amenities package which allows residents to experience resort-style living on the shores of South Florida. The Jade Signature Beach Bar & Grill so residents can dine pool and beach side without having to head back their residences. The experience is similar to that of many beachfront hotels.

Featured Listing: Jade Signature - 16901 Collins Avenue, #4905

16901 Collins Avenue

3 BED | 4.5 Bath | $4,495,000

Stunning high floor north east corner residence with breathtaking direct ocean, Intracoastal and city views. This home in the sky features 2,929 square feet of interiors and 806 square feet of terraces, 3 bedrooms, 4.5 bathrooms, study plus maids quarter, private elevator entry.  Residence comes fully finished with white marble floors and finished closets, gourmet kitchen with European designer cabinetry by Snaidero, top-of-the-line appliances by Gaggenau. Jade Signature, designed by Pritzker Prize-winning architects Herzog and de Meuron with interiors by French design firm PYR led by Pierre-Yves Rochon, offers five-star amenities with full-service spa and fitness center, concierge services, resort style swimming pool, library, resident lounges, chef's kitchen, full-service restaurant and much more

LEARN MORE ABOUT THIS LISTING

Top 6 Fall Events in New York City

Top 6 Fall Events in New York City

This weekend marks the start of the Fall season! Who doesn’t love making the most out of fall? Even in the city that never sleeps, the leaves die and the trees fall dormant making for incredibly beautiful scenery and cool breezes all of which encourage people to break out their fall attire and bask in the long-awaited cool weather.

 While cozying up with a hot cup of tea and a good book are certainly tier one fall activities, your flannels and boots will look much better out on the streets and at some of New York City’s best fall events. There’s plenty to choose from for a variety of ages and interests, but these top five are absolute must-sees in NYC.

6. Blood Manor

Looking for something spooky in honor of Halloween? Look no further than Blood Manor - New York City’s scariest haunted house experience. The house includes 5,000 square feet of terrifyingly themed rooms and passageways with everything from zombies to clowns to werewolves and more. It is described as the most “intense, creepy and ‘scream inducing’ haunted house attraction” in the New York tri-state area.

General admission tickets are priced at $40 at the door or $38.50 online. Blood Manor is open from October 1 to November 3. The haunted house is not recommended for children or anyone with a heart condition, but anyone else is guaranteed to have a terrifyingly good time. Oh, and don’t forget to wear something you don’t mind getting blood on.

5. New York City Food and Wine Festival

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The New York City Food and Wine Festival is the largest food and wine festival in the region.  It will take place this year from October 12 through October 15. This event is a collaboration between the Food Network, the Cooking Channel and Food & Wine Magazine aimed at bringing attendees some of the tastiest cuisine in the country. Guests are invited to enjoy demos by nationally-acclaimed celebrity chefs, multi-course dinners at popular local restaurants, tastings and opportunities to see Food Network stars in action. 

 

This year is the event’s 10th anniversary - making it an event you won’t want to miss. Tickets are on sale now and priced per event at varying costs (some up in the mid-hundreds).  Packages are also available for purchase which include multiple events throughout the course of the weekend.

4. New York Botanical Garden’s Giant Pumpkin Weekend

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While the last two events are primarily catered toward adults, Giant Pumpkin Weekend at new York Botanical Garden is something the whole family can enjoy. This event showcases some of the nation’s largest pumpkins - some weighing in at over a ton - with last year’s largest pumpkin weighing in at 2,363 pounds!

Participants in this event will have an opportunity to meet the growers and participate in a growing process Q&A. The giant pumpkins will be on display October 20 and October 21 from 10 a.m. to 6 p.m.

3. Macy’s Thanksgiving Day Parade

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The Macy’s Thanksgiving Day Parade is so much more than a fall activity to cross off your list.  It’s the world’s largest parade, an American icon and for many families, a holiday tradition. If you’re available to attend on Thanksgiving morning, that will be one more thing you can cross off your bucket list.

 For those who may not know, the Macy’s Day Parade has been a part of the city since 1924 and each year attracts around 3.5 million people. Over 2,000 performers flood the streets including dancers, clowns and marching bands and each year the parade features 30 large floats.

Be sure to verify the parade route before arrival and plan to arrive early to do your best to beat the crowds. You’ll thank yourself later when you remember to dress in layers.

2. Tompkins Square Halloween Dog Parade

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Sure, the Macy’s Thanksgiving Day Parade is known around the country and is basically a New York City staple...but nothing beats dogs dressed in Halloween costumes. That’s why the Tompkins Square Halloween Dog Parade is number one on our list.

If you’re a dog lover, you won’t want to miss this event. If you’re not a dog lover you can see yourself out. This is the place for all of the city’s best dressed pups to come together to show off and compete for thousands of dollars in prizes. This event is free and open to the public. The runway competition begins promptly at noon so don’t be late!

 1. Apple Picking in The Hamptons

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What says fall more than getting out of the city and into a beautiful orchard for some fall festivities? The Hamptons are equally as beautiful during the fall season as they are during the summer season. If you are looking to get outside in the crisp air with latte in hand for apple picking, check out Seven Ponds Orchard and Hank’s Pumpkintown.

Seven Ponds Orchard, located in Water Mill, offers apple picking with multiple varities including McIntosh, Honeycrisp (our favorite), Fuji, and more. They are open every of the week until Thanksgiving, and also offer hayrides and a corn maze for the kids.

Hank’s Pumpkintown is well known on the East End and a family favorite each season. Also located in Water Mill, it is a great place for the family to enjoy apple and pumpkin picking. They also offer a variety of fall favorites for sale including mums, straw bales, Indian corn, and baked goods.

Watermill Spotlight

1348 Deerfield Road, Watermill

8 Beds | 9.5 Baths | $5,995,000

1348 Deerfield Road Watermill

This brand new 10,000 +/- sq. ft. home commands tremendous presence, sitting majestically atop its own 6 acre hill, on a quiet cul-de-sac that includes some of Watermill North's most exclusive estates. A collaboration between developer, builder and design team, this estate demonstrates how master craftsmanship, amenities and style can come together to create a one-of-a-kind home.

Learn More about this property here.

Regardless of how you participate, there are some fall activities for everyone in the family that are absolutely timeless, especially in the big apple. Between haunted houses, giant pumpkins, wine tastings and dogs in costumes - you’ll find that fall in New York is simply a continuation of the hustle and bustle that the city is known for.

 

 

3 Things to Consider for the Fall Real Estate Market

New York City Skyline

Fall will officially be welcomed September 22nd, however, the fall real estate market is already getting in full swing. This season is typically a busy one for New York Real Estate with increased activity post summer including listings coming to market and new developments launching sales.

 If you are considering buying or selling before the end of 2018, ensure you are set up for success during the fall seasons as it may be prime time to make a deal. So, what do you need to know?

Time

Speaking to luxury properties, absorption rate is up nearly 16% versus a year ago. What does this mean? Expect a longer time on the market going into the listing. Yes, your Broker helps reduce this time and sell faster than the average, but it is important to note where the average is. Given current supply, it would take 16 months to sell all the luxury homes listed in Manhattan in the second quarter. This is up significantly even from a year ago. During the last weeks of July, luxury properties were averaging 536 days on the market.

Price

Simply put, the price must make sense. Sellers that purchased in 2011-2014 that are selling now feel that property should be priced significantly higher than where the market is today. Buyers are more attuned to price, and if the numbers make sense, they are more inclined to act. They are even more so inclined to act if the property represents a bargain.

More price scrutiny may come into place if the buyer is purchasing as an investment because resale numbers must make sense for them as well. Work with your broker to set a pricing plan – discuss price every X days, and if there is zero to little activity, agree in advance to reduce the price by Y every X days to stay relevant.

It is important to understand the crucial role pricing plays in the current market. No one wants to take a loss on their purchase, but if selling is the most important, sometimes getting a deal done means a significant price drop from the original ask.

Broker

Even though Buyers and Sellers have more information and access to information to make informed transactions than they did 10 years ago, listen to your Broker! A Broker has access to even more information, they are your boots on the ground. They know what is going on across the market at various price points because of their proximity to the industry. Listings where Sellers are not listening to the advice of their Brokers are sitting.

New Developments arriving this Fall

The fall is an exciting time as many new listings come to market, including new development. There is still an ample pipe of new development coming across all boroughs from Manhattan to Queens and Brooklyn. Below are a few to keep an eye out for as they hit the market this fall in Manhattan.

  •  100 Franklin- Situated across the street from the Roxy Hotel in TriBeCa, this project will bring 10 full-floor homes from DDG Partners

  • Greenwich West – Located at 110 Charlton Street in West SoHo, Greenwich West will be a collaboration between two Parisian design firms, Loci Anima and Sebastien Segers, and be comprised of 170 condos.

  • 200 Amsterdam- After fighting for approval, 200 Amsterdam will be one of the tallest buildings on the Upper West Side, clocking in at 668 feet. The building will have 112 units with a distinctive crowning top.

  • 1010 Park Avenue- Extell is bring new development to Park Avenue with 1010 Park Avenue design by Beyer Blinder Belle and interiors by David Collins Studio. The apartments are expected to be very luxe with prices starting around $15M.


Interested in Buying or Selling this Fall season? Get in touch!

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Image Via Getty Images

Guide: Labor Day in New York City & The Hamptons

Summer 2018 has passed by in the blink of an eye. We hope it was fun, eventful, and rejuvenating, and that you created new memories with family and friends along the way. Say goodbye to summer with a fun Labor Day Weekend. 

Check out top picks of what to do in New York City and The Hamptons for Labor Day. From sporting events to dining and boating, The Victoria Shtainer Team has curated a selection that is sure to keep you busy before you fire up your barbecue for the last time and say farewell to Summer 2018.

Hampton Classic

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The Hampton Classic is one of the "it" events on the Hamptons circuit. The show, well into its third decade, is well respected from locals and equestrian-lovers alike. Because of its stature, the Hampton Classic has received the status of "Heritage Competition" by the United States Equestrian Federation, making it only the second horse show ever to receive this designation. The event will be running through September 2nd.

Daily: $10/person with Children Under 6 Free.

Beach

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 If you aren’t in The Hamptons, there is no need to feel left out when it comes to the beach. NYC actually offers a lot of great beaches that many are unaware. The Rockaways has long been a crowd favorite, however, Jacob Riis Park, once overshadowed by the Rockaways, has become a destination for city goers looking to soak up some sun and sand.

The Riis Park Beach Bazaar has been going on all summer long, and has brought food, drinks, shopping, and entertainment to one of New York's best beaches. Catch the final series of the Get Summered DJ Series on September 3rd with the final installation of “Staycation with Get Summered & Friends” at the Riis Bathhouse Pavilion. The event is free to attend.

In addition to the final music series on Labor Day, there will be events all Labor Day weekend long at Jacob Riis Park Beach. For a full rundown on the events, visit their website here.

U.S. Open

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The U.S. Open is one of the most, if not the most, popular sporting events in New York. The event draws a celebrity crowd so do not be surprised if you spot one. Enjoy food trucks and live music on the grounds, as well as shops including Ralph Lauren who offers their special U.S. Open collection. There is a Heineken Café, Emirates Sports Café, Mojito Restaurant & Bar, and more on site for enjoyment.

The tournament will run through September 9h with Ticketmaster being the best bet to snatch up tickets. Prices starting around $60 for grounds admissions with ticket prices increasing depending on the day and stadium you are looking to go to.

Dining

For those on the East End, we created the ultimate Dining Guide in The Hamptons this summer. Check out one of hottest spots on our list. One of our favorites is Doppa La Spiaggia

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After splitting with Gabby Karan 2 years ago, Chef Maurizio Marfoglia kept the original space of Tutto Il Giorno in Sag Harbor and rebranded it as Doppo La Spiaggia which means “After the Beach.” His restaurant remains a go-to spot and still serves of favorites such as Chicken Under the Brick and homemade pastas including squid ink tagliotini. Menu items include a northern Italian influence such as the seafood stew as Marfoglia hails from Lake Como.

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Staying in the city? Check out Danny Meyer of Union Square Hospitality Group. Situated atop 28 Liberty Street, Manhatta will offer you good food and jaw dropping skyline views. While the views are not the focus of the restaurant, they will certainly impress. In fact, the staff was trained with the blinds down so the view was not the focus, but rather the food and hospitality are the main focus. The dining room offers a pre-fixe, 3-course menu for dinner for $78, while smaller bites can be ordered at the bar in addition to a burger.

Boating

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 Finish the summer with a bang with a luxury boat charter in The Hamptons from True East Charters. Departing from Hampton Bays, Southampton, Sag Harbor, or your private dock, True East can accommodate up to 10 guests for half or full day charters exploring Long Island by water. Excursions can take you to/from Westhampton to Montauk, to North Fork, to Block Island, and Essex Connecticut. Enjoy the serenity of the water and take in the beauty of the East End to close out summer.

Why Hudson Yards is NYC's Most Up-and-Coming Neighborhood

Long viewed as the “Far West Side”, the new Hudson Yards development contains a surplus of fine amenities, redefining the culture of the previously barren neighborhood. This 28-acre site is distinguished by its abundant square acerage, dedicated to office and residential space, as well as retail, dining and public recreation options.

Hudson Yards, the largest development of private real estate in U.S. history, is projected to contain over 4,000 residences within four skyscrapers, amounting to 18 million square feet of office and residential space. With 14 acres of public space, over 100 shops and 25 dining options, Hudson Yards will dominate social living in New York City.

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With the establishment of the City’s first Neiman Marcus follows a long list of high-end retailers, such as Stewart Weitzman, Tory Burch, Lululemon, Cartier, Van Cleef & Arpels, and Rolex. Over 100 stores are complemented by the wide variety of dining options, with spots showcasing some of the worlds most renowned chefs.

Recreational conveniences include a theater, public school, park, hotel and dazzling views from the skyscrapers, providing plenty to do within the development alongside the apartment complexes and office space. With an infinite amount of activity, it’s no surprise that Hudson Yards is expected to be the “new heart of New York City”.

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The development anticipates millions of visitors per year following its completion, who will experience the liveliness and glamour of the neighborhood, making Hudson Yards a premiere destination in New York City.

Interested in Experiencing Hudson Yards Living?

448 West 37th Street 8A

Interested in experiencing Hudson Yards living? Our latest listing, 448 West 37th Street #8A, combines the luxurious amenities of the new development with classic loft living. Only a short distance from the plethora of shops and restaurants, Apartment 8A provides a sun-filled space, boasting 12-foot windows, in addition to 1840 square foot expansive layout.

Best NYC Rooftops with Instagrammable Views

Across New York City lies a wide variety of rooftop restaurants and bars, offering sweeping views of the remarkable skyline and chic atmospheres to relax. In addition to the glamorous ambiance, these settings offer breathtaking glimpses of the boroughs that are most definitely insta-worthy. These photo-ops will have your followers liking your latest posts in no time.

The Crown

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This rooftop bar and lounge, located on the the 21st floor of the swanky 50 Bowery Hotel, offers beaming views of Manhattan and Brooklyn, in a light-filled space. Unique dishes and drinks created by Chef Dale Talde, David Massoni, and John Bush of Three Kings Restaurant Group allow for both an enjoyable and worthwhile experience.

Loopy Doopy Rooftop Bar

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Loopy Doopy offers signature, stylish popsicle coctails with a remarkable background. The bar provides impressive sights of attractions such as the New York harbor, Statue of Liberty and even the New Jersey skyline, alongside the Hudson River. This unforgettable bar has a monthly rotation of beverage flavors, allowing constant anticipation for your next return.

Westlight at the William Vale

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Located in the saavy neighborhood of Williamsburg, Westlight at The William Vale has breathtaking panoramic views of Manhattan, with phenomenal food and drinks to complement. Especially at sunset, this rooftop offers unparalleled sights of New York City, desirable enough for a new Instagram post.

230 Fifth

230 Fifth offers unobstructed views in the heart of Manhattan, highlighting spots such as the infamous Empire State Building. This lavish hangout offers a glamorous rooftop filled with seasonal intricate cocktails, in addition to an “igloo bar” November-May. The space has both an indoor penthouse along with a rooftop garden, perfect for entertaining, as well as a casual drink.

Mr. Purple

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Situated on the 15th floor of Hotel Indigo Lower East Side, Mr. Purple has indoor and outdoor space offering dazzling views of downtown Manhattan. This trendy rooftop contains an outdoor pool surrounded by stunning glimpses of several bridges and world-class architecture.

Salon de Ning at The Peninsula

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Salon de Ning is located in the center of Midtown Manhattan, inside the exclusive Peninsula Hotel. This rooftop lines Fifth Avenue, and has views of Central Park, as well as the bustling city below. Two terraces and an inside bar offer a relaxing setting despite the hectic scenery surrounding the area.

Inside the Latest Penthouse Unveiled at 30 Park Place Designed by Santopietro

30 Park Place, the first private residences by the Four Seasons in New York, has had an overwhelmingly positive reception since its launch. The building is positioned conveniently in the heart of downtown Manhattan, moments from The Oculus, TriBeCa, and SoHo. The building unveiled its latest penthouse to hit the market, 77B, which has been designed by interior designer Alessandra Santopietro of Santopietro Interiors

Penthouse 77B

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Located near the top of the 937 foot tower, Penthouse 77B stuns with views from the moment you enter. Through the entry gallery, into the expansive 30'x16' living room, residents and their guests are greeted with sweeping southern, eastern, and western views. The 3,173 square foot home is comprised of 3 bedrooms and 4.5 baths. The home also features 2 outdoor terraces which are perfect for taking in the endless views.

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The penthouse truly feels like a home with an eat-in kitchen, fireplace, and a separate dining room that measures 18' long with eastern and southern views. Imagine hosting a dinner party and treating your guest to the views!

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The Master Suite features dual en-suite master baths as well as terrace access and an expansive walk-in closet. The additional bedrooms all feature en-suite baths as well. 

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30 Park Place is a Silverstein Property designed by Robert A.M. Stern architects and is currently the tallest residential tower in lower Manhattan standing at 937 feet. Because this is the Four Seasons Private Residences, residents of 30 Park Place enjoy a suite of amenities and offerings that offer an unparalleled luxury living experience. Residents can enjoy access to hotel amenities such as the indoor lap pool, in-residence dining from Wolfgang Puck's CUT, and car service.

30 Park Place Facts:
•    Architect: Robert A.M. Stern
•    Collection of homes that are part of the Four Seasons Private Residences Program
•    Private Residential lobby at 30 Park Place
•    Amenities: complete Four Seasons residential concierge, 75 foot pool, 38th floor club including fitness,  private dining, and screening room.

30 Park Place- Penthouse 77B is currently on the market offered at $16,450,000

Waterfront Development Offers Buyers Yacht Access

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From Manhattan to Brooklyn, developers are snagging up some of the last waterfront parcels to develop what will be the next wave of trophy properties and coveted buildings. Examples in 70 Vestry Street in Tribeca, The XI in West Chelsea, and One Manhattan Square.

In a luxury market that is saturated with inventory, developers are continuing to entice and innovate when it comes to amenity offerings. The latest waterfront property to grab the attention of buyers seeking amenities is One Seaport in Lower Manhattan. What is better than waterfront living coupled with a yacht? Nothing some would argue!

One Seaport, built by Fortris Group, has partnered with members-only yachting service Barton + Gray Mariners Club. Residents will be able to walk out the lobby and onto a Hinckley Yacht. Currently, residents are entitled to 3 complementary yacht excursions a week. There will be an extra charge for fuel and champagne. This amenity for residents of One Seaport packs value as a membership to Barton + Gray Mariners Club would normally set you back $20,000-$50,000 a year.

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One Seaport has been a popular new development in the heart of the revitalized Seaport District, luring buyers with an expansive amenity offering, luxe finishes, and wonderful water views. The residences are completed with luxurious finishes such as gold calcutta marble backsplashes, Gaggenau appliances, and grey limestone in the bathroom. The full suite of building amenities includes a port-cochere, fitness center overlooking the water with Brooklyn Bridge views, and a “Water Club” on the 30th floor with hydrotherapy and a pool.

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The building is currently 75% sold, however, we do expect additional inventory to be released for the fall selling season.

This particular amenity offering comes at an interesting time when the city has been expanding the NYC Ferry System on the East River. Commuters are looking for alternatives to the crowded, unreliable subway system. Many wealthy commuters have opted to take Uber to and from work given the convenience and relatively the lost cost compared to a monthly transit pass.

In an effort to get people out of the crowded subway system and onto the water, the city has pledge some $600 million over 5 years towards the NYC Ferry program.

For those looking to take cruising the East River and beyond to a new level, the private yacht offering at One Seaport is certainly the way to go!