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

Compass Concierge Transforms Seaport Penthouse

Compass Concierge

In today’s market, Sellers are looking to get the most value from their home when selling, however, that can be challenging in a crowded market with a lot of inventory from which Buyers can choose. What is the key to getting more value for your home? Set it apart from the crowd. When prepping your home for market, it makes sense to assess what improvements can be made so that you’re not leaving money on the table. We can be your strategic partners in helping you assess this opportunity and also help you accomplish it before you list, to ensure you get the maximum value for your home.

We have previously discussed the value of staging a home when listing it for sale. We are happy to take this service to the next level by being able to offer our Clients Compass Concierge – an only-at-Compass offering where we will front the cost of services to improve your home so you can seller more quickly and at a higher price. 

About Compass Concierge

Compass Concierge will assist you with the execution of a tailored plan for updating and staging your home for prospective buyers. We will front the costs associated with home-selling improvements and collect a fee for the services rendered at the time of the property’s closing. House preparation services include staging, painting, deep cleaning, landscaping, and decluttering.

 How It Works

  • Our team will develop a tailored project plan with suggested home improvements and updates to prepare your home for the market.

  • You will contract directly with home improvement service providers.

  • Compass Concierge will pay the associated cost for home improvement work performed subject to your agreements with home service providers.

  • At the closing of the property, Compass Concierge will collect a fee that covers the cost of the work performed.

 This is just scratching the surface of what this exclusive service can offer our clients. Additionally, while Compass Concierge helps Sellers, there are also ways that this program can help Buyers as well.

 Compass Concierge Transforms Seaport Penthouse: Real Life Example

We are so excited to recently have brought a unique duplex penthouse to market located in the historic South Street Seaport District at 247 Water Street. In a luxury market with high inventory, we knew that we wanted to make this unique property truly standout, so we leveraged Compass Concierge to transform the property to showcase its true beauty and value.

The Before & After photos speak for themselves, and we cannot wait to get achieve the optimal value for the owner. 247 Water Street, PH is an example of services that can be leveraged with Compass Concierge such as decluttering, painting, and staging.

247 Water Street Compass Concierge.png
247 Water Street PH Compass.png

More About 247 Water Street, PH:

247 Water Street, PH.jpg

4 BED | 3.5 BATH | $5,395,000

Rich in luxury and steeped in history, this unique Duplex Penthouse offers historic elements, quintessential loft details and modern features. This expansive two-story prewar with keyed elevator in both levels, is truly one of the most unique Penthouse offerings in Manhattan. At approximately 3,100 square feet, with an additional 1,500 square feet of outdoor space, this duplex apartment with private roof terrace features double exposure, brick walls, original columns from 1880 and two functioning wood-burning fireplaces. Learn More.

Interested in understanding more about Compass Concierge, its Use Cases, and how it may help you? Contact Us, we would love to chat!

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 Note: Restrictions apply. This program is available to all Sellers with an exclusive Listing Agreement with Compass. Properties that are short-sales or foreclosures are not eligible for the program. Structural or construction services will not be covered

What Does the New York LLC Crackdown Mean for NYC Condos?

NYC LLC Crackdown

Real Estate transaction are about to become more public. A law passed by New York Legislature aimed at battling issues upstate, now has New York City Condos under scrutiny as well. State Legislature signed a bill into effect in September that requires LLCs to disclose their identity in transaction involving one to four-unit buildings. The goal was to help crackdown on home abandonments in towns in the Hudson Valley by helping identify owners behind LLCs of abandoned homes.

Since Governor Cuomo signed the bill into law on September 13th, it is now being interpreted to include all residential condos in New York. The state Department of Taxation and Finance released guidance on September 27th that specified that residential condos were included in the “one to four family dwelling unit” definition.

What Does this Mean for NYC Real Estate?

Simply put, under current guidance and interpretation, Buyers cannot remain anonymous.

The New York City real estate industry is still looking to uncover the exact implications for our market, however, direction is indicating that the law’s reach is far greater than originally anticipated.

Under current guidance, Buyers would no longer be able to purchase Condos in an LLC to remain anonymous and would have to disclose identity. Disclosures would be subject to Freedom of Information Law (FOIL) requests which can be filed by anyone to find out who owns an LLC. This means journalists and other parties could get names behind LLCs, thus revealing identity to the Press.

This implication has privacy concerns as many wealthy buyers and celebrities in the New York City market purchase in an LLC to protect their identity and privacy. Having to disclose means that this privacy has gone out the door, and parties can now pinpoint the exact address of any buyer.

There is also some concern in regard to implications this could have on real estate development in New York. Most new development projects are under an LLC by the Sponsor. This is sometimes a Real Estate Investment Trust which could have many investors. Developers may simply not want to take on the burden of having to disclose possibly hundreds of names of everyone involved in a particular project.

This new legislative change comes on the heals of the Progressive Mansion Tax which was enacted July 1st, and has had a negative impact on the Luxury market in Manhattan.

Millennials: Get Creative with Saving for Your First Home

Creative Ways to Save for Down Payment

It is no surprise that many Millennials struggle with saving for a down payment in today’s environment. As Millennials are more burdened with Student Debt as well as other debt such as Credit Card, the ability to save as become more challenging for this group. Many Millennials find themselves in large metropolitan areas because of stronger job markets but cost of living in these areas is elevated compared to non-metro areas. In some instances, wage growth has lagged behind rising home prices, creating an additional challenge.

However, a recent Bankrate Survey has revealed some surprising tactics that Millennials are taking in order to make a down payment on their home purchase. The results revealed that Millennials are more likely to dip into Retirement Savings or live with Family for extended time to save. According to the survey, 13% of Millennials dipped into retirement savings compared to 8% of GenX and 7% of Baby Boomers.

Millennials are highly important group the Housing Market, and they are getting creative with ways of saving a down payment at levels that are not seen in many other generations. Millennials understand the value of owning a home and how it contributes to wealth accumulation, so they are tackling savings issues head-on. We often see that Millennials are very excited about purchasing a home.

While we are not Financial Experts, there are certainly ways to creatively save towards a down payment by making simple adjustments to your everyday life. Below are some creative ways to save for a home down payment: 

We are not Financial Advisors and would urge any prospective Home Buyer to consult their Financial Advisor to understand the implications of tapping into Retirement Savings for a down payment.

Ways to Save for a Down Payment

Reduce Your Rent: If you are currently renting, review what you are currently paying and see what options you may have. If you have been a good tenant, use this as leverage to negotiate with your landlord for a better rate or no increase in rate. If it is feasible, have you considered living with parents or friends while you are trying to save?

Track Your Spending: In a so-called "cashless economy" it is easy to lose sight of how much you are spending, when most transactions are done on credit cards and Apple Pay. Consider making a spreadsheet to track expenses or using a tool such as Mint to keep track of your spending. You might be surprised at how much you are spending on Taxis or Ubers in a month's time. It is a great way to find areas to cut down on spending.

Make It Automatic: Take advantage of automatic savings that may be offered by your bank. Look into options such an auto transfer of X amount of dollar each month to savings or programs that round up each purchase to the nearest dollar and transfer that to your savings. Additionally, utilize your employer's direct deposit option and add your savings account as one of the accounts to receive the pay. You can specify the dollar amount to be deposited to your savings from each paycheck. This aligns perfectly with the old saying, "Out of Sight Out of Mind"

Use Work Bonuses: If you receive an annual bonus at work, consider putting that into your down payment savings account each year. While it is important to have fun and celebrate your success, the wealth that owning a home generates will pay off more than that night out at the club.

Reduce Happy Hours: Everyone loves a good happy hour to help get through a tough week. If you are making it a habit 2 times a week it is costing you. Consider the average happy hour drink costing $7 with tax and tip. At twice a week, thats $728 a year on happy hour....assuming you only get one drink at each of those happy hours!

Check Monthly Bills: What monthly bills are you paying that might have areas to reduce the cost? Cable and cell phone bills are great places to dig deeper at the features you are paying for. Do you really need HBO at $12 a month PLUS Netflix for another $10 month in addition to the hundreds of cable channels you are getting? 

Don't Forget Family & Friends: Discussing money with anyone is always a sour subject, especially with family and friends. However, they can be an excellent source for help with your down payment. Consider asking parents for help as an early inheritance or as your wedding gift now in exchange for not receiving a a gift at the time of marriage. Instead of dinners from friends for your birthday or gift cards, let them know you are working towards purchasing a home and cash would be the best thing you could receive right now! True friends will understand. 

Gym Membership: Your gym membership is a great opportunity to cut down on monthly expenses. With so many fitness apps such as ClassPass, YouTube Videos, and equipment, exercising at home has never been easier. If you are an avid gym user, this option is probably not for you, but if you use your gym occasionally, it is something worth considering. Your $250/month Equinox membership is costing you $3,000 a year...that is a lot of money! If you cannot give up your memberships, look into options such as corporate discounts or special incentives that your gym or workout venue of choice offers. 

Get Your Caffeine Dose at Home: Sometimes a morning cup of coffee (or 3) feels like it is the only thing that will get you moving...trust us we know! However, your daily trip to Starbucks during the week for a grande nonfat latte at $4.78 is costing you $1,243. Save that money and drink your coffee at home and imagine how good coffee will taste in your new home!

 

Home Features New Yorkers Will Pay Extra For

Smart Home Features

Sellers are often hesitant when it comes to upgrading a home before the sale. This is understandable considering that they won’t be living there. Besides, remodeling and staging a home can be expensive, so it is important to ensure any investment is put towards features/finishes that will likely reap a return. A home upgrade done wisely can help you sell your NYC home faster and for a much better price. Namely, there are certain home features New Yorkers will pay extra for. Hence, sellers with a tight remodeling budget should focus primarily on those features.

Must-have home features New Yorkers will pay extra for

Energy Efficient Features

It’s not a secret that New York is a pricey city. Energy efficiency is one of the home features New Yorkers will pay extra for precisely because it saves a ton of money in the long run.  Naturally, home buyers who want to limit their utility bills are drawn to energy-efficient properties. But that’s not the only type of buyers interested in this home feature. Due to the increased environmental concerns, energy efficiency has become a priority unrelated to cost-trimming. Energy efficient heating and air conditioning, eco-friendly appliances, low emission windows and extra insulation are all among the home features New Yorkers pay extra for.

Technologically Advanced Features

Today’s home buyers, especially the younger generations, are rapidly adapting smart home technology and are willing to spend extra cash on it. Smart home features are no longer found only in NYC’s most expensive homes. They have become more common and affordable to the average buyer. Tech-savvy buyers look for things like high-tech, programmable thermostats they can control via different mobile devices, key-less locks they can access via Bluetooth, and total programmable entertainment systems.

Pet-friendly Home Features New Yorkers Will Pay Extra For

The number of proud pet owners in NYC is increasing. Many home buyers are willing to pay extra for a pet-friendly home. Although keeping pets like cats or dogs is not allowed everywhere, buildings with pet amenities can be found across the city, including some of Manhattan’s most prestigious neighborhoods. Things like integrated crates, gates and built-in bowls are more sought-after than ever before. Amenities such as dog washing salons, spas, dog training studios and indoor playrooms where dogs can mingle even if it’s rainy outside are some of the features dog lovers look for these days.

Storage Space

Space in NYC comes at a premium. Square footage is expensive; space is a luxury many New Yorkers dream of having. Therefore, they are willing to pay extra for a home that provides enough storage space for their belongings. Even if it’s a small home we’re talking about, there are ways to add storage space in every room and make it more functional. Internal storage in the form of cupboards and shelves is something buyers appreciate, as well as closets that have been upgraded by the likes of California Closets to maximize usage of space. A suburban home with under-house storage, a large shed or garage is also likely to attract buyers who are willing to pay extra.

Walk-in Closet

Speaking of storage space, a walk-in closet in a master bedroom is becoming one of the features home buyers want most. While singles want to keep all of their clothes, shoes and accessories in one place, couples often want more closet space because they will be sharing it. A walk-in closet also makes it easier to organize your stuff and provides a cleaner look. So, if the home you are selling does not have this feature, consider converting a smaller room into a custom walk-in closet.

Walk-in Pantry

A walk-in pantry is a must-have kitchen feature, especially for families with children. A lot of kitchens lack space for storing things like non-perishable food items and kitchenware. While reach-in closet pantries provide limited space, a walk-in pantry offers a larger, better organized storage area just a few steps away from the food preparation area, making it a perfect extension for your kitchen.

Hardwood Flooring

In comparison to carpets, hardwood is both more durable and easier to maintain. Pure hardwood flooring can last a lifetime when maintained properly. Engineered wood flooring is a cheaper option you might want to consider when working with a tighter budget, whether you are preparing to sell or buy a home in NYC, especially if the money you'll need for your NYC move does not leave you much choice.

Multiple Entertainment Areas

Many buyers like to have more than one room where they can spend time with their family and friends. If you are a buyer who wants multiple living/entertainment areas, you’ll need to pay extra for this feature. Afterwards, you can get your piano to Manhattan with ease, add some comfy sofas, and create an elegant area ideal for entertaining guests.

Outdoor Space

It is not only the home’s interior NY buyers are interested in. Living in a concrete jungle sure makes you appreciate greenery and outdoor space. Thus, a backyard, rooftop deck, terrace, or even a tiny balcony can increase the price of a home significantly. And if the balcony comes with a beautiful view - even better.

A Look Inside 611 West 56th Street by Alvaro Siza

611 West 56th Street

The Upper West Side is welcoming another New Development, this time from a Pritzker prize winning architect. 611 West 56th Street is Alvaro Siza’s first U.S. building that will be a new addition to the Upper West Side skyline. Developers Sumaida + Khurana aim to have the project they support represent refinement and understatement, something they feel is very powerful in a New York development market that can often times be characterized be extravagance. This type of design is also characteristic of Siza’s work.

611 West 56th Street will rise 450 feet with a white Perla Bianca limestone façade characterized by stone cladding that frame windows with expansively large glazed surfaces, allowing residents to take in views of the Hudson River and Central Park.

The Residences

611 West 56th Street Interior

The homes of 611 West 56th Street will be designed by renowned firm Gabellini Sheppard and will span in size from one to four bedrooms. Larger units including duplex masionettes, full-floor residences, and a crowning penthouse are also expected. The building will have a private feel with the majority of the units spread as only 2 homes on most of the 37 floors. Additionally, more than half the units will have direct, keyed elevator access.

Gabellini Sheppard Kitchen
611 West 56th Street Master Bath

Similar to the exterior, Gabellini Sheppard has taken a minimalist approach to the interiors. Residences will have an abundant use of natural stone and marbles throughout as well as details such as millwork and custom cove lighting. The minimalist design coupled with quality materials and craftsmanship create an elevated living experience.

Amenities

611 West 56th Street Gym

611 West 56th Street will feature a thoughtful amenity package inclusive of the following:

  • Fitness Center with Men’s and Women’s Steam Room

  • Yoga and Boxing Studios

  • Garden Mezzanine

  • Media Room with Billiards

  • Children’s playroom

  • Large entertaining lounge with separate dining room and catering kitchen

Alvaro Siza Gabellini Sheppard New York





Pricing starting from approximately $1.26M

 Interested in Calling the Upper West Side Home or Learning More? Contact Us!

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Renderings: The Boundary

5 Common Questions About Making a Home Investment

5 Common Questions About Buying a Home

Buying a home is one of the largest decisions and financial transactions in many people’s lives. Because this is the largest financial asset for most many, anxiety and stress can cloud the decision-making process. Questions such as the following often  – Is this the right decision for me? Is this the home I should be investing in? Is now a good time to buy, or should I wait?

Whether a first-time home buyer, or a seasoned real estate investor adding to your portfolio, questions arise during every transaction. In our experience working with buyers, sellers, renters, and investors across all experience ranges, here is a list of the most common questions we get asked when it comes to investing in a home. 

WAS THE HOUSING CRISIS DURING THE FINANCIAL CRISIS JUST A BLACK SWAN EVENT TO BE PUT BEHIND US, OR DID IT SHOW THAT HOMES ARE NOT SAFE AND PROFITABLE HOLDINGS?

The Financial Crisis of 2008 changed the psychology of nearly everyone as it relates to finances and purchasing decisions. This has been more pronounced with Millennials.

Not all those that purchased homes during the crisis of ‘08 were negatively impacted, however, the ripple effect did bring down the overall market. Those that were hit hardest were buyers that stepped up to buy properties they could not afford, largely amplified by mortgage lenders who had much more relaxed lending guidelines and approved individuals for mortgages they could not truly afford. The latter was largely responsible for the subprime mortgage crisis during this time period.

The crisis revealed the dangers of over leveraging. While a mortgage can be a great thing, taking on too much debt can lead to many issues, especially in a home purchase. A large majority of those severely wiped out by the housing crisis mortgaged the purchase of the home with minimal equity down, thus they had no skin in the game so to speak and we were willing to just walk away from their payments as a result. This is why so many homes went into foreclosure.

Any market, financial or otherwise, is subject to a crisis, however, the housing crisis has resulted in more restrictions imposed on lenders and is certainly more prevalent in the back of buyers’ minds as they asses what they can afford.

While interest rates on mortgages are once again at historic lows, it is important to understand the true monthly payment costs and the tradeoffs associated with various mortgage products and increasing your down payment. We sat down with a Mortgage Expert to ask some questions – read more here.

 

NOW THAT HOME VALUES HAVE RECOVERED, WHAT'S THE SMARTEST HOME OWNING STRATEGY GOING FORWARD? IS IT SAFE TO ASSUME A HOME WILL STEADILY APPRECIATE?

Plain and simple – buy what you can afford! Consult with a mortgage advisor to receive a pre-approval letter if you are financing your home purchase. The pre-approval letter will reveal in what price range you should be shopping.

Time horizon is certainly a contributing factor to price appreciation. Because of the additional costs of a real estate transaction, a timeline of at least 5 years is usually a standard outlook to outweigh the costs of buying versus renting. In Manhattan the rent vs. buy analysis is more complex given pricing – we are happy to help guide you on what makes the most sense given your personal scenario depending on income, timeline, and down payment. This, of course, varies from market to market, and even neighborhood to neighborhood. If you envision yourself staying put for quite a while, we tend to see real estate prices appreciate over a long-time horizon.

IS IT SAFE TO ASSUME THE HOME WILL BE A SUBSTANTIAL ASSET FOR FUNDING RETIREMENT THROUGH A DOWNSIZING OR REVERSE MORTGAGE?

Owning a home is credited as one of the largest contributions or “escalators” to wealth. With that being said, substantial price appreciation can be observed on homes owned for multiple decades. Upon retirement, some individuals do not need the large family home they used to raise their families and downsize. Downsizing generally results in additional gains pocketed from the price appreciation of the original home versus the price paid for the new, smaller home. Essentially, downsizing is a way to pull out the equity that has accumulated over time as a result of homeownership. Equity is one of the reasons that homeownership contributes so much to an individual’s wealth!

Again, this is very market dependent as a smaller home in a different market may not equate to a smaller price tag all the time.

As to whether the additional “income” from a home sale can fund retirement, that is something the client should consult their certified financial advisor in regard to as everyone’s financial situation and needs in retirement vary.

AS A YOUNG INVESTOR, WHAT DO I HAVE TO DO TO ENSURE I WILL BE ABLE TO SUCCESSFULLY PURCHASE A HOME?

For many young couples looking to purchase their first home, the largest obstacle in achieving that is coming up with the down payment. There has been a definite shift towards this being a large struggle over the last decade as more and more young couples are burdened with large amounts of student debt given the increased costs of education. They are then forced to rent, which can be costly, and have minimal bandwidth to save for a down payment with all their various financial obligations.

A minimum 5-year timeline is reasonable in most markets in order to cover the costs of the transaction on both the buy side and the sell side if moving down the road versus price appreciation over that timeframe. Of course, the longer one stays in the home, the more the transaction costs are spread out over time which is coupled with additional time opportunity for price appreciation.

It does not necessarily always make sense to reach for the most expensive home. If buying the most expensive home they can afford means tapping out their budget and being on the line with meeting monthly expenses, this is probably not the wisest decision. Instead, buyers should look to purchase something in their price range that they love yet still allows them to live their daily lives while meeting financial obligations.

WHAT KINDS OF MISCONCEPTIONS AND FEARS ARE YOU SEEING IN THE MARKET AMONG ALL YOUR CLIENTS?

Working with buyers in the current NYC market, we would identify a lack of urgency as the biggest commonality across different price points. Buyers have an advantage over sellers in the current market as well as a large selection of inventory including both resale and new construction. This can lead buyers to stretch out a search as they feel what they are looking for will “still” be there. Additionally, macroeconomic events such as the political climate, a possible Trade War with China, and Stock Market volatility contribute to Buyers’ hesitancy to leave rentals and make a purchase.

In New York City specifically, the market is also feeling the impact of local laws related to Rentals as well as increased Mansion Taxes. The latter progressively increases the Mansion Tax depending on the sale price of the property. Buyers in the $2-$5M range are likely feeling the impacts of the increased taxes the most.

In regard to young people taking on debt – as referenced in some responses above, we think the young buyer’s mentality towards debt has definitely changed living through the financial crisis as well as coupled with the increasing amount of student debt. As a result, some can be apprehensive to take on additional debt with a mortgage. However, talking through some of the advantages of mortgages, such as tax benefits, as well as reviewing the myriad of products available with a mortgage broker can alleviate some of these upfront concerns. We are seeing younger people having to rent longer than their predecessors given the inability to save for a down payment rather than aversion to taking on debt in the form of a mortgage.


Manhattan Market Update: Halfway Through 2019

Manhattan Q2 Market Report

Manhattan - First of the year was a mixed bag if you collectively look at Q1 and Q2. Q1 got the year off to a slower start when looking at the market on a year-over-year (YoY) basis, however, Q2 finished with a 31% increase in sales compared to Q1 and a 7% increase YoY. This yearly increase in sales volume was the first time for Manhattan in nearly 18 months.

So what is driving the real estate market, and what do we expect as we think about the rest of 2019?

Taxes:

At both a national and local level, taxes have been a huge influence on the luxury market thus far in 2019 and will likely continue to be so. From a National, perspective, the reduction of State and Local Taxes (SALT), have certainly had an impact in a high-tax marketing like Manhattan. Some benefits of homeownership such as tax deductions have been reduced as a result of the new Federal tax laws.

On a local level, the passage of a new Progressive Mansion Tax can be observed in Q2, but we likely have not seen the full brunt of the impacts this may have on the higher end of the market - $10M+. The increase of YoY sales volume for Q2 2019 can likely be attributed to Buyers that pushed up closings in to late June to avoid the new, increased, progressive taxes that took effect as of July 1, 2019.

Furthermore, after July 1, the Manhattan market went nearly 3 weeks without a property over $10M going in to contract. If this is any indication of the Progressive Mansion Tax’s impact on the luxury market, it is certainly not favorable. This will be a key trend to monitor for the remaining part of 2019, specifically the volume of deals at $10M where the tax liability as escalated as a result of this.

 Pricing:

Looking at the data and negotiating for our clients, it is evident that pricing is still an ongoing issue, namely, the market is saying properties are still a bit overpriced. With that said, price reductions have been instrumental to keep product moving. Sellers are reducing prices for luxury properties anywhere between 9-11% before they enter contract. Pricing will continue to normalize in order to keep transactions moving through the rest of 2019.

With that said, pressure on pricing is being influenced by myriad things including inventory and negotiability. We are certainly in a Buyer’s market, however, there are many Buyer’s that continue to sit on the sidelines. Buyers know they can get a deal and have a wide array of selection, so they can become stubborn in instances, waiting for a deal they think is “better” to come down the line. As a result of increased inventory and a degree of Buyer hesitancy, time on the market has climbed for the luxury market in Manhattan. In Q2, average time on market had climbed to 168 days. This number can escalate quickly as price tier increases. We have seen some ultra-luxe properties on the market in excess of 365 days.

Politics:

Similar to the impact of Taxes, we have seen and expect political impacts to be felt from both the local and national levels. Thinking about the remaining part of the year, the 2020 Election will definitely have an impact on the market in some way as we progress towards the election throughout the cycle. That, of course, remains to be seen, but we expect some impact on the market at a larger level

Additionally, aspects of the current political climate that have resulted in Macroeconomic impacts such as a possible Trade War with China and Stock Market volatility have ancillary effects that trickle in to the luxury market. Largely, both of these events have contributed to some of the lingering hesitancy in the market from Buyers despite amazing deals being prevalent on properties.

At a local level, there has been influence on the market as a result of political decisions that resulted in Amazon pulling out of NYC as the location of its second headquarters as well as the recent passage of updated Rent laws by City Council.

Manhattan Q2 Inventory by Type
Manhattan Luxury Real Estate Q2 Sales by Unit Type

 

5 Most Expensive Homes Currently on the Market in New York City

New York Real Estate is viewed by many as one of the most competitive luxury markets in the world. There is much talk about the luxury market slowing down, but on the ultra-luxe end, there is no shortage of unique, ultra-pricey listings. From townhouses to penthouses, we rounded up a countdown of the five most expensive properties presently gracing the NYC real estate market. 

*All listings and image of respective listing agents/brokers

#5- 25 Columbus Circle, PH80

Photo: Corcoran/Deborah Grubman

Photo: Corcoran/Deborah Grubman

Related CEO Stephen Ross listed his Penthouse high above Columbus Circle in the Time Warner Center for $75 million. This has been Ross’s residence since Time Warner Center was initially completed. The interiors are designed by Tony Ingrao, who interestingly enough, have done the interiors at Related’s 35 Hudson Yards. He has customized virtually all aspects of the home.

Listed By Deborah Grubman Corcoran

#4- 45 East 22nd Street PHAB

Photo: Douglas Elliman/Noble Black, Holly Parker

Photo: Douglas Elliman/Noble Black, Holly Parker

Perched on over 13,000 square feet of living space above Madison Square Parks green space, this gorgeous triplex penthouse located at 45 East 22nd Street could be yours for a mere $77,700,000. Sprawled out over three top floors of this luxury building the penthouse features two separate studio apartments for staff, two parking spaces, access to all the buildings amenities including a golf simulator, gym, and a playroom, and not to mention the 360° views of all of Manhattan. With floor to ceiling windows and incredible entertaining space, this apartment is perfect for dinner parties and having guests over. Despite the interior concepts of Lee Mindel, Ryan Korban, and Thomas Juul-Hansen, the condo is being sold as a blank canvas for the owner to have the ability to truly make it their own.

Listing Courtesy of Douglas Elliman - Noble Black & Holly Parker

#3- 134 Charles Street

Photo: Bespoke Marketing

Photo: Bespoke Marketing

Back on the market a year later with an additional $30 million tacked on, meet 134 Charles Street. An 18,000 square foot single family home converted from a warehouse space. This listing, owned by investor Ciaran O’Kelly first popped up in 2014 on the market for a whopping $47.5 million after having purchased the building for 17 million and 2008 and giving it extensive renovations. Boasting an infinity pool, a 47-foot garden space, and a roof deck this apartment has returned once again for $80 million.


Listed By Zachary Vichinsky of Bespoke Real Estate

#2- “Le Penthouse” 172 Madison Avenue

Photo: Keller Williams NYC

Photo: Keller Williams NYC

Boasting every amenity imaginable Le Penthouse, located at 172 Madison Ave, comes in second with a price tag of $98 million. This 11 bedroom, 14 bathooom Skytop mansion is going for $4,945 per square feet, giving you almost 20,000 square feet of living space (4,500 of which are outdoor). The apartment boasts a private rooftop deck featuring a jacuzzi and a 67-foot salt water pool in addition to a gym, a pet spa, a playroom and much more. 

Listed By Raphael Sitruk and Efraim Tessler of Keller Williams

#1- “The Pinnacle” The Woolworth Building

Alchemy

Alchemy

Coming in as number one of the five most expensive listings currently on NYC’s market is the Woolworth buildings “the Pinnacle Penthouse” for $110 million which sits nearly 700 feet above the City. This penthouse is spread out above five floors featuring an elevator giving the owner easy access to all five levels. The Pinnacle first hit the market in 2017 and if sold anywhere near the asking price, it will break the record of most expensive sale ever downtown with the previous titleholder, a property at Chelsea’s Walker Towers selling for $50.9 million back in 2014. 

Alchemy Properties had to conduct extensive work to the Pinnacle before bringing it to market as the crown previously held maintenance equipment for office tenants below. Work included adding additional windows and replacing nearly 3,500 damage terra cotta on the facade. 

Besides being located in the iconic Woolworth building, this apartment boasts 360° degree views of the city, a 400 sq ft observatory, and 24-foot ceilings. 

How New York City's New Rent Laws Could Impact You

You may have heard chatter over Rent Laws in New York City over the recent weeks, and wondering what is it all about? City Council recently met to conduct their annual meeting in Lower Manhattan to discuss this years rent guidelines. With over 65% of New York’s 8 million people being renters, these regulations will likely impact you or somebody you know. With mixed opinions on the board's decisions, let's dive into precisely what the board decided. 

Rent Regulation

One of the most significant disagreements to be resolved in this years meeting was the issue of rent regulation. Previously if a tenant were to live in a rent regulated apartment and their income was to surpass a certain amount, the apartment would become deregulated.

Now, if you live in a regulated apartment, your apartment will continue to remain regulated despite your financial situation. Additionally, the laws called for more apartments to be part of the rent-regulated system. Additionally, and notably landlords now only have the power to add up to $89 to an apartments rent in between tenants after a renovation, previously landlords had the ability to add up to $1000.


For Renters

For regular renters, this meeting was a harbinger of good as well. It was a common occurrence for troublesome tenants to be put on a “blacklist” by their landlord; this is now considered a misdemeanor. Additionally, more restrictions have been placed on evictions, giving the tenants more time to leave their apartment if evicted and creating a fine between $1,000 and $10,000 for illegal evictions on the part of the landlord. 

Other ways the new laws impact Renters include:

  • Security Deposits must be returned to the Tenant within 14 days of vacating the unit

  • At least 30 days’ must be given to Tenants if the Landlord intends to raise the rent by more than 5%

  • Tenants have 30 days to fix lease violations, up from 10

  • Application fees are limited to $20, even when a background check is included


However, the news was not so good if you are a renter of a rent-stabilized apartment with the board voting 5-4 to raise rents for the 3rd consecutive year. The increase will go into effect on renewal leases started on or after October 1st, 2019, and September 30, 2020. The increase will come at a 1.5% increase for one-year leases and 2.5% for two-year leases. While this is still an increase, it is rather small compared to the 14% increase that New York had seen in the ’80s.


The new regulations affect a wide variety of renters and landlords in positive and negative ways. Feedback from Landlords is that these laws are disincentivizing them to upkeep existing apartments given there may be a cap on how much they can increase rent after a renovation. However, tenant advocates see the laws in a positive light, saying that some of them were desperately called for. 


Interview: Why Long-Time Upper East Side Resident Makes the Move to Upper West Side

When speaking to Real Estate, you know that the first thing anyone mentions about property is “Location, Location, Location!”. In New York City, we are fortunate to have so many diverse neighborhoods, each with their own character and offerings.

We help our Client hone in on the neighborhoods that best align to their lifestyle. We often find that people end up falling in love with a neighborhood and staying for many years.

But what about when people are interested in a neighborhood that they’ve never considered? It happens, and yes, it can actually offer great opportunity!

Why Long-Time Upper East Side Resident Victoria Shtainer Moved to the West Side:

Move to the Upper West Side

 Q: As a long-time resident of the Upper East Side, what made you explore additional neighborhoods that were not in your original consideration set?

Victoria Shtainer: It is a Buyer’s Market currently in NYC and we wanted to take full advantage of that. It is currently cheaper to Buy than to Rent, especially when we need a large apartment to accommodate the entire family. With that said, there is New Development available in NYC that offers Tax Abatement, which is a huge positive for Buyers/Investors and something that should strongly be considered, even if those buildings are not in your target neighborhood.

Q: You mentioned Financial Reasons – Can you elaborate a bit more on some of the opportunities out there for Buyers currently?

Victoria Shtainer: Yes, given it is a Buyer’s Market, and the volume of New Development that is on the market in NYC, the ball is in the Buyer’s court to negotiate. While some may be hesitant to buy, that is when even greater opportunity can be had. Financial opportunities can include

  • Tax Abatement: Buildings such as One West End Avenue and Waterline Square are offering a 20 Tax Abatement which means monthly Real Estate Taxes are incredibly low for 20 years, thus reducing the carrying costs significantly. This is a huge benefit, especially if you are an investor looking to purchase your unit to rent.

  • Incentives: New Developments are offering Buyers incentives to attract them to their projects given the competitive market. This may include Sponsor paid Common Charges for X amount of years, Sponsor Paid Transfer Tax, as well as negotiability on the Asking price.

I practice what I preach! All of this comes together to result in what was an amazing opportunity to move to the Upper West Side from an investment standpoint. Just as I would advise Client looking for a great opportunity, I demonstrated that by doing so myself.

Q: Do you foresee yourself having to adjust your lifestyle from what you might have been used to on the Upper East Side versus your new neighborhood?

Victoria Shtainer: No! In fact, the amenities here from both a building and neighborhood standpoint are amazing. Given the Upper West Side has many New Developments, the building is outfitted with state of the art amenities including a pool, expansive terrace, in-building parking, and more.

From a neighborhood perspective, we have access to everything we would want such as Supermarkets, working studios such as Soulcycle a block away, and popular coffee shops. Additionally, you can easily access the West Side Highway to get to the Lincoln Tunnels and George Washington Bridge.

Q: Given the New Development selection around the City, what made you focus on the Upper West Side compared to another neighborhood?

Victoria Shtainer: I think that there is tremendous upside in this area, especially from an investment standpoint when you factor in the financial benefits I previously mentioned.

Hudson Yards is a few blocks South and has completely transformed the Far West Side, and the arrival of Waterline Square is going to add great value and interest to this neighborhood. The project included 3 amazing buildings by 3 world-class architects and will be bringing a host of neighborhood amenities including 28,000 square foot Cipriani and Empellon, 2.7 acre park, and an ice skating rink in the winter.

 I think that the Far West Side is experiencing what Downtown experienced during the post-Sandy era.