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

6 Things To Do in New York This Winter

Things to Do in New York City this Winter

We know it’s cold outside and there are fewer things nicer than watching New York City streets through your frosted window while you cuddle under a fuzzy blanket and drink hot cider, but New York City in the wintertime is worth venturing out into the cold for.

Chill is in the air, but holiday music can be heard on every street corner and the city is aglow with lights and winter decorations that you won’t soon forget. So, tip your doorman and leave the building. Venture to 1251 Sixth Avenue, near Rockefeller Plaza and look out for the glowing giant red orbs reminiscent of pomegranates, or the gigantic Christmas tree ornament sculpture popping out of a city fountain on 6th avenue. There are endless events and festivities as the new year approaches, and unless you have a friend who can get you into The Metropolitan Club, it can be difficult to choose where you’ll spend your time. That’s why we’ve done all the work for you and put together a list of some of the most exclusive activities and events in and around Manhattan and New York City to keep you in the know this winter.

Window Shop on Saks 5th Avenue

via

One of the best things to do in New York City during the holiday season is wander through Midtown to check out extravagant window displays at stores like Macy’s, Bloomingdale’s, Saks Fifth Avenue, and more. Every winter, the shops on Saks 5th Avenue compete for the best window display by bringing to life fairy tale panoramas, winter wonderlands, and otherworldly scenes of grandeur and winter cheer. Curbed, a New York Neighborhood guide, curated this user-friendly map of the best holiday window displays in the area, so they’re easier to find than ever.

See the World-Famous Nutcracker Ballet

via

Ah, a night of beautiful dancing, magnificent costume design, and high-end musical composition is in store for you at the NYC Ballet’s rendition of the Nutcracker. Running until December 31, this globally acclaimed ballet will delight and surprise regardless how many times you’ve seen the ballet before. All 90 dancers, 62 musicians, 40 stagehands and more than 125 children, in two alternating casts, from the School of American Ballet join forces to make each performance as magical as possible. Tickets range from $89-290, depending on the seats you choose. We recommend sitting as close to the orchestral pit as possible, to get a glimpse of both the dancers and musicians alike.

Enjoy a festive dinner at Old Homestead Steakhouse

via

The Old Homestead is the perfect place to flock to on a wintery night with friends and loved ones. Located in the heart of the former meatpacking district, this old-world steakhouse was made famous as the first restaurant in the United States to import Japan’s fabled kobe beef for use as the feature in its sumptuous steak dishes. The interior is plush and comforting, perfect after a chilly evening trek through the city.  Menu features include the Oyster Rockefeller Royale topped with a simmering pernod cream, the filet mignon for two with golden Yukon potatoes, aged cheddar spinach, sour cream and Asian vegetables, and the deliciously famous Homestead chopped salad.

Escape for a Weekend at the Windham Mountain Resort

via

The Windham Mountain Resort, a true gem hidden away in the great northern Catskills, is only three hours from New York City and offers everything from skiing and boarding to spa relaxation and delicious dining opportunities. It’s the perfect place to escape for the weekend when you need a break from the droves of winter tourists flocking to New York to see the famous city decorations and the NYE festivities. Packages are varied, so whether you need to play hooky in the middle of the week or want to embark on a weekend getaway, Windham has an option for you to enjoy.

Get Your Groove on at NYC Winter Jazzfest

via

Each January, Winter Jazzfest hosts the genre’s top talent over the span of several evenings. Its signature two-night Greenwich Village marathon brings vets and up-and-comers, hordes of music fans and a palpable air of excitement to an array of cozy downtown venues. The shows aren't individually ticketed, so a wristband grants you access to any of each night's shows—as long as venues don’t fill to capacity. This is a model built for venue-hopping and exploration. If your preferred show is full, pull out the schedule, and head to one of the nearby spots for something unexpected. This event happens after the New Year celebrations, which can be a downtime for happenings around the city. So grab yourself a ticket before they sell out and get your winter groove on to combat the post-NYE blues that can set in.

Drink in a Rooftop Igloo

via

This is one experience you won’t want to miss. 230 Fifth declares itself “New York's largest outdoor Rooftop Garden and fully-enclosed Penthouse Lounge.” One floor is fully enclosed, while the rooftop garden is open to the sky. If it’s raining, the venue will provide umbrellas and keeps it cozy by heating the place on cooler evenings. This venue is a marvelous place to sip cocktails before making your way to one of many New Year’s Eve happenings around the city, if you need a pre-party.

 

 

 

Guest Blog by Jeremy Alderman

How Much Should I Tip? - NYC Holiday Tipping Guide

NYC Holiday Tipping Guide

The holiday season is always a time to give back to those that had a positive impact on our lives over the past year. One question that always comes up, especially in New York City, is how much to tip the building staff and those that are intimately involved in day-to-day life?

Holiday tipping is an opportunity to give back to those that make running our daily lives a bit easier. Thus, it is important to say that it is highly encouraged, but not required. As December rolls around, many begin to get anxiety about who to tip, how much to tip, and if he or she should even tip at all. 

Our friends at Brick Underground publish a go-to holiday tipping guide, which has been circulating since 2013. We condensed it, and put our take on what is appropriate as you budget for your holiday tipping. Remember, these are simply guidelines. There are many factors that can influence the tipping decision such as the size of the building (a larger staff equates to smaller individual tips), level of service, seniority, and time in building. 

Renters: Tips do not have to equate to the dollar amount you are paying each month for rent. If you receive a lot of packages, have a stroller that is carried in and out of the building, etc., factor this into your tip. 

It is recommended that you tip in cash. Doorman, Concierge, Supers, etc. all of bills to pay like you and I- they are not looking for fruit cakes, cookies, or homemade gifts at the holidays!

 

 

Tipping Guidelines

 

 

Super: $150-200
Doorman/Concierge: $100-150
Nanny: 1 Week Salary
Housekeeper: 1 Week Salary
Dog Walker: 1 Week Salary
Driver: 1 Week Salary
Personal Trainer: $100
Chef: $300-500
Personal Assistant: 1 Week Salary
Hairdresser: $50-75
Manicurist: $25

 

Something to Consider: If you have been tipping throughout the year utilizing a "pay as you go" method, it is customary to tip on the lighter side during the holiday season.

How the GOP Tax Proposal Could Impact Real Estate

GOP Tax Bill

The GOP Tax Reform efforts are garnering headlines across the board as the potential for a new tax plan could have impacts on personal taxes, business, and of course, housing. How will the current proposal impact real estate? At a high level, the current bills would have impact on taxes and mortgages, which in turn could impact the larger market if they skew incentives of buyers, sellers, and homeowners. In both the House and Senate versions, homeownership still looks advantageous as compared to renting, and homeowners will always build equity as a result of price appreciation.

It is important to think of the plan in the context of the entire housing market, not just the Manhattan. Median prices in Manhattan are incredibly higher than the national average, so there are always unique impacts of any legislation in a city such as New York. Both plans are more beneficial for buyers at lower price points, specifically sub $300,000. With both plans, financial benefits of homeownership decrease as home price increases.

Taxes:

Under both plans, tax liabilities for homeownership will generally go up. Some propose eliminating deductions while others do not. Remember, property taxes stay with the owner for the life of the property, they do not go away like a mortgage payment once it is paid off. Both bills propose nearly doubling the standard deduction which in turn will reduce the number of people itemizing their return.

  • Senate plan proposes eliminating state and local deductions, including property taxes. The House plan will leave the ability to make deductions, but will cap state and local deductions at $10,000.
  • House Bill will result in nearly 1/5 of homebuyers experiencing a higher tax liability
  • Senate bill will result in all buyers and current owners seeing an increased tax liability

Mortgages:

The ability to deduct mortgage interest is one of the financial benefits of owning a home that, sometimes, can help in making it more efficient to own rather than rent. Currently, a homeowner can deduct interest on mortgages up to $1 million.

  • House bill will cut this deduction to $500,000 while the Senate bill leaves the deduction unchanged
  • According to CoreLogic, fewer than 3% of mortgages are over $500,000
  • it is not certain whether this would apply to new mortgages only, or also to existing ones BUT the version of the bill that the House passed would leave the deduction where it is for existing loans. Because of this, people might want to consider closing before year's end.

So how would these changes impact the market? Given the higher costs of homeownership in both bills, buyers may not purchase as expensive of homes as pricier homes generally come with higher tax liabilities which could be even higher now. On the other hand, current owners could be more incentivized to just stay put and not trade up to larger homes or move to cities where a job is as cities are generally higher taxed areas.

Overall, the largest impacts of the bills would be in high tax states such as New York, New Jersey, Connecticut, and California given the proposals to eliminate various deductions. Of course, the road to tax reform is long, and it is unsure what will be in the version of the bill that comes out in the end, if any.

 

 

Thanksgiving Tradition: Macy's Parade & A Favorite Recipe

Thanksgiving 2017

Thanksgiving: a time to gather around the table and forget about the gifts while enjoying the company of friends, family, and relatives. Thanksgiving is a time where many come together and reflect upon all the things to be thankful for - family, careers, a home. A common theme weaves its way throughout the Thanksgiving holiday, namely traditions. Traditions are a big part of Thanksgiving from that favorite recipe to all gathering around to watch the Macy's Thanksgiving Day Parade. 

Read below for some of our favorite Thanksgiving traditions including the Macy's Thanksgiving Day Parade and a favorite recipe that is sure to be a crowd pleaser.

Macy's Thanksgiving Day Parade

Macys Thanksgiving Day Parade

The parade is a city tradition dating back to 1924, making it the second oldest Thanksgiving parade in the country, which attracts more than 3.5 million to the streets and an even larger audience via television. This year marks the 91st parade, and Macy's has set up a special interactive website to browse through the parade over the decades and get a look at this year's lineup. The parade is, perhaps, best known for its large balloon class which has featured many cultural icons over the decades. This year, the lineup is slated to include the likes of the Pillsbury Dougboy, Ice Age's Scrat and his Acorn, and Angry Birds to name a few. The parade route is 2.65 miles long, starting at 77th street and Central Park West.

Route: 77th at Central Park West south to 59th Street.
East on 59th Street to 6th Avenue.
South on 6th Avenue to 34th Street.
West on 34th Street to 7th Avenue.

The admission is free to the Parade. The best place to view it is between 72nd and 61st Street and Central Park West.

The viewing areas along the route gets incredibly crowded. It is recommended that you arrive no later than 6:30am if you plan to scout out a good viewing spot along the route.

Sour Cream and Chive Mashed Potatoes 

via

The perfect compliment to the Thanksgiving turkey? Mashed potatoes. This recipe takes traditional mashed potatoes to a new level with sour cream and chive. They are sure to be a crowd pleaser and will have guests coming back for seconds!

Ingredients:

  • 2 pounds Yukon Gold potatoes 
  • 8 tablespoons unsalted butter, melted  
  • 1/2 cup half-and-half  
  • 1/2 cup sour cream 
  • 1/4 cup chopped chives  
  • Salt & Pepper to Taste

Bring potatoes to a boil, then reduce to a simmer and cook until the potatoes are fork tender, about 20 minutes. In a small pot over low heat combine half-and-half and butter. Heat until hot but not simmering. Drain the potatoes in a colander. Wipe the saucepan dry. Add the potatoes back to the saucepan and mash. Give it a quick mix with a hand mixer to incorporate some air and ensure a smooth texture. Fold in the melted butter and half-and-half mixture until just incorporated. Fold in sour cream and 1/4 cup chives and season with salt and pepper.

Thanksgiving Grateful.jpg

Of course, it is important to remember what we are grateful for and share that with others. We are so grateful for good health and loyal clients that allow us to do what we love, in one of the best cities in the world!

Happy Thanksgiving!

-The Victoria Shtainer Team

The Best of Park Place

In the game of Monopoly, Park Place has one of the highest mortgage rates and rent rates in the game, and is also one of the hardest spots to land on. It is thus coveted to be on Park Place. In Lower Manhattan, we have our own Park Place that is making a name for itself as a destination for some of downtown’s best luxury living. Famous architects from Robert A.M. Stern to Jean Nouvel are putting their mark on Park Place. Here is the best of Park Place:

 Woolworth Tower Residences – 2 Park Place          

 Situated at the gateway to Tribeca by City Hall Park, the Woolworth Tower has been an icon of the downtown skyline since its completion in 1913. The building was originally commissioned by retail titan Frank Woolworth, and has had a storied history. French architect Thierry Despont, known for his restoration skills, is transforming the top 30 floors into a boutique collection of 33 luxury residences. Additionally, the top of the tower will feature a crown jewel of all of the city – a 7 story penthouse that is rumored to be asking $100M+. In his transformation, Despont is paying great attention to detail and homage to the building's landmark status and heritage as well as its Beaux-Arts design, visible from the small "W" detailing in the kitchen to the intricate residential lobby entrance.

Via Curbed

Via Curbed

The homes feature gracious layouts with high ceilings as well as features such as eat-in kitchens and luxurious master baths sheathed in Calacatta Prima marble. Views from the residences of the skyline and beautiful terra cotta ornamentation are stunning!

Via Curbed

Via Curbed

The building also offers an impressive collection of amenities, starting with the beautifully restored lobby with coffered ceilings on 2 Park Place. Amenity offerings include a 50-foot lap pool, fitness center with sweeping North and East views, wine storage, wine-tasting room, and a private residents’ lounge.

Current availability starts with a 1 bed/1.5 bath asking $4.575M.

Four Seasons Private Residences Downtown – 30 Park Place

 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. 

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. The building is home to 157 luxury residences.

Via 30 Park Place

Via 30 Park Place

Residences feature a warm feel, a recognizable feature of many of Stern’s homes. Because residences start on high floors, many offer multiple exposures with wonderful views of downtown. Finishes include solid white oak cabinetry, Colorado White Marble, and Bianco Dolomite marble in master baths.

Via 30 Park Place

Via 30 Park Place

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. 

It is also rumored that big names are calling the building home including Yolanda Hadid.

Current availability starts with a 1 bed/1.5 bath offered at $2.995M

45 Park Place

Developer Sharif El-Gama has assembled a world class team to establish 45 Park Place as an internationally recognized addition to lower Manhattan’s skyline. Pierre Lissoni, Michel Abboud, and Jean Nouvel have partnered to each lend their unique perspective to various elements of this new modern masterpiece.

45 Park Place will be home to an exclusive collection of 50 homes with the base of the tower dedicated to loft-like homes while upper floors have full-floor residences with stunning 360-degree city views. 2 duplex penthouses will be the crown of the building that will feature custom sculptural staircases, an iconic touch from Lissoni.

Via 45 Park Place

Via 45 Park Place

Luxurious finishes, selected by Lissoni, can be found throughout the residences. These include things like integrated Gaggeneau appliances, full height lacquered cabinetry, and Italian limestone. Kitchens are designed by Italian custom manufacturer, Boffi, while master baths and powder rooms feature custom pieces from MOMA Design.

Via 45 Park Place

Via 45 Park Place

Amenities have also been designed and curated by Pierre Lissoni and encompass 3 levels. Amenities will include a pool, spa, gym, yoga studio, as well as a residents’ lounge and children’s playspace.

Current availability starting with 2 Bed/2.5 bath offered at $3,800,000.

Interested in experiencing the Best of Park Place? Contact us to arrange your property tours.

Must See: Volez Voguez Voyagez Exhibition by Louis Vuitton

Louis Vuitton Volez Voguez Voyagez

Heritage – something that defines iconic brands around the world. Whether in fashion, automotive, beauty, or architecture, heritage is common among the best brands and the most well-known brands. Volez Voguez Voyagez by Louis Vuitton is an exhibition that explores that heritage of the Louis Vuitton brand, sharing their unique story and the impact that have made across centuries in travel and luxury.

Louis Vuitton Luggage

The exhibition has completely transformed the old American Stock Exchange building on Trinity Place into a complete world of Louis Vuitton. Visitors step into the story of Vuitton from the beginning as they are told the story of a 14-year-old Louis Vuitton who left Anchay on the eastern border of France in 1835 to head to Paris by foot, reaching the city of lights 2 years later. From there, visitors walk through a visual representation of milestones and iconic pieces from the maison until the modern era.

Louis Vuitton Exhibition New York

The exhibition focuses on 10 aspects that have contributed to the success of the House of Louis Vuitton:

  • The Trunk of 1906
  • Wood
  • Classic Trunks
  • The Invention of Travel
  • Writing
  • The Painting Trunk
  • Curio Trunks
  • The Beauty of Fashion
  • Music
  • Louis Vuitton Loves America

From some of the first trunks created in 1892 to pieces owned by famous stars and one-of-kind collaboration pieces, the exhibit has unique and rare pieces that you will not be able to view anywhere else. The end of the exhibition features artisan showcasing how certain aspects of the bags are made where visitors can also feel the various types of leathers. There is also a small boutique at the end featuring a variety of coffee table books, small leather goods, and the newest range of perfumes.

Exhibition Hours:

From 10.27.2017 until 1.07.2018

Monday to Saturday 10:00am until 8:00pm

Sunday 11:00am until 7:00pm

Tickets are FREE – book in advance here

Ways to Save: Buying vs. Renting a Home

Saving via Buying a Home

Buying vs. Renting is a debate that takes place often in the real estate world. The debate is influenced by many factors: location, affordability, proximity to public transportation, carrying costs, school district zoning, and proximity to nearest park.  Additionally, other factors such as how long you plan on staying, mortgage rates, inflation, and other economic factors can impact the cost to own versus the cost to rent a home. There has even been studies as to what the “breakeven” point may be in NYC neighborhoods!  

While saving for a down payment has become challenging for many of today’s Millennials given high student loans and low wages that barely cover costs of monthly rent plus expenses, the equations frame the decision on whether to buy or rent.

How to Use Your Home as a Vehicle to Save

It is important to understand that owning a home is one of the biggest vehicles to wealth accumulation over the long-term. In fact, for many middle-class Americans that have built equity into a property, their home is the single biggest asset! This is a proven fact.

If you are feeling hopeless and not able to save for a home, here are some helpful tips to save for a downpayment for your new home:

Consider the following:

  • You decide to purchase a home with a price of $1,500,000. With the standard 20% down payment, $300,000 is required to purchase the home with a mortgage.
  • A conservative approach to estimating the future value of the home could be to link it to the Fed mandated target of 2% inflation. Exclude any neighborhood or real estate market increase. After 30 years, this property would have a value of $2.71M when tracked to 2% annual inflation.
  • In this scenario, the buyer has paid mortgage payments, taxes, etc. instead of paying monthly rent. His or her payments have gone to building equity in the home to the tune of $2.4M

Consider the same $300,000 down payment “saved” in a traditional sense- in a brokerage account investment in a stock index. Assuming a 7% average annual return for the next 30 years, that $300,000 would become 2.2M while being subject to all the risks of equity markets. Put that in a traditional bank savings account with the current interest rates at virtually 0, and the needle barely moves on the $300,000.

At time of retirement, the above home could be sold for $2.71M with the owner opting to downsize into a smaller home, with an anticipated, smaller price tag. The incremental price increase could be captured as “savings” for this home owner used in retirement.

Renting a Home and Saving in a Traditional Sense

Buying a home can be intimidating and seem too expensive in the minds of many. Those that feel like home ownership is out of reach continue to rent. When renting a home, saving must take place in the traditional sense – a savings account, brokerage account, etc.

Consider the follow:

  • A Median rent in Manhattan for a 2-bedroom apartment of $5,400. Assume no change in rent for 30 years (we will know this is not the case) this renter would spend $162,00 over 30 years, of which none is going towards any ownership.
  • The renter in this scenario has $300,000, the amount required in the above scenario to buy a home.
  • The renter decides to save this $300,000 traditionally and invests the $300,000 in the stock market in hopes of growth and outpacing inflation. Assuming a 7% average annual return for 30 years, the $300,000 becomes $2.2M.

In this scenario, the renter has paid $162,000 to owner nothing after 30 years while traditionally saving $2.2M. While these examples are simplistic at best, they demonstrate the way in which owning a home can be a vehicle to accumulate wealth and part of a larger financial plan.

Fun Ways to Save

1. If you love going out for a drink with friends consider going during Happy Hour, when drinks are usually half-price.

2. Do you love Starbucks in the office? Consider buying a coffee machine for the office. You save $4/day, 5 days a week, for 52 weeks per year, and that equals $1040 per year!

3. Want to try a new restaurant? Try going during "Restaurant Week", where the menu is pre-fixed, and less expensive, but just as good.

4. Automatic withdrawals from your paycheck to a high interest savings account

Do you have questions on whether now is the smart time to buy a home and stop renting? We are happy to discuss the current state of the market and review options for financing. Contact us to set up a confidential conversation.

Game Changer: Waterline Square Coming to the Upper West Side

waterline project.jpg

Slightly north of Hudson Yards, along the West Side of Manhattan, a new community is being built adjacent to the Hudson River called Waterline Square. This new mega-project by GID Development will be located between 59th and 60th Streets on the cusp of the Upper West Side, and will be home to, among other things, three Starchitect-designed residential towers. We have written about the importance of Starchitects before, and with 3 iconic architects designing a project together, we anticipate Waterline Square to be a big game changer in the area! Waterline Square will be a complete waterfront community complete with residential living, amenities, and retail.

The 3 residential towers will be positioned around a new 2.6-acre park. This lush park will feature cascading water features, a flowering meadow, and a fully equipped children’s playground. This new outdoor space will really be the anchor of the overall project. Residences of the towers will begin on floor 20 above, and all buildings will have access to The Waterline Club, a state of the art facility that will contain over 100,000 square feet of amenities.

One Waterline Square

One Waterline Square is designed by Pritzker Prize winner Richard Meier and will take up an entire city block with a coveted waterfront location. Residences of One Waterline Square will be graced with high ceilings, large banks of window offering homes amble light, and handpicked materials throughout.

1 waterline.jpg

Champalimaud Design has been tasked with designing the interiors of One Waterline. The design studio has concepted some of the most luxurious interiors around the world from private residences to hotels. Kitchens will be done in the finest materials while master baths will feature book-matched marble slabs.

1 waterline living room.jpg

In addition to the Waterline Club, residents will have access to a private suite of amenities for the tower also designed by Champalimaud.

Two Waterline Square

With a design accentuated by a series of ascending, set-back terraces atop the building, Two Waterline makes a striking statement at Waterline Square. Designed by John Pedersen Fox, who is known for glass towers that punctuate skyline, this building makes no exception to this rule. The base of the building will be home to a porte-cochere to welcome residents home.

2 Waterline.jpg

Yabu Pushelberg will be spearheading interior design at Two Waterline Square. The firm has over 35 years of experience designing interiors throughout the world. For this project, homes are designed around the floor-to-ceiling windows that allow the homes to take advantage of the building’s waterfront setting. Yabu Pushelberg has selected natural materials to use throughout such as kitchens done in chic and modern white marble with warm wood accents and white lacquer cabinets.

2 waterline kitchen.jpg

Three Waterline Square

The architect behind 432 Park Avenue, a building that captivated the world, is bring a design to Waterline Square. His building, Three Waterline, will be characterized by a diamond crown design atop the building. Residences are characterized by corners and gently sloping exterior walls that aim to capitalize on views in every direction.

3 waterline.jpg

The building will face directly onto the newly built park at the base, offering residents a Park arrival into the stunning lobby.

3 waterline living room.jpg

Groves & Co. will be leading interior design at Three Waterline, bringing a sleek and timeless sophistication to the homes. Residences will feature open kitchens with warm wood selections and elegant stone, with that elegant stone carried throughout bathrooms.

The building will also have a suite of private amenities designed by Groves & Co.

Amenities – The Waterline Square

Amenities have been a big differentiator among luxury properties in New York, especially in a competitive New Development market. The offering at Waterline Square will take amenities to a level we have not seen before. In fact, the list is much too lengthy to even list everything out!

waterclub lobby.jpg

The Waterline Club will be the home to amenities, a 100,000 square foot facilities with a grand hall at the center, and specific spaces for sports, fitness, social, swim, spa, creative, children’s, and pets. Waterline Square will also be home to the first ever combined food hall, market, restaurant, and bar experience by Cipriani.

waterline pool.jpg

Some of the Club amenities will include:

·      Full court basketball

·      25 meter, 3 lane lap pool

·      steam rooms

·      First indoor tennis court appended to a condo

·      Bowling Alley

·      Art Studio

·      Indoor Gardening room

·      Dog Washing Station

·      Children’s playroom & party room

 

Prices start around $2M with a 20-year tax abatement anticipated. If you are interested in this project or other new developments, contact us for more info and your private tour.

 

 

 

Images Via: Waterline Square

 

Raphael Viñoly Designed Tower Rises in NoMad

277 5th Avenue

In the middle of 5th Avenue, between the historic and classic upper 5th avenue and vibrant downtown, is a vibrant neighborhood of its own – NoMad. This area, “North of Madison Square Park, or NoMad, has become home to some of the newest shops, luxury hotels, and restaurants. Some regard NoMad as the intersection of the East and West Sides as well as of Uptown and Downtown.

At this crossroads, a new residential tower by world acclaimed architect Raphael Vinoly is rising to a height of 55 stories. Vinoly captured New York and the world’s attention with his slender Midtown tower, 432 Park Avenue.

His NoMad tower, 277 5th Avenue, will be one of the most notable residential buildings to come to the vibrant neighborhood. Vinoly his bringing his signature design to the tower which will have a sleek and tailored exterior with the façade composed of custom reinforced cast concrete panels and a glazed curtain wall system. The modern tower will rise 55 stories above 5thAvenue.

About the Building

277 5th Avenue is designed to take advantage of the wonderful views of the iconic New York skyline as well as make a lasting impression through both its exterior and interior designs. The building will be composed of 130 residences of which every unit will be a corner unit, something very unique and coveted. Residences range in size from 1 bedroom to 4 bedroom penthouses. Every home will feature either a living room or master bedroom with corner exposures.

Residences are immediately greeted upon entering the building with an impressive double-height lobby. The sense of space and light are carried into the residences which feature 10-11 ft ceilings in the living spaces as well as floor-to-ceiling glass walls. There is a small collection of very unique “Loggia Residences”, 4 to be exact, which feature ceiling heights up to 20 feet and private, double-height, outdoor loggias.

277 5th Penthouse Terrace

 

Residences

The interior of the shared spaces as well as the private residences are designed by Jeffrey Beers International. Born and raised in New York, Beers has designed some of the interiors for the best restaurants in the city such as Porter House as well as boutique hotels. When thinking about the interiors for 277 5th, he wanted something that complimented and worked off of Vinoly’s sleek, tailored exterior, something that reminded him of home.

To bring is vision to life, Beers selected a warm color palette opting for materials such as travertine, oak, walnut, and onyx. These materials create a palette throughout that is filled with warm, earth tones.

Kitchens feature pale oak cabinets and white Italian marble countertops with integrated Miele appliances. Natural colors are continued throughout the bathrooms with master bathroom featuring Bianco Dolomiti marble tile flooring, custom walnut vanity, and a steel enamel tub. Secondary bathrooms and power rooms have similar finishes.

277 5th Kitchen

In addition to the selection of finishes, all residences are designed for views, taking in the vistas of the skyline. Kitchens and baths are centered around views thanks to floor-to-ceiling window walls.

Amenities

·      Fitness club with separate yoga studio and training rooms

·      Men’s and Women’s spa with sauna and steam room

·      Entertaining Suite

·      Fifth Avenue Terrace

·      Private Dining Room

·      Kid’s Play Room

Sample Availability

One Bedroom: Starting at $1.905M with Estimate Common Charges of $1,223 and Estimate Real Estate Taxes $1,331.

Two Bedroom: Starting at $2.88M with Estimate Common Charges of $1,936 and Estimate Real Estate Taxes $2,108.

Three Bedroom: Starting at $5.58M with Estimate Common Charges of $2,572 and Estimate Real Estate Taxes $2,800.

 

 

Images Via 277 Fifth

What is BRRR? Everything you Need to Know

BRRR Real Estate Investing

We recently wrote about the most common questions we get surrounding real estate transactions. Along those lines, many clients ask us about investing in real estate as way to create a portfolio that generates passive income. There is one strategy that is particularly popular among real estate investors known as “Buy, Rent, Refinance, Repeat”, or BRRR. Owning a home is one of the biggest escalators to wealth and the BRRR strategy is a way to invest in real estate and increase the scope of an overall investment portfolio.

Why has this become such a popular strategy?

This strategy has become very popular, especially in the low rate environment we have seen. Lower rates translate to a lower monthly mortgage payment. Given that rents remain the same or increase year over year, a lower monthly mortgage payment means the owner if profiting more the tenant’s rent than with a mortgage with higher monthly payments.

The BRRR strategy is based on leverage, and thus not suitable for all. It is important to access your risk profile and determine your ability to take on additional debt in the form of mortgages is sustainable and wise. Because a mortgage is viewed as “good debt”, there can be tax benefits in having on. It is important to speak with a qualified tax adviser as to what you may be able to deduct in mortgage interest and how your property will be viewed by the IRS – investment or vacation properties can fall into different categories. We discuss that in more detail here.

What is this strategy based upon?

The premise of this strategy is to purchase a property (ideally at a discount to fair value to capture more equity), finance it, and find a tenant to secure cashflow on this property. Once a tenant is in place and the property is producing positive cashflow, the owner refinances the property which essentially takes the payment back out. Refinancing allows the owner to then roll these funds to facilitate the purchase of another property. The cycle continues from here.

By getting a mortgage at historically low rates, rental profits increase as your tenants' rent covers the cost of a (lower) mortgage payment, and you, as the owner, keep the difference. Income + price appreciation overtime can lead to nice profits.

What Implications Should I Be Aware Of?

It is important to understand that what works for one buyer or investor may not be ideal for you and your personal situation. It is easy to fall in the typical investment trap of “my neighbor told me that X is a good area to buy in so I bought there as well.” Arm yourself with a qualified team from a tax adviser to a real estate broker to you can ensure you are getting the best advice and insights in each area of the process.

Additionally, when it comes to financing and the products available, there are many options. Getting a mortgage product that is suitable for you is an important aspect of this strategy. Most investors hone in on a 15 or 30-year option, but explore all the products your lender of choice offers. Tradeoffs exist with both options such as speed of building equity, interest paid on life of loan, and interest rates. Your broker and knowledgeable Mortgage Broker will be able to help decide what option may be best for you and you real estate investment goals.

It is also important to recognize that there may be times where the rental market, and thus your ability to rent the property, may be challenging. Ensure that you can continue to hold the property in the face of it sitting empty until you can find a new tenant.

Interested in hearing professional stories on this strategy? Victoria was included in an insightful article published by The Real Deal where many top brokers talk about their successful real estate investment. Read the full article here: Brokers Place Their Bet .