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

moving

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.

5 Things to Know When Moving to New York City

moving from the suburbs to a city

So you decided to move from your quaint suburban home to the hustle and bustle of a large city. Perhaps its for that dream job or it has always simply been a dream to experience life in a big city, either way the move is highly stressful for many. What can you expect and what should you know to make your move a little easier? 

1. Plan on Downsizing

Life in a big city is more crammed, from your actual living space to the packed subway cars. When searching for your apartment, do not be shocked by the size of what your broker shows you. Unless you have a very high budget that affords you a spacious apartment with multiple beds, baths, and closets, space will be at a premium.

  • Closets can be hard to come by, even some of the largest apartments in NYC have smaller closets than you might currently have.
  • Go through your belongings before the move- this is a great opportunity to declutter and get rid of things that you no longer need or use.
  • Consider placing items in storage that will not fit into your new space.

 

Interested in moving to New York City? Contact Us and we can created a customized offering list tailored to your unique needs.

 

2. Visit Your Building Before the Move

After you officially secured your apartment, visit the building before the move to get acquainted with the location of freight elevators, loading docks, etc. This is also a great time to find out about building cable and internet options.

  • Introduce yourself to doormen, supers, and maintenance staff before the move. A smile can go a long way, and you will come to find that these individuals can be very helpful!
  • The friendlier you are to building staff, the more likely they will be give you “inside information” about move-ins in regards to elevator reservations, fees, etc. Knowledge is king in big cities!
  • Find out what cable companies your buildings support as well as if these companies offer preferred rates for building residents. Once you have made a selection, schedule an installation as soon as you know your move-in date as many companies are booked afew weeks out.

3. Fees

Big cities and luxury condo buildings seem to have a fee associated with everything. Try to understand what fees you may run into during your move so you can be better prepared.

  • If you are renting, ensure you have enough money in your checking account before you start your apartment search to cover things such as 1st month’s rent, security deposit, and broker’s fee. Do not be scrambling at the last minute to transfer money and get certified bank checks….you will need these!
  • Be aware of building fees associated with elevators if your move runs over schedule or outside of normal elevator operation hours
  • Have cash on hand at all times during your move for tipping

4. Known Your Building’s Moving Requirements & Be Prepared

Buildings have different requirements for moving in as well as logistics for move-ins. Be sure to review all this information so you can pass it along to your movers. Additionally, make your move less stressful by having an inventory system in place for your belongings and your valuables.

Check your building’s elevator schedule and schedule a move with them based on available timeslots. As soon as you have your date and time, pass this along to your movers so they can schedule their route accordingly to ensure timely arrival.

  • Verify if your building requires a Certificate of Insurance (COI) from the moving company as well as the amount. If required, ensure your moving company can provide this document. Insurance amounts vary from building to building.
  • Consider using a box numbering system for your belongings, so you can easily take inventory once your items arrive to the apartment.
  • Take caution with valuables! Keep all jewelry, watches, etc. on your person. Ladies- consider using your expensive bags rather than packing them and leaving them with the movers.