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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.

New Renderings Give a Peak Inside the Luxe Residences from Aman in New York

Much buzz has been created over the past few months since the announcement that Aman Resorts would be opening its first urban residences in New York, at an iconic address, The Crown Building (57th Street and 5th Avenue)

While other buildings rising along 57th Street have garnered attention because of their height, pricing, and other features, Aman has quietly released new renderings of the project, and they are simply stunning! Based on the look inside, these homes are truly delivering the vision of an oasis in the middle of urban chaos.

Aman New York is slated to open its doors in 2020, bringing 83 rooms and suites in addition to 22 private residences. It’s been reported by the Wall Street Journal that nearly half of the private residences have already sold, despite being listed. It is rumored that asking prices start at $4.65M

About the Residences

For the Condo portion, there will only be 22 residences. As of now, we know that some homes are slated to have terraces as well as private pools. All of them come with access to a suite of ultra-luxe amenities. There is expected to be a Sky Lobby, members club, piano bar, wine library, cigar bar, a members-only jazz club and 2 restaurants. Arva will be serving Italian fare while Nama will be Aman’s interpretation of Japan’s washoku dining tradition.  

Living Room

Living Room

Aman Residences Master Bedroom.jpg

The Aman Club will encompass 3 stories of the building with a 75-foot pool, hot and cold plunge pools, fire pits, hammams, salon, gym, and juice bar. Based on the renderings, this Club will be a true representation of the Aman brand and the serene and luxurious spas for which it is known the world over.

Pool Terrace

Pool Terrace

Cigar Lounge

Cigar Lounge

 About Aman:

Aman Resorts are located around the world in both remote and urban settings, known for their meticulous design to frame their natural settings. People love Aman Resorts for the space and privacy that they offer.

Aman started in 1988 with the first location being on Phuket’s West Coast. It was named Amanpuri which means “place of peace.” From that, the Aman name was born. Today, there are 33 resorts, hotels, and private residences across 21 countries.

All Renderings Courtesy of Aman

Guide: 5 Things to Do for Mother's Day in New York City

Mother’s Day is Sunday May 12th. Whether spending the day with Mom in the city, or sending her a gift, we’ve rounded up 5 ideas for Mother’s Day in New York City as well as a few gift ideas. From Brunch to a Staycation, check out these fun things to do with Mom in New York City:

Brunch

Photo: Teddy Wolff

Photo: Teddy Wolff

We could right an entire post just on Brunch places…it is New York City after all. Check out Simon & the Whale conveniently located in Gramercy in the Freehand Hotel. The restaurant is done by Gabriel Stulman who is also behind city favorites Fairfax, Charlie Bird, and Fedora.

Notable items for a Mother’s Day Brunch include griddles banana bread with date syrup, ricotta artichoke popovers, and sorrento lemon mascarpone danishes

New York Botanical Garden Party

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Enjoy the beautiful spring blooms at the weekend-long garden party at the New York Botanical Garden. This year is expected to be the biggest Garden Party yet! Stroll through the newly opened Lilac collection and enjoy live music and dancers on the garden’s main stage. There are a bunch of activities planned throughout the whole day, making it a great family event. Activities include putting on the green, croquet, guided walking tours throughout the gardens, face painting, and bouquet making demonstrations to name a few.

The event will take place during the entire weekend, from 10am-6pm on Saturday and Sunday.

All garden pass $28, $12 children // 2900 Southern Boulevard

 Mother’s Day at the MoMa

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Check out that exhibit you’ve been wanting to see at the MoMa with a special day planned for Mom. Before the Museum opens to the public, enjoy breakfast in the Terrace 5 Café which overlooks the Abby Aldrich Rockefeller Sculpture Garden.

After breakfast, you can participate in exclusive group tours of the MoMa collection, including special exhibitions.

Tickets: $120 Adults // $25 Children

Staycation at the Four Season New York Downtown

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Treat Mom to a special weekend Staycation at the new Four Seasons New York Downtown. They are offering a special promotion package for Mother’s Day called the Overnight Pamper Package. The package includes:

  • Overnight accommodation

  • In Room Dining Breakfast for Two

  • 80 minute Soveral Facial

  • Complimentary glass of Champagne or Wellness Elixir in The Spa

Rates starting at $795

Tea at Bergdorf Goodman

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BG at Bergdorf Goodman hosts afternoon tea daily from 3-5pm. If a full brunch isn’t your thing, this is a great way to pass the afternoon at a place that all women love, the famed Bergdorf Goodman department store.

Tea service comes with an assortment of tea sandwiches, freshly baked scones, fruit preserves, Devonshire cream, and a variety of petite sweets. We recommend getting the option paired with a glass of Veuve Clicquot Champagne. After tea, take mom downstairs to pick out a luxurious gift.

$45 per person or $62 with glass of Veuve // 58th Street at 5th Avenue

Gift Ideas:

Flowers: Flowers always make the perfect gift for Mother’s Day. What Mom doesn’t love a beautiful arrangement? One of our favorites in New York City is Ovando

Ovando takes a unique approach to floral arrangement, creating stunning displays both classic and modern. Quality and craftsmanship defines the brands beautiful arrangement. The store, dubbed the Botanical Gallery, is a experience not worth being passed up, and can also be rented for private events.

They have a special collection for Mother’s Day which you can shop directly here.

Fragrance: Replenish Mom’s favorite perfume, or buy her a new one. Byredo has some of the best scents available. For Mother’s Day, why not pick a scent thats grounded in floral notes?

Byredo Rose of No Man’s Land is an elegant floral fragrance that was created to pay homage to the nurses and heroines who served on the front lines of World War I. The fragrance has notes of pink pepper, Turkish rose petals, and raspberry blossom among others.

Available at Barneys

Dress - Looking to splurge on Mom? Treat her to an iconic Dolce & Gabbana dress that will be perfect for Spring and Summer whether in the City, The Hamptons, are the Almafi Coast. Dolce & Gabbana has beautiful prints inspired by the Italian scenery and Coast. They are known for the recognizable floral prints.

Dolce & Gabbana Cold Shoulder Anemoni Print Poplin Dress - Available at Bergdorf Goodman

Are Glass & Steel Skyscrapers Being Banned in New York City?

de Blasio Comments on Glass Skyscrapers

Headlines have been swirling around various media outlets stating that, per Mayor Bill de Blasio, glass and steel skyscrapers will be banned in New York City moving forward. The Mayor made comments on Monday morning’s edition of Morning Joe on MSNBC where he was quoted saying, “We are going to ban the classic glass and steel skyscrapers, which are incredibly inefficient.”

This message took on various other similar forms and was picked up by multiple media outlets including a cover on the New York Post here in the city. De Blasio spoke on various media outlets using a similar tone of strong language that implied a ban. He stated that these traditional skyscrapers are contributing to global warming. This prompted many to begin to think about a New York where there would be no new glass and steel skyscrapers.

Are Glass and Steel Skyscrapers Being Banned?

The short answer: No!

The comments from de Blasio were made with very few details or facts supporting them. The Director of the Mayor’s Office of Sustainability also chimed in to clarify that there is no prohibition on buildings made of glass in New York City.

It is important to note, however, that we are likely moving in a direction that would require construction to meet certain environmental efficiency standards. City Council just passed a package of bills which was inclusive of a mandate for building retrofits to reduce carbon footprint by 40 percent by the year 2030.

We are already seeing new construction as well as construction from recent years adapting to a more sustainable model by having projects certified as various LEED levels.

LEED stands for Leadership in Energy and Environmental Design and was devised by the United States Green Building Council. This rating system is the most widely used green building rating system in the world, and the LEED certification is a globally recognized sustainability achievement.

The rating system evaluates the environmental performance of a building, and through this process, encourages market transformation. The evaluation looks at things such as materials, water efficiency, and performance such as indoor quality for occupant comfort. 

Fun Fact: 10 Hudson Yards was the first commercial office space in New York to receive the coveted Platinum LEED certification.

5 New Developments Coming to Market in Manhattan this Spring

Spring is typically a bustling time for the housing market, and this season has been no exception. Activity has picked up from Q1 lulls across multiple tiers of the market, but we have been observing good momentum in the luxury sector specifically.

The New Development market in New York City continues to have a pipeline of impressive projects. From a Buyer’s perspective, inventory has never been better. New Development projects are offering the best amenities, design from starchitects and renowned interior designers, as well as concessions to Buyers. Now is a great time to explore new development as a Buyer. Developers are competing amongst each other for the same set of Buyers in many instances so there are deals to be had.

Just as the market picks of the Spring, so too is New Development. Here are some of the most notable projects coming to market in Manhattan during Spring 2019.

The Centrale

The Central NYC.jpg

Midtown is experiencing a wave of development, and The Central is part of it. The tower will rise 803 feet and is designed by Pelli Clarke Pelli. Interiors will be done by Champalimaud Design who has also done the interiors at The Kent. The 124 residences will be a mix of 1 through 5 bedrooms with pricing starting around $1.825 million.

Amenities at The Centrale include a lounge with fireplace, 75-foot lap pool, fitness center, and attended garage.

The Hayworth

The Hayworth.jpg

Located at the corner of Lexington Avenue and 87th Street, The Hayworth will bring 61 apartments to the Upper East Side. The building, rising 21 stories, will be a mix of 2 through 5 bedroom homes with multiple penthouses.

AD100 architect Lee Mindel will be doing interior at the Hayworth. Residents will enjoy a suite of amenities including a music and dance studio, fitness center, and rooftop terrace with fireside seating.

Pricing anticipated from $3.5 million

100 Franklin Street

100 Franklin Street.jpg

DDG Partners (you may recognize them from 180 East 88th Street) is bringing a boutique collection of Condos to TriBeCa nearby the Roxy Hotel. This spring, the 10 full floor homes, inclusive of 2 penthouses, are expected to come to market with pricing from $3.3 million.

The development is actually comprised of 2 buildings that are joined together. Amenities include bicycle room and storage.

The Park Loggia

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If you love the Upper West Side, but do not want to live too far up, The Park Loggia is the ideal location. The SOM-designed tower, located on Broadway at 61st Street, just above Columbus Circle, will offer a convenient location and is set to bring 172 residences to the neighborhood.

Apartments will span the gamut in size, ranging from Studios to 4-bedrooms. Pricing is expected to start around $1 million and go up to over $10 million. The amenity package will be sizeable, at 20,000 square feet. Amenities will include a game room, theater, café, music performance rooms, a fitness center, and children’s playroom.

35 Hudson Yards

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The tallest residential building within the Hudson Yards development debuted its lavish apartments on March 15th. 35 Hudson Yards is home to 143 apartments which start at $5 million. The apartments start on the upper floors of the tower with the world’s fist Equinox Hotel occupying the bottom floors.

35 Hudson Yards is designed by David Childs and Skidmore Owings & Merrill with interiors by Tony Ingrao. No detail has been spared on residence interiors such as the custom kitchens designed by Tony Ingrao in collaboration with Smallbone of Devizes.

The amenity suite is equally as lavish. Residents will enjoy 22,000 square feet devoted to wellness and entertainment. Amenities include yoga, playrooms, Grand Terrace and Dining Room, event space, and access to the Equinox which will have both indoor and outdoor pools.

All Photos via respective developments

Tallest Residential Condo on 5th Avenue Debuts Model Residences

277 Fifth Avenue by Rafael Vinoly unveiled the latest set of model residences perched on the 37th Floor of the new building in the heart of NoMad. 277 Fifth Avenue, rising 55 stories on 5th Avenue, is at the intersection of Downtown cool and Uptown sophisticated with stunning views through oversized windows. The building is a Victor Group development with architecture by Rafael Vinoly, comprised of 100% corner units. Interiors are designed by acclaimed designer Jeffrey Beers International feature finished comprised of warm woods and elegant natural stone.

Residence Features

  • 10 to 11 foot ceilings in entertaining areas with select residences featuring 20 foot double-height

  • White oak flooring

  • Dornbracht plumbing fixtures

  • Fully integrated Miele appliances

  • Master Bath: Kaldewei Puro Duo steel enamel tub with Bianco Dolomiti marble slab tub deck

277 Fifth unveiled both units 37B and 37C. Both units are 2 bed // 2 bath with 37B spread over 1,279 square feet while 37C is slightly larger at 1,397 square feet. Both units offered incredible skyline views…especially at Sunset.

277 5th Avenue 37B
277 Fifth Avenue View
277 Fifth Avenue
277 5th Avenue Bathroom
277 Fifth Views

Amenities

In addition to designing the interiors of the residences, Jeffrey Beers International has also designed two floors of amenities in the building spanning 7,000 square feet. There are dedicated spaces for relaxation, socializing, and recreation.

  • Curated Lobby Library with double-height bookcase wall

  • Entertaining suite with bar and kitchen pantry

  • Terrace

  • Kids’ Club

  • Game Lounge with custom ping pong table

  • Fitness Club inclusive of yoga studio as well as Men’s and Women’s Sauna/Steam Rooms


277 Fifth was one of the top-selling new developments in Manhattan in 2018 as based on Contracts Signed.

Interested in calling 277 Fifth Home?

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Top Picks for an Enjoyable Valentines Day

Valentine's Day is rapidly approaching on February 14th- have you made plans to make the day special for your loved one? We have curated some ideas to celebrate Valentine's Day from gifts to dining. If you are single, why not grab a friend and head to a great restaurant or enjoy a good bottle of champagne?

Chocolates

Teuscher Chocolates

For the chocolate lover, Teuscher is a must! The iconic Swiss Chocolatier is most well known for its Dark Chocolate Champagne Truffles. The company started over 70 years ago in a small town in the Swiss Alps as one master chocolate maker embarked on a journey to find the best ingredients which would lead him to create recipes for, what many critics, regard as the world’s best chocolate.

For Valentine’s Day, head to the Boutique on Madison Avenue or Rockefeller Center to pick up the Velvet Valentine Hearts filled with their iconic truffles.


Flowers

Ovando

Ovando takes a unique approach to floral arrangement, creating stunning displays both classic and modern. Quality and craftsmanship defines the brands beautiful arrangement. The store, dubbed the Botanical Gallery, is a experience not worth being passed up, and can also be rented for private events.

The Valentine’s Day collection is filled with everything from heart-shaped arrangements to iconic Ovando arrangements in beautiful pink and red colors. Our team favorite is the iconic floating orchids for which Ovando is known.

Champagne

Ruinart

Ruinart is the oldest champagne house in the world, established in 1729, and producing champagne since. The house barely survived World War I because of severe damage, but we are glad it did! Most of their Champagnes rely heavily on the Chardonnay Grape. With Teuscher Truffles in hand, you cannot go wrong pairing it with Ruinart Blanc de Blancs.

Dining

Manhatta

If you are looking for a truly special dinner spot where the food is equally as amazing as the views, you must go to Manhatta. Located on the 60th floor of 28 Liberty, the restaurant by Danny Meyers functions on a 3 course pre-fixe menu with an accessible price point.

Luxury Amenities are Going to the Dogs - In the Best Way Possible

Owning Pets in NYC

Owning a pet in New York City can be challenging – Will they get enough outdoor space? Who is going to walk them when you are putting in long work days? Will the building I want to live in even allow pets? As more and more New Yorkers get pets, these questions have become ever more important for Developers looking to attract well-off city dwellers. So, are the amenities going to the dogs? Yes – but in the best way possible! 

If you are looking to ensure your dog is living its best life, there are buildings across Manhattan that are offering your canine companion the best of the best when it comes to amenities and services. The buildings below, of course, allow residents to have pets, but the first step in searching for a home in New York when you have a pet is letting your Broker know. Some buildings do not allow pets at all, while some only allow cats, or have some restrictions related to size and breed.

We’ve rounded up some of the buildings with the best Pet Amenities across town-

Waterline Square

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The Starchitect-designed Waterline Square project features a host of amenities, of which lavish pet amenities are included. The good news is, whether you choose to live in One, Two, or Three Waterline Square (perhaps based on your preference for architects including Richard Meier, Kohn Pederson Fox, or Raphael Vinoly), you will have access to the Waterline Club which includes over 100,000 square feet of amenities.

For your four-legged friend, the Waterline Club will offer an indoor playroom for dogs to socialize as well as a dog washing salon and dog training studio. 

50 West Street

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Rising tall above lower Manhattan at 778 feet, 50 West Street is a new development glass tower that arrived with the wave of revitalization happening Downtown. While residents will enjoy stunning River and Harbor views from the homes as well as luxe amenities for themselves, pets will be able to enjoy a dedicated amenity space as well – 200 square feet for the pets to be exact.

Additionally, 50 West has partnered with a top-notch Vet and Groomer so you don’t have to worry about where to take your pet. They will make house calls right to the building. Rumor has it the Groomer is the same one that fashion designer Isaac Mizrahi uses.

 

15 Hudson Yards

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Hudson Yards has a lot of buzz surrounding it – from it being the biggest development project to more intricate details of businesses and stores moving into the area, this project is seriously transforming the Far West side of Manhattan. Part of the project includes both Rental and luxury Condominiums. 15 Hudson Yards has received a lot of attention as a condo within the project.

The luxurious building from Realted Companies will offer Residents access to services from Dog City. Related Companies founded Dog City in 2011 when it launched inside MiMa in Midtown Manhattan. The company offers onsite boutique pet services for building residents ranging from everything from grooming and walking to play dates. Annual membership starts around $250 with services such as Grooming being an additional premium at time of service.

555 Ten

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This Midtown Rental building from Extell offers, perhaps, some of the best pet amenities that can be found in the city. 555Ten is an Extell building, and Extell is known for their extensive and over-the-top amenity offerings throughout their buildings – think One Manhattan Square!

If you want your pets to be able to live their best life, 555Ten offers everything to help make that possible. Amenities for pets include a Pet Spa and Veterinary Clinic by Throw Me a Bone. There is also a daycare facility and covered outdoor play space to ensure your dog gets the outdoor time it deserves.

Throw Me a Bone offers services including walking, training sessions, 2-hour play sessions, house call vet visits, and “Yappy Hour” where your dog can meet its fellow neighbors.

252 East 57th Street 

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Worldwide’s 252 East 57th Street may be located conveniently to the Second Avenue Promenade, but the building is also ensuring your pet can get pampered without having to leave the building. 252 East 57th Street is home to Spot 57 Play Space and Grooming Bar.

Spot 57 offers residents and their pets an array of services from walking to daycare. Additionally, there is an interactive play space for dogs to mingle and play on those rainy or snowy days when getting outside is difficult. In need of grooming? That’s also possible at the grooming station which included convenient sitting so you can wait while your pet gets pampered.

What You Need to Know: Judge Rules in Favor of Airbnb

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Airbnb came into the headlines in New York last summer when City Council voted unanimously to enact a law that would require Hosts to disclose information including address of properties and identity to the city. City officials and the Mayor argue that Airbnb has essentially created an illegal hotel industry within the city. New York is one of the largest cities for the home sharing service. Under existing New York State law, most buildings do not allow an apartment to be rented for less than 30 days unless the permanent tenant is living in the apartment at the same time. City officials hoped this law would crack down on those violating this law and remove listings from Airbnb.

The law passed last summer stated that the detailed information pertaining to the units would need to be provided to the city monthly. Airbnb and Homeaway brought a law suit against the City, claiming that the law was unconstitutional. The law was slated to go into effect next month, however, a Federal Judge has blocked the enactment of this law in Manhattan Court.

Based on the recent ruling, here’s what you need to know:

  • The law is blocked from going into effect based on the premise that the collection of the data would be in violation of the 4th Amendment and would subject hosts to involuntary search and seizure.

  • This blocking is not necessarily permanent! It will be blocked will the litigation between parties continues. The outcome of the litigation will be important

  • City officials arguing that many people are running illegal “hotels” as they are violating the short-term rental law, and having guests in units for very short terms, creating a “revolving door” which could be potentially dangerous to other building residents

It is important to remember, if you are considering listing a property with Airbnb, under New York State law, short-term rentals cannot be less than 30 days unless the permanent tenant is also occupying the unit. This was and still is a State Law!

We anticipate that many people are in violation of this, and that is what the proposed legislation was hoping to crack down on. If you are listing your property on Airbnb in New York City, ensure you are adhering to all laws.

2019 Outlook: What to Expect for the New York City Real Estate Market

New York City Skline

As we enter a new year, we welcome new expectations for the housing market as we think about the year ahead. Briefly looking back at 2018, the year started off on a different note than it ended, namely rates rose to their highest levels in decades by year’s end, and the market fully transitioned to a Buyer’s Market. How do we expect 2019 to pan out?

The year ahead is likely to be a bit tougher than 2018 and remain soft overall as a result of the Fed. Prices remaining at minimum stable would be a positive, and a small rate of price appreciation would be even better. When people see their home rise in value, they feel wealthier whereas declining home values can spark a feeling of an impending recession. Thinking about 2019, we identified 4 areas of focus 1) Interest Rates, 2) Millennials, 3) Inventory, and 4) Rentals.

Interest Rates

We anticipate that interest rates will continue to rise in 2019 given the strong economic fundamentals and low unemployment rate in the US economy. Rates may begin to approach levels that finally squeeze some folks out of the market and into a smaller home than originally planned. Rising rates may also encourage some would be “Trade Ups” to stay put. Increasing rates is likely to impact first-time buyers most heavily as increased rates means less buying power. From a larger, national housing market perspective, this could also contribute to slowing sales as Buyers grapples with higher mortgage rates and recent rapid price increases over the past few years. 

Millennials

Millennials may be more at the forefront of the 2019 market than they were in 2018. This group could be a large driving force on the buy side of the market, especially for entry-level priced properties in New York City. The largest portion of Millennials will be ages 29-30 in 2019, a prime age for first-time homeownership. In a market such as New York, Millennials tend to be more affluent and savvy consumers, understanding the value in buying a property versus paying New York rent prices over the long term. Successful Millennials who have worked in industries such as Finance and Tech are likely armed with enough cash for a down payment.  Studio-1-bedroom properties priced below $2M are appealing to this group of Buyers. 

Inventory

Inventory is likely to remain elevated in NYC in 2019. New Developments continue to come to market and close, projects remain in the pipeline, and resale inventory will continue to come to market as well. This will be especially evident in the luxury sector of the market ($4M+) which has been experiencing a glut of inventory versus demand, a factor resulting in the shift to a Buyer’s Market. Average asking prices were inflated approximately 10% throughout 2018, and we expect the same to hold true throughout 2019. This means that Sellers had to take a significant reduction from Ask in order to get deals done. It is important to remember that deals get done when the price is right!

Rentals

Rent prices could likely see an uptick in 2019, attributed to the arrival of Amazon and increased demand. Amazon will bring with it a large number of high paying jobs, and thus increased demand from their employees as well as peripheral interest generated when a company such as Amazon picks a city as their home base. Google has also been discussing bringing a large number of net new jobs to NYC. Whether we see an increase in rent asking prices with concessions available or the dropping of concessions with asking prices remaining consistent resulting in a net effective increase in rent remains to be seen. We feel the latter is a probable scenario as landlords tend to drop concessions with demands increases as there is more competition for units. Additional rental inventory is something to watch in 2019 as it relates to pricing as this could be a factor that keeps a lid on rising rental prices.