Memorial Day Weekend 2023: 6 Activities in NYC & The Hamptons

Memorial Day weekend is right around the corner, and if you're looking to make the most of your time in NYC and The Hamptons, we've curated a list of must-try experiences for a memorable holiday weekend:

Governors Island Opening Weekend

Kickstart your summer by visiting Governors Island, which reopens for the season during Memorial Day weekend. Explore the beautiful green spaces, bike rentals, art installations, and delicious food options.

 Dates: May 26th - May 28th

Location: Governors Island, New York Harbor

Brooklyn Memorial Day ParadeDate

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Join the lively Brooklyn Memorial Day Parade, showcasing a diverse mix of community groups, marching bands, and veterans. Celebrate and honor the sacrifices of our heroes in this spirited procession. This is one of the longest standing Memorial Day Parades in the country, and 2023 will mark its 156th installment.

 Date: May 29th

Location: Third Avenue, from 78th Street to 101st Street

Washington Square Outdoor Art Exhibit

Immerse yourself in the vibrant world of art at the Washington Square Outdoor Art Exhibit. Discover an array of exquisite artworks, including paintings, sculptures, photography, and more, created by talented local artists

Dates: May 28th - May 30th

Location: University Place, from East 13th Street to West 3rd Street

Watermark Beach Memorial Day Rose all Day Fest

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Pier 15 has been transformed into a Summer Oasis complete with tiki décor, seasonal drinks, and twinkling lights. The venue has a 40-foot bar and new cabanas. The Memorial Day party will endless rose and live DJs – more information available here.

Rosie’s Residency Pop-up Series

Rosie’s in Amagansett is one of The Hamptons most popular restaurants. After a successful winter series, they are launching their Summer pop-up series Memorial Day weekend. The summer series will feature various restuarants from New York City. Each residency will last for two weeks, and tables will enjoy a pre-fixe family-style dining format. If you are not looking to reserve, try your luck as walk-in to the bar where an a la carte bar menu is available.

Memorial Day weekend will kick off with Bottino’s residency. Reserve your table in advance via Resy

Dan’s Rose Soiree

The Hamptons kickoff event of the Summer hosted at the Southampton Arts Center. Tickets include tastings for over twenty locally sourced Roses from South and North fork wineries as well as around the world. Fifteen top chefs will be offering up bites throughout the evening.

More info and to buy tickets

Date: May 28th, 2023: 6:30-9pm

 Location: Southampton Arts Center, 25 Jobs Lane, Southampton

Make the most of your Memorial Day weekend in NYC by attending these incredible events. From paying homage to the fallen heroes to enjoying outdoor activities and immersing yourself in art and culture, there's something for everyone to enjoy during this special holiday weekend.

Renting an NYC Apartment: Standard Procedures and Tips for Navigating the Real Estate Market

Finding an apartment in New York City can be a daunting task, especially for first-time renters. The city’s high cost of living and competitive real estate market can make it challenging to find affordable housing. We will explore the standard procedures for renting an apartment in New York City and provide some tips on how to navigate the city’s real estate market.

Renting an NYC Apartment: The Basics

The first step in renting an apartment in New York City is to determine your budget. Many new renters in New York are surprised to find out that the standard procedure for renting an apartment in NYC is to make 45 times the monthly rent in annual income. For example, if the monthly rent is $2,000, you would need to make at least $90,000 per year to qualify for the apartment.

While having good credit score and some money saved in the bank help, landlords want to see that you are financially secure and have money coming in on a monthly basis to pay the rent.

Once you have determined your budget, you can start your search for an apartment. There are several ways to find available apartments in NYC, including online listings and real estate brokers. We highly recommend working with a qualified real estate agent to help find your apartment as we have access to more inventory than someone not in the industry. In fact, changes to popular sites such as StreetEasy in recent years now require agents to pay if they want their listing to appear on the site.

Working with a real estate agent in a competitive and complex market like NYC is crucial to helping you through the process

When you find an apartment you are interested in renting, you will need to submit a rental application. The application typically requires proof of income, a credit check, and references. If you are approved for the apartment, you will need to sign a lease agreement and provide a security deposit, which is usually equivalent to one month’s rent.

Your real estate agent will help you negotiate terms of the lease.

Navigating the NYC Real Estate Market

The NYC real estate market is notoriously competitive, which can make finding an apartment challenging. However, there are several tips you can follow to increase your chances of finding an apartment that meets your needs and budget.

One tip is to start your search early. The NYC real estate market moves quickly, and apartments can be rented within hours of being listed. By starting your search early, you can get a head start on other renters and increase your chances of finding an apartment before it’s rented. Additionally, this will help you get a sense of the type of inventory that exists within your desired price range.

The New York City rental market moves very quickly - having all your documents and financial information prepared before your search is important

Another tip is to be flexible with your search criteria. It’s unlikely that you will find an apartment that meets all of your requirements, so be prepared to compromise on certain features. For example, if you are looking for a two-bedroom apartment but can only afford a one-bedroom, consider a convertible apartment or a studio with a separate sleeping area.

Finally, be prepared to act quickly when you find an apartment you are interested in. Have all of your paperwork and finances prepared before you start your search so that you can submit an application as soon as possible. This can increase your chances of being approved for the apartment and securing it before other renters.

Renting an apartment in New York City can be a challenging process, but it’s not impossible. By understanding the standard procedures for renting an apartment in NYC and following some tips for navigating the real estate market, you can find an apartment that meets your needs and budget. Whether you are a first-time renter or a seasoned apartment hunter, there are resources and tools available to help you find the perfect apartment in the Big Apple.

Questions about renting in NYC or looking to find your next apartment? Get in touch with us today.

The Most Coveted Neighborhoods for Luxury Real Estate in New York

The Most Coveted Neighborhoods for Luxury Real Estate in New York

There isn’t a person who would not want to own real estate in NYC. It is one of the most popular cities in the world and the desired place to be. Needless to say, with such popularity comes a premium price. New York City is known for its high-end luxury real estate, with some of the world’s most expensive and coveted neighborhoods. From Uptown to Soho to Noho and Brooklyn Heights—NYC has it all. These neighborhoods are famous for their exclusivity, high property values, and access to top-rated schools, restaurants, and amenities. If you're in the market for a luxurious home in the Big Apple, take a look at some of the most coveted neighborhoods for luxury real estate in New York.

Uptown, Manhattan

Covering the Upper East Side and Upper West Side, this area is home to some of the most prestigious addresses in the city. Uptown is known for its tree-lined streets and elegant brownstone houses, as well as luxury apartment buildings with stunning views of Central Park and the Hudson River on the Upper West Side and East River on the Upper East Side. Many of these buildings offer high-end amenities such as fitness centers, rooftop decks, and concierge services.

Uptown, Manhattan has great views of the city whether you enjoy the skyline, water views, or both!

Residents of Uptown enjoy the convenience of being close to world-class shopping and dining destinations, including Fifth Avenue and the Upper West Side's Columbus Circle. The area is also home to world-famous attractions such as the Metropolitan Museum of Art and the Lincoln Center for the Performing Arts.

Cobble Hill, Brooklyn

This neighborhood has a rich history, charming tree-lined streets, and a wealth of cultural amenities. In addition to that, it is located in the very heart of Brooklyn. One of the main draws of Cobble Hill is its close proximity to popular destinations such as Brooklyn Bridge Park and the Brooklyn Bridge. This area is also home to numerous art galleries, boutique shops, and trendy restaurants, making it a popular destination for both tourists and locals.

Cobble Hill offers a mix of beautiful townhomes, brownstones, and high-rise apartments. These properties feature stunning architectural details, large outdoor spaces, and modern finishes. Prices for luxury real estate in Cobble Hill can range from $1 million to over $10 million, depending on the size and location of the property. Despite its high price tag, Cobble Hill remains a popular choice for luxury buyers because of its excellent school district, vibrant community, and easy access to transportation.

NoHo, Manhattan

NoHo, or North of Houston Street, is a luxury real estate neighborhood in the Lower East Side of Manhattan. It is known for its trendy and upscale atmosphere, with high-end shopping, dining, and entertainment options throughout the neighborhood.

One of the main draws of Noho is its proximity to other popular neighborhoods in Manhattan, such as SoHo, Greenwich Village, and the East Village. This makes it a convenient location for those who want to be in the heart of the city but still have the privacy and exclusivity of a more upscale neighborhood.

NoHo is also home to some of the most expensive real estate in the city, with many properties offering luxurious amenities like rooftop pools, fitness centers, and concierges. Most of the properties in Noho are luxury condominiums, with some of the most sought-after buildings being The Mercer, The Greenwich Lane, and The Greenwich Court. The neighborhood is also known for its vibrant arts scene, with numerous galleries, performance spaces, and studios.

Tribeca, Manhattan

Located in Lower Manhattan, Tribeca is known for its cobblestone streets, trendy restaurants, and celebrity residents. It's home to some of the city's most expensive real estate, with multi-million dollar lofts and apartments in converted warehouses.

TriBeCa, or Triangle Below Canal Street, is also known for its boutique shops and vibrant nightlife scene. Property values in TriBeCa are among the highest in the city, with many apartments going for over $2 million. 

SoHo, Manhattan

Another fashionable neighborhood in Lower Manhattan, SoHo is known for its upscale shopping and dining options. It's home to many high-end boutiques, galleries, and historic cast-iron buildings that have been converted into luxury lofts. SoHo, or South of Houston Street, is a popular neighborhood for young professionals and artists. The real estate in Soho offers many apartments well over $1 million.

 Upper East Side, Manhattan

The Upper East Side is one of the city's most affluent and iconic luxury neighborhoods in New York. It is famous for its tree-lined streets, upscale boutiques, and high-end apartment buildings. It is home to multi-million dollar mansions, apartments, and townhouses being the norm. It is also home to many of the city's elite, with luxurious pre-war apartments and mansions lining the streets. The Upper East Side also has many prestigious schools, including the Dalton School and the Spence School, making it a popular neighborhood for families.

SoHo is the best choice for upscale shopping and fine dining

Brooklyn Heights, Brooklyn

This historic neighborhood is known for its brownstones and panoramic views of the Manhattan skyline. It is a popular neighborhood for families and young professionals and has a thriving arts and culture scene. The real estate in Brooklyn Heights is among the most expensive in Brooklyn, with apartments costing over $1 million.

Which one of the hot neighborhoods for luxury real estate in New York will you call home?

Deciding which neighborhood to call home in NYC can be difficult – that is where we come in!

As NYC real estate experts, we can help you narrow down your “must haves” and “nice to haves” and map those to the city’s various neighborhoods so you can make a decision with confidence.

GET READY TO MOVE IN

Once you have picked the neighborhood that best fits your needs, you want to make sure to move in style as well. You will most likely have lots of valuable possessions and furniture that you do not want to get damaged. Make it a priority to turn to skilled people, especially if you are making a long distance move to NYC. Hiring the best movers is a must.

Unexpected Costs to Prepare for When Buying a Home in NYC

Whether you are just beginning your home search in NYC, or you have conducted multiple real estate transactions in the Big Apple, it is important to be aware of or reminded of what costs to expect when buying a home in New York City that may have been glossed over when determining your budget.

Down Payments in NYC On the Rise

The initial investment or down payment is often the largest cost for homebuyers. How much of a down payment you'll need to make is determined by the property's value and the loan's terms. The standard down payment required by banks is typically 20%, however, this number is a guideline today as many lenders offer various mortgage products that have lower (or higher) down payment requirements. Because interest rates have climbed throughout most of 2022, some buyers are opting to put a larger down payment on their purchase than they might have when rates were 2-3% in order to reduce their monthly mortgage cost.

All over the country, the typical down payment is much below 10%. You may buy a home in New York City with as little as 0% down (with a VA loan) or as much as 50% down (for the most competitive co-ops).

Ensure to work with both your Real Estate Advisor and Lender as you work to set your budget, factoring in the type of building at which you are looking as well as current interest rates.

 Charges at the Start of a Loan

Most of the NYC buyers chose a mortgage as a way to finance their desired property. Mortgage rates have been fluctuating in recent years because of the Pandemic followed by high inflation. Mortgage loan origination fees typically range from 1% to 2% of the loan amount, with the higher number covering the higher costs associated with in-house processing and underwriting. If your financial standing is solid, you may be able to bargain (or shop about). If the seller wants to attract buyers in a competitive market, they could offer to cover the origination fee.

Tax on mortgage recordings

Mortgage recording taxes are assessed according to the loan amount, not the purchase price. 1.8% for loans under half a million dollars and 1.925% for loans above it apply to condominiums and one- to three-family residences, respectively. Since cooperatives do not qualify as "real property," they are excluded from this regulation.

Calculating taxes can be a daunting project, and you can easily get lost in the numbers. via

Reserves as unexpected costs to prepare for when buying a home in NYC

Liquidity needs after closure are another name for reserves. Cash, cryptocurrency, equities, and bonds are all examples of liquid assets. To convince the board of a New York City co-op that you won't have any trouble making your mortgage or maintenance payments after closing, you should have two years' worth of living expenses in liquid assets.

You can fund an escrow account with your savings as well. Non-mortgage costs, including:

• real estate tax

• common charges/monthly maintenance

• insurance premium
  

  The mortgage servicer may add these costs to the monthly mortgage payment. All of these charges will be included in your one monthly mortgage payment. Since just one payment is required, the procedure is simplified. The lender will separate the charges and pay them as appropriate. This way, you will know in advance what to prepare for when buying a home in NYC.

Paying duties on transfers

The seller is typically responsible for paying the New York City Real Property Transfer Tax. However, the transfer tax is the buyer's obligation when newly constructed condominiums or sponsor units are sold for the first time. If the purchase price is more than $500,000, you may expect to pay a tax of 1.425%, but if it's less, you can expect to pay 1%.

Moving expenses

Most people leave thinking about moving costs at the very last minute. So, moving expenses can come rather unexpectedly to them. Even more so because if you don't plan and end up moving on short notice, you'll have less choice in terms of moving companies and more bills to pay. If you're moving long distance to New York, make sure to look for affordable help, meaning, start searching for reliable movers as soon as possible.

Renovation Costs Can Add up Quickly

Depending on how well the actual property goes with your end vision, you'll need to adjust and invest in some renovations. Of course, you expect the major ones, but it's important to put on paper how much money you will put into them. Also, minor things like pet-proofing your apartment can come to mind at the very last minute, and you might end up costing you more than expected.

 Legal costs

When purchasing a home in New York City, you must hire a real estate attorney. The purchasing procedure in New York City is more complicated than in other markets, making the assistance of an attorney essential. A real estate lawyer's fees are often structured differently from those of an hourly rate law firm. You may expect to spend between $1,500 and $4,000. The most you should ever pay is $5,000. Avoid anybody who offers to act on your behalf for a few hundred dollars.

A good lawyer can help you with all the unexpected costs to prepare for when buying a home in NYC.

Warranty on title

Title insurance shields you against any financial obligations the previous owner may have left on actual property, such as a condo or townhouse. You must set aside a few thousand dollars to guarantee a clear title. In other words, less than 1% of the buying price). On a $1,000,000 property, this may cost upwards of $4,000. But your peace of mind is worth much more than that.

Final thoughts

As you see, there are a lot of unexpected costs to prepare for when buying a home in NYC. You need to consider all of these to avoid any unpleasant surprises. You can always call a reliable real estate agent and ask for help when in doubt.

Easy Home Office Ideas for Small NYC Apartments

The last few years have turned working from home into the new normal. And many people enjoy it because of the more relaxed work environment. Not to mention that they can save a lot of time and money by avoiding those long commutes. However, many people struggle with staying productive at home because of all the distractions. Kids are running around the house and house chores are calling your name. Therefore, a good solution is to set up a dedicated space to conduct your work. But while you can find great luxury building amenities in NYC, most apartments were not designed to incorporate a home office. Thus, it can be hard to make room for one. So, here are some easy home office ideas for small NYC apartments.

 Finding the right location is key

If you want to stay productive, working from the sofa or the kitchen counter is not an option. You need dedicated office space, no matter how small it is. Having a defined space for work within your home can help you compartmentalize work vs. “home”. Go through every room of the apartment to identify areas that could fit a small desk. Here are a few ideas that could work:

• Convert a closet into your office space. Of course, storage space is important, but so is your work. So, make a compromise, and transform one of your closets into your office. And if you have nowhere to move the stuff in there, you should consider renting storage. Explore this solution because it can help you maximize the space in the entire apartment.

• Find an empty corner. Many apartments have empty corners, which is a waste of space. You can easily fit a small corner desk in there.

• Use the under-stair space. If your apartment has indoor stairs, the space underneath is probably empty. So, why not turn it into an office? Just make sure that your family members don’t use it as a dumping ground for their stuff.

• Create a nook or convert an existing one. One of the top easy home office ideas for small NYC apartments is to carve out a nook. For example, you can sacrifice a small part of your wardrobes to create a nook between them. Or, you can transform your reading nook into an office nook.

Make sure you have enough light

While the above-mentioned ideas are great, they lack proper lighting. And this constitutes a problem for your work productivity. Therefore, making room for a small desk in front of a window would be best. Natural light helps you stay focused and improves your mood, so you should have plenty of it. Nevertheless, this isn’t always possible. So, if the office area you choose is dark, make sure you add enough artificial lights.

Your home office should benefit from a lot of natural light, so, if possible, place your desk in front of a window.

One of the best easy home office ideas for small NYC apartments is creating a multi-functional area

If you’re not willing to sacrifice any part of your NYC apartment, the best option is to create a multi-functional area. And the best way to do that is by investing in transformable furniture. These pieces of furniture help you save space and hide your office whenever you have guests. Or you can simply get creative and identify furnishings around the apartment that can become multi-functional. For example, a bedroom vanity can be used both as a makeup table and as a work desk.

Create office storage space

For most jobs, you need more than just your laptop. You might need printed documents, stationery, and more. Therefore, you’ll need some space to store all of this. When space is a valuable resource, you need to take advantage of every inch. To do this, you might want to consider the option of a floating desk that leaves room underneath for storage cabinets and drawers.

Another great option is to use all the available vertical space. You can install cabinets and shelves on the wall. And you can even get creative by hanging pots and spice racks to use as storage. Nevertheless, if you want to make the most out of your vertical space, then custom built-ins are the way to go.

When you have a small office space, it can easily look messy and overcrowded. And this, in turn, makes you less productive. So, keep your desk tidy at all times by keeping everything stored away in cabinets and drawers. And make sure you declutter your office space regularly. Plus, according to the consultants from divinemoving.com, you should declutter your entire NYC apartment regularly to maximize the space.

One of the best home office ideas for small NYC apartments is to regularly declutter your office area to maximize the space.

Don’t go overboard when you decorate

When you decorate your small home office, you should keep it simple. Don’t go overboard because it will look cluttered and will distract your attention. So, leave the decorative home accessories for other parts of the room. Instead, opt for one or more beautiful indoor plants. This solution is great because it looks good and it also improves air quality. And according to the research, good air quality increases productivity.

Decorate your home office with indoor plants that are both beautiful, and improve air quality.

Another idea that can be both esthetical and practical is defining your work area. On the one hand, you can use room dividers that will make your workspace more private. They represent a great solution for hiding your home office when you have guests. And at the same time, they create a more professional background for video meetings. On the other hand, you can define your work area by painting the strip of the wall in front of your desk. In this case, you should use a contrasting color to the rest of the wall. This will make it stand out.

Final thoughts

Working from home has many benefits. Nevertheless, it can be hard to stay focused and productive in such a relaxed environment. Therefore, you should consider setting up a home office. But sometimes, finding room for one can be very hard. It doesn’t  matter if your NYC apartment is big or small because it is likely it was not designed with a home office in mind. Thus, you need to get creative and maximize the space you have. So, use these easy home office ideas for small NYC apartments.

6 Ways to Prepare for a Competitive Home-Buying Season in NYC

In general, the home buying market in New York City can be highly competitive. This is due to the high demand and low supply of properties. And when it comes to luxury real estate, things are no different. Moreover, high-end homes are unique, so they are highly sought after, just like any rare item. It's also important to note that, according to the experts, 2022 will see a rise in both real estate prices and investments. So, here are six ways to prepare for a competitive home-buying season in NYC.

Check your finances

As we all know, buying a home is never cheap. It is particularly so when you're looking for luxury real estate in New York City. Therefore, before you start visiting open houses, you must determine your budget limit.

• Analyze your finances carefully to see what you can afford and how much you’re willing to invest. Take into consideration your savings, income, and expenses.

• It would be best if you also took into account potential additional costs. For example, you might be keen on old architecture, but you have to consider the costs of renovation.

• If you're not ready to invest so much money at once, you can consider mortgages. And in this case, it’s essential to get a pre-approval. This way, you’ll know exactly how much money you can get.

• It's also advisable to look at some of the prices on the luxury real estate market. This way, you’ll know what to expect.

To prepare for a competitive home-buying season in NYC, you first must determine your budget limit.

Prepare for a competitive home-buying season in NYC by hiring the best Agent to Represent You

If you're not a professional realtor, you'll need help tackling the competitive home-buying market in NYC. Real estate professionals can offer you advice and help you find your dream home. Due to their experience and access, an agent can filter the market for your preferences and set up showings for you.

Moreover, it’s good to know that luxury properties are not always publicly put up for sale. And you only hear about some of them through word of mouth. Therefore, having a well-connected team of real estate professionals is essential. So, choose wisely if you don’t want to miss out on your dream home.

While researching professionals, it's also good to look at moving companies. Buying a home might take some time, but it's good to be ready. The professionals at Roadway Moving advise that if you leave it for the last moment, you won’t be able to find the best services and offers. So, do some market research for this as well.

Put together a team of real estate professionals to help in this process.

Determine what you want

Once you've determined your budget and found the right team of professionals, you have to figure out what you want. And don't just say a mansion or a penthouse. You have to be specific. Otherwise, not even the best team of realtors will be able to find the right home for you.

What’s important here is to understand what luxury real estate means for you. Is it the size of the house or the location? The high-quality materials that were used to build it? Or is it the specific amenities? Your definition of a high-end property can even combine all of these aspects. But in any case, you have to put it all down on paper and sleep on it. Don't make rash decisions. After all, this is a significant investment, so it has to be a good fit.

Choose the right location

Before you start your house hunt, it’s good to narrow down the location. Each of the five boroughs of NYC indeed has its unique features. Nevertheless, you have to find the perfect place for you. To do this, you should first explore on your own. Visit each borough to get an idea about the landscape, the community, the social life, the schools, etc. Afterward, consult with your team of real estate professionals. Their experience and inside knowledge can help you make an informed decision.

To prepare for a competitive home-buying season in NYC, you should narrow down the location.

Learn to be patient

Buying a home is a considerable investment, particularly if you're buying luxury real estate. Therefore, you should avoid making any rash decisions. Take your time to analyze your options. If you don’t find the right fit as soon as expected, don’t despair. These things take time. And don't get discouraged if someone else beats you to it. It's essential to be sure before placing an offer.

However, it’s also good not to be too picky and wait too long. Yes, the home you’re buying should satisfy all your needs, but there’s no such thing as a perfect house. So, you should be willing to make some small compromises. Otherwise, you might never find what you’re looking for.

 Learn to negotiate

Just because you're buying luxury real estate doesn't mean you shouldn't get a fair price. Therefore, don't skip the negotiation once you find a home you like. This is where your Real Estate Broker will be a huge asset to you as they are a negotiating expert and know the market prices well. They can advise you on what to submit for the strongest offer to win the property. It's also good to know how much competition you have. If the property is highly sought after, you might not have any other option than to place a higher offer.

Final thoughts

Because of the high demand and low supply, the housing market in New York City can be very competitive. Besides, finding the right home is never easy. So, what can you do to prepare for a competitive home-buying season in NYC? Determine your budget, seek professional help, identify what you want, and narrow down the location. Being specific is key. It's also essential to take your time and not make rash decisions. And in the end, make sure you get a fair price.

New York Renters Faced with Steep Lease Renewals

Data shows rents in New York have reached or surpassed pre-pandemic pricing

Rents across New York City have been on a tear, rising passed pandemic lows in some neighborhoods of the city. Rents plunged at the start of the pandemic as uncertainty swept the city and many renters fled to other homes outside the city or relocated. Now, however, rents are surging.

Many renters that entered into leases during lows of 2021 are approaching the end of their leases and are being caught by surprise with the steep renewal rates that are being proposed by landlords.

During the pandemic, Renters that new that would be staying put in the city began apartment shopping, finding spaces that they never thought were possible for themselves. Perhaps that was simply being able to afford to live alone or upgrading to a luxury building with full amenities in a prime location. When vacancy rates were high, landlords were desperate to secure tenants and offering extensive concessions.

The need for rock bottom prices and concessions came to an end as demand increased in New York. Rents in New York rose 33% between January 2021 and January 2022, nearly double the national average according to a study cited by The New York Times.

Rents in city’s most coveted neighborhoods experienced even larger swings, with some areas such as the Upper West Side and Williamsburg now seeing rents some 40% higher and even higher than before the pandemic.

Rents in some neighborhoods of Manhattan such as the Upper West Side have increased some 40%, more than double the national average

With pandemic deals expiring, rents are rising by hundreds of dollars a month. While many Renters who locked in COVID deals on their leases knew the deal was not going to last, many did not expect the extent to which rates would increase after the initial lease period.

The increase in rent, while a sign of the market stabilizing and the city recovering, is a frustrating situation for renters nonetheless.

In data cited by Bloomberg, it notes that tenants paid a median rent of $3,630 in February 2022, the highest for any month in more than a decade

What Should Renters Do?

Renters facing steep increases on lease renewals need to really asses the increased cost. While large rent increases are a hard pill for anyone to swallow, sometimes all the factors of moving can still be more than staying put.

Additionally, inventory is tight so finding a new option could also be challenging. Renters will need to re-adjust their expectations of what they can afford at their price range in today’s market.

Of course, if the proposed renewal price is simply out of your price range, begin your search for a new space as soon as possible. Partnering with a Broker that knows the city and can navigate the complex Rental Market will be a huge asset. Who you work with matters, so ensure you are working with an Agent that is a good fit. Negotiating with Landlords can be challenging so having a skilled negotiator on your side to get you the best deal is a must.

Condo vs. Co-Op: A Guide for First-Time Homebuyers

Buying a home is one of the most exciting adventures on which you will go. However, it can also be very stressful and frustrating, as finding the right property can take a lot of time and energy. In New York, we have different property types, and understanding the difference between them is important in making your decision. The market is primarily dominated by two types: Condos and Co-Ops.

If you are still unsure what is the right choice for you, we're here to help. Below, we have prepared the pros and cons of both property types. Understanding their differences and what ownership of each entails will make it easier for you to make the right decision.

Condo vs. Co-Op: the main differences

Co-ops and condos have many similarities, so it can be very difficult to notice any differences at first sight. Of course, as with many things, the devils are in the details.

A cooperative, or a co-op for short, is run by a non-profit corporation. The residents buy proprietary leases from this corporation. In a Co-Op your ownership is not that of real property but shares in the corporation. The proprietary leases are shares in the property. By buying proprietary leases, the residents gain certain rights such as access to communal areas of the building as well as to their individual units.

The main difference between Condominiums and Co-Ops is in the structure of the ownership. In a Condo, residents actually own real property and hold the deed to their unit. Additionally, the have an interest in common areas of the building such as hallways and amenity spaces. When you're buying a condo, you are going through the same process as if you were buying a house. The best part is that condominium buildings are everywhere, which is not the case with co-ops. For example, if Manhattan is your dream location, it will be very easy to find a perfect condo – most new construction projects are Condos.

Differences Between Condos and Co-Ops

As said, the main difference between these two types of properties is ownership. However, there are other things that make them different, understanding the full implications of the differences will help you decide which property type is best for your scenario.

●      Price - Condos are usually more expensive, but they give you bigger flexibility as they are much easier to sell or rent. However, have in mind that the down payments for Co-Ops are usually higher.

●      Fees - In co-ops, all monthly expenses are rolled into one bill known as the “Monthly Maintenance”. Also, the utilities are charged as per the percentage of share a resident owns. For example, if they own 3% of the property, they'll pay 3% of the electricity or water bill.

●      Taxes - When it comes to condos, as they're owned individually, the property taxes are charged in the same way as you would pay for a single-family home. As co-ops are considered a single property, property taxes tend to be lower as they are shared between the residents. In a Condo, you will typically face two monthly charges: the real estate taxes as well as monthly Common Charges.

●      Board Approval: Both property types have boards and your purchase will be subject to board approval, however, Co-Ops are notorious for having very strict boards and they do not have to disclose why they approve or disapprove a potential resident.

What to have in mind before making your decision?

Now that you know the main differences, here are a couple of more details to consider before making a final decision between condo vs. co-op. 

Consider your budget

Every home buying process starts with budget questions. Therefore, make sure to assess how much you can spend by consulting with your Mortgage Broker and Real Estate Agent in order to set your home search up for success. Before you choose a lender, make sure to check with at least three to ensure you are receiving the most competitive rate.

By thoroughly analyzing your budget, you'll have a clear picture of how much you can spend and what kind of property you can purchase.

When setting your budget, make sure to take other factors besides your mortgage into consideration. Keep in mind that co-ops are less in demand and therefore cheaper. However, owning a condo comes with low maintenance costs. You need to weigh both options and figure out what works best for you in the long term.

Also, be mindful of the size of the property you can get for your money. Perhaps the home you used to rent was big, and now you have to downsize. Therefore, you might not have enough room for all your belongings. An easy and inexpensive solution is to rent a storage unit. However, make sure to do your research and notice warning signs before making your choice. For example, if you see any water damage in the unit, that should be an immediate red flag. As you want your belongings to be kept safely, you need to choose the most reliable storage company you can find.

Consider how much responsibility you are willing to accept

The number of responsibilities you'll get with a property might help you resolve the condo vs. co-op dilemma. When you live in a co-op, it almost feels like being a part of a club or society. Every big decision such as a renovation or accepting new tenants has to be made jointly by all residents. Afterward, the elected board will act on any decision residents make.

If you decide to live in a condo, you can choose if you want to decide about these issues on your own or let the condo board make the calls. You may wish to be excluded from these decisions and be responsible only for your own property. It's your decision how much you want to be engaged.

Living in a co-op means that you'll have to participate in every decision regarding your building.

Therefore, make sure to do your research and find out what kind of expenses and obligations you are getting with your first home. Nowadays, all information can be easily found online. You can even buy a property remotely if you wish! Your real estate agent will be able to advise on the monthly common charges or maintenance costs for a given unit.

However, if you are a first-time home buyer, we definitely recommend hiring an experienced real estate agent to help you.

Lifestyle Showcase Held at Lincoln Center

The Best in Fashion, Jewelry, Nutrition, and Real Estate Come Together

To welcome the fall season and learn about the newest trends in a variety of lifestyle categories, The Victoria Shtainer Team hosted a lifestyle showcase for an exclusive audience. The event was held at a $6.9 million apartment overlooking Lincoln Center to the West and Central Park and the 57th Street skyline to the East.  The apartment, 20 W. 64th Street Apt. 28DE, is currently on the market and being offered by The Victoria Shtainer Team. 

Guests mingled throughout the apartment, enjoying a selection of hors d'oeuvres and Wolffer Estates Rosé. Ramy Brook New York, Jennifer Goodman of Groovy Goods, and Tanya Zuckerbrot of The F-Factor Diet were in attendance to showcase their products and get attendees ready for the fall season!

Ramy Brook New York

New York based fashion design Ramy Brook hosted a trunk show with curated pieces from the Fall 2016 collection. Ramy's clothing has becoming widely popular, loved for its modern silhouettes and versatility. The trunk show gave guests the opportunity to have access to fall collection, which is selling out rapidly. The "fitting room" was ideal- a corner bedroom with western and southern exposures, affording it with abundant natural light.

Victoria Shtainer & Tanya Zuckerbrot

F-Factor

Tanya Zuckerbrot, MS, RD, founder and creator of the F-Factor™ Diet was on-hand to discuss her revolutionary diet, F-Factor. She gave insightful information during a Q&A session about her unique approach to nutrition that allows you to live normally- go out to eat, enjoy a glass of wine, and eat normal foods. Sounds like an ideal diet to us! 

Tanya held her Q&A in the media room of apartment 28DE. The natural light and views of Central Park made it a great setting to be inspired by the F-Factor methodology and spark a willingness to think about nutrition habits. Guests received a copy of The F-Factor Diet: Discover the Secret to Permanent Weight Loss, Tanya's latest book.

Groovy Goods Jewelry

Jennifer Goodman of Groovy Goods was the perfect compliment to the fall fashion pieces from Ramy Brook. Jennifer had an array of her gorgeously designed jewelry on display from elegant earrings to unique diamond and leather chokers. Jennifer was able to demonstrate how she is able to differentiate herself from other jewelry designers because of her ability to work closely with clients and customize any piece to their desire and specifications. The jewelry certainly brought a sparkle to the event! 

Between shopping and learning, guests strolled through the expansive 5 bedroom apartment. Enjoying the beautiful setting and the light, views, and space it offers. 20 W. 64th Street, Apt. 28DE is a truly unique opportunity to live in the center of it all nearby Columbus Circle, Lincoln Center, and Central Park!