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upper west side

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.

Waterline Square Releases First Penthouse to Market

The luxury market remains hot like the summer in New York! The July 4th week marked the 23-straight week of 20+ luxury properties going into contract in Manhattan. In addition to properties going into contract, exciting luxury product continues to come to market, especially in new developments.

We previously wrote about the launch of Waterline Square, the mega project on the Westside between 59th and 61st Streets spearheaded by 3 Starchitects – Kohn Pederson Fox, Richard Meier, and Raphael Vinoly. Waterline Square launched sales last summer and was ranked the fastest selling new development in 2017. Each of the 3 buildings has now topped out, and progress continues to be made onsite.

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The first of the buildings’ penthouses has hit the market at Two Waterline Square designed by Kohn Pederson Fox. Two Waterline will be the tallest of the 3 buildings in the complex. The penthouse, on the 38th floor, is comprised of 4 beds and 5.5 baths with 4,134 interior square feet of space plus an outdoor terrace spanning 1,850 square feet. We ranked our favorite properties with private outdoor space, but this will certainly need to be added to the top of the list! The penthouse also features a fireplace in the living area and dramatic floor-to-ceiling glass throughout.

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The home is asking $17.25M.

We expect that the terrace will offer stunning views and wonderful sunsets given the buildings waterfront location. The terrace also includes a hot tub and outdoor grill and will be accessible from both the master bedroom and the living area.

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The Penthouse comes with access to the Waterline Club which will offer residents an unparalleled amenity experience. Most notably, the Waterline Club will house New York City’s first indoor tennis court attached to a Condo.

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In addition to the Waterline Club, Two Waterline has its own 11,000 square foot amenity floor which offers private dining with a kitchen, a salon, and a river-view lounge with billiards, bar, and a library.

More about 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.

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.

Questions about this project that is redefining the Upper West Side? Contact Us for more information!

 

 

 

 

Images via Neo & Associates with the Boundary & Waterline Square

Game Changer: Waterline Square Coming to the Upper West Side

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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.

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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.

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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.

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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.

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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.

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

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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!

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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.

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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