7 Mistakes First-Time Homebuyers Make

7 Mistakes First-Time Buyers Make

We know how stressful it can be buying a home, let alone your first home. As a first-time buyer, you feel pressured to have everything go exactly as planned, ultimately ending up in your dream palace in the sky. Throughout the purchase process, we see first-time buyers make mistakes that affect his or her ability to land the property of his or her dreams.

Below is a list of 7 mistakes frequently made by first-time buyers. Partner yourself with an educated broker, and you will soon be on the way to calling your dream house home!

1. Not Hiring a Broker:

First-time buyers, especially those that are unfamiliar with transacting in real estate, have a large misconception that if they hire a broker, they are going to have to pay. This is not the case. When it comes to buying, unlike renting, the seller’s agent splits the commission with the buyer’s (your) agent. With that being said, you only stand to gain with partnering with a reputable broker when conducting your home search.

2. Lack of Pre-Approval:

If you are planning to finance the purchase of your home, it is imperative that you get a pre-approval letter from your mortgage company. This will help you in two ways: 1) you know that you will even get approved and 2) what amount the bank is willing to lend to you. For the latter, some are pleasantly surprised that they are approved for more than they originally thought, while sometimes, the approval may come in lower than expected. This is important, however, so you know at what price point you can shop. Many first-time buyers feel that this is not urgent and say “I will get it later!” The sooner you have your pre-approval in hand, the sooner you will be a competitive buyer in the marketplace. Mortgage pre-approvals are generally valid for 3 months, so even if you don’t find an apartment immediately, you are better prepared for the search by getting the letter from the start.

3. Broker Access to Listing:

This relates to mistake #1 in that, often, first-time buyers believe that they have to go direct (without a broker) to a listing that they are interested in because it is that listing agent’s listing. All brokers have access to all listings. So no matter what broker you partner with as a buyer, they can take you to any listing throughout the city. You will not get a better deal by going alone!

4. Indecisiveness:

Buying your first home will probably be one of the most stressful purchases of your life. First-time buyers can suffer from indecisiveness, especially in the Manhattan market which offers so many options. If you find what feels to be the perfect home, bid on it and focus on that apartment. Too often, first-time buyers cannot commit to a property and miss out on a deal that meets their criteria. 

5. Education:

Hiring a reputable broker is 90% of the equation while the other 10% is on you as the buyer. Be sure to do your homework regarding all the components that go into purchasing a home. How much will insurance be? Utilities? The more you understand what expenses are involved and what the state of the market is, you will know what you can realistically afford and focus your search accordingly. 

6. Buying Direct with the Seller’s Agent:

This, too, related to mistake #1- notice a theme? Too often, first-time buyers buy direct (without a buyer’s broker), which can hurt them in the end. It is important to understand that while the seller’s agent is thrilled with a double commission, throughout the entire purchase process they are legally obligated to the seller, not you. the buyer. This means that the seller’s interests are prioritized before yours. Make sure you are represented by a broker that has your best interests at heart so you can feel confident that you received the best deal.

7. Underestimate the Complexity of the Process:

Often when dealing with something we have never done, we have expectations or assumptions of how to approach it and handle it. We see many first-time buyers that underestimate the complexity of the real estate transaction process. The steps of going from offer submission to the closing table is like navigating a minefield. There is a myriad of things that can popup between contract signing and closing that may complicate the deal or threaten it, often things you would not anticipate as a non real estate professional. Your broker will seamlessly guide you throughout the process. 

12 Most Instagrammable Views from Manhattan Real Estate

12 Most Instagrammable Views from Manhattan Real Estate

Good views and good real estate combined...who doesn't love that? When it comes to Manhattan real estate, views are a key selling point and always a desire of buyers. We have curated a list of some of the most Instagrammable views around town. From the Upper East Side to TriBeCa, these stunning vantage points are sure to have your followers double tapping their screens. 

Want to see great views and luxury real estate like this daily? Don't forget to follow us on Instagram at @TheVictoriaShtainerTeam for your daily dose of luxury real estate and more!

1. 151 East 58th Street

A photo posted by The Victoria Shtainer Team (@thevictoriashtainerteam) on Nov 10, 2016 at 6:23am PST

Situated in the center of Midtown East, One Beacon Court is one of the most desired buildings in Manhattan boasting incredible views of Central Park, the East River and Midtown. In fact, our exclusive listing, 151 E. 58th Street, 47A, has unrivaled Central Park and skyline views featuring its famous neighbors such as 432 Park Avenue and One57.

2. 432 Park Avenue

A photo posted by The Victoria Shtainer Team (@thevictoriashtainerteam) on Jul 15, 2016 at 9:49am PDT

As the tallest residential building in the Northern Hemisphere, 432 Park Avenue has some of the most jaw dropping views of the Manhattan area, from Yankee Stadium to lower Manhattan, all the way to New Jersey and Long Island. Can you say #bathtubGoals?!

3. 50 United Nations Plaza

A photo posted by The Victoria Shtainer Team (@thevictoriashtainerteam) on Jun 7, 2016 at 4:42pm PDT

Situated in Turtle Bay, 50 United Nations Plaza has breath taking views of the East River, the Chrysler Building and Empire State Building with floor to ceiling windows. The penthouse even has a one of a kind infinity pool overlooking midtown.

4. 15 Hudson Yards

A photo posted by HudsonYardsNYC (@_hudsonyardsnyc) on Sep 2, 2016 at 12:28pm PDT

15 Hudson Yards is one of the newest downtown developments with unobstructed views of the Hudson River and lower Manhattan, not to mention the pool and gym that make you feel like you’re on top of the world.

5. 30 Park Place

A photo posted by The Victoria Shtainer Team (@thevictoriashtainerteam) on Oct 19, 2016 at 10:37am PDT

The new The Four Seasons Downtown, 30 Park Place, boasts incredible Hudson River and City views; it also practically neighbors The World Trade Center. Most residences offer wonderful views, however, the penthouses at the top of the tower off stunning panoramic views for as far as the eye can see.

6. 70 Vestry St

A photo posted by @corcoransunshine on Aug 2, 2016 at 4:41pm PDT

70 Vestry Street is officially the last waterfront parcel that will be developed in Tribeca with spectacular views of Lower Manhattan and the Hudson, there may even be an occasional run in with Tom Brady, who just bought here. Whats not to love about sunset views over the Hudson River?

7. 53 West 53rd St   

A photo posted by 53W53 (@53w53) on Nov 4, 2016 at 2:42pm PDT

While 53 West 53rd St is still an incomplete development, the views of virtually all of Manhattan are comparable to those of 432 Park Avenue, except from the west side. Dubbed "MoMa Tower" it will be a new icon in the Midtown Manhattan Skyline

8. 25 & 80 Columbus Circle  

A photo posted by BRYAN (@bryan_coffeeholic) on Jan 24, 2016 at 1:43pm PST

Two of the most notorious addresses in all of Manhattan, 25 and 80 Columbus Circle have corner views of Central Park that will never be blocked by another building, but if that is not enough the west side of the buildings have views of the Hudson River too.

9. 212 5th Avenue

via

This converted building sits in the center of Chelsea overlooking Madison Square Park with even slight views of The World Trade Center, perfectly mixing park views with the downtown atmosphere.

10. 50 West Street

A photo posted by 50 West NYC (@50westnyc) on Sep 16, 2016 at 6:54am PDT

One of the newest downtown developments, 50 West Street, has phenomenal views of lower Manhattan, The World Trade Center in particular, and the Hudson river all the way out to the Long Island Sound.

11. 45 East 22nd Street

A photo posted by The Victoria Shtainer Team (@thevictoriashtainerteam) on Oct 31, 2016 at 4:15pm PDT

The latest addition to Madison Square Park, 45 East 22nd Street, has earned the title of Madison Square Park Tower because it is quite literally going to be the tallest building in the area upon completion. The building has promising views of most of Manhattan all the way to both the East and Hudson Rivers.

12. 212 W 18th Street

A photo posted by JDS Development Group (@jdsdevelopmentgroup) on Dec 28, 2016 at 1:03pm PST

Overlooking all of Lower and Midtown Manhattan, 212 W 18th St offers some of the most priceless views of the concrete jungle.  

This is a guest blog by Teddy Bulajic

Why 2017 May Be the Year to Buy Real Estate

The New Year brings with it the feeling of a chance to start fresh, new opportunities, and excitement about what the coming months ahead may bring. Coming off of 2016 which was a tumultuous year to say the least, the sentiments of optimism for 2017 seem stronger than ever. 

2016 was a strong year for real estate, and industry experts are looking for another favorable year in 2017. Home prices rose in 2016 and have since recovered from the lows of 2012 that resulted from the collapse of the housing market. For the majority of 2016, mortgage rates were suppressed to historic lows until crossing 4% after the November election. Builders were not building at a fast enough pace to keep up with demand at the lower end of the market while the ultra-luxury segment remained saturated. 

With this backdrop of the 2016 market as we enter 2017- the question on many peoples' minds is: "what can we expect for the 2017 market? Is it going to be positive?"

Here are some considerations and thoughts as to why 2017 may be the year to buy real estate, keeping the luxury market in mind.

Rising Rates

We have already seen rates rise from their historic 2016 lows. The sharp rise in mortgage rates, largely corollated to the spike in 10-year Treasury yields, since the election has been dubbed "The Trump Effect". Rates have been hovering around the 4% mark on a 30-year mortgage, and many anticipate this to continue to rise throughout the year and into the future as the Fed has placed expectations on continued rate hikes in 2017 to its Fed Funds rate and the expectation that inflation will increase in 2017.

If you have been considering the purchase of a property with mortgage financing, now may be the time to act on your willingness to purchase and lock in a favorable rate. 

Build Wealth

Buying a home and building equity in it is one of the greatest ways to accumulate wealth for yourself, and wealth that can eventually be passed to your children or heirs. This is most profoundly seen for Millennials as they have a long time horizon for their investment, and generally speaking, the value of property increases over the long term. In fact, a self-made millionaire has stated that buying a home is the single most important factor for accumulating wealth.

Millennials are expected to increase their representation in the buyers pool as we enter 2017. If you are in the position to buy (not drowning in student debt, etc.) consider purchasing a property to start accumulating that wealth now instead of flushing money down the toilet each month with rent. Close to saving for your down payment or looking for some ideas of how to get on track? Check out our creative ways to save for a down payment. 

Negotiability

Realistic sellers that are looking to get out of their properties for whatever the reason may be are willing to negotiate. This means the cards are in the hands of the buyer and with a keen broker to negotiate for you, deals can be had on great properties. In fact, one published research statistics showed that the average difference between listing price and contract price for the luxury market in 2016 was 6%. For a luxury property, that is a handsome discount! 

Less Regulations

The Trump Administration has outlined policy plans that include an array of deregulation in both the financial services and housing sectors. One of the most notable is related to the Dodd-Frank Act, a cumbersome 2,300 page piece of legislation that has largely been critiqued by many. The legislation essentially tied banks' hands after the financial crisis as a means to (hopefully) avoid another by imposing rules regarding what investment banks can hold on their balance sheets and who banks can lend to among other things. 

By reducing regulations related to Dodd-Frank, we could see access to credit expand. Will banks be rushing to lend every person a mortgage? Doubtful as they have learned their lessons regarding due diligence, however, expanded credit certainly stands to benefit many as they will hopefully have access to a mortgage for which they would have previously not qualified. 

The Wealth Effect

Buyers in the luxury market seem ready to benefit from "The Wealth Effect," or the feeling of increased wealth from various economic factors. Trump's proposed policy, specifically taxes, will benefit wealthy buyers, hypothetically returning more money to their pockets if enacted. 

Additionally, financial markets have reached record highs since the elections and the consensus among financial experts seems to be another march higher in 2017 thanks to Trump's proposed infrastructure spending and corporate profits. Increased markets means increased stock portfolio values...have you checked your statement recently?

All of this combined with increased consumer confidence and sentiment leads wealthier buyers to feel even wealthier!

Normalized Pricing

Pricing in the luxury and especially ultra-luxury segments of the market have began to normalize or "cool-off." Sellers can no longer demand the outlandish prices that we saw on some properties in 2014. This has been a harsh reality for some sellers to accept, however, a normal market is certainly a more healthy market for all. Given normalized pricing, buyers have a more realistic picture as to what properties are in their price range and where they can negotiate to score a deal. 

Less Building Permits

Have you noticed less cranes dotting the skyline of New York City? The last three years saw a boom in new construction across the city; however, significantly less building permits have been approved recently. There has never been a better selection of new development inventory on the market as there is now, and many developers are offering concessions to lure buyers to their projects given current inventory. 

This makes it a great time to be a buyer! You have a vast selection of luxury product in the city from Battery Park to the Upper East Side, offering beautiful finishes and unparalleled amenities. With the pipeline of new development uncertain given building permits, now may be the ideal time to shop!

---

---

Questions About Buying Property?

In addition to our various resources, we are happy to answer any question you may have about buying or transacting in real estate. Please complete the below form to pose your question and we will promptly answer!

How to Celebrate New Year's Eve in NYC

It is almost time to say goodbye to 2016 and hello to 2017. Everyone certainly has their preference when it comes to New Year's Eve activities, from staying home on the couch and watching the ball drop to popping champagne in clubs, we all welcome the new year in different ways. 

Deciding what to do for the celebratory occasion can be quite stressful, as there always seems to be pressure to do something amazing. Don't stress so much! If you are looking to get out of your apartment for a bit on New Year's Eve, we have selected a few happenings going on around the city. This, of course, is just the beginning as there are events are virtually every club, restaurant, and bar in NYC. These are just a few ideas of how you can ring in 2017 in NYC!

Prohibition Party at Rain's Law Room

Step back into time as you ring in the New Year at this year's prohibition party at Raine's Law Room. The luxurious evening will include and open bar and eats, live music, and entertainers. Era clothing is encouraged! The event begins at 9pm. Tickets start at $185.

Central Park Fireworks

Looking for a more laid back option this New Year's Eve? Check out the fireworks display that will go off at Midnight in the park. The fireworks will be launched from the Naumburg Bandshell. The show should be visible from almost any vantage point in the park. Admission is free.

Central Park

Rainbow Room

The views from the 65th floor of Rockefeller Center are sure to be as pleasing as the unlimited Osetra Caviar. Enjoy a four-course dinner, open bar, and dancing from 8pm until 3am. Music will consist of a live orchestra until midnight and then transform into a disco. Tickets to this black-tie event are $1,500 per person.

The Rainbow Room: 30 Rockefeller Plaza, 65th Floor.

The NoMad

If you are looking for a nice New Year's Eve dinner, consider The NoMad. Restaurant chefs Daniel Humm and James Kent will be serving a four-course tasting menu. There will be two seatings available: an early seating (prior to 8:30pm) and a late seating (9pm and after). Pricing for the early seating is $165 per person will the late seating is priced at $225 per person. 

The NoMad: 1170 Broadway

Afrojack at Marquee

World renowned DJ, Afrojack, will be taking over Marquee on New Year's Eve. If you are looking for a sleek setting and good party, this is the event for you. Afrojack's set will be from 1:30am-3 am. Marquee features multiple levels and its famous vanity-bulb-encased disco ball. Tickets start at $250

Marquee: 289 10th Avenue

Beautique

The posh midtown spot will be hosting a New Year's Eve party this is sure to impress. Boutique, frequented by the likes of Leonardo DiCaprio and Dylan McDermott will be having a premium open bar from 9pm-2am with music by Leekalt and Jen Stone. A champagne toast will be held at midnight. Tickets start at $99 for general admission.

eautique: 8 West 58th Street

The Bowery Hotel

Going with a group of friends that have slightly different tastes? The Bowery Hotel New Year's Eve party may be the event for you as it will feature different "stations" throughout. The event, from 9:30pm- 2am, will include complimentary cocktails the duration, DJ performances, and light bites. Stations throughout include the Woodford Reserve Whiskey Bar, Herradura Mexican Hacienda Lounge, the Barrel Room (scotch), and Finlandia Vodka cocktails. Tickets start at $249.

The Bowery Hotel: 335 Bowery

5 Reasons Why to Consider Buying New Development

The new development market has been booming in cities across the country, with cranes dotting the skyline in likes of Miami and New York. Some truly exciting and exceptional product has been introduced to the market over the past few years including many projects by “starchitects” and the introduction of over-the-top amenity offerings.
 
Sentiment among real estate professionals seems to be that we may see continued strength in the new development market or, perhaps, even a slight uptick if the Trump Administration enacts proposed loosening of Dodd-Frank regulations and supports infrastructure spending. Both of these particular aspects could make the origination of construction loans easier and propel new construction projects forward, and make beginning them more appealing for developers.
 
As with any transaction or large purchase decision, there is certainly a list of pros and cons, however, as a buyer in today’s luxury real estate market, new development is quite appealing. Here a 5 reasons why you should consider buying a new development project.

1. Opportunity to Buy Pre-Construction 

Once developers file the appropriate plans for their project with the city, they can begin to sell their project to prospective clients. This means as a buyer, you have the flexibility to buy pre-construction, signing a contract well in advance of the projected closing. Often, buyers that get in during pre-construction receive a discounted price. This, of course, does come with risks as the project may not go as expected or the market may take a downturn between contract signing and closings. However, you could find yourself well rewarded by buying pre construction at a favorable price per square foot in a rising market, rendering your apartment worth more by the time the project closes.

2. Everything is New

Who does not love something brand new? Buying a new development project means that you are purchasing a home that has never been lived in by anyone. Additionally, all appliances and amenities will be brand new as well.

3. Amenity Packages

There are certainly units in older buildings on that market that offer amenities, but the newest projects on the market have unparalleled offerings. The current market is quite competitive given the amount of new development inventory, so developers are using their amenity packages as a key differentiating factor to increase their project to the pool of buyers in the luxury market. Amenities in the hottest new development in the city include items like private wine cellars, swimming pools, curated libraries, spas, and porte-cocheres, to name a few. These features are not only appealing to buyers, but they are a favorable aspect from an investment standpoint when looking to secure tenants in the unit and also from a resale standpoint as well.

4. Potential Tax Abatements

Many new development projects coming to market have a tax abatement under the 421-a program. This program, which incentivized developers to build, recently expired, but was renewed under different conditions. As long as a new development project broke ground prior to the expiration of the original program, the building will receive the reduced tax benefits that are passed along to owners. Tax abatements lower the monthly carrying costs for the duration of the abatement which is a huge plus for property owners. For example, One Manhattan Square, a new development project on the Lower East Side, has a 421A abatement, making the monthly taxes on an available 1 bedroom unit $13/month for the duration of the abatement.

5. Investment Opportunity

Buying new development at a favorable price point can be a lucrative investment opportunity. New development comes with a premium price point which is not accessible for everyone, however, this premium price point can be valuable when it comes to resale and is even more valuable in buildings by “starchitects.” Research has shown that buildings with a premium architect’s name on it hold or increase in value more than buildings that do not. Buying in to a product like this means buying a brand name, and consumers generally trust brand names. Additionally, new development tends to be quite liquid when it comes to resales as it always has its buyers and sellers.

There is a great selection of new development inventory currently on the market and coming to market in New York City. Below is a selection of a few of our favorite projects currently underway.

If you are interested in exploring new development projects in New York City, or would like updated availability for a building, please contact us to schedule your appointment. 

70 Vestry Street

via

Situated on the last undeveloped waterfront parcel in TriBeCa, 70 Vestry is a Robert A.M. Stern masterpiece that offers a luxurious downtown living experience. The building will be done in Beaumaniere Limestone sourced from France, a stone known to glisten in the sunlight. 70 Vestry Street offers a vast array of amenities including library, café with private resident lockers, billiard room, lounge, and wellness level with fitness by The Wright Fit and a pool.

Madison Square Park Tower 

Madison Square Park Tower, located at 45 East 22nd Street, is changing the Flatiron skyline as it rises to 777 feet tall. Designed by renowned architectural firm Kohn Pedersen Fox Associates with interiors by Martin Brudnizki Design Studio, 45 East 22nd Street is a unique architectural masterpiece with a base that is narrower in width than the top. The residences on upper floors offer simply spectacular panoramic Manhattan views. The 5 levels of amenities will include a library, fitness center with basketball court, terrace, leisure rooms, and an upper club on the 54th floor.

One Manhattan Square

via

One Manhattan Square is a new sleek glass tower coming to the Lower East Side, rising next to the Manhattan Bridge. The project, by Extell, is bringing a new concept of luxury living to the neighborhood as it will have over 100,000 square feet of indoor and outdoor amenities. Given the amount of amenities, many are dubbing the building a "vertical village." Interiors are designed by Meyer Davis. The building has a 20 year tax abatement with availability starting with 1 bedrooms.

15 Hudson Yards 

The Hudson Yards project is completely transforming the far west side of Manhattan, bringing new life to once desolate locale. The entire development of the Hudson Yards projects encompasses residential and commercial. The area will include new luxury condo and rental buildings including 15 Hudson Yards. The building, an innovative design by Diller Scofidio + Renfro in collaboration with the Rockwell Group, will stand 88 stories tall with 285 condominiums. The building will bring a new level of luxury-living to the far west side of Manhattan. Residents will have access to all the amazing benefits of the Hudson Yards project. The building will feature a unique 2-level lobby with soaring ceilings and offer spectacular views of the Hudson, Manhattan skyline, and center piece by Heatherwick Studio. Residents will also be steps away from the new 14 acres of parks that are being constructed. Residences range in size from 1-4 bedrooms with duplex penthouses. 

221 West 77th Street

via

This new Upper West Side building is situated on a newly transformed section of West 77th Street, located between Central and Riverside Parks.  The project is a mix of old-world charm and contemporary designs by designer Thomas Juul-Hansen. Residences will feature floor-to-ceiling windows, offering abundant light and luxurious details and finishes throughout such as hand-painted kitchens. Amenities will include a spacious landscaped roof with gas fire pit, billiards room, basketball court, and state-of-the-art fitness facilities. 

Holiday Tipping Guide: How Much Should You Tip?

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

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

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

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

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

---

Tipping Guidelines

---

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

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

Special Feature: Art Basel Miami + Oceana Launches

Art Basel Miami Beach is annual event that celebrates the art world, bringing the whos who from around the world to Miami. Art Basel brings Miami to life each December, sparking satellite art exhibits, real estate parties, and product launches.

Art Basel brings together top galleries from North America, Latin America, Europe, Asia, and Africa. Visitors can enjoy everything from Basquiats, Warhols, and Picasso to young up and coming artists as well. The art exhibition, a sister show to the original in Basel, Switzerland, attracts over 70,000 visitors the Miami convention center. 

Luxury partners like UBS, Davidoff, Audemars Piguet, BMW, and Ruinart are event sponsors. 

Art Basel transforms Miami into a huge cultural center the week of the exhibition. Because art buyers are linked to so many other industries, it is also a great time to explore Miami culture from shopping, dining, and real estate. 

Luxury brands hosted exclusive parties across town. We attended the Perrier-Jouet opening night of its L'Eden Miami at Casa Faena. Casa Faena is located in the hottest newly developed neighborhood of Miami Beach, the Faena Art District. The invite-only event hosted by Vanity Fair allowed guests to sample the best cuvées from the French Champagne house.  We toured some of the beautiful new development that is arriving to Miami as the real estate market continues to move ahead at full force here. 

Miami New Development

---

South Florida is booming with exciting new development. From Sunny Isles to South Beach and across to downtown Miami, cranes are visible in the sky, working to build the next luxury condominium. Two luxury projects to put on your radar are the boutique condominium One Ocean in South Beach and the ultra-luxury Faena House in Mid Beach.

One Ocean South Beach

1 Collins Avenue

One Ocean is a development by Related in conjunction with architects Sieger Suarze and Enrique Norten. Interiors are done by Yabu Pushelberg with exteriors by renowned landscape architect Enzo Enea. The boutique building is comprised of 50 units- 46 residences and 4 ocean villas. The residences range in size from approximately 2,000 square feet to over 3,500 square feet. Amenities include an infinity edge pool, 24-hour concierge accessible by iPad, curated contemporary art throughout the common areas, and access to a private beach club.

Faena House

3315 Collins Avenue

Faena House is an ultra-luxury development by Alan Faena, who developed the most successful neighborhood in Buenos Aires. Designed by Foster + Partners, the building is comprised of 1-4 bedroom homes as well as penthouse units with up to 8,000 square feet of living space. The 18 story Faena House is situated on the widest stretch of white sand beach in Miami Beach. The residences feature a Crestron home automation system accessible by iPad, and every luxury amenities, including access to the neighboring Faena Hotel collection of amenities as well.

Oceana Launches at Art Basel

With Jeff Koons

---

The project we are representing in the exclusive enclave of Bal Harbour celebrated its launch during Art Basel Miami. This was the perfect time to celebrate Oceana which is situated on 400 feet of pristine beachfront as the building is home to 2 Jeff Koons sculptures that residents will jointly own. Jeff Koons was personally at the launch to unveil the sculptures, Ballerina and Pluto & Proserpina, and give remarks about his works. Guests enjoyed an evening by the ocean and the Oceana pools, taking in the sculptures as well as the gallery quality art pieces located in the lobbies of the north and south towers. The building was received very positively by the guests in attendance. If you are interested in exploring the Oceana project, pricing, or floorplans, please contact us to schedule a confidential meeting.

5 Dessert Ideas for a Sweet Thanksgiving + The Macy's Parade

While everyone loves the turkey and may have a favorite side dish (or 2), dessert is always a crowd pleaser at the Thanksgiving dinner table. As they say, the best is always saved for last! We certainly have a sweet tooth here at The Victoria Shtainer Team. We have curated a list of some of our favorite pies and sweets available from bakeries around New York City as well as a recipe for making if you are feeling ambitious!

Continue reading for great dessert ideas, a dreamy kitchen, and a look at this year's Macy's Thanksgiving Day Parade.

A photo posted by Balthazar Restaurant & Bakery (@balthazarny) on Nov 19, 2016 at 1:04am PST

Balthazar: The French bakery makes seasonal items throughout the year. A crowd pleaser for Thanksgiving is the Sweet potato-Pecan pie- the quintessential dessert for the fall season! Other sweet treats and tarts are available as well.

Balthazar: 212.965.1785

A photo posted by Lady M Confections Official (@ladymcakes) on Nov 16, 2016 at 4:42am PST

Lady M- Home of the famous Mille Crepe cake. We have not met a person that does not like the cakes from Lady M bakery. Available in a variety of flavors to satisfy any palette. We recommend the Hazelnut or Classic. You might want to pick up 2 as this cake will not last long around the table!

Lady M Cake Boutiques: 212.452.2222

A photo posted by Bubby's (@bubbyspieco) on Jul 30, 2016 at 4:20pm PDT

Bubby's- Bubby's, known for its American cooking opened its doors on Thanksgiving day in 1990. It has become a spot in the city synonymous with comfort food and good cooking. Try the Sour Cherry pie- Michigan sour cherries with a butter and lard lattice pastry crust.

Bubby's Tribeca: 212.219.0666

A photo posted by City Bakery & Birdbath Bakery (@citybakerydaily) on Nov 20, 2016 at 9:24am PST

City Bakery: You love them for their Mac & Cheese and delicious hot chocolate, so you can only imagine how great the Thanksgiving desserts are from City Bakery. They are best known for their Cranberry, Caramel, Almond tart which serves 10-12.

City Bakery: 212.366.1414

---

Do It Yourself

Ooey Gooey Pumpkin Cake

Serves 6-8

---

If you are looking to bake your own dessert for Thankgiving, we recommend this decadent gooey Pumpkin Cake...it just might become the new crowd favorite and holiday tradition! The recipe is fairly easy, even for the novice baker!

Ingredients:

Cake: 
-1 (18 1/4-ounce) package yellow cake mix
-1 egg
-8 tablespoons butter, melted

Filling:
-1 (8-ounce) package cream cheese, softened
-1 (15-ounce) can pumpkin
-3 eggs
-1 teaspoon vanilla
-8 tablespoons butter, melted
-1 (16-ounce) box powdered sugar
-1 teaspoon cinnamon
-1 teaspoon nutmeg

Directions: Preheat oven to 350 degrees F. Combine the cake mix, egg, and butter and mix with an electric mixer. Pat mixture into the bottom of a lightly greased 13 by 9-inch baking pan.

To make the filling: In a large bowl, beat the cream cheese and pumpkin until smooth. Add the eggs, vanilla, and butter, and beat together. Next, add the powdered sugar, cinnamon, nutmeg, and mix well. Spread pumpkin mixture over cake batter and bake for 40 to 50 minutes.

*Make sure not to over bake as the center should be a little gooey!

We recommend serving it with vanilla ice cream and some whipped cream!
 

Featured Kitchen

What's Thanksgiving without a beautiful kitchen? For many, the kitchen is the heart of the home. We love the kitchen in our exclusive, 151 East 58th Street, 47A. It features top-of-the-line appliances so your meal comes out perfectly. Not to mention, the flatscreen TV makes strenuous meal prep easier, especially with the stunning city views in the background!

151 East 58th Street, 47A

3 Bed | 3.5 Bath | $13,995,000

 

2016 Macy's Thanksgiving Day Parade

via Huffington Post

The parade is a city tradition dating back to 1924, making it the second oldest Thanksgiving parade in the country, which attracts more than 3.5 million to the streets and an even larger audience via television. This year marks the 90th parade, and Macy's has set up a special interactive website to browse through the parade over the decades and get a look at this year's lineup. The parade is, perhaps, best known for its large balloon class which has featured many cultural icons over the decades. This year, the lineup is slated to include the likes of Pikachu, the Elf on a Shelf, and Angry Birds to name a few. The parade route is 2.65 miles long, starting at 77th street and Central Park West.

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

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

Happy Thanksgiving!!

-The Victoria Shtainer Team

Why Midtown is Really the Center of New York

New York City is one of the most vibrant and culturally rich cities in the world, with neighborhoods to match anyone's personality. Some neighborhoods offer more than others, but one in particular, Midtown, really is the center of New York. 

Looking at a NYC map, Midtown is physically at the center, but it is also at the center of arts & culture, dining, and a real estate revolution. Residents of Midtown are in proximity to some of the best the city has to offer in all of these categories. 

Midtown is close to many office buildings and transportation hubs such as Grand Central making it a convenient neighborhood to walk to work and then revel in all the cultural options afterwards.

Arts

The Midtown cultural district is home to a lengthy list of art galleries, museums, and auction houses that extends into the neighboring Upper East Side. In addition to the museums and auction houses, Midtown is also home to many public art installations that one can enjoy by simply strolling through the area.

Office buildings throughout Midtown East serve as art galleries of sorts, with buildings such as IBM and Jeffries serving as home to unique art pieces in their lobbies respectively. The outdoor space at the famed Seagram building, a highly utilized plaza, has been home to public art displays. This summer, we saw the sculpture "Welcome Parade" by Jean Dubuffet on display in the plaza. The Lever House has also been home to many art installation both outdoors and in the lobby as well. Jeff Koon's sculptures have called the Lever House lobby home.

You may have also noticed various sculptures along the green spaces of Park Avenue, changing over the course of months and years. The Fund for Park Avenue, which is responsible for maintaining the flowers and plantings, spearheaded the sculpture displays along the avenue. These installations have been enjoyed by many, locals and tourists alike. 

Where to Go:

• Museum of Modern Art: 11 W 53rd Street
• Christie's: 20 Rockefeller Plaza
• Phillips: 450 Park Avenue
• The Morgan Library: 225 Madison Avenue
• Howard Greenberg Gallery: 41 E 57th Street

Dining

The culinary options in Midtown are unrivaled, with virtually everything at your finger tips including some of the most highly regarded restaurants of the city. Enjoy quaint bistros and diners along 2nd Avenue, or more upscale and trendy places along 5th and Madison Avenues. 

The dining scene is undergoing an exciting change, with some heavy hitters in the industry coming to the area. Major Food Group (of Carbone, Dirty French, and Sadelles fame) has been tasked with revitalizing the former Four Seasons Restaurant, which many might say is an unofficial New York City landmark. Major Food Groups slated renovation for the space includes a grill room and a modern pool room. 

The second notable arrival to Midtown East is  celebrity chef Joel Robuchon. Robuchon has more Michelin stars than any other chef in the world, amassed from at his restaurants in culinary centers around the world. Robuchon will be opening a new restuarant and market place in the Foster + Partners development, 100 East 53rd Street. 

Where to Eat:

• Casa Lever: 390 Park Avenue
• Le Cirque: 151 E 58th Street
• Avra Madison: 14 E 60th Street
• The Baccarat- Grand Salon: 28 W 53rd Street
• The Polo Bar: 1 E 55th Street
• Philippe: 33 E 60th Street

Real Estate Revolution

In addition to the evolution of the dining and shopping options, Midtown is also experience a real estate revolution, with the hottest, eye catching new development popping up in the neighborhood.

Midtown has, in a sense, always been at the forefront of architecture and design, dating back decades. The Mid-Century design of buildings such as the United Nations and the Lever House were revolutionary at the time, standing in contract to the stone Park Avenue facades. The new developments are situated well among their architecturally pleasing neighbors. 

57th Street has been a key component in the transformation of the luxury real estate market in New York, with the arrival of super-luxurious (and pricey) pads that began a competition of "who can build the tallest residential tower" in New York. Among the most famous is 432 Park Avenue, the slender square building that towers over the Manhattan skyline. If you haven't done so, get a look inside 432 Park Avenue. Other notable new development include the MoMa Tower at 53 West 53rd Street, 520 Park Avenue, and glass tower rising at 100 East 53rd Street.

100 East 53rd Street

via City Realty

Foster + Partners are bringing their latest project in the form of a sleek, glass tower that is rising at the corner of 53rd Street and Lexington Avenue. Situated behind the landmark Seagram Building, One Hundred East Fifty Third is designed by architect Norman Foster and will stand 63 stories tall, featuring a glass curtain wall exterior. 

The 94 homes range in size from lofts to 3 bedroom full-floor residences. Lofts are characterized by exposed raw materials done in an elegant way such as finished concrete walls that are perfect for displaying artwork and diamond-polished high-grade concrete floors.

Residences have floor-to-ceiling windows with UV protection, kitchens outfitted with Gaggenau appliances and wired brushed oak cabinets. Tower residences feature custom millwork designed by Foster + Partners, Italian Carrara marble countertops, and aquabrass fittings in the master baths. Some tower residences have private elevator entrances. 

via 100 E 53rd

The views from the tower residences are sure to be stunning!

Amenities: The amenity space will be on the third and fourth floors, with a 1,200 square foot wellness center complete with sauna and steam room, a pool, and library. The restaurant by Joel Robuchon will comprise the first and second floors. There will be a gourmet market accessible to the public on the ground level and a fine dining restaurant located on the second floor.

Example Availability: Residence A Floor 24: 2 Bed, 2.5 Bath comprised of 1638 square feet. $5,500,000.

Also Available in Midtown East- The Victoria Shtainer Team is also pleased to offer a unique residence at the heart of the Midtown East neighborhood at the luxurious One Beacon Court Condominium- 151 East 58th Street, 47A

If you are interested in scheduling a private showing to preview 100 East 53rd Street or 151 East 58th Street, 47A, please contact The Victoria Shtainer Team.

The Building that is Changing the Lower East Side

Driving down the FDR or across the Manhattan bridge, you probably have noticed a rising tower positioned near the Manhattan bridge. What is that building you may wonder?

We have written countless times about the exciting change that a large portion of lower Manhattan is experiencing from the opening of the Four Seasons first private residences in New York at 30 Park Place to the revitalization of the Seaport District spearheaded by the injection of $1.5B by the Howard Hughes Corporation.

The most recent transformation for lower Manhattan, in an area of the Lower East Side close by to the Seaport District, is Extell's newest glass tower, One Manhattan Square. Extell, which has transformed other areas of the city such as 57th Street with its One57 project seems to be doing the same for this neighborhood of the Lower East Side. One Manhattan Square is slated to soar to 800 feet tall, and because of its extensive amenity offerings, has been dubbed "the vertical village." How will this new super tall, luxury building change the Lower East Side neighborhood?

A photo posted by One Manhattan Square (@onemanhattansquare) on Sep 14, 2016 at 2:55pm PDT

Extell celebrated the launch of sales at this new downtown skyscraper with a party at the expansive sales gallery. Guests were able to see the building model firsthand, and gain a perspective of how it will fit into the skyline along the FDR Drive, close to the Manhattan Bridge. Because of its location, One Manhattan Square will offer some of the best rive and skyline views downtown.  

Additionally, guests listened to remarks from Extell CEO Gary Barnett as he discussed how excited Extell is to bring a luxury product of this magnitude to the area. The sales gallery gave guests a slight perspective into the views that residences will have as well as an up close look at the kitchen and bathroom finish packages.

About One Manhattan Square

The new project will be located at 252 South Street, located at the crossroads between the Seaport District and the heart of the Lower East Side. Its proximity to both makes it ideally situated for access to an expansive array of city culture. The Lower East Side is one of the most dynamic neighborhoods of the city, filled with energy, culture, and style. Here, one can find a place where glamour meets grungy, where beautiful street art is located next to some of the most fashionable stores, bars, and restaurants. 

Key Facts:

• 800 foot-tall modern, glass tower

• Interiors by Meyer Davis

• Exterior gardens designed by internationally-acclaimed landscaping architects, West 8

• 100,000 + square feet of indoor and outdoor amenities

• Availability starting with 1 bedroom units

• **The building has a tax abatement for 20 years.

The residences at One Manhattan Square will offer panoramic water and skyline views, especially on the higher floors, because of the building's unique location. Buyers will have the opportunity to select from two kitchen and bath finish packages, either the Dawn or Dusk package. The latter being comprised of darker materials. Residences will feature oak flooring, custom, imported finishes, kitchens outfitted with Miele appliance packages and Dornbracht fittings,  and marble walls in the master baths. 

Amenities have been a differentiator for developers in a very competitive new development market, and the amenity package at One Manhattan Square is extensive to say the least, and unlike many we have recently seen. 

The building will offer over 100,000 square feet of indoor and outdoor amenities that will render it its own "little village" of sorts. 

Outdoor: expansive gardens and courtyards including social courtyards, outdoor kitchen and dining spaces, a tea pavilion, and fire pits.

A photo posted by One Manhattan Square (@onemanhattansquare) on Jul 14, 2016 at 2:43pm PDT

Indoor: a multi-level wellness center that will include a squash court, golf simulator, pool, spa, and access to classes such as spinning, yoga, and dance. Additional indoor amenities will include a cellar bar, culinary lounge, bowling alley, screening room, and children's playroom. 

A photo posted by One Manhattan Square (@onemanhattansquare) on Nov 3, 2016 at 4:16pm PDT

Example Availability: 1 Bed/1 Bath offered at $1,179,000 with estimated monthly common charges of $775 and estimated monthly real estate taxes with the 421A abatement of $13.

Interested in living downtown and experiencing the exciting transformation of the area? Please contact us for more information about One Manhattan Square or to schedule your private appointment.

Images: Shelly Kroeger and BFA