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6 Starchitect Designed Buildings You Need to Know

A collection of  star architects, or "starchitects", has emerged as the leading group of designers for everything from residential buildings to public works and museums. Residential buildings  bearing their names are coming up from New York to Miami and around the globe. Starchitects have been responsible for the "branding" of buildings and real estate. We have seen consumer preference shift toward branding in other segments and product categories, and now, we see the trend in real estate with high-end consumers being attracted to a "branded" building. 

While there are myriad factors that influence a buildings value such as location, functional design, and state of the market, starchitect designed buildings have seemed to maintain their value, or increase in value compared to those that are not branded in a similar way. 

New York City residential real estate is certainly participating in the Starchitect Boom. Here are 6 projects designed by Starchitects that are influencing the NYC real estate market you need to know:

100 E 53rd - Norman Foster

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100 E 53rd Street by Foster + Partners is a new glass tower coming to Midtown East, situated next to the iconic Seagram building. The building is comprised of a nine-story base which contains luxury loft apartments and amenity spaces. A 63-story tower adjoins to the base, bringing the building to a striking 711 feet with an exterior glass curtain facade.

The 94 homes have a light and airy feel thanks to the glass curtain wall and large living spaces which include wall space optimized for art displays. Loft residences incorporate architectural elements  that are reminiscent of sleek and sophisticated downtown spaces including diamond-polished high-grade concrete flooring and architectural concrete walls. Finishes include brushed oak cabinetry and Gaggenau appliances in the kitchen, and a wire brushed  oak vanity, radiant heated floors and steam showers (select residences) in the master baths. 

Amenities will include a wellness center equipped with steam room, sauna, and spa as well as a swimming pool, lounge, and library. Acclaimed Michelin Star chef Joel Robuchon will be bringing a restaurant to the location. 

About Foster + Partners: British based firm founded in 1967 that is known for its work on a variety of projects including public infrastructure, airports, civic and cultural buildings, offices, and private homes. They have buildings in six continents. The Pritzker Prize Jury described Norman Foster as “an architect who cares passionately about the future of this planet, an avowed optimist with a firm belief in technological progress, but who also believes that architecture is about people and the quality of life.”

520 W 28th Street- Zaha Hadid

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520 W 28th Street is the late Hadid's only project in New York, and thus, has an inherent special value to it as it brings her signature elements along the High Line. The design is based on graceful curves inspired by nature that are a constrast to the hard angles generally seen in residential architecture. The hand-rubbed metal facade is one continuous line that works its way toward the sky. The curves of the building create a distinct chevron pattern on the exterior of the building, linking residence exteriors and interiors together in one sweeping movement. 

The building is located directly on the High Line and will be comprised of 39 residences, with each loft-like home uniquely crafted and featuring a custom sculptural element in an elegant opalescent finish. Interiors integrate seamlessly into the sculptured nature of the building from the kitchen islands to the terraces. Kitchens are custom designed by Zaha Hadid in collaboration with Italian kitchen specialists, Boffi, and include wide plank oak flooring and Gaggenau appliances. Master baths are characterized by white marble contrasted against black crosscut Nero Marquinia marble with a freestanding six-foot tub by Teuco Guuzzini. 

Amenities will include a 75 ft sky lit pool, private iMax movie theater, wellness level, and lounge and entertainment suite with a High Line terrace.

About Zaha Hadid: London based firm, Zaha Hadid Architects, known for their innovative exploration of design and practice is largely recognized for their work outside of the United States. Founding partner, Zaha Hadid, received the Pritzker Prize in 2004. Her project at 520 W 28th Street is the firm’s only project in New York, and sadly, remained uncompleted at the time of her sudden death in 2016. The first has 950 projects in 44 countries.

160 Leroy- Herzog & de Meuron

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160 Leroy draws its design inspiration from the practices of famed Brazilian architect, Oscar Niemeyer. Speaking of the project, Niemeyer describes the building as "curvaceous, sensual, free-flowing, seductive, and sexy."

160 Leroy will have a white concrete façade with diamond faceted floor-to-ceiling windows that reflect the light and water. The building spans a full city block and will sit atop a bed of light that gives the illusion that it is floating among the streets. 

The 49 residences feature bespoke layouts designed to maximize light and views, and which have also been designed to maximize wall space for art displays. Residences feature wide-plank Larch wood floors from Scandinavia, wood burning fireplaces, and custom designed bathrooms, each unique from the other.  Custom furniture packages and layouts available for purchase have been curated by French designer Christian Liaigre.

Amenities at 160 Leroy will include a 70 foot pool and whirlpool spa, fitness center, yoga & pilates studios, private massage room, kids’ clubhouse, and a gourmet take-out and delivery restaurant.

About Herzog & De Meuron: Founded in 1978 in Basel, Switzerland by Jacques Herzog and Pierre de Meuron, whose careers closely paralleled one another. They received the Pritzker Prize in 2001 and New York Times Magazine called them “one of the most admired architecture firms in the world” in 2006. The firm is known for their transformation of materials and surfaces through exploration of new treatments and techniques. The firm is also involved in other NYC residential projects including 56 Leonard and 70 Vestry.

53 W 53- Jean Nouvel

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53 W 53 is a new tower coming to Midtown, rising 1,050 feet above The Museum of Modern Art. The design features multiple different tapered surfaces that pay homage to the classic towers that built the New York skyline but which also serve as a vision of the skyscrapers of the future.

The building is comprised of 145 residences with interiors by Thierry Despont that include bespoke kitchens and baths as well as elegantly crafted mahogany doors. Kitchens include custom back-painted glass cabinets with polished nickel detailing design by Thierry Despont, Sub-Zero and Miele appliances, and polished Statuary marble countertops. Masterbaths feature luxurious finishes throughout such as Verona limestone floors, Noir St. Laurent marble feature walls, Lefroy Brooks cast iron soaking tub, radiant heated floors, and Dornbracht fittings.

Building amenities will include a 65 foot lap pool, wine vault, library, park view lounge, and wellness center.

About Jean Nouvel: The Parisian based firm is one of the most celebrated across the globe, having completed projects including museums, concert halls, opera houses, hotels, and luxury residences. Nouvel has a long standing career that goes back to the 1970s, with the establishment of Ateliers Jean Nouvel in 1994. Jean Nouvel has built museums, concert halls, conference centers, theaters, hotels, collective housing, office buildings, commercial centers, and private residences around the globe. Received the Pritzker Prize in 2008.

565 Broome Street- Renzo Piano

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565 Broome Street is Renzo Piano's first residential project in New York City. He brings his iconic design and approach to this luxurious residential project located in SoHo. The 30 story building will stand out in the SoHo landscape, set alongside its smaller scale neighbors.  Renzo Piano prides himself on his careful attention to materials, and 565 Broome is no exception with an austere material palette that accentuates the quality of those selected. The overall design and approach to the project is an expression of key materials. Design is characterized by low-iron, extra wide glass and “tube” shaped living spaces in select residences which are a character of Renzo Piano

Interiors are designed by renowned firm RDAI who take a similar approach to their work as Piano, highlighting craftsmanship and materials. At 565 Broome, they have found beauty in natural materials such as stone,  white oak, glass, and concrete. RDAI is known for its work in global Hermes and Saint Laurent stores.

Amenities include a private gated driveway, outdoor landscaped terrace, 55 foot swimming pool, fitness center, lounge, and library.

About Renzo Piano: Italian architect Renzo Piano is known for his refined approach to his work which can be seen around the world. He received the Pritzker Prize in 1998 with the Jury comparing him to the likes of Leonard Da Vinci and Michelangelo. He founded his firm, Renzo Piano Building Workshop, in 1981. Piano is most celebrated for his work in designed the Centre Pompidou in Paris. In New York, he has also designed the NYT Building and the new Whitney Museum.

125 Greenwich Street- Raphael Viñoly

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Details are limited and aspects have changed multiple times since the original permits were filed with the Department of Building, but we do know some details about the glass tower that is rising just below the World Trade Center site. 

125 Greenwich Street is slated to rise 898 feet (70 stories) according to the Vinoly Website, and include 273 condos. Vinoly reduced the height down to 70 stories from the permitted 88 out of respect for the neighboring 4 WTC tower. At 88 stories, it would stand taller than 4 WTC.

The building will include a large floor plate which will allow for more generous apartment layouts. The exterior will be done in a glass façade which will extend more than its structural mass to the site base with two I-beam shear walls supporting the building core and eliminating the need for all but four of the interior columns The building is designed to resist the wind and will feature open-air, hexagonally shaped mechanical floors similar to the open-air concept seen at  Vinoly's 432 Park Avenue.

Amenities, situated on the upper floors, are  slated to include a fitness center, spa, squash court, library, demo kitchen, and tech bar.

About Raphael Vinoly: Uruguayan architect who founded Raphael Vinoly Architects in 1983 with offices around the globe including New York, London, and Buenos Aires. Vinoly has designed buildings and museums around the world and is most recently recognized for his design of 432 Park Avenue in New York.

 

 

Five 2 Bedroom Apartments on the Market Under $2.5M

Shopping around the Manhattan market for a 2 bedroom apartment and wondering what is out there? With real estate, the biggest saying is always "location, location, location." Of course, availability and value for your dollar strongly depends on, you guessed it, location!

We've rounded up a few different 2 bedroom Compass exclusives currently on the market in different neighborhoods around the city so you can see what a budget of $2.5M could get you at the moment. The following selection of properties are sourced from the Upper East Side, Upper West Side, Midtown East, Greenwich Village, and Tribeca. 

First, a look at the average price per square foot of active listings in these neighborhoods for 2 bedroom apartments...

2 Bedroom Manhattan price per square foot

The data reveals that, based on the median price per square foot of active 2 bedroom listings, your dollar buys you more in some neighborhoods versus others. As you can see, if you want to live in an area like Tribeca, it could cost you significantly compared to the average in the Upper East Side. It is important to note that these are medians and price per square foot can vary greatly within a neighborhood depending on the building type, condition, and location within the specific neighborhood.

The selection of listings below shows how size and PPSF can vary depending on location within the city. 

200 Chambers Street, 2D: 

$2,275,000 | 1,214 sq ft. | $1,874 per sq ft 

Common Charges: $1,562
Real Estate Taxes: $1,219

200 Chambers is a full-service luxury building with a selection of amenities including a pool, gym, and 24-hour doorman.

200 chambers street 2D

555 West 59th Street, 25C: 

$2,400,000 | 1,211 sq ft. | $1,932 per sq ft

Common Charges: $1,510
Real Estate Taxes: $1,420

The Element is a luxury condo with amenities that include a pool, gym, basketball court, and 24-hour doorman. 

555 W 59th St 25C

188 East 76th Street, 4D: 

$1,550,000 | 1,183 sq ft. | $1,310 per sq ft

Common Charges: $1,698
Real Estate Taxes: $974

Building amenities include a fitness center, sauna, and building concierge.

188 East 74th St 4D

305 East 51st Street, 3F: 

$2,475,000 | 1,596 sq ft. | $1,551 per sq ft

Common Charges: $1,623
Real Estate Taxes: $1,011

The Halcyon is a brand new, luxury condo in Midtown East with an expansive amenity offering. 52' heated pool, children, library, and sky lounge.

305 E 51st St 3F

25 5th Avenue, 8F: 

$2,499,000 | 988 sq ft. | $2,529 per sq ft

Common Charges: $1,230
Real Estate Taxes: $789

25 5th Ave 8F

Looking to explore real estate and see whats on the market that meets your criteria in real time?

Introducing Compass Collections

Compass Collections

Collections, developed by Compass, is real estate's first visual workspace that streamlines the home buying process. Tell us your criteria, and you will received a curated collection of apartments that match your interest. Furthermore, we can collaborate in real time with comments, and invite others participating in your home search to join as well!

5 Best Upper East Side New Developments

5 of the Best Upper East Side New Developments

Upper East Side New York City

Many think of Park Avenue Co-ops and beautiful townhomes when they think of the Upper East Side, however, the area is experiencing a new development boom. New development projects are bringing sophisticated, sleek residences with the best amenities available to the classic and iconic neighborhood. 

We have narrowed the list to a few of the best projects in the area- in no particular order.

Upper East Side New Development

1. 180 E. 88th Street
 

Developer & Architect: DDG Partners

Size: 2-4+ bedroom condos

Amenities: wine room, play room, game room, partial basketball court, fitness studio

Other Features: Façade features handmade bricks from Denmark. Ceiling heights up to 14’ 2” and 28’-8” in duplexes and windows up to 9’

2. Citizen 360

Developer & Architect: Anbau, SHoP Architects

Size: 1-4 bedroom condos

Amenities: Entertainment level including catering kitchen, entertainment suite, playroom, screening room, multimedia studio, Wellness level with fitness and yoga studio, private parking

Other Features: Comprised of 84 residences

3. 389 E 89th

 Developer & Architect: Magnum Real Estate Group, Ismael Leyva Architects

Size: studio-3 bed condos

Amenities: residents’ lounge, the rooftop, fitness center

Other Features: Interiors by Paris Forino, named Manhattan’s fastest selling new development

 4. 20 East End Avenue

Developer & Architect: Corigin Real Estate Group, Robert A.M. Stern

Size: 2-6 bedroom condos

Amenities: billiards & game room, wine cellar, library, fitness center and spa, junior lounge for kids

Other Features: handset limestone base, wifi enabled floor heating system in select residences, motor court

5. The Kent

Developer & Architect: Extell and Beyer Blinder Belle Architects

Size: 2-5 bedroom condos

Amenities: drawing room, indoor pool & sauna, fitness center, “Camp Kent” for children, garden salon, sound lounge designed by Lenny Kravitz

Other Features: Interiors by renowned design studio Champalimaud, tax abatement

 

We live in the neighborhood and understand property values and what makes the Upper East Side special. 

Ready to call the Upper East Side Home? Get in touch with us for the most up-to-date neighborhood insights and the best pricing!

 

 

Note: All Images from respective building websites

Lower Manhattan Continues to Thrive

Lower Manhattan

In the Manhattan Residential Real Estate market, the buzz is all about downtown. It seems like almost everyone wants to be downtown, close to some of the best cultural, shopping, and dining options, situated in the most desired neighborhoods of the borough.

The economic expansion, and quite frankly, revitalization of lower Manhattan since 9/11 is astounding, and has had an enormous impact on the city as a whole, especially in recent years with hallmark projects finally coming to fruition. Today, lower Manhattan continues to thrive with brand new destinations for world-class shopping, dining, and, of course, living. The Financial District was one of the hardest hit by 9/11, but also has seen the greatest revival in the post 9/11 era.

Why People Are Attracted to Financial District

The Financial District attracts a mix of residents from Wall Street professionals that work close by, to students of city universities and people that love the convenience of the neighborhood. The neighborhood has virtually every subway line to connect you to any area of the city and is positioned for easy access to both the West Side Highway and FDR Drive as well as Holland and Brooklyn-Battery tunnels for those with cars.

Not only is FiDi convenient from a transportation standpoint, it is also located near some of the best and hottest neighborhoods of the city including TriBeCa, SoHo, and the Seaport District. TriBeCa is seeing new development including the popular 70 Vestry and 443 Greenwich Street while the Seaport District is seeing a revitalization spearheaded by the Howard Hughes Corporation’s development of the area, bringing the arrival of notable venues such as iPic Luxury Theaters and a Jean-Georges food hall. The area is also home to the much talked-about 1 Seaport development.

The Financial District, however, has been at the heart of the revitalized downtown and the center of what many are calling the “New Downtown.” The arrival of The Oculus, Brookfield Place, and the continued completion of the World Trade Center site are attracting people to the neighborhood. Even large corporations such as Conde Nast and Spotify are calling the neighborhood home. Additionally, this week restauranteur Danny Meyer announced that he will be launching a $30M restaurant, bar, and event space atop 28 Liberty Place.

While the area is certainly more crowded during business hours with working people, the area has a neighborhood feel. Financial District has great public schools, and is close to many parks. You will find runners out in Battery Park and Hudson River Park year-round, and people enjoying the sun and biking in warmer months. Additionally, the Seaport is only moments away which offers many spaces to relax outdoors, shop, and dine. 

Living in the Financial District

 The Financial District offers a mix of new construction as well as conversions. Additionally, the neighborhood has both rental buildings as well as condos and co-ops. Notable new development occurring in the area includes Macklowe’s conversion of 1 Wall Street which has already signed Whole Foods as a tenant, the ongoing conversion of 101 Wall Street to luxury condos, and the recently constructed 50 West.

50 West Street

50 West Street

Standing over 780 feet tall, the glass tower located at 50 West Street has changed the lower Manhattan skyline. The 64-story structure is visible in all downtown skyline photography and is visible driving into the city from New Jersey or coming in on the ferry. The tower, designed by acclaimed architect Helmut Jahn, features unique floor-to-ceiling, curved glass and offers spectacular views of the harbor and New York City skyline.

Residences range in size from 1 to 5 bedrooms and feature interiors that have been elegantly designed by Thomas Juul Hansen. Throughout the building there is a unique collection of duplex units as well as units offering stunning double-height spaces.

50 West offers residences an array of amenities spread across 4 dedicated floors. Amenities include an expansive fitness center, Water Club, unique children’s space, office space available for purchase, and an observatory located on the 64th floor. The views from the observatory are jaw dropping to say the least!

Views from the Observation Deck of 50 West Street

Views from the Observation Deck of 50 West Street

50 West is ready for immediate occupancy.

Currently Available at 50 West:

50 West Street, 20B: The Victoria Shtainer Team is pleased to offer one of the unique double-height residences available for rent. Be the first to live in the stunning new building and experience the New Downtown in luxury with residence 20B, available immediately.

50 West Street, 20B

 

Interested in living at 50 West Street or Experiencing the New Downtown?

Simply fill out the form below to get in touch!

What Makes Townhomes Unique in New York City

NYC Town Homes

When thinking about or discussing the New York City residential real estate market, condos and co-ops are what often comes to mind. It is easy to forget that a third type of property exists in the market because condos and co-ops, or apartment-style living, is what many think of when they think of city living. However, the third type of property that exists, townhomes, are quite unique and special. 

So what attracts people to townhouse properties in New York City?

Privacy

Townhouse living offers and elevated sense of privacy for some buyers because the home is entirely yours. People will not see you in the common lobby, elevators, or any shared space that exists in a condo or co-op. Similarly, there are no doormen or concierge at a front desk that see you coming in and out of your home. 

Additional privacy comes from the fact that there are no neighbors above or below you to make noise or complain about noise that you may be making. Private outdoor space such as terraces and backyards is solely for the use of the owner, unlike common outdoor space in condos and co-ops which is an amenity for the entire building. 

Compass Listing at 357 W. 17th Street

Compass Listing at 357 W. 17th Street

Vertical Living

Most people are attracted to townhomes for the simple fact that they are houses in the middle of the city. With that being said, townhomes offer traditional vertical living. While this is not for everyone, some buyers like the feeling of a traditional home. This aspect can change one's mindset because when one enters a townhouse, one feels an escape from the bustle of the city...perhaps forgetting it is situated in one of the most bustling metropolitan areas in the world. 

Ownership

Owning a townhome is different in many facets than owning a condo or a co-op. It is similar to a condo in that the owner has a title to real property, unlike share ownership in a co-op, but it differs in that a townhouse is "free standing" with no common areas shared by other owners. Townhouse owners only pay real estate taxes- there are no monthly common or maintenance charges.

This biggest aspect of townhouse ownership is the freedom that comes along with it. Freedom takes on many forms such as no board approval for moving in, tenants, or renovations, and no financing restrictions that one might see on a co-op property. 

Compass Listing at 73 Washington Place

Compass Listing at 73 Washington Place

It must be noted that the freedom of townhouse ownership also comes with increased responsibility, namely all burdens of upkeep and daily operations fall on the owner. Things like inspections, taking out the garbage, cleaning sidewalks in the winter, and handling all repairs become solely the owner's responsibility. There are no live-in supers or porters like a condo or co-op would have. 

Value & Selection

The value of townhomes varies depending on myriad factors, most notably, however, width and location. The standard width of a townhouse in New York City is between 18-20 feet. Anything above 25 feet wide is considered a mansion, and is rare, thus making it much more valuable. 

Additional items that can increase a townhouse's value amenities such as elevators and garages. An elevator can reduce the impact of vertical living for those buyers that are accustomed to condo or co-op living. An on-premise garage is highly coveted, allowing the owner to keep their car on the property, for use at their convenience, without additional garage expenses. 

greenwich village townhouse

 

The most coveted townhomes are usually found on the Upper East and Upper West Sides as well as the Village. When shopping for townhomes, there are various choices to match different buyer taste profiles. Selection spans the gamut of gut renovation ready to triple-mint renovated homes with all the conveniences for today's modern lifestyle. It is worth noting that some homes are considered historic, and thus certain details such as the facade cannot be altered. If you are buyer looking to make renovations, it is important to obtain this information.

The Victoria Shtainer Team Previews a Greenwich Village Townhouse

The Victoria Shtainer Team Previews a Greenwich Village Townhouse

 

Intrigued by Townhouse Living in New York City?

Submit any questions about townhouses or contact us to schedule your townhouse tour in New York City.

Ideas to Make Your Valentine's Day Special

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

Chocolate

What says Happy Valentine's Day or I Love You more than a luxurious box of chocolates? We love the Belgian Chocolatier, Neuhaus. The company has an interesting past, getting its start when Jean Neuhaus opened a pharmacy in Belgium in 1857, covering his pills with a chocolate coating to make them more palatable. Over the brand's history they have crafted chocolate creations for Belgian royals, and are regarded as the leading luxury Belgian chocolatier today. They have a festive selection of chocolate gift boxes with Valentine's Day themes, including this special edition where the box itself is made of edible chocolate as well. 

Pair with a bottle of your favorite champagne!

Neuhaus: 500 Madison Avenue

Flowers

Elevate your flower giving with a luxurious box of roses from Landeau. The company has been making waves in the industry, having been featured in prominent press such as Elle and Architectural Digest, dubbing its box of 25 roses as "25 is the new dozen." From traditional red, to unique pink and orange, Landeau offers an array of color choices to ensure your gift stands out. 

A photo posted by L A N D E A U (@givelandeau) on

Shop Online at Give Landeau

Fragrance

Valentine's Day Fragrance

For Her: Back to Black by Kilian- The brand describes this fragrance as a "head-turning love potion." Notes of Honey, Tobacco and Vanilla combine for an enticing velvet-smooth scent. The bottle comes in an intricate lockable display case, making it a great gift. Available at Net-a-Porter

For Him: Tom Ford Neroli Portofino Forte- Tom Ford takes his infamous Neroli Portofino blend and kicks it up a notch with the "Forte" version. In this version, the floral core is double concentrated, giving it a rich base while the introduction of coastal Italian woods give it a bold touch. Available at Neiman Marcus 

Dinner

Perhaps the most popular Valentine's Day activity is a date night out. We could write an entire post on great restaurant choices in New York City, however, we recommend heading to Le CouCou at the sleek 11 Howard Hotel. Le CouCou is star restauranteur Stephan Starr's (Buddakan & Morimoto) latest outpost in collaboration with chef Daniel Rose. Le CouCou serves modern French fare in an intimate setting with brick walls, chandeliers, and candles on the table. In fact, it was rated one of the 100 best restaurants in America in 2016!

A photo posted by Le Coucou (@lecoucou_nyc) on

Le CouCou 138 Lafayette Street- 212.271.4252

And of course, if you are looking to fall in love with New York City, we can certainly help you do that! 

Valentine's Day New York City

Happy Valentine's Day!

Valentines Day New York City

7 Mistakes First-Time Homebuyers Make

7 Mistakes First-Time Buyers Make

first time home buyer mistakes

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

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

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

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

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

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

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   

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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  

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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

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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

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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

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

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

2017 Real Estate Market

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

New Years 2017

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