What Does Amazon's New Headquarters Mean for NYC Real Estate

Amazon made a big announcement this week, officially stating they New York City would be one of two locations for their HQ2, naming Long Island City as the location. When headlines broke, everyone in the real estate industry began thinking – how will this impact NYC real estate, particularly Long Island City?

The arrival of Amazon will continue the development of Long Island City and should encourage the city to invest dollars into infrastructure such as the subway system which is in dire need and buses. With the arrival of the new Amazon headquarters comes and anticipated 25,000 new, high earning employees.

Prices Likely to Rise

Long Island City has had a housing development boom in recent years with the neighborhood continually becoming more residential and less industrial. We continue to expect new units to come to market in the neighborhood in the near term. Prices have been on the up, and in fact, LIC is the priciest neighborhood within Queens.

Amazon’s announcement means there will be inherent increased interest in the neighborhood which could push prices slightly higher rather quickly, especially in terms of rent demand. It is important to note that rents in LIC luxury brands somewhat mirror that of Manhattan rents, so prices may not skyrocket in the short term, however, increased demand may motivate landlords to remove concessions that are being found on many luxury rentals. There has been an absorption issue in Long Island City given the sheer amount of inventory that has come on the market in the neighborhood in recent years.  

Impact Not Confined to Long Island City 

Anticipate price impacts to be felt in other neighborhoods as well. The influx of employees may look to other neighborhoods that still allow for easy access to LIC such as Midtown East and the Upper East Side where they may find more bang for their buck.

Being priced out of the market is still a very large issue for the NYC housing market as wages cannot keep up with cost of living for many. Because of that, we expect that the largest increase in pricing may be seen in peripheral neighborhoods that are still up and coming such as Greenpoint, Brooklyn. A new influx of residents in neighborhoods such as this could push pricing higher.

More Players than Just Amazon

While Amazon is garnering much press and attention about the location of their second US headquarters, it is important to remember that there are other plays that can contribute to this as well. Google has stated they expect to nearly double their workforce in coming years. The arrival of Amazon could further establish New York as a tech center and attract everything from Amazon competitors to start ups. What does that mean? The influx of people as a result of high paying jobs could be greater than what will be from Amazon on its own.

Inside Holiday House NYC 2018

Holiday House has returned to New York City, and the 2018 rendition has transformed a townhouse on the Upper East Side. Located at 118 East 76th Street, this year’s Holiday House features the work of more than 20 interior designers including Interior Market Group, Melanie Roy, Timothy Brown Studio, and The Studio at One King’s Lane to name a few.

Holiday House was started in 2008 by interior designer and breast cancer survivor Iris Dankner. Holiday House has been raising money for the Breast Cancer Research Foundation for over a decade, allowing visitors to get inspiration from top interior designers and experiencing products first-hand from leading brands.

The project has expanded to The Hamptons, and even globally with Holiday House London. We are happy to see the return to NYC, and we went inside. Talk about serious inspiration!

Step Inside…

Kitchen - Designed by Melanie Roy

After 15 years in the television industry, Melanie Roy pivoted and began her career in interior design. She focusing on designing family-friendly residences.

Master Bedroom - Designed by Natalie Kraiem Interiors

Natalie Kraiem Interiors is a Brooklyn based interior design firm that places emphasis on strategically incorporating different styles. She aims to create sophisticated, glamorous, and timeless spaces. For her Master Bedroom at the 2018 Holiday House, she transforms visitors to a “Getaway in Paris”

This is simply a glimpse into the inside of the 2018 Holiday House. We highly encourage you pay a visit, and take in the myriad rooms and inspiration sources. The house is open to visitors through December 2nd, 2018. All ticket proceeds benefit the Breast Cancer Research Foundation.

Hours:

Tuesday-Sunday: 11:00am – 5:00pm

Until 8:00pm on Thursdays

Tickets can be purchased online.

What Do Rising Interest Rate Mean for the Housing Market?

Mortgage rates of been on the rise lately, with the most recent tear higher garnering quite a bit of attention. The 30-year fixed rate is approaching 5%, a number that hasn’t been seen since around 2011. Remember, while rates are high relatively speaking, rates are still lower than what was observed in the 70s, 80s, and 90s.

The expectation is that rates will continue to rise with economists forecasting we will see 5% by the end of 2018 and could possibly see 6% by the end of 2019. Why are rates rising so rapidly? The most recent jobs report was indicative a strong economy with unemployment the lowest it has been in decades. A strong job market translates to a strong economy, and a strong economy means rising interest rates. 

So, what do rising rates mean for home buyers and the housing market? Remember the following

You Have Mortgage Options 

When headlines and the press speak to mortgage “rates” they are referring to the 30-year fixed rate. This is the most expensive mortgage product as it has the longest built in protection period. But what if you do not plan to be in the home for that long…why pay a premium for time protection that you may not need?

Many buyers are shocked to see all the various mortgage products that exist when they sit down and discuss their needs and options with a Mortgage Broker. A qualified Mortgage Broker will be able to advise on which product makes the most sense given your qualifications and time horizon. 

Control What You Can 

There are aspects that you can control when it comes to financing your home and getting the best rate possible. Two of the biggest influencing factors are 1) down payment and 2) credit score. 

Down payment:

The amount of money you put down on a home is one of the biggest tools you can use to lower your monthly payment because the more you put down, the less money you are borrowing. We understand getting a substantial down payment can be challenging, especially for first-time homebuyers who may be younger and faced with high student debt.

It is also important to remember that any down payment 20% or greater will remove the need for Private Mortgage Insurance (PMI) which can be a substantial savings on your monthly payment.

Credit Score:

If you have ever borrowed money, you know the importance of a strong credit score as it relates to getting the most favorable rates. Yes, you do not need the best credit score out there to qualify for a mortgage, however, the better your score the better the rate you will receive which means the lower your monthly payment will be. Turning a credit score around can take some time, so if purchasing a home with financing is in your future and your credit is damaged, start working hard now to get it on the rebound.

Tax Benefits

There are tax benefits to having a mortgage which are something to consider. While many do not know exactly where they stand in terms of tax liability given the new changes to tax code, we expect to get more clarity after filing 2018 returns.  

With that said, interest paid on a mortgage is generally tax deductible. Under the new tax laws, if you take out a new mortgage, you can deduct up to $750,000 in mortgage interest from your taxes.  In a sense, this makes your effective mortgage payment lower as you are getting benefits when you file your taxes…something to keep in mind.

Questions about taxes? We are not tax advisors and would defer you to your qualified tax advisor who has a full picture of your tax liabilities.

If You Are a Seller

Rising mortgage rates may not only impact buyers, those actually taking on a mortgage, but could also have an impact if you are a seller, so it is important to say abreast of market trends. 

Sellers – enlist the advice of your broker in regard to pricing. Your broker will be attuned to trends in the neighborhood and know if impacts are being felt as a result of rising rates. This is especially important for sellers who are selling property that is more likely to appeal to first-time home buyers who are more pressed for cash and concerned with monthly payments. Will a reduction in price make your property more attainable for them?

It is important for sellers to understand the buyer’s perspective given we are currently in a Buyer’s Market. Buyers are faced with a one-two punch of rising rates plus increased home prices over the past few years. Price your property according to what the market is dictating if you want to sell.

What does it all mean? We feel rising rates will certainly have impact on some home buyers that are on the cusp of affordability, however, we do not feel that rates are at a point where it could completely stall the market and put large downward pressure on pricing. In fact, some pent-up demand may be spurred to “jump” in to the market as affordability (of monthly payments) becomes a concern. People see the pace at which rates are rising and do not want to be priced out because of higher rates in a few months.

What You Need to Consider When Investing in Manhattan Real Estate

Have you been considering investing in real estate? Headlines and news stories may have some home owners concerned about their property purchase, or investors second guessing a decision to invest in Manhattan real estate. Like any investing, it is important to take a disciplined approach to investing in real estate guided by the advice of an expert. Analysis of over a decade of Manhattan housing data exhibited the strength of the borough to remain a sound investment compared to many of the global markets out there.

So, is all of Manhattan the same? Considering the following things when approaching Manhattan Real Estate from an investment standpoint.

Manhattan is a Resilient Market

Manhattan is somewhat a world of its own when it comes to the market and its driving factors in comparison to the larger macroeconomic landscape. The Manhattan market moves at its own pace during economic downturns as a result. We, of course, observed a large anomaly to this during the Global Financial Crisis of 2008. The crisis took down the entire global economy and impacted Manhattan housing. However, recovery in Manhattan was much quicker than that of other global centers.

During this crisis time, Entry-level luxury bounced back most rapidly. UBS Wealth Management publishes a Global Real Estate Bubble Index annually, and New York City was rated “fair value,” especially in comparison to hot markets such as San Francisco, Hong Kong, and Toronto.

Entry-Level Luxury

We have talked about entry-level price points as being key in the current market throughout many issues of Victoria’s View. In the case of Manhattan, some could argue that entry-level pricing could stretch as far as $5-6M. These are the properties that have shown exceptional price resilience over recent years in a market that some argue is slow.

Sub $3M has been especially busy the last few years. Open houses are getting a lot of foot traffic at this price point, and some properties are even experiencing bidding wars, especially those priced in the $1M range.

Why has entry level luxury faired so well? Demand is strongest at this price point in Manhattan. At this price, demand is fueled by working urbanites that are looking for their first-time home purchase, or are, perhaps, upgrading from a 1 bedroom to a 2 or 3 bedroom as they start a family.

Compared to ultra-luxury, or properties priced $10M+, entry-level luxury in Manhattan has remained more stable, largely a result of this demand from working professionals who need a place to live that we just discussed. Entry-level luxury likely has a higher buyer based composed of individuals seeking their primary residences rather than a second or third home which is often the case with buyers at ultra-luxury price points.

Volatility Factors

When you invest in stocks, you assess funds/companies/ETFs that match your identified risk profile. Risk may be assessed on things such as sector – Utilities may be considered more risk averse and less prone to price swings than a sector such as Biotech.

So, when thinking about real estate, what factors should you use to assess risk and volatility when considering your investment? Bedroom count plays a big part of real estate price movement. As a result, bedroom count can be a contributing factor to price volatility of real estate assets. One and Two-bedroom apartments are more common while 4+ bedroom apartments and large townhomes are more unique and rare, thus there is an inherent pricing question when it comes to large apartments as there is simply less historical data and comparables to which to defer.

While more bedrooms may mean more risk, more risk is often associated with the possibility of more reward. Prices of large apartments have risen dramatically since the 1980s and 1990s, however, in similar fashion, they were largely impacted during the great recession with pricing on large properties still under pressure.

via Price swings in YoY rents by bedroom count. Notice the swings in 3 bedroom rents compared to Studios and 1 Bedrooms

Pricing on one-bedroom properties have recovered from recession lows, largely fueled by the consistent demand in this space.

Intrinsic Value

Just as a company or stock has intrinsic value, so, too, does real estate. When considering investing in real estate, partner with your broker so you can identify properties that have more intrinsic value than others.

Contributing Factors

• Natural Light

• Neighborhood Stature – are there good schools nearby? Is the area established, up-and-coming, or on a decline?

• Quality Construction and Materials – your broker knows new development and construction better than you. Lean on them to advise which buildings are constructed from the best materials and workmanship

If your investment is for the purchase of generating income, we have you covered! Check out our article on What to Expect When Investing in Real Estate. If you are purchasing real estate as investment with the goal of renting out, discuss what rents look like in the builder with your broker, and how that estimated figure would stack up against anticipated mortgage and carrying costs. There are ways to extract additional value out of your investment:

Ways to Extract Additional Value out of Your Investment:

There are additional ways to squeeze a bit more rent out of your unit and also have an increased likelihood to win over a prospective tenant as they are shopping around. While some of them are an expense upfront, they are some of the most common requests we see from prospective renters. Thus, you will most likely recoup the cost of these investments into your property.

• Consider building out the closets to maximize storage with systems such as California Closets

• Install Electric Shades/Window Treatments

• Ensure the washer/dryer are good machines. It may be worth it to upgrade the machines from the base units that came with the apartment

Hiring a broker will be crucial to maximize the rent received. They are able to position your apartment on the market to appeal to the right audience and spend the time to understand the intricacies of the board package and fees.

• Price correctly! Rely on your broker’s expertise to price correctly so you can rent sooner rather than later.

• Get the condo leasing application to review the fees. That way, your broker can speak to prospective tenants about all fees associated with the unit. Additionally, this is important to understand in case you need to offer concessions to remain competitive

• Good photos matter!

• Get a floorplan of the unit to place online with the listing

Condos with a Luxe Perk: Residents-Only Dining

We’ve written about the lavish amenity offerings that have changed luxury real estate in a landscape where high-end inventory is up and competition among new developments is tough. Some of the most exclusive buildings offer residents a unique experience, one that will cost you even more than a SoHo House membership since admission will require the purchase of a unit in the building…residents-only dining.

Amenities are an extension of the residents’ homes, and restaurants take this to a new level with sophisticated private dining by top chefs only available to residents and their guests. These types of buyers look for convenience, but do not want to sacrifice quality to achieve that. These restaurants allow busy people with demanding careers to come home and not worry about cooking, hosting business lunches, or catering a dinner party.

432 Park Avenue

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432 Park Avenue made a name for itself as the tallest residential building in the Western hemisphere as well as for its tall prices for units in the building. The building amenity package is unrivaled, with the exclusive restaurant occupying the entire 12th floor. The restaurant is headed by Michelin-starred chef, Shaun Hergatt. In addition to the interior dining room, the space also has a 5,000 square foot terrace overlooking 57th Street which can be reserved for private events. If you aren’t in the mood to eat in the restaurant on the 12th floor, in-residence dining is also available.

15 Central Park West

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15 Central Park West made a splash among the world’s elite as it quickly became an “it” address recognized across the globe upon completion. It set the bar high in terms of luxury offerings, including a private restaurant for residents and their guests. The restaurant at 15 CPW debuted before that of 432 Park Avenue. The building describes the dining offering as a “private dining service with an in-house chef provides full catering for Fifteen Central Park West residents desiring anything from a four-course custom menu for 80 guests to an at-home romantic dinner for two.”  The restaurant is known to host special meals year-round including women’s lunches with speakers covering varying topics and a special brunch on Mother’s Day each year.

Jade Signature

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The trend of resident-only dining is not confined to New York. One of the latest luxury high-rise to hit the shores of Sunny Isles Beach, just north of Miami, has embraced the exclusive trend as well. Jade Signature, designed by famed architects Herzog & De Meuron, offers a truly luxurious amenities package which allows residents to experience resort-style living on the shores of South Florida. The Jade Signature Beach Bar & Grill so residents can dine pool and beach side without having to head back their residences. The experience is similar to that of many beachfront hotels.

Featured Listing: Jade Signature - 16901 Collins Avenue, #4905

3 BED | 4.5 Bath | $4,495,000

Stunning high floor north east corner residence with breathtaking direct ocean, Intracoastal and city views. This home in the sky features 2,929 square feet of interiors and 806 square feet of terraces, 3 bedrooms, 4.5 bathrooms, study plus maids quarter, private elevator entry.  Residence comes fully finished with white marble floors and finished closets, gourmet kitchen with European designer cabinetry by Snaidero, top-of-the-line appliances by Gaggenau. Jade Signature, designed by Pritzker Prize-winning architects Herzog and de Meuron with interiors by French design firm PYR led by Pierre-Yves Rochon, offers five-star amenities with full-service spa and fitness center, concierge services, resort style swimming pool, library, resident lounges, chef's kitchen, full-service restaurant and much more

LEARN MORE ABOUT THIS LISTING

Why Hudson Yards is NYC's Most Up-and-Coming Neighborhood

Long viewed as the “Far West Side”, the new Hudson Yards development contains a surplus of fine amenities, redefining the culture of the previously barren neighborhood. This 28-acre site is distinguished by its abundant square acerage, dedicated to office and residential space, as well as retail, dining and public recreation options.

A post shared by HudsonYardsNYC (@_hudsonyardsnyc) on Jul 25, 2018 at 9:41am PDT

Hudson Yards, the largest development of private real estate in U.S. history, is projected to contain over 4,000 residences within four skyscrapers, amounting to 18 million square feet of office and residential space. With 14 acres of public space, over 100 shops and 25 dining options, Hudson Yards will dominate social living in New York City.

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With the establishment of the City’s first Neiman Marcus follows a long list of high-end retailers, such as Stewart Weitzman, Tory Burch, Lululemon, Cartier, Van Cleef & Arpels, and Rolex. Over 100 stores are complemented by the wide variety of dining options, with spots showcasing some of the worlds most renowned chefs.

Recreational conveniences include a theater, public school, park, hotel and dazzling views from the skyscrapers, providing plenty to do within the development alongside the apartment complexes and office space. With an infinite amount of activity, it’s no surprise that Hudson Yards is expected to be the “new heart of New York City”.

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The development anticipates millions of visitors per year following its completion, who will experience the liveliness and glamour of the neighborhood, making Hudson Yards a premiere destination in New York City.

Interested in Experiencing Hudson Yards Living?

Interested in experiencing Hudson Yards living? Our latest listing, 448 West 37th Street #8A, combines the luxurious amenities of the new development with classic loft living. Only a short distance from the plethora of shops and restaurants, Apartment 8A provides a sun-filled space, boasting 12-foot windows, in addition to 1840 square foot expansive layout.

Is Downtown Driving the Luxury Market?

We’ve written many articles on the resurgence of downtown, from the luxury buildings along The High Line, to the rebirth of Lower Manhattan in the post 9/11 era. While Midtown developments, such as 423 Park Avenue, have certainly broken headlines for record prices, or price cuts on resales in buildings such as One57, downtown has provided much support for the overall Manhattan market. Midtown continues to see high prices for unit while volume has seen an uptick downtown.

During the middle week of May, Olshan reported a staging figured that showed the influence of downtown Manhattan on luxury transaction. Of the 21 contracts signed during that week for properties priced $4M and above, 10 were south of Midtown. Of the volume in Mid-May, nearly 50% was driven by properties in downtown Manhattan.

Why Downtown?

Buyers are flocking to Lower Manhattan for various reasons ranging from inventory, to empty nesters downsizing and looking for a new pace of life, to easy access to some of the best shopping and dining in the city.

Selection of New Development inventory in Downtown Manhattan is extensive in all neighborhoods, and these projects are bringing the most coveted architects and interior designers coupled with luxurious amenity offerings. The High Line is dotted with new buildings from the likes of Zaha Hadid and Soo Chan. In Flatiron, 45 East 22nd Street has been creating buzz and offers some of the best views of the city. Tribeca has a flurry of new projects including New York’s first Four Seasons Private Residences at 30 Park Place, the Woolworth Tower Residences, and many others such as 30 Warren and 108 Leonard Street. Meanwhile, the Financial District has welcomed 50 West Street and looks forward to the arrival of One Seaport and 130 William Street.

130 William Street coming to Lower Manhattan via

In addition to a variety of inventory, Lower Manhattan is attracting buyers with cultural offerings as well. The best stores and restaurants have all opened spaces from SoHo to the Financial District. Additionally, new luxury hotels such as the Four Seasons and The Beekman offer a swanky place for guests to say and locals to frequent.

The Seaport is experiencing perhaps the biggest revitalization – we previously discussed the overall redevelopment of the neighborhood after it was battered by Hurricane Sandy. Most notably, Mr C is slated to open very soon. This will represent the Cipriani family’s first hotel venture in New York City after is launched the Mr. C brand in Beverly Hills in 2011. The hotel, which will be run by Ignazio and Maggio Cipriani, will have 66 rooms, a Cipriani restaurant, and is being designed by Thomas Juul-Hansen.

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More Coming Downtown:

More exciting things are coming to downtown as it continues to establish itself as a culinary, entertainment, and shopping destination. We are continuing to track the development of the Seaport District and have the latest timeline of events.

Seaport Timeline:

June: Pier 17 opening with rooftop restaurant. Initial schedule of performers and entertainment released

July: Concert series returns to the Seaport with the Chase Sapphire outdoor bar now open. District wide events will be taking place

September: 10 Corso Como slated to open as well as Jean-Georges opening

November: A Winter Village pop-up is set to be installed for the season along with the opening of Momofuku

Want to Live Downtown?

The Victoria Shtainer Team currently as an exclusive rental opportunity on the market at the brand new 50 West Street designed by Helmut Jahn. Our listing, Unit 20B, is one of only a handful in the building that features a double-height living space with soaring 20' ceilings. 

50 West Street, 20B | 3 Bed | 3.5 Bath | $14,995/MO

We have access to all the hottest inventory in Downtown Manhattan! Contact us so we can create a tailored search and property tour for you.

6 Condos Designed by Luxury Brands in New York & Miami

Major luxury brands from around the world are leaving their market (and branding) on the luxury real estate market. There is a growing number of projects where major designers are doing interiors of luxury buildings, especially in Miami. 

These collaborations increase the appeal and attract buyers in a competitive new development market where prospective buyers have many projects from which to choose. Both sides stand to benefit from bringing on a global luxury brand as the development gets increased publicity because of the collaboration and the luxury brand gets to reach a potentially new audience that may not have previously been immersed in the brand. 

In today's market a brand is everything. Young, wealthy buyers especially love luxury brands, and many of these collaborations are familiar in that they most like have pieces from them in their home already. These powerful brands give the building an identity immediately rather than the building trying to have to establish itself as brand on its own.

New York

Baccarat Hotel and Residences

The Baccarat Hotel in Midtown Manhattan has a boutique collection of 60 residences with interiors by AD100 designer Tony Ingrao T.he apartments are luxurious as one would expect, yet in a sophisticated way. The major appeal of these residences is the plush amenities and services available from the Baccarat Hotel. Baccarat brand is more subtle within the residences while it is very prominent in the renowned Grand Salon and Bar where guests enjoy beverages out of Baccarat crystal glasses

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QUICK FACTS:

• 60 Residences ranging in size from 1 to 5 bedroom currently on the market
• Homes features luxurious finishes including Siematic kitchens custome designed by Tony Ingrao and entrance doors made of Zircote Wood with Baccarat crystal handles
  • Residents enjoy exclusive perks at Baccarat Hotels around the world as well as perks such as private shopping and priority custom design and production at Baccarat

The Getty

While Peter Marino is not a luxury brand or label himself, he is worthy of being included on this list as he has worked for some of the top fashion houses and artists around the world with his designs. Marino's work include flagship stores around the world for the likes of Louis Vuitton, Chanel, Bvlgari, Dior, and Giorgio Armani. His building along the High Line in West Chelsea has attracted much attention because of its boutique nature and the recent sale of a penthouse for $59 Million. 

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QUICK FACTS:

• 12 story building consisting of only 6 bespoke homes designed by Peter Marino
• Base will be a museum and gallery holding the private collection of J. Tomilson Hill worth $800 million     
• All floorplans different and decked out in 80 various kinds of stone, marble, and wood finishes
• Penthouse will have a private, rooftop pool 

20 Pine - The Collection

Renovated in 2009 at a historic downtown building, 20 Pine was at the forefront of the downtown revolution and was truly a first for the area with its Armani/Casa designed residences. Sleek kitchens, spa like bathrooms in the residences, and lofty ceiling heights have attracted buyers and investors to this building.

QUICK FACTS:

• 408 Residences with 38 floors
• Unrivaled amenity collection including the Collection Club & Spa including pool and Hamman Steam room, 25th Floor Sun Terrace, and Library Lounge
• Designed by Armani/Casa

Miami

Fendi Chateau

Fendi Chataeu may not rise as tall as some of the new developments in Miami, standing at just 12 stories, but its 58 residences will pack a punch with their exceptional design and amenities. Chateau Group has teamed up with Italian Fashion Label Fendi to design residences that come with top of the line finishes, unparalleled amenities, and white-glove service

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QUICK FACTS:

• 3,400 square feet to over 7,000 square feet of living space
• Amenities include Library, Fitness Center, Private Cinema, 2 Swimming Pools surrounded by Tropical Garends Luxury Concierce by Fendi Chateau Attaché
• 3 to 5 bedroom flow-through residences with the best finishes including Italian kitchen cabinets by Fendi with Mother of Pearl finish

The Residences by Armani/Casa

The Residences by Armani/Casa is a new development rising 60 stories on Sunny Isles beach with interiors designed by Giorgio Armani and Armani/Casa with each unit having a touch of Giorgio Armani himself. The building is set to finish in late 2018 and has already attracted buyers from around the world. 

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QUICK FACTS:

• 6 different floorplan options with residences ranging in size from 1500 to 3000 square feet
• Residences will include the finest in European-design cabinetry and designer finishes
• 35,000 square feet of amenities all designed by Armani/Casa including an Armani Prive Lounge, fine dining restaurant, cigar room, fitness center, exclusive beach amenities on 300 feet of private shore

Missoni Baia

The Italian Fashion house is bringing their first branded building to the Edgewater area of Miami. The luxury condominium will rise 57 stories above Biscayne Bay and feature interiors designed by Paris Forino Design under the direction of Missoni. Slated to be complete in 2020, the building can be expected to feature the fashion house’s signature color palette throughout.

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QUICK FACTS:

• 249 1-5 bedroom residences ranging in size from 776 square feet to 3,788 square feet
• New York designerParis Forino envisioned the tower’s 249 elegantly crafted one- to five-bedroom residences and curated the Missoni fabrics, furnishings, and artworks that complement Asymptote’s modern architectural design.
• Residence finishes include custom European cabinetry, top-of-the-line appliances, and floor to ceiling marble in masterbaths
• Amenities include an Olympic-sized pool, spa, landscaped gardens by Enzo Enea, pet spa, game room, 2 poolside resident lounges

Want to learn more about the influence of luxury brands on real estate? Contact us to arrange a visit to these properties and more:

What to Expect When Buying a Property for Investment Purposes

Recent stock market volatility have you concerned about your portfolio? Real estate is one of the largest sectors of investment, both public and private. In times of volatility and uncertainty, we are reminded about the safety of a real estate holding. While it could never be guaranteed that something will definitely appreciate in price, the long-term trend suggests that real estate does appreciate in value over the long-run while not being subjective to wild price swings that you might see in an equity.

Many financial planners would argue that real estate should be a holding in any well-balanced portfolio. Additionally, real estate has the potential to create substantial yield while you hold the asset thanks to the ability of renting the property. Thinking about investing in real estate and planning to rent it out? We assist many clients with buying, whether resale or preconstruction, as an investment vehicle to rent out. It is always recommended that you speak to your financial planner and tax advisor to understand the role of real estate in your portfolio and tax situation.

We can help you hone in on an apartment that meets your needs for an investment, and additionally, can help you successfully rent it as we understand what prospective tenants are looking for and what they value.

So, you made your investment purchase and want to rent your apartment, what are prospective tenants looking for? What can you do to extract more value out of your investment?

What Prospective Tenants are Looking For:

Value- The state of the rental market will dictate just how much value a prospective tenant may seek, but value is always something a renter will be looking for. Hire a broker to help position your apartment on the market to remain competitive with other listings in the building and within a similar price range.

• How much are the application fees? Should you consider paying them as a concession to remain competitive?
• Will you pay the broker’s fee?
• What are the building amenities? Is access to them an additional fee?

Aesthetics- While this is something more personal, we do see, however, that the majority of renters are looking for a unit that offers light and some views as well as an overall clean condition. If you bought preconstruction, your unit should be in brand new condition for the first tenant. On the other hand, if you bought a resale unit, be sure to make sure the unit has a clean appearance to attract as many prospective tenants as possible.  They will be paying attention to things such as:

• Condition of bathrooms, kitchen, and flooring – are edges of doors, counters, etc. clean? Do the appliances function properly? Is the flooring cracked?
• Does the apartment need a fresh coat of paint?

While some of these may seem like small items, they ultimately influence a prospective renter’s decision to pick one apartment over another, especially if they are deciding between units within the same building.

Ways to Extract Additional Value out of Your Investment:

There are additional ways to squeeze a bit more rent out of your unit and also have an increased likelihood to win over a prospective tenant as they are shopping around. While some of them are an expense upfront, they are some of the most common requests we see from prospective renters. Thus, you will most likely recoup the cost of these investments into your property.

• Consider building out the closets to maximize storage with systems such as California Closets
• Install Electric Shades/Window Treatments
• Ensure the washer/dryer are good machines. It may be worth it to upgrade the machines from the base units that came with the apartment

Hiring a broker will be crucial to maximize the rent received. They are able to position your apartment on the market to appeal to the right audience and spend the time to understand the intricacies of the board package and fees.

• Price correctly! Rely on your broker’s expertise to price correctly so you can rent sooner rather than later.
• Get the condo leasing application to review the fees. That way, your broker can speak to prospective tenants about all fees associated with the unit. Additionally, this is important to understand in case you need to offer concessions to remain competitive
• Good photos matter!
• Get a floorplan of the unit to place online with the listing

We currently have a wonderful selection of apartments on the market for rent:

50 Riverside Boulevard, 11L

4 Bed | 4.5 Bath | $24,995/MO - View Listing

One West End Avenue, 28C

3 Bed | 3.5 Bath | $14,995/MO - View Listing

188 East 64th Street, 2603

1 Bed | 1 Bath | $3,995/MO - View Listing

Additionally, we have successfully executed leases for our clients around the city including:

• One Beacon Court - 32C, 39D, and 34B
• 255 East 74th Street, 5B
• 20 Pine Street, 1007
• One57

Questions about investment in property with the goal of renting the unit for income? Contact us to arrange an appointment to discuss your goals and we can tailor a collection of units to meet your needs.

LEED Certification: Sustainable Developments Building the Future

In a world where global warming and climate change headlines have gained more and more media presence and the top industrial nations gather to discuss climate, sustainability is a topic that is not only top of mind but one that is here to stay.

From corporations to individuals, the movement to live a more environmentally sound and sustainable is a priority for many. The movement towards sustainable living has trickled into the real estate industry in the form of “LEED.” From new developments to existing constructions, LEED certification is a mark representing a degree of sustainability.

So, what is LEED and how is New York City getting on the map with one of the highest LEED certified buildings?

What is LEED?

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You may notice when shopping for real estate in New York City, whether a new development, condo, or rental building, a mark stating that the building is LEED Certified – what exactly does this mean?

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

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

Sustainability has been a growing area of interest for developers to appeal to the needs of environmentally conscious consumers. The biggest development project in New York’s history thus far, Hudson Yards, is, in many way, one of the greenest projects as well.

Hudson Yards

Continued progress on the far west side mega project is something to look forward to in2018. 15 Hudson Yards is expected to top out while construction will begin on the 30 Hudson Yards sky observation deck. Landscaping is expected to arrive around the much talked about Vessel.

What do we expect from buildings that are surrounded by lush, green parks? Sustainability of course! All  buildings within Hudson Yards have been strategically designed in pursuit of the highest levels of certification by LEED.

10 Hudson Yards, the fully rented office building that really put Hudson Yards on the map, is the first commercial office in New York to achieve the coveted Platinum rating from LEED. This is the highest rating available under the program. As one can imagine, the list to achieve this distinguished award is lengthy. Some examples of how 10 Hudson Yards is leading the green initiative include a system for hot and cold water that is twice as efficient as a traditional one and a storm water retention system that is used to water the building’s landscaping.

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The Platinum status of 10 Hudson Yards shows the commitment of the project to be innovative and forward thinking while establishing it as a model of what great buildings should strive to be.

Of course, the Hudson Yards project is not the only LEED certified one in New York. If sustainability is important to you and your next home, we can discuss other buildings that meet the LEED certification requirements. 

Want to live in a LEED certified building? Please contact us.