5 Most Expensive Homes Currently on the Market in New York City

New York Real Estate is viewed by many as one of the most competitive luxury markets in the world. There is much talk about the luxury market slowing down, but on the ultra-luxe end, there is no shortage of unique, ultra-pricey listings. From townhouses to penthouses, we rounded up a countdown of the five most expensive properties presently gracing the NYC real estate market. 

*All listings and image of respective listing agents/brokers

#5- 25 Columbus Circle, PH80

Photo: Corcoran/Deborah Grubman

Related CEO Stephen Ross listed his Penthouse high above Columbus Circle in the Time Warner Center for $75 million. This has been Ross’s residence since Time Warner Center was initially completed. The interiors are designed by Tony Ingrao, who interestingly enough, have done the interiors at Related’s 35 Hudson Yards. He has customized virtually all aspects of the home.

Listed By Deborah Grubman Corcoran

#4- 45 East 22nd Street PHAB

Photo: Douglas Elliman/Noble Black, Holly Parker

Perched on over 13,000 square feet of living space above Madison Square Parks green space, this gorgeous triplex penthouse located at 45 East 22nd Street could be yours for a mere $77,700,000. Sprawled out over three top floors of this luxury building the penthouse features two separate studio apartments for staff, two parking spaces, access to all the buildings amenities including a golf simulator, gym, and a playroom, and not to mention the 360° views of all of Manhattan. With floor to ceiling windows and incredible entertaining space, this apartment is perfect for dinner parties and having guests over. Despite the interior concepts of Lee Mindel, Ryan Korban, and Thomas Juul-Hansen, the condo is being sold as a blank canvas for the owner to have the ability to truly make it their own.

Listing Courtesy of Douglas Elliman - Noble Black & Holly Parker

#3- 134 Charles Street

Photo: Bespoke Marketing

Back on the market a year later with an additional $30 million tacked on, meet 134 Charles Street. An 18,000 square foot single family home converted from a warehouse space. This listing, owned by investor Ciaran O’Kelly first popped up in 2014 on the market for a whopping $47.5 million after having purchased the building for 17 million and 2008 and giving it extensive renovations. Boasting an infinity pool, a 47-foot garden space, and a roof deck this apartment has returned once again for $80 million.

Listed By Zachary Vichinsky of Bespoke Real Estate

#2- “Le Penthouse” 172 Madison Avenue

Photo: Keller Williams NYC

Boasting every amenity imaginable Le Penthouse, located at 172 Madison Ave, comes in second with a price tag of $98 million. This 11 bedroom, 14 bathooom Skytop mansion is going for $4,945 per square feet, giving you almost 20,000 square feet of living space (4,500 of which are outdoor). The apartment boasts a private rooftop deck featuring a jacuzzi and a 67-foot salt water pool in addition to a gym, a pet spa, a playroom and much more. 

Listed By Raphael Sitruk and Efraim Tessler of Keller Williams

#1- “The Pinnacle” The Woolworth Building

Alchemy

Coming in as number one of the five most expensive listings currently on NYC’s market is the Woolworth buildings “the Pinnacle Penthouse” for $110 million which sits nearly 700 feet above the City. This penthouse is spread out above five floors featuring an elevator giving the owner easy access to all five levels. The Pinnacle first hit the market in 2017 and if sold anywhere near the asking price, it will break the record of most expensive sale ever downtown with the previous titleholder, a property at Chelsea’s Walker Towers selling for $50.9 million back in 2014. 

Alchemy Properties had to conduct extensive work to the Pinnacle before bringing it to market as the crown previously held maintenance equipment for office tenants below. Work included adding additional windows and replacing nearly 3,500 damage terra cotta on the facade. 

Besides being located in the iconic Woolworth building, this apartment boasts 360° degree views of the city, a 400 sq ft observatory, and 24-foot ceilings. 

We Sat Down With a Mortgage Expert: Here's What You Need to Know

Mortgage Rates have been been on the decline year over year, and touched a 16-month low in recent weeks. While rates have been at historic lows for quite some time now, they are once again at very low rates. Near the end of May, the 30-year fixed, the benchmark Mortgage product, was at 3.99%. Many factors are putting downward pressure on Mortgage Rates such as U.S.-Chine Trade War concerns, Brexit, and concerns of weak economic growth.

Given rates are low, now is a great time to lock in a rate if you are considering financing. We often get asked many questions from our Buyers surrounding Mortgages - what’s best for me? Is this a good rate? Given Mortgages are top of mind for many in the current environment, we sat down with Mortgage export, Donna Vitalone, a Senior Lending Officer with Citi.

Victoria Shtainer: What are some of the most important factors to consider when deciding between a fixed rate and adjustable rate mortgage - time in residence? Affordability in the future? Etc.

Donna Vitalone: A number of important factors come to mind that the borrower should consider and weigh when deciding between a fixed rate and an adjustable rate mortgage.  First and foremost is determining where you are in the human life cycle based on your age plus your marital and employment/job status.  I think it’s equally important that the borrower also take into consideration:

• whether or not it’s the borrower’s first home;

• the length of time the borrower expects to own the property: 5 years, 10 years, longer than 10 years;

• is the borrower upwardly mobile or is planning to downsize; 

• is the borrower’s job the type that could possibly require relocating at any time in the future; 

• does the borrower have a particular objective with regard to the mortgage such as either having the flexibility to manage monthly cash flow or is likely to rapidly pay down mortgage with bonus income or receipt of a large inheritance.

Victoria Shtainer: What is the most common mistake you see Buyers make when selecting a mortgage, or the biggest misconception about Mortgage product options?

Donna Vitalone: I’d say the most common mistake buyers make when choosing a program is to regard of a mortgage as just a loan when in fact they should consider choosing the program in much the same way they would any other financial planning tool where future plans will likely be given consideration;

Among the many misconceptions the most common I hear is “avoid paying points because it’s expensive”.  However, the truth is paying points can be a smart financial planning tool for primary home buyers who, by taking advantage of federal income tax benefits, by paying points not only buy down their interest rate but also see a reduction in their taxable income.

Victoria Shtainer: If you take a fixed rate loan, and rates drop continue to drop, are you locked in, or do most fixed rates loans give borrowers the flexibility to refinance to a lower rate?

Donna Vitalone: Because most fixed rate mortgage programs do not include prepayment penalties, they give homeowners the ability to take advantage of a lower interest rate environment by refinancing their fixed rate mortgage.  However, in deciding whether to refinance the borrower should be sure to first ask the loan officer to prepare a cost benefit analysis to confirm an advantage exists. 

Victoria Shtainer: As a Buyer, should I be most concerned about my credit score as it relates to getting the best rate?

Donna Vitalone: Definitely; a buyer whose financial house in order is also a borrower with a high credit score and one the bank will regard as being low-risk.  The borrower is certain to save money by the lower interest rate that will most likely be offered by the bank.   

The opposite is true for the buyer with a lower credit score who the bank will see as a high-risk borrower that should expect to be offered a much higher interest rate.  That buyer first think about engaging a credit repair firm that works with borrowers to improve their credit score by removing the derogatory information responsible for impacting their credit.  However, planning ahead is key for the prospective borrower when choosing this approach as the credit repair process often can be a protracted one. 

Victoria Shtainer: What is a Mortgage Product you have been leaning into recently that most Buyers may not be aware exists as an option to finance?

Donna Vitalone: Well there are three programs that come to mind with the first being relationship pricing.  While talking with clients I’ll often try to identify certain eligible assets which can lead to interest rate discounts on their mortgage if moved to my bank.

Another involves buying down the interest rate by paying points because for a client whose looking to manage their monthly payment it sometimes can be a more cost effective strategy than reducing the loan amount with a larger down payment.  This recently came up with one my clients who wanted to have a specific monthly payment.  I was able to show her that spending roughly $20,000 to pay points that would buy down the interest rate turned out to be a less costly approach than reducing her loan amount by adding another $90,000 to her down payment.  Needless to say, she was thrilled. 

Last, for clients wanting liquidity to meet unexpected expenses I’m most likely to suggest taking out Home Equity Line of Credit.

About Donna Vitalone:

Donna joined Citibank in 2018 bringing with her nearly thirty years’ experience in the mortgage banking industry. She has held positions as Market Development Manager, Correspondent Account Executive, Producing Sales Manager and Mortgage Loan Officer with organizations including JPMorgan Chase, Wells Fargo Bank, and Bank of America.  During that time, she has closed over $900 million in residential mortgages and winning many production and management awards as a result. 

Inside the 47th Annual Kips Bay Decorator Showhouse

Dining Room by Cullman & Kravis

The 47th annual Decorator Show House is underway, showcasing work from top interior designers. The Upper East Side townhouse at 36-38 East 74th Street has been completely transformed, and all for a good cause, namely the Kips Bay Boys & Girls Club. All proceeds from the events will go to the Kips Bay Boys & Girls Club which provides after school enrichment programs to more than 10,000 youth in the Bronx.

About the Kips Bay Decorator Show House

The Upper East Side is known for its historic and grandiose townhomes, and this year’s townhouse is situated on the Gold Coast of the Upper East Side, steeped with a rich history. 36-38 East 74th Street was features a brick façade and intricate architectural details, with the likes of Cross & Cross and D. & J. Jardine having worked on elements of the home. 36-38 East 74th Street was combined into the 40-foot wide mansion it is today by Cross & Cross.

In 1948, the home was purchased by Dorothy Hearst Paley, a prominent figure in New York society at the time. She hired Swiss architect William Lescaze to modernize the interior of the townhouse and redesign the front steps.

36-38 East 74th Street is a rare townhouse on the Upper East Side, with a width of 40 feet, a two car garage, and a 40 foot wide garden. The interior is comprised of nearly 14,000 square feet with 19 rooms, 8-11 bedrooms, and 10 fireplaces across 6 levels. The home is in the heart of the Upper East Side, one block from Central Park and nearby to iconic institutions such as the Met Breuer and Frick Museum.

It is currently offered at $28,750,000.

Decorator Showhouse

Staircase by Brian Gluckstein

Office by Eve Robinson Associates

The expansive townhouse residence has become a showcase of work from renowned interior designers that have donated their time and skill to create the beautiful spaces. The interior features 6 floors of living space which have been transformed into sumptuous space from an elegant staircase  to a luxurious dining area and attention grabbing work studio.

The Show House will be running Until May 30th 2019.

36-38 East 74th Street
Monday-Saturday: 11-5pm
Tuesday and Thursday: 11-8pm
Sunday: 12-5pm

Tickets can purchased online in advance by visiting Kips Bay Decorator Show House. Remember, all ticket proceeds benefit the Kips Bay Boys & Girls Club.

Are Glass & Steel Skyscrapers Being Banned in New York City?

Headlines have been swirling around various media outlets stating that, per Mayor Bill de Blasio, glass and steel skyscrapers will be banned in New York City moving forward. The Mayor made comments on Monday morning’s edition of Morning Joe on MSNBC where he was quoted saying, “We are going to ban the classic glass and steel skyscrapers, which are incredibly inefficient.”

This message took on various other similar forms and was picked up by multiple media outlets including a cover on the New York Post here in the city. De Blasio spoke on various media outlets using a similar tone of strong language that implied a ban. He stated that these traditional skyscrapers are contributing to global warming. This prompted many to begin to think about a New York where there would be no new glass and steel skyscrapers.

Are Glass and Steel Skyscrapers Being Banned?

The short answer: No!

The comments from de Blasio were made with very few details or facts supporting them. The Director of the Mayor’s Office of Sustainability also chimed in to clarify that there is no prohibition on buildings made of glass in New York City.

It is important to note, however, that we are likely moving in a direction that would require construction to meet certain environmental efficiency standards. City Council just passed a package of bills which was inclusive of a mandate for building retrofits to reduce carbon footprint by 40 percent by the year 2030.

We are already seeing new construction as well as construction from recent years adapting to a more sustainable model by having projects certified as various LEED levels.

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. 

Fun Fact: 10 Hudson Yards was the first commercial office space in New York to receive the coveted Platinum LEED certification.

NYC Real Estate Tax Changes: What You Need to Know

We recently provided updates on the proposed Pied-a-terre tax that had the possibility of being passed in New York City. With the recent passing of the State budget, there has been changes to Real Estate Taxes in New York. Below is everything you need to know about the real estate tax changes as a result of the New York State budget.

Overview: The Pied-a-terre tax was not implemented. Instead, there is a newly revised and implemented Progressive Mansion Tax and Progressive Transfer Tax. This will impact those in the $2-$5M purchase range the most.

The Progressive Mansion Tax:

The new law applies to all closings that take place on or after July 1, 2019 except for those contracts that were entered into prior to April 1, 2019. This is specific to NYC contracts.

The new tax now has 8 tiers that have a higher Mansion Tax rate as purchase price escalates.

The Progressive Transfer Tax:

In addition to the Mansion Tax overhaul, effective April 1, 2019, the Transfer Tax also received an overhaul.

For Residential purchases over $3 million, the NYS Transfer Tax increases from its current rate of 0.4% to a rate of 0.65%.

Additionally, for Commercial transactions greater than $2 million, the NYS Transfer Tax will increase from its current rate of 0.4% to 0.65%.

What Does it Mean for Me?

While no tax increases on property would be ideal, the above could be make less of a blow than the Pied-a-terre tax. The pied-a-terre tax would have positioned New York City as being not investor friendly and was also an annual charge -i.e. the property owner would have incurred this tax every year for owning the pied-a-terre.

As a Buyer, it is important to understand that, while yes, costs of gone up on certain transactions, these taxes are a one-time, upfront cost. The owner does not incur the Mansion Tax and Transfer tax on an annual basis as would have been the case with the pied-a-terre tax.

As was the case with the proposed pied-a-terre tax, the State has earmarked the additional revenue (expected to be $365 million) from the Progressive Mansion and Transfer Taxes to go to the failing MTA system in New York City.

As always, for questions about how taxes impact you, consult your qualified tax advisor who understands your personal financial sitaution

Pied-a-Terre Tax Looms Over New York City Luxury Real Estate Market

Thought taxes in New York City couldn’t get any higher? Think again. The Pied-a-terre tax is back on the docket, and it has recently gotten some major support that pushed it further along than what it was last a topic of discussion in 2014.

Ken Griffin made headlines when he purchased a penthouse at 220 Central Park South for $238 million, making it the most expensive home in the country. He plans to use the home when he visits his New York office. This headline also caught the attention of City Council who started discussion on the Pied-a-terre tax once again.

So, what is a Pied-a-terre and the proposed tax?

A pied-a-terre is a part-time second home occupied for less than half of the year. Often times, it is an investment for the owner and may not be occupied. Given that the owner’s primary address is elsewhere, owners of a pied-a-terre in New York are not subject to state or local income tax.

The current proposal has a sliding tax surcharge and fee for homes priced $5 million and over, with higher priced homes incurring higher fees. City and State officials cited that they feel this additional tax is necessary to fund the failing mass transit system in New York City.

 Cause for Concern

Regardless of whether you think it is fair to tax the rich disproportionately or not, a proposed tax plan should be assessed in regard to economic impact before being implemented. From a real estate perspective, there is cause for concern based on the proposal of a pied-a-terre tax in New York City.

International Buyers: International Buyers have already been on the decline in recent years, and the implementation of a pied-a-terre tax would likely prevent some would-be foreign buyers from investing in New York.

 Luxury Condos and Co-Ops: We would likely expect to see some sort of downtick in the luxury segment of the market. Just because a buyer can afford a $5 million apartment, does not mean they spend frivolously and love taxes. Why would they invest in New York when they could invest in another viable city that does not impose a pied-a-terre tax?

The luxury segment of the market has already been under pressure in recent years, so another tax could additional pressure that is not needed in this sector.

 New Development: An adverse impact on the Luxury Market would likely spill over to the New Development pipeline for luxury properties. If there is a decreased demand overall for properties $5 million and up, why would Developers be incentivized to build properties that may not sell? This, of course, would then have an impact on all the employment created within the construction sector when development is booming.

High Costs to Transact: New York City is one of the most expensive places to transact on property without the additional pied-a-terre tax. Costs associated with a real estate transaction in New York City include Transfer Tax, State Transfer Tax, Mortgage Recording Tax, Mansion Tax, and Real Property Taxes. Not to mention, under the new Federal Tax Code, the deduction of SALT has been eliminated.

 Overall, if the tax were to have an adverse impact on the real estate market for properties $5 million and up, we would likely see a reduction in value at the high end of the market. This may especially may be the case for properties that are already valued/priced near the $5 million threshold as Buyers will submit bids under $5 million to avoid the tax.

Image via Getty Images

Why You Should Re-Consider Gary Vaynerchuck's Homeownership Comments

In a recent Podcast, Gary Vaynerchuck, known for his influential role in the media and advertising space as a leading entrepreneur, made strong remarks regarding homeownership that we would urge many to think carefully about. While there are certainly use cases that make sense for favoring renting a home, most individuals benefit greatly from homeownership.

What were his remarks, and why should you reconsider? Vaynerchuck stated that he feels buying a home is not an effective use of capital. He went so far as to state that he would rent for the rest of his life and never buy a home again.  

What You Should Consider

This is obviously a very strong statement made by Vaynerchuck as many view homeownership as part of the American Dream. When thinking about both his position and homeownership here is what you should consider:

Vaynerchuck’s Industry: Gary Vaynerchuck garnered most of his success as a tech entrepreneur. Starting companies, being an investor, etc. requires upfront capital needs that someone outside of this type of profession would not need. Thus, tying up a large portion of cash in the form of a down payment may not make sense for an investor that needs to remain more liquid. Additionally, one would reasonably expect that a tech entrepreneur would require one to be quite mobile in terms of traveling, so they would be less inclined to want to be tied down than the average person.

Equity: When you purchase a home, you are building equity in the home. Your monthly mortgage payments are going towards ownership, an asset that will be yours. When you rent, you pay your monthly rent which goes in your Landlord’s pocket – you are not working towards owning anything. Over the long term, homeownership has been the most influential vehicle for driving wealth accumulation. We have seen that, over a long time horizon, home values tend to increase, thus increasing the owner’s wealth.

Homeownership Is Not Dead: Most Americans still want to buy a home, and homeownership does make sense for a lot of people. However, the Millennial generation is struggling with homeownership because this generation is burdened with exorbitantly high student debt, coupled with high rents and costs of living in most job-hub city which makes saving for a down payment challenging for this group. As a result, Millennials are buying homes at a slower rate which leads some to believe that homeownership is dead.

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That is not to say that some of Gary V’s points are not valid when put into perspective. When thinking about liquidity, we would not recommend someone purchase a home that they cannot afford. If the down payment of a home will put you in a bad financial situation, you should likely reassess your budget to ensure you are buying a property that makes sense for you financially.  

Additionally, there are use cases for renting homes that also make sense for a lot of individuals. We can conduct rent vs. buy analysis that can help clients decide what makes the most sense for them. One of the biggest things to consider when thinking about renting vs. buying is time – are you planning to only be in this location for, say, 5 years? If so, taking on a 30-year mortgage to buy a home, etc. may not make sense and renting would be more suitable if you know you are going to be changing locations relatively soon.

Best Activities & Buildings for an Active Lifestyle In New York

Fresh Start to Active Living Around New York in 2019

New year, new you? Whether you have grand ambitions for 2019 or just want to be a little more active, there’s an outdoor or active living option for you in New York City. From group fitness classes in the warmth and comfort of a studio to exercising while enjoying the city’s outdoor spaces, here’s some inspiration for making a fresh start with active living around New York in 2019. Plus, can’t get outside? Read down to find out about the buildings offering the best amenities for living an active lifestyle without having to leave home.

Join a yoga class

Whether you’re already flexible or are wanting to become more so, there’s a yoga studio on practically every street corner in NYC. Meditative yoga, hot yoga, restorative yoga, laughter yoga, and naked yoga (yes, really) are just a few of the varieties you can check out. Plus, in the summer you can join an outdoor yoga class--strike a tree pose while being surrounded by the real thing. Bryant Park, Prospect Park, Astoria Park, and Hudson River Park offer large open spaces as well as beautiful views, and rooftop yoga is also an option. The great thing about yoga is that you can practice at home without any special equipment, so fitting active living into your daily routine is super easy.

Kayak or canoe on a waterway

Kayaking or canoeing on the water is a great way to get in shape while admiring city skyline views. The New York City Water Trail links 160 square miles of waterways across New York’s boroughs, offering almost endless options for exploring. Plus, in the summer, some free kayaking and canoeing sessions are offered on the Hudson River, East River, and New York Harbor. You can hire kayaks/canoes and gear if you don’t have your own or want to see whether the sport is for you before making a larger investment. Kayaking and canoeing can be as solitary or sociable as you like, with tandem and single boats available, making it easy to combine your workout with an accountability buddy.

Cycle the city

While the dense urban environment of New York City might not seem to offer ideal cycling conditions, cycling is growing in popularity in the city. Many New Yorkers are now cycling to work, joining cycle clubs, and making use of bicycle sharing and hiring facilities. If zipping through the city traffic doesn’t appeal, Central Park and Prospect Park encourage cycling at the weekends by limiting or prohibiting motor vehicles, so you can enjoy a ride without the worry. Plus, you can always join a spinning studio for stationary cycle fun in conjunction with loud, up-tempo music. Expect to sweat.

Hike a trail

Hiking trails surrounded by nature may be closer to the central city than you think. Just an hour or two outside the city you can find woodland, rolling hills, streams, and lakes to explore. Bronx’s Pelham Bay Park, Arden Point-Hudson Highlands State Park, Staten Island’s Green Belt, and Franny Reese State Park are just a few of the easily accessible spots within a couple of hours of NYC that offer fun day hikes suitable for the whole family. To step up the activity level if you’re an experienced runner, try trail running. Some trails can be reached via public transport, while others do require your own set of wheels.  

Dance, dance, dance

New York is famous for its vibrant dance, from Broadway to Latin to hip hop to classical. Whether you dance like no one's watching or just want to try on some dancing shoes for a while, New York is the place to get active to the beat. For group dance classes in a gym setting, try Zumba. For something a little more risque but very good for your body, pole fitness will teach you some slinky moves. To combine dance moves with yoga and Pilates exercises, head to a barre studio. Plus, you can always practice what you learn in class during a night out on the town (go easy on the alcohol if you’re trying to get or stay in shape).

Cross-country skiing

If you have your own cross-country ski gear and there’s at least 6 inches of snow on the ground (which, let’s face it, is most winters now), head to Central Park to warm up. There’s flat and gentle hilly terrain that’s suitable for a range of levels of experience. The Sheep Meadow, Great Lawn, and North Meadow areas of the park are especially good for skiing. And of course, there are great cross-country skiing destinations a little further afield upstate, if you want to make a day or weekend trip of it. Rockland Lake State Park, Fahnestock State Park, and Minnewaska State Park Preserve are all fun destinations for cross-country skiing.

Buildings with Amenities to Live an Active Lifestyle

50 Riverside Boulevard

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50 Riverside Boulevard is home to 50,000 square feet of lifestyle amenities by LA PALESTRA. 40,000 square feet of the amenities is the athletic and spa club which offers every activity you could imagine - swimming, rock climbing, gym, basketball, and 2 squash courts.

One Manhattan Square

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No one does amenities quite like Extell Development. One Manhattan Square garnered attention when it was dubbed as a “City within a City” because of the very extensive amenity offering - spanning 100,000 square feet total! To stay active and healthy, One Manhattan Square will be offering residents a full size basketball court, fitness center, hammam with cold plunge, 75-ft 3 lane pool, and more.

American Copper Building

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SHoP Architects has created a unique amenity space in the American Copper Building in the floating bridge that connects the two towers. Perhaps the most unique aspect? The pool that allows residents to swim from one tower to another 300 feet in the air. In addition to a pool, residents can enjoy a double-height fitness center, rock climbing, and a yoga studio.

Interested in which Buildings will allow you to live the lifestyle that you enjoy? Contact Us! We know the best amenities around the City.

Luxury Amenities are Going to the Dogs - In the Best Way Possible

Owning a pet in New York City can be challenging – Will they get enough outdoor space? Who is going to walk them when you are putting in long work days? Will the building I want to live in even allow pets? As more and more New Yorkers get pets, these questions have become ever more important for Developers looking to attract well-off city dwellers. So, are the amenities going to the dogs? Yes – but in the best way possible! 

If you are looking to ensure your dog is living its best life, there are buildings across Manhattan that are offering your canine companion the best of the best when it comes to amenities and services. The buildings below, of course, allow residents to have pets, but the first step in searching for a home in New York when you have a pet is letting your Broker know. Some buildings do not allow pets at all, while some only allow cats, or have some restrictions related to size and breed.

We’ve rounded up some of the buildings with the best Pet Amenities across town-

Waterline Square

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The Starchitect-designed Waterline Square project features a host of amenities, of which lavish pet amenities are included. The good news is, whether you choose to live in One, Two, or Three Waterline Square (perhaps based on your preference for architects including Richard Meier, Kohn Pederson Fox, or Raphael Vinoly), you will have access to the Waterline Club which includes over 100,000 square feet of amenities.

For your four-legged friend, the Waterline Club will offer an indoor playroom for dogs to socialize as well as a dog washing salon and dog training studio. 

50 West Street

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Rising tall above lower Manhattan at 778 feet, 50 West Street is a new development glass tower that arrived with the wave of revitalization happening Downtown. While residents will enjoy stunning River and Harbor views from the homes as well as luxe amenities for themselves, pets will be able to enjoy a dedicated amenity space as well – 200 square feet for the pets to be exact.

Additionally, 50 West has partnered with a top-notch Vet and Groomer so you don’t have to worry about where to take your pet. They will make house calls right to the building. Rumor has it the Groomer is the same one that fashion designer Isaac Mizrahi uses.

15 Hudson Yards

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Hudson Yards has a lot of buzz surrounding it – from it being the biggest development project to more intricate details of businesses and stores moving into the area, this project is seriously transforming the Far West side of Manhattan. Part of the project includes both Rental and luxury Condominiums. 15 Hudson Yards has received a lot of attention as a condo within the project.

The luxurious building from Realted Companies will offer Residents access to services from Dog City. Related Companies founded Dog City in 2011 when it launched inside MiMa in Midtown Manhattan. The company offers onsite boutique pet services for building residents ranging from everything from grooming and walking to play dates. Annual membership starts around $250 with services such as Grooming being an additional premium at time of service.

555 Ten

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This Midtown Rental building from Extell offers, perhaps, some of the best pet amenities that can be found in the city. 555Ten is an Extell building, and Extell is known for their extensive and over-the-top amenity offerings throughout their buildings – think One Manhattan Square!

If you want your pets to be able to live their best life, 555Ten offers everything to help make that possible. Amenities for pets include a Pet Spa and Veterinary Clinic by Throw Me a Bone. There is also a daycare facility and covered outdoor play space to ensure your dog gets the outdoor time it deserves.

Throw Me a Bone offers services including walking, training sessions, 2-hour play sessions, house call vet visits, and “Yappy Hour” where your dog can meet its fellow neighbors.

252 East 57th Street 

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Worldwide’s 252 East 57th Street may be located conveniently to the Second Avenue Promenade, but the building is also ensuring your pet can get pampered without having to leave the building. 252 East 57th Street is home to Spot 57 Play Space and Grooming Bar.

Spot 57 offers residents and their pets an array of services from walking to daycare. Additionally, there is an interactive play space for dogs to mingle and play on those rainy or snowy days when getting outside is difficult. In need of grooming? That’s also possible at the grooming station which included convenient sitting so you can wait while your pet gets pampered.

2019 Outlook: What to Expect for the New York City Real Estate Market

As we enter a new year, we welcome new expectations for the housing market as we think about the year ahead. Briefly looking back at 2018, the year started off on a different note than it ended, namely rates rose to their highest levels in decades by year’s end, and the market fully transitioned to a Buyer’s Market. How do we expect 2019 to pan out?

The year ahead is likely to be a bit tougher than 2018 and remain soft overall as a result of the Fed. Prices remaining at minimum stable would be a positive, and a small rate of price appreciation would be even better. When people see their home rise in value, they feel wealthier whereas declining home values can spark a feeling of an impending recession. Thinking about 2019, we identified 4 areas of focus 1) Interest Rates, 2) Millennials, 3) Inventory, and 4) Rentals.

Interest Rates

We anticipate that interest rates will continue to rise in 2019 given the strong economic fundamentals and low unemployment rate in the US economy. Rates may begin to approach levels that finally squeeze some folks out of the market and into a smaller home than originally planned. Rising rates may also encourage some would be “Trade Ups” to stay put. Increasing rates is likely to impact first-time buyers most heavily as increased rates means less buying power. From a larger, national housing market perspective, this could also contribute to slowing sales as Buyers grapples with higher mortgage rates and recent rapid price increases over the past few years. 

Millennials

Millennials may be more at the forefront of the 2019 market than they were in 2018. This group could be a large driving force on the buy side of the market, especially for entry-level priced properties in New York City. The largest portion of Millennials will be ages 29-30 in 2019, a prime age for first-time homeownership. In a market such as New York, Millennials tend to be more affluent and savvy consumers, understanding the value in buying a property versus paying New York rent prices over the long term. Successful Millennials who have worked in industries such as Finance and Tech are likely armed with enough cash for a down payment.  Studio-1-bedroom properties priced below $2M are appealing to this group of Buyers. 

Inventory

Inventory is likely to remain elevated in NYC in 2019. New Developments continue to come to market and close, projects remain in the pipeline, and resale inventory will continue to come to market as well. This will be especially evident in the luxury sector of the market ($4M+) which has been experiencing a glut of inventory versus demand, a factor resulting in the shift to a Buyer’s Market. Average asking prices were inflated approximately 10% throughout 2018, and we expect the same to hold true throughout 2019. This means that Sellers had to take a significant reduction from Ask in order to get deals done. It is important to remember that deals get done when the price is right!

Rentals

Rent prices could likely see an uptick in 2019, attributed to the arrival of Amazon and increased demand. Amazon will bring with it a large number of high paying jobs, and thus increased demand from their employees as well as peripheral interest generated when a company such as Amazon picks a city as their home base. Google has also been discussing bringing a large number of net new jobs to NYC. Whether we see an increase in rent asking prices with concessions available or the dropping of concessions with asking prices remaining consistent resulting in a net effective increase in rent remains to be seen. We feel the latter is a probable scenario as landlords tend to drop concessions with demands increases as there is more competition for units. Additional rental inventory is something to watch in 2019 as it relates to pricing as this could be a factor that keeps a lid on rising rental prices.