Gea Elika's Blog, page 130

What are the Oldest Surviving Bars in NYC?

Despite its top-of-the-world contemporary culture, New York City also boasts a colorful history and if there’s one thing that always stands the test of time it’s a good bar. But the question of New York’s oldest bar is as hotly debated as who makes the best bagel. Some closed during prohibition while others changed names or claim opening dates that are hard to establish.

Whatever the truth, all of these bars give a rich window into New York’s history and culture.

McSorley’s Old Ale House

 

 

Located in East Village, McSorley’s proudly claims an opening date of 1854. Coming here is like stepping inside a time capsule. The walls are covered in memorabilia collected over the last two centuries. No music or television is ever played so be ready for some conversation. Options are limited to two kinds of beer, light and dark, a McSorley tradition.

Ear Inn

 

 

Built-in 1812 and first occupied by a tavern in 1817, the Ear Inn made its business selling beer and spirits to the sailors who patrolled the water right outside the front door. During prohibition, it operated as a speakeasy and was simply referred to as the “Green Door” because it had no official name. In 1977, it was reopened as “The Ear” and today serves both locals and curious tourists alike.

Old Town Bar

 

 

Over in Union Square, you’ll find the Old Town Bar, first established in 1892. It operated as a speakeasy during prohibition under the guise of Craig’s Restaurant where patrons could hide alcoholic beverages in a cubby hole under the seats. Most of its décor dates back to the 1930’s except for the urinals which date back more than a century.

Neir’s Tavern

 

 

Located in Woodhaven, Queens, Neir’s Tavern claims an 1829 founding date. Its changed a lot over its 180 years, for instance, it no longer has a bowling alley nor has it maintained its ballroom. Ownership has changed a lot over the years resulting in many name changes, it also operated as a speakeasy during prohibition.

Fraunces Tavern

 

 

Considered the oldest building in New York City, Fraunces Tavern has had its fair share of historical patrons over the years since it first opened as a bar in 1762. George Washington allegedly gave a farewell toast to his troops here after the revolutionary war. Those curious about its history can visit its museum on the second and third floors.

Pete’s Tavern

 

 

The building dates back to 1829 but it wasn’t established as a bar until 1864. As with most of the bars on this list, it was business as usual during prohibition when it disguised itself as a flower shop. Here you can still enjoy some great Italian-American fare along with their famous 1864 house ale.

White Horse Tavern

 

 

Opening its doors in 1880, The White Horse Tavern originally served dock workers until it became popular with New York based writers and artists in the 50’s. The words “Kerouac, Go Home” written on the bathroom wall attest to how frequently the author paid a visit. It’s also said that the ghost of Dylan Thomas still haunts the author’s favorite seat in the middle of the room. Today it’s a popular spot with tourists, locals, and students.

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The 2018 Real Estate Forecast for NYC

As the new year comes in, real estate experts, analysists, and developers are making their predictions on what the coming year might bring. Last year saw record-setting prices for the residential market but also a softening of the luxury market and an increasing number of rental concessions. Whatever else the new year brings the new tax overhaul is sure to be at the center of it with the full implications of it still hotly debated.

Read on to see what the market forecast is for 2018.

 

Image by Surrealplaces / Flickr

 

The tax plan will have an unpredictable effect

The GOP tax bill will have far-reaching effects, the full impact of which won’t become apparent until late in 2018. The legislation will have wildly different effects depending on whether you own or are buying a home, whether the home is worth more or less than $750,000, whether you’re paying with a mortgage or all cash and much more.

Buyers may take advantage of an increase in inventory and softening of prices but the worst-case scenario is that the market stagnates as everyone holds off to see how to new tax laws play out. Expect a volatile season for the first quarter.

Rents will fall and concessions will Rise

After a seven-year surge, rental prices appeared to peak in 2017. To entice new tenants, landlords are getting more creative with concessions. While the city’s economy will limit how low asking rents will fall, new buildings are expected to hold down any increases in rent. New developments will cost a bit more but bit by bit rental prices are falling.

Even with a fall in prices, concessions, such as getting a month or two free, are unlikely to go away. Those looking for an apartment in 2018 should be asking landlords for what concessions they can offer. If you don’t ask then the answer is always no. The increase in concessions could also mean more New Yorker’s moving location in the year.

There will be heightened competition for homes under $1 million

Despite all the construction plans for the year, affordable housing will still remain an upward battle for most New Yorkers. Studios and one-bedroom condos are expected to be in high demand as more millennials enter the market and new high-paying jobs could mean workers with more cash to potentially outbid existing New York residents.

While a lot of attention has been focused on Amazons search for a second home, firms like Spotify and Netflix are opening new offices in Manhattan with Amazon and Google also set to extend their footprints. This will mean stiff competition for affordable housing, those who wait for a major downturn before buying may regret waiting.

Changes in transportation will affect demand

With the L-train scheduled for a shutdown in 2019, sales are expected to fall in the affected areas, especially Brooklyn, as buyers search for homes with an easier commute. Anyone signing a 12-month lease after May will need a commuting plan that doesn’t depend on the Canarsie Tunnel to 14th Street.

On the other hand, the NYC ferry service is set to expand further in 2018, extending its reach up Manhattan’s eastern shore and into the Bronx. Both changes will affect demand in sales and development opportunities, positive in some areas and negative in others.

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5 Things You Need to Keep in Mind When You Look for a Pest Control Service

Imagine moving to a new place and neighborhood and discovering the house you have purchased is infested with pests. Wouldn’t it be nightmarish? Being ignorant about the right pest control methods and services will just annoy you and move on to the next place. Well, sadly that’s not a solution. Pest control is necessary.

 

 

Here are five essential tips to choose the right kind of Pest Control Service. 

1. Certification: It is essential to ensure that the company is a certified pest control service. Since certification shows that the pest exterminator has gone through the necessary training to run a pest control service.

2. Insured and Licensed: It is mandatory to check if the pest control company is insured or not. It would be a mistake to assume that every service is a licensed and insured firm. There are chances of the company suing you if your exterminator injures himself on your property. It is essential to check and contact their references as well.

3. Reputed and Professional: A well-known service might have a website. It is essential to look for testimonials and lookout for negative ones because reviews let you know the kind of experience the customer had.

4. Recurrent Infestation and Warranty: You must look for a service which promises to come back the moment you suspect another possible infestation. Professional pest control services agree to visit homes that they have already serviced on a monthly or a quarterly basis.

5. Persistence Matters: Pests tend to develop resistance to pesticides. Pest control is not just about spraying chemicals in your homes. A reputable service should be well-equipped and flexible enough to adopt different techniques and products that make it possible for them to overcome challenges.

In case you incessantly experience pest attacks such as cockroaches, termite attacks, and spiders, it usually is essential to adopt the best pest control methods to control their infestations. It is important to hire the best professional service that offers the best pest control method. Here are a few factors to keep in mind when you look for the right pest control method.

Safety – The company should provide information on personal protective equipment and measures to prevent injuries and adulteration they control pests. You should also enquire about the toxicity levels of the pesticide and whether it is capable of seeping into the soil and water.
Effectiveness – Chemicals in pesticides kill pest on a large scale. It is important to assess the effectiveness of the pesticide so that they are applied precisely during the vulnerable stage of the pest.
Cost – The price depends on the kind of service you opt for. Most of the times when you fix a small budget for the job, you may end up paying more money due to the recurrence of pests. It is only advisable to talk to your provider for a cost-efficient way to get rid of the pest within a suitable budget.
Skill Required – It is important to know if your pest control professional is knowledgeable enough and is applying the right pest control methods. If the professional is not properly trained, then it may be hazardous to your crops or your children and pets. Hence, it is essential for the pest control provider to be mindful of such things.
Endurance – Different pesticides have different effects (short-term or long-term). A plant and animal’s endurance levels differ, so it is important to gauge how the pest control has worked. Sometimes it may seem to work well, but then the pest populations thrive despite the use of pesticide because they might have built-up resistance.

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Top 10 Most Sought after Interior Designers in NYC

New York has never been shy about showing off its unique style, something which is very important in architecture and interior design. The city is home to some of the world top designers; giants of the industry that continue to influence trends and seek new approaches.

Rated alphabetically, these are the most sought after NYC interior designers in 2018; it’s far from completes but represents the best of the design industry now.

Brad Ford

 

 

Named one of the “Top 10 Designers to Watch” in both New York Spaces Magazine and New York Magazine, Brad Ford has been the mind behind countless top-tier projects in the city. Ford is known for his focus on minimalism and contemporary craft. The best place to see his work for yourself is the showroom he designed at Cast iron House in Tribeca.

Jamie Drake

 

 

Having completed landmark projects like Gracie Mansion and worked for such clients as Madonna and former Mayor Bloomberg, Jamie Drake has more than earned his place in the interior design hall of fame. His designs are known for their unique detail, vibrant colors and combinations of traditional and modern styles.

Jeffery Bilhuber

 

 

Through his published work and appearances on shows like The View and HGTV, Jeffery Bilbuber is a household name in interior design. His style is uniquely American with a mix of traditionalism and modernism. All his work is one-off, based on the client’s wishes and his imagination. Beauty and practically is his mission.

Kati Curtis

 

 

For those in need of eco-friendly design, Kati Curtis is the top Manhattan-based designer to talk to. She’s one of only a few LEED AP ID&C residential designers in the city and works to create practical, beautiful and efficient home designs.

Mariette Himes Gomez

 

 

With over 30 years of experience, Mariette Himes Gomez is a name everyone in the design industry is familiar with. Architectural Digest named her one of “The World’s 20 Top Greatest Designers of all time”. Her style is one of minimalism, subtle colors and a serene design that focuses on glamor and sophistication.

Robert Stilin

 

 

Robert Stilin is a man with a vast knowledge both of design and New York City. Splitting his time between NYC and East Hampton, Stilin has spent the past 25 years outfitting apartments across the city. His designs bring together warm colors with vintage furniture and striking art to create something both comfortable and practical.

Thad Hayes

 

 

Consistently honored in “The AD 100”, Thad Hayes specializes in bringing a perfect balance between modern elements and historical ones. His firm has attracted such notable clients as businessman Leonard Lauder and fashion design Marc Jacobs while his work has been profiled in numerous publications like Elle Décor and Architectural Digest.

Thom Filicia

 

 

Known for his enthusiasm and affable manner, Thom Filicia’s mission is to make home décor accessible to everyone. His style is both simple and down-to-earth which seeks to make entertaining and practical spaces. When he’s not working on home décor, he’s designing furniture and accessories.

Vicente Wolf

 

 

Named one of the 10 most influential designers in America by House Beautiful, Vicente Wolf is a name that’s impossible to miss in NYC design. Vicente brings his numerous passions to his designs such as photography, art collection, and world travel. He’s completed projects all over the globe and is continually searching for new ventures.

Victoria Hagan

 

 

With 20 years of experience designing residential homes, Victoria Hagan is a name to be reckoned with in NYC design. Her design philosophy brings together strong silhouettes, high-quality materials and sophisticated colors that continue to inspire.

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10 Essential Films that Pay Tribute to New York

We all have a dream. And for those who dream big, New York City has always been the place where anything is possible. It’s no wonder, then, that it provides the setting for some of the greatest films ever produced. These ten quintessential films pay tribute to the Big Apple. They may span genres and generations, but there’s always one guarantee – there will be a shot of the Empire State Building.

1. King Kong

 

 

Speaking of the Empire State Building, we can never forget the giant gorilla who climbed it while holding a dazzling woman in white. King Kong is an essential story at the heart of New York that mixes the wilds of nature with the wild nature of the city.

2. Breakfast at Tiffany’s

 

 

No list concerning New York films is complete without a homage to this mesmerizing film starring Audrey Hepburn. At a glance, free-spirited Holly Golightly seems to have the glamor, sophistication, and wit that is associated with NYC. However, the film takes a deep look into fantasy vs. reality.

3. Goodfellas

 

 

This crime film will keep you on the edge of your seat. With superb acting, legendary directing by Martin Scorsese, and some of the greatest dialogue ever written, this film set in NYC is necessary for every person to see in their lifetime.

4. Ghostbusters

 

 

Chances are, you’ve already come across this classic film from the 80s. Filled with action, comedy, and the supernatural, Ghostbusters is a must-see (and see again) NYC film.

5. The Godfather Trilogy

 

 

The Godfather is simultaneously the story of a terrifying crime family and a tale of immigration and the American dream. It’s just that some people’s dreams end up with them being a mafia boss.

6. Coming to America

 

 

An African prince travels to Queens to find a bride and experiences New York with hilarious hijinks. Packed-full of great performances from its star-studded cast, the story is a fun, and at times self-deprecating, a depiction of NYC.

7. Taxi Driver

 

 

 

If you’re looking for a grimmer portrayal of New York, look no further than Taxi Driver. Another Scorsese classic set in the 70s, this film takes you on a ride through Travis Bickle’s life and the corruption of NYC.

8. The Devil Wears Prada

 

 

Whether you watch it for the clothes, the catfighting, or the unsurprisingly magnificent performance of Meryl Streep, The Devil Wears Prada showcases the world of fashion that is essential to the soul of New York City.

9. Brooklyn

 

 

When Eilis Lacey leaves her small town in Ireland to find work, she finds love in the Brooklyn streets. This Academy Award nominated film from 2015 portrays the romance and opportunity that is often associated with NYC.

10. Manhattan

 

This Woody Allen classic showcases some of the most beautiful shots of New York City. Like a lot of Woody Allen’s work, NYC is a living, complex thing that changes and grows with the characters, and leaves you in love with the city.

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Delegate to Renovate: Start-Ups for Your Renovation, From Studs to Sofa.

It’s fun to fantasize about renovating. At one point or another, we’ve all mentally redesigned some less-than-ideal element of our home. How great would it be if I could knock down that wall? Wouldn’t this kitchen work so much better with some custom cabinets? Or we could gut the whole place and start from scratch! Then we have some fun scrolling through inspiring interiors, imagining. But after a hard look at our bank balance, reality sets in.

What should I do? What could I do? How much would it all cost? How do I manage all the moving parts? What if something goes wrong? Then you’re overwhelmed. You’re juggling meetings with architects, vendors, designers, contractors, neighbors, even zoning officials. The whole process can be draining, time-consuming, and costly. But does it have to be?

Luckily, no! It doesn’t. Like many other low-tech industries, home renovation is now ripe for disruption. Several new companies are on a mission to remodel your renovation experience. From design to demolition, construction, and even furnishing, these companies have you covered. So if you’d like to renovate your home, but you’d also like to keep some of your sanity (and money), then keep on reading.

Bolster Your Renovation with Tech

There are many ways you can improve your home, and they don’t all need a permit or a team of licensed professionals. Appliance replacement, painting, and new lighting fixtures are all simple upgrades. But if you’re thinking of doing any structural work, then you’ll want to know you’re in good hands. And the more complex the work is, the harder it can all be to keep track of. Wouldn’t it be nice if there was one single company that you could trust, that could handle everything for you? Well, that’s what the folks at Bolster thought.

 

Image courtesy of Bolster

 

Bolster is a design-build contractor that manages gut renovations, from design to completion. With a top team of architects, builders and project managers, all the expertise you’ll need is in-house. What sets the Bolster experience apart is the use of their proprietary technology. Before Bolster, the founders designed software to improve transparency in residential construction. Now they use their tech tools to track, analyze, and compare the costs of every aspect of your project. They then pass the resulting efficiency on to you in the form of savings, both in time and money. You’ll not only know the exact breakdown of your bathroom re-tiling costs, but you’ll also understand them.

Find Me a Find, Catch Me a… Contractor

But say you’ve already decided on an architect, or you are an architect, and all you need is a good contractor. It sounds simple, but where do you even begin? You could browse a directory online, like HomeAdvisor or Houzz. But those platforms can be hard to navigate. There are scores of similar options, scheduling issues, and there’s a lot of trial and error. Not to mention confusion about quotes, pricing, and scheduling. But what if there was a company that could do all that do all that for you? Well, there is, and it’s called Sweeten.

 

 

Sweeten is a renovation matchmaking service that connects renovators with top-notch local contractors. Their dedicated support team can act as project mediators and managers. All you have to do is upload your project details. The team at Sweeten will then match you with professional who’s suited to your kind of project. Then you get introduced you. Forget the guesswork! Sweeten can also help act as your contractor liaison, making sure everything is on track.

Business, Relationship, Life, Renovation. Getting a Coach.

For service that’s a bit more personal, you may want to hire a renovation coach. A renovation coach is something of an enhanced project manager. Their services include construction management, design consultancy, owner’s representation, and more. And they’re people, not companies. You’ll get to know them. If that sounds more your speed, then Alex Bandon of North River Renovation could be the coach for you. Alex guides and consults homeowners from design planning through project completion. She can handle the logistics and speak the specialty languages of builders, so you don’t have to. It’s a very bespoke way to make your custom renovation hassle free.

Final Touches, Statements, Accents, and Vibes

So you’ve decided to use one or more of the above companies to remodel. Exciting! Now the project is coming to a close, and you realize. You need some help with your interior design. Maybe your furniture doesn’t “work” anymore, or you’d like to enhance your brand new space fittingly. If you make a living as an interior designer, or you’re a passionate and confident amateur, then great! No problem. But where do you turn if you need some help? Well, you have options.

 

 

Professional interior design services are easier to access than ever. Three companies in particular that are bringing interior design to the masses. Those online interior design services are Havenly, Laurel & Wolf, and Decorist. All three online platforms offer professional, personalized interior design services. To start, you need to create an account and upload details about your space and concept. From there the interior designers get to work. They are offering feedback, concepts, renderings, and product suggestions. Laurel & Wolf and Havenly offer different levels of design packages, beginning at $79 a room. Decorist designers offer their services for a flat fee of $299. Havenly and Laurel & Wolf have online shops as well. Once your design is ready, you can buy all your new furniture through them.

Bringing it All Home

This is what we’ve all been waiting for. Finally, the one service to rule them all, Homepolish. Homepolish combines architectural services with construction, interior design, and project management. All. Under. One. Roof! It’s a great reason to let them under yours. They can help coordinate all the disparate professional elements needed for a renovation. If you need an architect and contractor for a gut renovation, they can arrange both. If you need an interior designer for your office, personal or corporate, they can manage that, too. Even if you’re building a house from the ground up, Homepolish can help. So from studs to sofa, Homepolish could be the only service that you’ll ever need. Of course, it depends on what you need and who you’re comfortable working with. But now that you have a good idea of where to start, it’s time to make that fantasy a reality!

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Is Buying in NYC an Option for Millennials?

A more accurate way of titling this article might be “Is Buying in NYC an Option for Millennials without a Trust Fund?” and the answer is simply, yes. However (regretfully, there is a however), with standard real estate prices in Manhattan and the neighboring boroughs, there are significant challenges that are new to the millennial generation. Owning a home at 25 isn’t realistic anymore. This is true for most places, not just New York City. So, when you throw in a starting price of around half a million for a one-bedroom apartment with high student loan debt and cost-of-living, things begin to get complicated and can feel disheartening. But, there’s always hope if you want to own.

 

 

Looking Beyond Manhattan

Coming out of college, I see crowds of people ushering toward Manhattan. They want the lifestyle that the city has to offer and many can afford the rent when rooming with friends. But by the time you’re ready to buy, unless you’re very close to your friends or have a significant other, chances are you could be going it alone.

But buying can still be an option if you’re willing, able, and determined to save. By looking at neighboring boroughs like Brooklyn, you can find more affordable homes without sacrificing the city lifestyle. Looking outside of Manhattan can often get you more square footage for your buck, and give you an escape from the hecticness of the city center.

Benefits of Owning in NYC

Owning a home in NYC can have considerable benefits. Depending on your mortgage and what you are currently paying, sometimes your monthly mortgage bills can be cheaper than rent. It is also beneficial because of the investment value. The neighborhoods of NYC are always changing, and if you can grab a place for cheap now, there’s a good chance that the resale value will increase. Knowing your neighborhood is extremely vital before making a move, and consulting with specialists to find up-and-coming neighborhoods could really help you in the long run.

Millennials are Changing the Home Buying Industry

If you live in New York and it’s your dream to be a homeowner, don’t be too discouraged. Millennials contributed over half a trillion dollars to the housing market last year. About one-third of millennials are already homeowners, and many go on to own multiple homes. So, don’t let yourself be discouraged. It’s surprising what planning, determination, and saving can do to achieve your homeowning goals.

Make a realistic plan involving your current expenses in relation to your income. Figure out how much you can save a month, and plan out how many months it will take to afford a downpayment on a home in your budget. After that, stick to your budget, explore mortgage options, and research affordable homes.

It may take longer than previous generations, and you might have to be more creative with your money, but if it’s your goal to own in NYC, there’s always a way to make it happen.

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Top 6 most overlooked historical landmarks in NYC

To visitors and native New Yorker’s alike the city provides an abundance of historical landmarks that make the city what it is. But past its more well-known icons like the Empire State Building and Ellis Island there lies a few hidden gems that tell a different story. Here are six locations that often get overshadowed by more famous attractions but are just as worth seeing.

 

1. US Customs House (1 Bowling Green)

The Alexander Hamilton US Customs House was built in 1907 on the same site as the first settlement on the island of Manhattan. At the entrance, visitors are greeted by enormous sculptors depicting international commerce. Inside is a vast circular room with wood panels and large murals depicting New York marine culture.

2. New York Historical Society (170 Central Park West)

if you want to learn about specific periods in New York’s history this is the place to go. Located just across from the National History Museum, the Historical Society has ever-changing exhibits that showcase the cities rich history from pre-revolutionary days to 9/11. It’s also New York’s oldest museum, having been founded way back in 1804.

3. The Morris Jumel Mansion (65 Jumel Terrace, Brooklyn)

One of New York City’s oldest homes, the Morris Jumel Mansion can prove a real treat. Built-in 1765 by British military officer Rodger Morris, it has served many famous residents over its 250-year history. It was a temporary headquarters for George Washington after his defeat at the battle of Brooklyn. In 1904 the city purchased it which now serves as a historic house museum. If you want to see what a New York home would have been like in the 1700’s it’s well worth a visit.

4. Alice Austen House (2 Hylan Blvd, Staten Island)

If the Morris Jumel Mansion wasn’t old enough for you then you can head back to 1690 at the Alice Austen house. Built by a Dutch merchant and later remodeled in the Gothic Revival style in 1844, the house takes its name from Alice Austen who extensively photographed it in the early days of her photography career. It now stands as a museum to this noteworthy photographer.

5. Cathedral of Saint John the Devine (1047 Amsterdam Ave.)

In a city famous for its churches, Saint John the Devine is sadly often overlooked. It is the fourth largest Christian church in the world and it still hasn’t been completed. Nicknamed Saint John the Unfinished, the church is a timeline of construction techniques and styles as each change reflects the time period it was made in.

6. Knickerbocker Door (Times Square Shuttle Platform, Manhattan)

As the city’s subway has expanded over the last century some old relics of its past remains. If you make a stop at the Time Square station at the western end of the platform you’ll see an ordinary door with the word “Knickerbocker” written above. At one time a stairway behind the door leads to the Knickerbocker hotel. The connection was severed long ago but the door still remains.

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New York’s Plan for a more Eco-friendly City

When a trend starts in real estate it’s usually either transient or here to stay and shape the future. Sustainable buildings are proving to be in the latter group, and New York City is set to begin doing its bit in the fight for a more sustainable future.

On October 3, 2017, NYC Mayor Bill DiBlasio took the imitative and released his plan to meet the goals of the Paris Climate Agreement, a plan adopted by 196 countries to reduce greenhouse gas emissions. By doing so, DiBlasio is joining other U.S. mayors who have committed to the plan despite President Trump’s plan to withdraw back in June. It is hoped that the example set by New York will encourage other cities to follow suit.

 

Image by Andreas Komodromos / Flickr

 

Back in 2009, NYC became the first city to mandate energy benchmarking for buildings. Since then, 26 localities have followed NYC’s example by implementing some form of benchmarking for privately owned buildings. The new plan will expand on this with new energy saving deadlines and loans to help property owners meet the requirements of the plan.

In addition, Mayor DiBlasio has pledged to work with C40 cities to help them develop sustainability plans. C40 is made up of cities around the world who have committed to finding solutions to address climate change. A sustainability plan by C40 cities is expected to be released in 2020 which will add further requirements for owners to reduce their energy, water, and waste usage.

Plan for the Future

The following items in the plan will impact the apartment industry:

Legislation requiring large buildings to limit fossil fuels by 2030. If passed it will require half of the cities buildings to be retrofitted for energy efficiency.
A stricter energy code will be implemented in the next few years, by 2025, all new buildings will have to meet “very-low energy design targets.”
A marketing campaign will be launched to encourage residents to change their habits and reduce their energy and water usage.
An expansion of NYC’s composting program. The city government will work with residential property owners to allow all residents to separate their food waste.
Property owners will be given access to a free planning tool for energy saving retrofits.
The city will launch a Commercial Property Assessed Clean Energy program (PACE). Loans from PACE will allow property owners to finance energy retrofits under the state’s interest rate. The loan won’t require money down and is paid back through annual property taxes over a long period (usually 20 years).

At present, the plan does not outline any fines for noncompliance but the Mayor has recently mentioned his interest in imposing fines for property owners who fail to comply.

What this all means is a brighter and greener future for NYC, something that both current residents and new arrivals will much appreciate. Some of the plans will be launched in 2020, many of which will require building owners to cut back on their energy usage and work with the city to construct greener buildings. Expect big changes to come.

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Brooklyn Living Becomes Cheaper

Brooklyn’s real estate revival has been well chronicled. This is particularly true for certain neighborhoods, such as DUMBO, Cobble Hill, Williamsburg, and Greenpoint. The Real Estate Board of New York’s (REBNY) third-quarter report showed the borough’s median sales price rose 12% compared to a year ago, to $770,000, and the price per square foot was 17% higher, or $600.

The median condo price jumped 18% to $931,000 while the co-op sales price was flat at $536,000. The market’s boom could also be felt in the rental market, where the cost shot upward over the last several years. However, most recently, there is evidence developers may have overbuilt, and the rental market has cooled. This means there are relative bargains, particularly compared to the past few years.

 

Image by Thomas Hawk / Flickr

 

The Rental Market

Brooklyn’s average rental price fell 0.5% in December versus the prior month, to about $2,731, according to an MNS report. Studio and one-bedroom rents fell by 0.7% and 1.3%, to $2,172 and $2,581, respectively. Rents for two bedrooms did rise a bit, by 0.2% to $3,397.

A longer term report prepared by a different company showed a clear longer-term downward trend. Brooklyn’s median rent was down sharply to $2,613 from $2,936, the 2014 peak. The latest figure includes various landlord concessions offered to prospective tenants. December’s rents were down 2%, including concessions, compared to the year earlier. Approximately 46% of the listings had concessions (the highest on record) versus 14% in December 2016.

Additional supply has been weighing on the market. A data service showed 27,000 additional rental units entered the market since 2008, with 5,700 in just the last year. This is not expected to abate anytime soon. Over the next two years, the data service projects the borough will add another 14,000 units.

A neighborhood watch

MNS noted large year-over-year percentage decreases in Greenpoint, Clinton Hill, Prospect Lefferts Gardens, and Williamsburg. The average rental price declines ranged from 1.6% to 3.8%. There were smaller decreases in the Fort Greene and DUMBO neighborhoods, although the latter is Brooklyn’s most expensive rental area.

We can look a little deeper into some of the more trendy neighborhoods. Market forces continued to weigh heavily on Williamsburg’s rents, with the average rental price dropping 4.1%. Bedford Stuyvesant’s average rent fell by about 0.6% versus the prior month, continuing a three-month decline. Boerum Hill, Brooklyn Heights, Cobble Hill saw rents fall by 1.7%, with Bushwick’s dropping 1.6%. Clinton Hill’s declined by 0.7%; Crown Heights was down 2.4%.

Final thoughts

It is not easy to find a time when rent prices are falling. This is particularly challenging when the economy is humming along, like it has been for the past several years. However, the supply/demand imbalance presents a compelling rental opportunity for those seeking life in Brooklyn.

This means you can take your time to find the right rental for your needs. You don’t have to feel pressured, and you should hunt for landlord concessions, which may include at least a free month’s rent and paying the broker’s commission.

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