Gea Elika's Blog, page 143

Why You Need to Understand Jumbo Mortgages

There is a variety of mortgage options, such as a fixed or variable rate, and each comes with varying terms, such as 15 or 30 years. While a 30 year fixed rate is the most popular option, you need to find the best option for you.

Living in New York City, you need to be mindful of one more thing: whether you need a jumbo or qualify for a conventional mortgage. The choice will be made for you based on the size of your loan, but a jumbo mortgage is not as daunting as it sounds.

Why you need to know

 

 

In high-cost areas, which NYC certainly qualifies, the maximum borrowing amount for a conforming loan $636,150. Fannie Mae or Freddie Mac will purchase this maximum loan amount. If your mortgage is more than $636,150, you need to apply for a jumbo mortgage.

Although the maximum conforming loan limit was recently increased by the Federal Housing Finance Agency (the first time in about a decade) from $625,500, the median price in Manhattan was $1.2 million in the second quarter, more than 7% higher than a year ago, according to an Elliman study.

This means, when shopping for an apartment, you may very well need a jumbo mortgage.

Underwriting standards

The lender may scrutinize your loan application more carefully, applying stricter standards (e.g. lower percentage of mortgage payment compared to monthly income). A higher loan amount means many lenders require a larger down payment. Instead of the standard 10%, you may need to pony up 15%-30% of the purchase price. Lenders may also require a higher credit score than for a conforming mortgage.

This compares to high-flying days of the prior decade when lending standards were relaxed for all loans, including jumbo mortgages. Lenders even granted loans to borrowers without verifying income. Those days are long gone, so be prepared to provide documentation, including for income, assets, and any property owned.

Is the rate higher?

The answer is pleasantly surprising for those that are applying for a jumbo mortgage. These days, the rate is actually lower. The 30 year fixed jumbo mortgage rate in the New York City area was 3.95%, versus 4.12% for a conventional fixed rate, 30-year mortgage, according to a recent Bankrate survey. Historically, the jumbo rate has been about 0.25% higher.

The stricter standards have made lenders more comfortable with the larger loans. Lenders have increased confidence regarding repayment since these borrowers have better metrics than those for a typical mortgage, lenders. Others have also credited banks’ hope to attract a wealthier clientele in order to cross-sell other services. In any case, this is good news for large borrowers. 

Final thoughts

You should not feel anxious when you hear you need a jumbo mortgage. The lending standards may be stricter, but proper planning should ensure that you have the resources to obtain a mortgage for the higher amount, and the process is similar.

Moreover, in the current climate, lenders are anxious to gain the business for jumbo mortgages. This means rates are likely to stay competitive for the near future. Nonetheless, it pays to shop around to obtain the best deal. As with all mortgages, remember it is not just about the lowest rate, but examine the fees, too.

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175 West 10th St

Designed and developed by an all-star team, 175 West 10th Street offers luxury, full floor residences in the heart of the West village. Greystone Developments is the developer and investor behind the project, providing ample capital and support to create something incredible with their partners, BKSK Architects. With such an experienced and lauded team developing just five units, 175 West 10th promises to be one of the most sought after addresses even before completion.

Architecture

 

Rendering Courtesy of 175 West 10th St

 

Inspired by the English style, ivy-covered buildings surrounding it, 175 West 10th combines the weight of history with all the sleek modernism of a 21st-century luxury development project.

Designed by BRSK, the 15,000 square foot lot embraces the chaos and discord around it. Using steel, glass, brick, brownstone, they’ve designed a building that makes the most of the triangular space and prioritizes light for the units within.

The five residences inside are nothing short of spectacular.

Residences

The building is unusual in that it’s comprised entirely of only five full-floor units.

Each unit has its own private elevator which opens onto a classic great room design. From the oak floors all the way up to the 10-foot ceilings, every detail refined and elegant.

 

Rendering Courtesy of 175 West 10th St

 

Wander through to the kitchens, and you’ll find the absolute best of everything. Calacatta Gold slab marble counters set on simple wooden cabinets combine a crisp look that retains plenty of natural warmth. Each residence is outfitted with a Gaggenau appliance package, including stacked ovens and a built in fridge. Off of each kitchen, there’s a small private balcony and solarium, perfect for morning coffee or a later afternoon drink. Plus, the kitchen can be segmented from the rest of the house with a custom-etched glass divider.

 

Rendering Courtesy of 175 West 10th St

 

In the bathrooms and powder rooms, the same marble continues on the vanities and walls, accented with Waterworks faucets. The master bath has more of the same, only there Fior Di Bosco marble floors and a glass walk-in shower offer an even more spa-like experience created by the marble tub, both from Kallista. Heated floors are present throughout all the bathrooms.

 

Rendering Courtesy of 175 West 10th St

 

And of course, the bedrooms themselves are works of art, with diagonal planked oak floors and plenty of natural light. The perfect place to relax after a long day in the city.

Amenities

Because the building is so exclusive and the units so large, there’s not a lot of room for amenities. That said, 175 West 10th does a lot with what they have.

 

Rendering Courtesy of 175 West 10th St

 

For starters, their entranceway and common foyer are stunning. Litho Verde Pietra D’avola limestone floors completed in an offset design are stylish and welcoming, where Gascogne Blue Honed walls and blackened steel accents drive home the modernism so integral to the building. A part time doorman and virtual concierge, as well as optional storage, round out the amenities available at 175 West 10th.

Availability

Of the five units total (including the penthouse) there are currently only two available. Two of the units, #2 and #5, is listed at $7.2 million. They’re both around 2,700 square feet and are 3-bed, 3.5 bath designs. Each unit has a long wall comprised entirely of windows, letting in plenty of light throughout the apartment.

Currently, the penthouse is not listed as for sale but is as of yet unsold. It was previously listed for just under $10 million for 3,000 square feet of space and two terraces offering panoramic views east, north, and south.

Neighborhood

The West Village, a subset of Greenwich Village, is a historical neighborhood tucked into the south west corner of Manhattan. A long time residential hold out, West Village has a small, neighborhood feel, an enclave of quaint buildings in the concrete jungle.

But inside those buildings, all the excitement of the big city come to life. Restaurants, boutiques, and artisan cafes take advantage of smaller spaces, so the West Village remains a hotbed of new and exciting innovation. And with the wider city just minutes away, you’ll rarely find yourself wanting.

Once again, BKSK and Greystone Developments have created a space in the city where everyone wants to live.

[ 175 West 10th St  ]

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12 Step Video Tutorial “How to Buy a Home in New York City”

Planning to buy a New York City Apartment? Here are 12 quick steps to get you there:

1. Contact a Bank and get pre-qualified for a mortgage, if financing;

2. Team up with a Buyer’s Agent and a real estate attorney to represent your interests;

 



 

3. Determine what you are looking for and build a wish list, choose neighborhoods and apartment types. Your buyer’s agent will short list the best available properties.

4. Once you find the ideal apartment, ask your buyer’s agent to perform a comparable market analysis to estimate its fair market value;

5. Ask your buyer’s agent to submit a written offer to formalize your intention to buy;

6. Upon receipt of a counteroffer, your buyer’s agent will negotiate for you until an agreement is reached and offer accepted.

7. Next, Your Buyers agent and attorney will receive a deal sheet from the seller’s agent,

8. After that, your attorney will negotiate the contract of sale, perform due diligence on the property, review building’s financials and board minutes as well as outstanding liens, if any. This process generally takes 5/7 business days.

9. It is now time to sign the contract and pay the deposit which is usually 10%-20% of the sale price. Once the seller has countersigned, you are now officially in a contract.

10. Next, your buyer’s agent will prepare and submit the purchase application to the co-op or condominium Board.

11. Following that, you will be scheduled to attend an interview in the case of a co-op. Or Schedule and prepare for closing in case of a condo.

12. Finally, take a final walk-through with you buyer’s agent on the day of closing, proceed to closing to finalize and get the keys to your dream home.

Remember to buy the right home for the right price.

 

Get your FREE copy of our comprehensive First-Time Home Buyers Guide now to turn your

dream of owning a home in NYC

into a reality.

 

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49 Chambers

49 Chambers is the height of luxury living in the heart of Tribeca. A combination of quality, craftsmanship, and collaboration between The Chetrit Group, Gabellini Sheppard, and Woods Bagot, the old Emigrant Industrial Savings Bank is destined to become one of the most sought after luxury condos in the city.

Architecture

 

Rendering Courtesy of 49 Chambers

 

Built in what was once the Emigrant Industrial Savings Bank, 49 Chambers is nothing short of spectacular. Completed in 1912 in the Beaux-Arts style, the H-style building was once the largest bank in the US.

To say that Woods Bagot had an incredible canvas to work with is a gross understatement. But with such a stately exterior, the bar was set incredibly high for the Architect of Record.

Fortunately, Woods Bagot is more than up to the challenge.

To allow the intricate stonework and iconic lions heads shine, Woods Bagot opted for a sleek contrasting minimalism. The arched entranceway mirrors the liens of the building and highlights the stunning bronze-clad doors.

And while the main lobby is going to be leased to a commercial tenant, condo residents can enter through their private entrance on the side of the building, where a cool, modern lobby contrasts brilliantly with the detailed reliefs, sculptures, and opulence so iconic of the beaux-arts style.

Residences

 

Rendering Courtesy of 49 Chambers

 

The landmark building was the city’s first H style skyscraper, letting light to penetrate deep into every single floor. That iconic design still holds sway and has shaped the design of the apartments inside.

High ceilings and big windows create a clear, open space. Combined with great rooms and open floorplans, it makes for large, light, modern apartments that capitalize on every ounce of light pouring through the bay windows.

And within this framework, Gabellini Sheppard has filled the space with the best possible finishings.

 

Rendering Courtesy of 49 Chambers

 

The kitchens are completed with San Marino marble counters and waterfall island and a Corian sink, with Cypress wood offsetting the dark marble beautifully.

Appliances are the best of everything, with Wolf ovens, Gaggenau stoves, Miele dishwashers, and Sub-Zero wine fridges and fridge/freezers.

 

Rendering Courtesy of 49 Chambers

 

The master bathrooms are equally opulent with Ariel White marble walls and floors, stone vanities by Apaiser and custom-built Apaiser stone tubs. Radiant underfloor heating makes them comfortable year-round.

Second bathrooms and vanities are completed in light grays and warm woods, with Athens Gray stone with sandstone tiles and mosaics providing light relief. Glassed in showers are functional and modern while floating vanities create a sense of space.

Finally, you come to the master bedrooms. Completed with oversized windows and raised ceilings for a brilliantly proportioned space, it’s an elegant and simple experience that turns the bedroom into a cool oasis to retreat from the world.

Amenities

 

Rendering Courtesy of 49 Chambers

 

49 Chambers Street comes with a laundry list of amenities for the complete package for residents.

A well-appointed lobby and 24/7 concierge, along with additional storage and bike storage make your life easy.

And no matter what you do to relax, you can do it in 49 Chambers – and in style.

Unwind in the hammam spa, carved in a cool Ariel marble and complete with sauna and steam room. Or work up a sweat in the on-premises fitness center or pool before stretching out in the yoga studio. Private lockers, change rooms, and chaise lounges make the facilities faster and simpler to use than ever before.

After hours, gather with friends in the resident’s lounge, prep a beautiful meal in the catered kitchen, play some virtual golf, or just kick back and relax in your private movie theater. And with plenty of outdoor garden and rooftop patio space, it’s easy to move the party outside.

And with both a playroom and a tween lounge, there’s something for everyone at 49 Chambers.

Availability

Of the 99 units, there are currently 11 available, ranging from one to three bedrooms.

Units start at $1.9 million for a 1-bed, 1.5-bath unit on the second floor. Uniquely large for a one bedroom at 1,300 square feet, the unit makes it easy to cook, entertain, or just relax without feeling like you’re in a cookie-cutter home. One bedrooms cap at $2.3 million for a 1-bed, 2-bath unit on the fourth floor, which has more windows and is slightly largest at 1,400 square feet.

Two bedroom units start at $2.8 million for a 2-bed, 2-bath north-facing unit. Long and thin, the unit makes excellent use of space and with the tall ceilings and single hallway design, feels more like an old-world villa than a modern apartment.

At the top end of the 2-bed range is a 2,200-square foot corner unit with bay windows in the second bedroom, a corner master suite, and a breakfast nook, rolling in at a hair over $4 million. These units are spread between the 7th and 12th floors, but currently are only available on the 7th.

Three bedroom units start at $5 million for 2,900 square feet of space with bay windows in the living, dining, master, and both bedrooms, and go up to $6.9 million. This gets you 3,300 square feet of living space set in a corner unit, including a window-lined great room, private study, and bay windows lining one wall. Each bedroom also has bay windows to let in plenty of light. These units are only on the 15th floor.

Neighborhood

Tribeca has plenty to offer to the future residents of 49 Chambers. Directly across the street is the famed City Hall Park. Head north, and you wander directly into the heart of Tribeca, where cobbled streets house some of the best fashion and high-end retailers sit shoulder to shoulder with Michelin star restaurants.

49 Chambers is more than just a condo tower. Housed in one of the most iconic buildings in the city and sitting in easily one of the most desirable neighborhoods, it’s not wondering this development has been so long awaited. And with impeccable design and execution, it’s safe to say 49 Chambers was worth the wait.

[  49 Chambers ]

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Brooklyn Outperforming Manhattan? – Ranking Brooklyn’s Price Appreciation

Despite being the most populous borough, Brooklyn long lived in the shadow of Manhattan. The latter represented the wealth, power, and cultural center, with Brooklyn a long-forgotten outpost. Even in the minds of her residents, the “city” referred to Manhattan.

However, Brooklyn has seen a revitalization over the last several years. It has become “cool and hip,” with people flocking to live in the borough. In fact, the U.S. Census Bureau estimates that Brooklyn’s population growth from April 2010 to July 2015 outpaced the other four, both in percentage and absolute growth. Brooklyn saw an influx of more than 132,000 people, growing 5.3% to 2.6 million.

 

 

Overall, Brooklyn’s housing metrics were stronger in the second quarter. Closed sales of condos and co-ops grew 17% compared to a year ago, to 1,459. Inventory was down 23% to 1,723 units, and months of supply fell 25% to 3.8. Prices reflected these stronger statistics, with the median price up 27% year-over-year to $760,000. Corcoran credited this to a strong new development market as buyers were looking at the limited supply of resale properties.

With that in mind, many neighborhoods have gone through gentrification, but not all Brooklyn neighborhoods have seen a revitalization. We rank the Brooklyn neighborhoods by price appreciation over the last year, based on the percentage increase in the median price, using data from The Corcoran Report.

Brooklyn Heights, Cobble Hill, DUMBO, Downtown: +24% (median: $1.24 million)

Sales increased 38% versus second quarter 2016, to 211. Inventory fell 13% to 196, and days on the market was down 5% to 64. New development sales were strong, and the average condo price was the highest on record. In fact, the condo market metrics were markedly stronger, and prices are the most expensive versus the other parts of Brooklyn.

The median sales price for a condo was $1.7 million, 30% higher, while it was $775,000 for a co-op, a 26% increase.

Bedford-Stuyvesant, Crown Heights, Lefferts Gardens, Bushwick: +21% (median: $691,000)

The price increase came about despite a 2% decrease in the number of sales, to 89. However, this was attributed to lower inventory, which was down 34%, to 95. Average days on the market did increase to 91 from 86, though. This could indicate buyers are becoming more cautious in the face of rising prices. The condo market was strong, with the median price up 23% to $716,000, while the co-op price fell 2%.

 

 

Fort Greene, Clinton Hill, and Prospect Heights: +20% (median: $880,000)

The price increase comes as inventory shrunk 8% to 152. Despite fewer units on the market, sales grew 40% to 224. The increased activity was attributed mainly to new developments. The market was skewed towards higher end properties, with the average price of co-ops and condos increasing more than the median price. The median price of co-ops rose 5% to $677,000, while the average price increased 6% to $735,000. The median price for a condo was up 1% to $900,000, while the average price was 8% higher, reaching over $1 million.

Carroll Gardens, Boerum Hill, and Red Hook: +18% (median: $1.29 million)

Sales were down to 90 compared to a year ago when it was 97 units. Inventory ended higher, at 72 versus 62. The condo market was much stronger than for co-ops, with the median price up 24% to $1.43 million. Simultaneously, it was down 13%, to $855,000 for co-ops. A new condo development at 345 Carroll represented a disproportionate share of sales, helping boost the price.

South Brooklyn: +11% (median: $354,000)

This was a mixed bag, despite the increase in price. Sales expanded 13% to 489, which was largely credited to new development closings. The average days on the market was 106, the longest period compared to Brooklyn’s other neighborhoods, and an increase from 90 a year ago. The median price for a co-op was 10% higher, to $287,000, and increased 11% for a condo, to $583,000.

Williamsburg and Greenpoint: +10% (median: $970,000)

The Williamsburg and Greenpoint area had a strong performance, with sales rising 39% to 193. Inventory is down, too, by 13% to 308 units. The days on the market did increase to 75 from 57. The median price of a co-op was essentially flat at $381,000, while it was up 10% for a condo, to $980,000.

Park Slope and Gowanus: +6% (median: $997,000

This area had an interesting dynamic. Sales fell 10% to 92, and inventory was 47% higher, to 150 units. However, the median sales price rose 6% to $997,000, and the listing was on the market for 53 days on average, the fewest of any area in the borough, and down from about 55 days.

The inventory increase largely due to several new developments, including condo conversion. The co-op market outperformed the condo market, with the former’s median price up 25% to $925,000. Comparatively, the median price for a condo fell 6% to $1.21 million.

 

 

Kensington, Windsor Terrace, Ditmas Park, Flatbush, Prospect Park South: +6% (median: $500,000)

Sales were down 4% to 74, but that was mainly due to lower inventory, which fell from 204 units a year ago to 155. The units that were on the market went quicker, an average of 60 days versus 69 a year ago. This is evident in the price, which grew 6%. Broken out, the condo market experienced a strong 30% increase to $760,000 while co-ops saw a 2% rise, with a median price reaching $462,000.

Final thoughts

It is worth remembering the old adage that past performance is no guarantee of future results. Still, at the very least, analyzing which Brooklyn neighborhoods have experienced the greatest price appreciation allows you to better understand the market dynamics and prepare you as you undertake your search.

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Waterline Square

Waterline Square is one of the slew of super-developments going on in the New York right now, but one of the only developments to take place on the established West Side.

The three buildings, at 38, 36, and 34 stories, plus an additional 25 stories since one is a ‘double tower,’ are a staggering undertaking.

At the end of it, the plan is to have added over 1,188 units to New York’s residential housing stock. The General Investment & Development Companies (GID)-led project has recruited three-star architects to design each building: Kohn Pedersen Fox Associates, Richard Meier & Partners Architects, and Rafael Viñoly Architects.

The results, needless to say, will be nothing short of spectacular.

Architecture

 

Rendering Courtesy of Waterline Square

 

The scale of the project and diverse design approaches means that is not single look or material that is going to dominate the lot, other than a commitment to reflect the motion and movement of the water they’re built on in the façade.

Each building is a glass tower with gently undulating sides for a modern design that mitigates the usual imposition of major ‘stark glass tower’ development projects.

The teams are working holistically to build a new vision for urban living. Combining retail, residential, and commercial all in a single tower and curating a stunning park at the same time, they’re promising that both the public and private spaces are guaranteed to be used extensively by all the residents.

Residences

 

Rendering Courtesy of Waterline Square

 

The residences of each tower are unique, depending on the architectural direction.

However, what you can be sure of is that every unit is designed with absolute luxury and comfort in mind.

Veined marble and waterfall islands are standard in all kitchens with tone and materials being chosen by each architect in line with their vision. We can assume that every unit will come equipped with the best possible appliances from Gaggenau. Millwork and floors rely heavily on natural wood like ash and white oak for warmth and clear contrast to the bright marble. 

 

Rendering Courtesy of Waterline Square

 

In the bathrooms, floating vanities and Roman-style soaking tubs are standard with walnut used to contrast marble tiled floors and marble-topped vanities.

 

Rendering Courtesy of Waterline Square

 

Each unit comes with floor to ceiling windows, and in most, those ceilings reach up to twelve feet tall. All this provides stunning views across the water and the city, opening up residents to a private world of wonder.

Amenities

Between the shared park uniting the three buildings and the amenities offered within each tower, anything and everything tenants could want is accounted for at Waterline Square. Called the Waterline Club, residents can access any amenity from any tower, whenever and however they want. Among the list of included facilities is gyms, fitness centers and studios, a climbing wall, courts for squash, basketball, tennis, and a 25-meter lap pool.

 

Rendering Courtesy of Waterline Square

 

To relax, residents have access to saunas, steam rooms, hot tubs, and massage treatment options.

Bowling alleys, movie theaters, catering kitchen and outdoor cooking and dining spaces make it easy to entertain, and a business center, recording studio, photography studio, and socially shared workstations all make it easy to be productive and creative all day long.

Finally, there are plenty of logistical amenities, including 24/7 concierges, bike storage, personal storage, well-appointed lobbies and even an indoor gardening center for all your functional (and cooking) needs.

Availability

With three towers and units arranged from 1-bedrooms up to 5-bedrooms, there’s something for everyone as the towers go up. However, as of yet, there are no units currently available.

Neighborhood

Waterline Square sits at the junction between two of the most intensely developed areas of the city: Midtown, and the Upper West Side.

Bike immediately along the waterfront, explore the Waterline Square park, or just wander through the Upper West Side to find Michelin star restaurants in your backyard. And with countless boutiques and every major luxury brand represented in a tiny radius, you’re never far from whatever your heart desires at Waterline Square.

[ Waterline Square ]

 

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Property Valuation You Can Trust

Listing agents use comparable market analysis (CMA), or comps in real estate industry parlance, to determine the asking price. However, buyers should also use comps, with the help of an exclusive buyer’s agent, to help formulate the right price to offer.

This is part art and part science, and at Elika Associates, we think our method, born out of years of experience, can provide you an edge in the negotiating process.

How others do it

The quality of a CMA varies widely, depending on the broker, or even the agent. Some agencies provide the recent sales in the building and or neighborhood. Even though the square footage may be similar, and it is in the same neighborhood, we suggest using this information with caution since there are differences from each building.

 

 

This also misses a wide array of information you can use. You also want to incorporate active listings and those apartments that are under contract that can be an indicator of current market sentiment.

Remember, it is important to have an apples-to-apples comparison. Aside from the size of the unit and neighborhood, you want information on the building such as its age, condition, and amenities. A similar unit in different buildings can sell for widely different prices also taking into account, floor, exposure, light, ceiling height, condition and floor plan etc.

The limits of the Internet

There are websites that provide comps, with many offering this as a free service.  This is a good starting point, but not a substitute for a comprehensive analysis. A site such as Zillow provides a Zestimate of a listing, but may not be timely or accurately take into account the condition or features of the apartment you are interested in, although it tries to make adjustments. Remember, this is a program, and cannot take into account the human factor, such as a seller’s motivation.

Other sites provide recent sales in the neighborhood. As we have stated, this is only a starting point, however. To be fully prepared, it is advisable to rely on experts and deep market analysis.

The Elika way

At Elika Associates, we have a lot of experience helping buyers. We want to use our expertise to help you get the apartment of your dreams at the right price. Remember, as an exclusive buyer’s agent, we owe our fiduciary duty to you, and not the seller. Rather than relying merely on recent sales, we use a comprehensive system.

First, we want to determine how motivated the seller is since one that is “highly motivated” is likely more willing to negotiate. We can ascertain someone’s financial or personal situation (e.g. divorce, already purchased another home, pending foreclosure) to help determine if he/she are flexible on the price or other terms, such as closing costs.

Next, our agents use the current market conditions to help you. We work in the real estate market, and often know the conditions in real-time before the popular press reports on it. Currently, this is a seller’s market for New York City apartments priced up to $3 million, but we will likely know when this is changing given our work on the “front lines.”

We also examine the property’s conditions, including the building itself. This is a complex area, with many factors to consider. Some of these include the building’s profile, age, unit mix, ownership share of primary users versus investors, and quality of the electrical/ plumbing.

An Elika agent looks at the upgrades. We know which are worth paying extra for, and which ones are not. Kitchens and bathrooms traditionally have added a lot of value, but we can focus on how this affects the price. If there have not been many upgrades and many repairs are needed, and agent can advise you of the cost, which affects your offer.

Now, we can turn to comparable sales. The comparison has to be meaningful, and at Elika Associates, we work hard to ensure that is the case. Recent closing prices in the same neighborhood, ideally in the building where the unit is in, are used. We look to make the comparison more meaningful by searching for sales that have more similarities to your unit (bedrooms, bathrooms, amenities, etc.) Beyond recent sales, we also look at the listing price for similar units. Aside from public records, we also use private data.



Final thoughts

Coming up with an offer is not easy. The New York City, real estate market, has been doing well in recent years, and an offer that is too low will not be taken seriously. At the same time, no one wants to overpay for a property. A comprehensive, comparable market analysis, prepared with the help of an exclusive buyer’s agent, can help you formulate a winning bid.

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150 Rivington

Located on a corner lot in the heart of the Lower East Side on the site of an old matzo factory, 150 Rivington promises more great things for the LES. From GLUCK+ and developed by Cogswell Lee Development, the seven floors comprising 45 luxury apartments are sure to turn heads, even among the crowded luxury condo market.

Architecture

 

Rendering Courtesy of 150 Rivington

 

The design of the building is a modern facelift for an aging façade. Using 265 custom-cast steel panels, GLUCK+ create a textured, fun environment that reflects the creative energy of the neighborhood. The oversized floor to ceiling glass windows make a slick and modern environment and shed maximum light into the old factory.

And because 150 Rivington is a teardown job, the architects can rewire the building with all the conveniences of modern technology. Each unit is outfitted with smart home technology to control everything from the shades to your home audio system. And we can only assume integration into modern automated home helpers like Alexa are sure to be included as well.

Residences

The 45 apartments at 150 Rivington promise to be nothing short of amazing. Ranging from 1-bed units to 3-bed penthouses, refined luxury has informed every design decision.

 

Rendering Courtesy of 150 Rivington

 

The floor to ceiling windows let in plenty of light, and the stylized panels provide privacy without blocking views.

Large, Italian-made sliding glass doors by Rimadesio that can be moved around the extremely open floor plan give residents ultimate flexibility in how they use their space. And with features like wire-brushed oak floors present throughout each condo, it’s easy to design the space for exactly what you need.

 

Rendering Courtesy of 150 Rivington

 

In the kitchen, luxury detailing abounds, with Caesarstone counters and Italian-made cabinetry. Appliances continue the Italian theme, with Smeg ovens and ranges. Fridges and wine fridges (all integrated) are provided by Liebherr.

Through in the master bath, residents are greeted with walls and floors clad in Pelle Grigio marble, floating ask vanities and Watermark fixtures.

 

Rendering Courtesy of 150 Rivington

 

Bianco Dolomiti marble lines a single wall to provide contrast and expand the space, creating a light and clean atmosphere – perfect for preparing for your day.

Amenities

 

Rendering Courtesy of 150 Rivington

 

The amenities at 150 Rivington are perfect for your every need. The residents-only rooftop provides views in every direction and plenty of space to enjoy the sunset. And with an outdoor fireplace and kitchen, it’s easy to socialize with friends.

Alternatively, enjoy some morning solitude on the separate yoga deck or pack on muscle in the state-of-the-art fitness center.

A well-appointed 24/7 wood-and-leather lobby, bike storage, and private storage round out the facilities. No matter what you’re looking for, you can find it at 150 Rivington.

Availability

Of the 45 units, there are currently eight available, plus one of the four penthouses.

1-bed, 1-bath units start at 543 square feet at a hair over $1 million. South facing with full windows in the living and master bath, these units get plenty of light and maximize space with a functional L-shaped kitchen. 1-bed units cap at $1.3 million for 684 square feet, with an island-style kitchen and sliding doors to segment the bedroom or expand the whole apartment into a single space as needed.

2-bed, 2-bath units start at $1.75 million for a north-facing unit with the bedrooms and living rooms all with large outside-facing windows. Sliding doors separating the bedroom from the living room create the possibility of turning your 2-bed into a 1-bed with a truly spectacular great room.

2-bed units cap out at $2.3 million for a southwest corner unit with two complete walls of windows and over a thousand square feet of living space.

Currently, there’s only one 3-bedroom non-penthouse unit available for $2.7 million Set along the side of the building with a wall of west-facing windows; the 1,300 square-foot unit is perfect for those who want a little extra space.

Finally, the penthouse. A 3-bed, 3.5 unit, it’s the crowning glory of 150 Rivington.

Set with a west-facing great room and master bedroom, penthouse residents can look forward include 1,400 square feet of space with an additional 800 square foot of terrace space spread over two floors, 12-foot ceilings, separate kitchen islands, and sliding doors to restructure the space to suit your needs.

Neighborhood

The Lower East Side has been a hotbed of art, creativity, and buzz for years now, making it an entrenched stop on any good cultural tour of NYC.

A punk rocker in a past life, the LES today is home to high-end dining and cutting-edge art galleries, who rub shoulders with out of the way indie cafes and artisan food suppliers. Edgy boutiques, a rich underground culture, and a plethora of amazing bars and lounges make the LES a destination for anyone hoping to call New York City home.

[ 150 Rivington ]

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Following the House Rules of a Condo or Coop

Those seeking co-op or condo living in the city should be aware there are a particular set of policies, called house rules, that govern everyday behavior. After all, many people, often with entirely different backgrounds, are living vertically in tight quarters in New York City. This makes rules a necessary ingredient to ensure harmony amongst neighbors.

This is less formal than bylaws, which concern technical matters such as the number of board members, how often elections are held, and the frequency of meetings. However, house rules, which cover a wide array of areas, are essential to know and understand before signing the contract.

 

House Rules Be Nice or Leave Throw Pillow by Alexandra Ferguson

 

Where to find the rules

Ask the listing agent where to find the house rules. Ideally, it is in one place, although it does not have to be the case. It might be in the bylaws or listed in a separate document.

A longer set of rules for co-ops might be found in the proprietary lease, which gives the shareholder the right to live in his/her apartment. Rules for condo living could be in the governing document, declaration of covenants, conditions and restrictions (CC&R).

Common areas

The first area to be aware of concerns areas that everyone uses. This includes elevators, hallways, and stairways. Most of the rules should follow common sense on how to use these areas, such as those concerning noise or clutter. You should pay attention to rules of the building gym if there is one.

Moving inside

There are likely to be certain rules on how you can conduct yourself, even inside your apartment. A major area concerns noise levels that affect your neighbors. A typical provision relates to activity late at night. If you are a drum player, you may have to play before 10 p.m. You may be required to carpet a certain percentage, such as 80%, of your floor space to minimize noise.

House rules may govern which appliances you can have in your apartment. You may be forbidden from having a washing machine, or window air conditioners, for instance. If this seems excessive, remember, the co-op board is trying to protect the greater, common good, including the building itself.

A house rule may forbid subletting or in the case of a condo require a lease of 12 months minimum. If you were planning on earning extra income by renting your unit, you should know this ahead of time.

One contentious area concerns pets. Some boards forbid all animals, while others may allow cats but not dogs. When dogs are allowed some buildings have weight restrictions. If you have a pet, make sure to understand if it is permitted beforehand since an exception to the rule is not likely to be made.

 

 

Implementation and changes

When a co-op or condo is formed, the board decides on the house rules. It is not unusual for the sponsor’s lawyer to make general rules. Over time, these are typically changed to accommodate everyday living, especially since ownership changes over time.

A house rule can be modified or implemented with the majority of the board that is present. This is called a quorum.

The enforcement

Hopefully, if there is an issue with a neighbor, it is dealt with courteously and quickly. The board can impose a fine, if it is authorized, for certain violations. These situations must be spelled out in the propriety lease ahead of time, which is unusual.

Keep in mind; the board can ask you to leave under a termination of a propriety lease (for a co-op), particularly if there have been repeated violations, despite warnings. Granted, this is an extreme solution.

For a co-op, most proprietary leases allow the board to decide when to choose to enforce a violation of a house rule, under a business judgment rule. This may not seem fair, particularly if you are having a problem with a neighbor, but you should be aware that, most times, you cannot do anything about it.

Co-op versus Condo

In practice, co-op house rules are stricter than those of a condo. Co-op’s board wields more power of its shareholder than a condo over its unit owners. However, it does not have to be this way, so make sure to read a condo’s house rules before you put in a bid.

What is cannot cover

House rules cannot be used to discriminate against groups of people. The Fair Housing Act protects people from discrimination when they are seeking to rent or buy housing, or secure financing. You cannot be discriminated against by race, color, national origin, religion, sex, disability, and the presence of children.

Final thoughts

Some boards are stricter than others, which you should know before you consider making an offer. Hanging decorations on your door or patio may find you in violation of a rule. Learning the house rules, even talking to residents, will be helpful.

13 House Rules Examples

The public balls and stairways of the Residential Unit shall not be obstructed or used for any purpose other than ingress to and egress from the apartments in the Residential Unit, and the fire towers shall not be obstructed in any way.

Each Unit Owner shall keep his unit in a good state of preservation and cleanliness. He shall not allow anything whatever to fall from the windows or doors of the Building, nor shall he sweep or throw from the Building any dirt or other substance into any of the corridors or halls, elevators, ventilators or elsewhere in the Building. No Unit Owner may place any object or obstruction in or to its windows. The Unit Owners shall place their refuse in containers in such manner, at such times and in such places as the Board of Managers or its agent may direct. The Unit Owners shall obtain extermination services for the Units at such intervals as shall be necessary to maintain the Units free of rats, mice, roaches and other vermin.

Children shall not play in the public halls, stairways or elevators, Except authorizes employees of the Lessor, no one shall ho permitted on the roof unless specifically authorized and for a proper business by the Board of Directors.

No disturbing noises or objectionable odors may be produced upon or emanate from any Residential Unit including, without limitation, from any musical instrument, phonograph, radio, television, receiver or similar instrument if the same shall disturb or annoy any other Unit Owner. Corridor doors shall be kept closed at all times except when in actual use for ingress and egress.

No awnings, window air-conditioning units or ventilators shall be used in or about tho Residential Unit except such as shall have been expressly approved by the Lessor or the managing agent nor shall anything be projected out of any window of the Residential unit without similar approval.

Supplies, goods, and packages of every kind for the Units are to be delivered in such manner as the Board of Managers or its agent may reasonably prescribe and the said Board of Managers is not responsible for loss of or damage to any such property, including loss or damage that may occur through the carelessness or negligence of the employees of the Building.

Unit Owners shall not permit or keep in their Residential Units any inflammable, combustible or explosive material, chemical or substance, except such products as are required in normal professional and business use.

Water closets and other water apparatus in the Building shall not be used for any purpose other than those for which they were designed, nor shall any sweepings, rubbish bags or other articles be thrown into same. Any damage resulting from misuse of any water closets or other apparatus in a Unit shall be repaired and paid for by the owner of such Unit.

No vehicle belonging to a Unit Owner or to an employee, or visitor of a Unit Owner shall be parked in such manner as to impede or prevent ready access to any entrance to or exit from the Building or Common Elements by any vehicle of any kind whatsoever.

If any key or keys are entrusted by a Unit Owner or occupant or by any member of his family or by his agent, servant, employee, licensee or visitor to an employee of the Board of Managers, whether for such Unit or an automobile, truck or other item of personal property, the acceptance of the key shall be at the sole risk of such Unit Owner or occupant, and the Board of Managers shall not be liable for injury, loss or damage of any nature whatsoever directly or indirectly resulting therefrom or connected therewith.

No Unit Owner shall alter, impair or otherwise affect the Common Elements without the prior written consent of the Board of Managers, except as expressly permitted herein or in the Declaration or the By-Laws.

No pets other than dogs, cats caged birds and fish (which do not cause a nuisance, health hazard or unsanitary condition) may be kept in a Residential Unit without the consent of the Board of Managers or the managing agent. Any Unit Owner who wishes to keep more than two (2) pets in his Unit must obtain the prior written consent of the Board of Managers. Each Residential Unit Owner who keeps any type of pet in his Unit will be required to (a) indemnify and hold harmless the Condominium, the Board of Managers, all Unit Owners and the managing agent from all claims and expenses resulting from acts of such pet; and (b) abide by any and all reasonable Rules and Regulations of the Condominium adopted with respect thereto. The Board of Managers may require that pet owners enter into an agreement with the Board of Managers confirming such owner’s obligations with respect to their pets.

Unless expressly authorized by tho Board of Managers in each case, the floors of each. apartment must be covered with rugs or carpeting or equally effective noise reducing material, to the extent of at least 80% of the floor area of each l”oom excepting only kitchens, bathrooms, maid’s rooms, closets, and foyer.

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Learning About the New York City & State Transfer Taxes

There is a tax when a property, including a co-op and condo, is sold. This is called the transfer tax, and New York City levies it at closing. The city’s transfer tax is applicable when the sale or transfer is valued at more than $25,000, a level barrier that should be quickly cleared. You should be aware how this works since it can be a point of negotiation with sellers.

How much is the tax?

 

 

The tax rate is straightforward, For one to three family homes and individual condo/co-op units, it is 1% of the sales price for those sold at lower than $500,000. The rate increases to 1.425% if it is greater than this amount.

As an example, you purchase a condo unit for $490,000. The tax due is 1% of this sum, or $4,900. If the same unit sold for $510,000, the tax rate increases to 1.425% for the entire amount, or about $7,628.

New York State

New York State also has a transfer tax. It is $2 for each $500 of consideration, which is borne by the seller. In the event the seller does not pay the tax or is exempt, the tax falls on the buyer.

Who owes the tax?

In New York, the seller owes the tax. While this is open for negotiation, it is rare that a buyer pays the transfer tax in a resale. However, this is not as straightforward as it seems.

In new construction, the sponsor usually asks buyers to pay the city and state transfer tax. In a soft market, such as the current luxury segment ($5 million and up), you have an opportunity to negotiate on a new development by perhaps asking for a price reduction and that the sponsor pays the city and state taxes.

If negotiating a resale the buyer may wish to offer to pay the transfer taxes when involved in bidding war or best and final situation to come out on top. Paying the tax might be necessary to remain competitive with other bidders.

Are there exemptions?

The transfer tax is not due if you are merely changing the identity of the ownership, but the economic interest is unchanged. For instance, if you own a condo unit as an individual and transfer it to an LLC, no tax is due. However, in a divorce situation, the transfer of property is subject to the tax.

You are highly unlikely to come across other situations where the transfer tax is not triggered. Those exempt include federal, state, and foreign governments. However, if the government entity is selling the property to a non-government entity, the tax is due.

How to file

In New York City (except Staten Island), you need to create the forms online using The Automated City Register Information System (ACRIS), which allows you to fill out the required fields. The return must be filed within 30 days after the sale, and the tax is paid simultaneously.

Final thoughts

The transfer tax can add up pretty quickly given New York City’s real estate values. For instance, real estate appraisal and consulting firm Miller Samuel noted median sale prices for co-ops was about $800,000 in the first quarter and nearly $1.7 million for condos. The transfer tax works out to more than $11,000 for a co-op and $24,000 in the case of a condo, based on the median prices.

Given the sums involved, you can negotiate from a stronger position with your increased knowledge.

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