Gea Elika's Blog, page 179

Kitchen Renovation 101: A Crash Course in Countertop Materials

Not all materials are created equal. If you’re renovating your New York City kitchen, one of the major selections will be the countertop. With no shortage of options, you’ll want to make a practical decision based on things like budget and lifestyle, as well as personal taste.

Know that if you often cook, or if you’re a messy cook (some New Yorkers actually cook), a more delicate material is probably not the best solution, even if you love the look. If you’re an occasional chef, however, the aesthetic of your kitchen might be more important while practicality could remain secondary.

No matter what material you choose, resale of your condo or co-op will come into play. Also remember that if a buyer isn’t happy with your selection, he or she can always tear out, reselect, and reinstall.

Here’s the lowdown on some of the most popular countertop materials for kitchens.

Granite

Granite is durable and one of the most widely used materials on kitchen countertops. As one of the hardest stones in the world, granite is not quick to scratch, stain, etch, crack, or chip. This stone is also impervious to heat so you can set a hot pot directly on the surface without worry. Honed has become a more desirable finish over the years, but it is more likely to etch and stain than a polished finish. Available in a variety of colors and patterns, granite is a sensible choice for most any kitchen.

Marble/Limestone/Travertine

Those dreaming of white and light-colored kitchens often love the look of marble or limestone, but both of these gorgeous natural materials require more maintenance than granite. Both are softer and more porous, which means they absorb liquids and are more likely to stain. These stones can also scratch and crack more easily than other materials.

Still, a host of homeowners will select marble, limestone, or travertine, knowing the extra time that goes into keeping it looking its best. Pastry chefs adore prepping dough on the smooth surface of marble, and rightfully so.

You’ll need to clean these counters more often and with a specific stone maintenance product, whereas granite can be cleaned with warm, soapy water.

Contemporary Kitchen by New York Architects & Building Designers Chelsea Atelier Architect, PC
Solid Surface

Although Corian counters may seem somewhat dated in today’s design world, diehard fans of solid surface will always select Corian. You might ask, “Why?” (Especially considering the many options we now have available.) Corian can crack and burn, and even stain if you’re not careful. But some appreciate the seamless details like an integrated sink, which is often done with Corian. Others like a plain, unfussy countertop with no pattern. In this case, a solid black, white, or cream-colored solid surface material is an ideal solution for that clean, uniform look.

Contemporary Kitchen by Pittsburgh Photographers Jason Snyder
Concrete

Concrete is a versatile choice because the material can be made to look like most anything. If your kitchen is a modern design, concrete will marry well, but by the same token, even a classic kitchen can remain traditional with concrete depending on the sheen and texture. Finish it in a high gloss; grind it for a more gravel-like appearance. Sand it and customize with shells or fossils. Costs can vary greatly on concrete because it’s such a custom product.

Quartz

One of the newer options on the market, engineered quartz is man-made and without the flaws (or character), and manufacturers claim that it’s tougher than granite. Cleaning and maintenance is a snap, and this durable material often resembles natural stone. Silestone, Caesarstone, and Cambria are a few of the manufacturers you’ll find as you shop for quartz.

Unlike natural stone, quartz is resistant to most stains including the acidic, such as coffee, tea, and red wine. To sum this one up –– it’s great looking, and if you’re a serious chef or a wineaholic, quartz could be the material for you.

Contemporary Kitchen by Dallas Interior Designers & Decorators J Campbell Interiors

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252 East 57th Street

Located at 201 East 57th Street, this building offers a luxurious selection of 2 to 5 bedroom residences and penthouses. 252 East 57th Street is defined by its curved glass shape and immaculate interior details. Designed by Skidmore, Owings & Merrill, this architectural achievement provides beautiful views, a great location, the latest amenities and much more to its residents.

History

When the architectural renderings for 252 East 57th Street were unveiled in 2007, there was a lot of excitement surrounding its angular design. Although the developers had to overcome some obstacles like moving an adjacent school location, World Wide Group stuck to the project and was able to begin working on the actual building in 2010. Construction really picked up earlier this year and is slated to be completed by 2016.

Architecture

The building’s 65-story glass facade is absolutely beautiful. Not only does it add a lot to the New York skyline, but it also provides residents with wonderful views of the East River, Central Park and the rest of Manhattan. The entrance to 252 East 57th Street leads into a stunning lobby that features marble, walnut paneling and a living green wall.

Residences

When you go inside one of the 93 units in this building, you’ll promptly notice the immense attention to detail of interior architect Daniel Romualdez. Each gorgeous kitchen features walnut cabinetry, white HanStone glass quartz backsplashes & countertops, and Miele appliances. Master bedrooms include walk-in closets, as well as en-suite baths. The master bathrooms are finished with walnut vanities and polished white Nanoglass walls.

Other notable features of 252 East 57th Street’s residences include white oak floors and Dornbracht fixtures. The temperature inside every residence can easily be kept at the perfect level thanks to the presence of a four pipe ceiling hung fan coil HVAC.

Amenities

With a gym equipped by Technogym, professional studios for yoga, Pilates or spinning, a 75-foot swimming pool, and a relaxation room that offers sauna, steam or ice, 252 East 57th Street is the perfect place for fitness enthusiasts to call home. Other great amenities include a doorman, two finished guest suites, garage parking, a private screening room, elevator, billiard room, and children’s playroom.

Availability

There are currently over a dozen 252 East 57th Street residences on the market. The properties range in size from 2 to 5 bedrooms, and many include a balcony. Available floorplans include:

2 bedrooms and 2.5 bathrooms with 1,750 square feet of space
3 bedrooms and 3.5 bathrooms with 2,196 square feet of space
4 bedrooms and 4.5 bathrooms with 3,338 square feet of space
5 bedrooms and 5.5 bathrooms with 5,242 square feet of space

The building’s residences start at $4.5 million. Based on 14 active sales, 252 East 57th Street’s average price per square foot is $2,999.

Neighborhood

One of the great aspects of this building’s Midtown East location is it’s right next to a Whole Foods. 252 East 57th Street also provides convenient access to the best of what New York has to offer, including great restaurants like Mr Chow.

[ 252 East 57th Street ]

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Neighborhood Spotlight: Hell’s Kitchen

It wasn’t that long ago when gritty Hell’s Kitchen was a gang-infested, crime-ridden and peep show-filled neighborhood. But like much of New York City, gentrification took hold and now the area is packed with terrific restaurants, sizzling nightlife, and upscale apartments, not to mention prices to match. If you’re thinking about hanging your hat in Hell’s Kitchen, here’s the lowdown on this cool and convenient Manhattan nabe.

The neighborhood

Hell’s Kitchen, also referred to as Clinton or Midtown West, begins at 34th Street and stretches to 59th Street from Eighth Avenue to the Hudson River. The area is adjacent to the Theatre District on the east, Chelsea to the south, and Lincoln Square to the north. You’ll find a mix of charming brownstone apartments, single-family townhouses, high-rises, and modern new developments. Worldwide Plaza, a three-building residential and commercial complex, takes up an entire city block and spans from Eighth to Ninth Avenue, and 49th to 50th Street.

A hub for a thriving arts community, the area is home to Alvin Ailey American Dance Theater, the Actor’s Studio, New World Stages, and St. Malachy’s Church (known for its large thespian congregation), which is just east of Eighth Avenue.

Subways stop at 34th, 42nd, 50th, and 59th Streets, with the 1-2-3, N-R-Q, and A-C-E lines taking you just about anywhere you want to go in the city.

Things to do

Shopping is plentiful in Hell’s Kitchen. Choose from a host of indie shops like Delphinium Home for nifty houseware items, Heavenly Cakes for your sweet cravings or special occasions, and Housing Works Thrift Shop for a variety of second-hand items.

Speaking of thrifting, the Hells Kitchen Flea Market at 39th and 9th Avenue is a must for bargain-seekers. Open on weekends from 9 a.m. until 5 p.m., the outdoor emporium is a great place to browse or buy vintage articles and collectibles.





HK is known for an array of delicious eateries such as Peruvian favorite Pio Pio, Mediterranean hotspot Taboon, and Marseille, the busy French brasserie. In fact, if you meander through the West 40s on Ninth Avenue, you’ll feel overwhelmed with choices. Cocktail options are just as numerous as the restaurants; so don’t worry if you’re in the mood for a drink only.

The area lacks public parks as compared to many other areas of town. De Witt Clinton Park is an option for those who live far west, as is Hell’s Kitchen Park at 45th and 10th. Central Park is close to the north end, while the south end of the neighborhood is about a 15-25 minute walk.

What it costs

According to Curbed.com, the median rental price is about $3,200 per month. Expect to pay in the range of $2,000 for a tiny walk-up studio and $3,000 or more for a single room in luxury building. Sale prices are high as well. A one-bedroom apartment with about 600 square feet will run in the range of $800-$900K. On average, two-bedrooms will start around $1.5 million and go up from there.

What’s coming up

Hell’s Kitchen will continue to grow and change over the next few years, or longer. New condos such as the Stella Tower and 540West will spruce up the neighborhood even more, and increase the median sales prices in the area.  New rental buildings are in the works as well at 525 W. 52nd St, 605 W. 42nd, and two other structures close to 57th Street and 11th Avenue, among others.

The area is sure to experience ongoing growth with the Hudson Yards development (located just a block or two south from the Hell’s Kitchen border) in its future. An extension is planned for the No. 7 subway line, which will provide service beyond Times Square. The train will travel south on 11th Avenue to 34th, while the station and a public green space are slated for mid-block between 10th and 11th Avenues. This area of town lacks subway service, so this should be a welcome change in the neighborhood.

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Condo Life: The Hottest New Buildings in Manhattan

With no shortage of luxury apartments in the Big Apple, the condo market is booming now more than ever. Uptown, downtown and midtown, no matter in which part of the city you search, your options are abundant, and amenities, lavish. If you’re in the market for a New York home and budget isn’t a concern, these are merely a small selection of the hottest condo buildings in Manhattan.

135 W 52nd St

You’ll find sophisticated living at this coveted midtown address with amenities such as a 75-foot long mosaic pool, a state-of-the-art fitness center with a garden view, and a 12,000 square foot residents’ club. Choose from one to four bedroom apartments designed with luxurious finishes like Calacatta Vision marble, top-tier appliances and Dornbracht fittings. Bonus: French designer Thierry Dreyfus is the mastermind responsible for the dazzling light installation on the façade.

151 E 78th St

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The 16-story building replaced two townhouses in the heart of the Upper East Side. With its brick and stone exterior and traditional aesthetic, the high-rise doesn’t detract from one of the neighborhood’s most beautiful blocks. Native New Yorker and Architect Peter Pennoyer is the brains behind the project, in which he’s reimagined pre-war residences for the 21st century. Chevron-patterned oak flooring, double-wide openings between spaces, and handcrafted pocket doors are just a few of the details included in the 14 condos at 151 E 78th St.

Seven Harrison

The Steven Harris-designed conversion at the corner of Harrison Street and Staple Street in TriBeca offers ten half-floor apartments, a single townhouse with a private backyard, and a duplex apartment with a spacious terrace. Every unit has its own washer/dryer, while amenities include 24-hour concierge, a fitness center, and bicycle storage. The 6,400 square foot penthouse is listed at $34 million.

Soori High Line

At 529 W 29th St, the ultra-modern condo building features soaring 20-foot ceilings, living rooms with fireplaces, and private swimming pools. Situated in West Chelsea and adjacent to Hell’s Kitchen, this sizzling new address is also convenient to the Whitney Museum, scheduled to open in 2015. Units range from about 1,300 square foot to more than 4,000 for a 5-bedroom penthouse.

199 Mott St

Located between Spring and Delancey Streets, the Kutinicki Bernstein-designed building is comprised of two and three-bedroom apartments from 1,225 to more than 3,000 square feet. The structure feels turn of the century with a red brick, limestone, and steel exterior, while wide plank oak floors and oiled bronze finishes enhance the inside. Prices start at about $3 million.

443 Greenwich Street

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If indoor parking, private fitness studios, a 71-foot swimming pool, and a wine cellar sound like benefits you can’t refuse, then 443 Greenwich is your next address. The 53-unit condo conversion of the former bookbindery built in 1882 boasts 45 lofts and eight penthouses. After sitting vacant for ten years, we can say that this redesign was worth the wait. The most basic unit prices at $7 million, while the sales price of an almost 5000-square foot penthouse is more than $20 million.

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Discover the Charm of New York City’s Hidden Mews

New York is a frenetic town complete with busy streets, crowds of people, and honking horns. But quieter addresses lie nestled in between the bustling avenues, and a few undiscovered alleys tuck quietly into what feels like secret locations. These hidden mews will go unnoticed unless you know their whereabouts and make it a point to find them. Here are six tiny NYC streets worth seeking that exude the charm of yesteryear.

Washington Mews

Owned today by NYU, the historic row houses were originally horse stables for local residents in the 18th century. Situated between Fifth Avenue and University Place close to Washington Square Park, the private cobblestone street was home for many artists beginning in 1916, but today houses college faculty.

Pomander Walk

Most Upper West Siders have no clue that their neighborhood boasts this miniature street. Located between 94th and 95th Streets and Broadway and West End, you’ll find 27 Tudoresque homes constructed in the 1920s. Originally floor-through apartments, today many are single family residences. This out-of-sight gem achieved city, state and national landmark status in 1982.

MacDougal Alley

This alley got its start as stables and eventually was transformed into artist studios. You’ll find MacDougal Alley just off MacDougal Street and south of 8th Street in the heart of The Village. The secret street was the last to be lit by gas lamps into the 1930s. Famous denizens have included Jackson Pollack, Isamu Noguchi, and Gertrude Vanderbilt Whitney, founder of the Whitney Museum of Art.

Warren Place

The 11 ½ feet wide Queen Anne and Romanesque style townhouses were built in the late 19th century as workingmen’s cottages. English-style courtyards, arched windows, iron grates, and the gabled entrances will take you back in time. Warren Place is on the western side of Brooklyn’s Cobble Hill neighborhood.

Patchin Place

This gated cul-de-sac off 10th Street between Greenwich and Sixth Avenues remains true to its 19th century appearance with one of few gas street lamps left in New York City. The Greenwich Village mews was originally home to artists and writers such as E. E Cummings and Theodore Dreisher, but today you’ll find a combination of residents and therapists on this street. Hence, the new name is “therapy row.”

“Patchin Place through gate” by Beyond My Ken - Own work. Licensed under CC BY-SA 3.0 via Wikimedia Commons.

Sylvan Terrace

Twenty wooden row houses line Sylvan Terrace, which is in the Morris-Jumel Historic District in Washington Heights. Built in 1882, the alley was a carriageway leading to the Morris-Jumel Mansion, George Washington’s command post during the Revolutionary War. The homes fell into disrepair in the 20th century, but were restored to their original grandeur in the 1980s. The cobblestones and gas street lamps are still intact on Sylvan Terrace.

Grace Court Alley

This Brooklyn Heights treasure boasts carriage houses that date back to the 1850s. Sandwiched between Remsen and Joralemon Streets, many of the buildings retain their original details such as wooden stable doors, wooden window frames, and doorknockers. Previously used as a mews for Grace Church, garages were also part of the original design of these homes, and albeit small, to own one is a true luxury in New York City.

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7 Reasons Why You Should Live in Brooklyn

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“I think of myself as a girl from Brooklyn.”—Barbra Streisand

Brooklyn’s not Manhattan, but for the more than 2.5 million people who live there that’s a good thing. You won’t see soaring skyscrapers built on top of each other or ATMs on every corner, but for those who choose Brooklyn, the borough of Kings offers so much more.

If you’re undecided which area to call home in this great City of New York, these are seven reasons why you should consider living in Brooklyn.

1. You can hang out in Prospect Park.

The 585-acre public park is a tranquil escape for Brooklynites. With its rolling meadows, scenic hillsides, and the only freshwater lake in the borough, the park is more vibrant than it’s ever been. You can boat, horseback ride, birdwatch, play a variety of sports, or just park your butt on the lawn and take in the nature.

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2. You’ll be that much closer to Coney Island.

From the beach to the boardwalk, Coney Island is still going strong. With attractions like the Cyclone, Scream Zone, New York Aquarium, and MCU Park, Coney Island offers fun for all ages. In addition, the retro-feeling amusement hub boasts Nathan’s Famous Hot Dogs, weekly fireworks during the summer, and a spooktacular Halloween celebration each October.

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3. You’ll drink more coffee.

Move over Starbucks. Brooklyn’s indie coffee houses such as Gorilla, Blue Bottle, Stone Street and Café Grumpy, to name a few, keep caffeine lovers buzzing every day. You’ll never have to settle for a chain cup of coffee again.

4. You could get a view of Manhattan

People who live in Manhattan like to be in the thick of the action, but many choose to live outside, intentionally. Even if you’ve never listed a view on your wish list, the skyline views from Brooklyn Heights and DUMBO, not to mention the Brooklyn Bridge –– a commuting thoroughfare –– can’t be beat. There’s something completely relaxing about staring at Manhattan rather than standing in it.

5. You won’t go hungry

From Di Fara Pizza (voted best pizza in the country) to Buttermilk Channel’s comfort food brunch in Carroll Gardens, to Williamsburg’s Peter Luger Steakhouse and Roberta’s in Bushwick, you’ll never lack choices or a delicious meal.

6. You might get a backyard.

Thought your days of grilling were over? Unbelievably, you might get a private outdoor space for a whole lot less cash in Brooklyn. If you rent a ground floor in a townhouse, you could score a yard. And, of course, if you buy or rent a brownstone, a backyard is a given. Start saving your pennies –– you might need that Blaze 32-inch 4-burner grill, after all.

7. You’ll never have to leave on the weekends.

So what if Brooklyn doesn’t have Broadway? There are a host of other fun attractions to keep you hanging in the borough on Saturdays and Sundays. From Brooklyn Flea to Barclay’s Center, to BAM and the Botanic Garden, staying in Brooklyn when you’re not at the office –– rather than pounding crowded streets in the concrete jungle –– is an obvious choice.

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Is the Time Right for You to Buy a Home in NYC?

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For most people growing up, the idea of owning your own home someday was a given. It was a symbol of the American dream. In fact, federal housing policy was designed to encourage homeownership for everyone. Tax laws were written to give tax breaks to homeowners. The Federal Housing Administration underwrote riskier loans with low down payments so more people could qualify for mortgages. The Community Reinvestment Act of 1977 encouraged lenders to extend credit to lower-income individuals to further expand homeownership. These policies worked, and homeownership rates were at near-record highs by 2006. In no time, the housing bubble burst in a catastrophic way, leaving the U.S. housing market in shambles. Potential homebuyers—quite reasonably—were reluctant to jump into a market in decline. From 2006 to 2012, apartment and home values plunged by nearly a third, and nearly a quarter of all homeowners found themselves underwater on their mortgages. Fortunately, since 2012, apartment and home prices have risen steadily and economists project that the market may finally stabilize. Home builders and developers are responding to the market improvements by building new apartments and homes, and more homeowners have recovered their property values, making it possible to sell existing apartments and homes again, and some for record prices. While credit is still tighter than it was in 2006, well-qualified buyers have no trouble securing mortgages at favorable terms. With that said, is it time to buy your first apartment or home?

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If you’ve determined that you’re ready to become a homeowner, download your FREE copy of our Home Buyers Handbook now to help turn your dream of owning a home in NYC into a reality.


Rent or Buy: Which is Cheaper?

The answer to this question hinges greatly on geographical location; although, certain variables like interest rates and inflation are calculated at a national level. A 2014 report indicates that on average, buying is 38 percent cheaper than renting. In the New York City area, purchase costs are higher than average, but buying is still 22 percent cheaper than renting. In fact, New York City rents have skyrocketed in the past decade; between 2000 and 2012, median rents rose over 75 percent while real median income dropped about five percent. Currently, median rents for a one-bedroom apartment range from $1,950 in Long Island City to $3,200 in Midtown – and that goes all the way up to $4,300 in Tribeca. Is it possible that rental costs will become cheaper than buying? In cities like Honolulu and San Francisco, where home prices are rising rapidly, the tipping point could come sooner. The calculus rests on mortgage interest rates, which are historically low and—of course—will eventually rise. Experts say that for regions where buying is 10 percent less expensive than renting, the tipping point will come when interest rates hit 5 percent.

In the New York City market, interest rates would have to rise to approximately 6.5 percent before renting will be less expensive than buying, according to industry estimates. Given these encouraging economic factors, it may be time to buy your first apartment or home.

A Look at the New York Housing Market

According to CoreLogic Case-Schiller’s 2014 forecast, the New York metro area is the hottest housing market nationwide. Across the city, condo prices climbed five percent in 2013, and they’re expected to rise another 7.4 percent in 2014. Co-op prices, by comparison, were down by five percent during this time, and the average price of a 1-3 family dwelling rose by five percent. While gains in Manhattan were modest, prices in the outer boroughs like Queens and Brooklyn grew by double digits. What does this mean for a first-time homebuyer? Historically, the New York real estate market has been more resilient than other parts of the country; for the most part, it has completely recovered from the effects of the crash. As a home buyer, it’s always more advantageous to get in at the lower end of a rising market, and it appears that New York’s gradual rise is a trend that’ll continue well into the future. The combination of historically low interest rates and steadily rising apartment and home prices are a good indication this may be the right time for first-time homebuyers to enter the market.

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What to Expect in the Future

Buyer’s agents note that housing inventory will continue to be limited; however, new developments should expand into 2015, especially with new construction in Brooklyn and Manhattan. Although newly constructed real estate oftentimes enters the market at a higher price than re-sales, increasing prices across the board, overdevelopment and a slowing market contribute to controlling spiked prices. This kind of movement in the market benefits buyers the most. Experts predict that low inventory and high demand in Manhattan will make Brooklyn and Queens a very attractive alternative to buyers. Bushwick and Bedford-Stuyvesant are also expected to see double-digit price growth. Capitalizing on its easy access to Manhattan, Long Island City is experiencing tremendous development, too. Prices increased dramatically to more than $1,000 per square foot in 2014 from $600 in 2009. Most financial analysts expect that mortgage interest rates will begin a slow but steady rise in the coming months and years. Combined with the steady growth in home prices in New York, now may be an ideal time to get into a new apartment or home.

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Additional Costs of Homeownership

Monthly mortgage payments are just one of many costs associated with owning an apartment or home. New York City property taxes are some of the highest in the country, and because they’re set at the local level, they can vary greatly from neighborhood to neighborhood. Politics also affect property tax rates; government officials understand that raising tax rates is an easy way to fund preferred programs and projects. This is especially true in New York City, so new homebuyers should be prepared for fluctuations in annual property tax payments. There’s also homeowner’s insurance, which varies greatly by neighborhood, type of property, and other variables. If you purchase your home with less than a 20 percent down payment, most lenders require private mortgage insurance (PMI), which further adds to your monthly payment. If your new apartment or home is a condominium or co-op, you’ll pay common charges or maintenance fees that often are quite substantial to cover the services your building provides. You may also be subject to occasional assessments for unexpected expenses associated with building maintenance and repair. In a single-family home, owners need to have an emergency fund to pay for maintenance, repairs, landscaping, and any renovations the home may require. Many new homebuyers make the mistake of assuming that if a monthly rent payment is about the same as their principal and interest payment on a mortgage, they can afford to buy a home. It’s important to remember that these monthly costs are just a small part of the price of homeownership.

Your Home as an Investment

In the literal sense of the word, the home you live in isn’t a true “investment.” That runs contrary to conventional wisdom, but here’s why it’s true:

Apartment and home prices have grown only slightly more than inflation for more than a century. What this means is that if you bought an apartment or house in 1980, paid off the mortgage, and sold it in 2010, you’d have about the same buying power as you did at the start.
The real estate market is a lot like the stock market. As a general rule, it tends to increase over time, but trying to gauge the perfect time to buy and sell is an imprecise science. When you want to sell your home sometime in the future, if you’re lucky, it won’t stay on the market longer than a year. No one can guarantee that’ll happen, though, leaving you unable to access your capital. It is difficult to predict what will happen to your neighborhood, development, or market in five or ten years down the road.
Just like stocks, you have to sell your apartment or house when you want to use the profit your investment generated. However, unlike stocks, when you sell your apartment or house, you’re selling the roof over your head.

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Some of the wealthiest people in the USA build their wealth by owning homes and real estate. Even if you aren’t generating a high rental yield, buying the right property nonetheless can be an excellent investment. Owning a home is building wealth; it gives savvy buyers years to compound that wealth and accumulate more property. For example, if someone had bought a home in NYC 30 years ago, that person’s net worth would have inflated by approximately 1000%. More than three quarters of investors worth $1 million+ own real estate, according to a study conducted by Morgan Stanley. Directly owning private and commercial real estate was cited as being the number 1 alternative investment choice, with 33% of the surveyed millionaires saying they planned to buy within the next 12 months. Owning your own apartment or home can be a wonderful thing. It’s a shelter and a source of pride for you and your family. It often provides a cheaper overall housing alternative to renting. But it is not a guaranteed investment. Don’t think of the apartment or home you and your family live in as an investment; it could cloud your thinking and lead you to make buying decisions that aren’t optimal for you. Buy an apartment or house because you and your family love living in it, it meets the needs of your family, the schools are great, and you enjoy being part of the community—not because you think it’ll be a great investment.

Planning for the Future When You Purchase a Home

Buying an apartment or home makes sense if you plan to live in it at least five to ten years; any less, and you may wind up losing money in the transaction. The seller in a real estate transaction can easily expect to pay up to 10 percent of the sales price of the home in closing costs, allowances, commissions, necessary repairs, and other negotiated expenses. In addition, sellers rarely get the full asking price for their apartment or home, unless the housing market has a shortage of inventory. It’s also possible to get full asking price if a home has been well-renovated, is in a great location, or if it features distinctive and appealing architectural detail. What does that mean for the first-time apartment or homebuyer? It means trying to predict the future. In the next 7 years or longer, do you plan to start or grow your family? Is there a possibility your employer will transfer you to a location in another part of the country? Do you have an ailing or aging parent who may need to move in with you? Predicting the future also means buying only as much apartment or house as you think you’ll need, but not much more. In the past, the trend in first-time apartment or home buying was to purchase a smaller, more affordable “starter apartment or home,” and then sell it in a couple of years when the family (and the family income) grew. Given the variables in the real estate market, that no longer seems like the best strategy. Today, you’re better off buying the apartment or home you think you’ll need for your family for the next ten years. Apartments and homes with multipurpose rooms, like a dining room that can be converted to an office, or an attic that can be converted into a bedroom, make sense as you try to arrange your home to meet your family’s changing needs. Resist the temptation to buy too much house. The additional taxes, utility payments, and maintenance and repair costs restrict your ability to save for other family necessities. As the saying goes, no matter how big your apartment or house is, you can only sit in one chair at a time.

Considering Opportunity Costs

Opportunity costs are defined as the loss of profit or value from something that is given up to acquire or achieve something else. For example, if you’re cashing in an investment like a stock that has consistently returned ten percent a year in order to cover the down payment on your apartment or home, you’re potentially missing out on all the earnings of those stocks. For younger investors who have 20, 30, or more years for investment growth, the lost earnings could add up to a sizeable amount. This is why some financial advisers recommend that truly disciplined savers who invest wisely are better off renting than buying. What does this mean for the first-time homebuyer? If you’re financing your down payment with a second mortgage, or part of it is a gift from family, your opportunity costs are very low. On the other hand, if you’re raiding your 401(k) or another brokerage account for a down payment, be conservative in deciding how much home you can afford. A lower purchase price means a smaller down payment, which means more of your money can remain in long-term investment accounts. This is another reason to buy only as much apartment or house as you think you’ll need in the next seven to ten years; you’ll lower your opportunity costs by maintaining a larger percentage of your other investment accounts.

New or Resale: Which is Right for You?

In many instances, a resale is the only choice, especially if you have your heart set on a particular neighborhood or love the idea of restoring a beautiful space in a Pre-War building. However, for many first-time buyers, new construction is the better choice. For example:

Energy-efficient appliances and “green buildings” are becoming standard in today’s newly constructed apartments and homes. Efficiency standards have tightened considerably from 2010 to 2014, so energy costs are usually much lower in new construction. While it’s possible to retrofit older homes with more energy-efficient appliances, it’s expensive and rarely results in the savings available in new apartments and homes.
Most newly constructed apartments and homes come with fire-retardant floor covering and insulation, making them much safer in the event of a fire. In addition, many builders hardwire carbon monoxide and smoke detectors into their buildings, which are more reliable and convenient than battery-operated models.
New buildings usually have sophisticated wiring capable of handling high-tech electronics, entertainment and security systems, and high-speed communications equipment. Customized wiring isn’t always possible on older apartments and homes.
You’ll save on replacement costs with a newly constructed apartment or home. Most major components have a lifespan of seven to ten years, and it’s possible for many to be covered warranties that can be extended beyond the first year. With older apartments and homes, it’s possible you’ll need to replace major appliances soon after you move in.
Many builders have mortgage banking affiliates that can customize financing, including down payments and interest rates, to meet your specific situation. They’re often able to defray some of the closing costs, too. However, the current market isn’t favorable for that unless the property is either in poor location or grossly overpriced. While a seller of a resale home has some flexibility to contribute to settlement costs, they don’t have nearly the flexibility of a builder’s affiliated mortgage company.

Are You Ready to Buy Your First Home?

You may be wondering if you’re really ready to purchase your first home. The answer depends, in part, to your answer to the following questions:

Are you prepared to maintain and repair an apartment or home?
Are you willing to stay in the same apartment or home for at least five to ten years?
Do you have a realistic idea of the type of apartment or home and amount of space you’ll need for the next five to ten years?
Are you relatively certain your financial situation will remain stable or improve over the next several years?
Are you a disciplined saver who can build up an account for emergency repairs?

The financial and real estate markets are in harmony, making home ownership less risky and more affordable since 2008. Most economists predict that home prices will continue their steady, and in some neighborhoods spectacular, rise, and low interest rates mean mortgage payments are more affordable. Interest rates are sure to climb, lowering the amount of apartment or house you can afford later on. Purchasing an apartment or home is still cheaper than renting in New York, but as interest rates climb, this phenomenon is likely to change; waiting too long may push homeownership out of reach. Buying an apartment or home is an exciting and often overwhelming experience; to help you understand the process and get the best possible outcome with your home purchase, we’ve prepared a Homebuyer’s Handbook to help you get started. The information it contains, along with useful tips and recommendations, will give you a good understanding of apartment or home buying process, and how to avoid costly mistakes.

If you’ve determined that you’re ready to become a homeowner, download your FREE copy of our Home Buyers Handbook now to help turn your dream of owning a home in NYC into a reality.

Home Buyers Handbook Contents Sample

 

 

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443 Greenwich

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In 1884, construction at 443 Greenwich Street was completed. For the rest of the 19th century and well into the 20th century, this building functioned as a book bindery and a variety of other industrial operations. While the building eventually fell by the wayside, it has been rejuvenated into a residential space that reflects its history while also providing residents with the latest amenities.

History

The modern history of 443 Greenwich can be traced back to 2006. Prior to the financial crisis of 2008, the NYC hotel market was on fire. As a result, there was a lot of interest in purchasing this eight-story building and converting it into a hotel. The sales description even said that “its bland exterior hides an interior courtyard that could be used for taxis and limos to drop off guests.”

Although the building was purchased with the intent to convert it to a hotel, that plan never came to fruition. Instead, Metro Loft bought the building in 2012 and moved forward with their plan to turn it into a residential space. The end result is a gorgeous building with a total of 45 loft-style homes.

Architecture

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Because this building has a history that spans more than 125 years, Metro Loft wanted to honor that legacy. With the help of Cetra Ruddy, the end result is a beautifully historic building that features beautiful brick and arched windows which bathe the interior spaces in natural light.

Residences

The homes inside of 443 Greenwich have a very modern design with elegant touches that showcase the building’s heritage. Rich wood beams run across the ceilings of the kitchen and living room.

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These spaces are highlighted by elegant floors and wonderfully executed details. Both the master bedroom and bathroom provide an oasis of relaxation. The master bathrooms feature a standalone bathtub, as well as a large shower complete with rainfall showerheads.

Amenities

Residents of 443 Greenwich will be able to enjoy private valet parking on the secure lower level, relaxing in the building’s private courtyard or getting a great workout in the 75-foot lap pool that’s surrounded by travertine marble walls. Exercise enthusiasts can also make use of the building’s fitness center and locker rooms, which are complete with a steam room.

Additional amenities include a children’s playroom, available personal storage, dedicated bike storage, a wine cellar, 5000 square feet of landscaped roof deck space, and a 24-hour concierge and doorman.

Availability

There are currently 13 units available at 443 Greenwich. Prices start at $7 million for a 2 bedroom and 2.5 bathroom unit with 2,414 square feet. The highest priced unit is listed for $20.5 million. This unit is a penthouse with 3 bedrooms, 4.5 bathrooms and 4,968 square feet.

Neighborhood

Located in Tribeca, 443 Greenwich is right next to two great coffee shops, as well as Dylan Prime steakhouse and cocktail lounge. The building is conveniently located by Canal Street and the Holland Tunnel. Residents can easily access the 1 & 2 trains, as well as the A, C & E trains.

[ 443 Greenwich ]

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Neighborhood Spotlight: The East Village

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In the ‘70s and ‘80s, the East Village was a seedier, edgier place. Blocks with uninhabited buildings, dark streets, lingering vagrants, and drug addicts were the norm.  In present day, remnants of those gritty times are few and far between –– rather, this eclectic, bohemian nabe has become one of the most sought-after sections of the city in which to live and play. The East Village stretches from 14th Street to Houston Street, and Third Avenue to East River; the Gramercy area and Stuyvesant Town lie north, the Lower East Side is to the south, and Greenwich Village sits directly west.

Famous Villagers such as Madonna, The Beastie Boys, and beat generation writer Allen Ginsberg made the neighborhood the hip, artsy enclave that it still is today. However, the East Village was once inexpensive and somewhat affordable by Manhattan standards, so the nabe attracted many artists and writers. But now, this section of downtown garners high prices, particularly for new developments. Condo construction remains abundant as the area continues to gentrify.

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What’s the neighborhood like?

You’ll find many restored tenement buildings, new condo buildings, townhouses, and still some un-renovated walk-up apartments sprinkled throughout. Restaurants, bars and shops line the avenues, and are intermittently scattered on side streets, so you won’t have any reason to leave your neighborhood, unless you want to.

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What is there to do?

You’ll never get bored in the East Village. Tompkins Square Park’s renovation in the early ‘90s brought the 10.5-acre park back to life. The green space is a gorgeous retreat for denizens and dogs alike. The dog park –– the first in New York City –– is a Manhattan favorite, particularly during the Annual Tompkins Square Halloween Dog Parade, which hosts the largest dog Halloween party in the country.

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In addition, the East Village is known for its array of community gardens. If you wander through the enclave, you’ll undoubtedly stumble upon several, if not many on your travels.

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East River Park, which extends from Montgomery Street downtown to East 12th Street, is fantastic for running and biking. Or, relax by the water and take in the breathtaking views of the East River.

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The famed Kraine Theatre, original home to the hit musical Rent, which was also set in the area, is on East 8th Street between Avenues A and B. Since the days of Rent, Off-Broadway shows like Showgirls! The Musical, and Bayside! The Unmusical! have had successful runs at the Kraine.

Other not-to-miss attractions include the Bowery Ballroom, Nuyorican Poets Café, and the St. Mark’s Church in the Bowery.

St. Mark’s Place is a shopping destination and runs through the center of the neighborhood. You’ll also find a host of restaurants on this street.

Where to dine?

You won’t go hungry in the East Village.On St. Mark’s Place alone, you’ll find go–to dining spots like Mamoun, Xi’an Famous Foods, and Jules Bistro, which features delicious French food and live jazz. A few other popular eateries worth trying are Lavagna on East 5th Street, Ngam on Third Avenue, and Momofuku Noodle Bar on First Avenue.

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If you’re looking more for nightlife, McSorley’s, one of the oldest taverns in the city, is a staple for beer and good times. Other nightlife hubs include Rue B for cocktails, eats and music on Avenue B, and Death + Company on East 6th.

How much does it cost?

Expect a small one-bedroom non-doorman rental sans elevator to start at about $2,500 per month. If you want to buy, you’ll pay anywhere from about $600K for a small one-bedroom with a doorman (or a larger walk-up apartment), to $1 million and higher (depending on square footage) for a one-bedroom luxury condo with amenities like concierge, a washer/dryer and a terrace or roof deck. Larger condos start at about $1.5 million and go up from there.

What’s coming up?

Construction on new condominiums at the site of the former BP station and auto shop on Second Avenue should start soon. The project plans for 50,000 square feet of residential space and 7,000 square feet of retail.

A 12-story, mixed-use project at the eastern edge of the neighborhood on Avenue D between 6th and 7th is currently in development. Other new condo buildings on the radar include 500 East 14th Street, 227 East 7th, and 524 East 14th Street.

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6 Ways to Eek Storage Out of Your Closet-less Apartment

“I like my money right where I can see it…hanging in my closet”. –Carrie Bradshaw

If you’re a fashionista (or fashionisto) who lacks closet space in your New York apartment, not to worry; with a little creative thinking, you can find a home for every last item of your every-growing wardrobe, and keep your city pad uncluttered. Here are six ways to eek storage out of even a closet-less apartment.

1. Stand-alone furniture

Furniture is a fantastic way to create movable storage. Not only can you move the pieces around in your space as needed, but you can take them with you when you can finally afford that sprawling two-bedroom. Think storage ottoman (the top can be removed), nightstands with drawers, dressers, armoires, and a bathroom vanity rather than a pedestal sink. Basically, at least half of your furnishings should offer storage.

2. Install Shelves

Contemporary Living Room by Boucherville Kitchen & Bath Designers Gepetto

Shelves are a must for books, and also a great spot for accessories as well as liquor, dishware, and glassware. Hang above a sofa and arrange your favorite hardbacks with artwork and a few accessories. Install shelves in your bathroom and use for toiletries; install in your kitchen for olive oil, dried herbs and spices.

3. Under the bed

This option may date back to caveman times, but it’s practical, and very inexpensive. Purchase long, flat storage containers and keep seasonal clothing as well as holiday decorations out of sight. If you have a queen-size bed, you should be able to fit at least three, if not, four containers under it. Your single closet will feel roomy in a New York minute, making space for your new threads.

4. Boxes

Boxes may be small, but they are great for tchotchkes such as jewelry, sunglasses, keys, bills and other paperwork, remote controls, and more. I am a firm believer in decorative boxes, and just about every surface in my apartment has one, or several. Choose boxes that coordinate with your color scheme. Decorate and organize at the same time.

5. Kitchen cabinets to the ceiling

The higher your cabinets go, the more you can store. High cabinets are the ideal place to keep those items you use a few times per year, or other belongings as long as you don’t mind an occasional climb. For access, purchase a small folding stepladder that you can easily hide behind a piece of furniture.

6. Built-ins

Transitional Bedroom by New York Interior Designers & Decorators Shagreene

Although this is the most expensive option, for those with zero closet space, create custom storage with built-in units. Use a dead corner, or an entire wall, if you can afford the space. I recommend a combination of shelves and hanging above, with drawers below. Come up with a solid plan and request bids from several carpenters. Your Manolos will have a special home next to your Louboutins in no time, and your Celine Bag and Chanel suit will be close by.

Note: I might mention that it’s not a bad idea to purge your belongings before you add storage. Prior to purchasing or installing anything, rid yourself of the items you don’t need or haven’t worn in two years or longer.

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