Wednesday, August 31, 2011

NYC's Financial District and downtown starts to swell with stores, restaurants as WTC is restored

A decade ago, the Financial District swelled with workers in suits and ties, only to virtually empty out as the sun set.
Now, the area's growing 24/7 crowd of residents and tourists, along with the progress at Ground Zero as the tenth anniversary of 9/11 approaches, is beginning to attract the attention of yet another group: retailers and restaurateurs.
"Certainly there are a lot more people downtown, either because they're living there, working there, or visiting there," said Robin Abrams, executive vice president at real estate firm The Lansco Corporation.
Read full story:

Monday, August 29, 2011

When Income Is Freelance

Financing the purchase of a new apt or home has become increasing challenging and it's imperative to work with a mortgage professional who can get you results with the least amount of headache and time. I always advise my buyers to speak with a minimum of 2-3 mortgage brokers from different banks, because rates and programs can vary widely.

With lower down payment requirements, FHA loans have helped many buyers secure housing loans who otherwise wouldn't have qualified. Despite these loans, buyers still had to show a solid income history, a high credit score as well as supporting documents.

The article below touches on a huge segment of the population whose round peg doesn't fit into the square box. However all hope is not lost! Ironically, This article speaks to real estate professionals such as myself who earn income on commissions only.

WITH the job market still soft, many people have turned to contract or freelance work to pay the bills, which increases the challenges involved in qualifying for a home mortgage.

Saturday, August 27, 2011


***Side note - I'm getting 3 new exclusive listings next week. Two in Park Slope, one in West Harlem. If they are still standing, showings will begin once the subway is back up and running :)

Wednesday, August 24, 2011

Dumbo and Boerum Hill join the ranks of NYC's most expensive nabes

Considering the proximity of these nabes to lower Manhattan, many former manhattanites are taking the plunge and moving across the bridge. My typical client who is making that move is usually seeking better quality and not so concerned with lowering their current rent. A $2500.00 budget in Mahattan doesn't go very far, even on the Upper East side or Hell's Kitchen where you can often find lower rents.
The draw is leaving your basic walk-up apt with no amenties to finding yourself in a full service bldg with tons of ammenties, rooftops, gyms, laundry, party rooms, conceirge srvc. etc.
Many of my clients who have been on tight budgets and fixated on living in the City, don't mind the 10-20 minute commute, if I can get them to just "take a look" at some Brooklyn neighborhoods. They soon discover that they are not "missing out" because there is a plethora of restaurants, bars, shops, green spaces, etc.

Dumbo and Boerum Hill join Soho and Tribeca as NYC's most expensive nabes

August 16, 2011 12:30PM

Soho and Tribeca were the most expensive New York City neighborhoods in the second quarter of 2011, but Dumbo was a surprising fourth entry on the top 10 list, according to Dumbo was ahead of many other Manhattan neighborhoods such as the Upper East Side, the Upper West Side, the West Village and Chelsea, with a median sale price of $1.075 million. That price increased 9 percent from the median sales price in the second quarter of 2010, which was $990,000,

Monday, August 22, 2011

Priciest, cheapest units to hit the market

August 19, 2011 12:00PM

From left: 12 West 83rd Street and 1775 Madison Avenue (source: PropertyShark)
The priciest Manhattan home to come online this week is a four-story townhouse at 12 West 83rd Street, according to, that's asking $12.5 million. The five-bedroom, four-bathroom Upper West Side home has ground-floor and parlor-floor entrances, a private garden and a fourth-floor terrace. READ FULL STORY HERE:

Tuesday, August 16, 2011

Tougher mortgage rules to take effect Sept 30th

11:48 AM

Beat The Lowering Of Home Loan Limits

By: Jill Urban

Getting a mortgage might even get tougher with new rules about to take effect, but property buyers might still be able to beat the deadline. NY1's Real Estate reporter Jill Urban filed the following report.
Full Story and video link here:

Monday, August 15, 2011

Post 9/11 - Financial District thriving 10 years later

Looking at Lower Manhattan ten years after Sept. 11 attacks

August 11, 2011 10:00AM
Ariel view of Lower Manhattan

Lower Manhattan is one of the fastest-growing neighborhoods in the city, the Wall Street Journal reported. Once considered a purely commercial district, abandoned come closing time, some 56,000 people now live south of Chambers Street, double the number of residents than in 2001.

"After Sept. 11, downtown became a residential community," said Tom Goodkind, a 22-year resident of Battery Park City. "It was odd."

Lucille Roberts Mansion is on the market

The Lucille Roberts 14 Day Makeover Plan

Former Lucille Roberts manse on rental market for $165K a month

August 09, 2011 11:30AM

Mansion at 4 East 80th Street
A $90 million mansion on the Upper East Side is renting for $165,000 a month, Curbed reported. The property, at 4 East 80th Street, had been on the rental market since January with an ask of $210,000 a month, and the price dropped to $165,000 this week. It had originally been listed for $90 million in March with Brown Harris Stevens broker Paula Del Nunzio, at the time likely the highest-ever official asking price for a single-family home in Manhattan. As The Real Deal reported earlier this year, the building was originally commissioned by Robert Woolworth, and had been owned by the estate of fitness mogul Lucille Roberts. Del Nunzio told The Real Deal in June that the townhouse's renovation made it unique on the market and that not only were all the original details of Woolworth's architect still intact, but they had also been "meticulously retored." [Curbed]

Friday, August 12, 2011

New York real estate is on the rise

NYC leads way in recovery race

Manhattan market stabilizes, while rest of country plays catch-up August 01, 2011 07:00AM
The gulf between New York City's real estate market and the rest of the country has always been wide. But that disconnect appears to be growing.

"Manhattan seems to be one of the lucky ones," said Jonathan Miller, president and CEO of Miller Samuel, who called the Big Apple one of "the best housing markets in the country, relatively."

Read the full story here:

Chinese investors take on New York

As Investors, Chinese Turn to New York

Chinese banks have poured more than $1 billion into real estate loans in New York City in the past year. Investors from China are snapping up luxury apartments and planning to spend hundreds of millions of dollars on commercial and residential projects like Atlantic Yards in Brooklyn. Chinese companies have signed major leases at the Empire State Building and at 1 World Trade Center, which is the centerpiece of the rebuilding at ground zero.
Read the full story here:

Thursday, August 11, 2011

Atlantic Yards Concerns Block the Approval of Arts Space Liquor License

Roulette, a new experimental arts and avant-garde music space located in the ground floor of the YWCA on Atlantic and Third avenues, is dealing with community concerns before its doors have even officially opened.
The Barclays Center, opening soon just a few short blocks away at Atlantic Yards, has made residents extremely cautious about what new businesses and establishments open nearby.

Wednesday, August 10, 2011

Can't help laughing at the irony of this...

For Sale By Owner Founder Contradicts Biz Model
Posted by: SarahBaker | August 9, 2011

Amid all of the recent gloom-and-doom headlines related to the debt crisis, here’s some entertaining real estate news for your Tuesday.

Colby Sambrotto, founder and former chief operating officer of, tried to sell his 2,000-square-foot, two-bedroom New York apartment himself through online listings and classified ads, but after six months of sitting on the market, he sought the help of a real estate broker.
Jesse Buckler with Bond of New York said he told the seller the apartment in the Lion’s Head building was priced too low and wasn’t drawing the right buyers.
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