Monthly Gem | The Chatsworth

Give me an E! Give me an X! Give me a C! Ok, it’s going to take too long to spell out “exclusive”, but we wanted to celebrate our team’s exclusive sales representation of The Chatsworth, our new development project!

Open for immediate occupancy, the Chatsworth was designed by Pembroke & Ives as a modern classic, at the intersection of old and new, with impeccable functionality and style. Nestled near Riverside Park, the building is located at 344 W. 72nd Street, in the prime of the Upper West Side. This majestic development boasts a landmark building status, brimming with historical elegance in a timeless way, on the inside and out.   State-of-the-art kitchens and Italian marble bathrooms meet stunning crown moldings and herringbone floors, across small and large apartment foot-prints, alike. Better yet, buyers get the stability of a co-op with the freedom that comes with condo rules. What can get better than that!

Give us a call to give you a personal tour of the Chatsworth, and everything that this unique property has to offer!

Ask The Experts | “How’s The Market”

When was the last time someone asked you “how are you doing?” and you answered back the auto-pilot response “good, thanks” … regardless whether “good” was an accurate answer?

That’s how we feel about the question of “how’s the market?” It’s very easy for most brokers to have a canned answer that projects conditions that incentivize the inquirer to either sell or buy. However, if you know us by now, you know what we’re going to say: “it’s not that easy, and the primary reason for this is that there is no one market. There are a gazillion ‘micro-markets’”:

  • Geographic: Tribeca, Dumbo, UWS, etc.
  • Stakeholder: Seller, investor, occupying owner, etc.
  • Property type: Co-op, condo, single family, etc.
  • Property size: Studio, 1-beds, 2-beds, etc.
  • Pricepoint: <$600, $2MM, $6MM, $10+MM, etc.

And these micro-markets are not stand-alone; they are matrixed, with many different possible combinations. Dumbo investment 1-bed condos <$2MM, UES owner occupied 3-bed co-ops > $4MM, LES investor studios <$800k … you get the gist.  NOW ask us how’s the market. It doesn’t make sense, right?

But you’ve done your research and are ready to get into a full-out debate with your broker on “the market” with a few handy and often sophisticated statistics up your sleeve. Great! Now the only issue is that the data you have, by definition, lags the market. It takes 2-3 months for a closed transaction to appear in public record, after 2-3 months of a closing process post signed contract. We’re talking 4-6 months or more of lag time, which is everything when it comes to having real-time, actionable, intelligent data at your fingertips. For as instantaneous data is, its currency is far from it.  It’s like Venmo: it looks like you just paid someone instantly but that’s a mirage; the payment doesn’t actually occur for 3-4 days. Do not mistake instantaneous access to data for instantaneous relevance of data.

This is where intelligent, observant brokers really make a difference. By being in the market each and every day, through anecdotal data about micro-markets, after understanding historical building data and trends from experience versus charts, brokers continue to be the best source of real-time information. The market is still “old school” in these ways and it takes someone who can put these pieces together to turn it to your advantage and translate all this data into wisdom.  After all, data is just that: pieces of information. You want to not just have the right data, but partner with someone who can harness its power to help you make the right decision at the right time.

At The Core | Don’t Bet Against NYC

Times of transition are always tricky: for families, organizations, politicians and real estate market participants, alike. This time is no different: the NYC real estate market is undergoing a transition and is still settling into a new norm of sustainability. The linear upward trajectory we experienced a few years ago is behind us, as we predicted, and the market is finding its new norm, a steadier norm.

That doesn’t mean that the process of transitioning itself is clear, immediate or readily visible while in its midst. This injects a level of uncertainty on behalf of buyers and sellers who don’t see the broader market trends that real estate professionals do, day in and day out. In the land of imperfect or incomplete information, worries abound, often unnecessarily. And this is where we find ourselves today. People are worried that the market shock of a decade ago may rear its ugly head again, but we’re here to tell you: don’t bet against NYC.

This is not just because NYC is always in the top two destination markets for world-wide investors and high-net-worth individuals. This is also not just because NYC’s employer landscape is more diversified than ever, less embedded in the Wall Street reality than ever before. This is also not just because the number of businesses starting up and migrating to the city is on the rise. If you put all that aside and look purely at the supply and demand dynamics behind the NYC market… they are healthy.

We are not seeing an oversupply of property, nor a lax lending environment, nor a lack of demand from property buyers nor a dramatically escalating interest rate environment. None of the fundamentals appear at risk, as we debrief with Jonathan Miller and follow the numbers.

Indeed, transactions in the $1-$5M range, along with studios and 1 bedrooms, remain robust. We are seeing movements across the full price spectrum, fueled by sellers who recognize the market transition.   What this means is that the market is flattening out in the immediate short-term as it looks to build a new foundation from which to grow. This is the stage for “the new up”. Not broker babble, just asset pricing 101.   Headlines get eyeballs and sell ads, but this doesn’t mean that they’re true. Each developer and seller has his own opinion of where the market is going, and may have motivations beyond market timing (think expiring loans, personal cash needs, etc.). That’s the beauty of a fluid and liquid market, after all. But rest assured: the sky is not falling, the markets aren’t crashing and deals are getting done, with happy buyers and sellers, alike. So if you’re in the market, stay in the market, and if you’re not – it may be a good time to jump in during this new foundation-settling environment.

Date Your City | It’s Rooftop Cinema Season

In most cities or towns, the idea of watching a movie outside, on top of some building, may seem ho-hum or strange. But in a place like NYC, graced by a world-renowned skyline that you can almost touch, it’s nothing short of magical. It’s one of those unique experiences that living in the city provides us, brings us together, and helps us celebrate summer.

That’s why we’re showcasing the Rooftop Cinema Club, with rooftops in mid-town and Williamsburg. Add some popcorn, bubbly, and wireless headphones and get ready to relax in a deckchair while watching classics like Reservoir Dogs, and note-worthy newcomers like La-La-Land.

Don’t wait too long, however, as the mid-town showings are selling out quickly. Romance, relaxation and fun, all in one!

 

Apple Bites | Eat Your Heart Out NYC

Mmmm … brunch. Our favorite meal of the week! If the snow or rain was your excuse for skipping brunch as a staple weekend experience, it’s time to bring it back into the fold.

  • Let’s start with Augustine: This Fidi brunch spot is the latest addition to Keith McNally’s food empire, and it does not disappoint. People are already smacking their lips over the brunch items on its menu: from its Egg-in-a-Hole with Smoked Salmon and Heirloom Beet Tartine, to its Huckleberry topped Ricotta Pancakes and its bounty of a bread and pastry basket (who else has canelés and Nutella madeleines in there?).   Its hangover drinks are a perfect remedy for a long Saturday night out.
  • Moving on to De Maria: Too trendy for most of us, mortals, this Nolita restaurant has some truly unique picks, which you can savor on its patio. From its Toast with Avocado and lavender salt-cured salmon and its Chocolate-chestnut Waffle, to its House-made Tahini yogurt with sumac and apricot (yum) and Rooster Bowl (grains, seaweed, cured fish, and vegetables), its All-Day-Breakfast menu lives up to its name.
  • Closing out with Sunday in Brooklyn: This Williamsburg all-day restaurant is already making headlines with its hedonistic brunch options. Its Malted Pancakes are sheer decadence with hazel maple praline and brown butter, while its Egg & Sausage sandwich is lavished with gochujang aioli and cheddar on a brioche. Its drinks are also to die for, particularly its Sunday, Bloody Sunday Mezcal Bloody Mary and Sambal mix (and no…that is not a typo).

These are at least three good reasons to wake up a little earlier on Sunday mornings, even though they might warrant an indulgent nap thereafter.