Author: NY Living Solutions

Welcome to NYLS, Specializing in New York City & Manhattan Apartment Rentals, Condo & Coop Sales, Short Term Rentals, No Fee apartment Rentals, Luxury Apartments and more. Seasoned with immeasurable and indispensable NYC real estate experience spanning over the course of two decades, Michael Pakula and Andrew Ziff are Partners of NY Living Solutions LCC. Since our inception, NY Living Solutions’ transparent, practical, and professional approach to business has secured our position among the leading firms in the New York Metropolitan area. Our mission is to demonstrate the highest level of integrity, while providing superior service that underscores our commitment to our clients’ needs and budget. With our devotion to personalized service, we pride ourselves on drafting time efficient and cost effective searches, resulting in high quality sales and rentals for each of our clients. We have built our company on the premise of delivering exceptional value-driven service that ensures client referrals and repeat business. Our expert Agents & brokers educate clients on all aspects of relocation, and advise them on the best selections for their lifestyle. We provide comprehensive relocation services to corporations and individual clients and their families. Our all-inclusive service addresses all aspects of our clients’ relocation needs, including finding the perfect property, hiring movers, ensuring utility setup, identifying schools and other important community characteristics, renting furniture (if necessary, arranging cleaning services, etc. We invite you to experience the NY Living Solutions package for yourself.

The Most Expensive Real-Estate in the World

By Robert Frank

Associated Press Monaco

If you think real-estate in Manhattan or San Francisco is expensive, consider Monaco.

The price of real-estate in Monaco — the world’s most expensive locale — is now an average of $5,408 a square foot, according to a report from Citi Private Bank and Knight Frank, the London real-estate firm. Spending $1 million will get you a 200 square-foot closet – presumably without a water view.

The second most expensive locale is Cap Ferrat in the south of France, at more than $4,800 a square foot. That’s followed by London, at $4,534 a square foot, and then by Hong Kong, at $4,406 a square foot.

New York is a relative bargain, coming in at number 17, at more  than $2,161 a square foot (this seems to be a little  high, even for Manhattan). The only other U.S. locations on the top 50 are Aspen, at number 39, with $974 a square foot, followed by Telluride ($760 a square foot) and Miami, at about $580 a square foot.

Here is the list of the Top 10

LOCATION    AVG PRICE PSF

Monaco – $5,408

Cap Ferrat — $4,800

London — $4,534

Hong Kong (houses) — $4,406

Courcheval 1850 — $4,081

St. Moritz — $3,951

Gstaad — $3,701

St. Tropez — $3,600

Geneva  – $2,959

Hong Kong (apartments) — $2,625

Whole Foods, Brooklyn – City Council voting starts soon..

Whole Foods Market Inc. faces a series of City Council votes starting next week to win final approval for construction of a 52,000-square-foot supermarket next to a 140-year-old landmark in Gowanus, Brooklyn.

COIGNET

Eric Haugesag for The Wall Street JournalThe Coignet building today next to the planned Whole Foods grocery site

The new store is planned to wrap around two sides of the vacant Coignet building, the city’s earliest known concrete building, at the corner of Third Avenue and Third Street. After expected council approvals, the grocery chain would be allowed within five feet of the old building and wants to have its first Brooklyn store open in 2013.

Built in 1872 for the New York & Long Island Coignet Stone Co., the 2½-story building is the sole survivor of a five-acre industrial park built along the Gowanus Canal in the early 1870s.

The elegant Italianite mansion provided office space for Coignet and subsequent companies, including its longest-running tenant, the Brooklyn Improvement Co., from which Coignet leased the land for its stone works.

“It’s a lonely little building,” said Jennifer Gardner, a researcher at the Gowanus Institute, a local think tank. “To some degree, the plans for that site will limit the opportunity for the [Coignet] building, but also provides a potential draw for people to see it and appreciate it in a different way.”

The building received city landmark status in 2006. Two City Council panels overseeing landmarks and planning will vote next week on whether to reduce the Coignet building’s lot size to about 1,720 square feet from 6,250 square feet, a measure that’s already been passed by the Landmarks Preservation Commission. If approved, a full City Council vote on the measure is slated for April 18.

Full Article Here:

CIM, Macklowe submit plans for city’s tallest residential tower

March 29, 2012 06:30PM

Charles Garner, principal at CIM, and the proposed tower at 440 Park Avenue (center)

CIM Group and New York developer Harry Macklowe are making strides toward building the tallest residential building in New York City at the Drake Hotel site at 440 Park Avenue. They filed a plan examination request for the building, one of the first steps towards getting a development off the ground, with the Department of Buildings, according to a DOB filing dated March 26.

The California-based real estate investment trust filed its plans for an 82-story condominium tower for review to DOB, which will check if its plans are in compliance with building code, a DOB spokesperson confirmed, saying an examiner had not yet reviewed the filing. The filing cites the height of the building as 1,397 feet in total, which would make it the tallest residential building in the city; for comparison’s sake, One57, Extell Development’s planned condo tower on 57th Street will be 1,004 feet tall upon completion in 2013 and the Empire State Building, the tallest structure in the city, is 1,453 feet in height.

As previously reported, CIM, (which acquired the site for $305 million last year), and Macklowe plan to erect a slim condo and retail complex designed by Uruguayan-born architect Rafael Vinoly at the site. It is slated to have 128 units and 12-foot high ceilings. The $1 billion project will include a 5,000-square-foot driveway, golf training facilities and private dining and screening rooms, according to previous reports.

Neither CIM nor Macklowe immediately responded to requests for comment.
— Katherine Clarke

Making Architecture Accessible, Pretense and All

 

Is this architecture? (Getty)

To the general public, architecture simply means buildings, maybe the occasional shiny rendering displayed on a blog such as this one or inside the sales pamphlet for an as-yet-unbuilt condo. It might be some Frank Lloyd Wrigh models lining the rotunda of his Guggenheim Museum. For Tina DiCarlo, architecture is so much more.

“The fact of the matter is the general public equates architecture with buildings, so if you talk to them about an architect, let’s say Rem’s Exodus drawings from 1972, if you say that’s architecture, somebody would say, “Well, how, it’s on paper? It doesn’t make sense.” How is a book architecture? How is text architecture? How are Tschumi’s Manhattan Transcripts architecture? It’s just a drawing.”

Ms. DiCarlo hopes to broaden the public’s understanding of What Is Architecture through the creation of The Archive of Spatial Aesthetics and Praxis, or ASAP. Built out of a collection of different architectural materials, from models to manifestos, blueprints to blog posts, she and co-curator Danielle Rago hope to transform the dialogue not only about what constitutes architecture but where it fits into the greater realm of society and culture.

Full Article Here

Landmarked Pier A in Worse Shape Than Originally Thought

By Julie Shapiro, DNAinfo Reporter/Producer

BATTERY PARK CITY — The cost of the massive redevelopment of Pier A has ballooned and the project is slated to run behind schedule, as officials have discovered that the rotting landmark is in worse shape than initially believed, they revealed this week.

The overhaul of the 126-year-old landmarked building will now cost taxpayers $36 million, up from $30 million, and the pier will not reopen to the public until at least the middle of 2013, Battery Park City Authority officials said.

“There was a great deal more rot … than we had anticipated when the project started,” said Gwen Dawson, senior vice president of asset management for the authority, at a Community Board 1 meeting Tuesday night.

“There was a significant amount of water damage, rot and structural deterioration,” she said.

Crews working on Pier A are still continuing to find rot, Dawson said, which means that the work could be delayed even further.

Full Article Here: Via DNAinfo

LaGuardia Terminal Update Sought

By ANDREW GROSSMAN (WSJ)

[010612laguardia] Bloomberg NewsTravelers wait to check in at the Central Terminal at LaGuardia Airport in 2010. The Port Authority is planning to begin construction on a new terminal in 2014.

The Port Authority of New York and New Jersey is eyeing a 2014 start to construction of a replacement for the cramped, outdated Central Terminal Building at La Guardia Airport.

The authority is seeking proposals from private terminal operators, bankers and consultants to finance, design and build a replacement terminal, according to a request for information issued quietly last month.

NYLAGUARDIAmap

Plans are still tentative, and construction might not start by 2014. But the request for information is one of the most concrete steps yet toward replacing the terminal.

“I think the schedule is our best estimate to how the transaction or transactions could fall into place,” said Patrick Foye, the Port Authority’s executive director. “Obviously we’re going to be driven by the suggestions that come in from industry partners.”

The schedule calls for construction to be completed by the end of 2021 at a cost of about $3.6 billion.

Full Article Here: Via WSJ

NJ State Leads Nation in Down-Payment Size

BUYERS in New Jersey have the highest down-payment rate in the country, putting down an average 13.71 percent of the purchase price, according to a new report from LendingTree. That surpasses percentages in cities like Washington, and states like New York, Hawaii and California, though only by tenths of a point. In New York, the average down payment works out to 13.47 percent. The national average is 12.24 percent, for the year ending in November.

Of course, very few borrowers pay the average percentage, which is computed by figuring out the average down payment on conventional loans made by banks and government-insured Federal Housing Administration or Department of Veterans Affairs loans, which have down payment minimums of 3.5 percent.

Countrywide, about a quarter of all mortgage loans are government-backed, according to lending specialists.

Full Article Here:

Freddie Mac Raises Bar for Refinancing With Home-Equity Debt

By Jody Shenn – Nov 15, 2011 5:22 PM ET

Nov. 15 (Bloomberg) — Freddie Mac, the government- supported mortgage company, made it harder for some borrowers with second-lien home equity debt to refinance as it released guidelines for its version of the federal Home Affordable Refinance Program.

For a borrower with loan-to-value ratio of less than 80 percent, the McLean, Virginia-based firm will require total housing debt, including second loans, of less than 105 percent of a property’s current values, according to a notice to lenders posted on its website. Previously, there was no cap.

“The rationale is to manage risk better,” Brad German, a spokesman, said in a telephone interview.

President Barack Obama has said he directed Freddie Mac and rival Fannie Mae to expand their HARP programs to help ease the U.S. housing slump and aid consumers. The companies, which were seized by the U.S. in 2008, are detailing the changes today, after they were announced Oct. 24.

Full Article Here

Luxury Rental Building NYC Directory – 90 West Street

 NYC Directory – 90 West Street

Building  90 West Street’s neo-gothic architecture extends into the lobby where an original gargoyle now resides with wings spread to welcome you home along with a 24-hour doorman and valet.  Here a unique lifestyle akin to a private club greets you with lavish couches, pool table and WiFi.  Need an invigorating work-out?  A health center awaits you.  An inviting lounge with atrium garden, on-site attended parking garage, convenient laundry facilities and advanced building saftey systems are all here.

Apartments  Each one of the 410 apartments in this Cass Gilbert masterpiece is stylishly appointed with fresh bamboo floors, handsome stone countertops and bathrooms dressed in fine Italian tile and marble.  With views of the Hudson River or the lights of Lower Manhattan, 90 West offers an array of unique and spacious studios and one, two or three bedroom layouts.  Many of our larger apartments feature private washer and dryers.  Soaring ceilings, crisp, clean lines and contemporary details fuse the elegance of the past with the energy of the future in the heart of New York City.

Neighborhood  New York City’s Financial District radiates historic charm and teems with the powerful revitalization of Downtown.  Let the summer concert series at South Street Seaport, quaint outdoor dining on cobbled Stone St., and sunbathing in Battery Park brighten the warm months.  Stay cozy in the cooler months by persuing a myraid of museums, dining in world-class restaurants, and indulging at the annual downtown Brewfest.  When you crave more, fourteen subway lines within walking distance deliver immediate access to the rest of what the greatest city in the world has to offer.

For appointments call 212-227-0021

Rent to Own – 75 Wall Street

Luxury  Building  NYC Directory- 75 Wall Street

Residences  Residences designed by Rockwell Group.  Lofty ceilings over 10 feet high.  6 foot tall windows.  Wide planked cerused oak flooring.  Washer and dryer.  421-G tax abatement.

Amenities  24-hour concierge and doorman.  Dedicated bellhop for residences.  Refrigerated storage for grocery deliveries.  On-site building management.  WiFi in amenity spaces.  Parking on premises.  Bicycle storage.

 

Rooftop Lounge & Terrace  Glass-enclosed lounge with a bar and full kitchen.  Indoor and outdoor entertainment spaces.  Barbeque pits with outdoor dining.  Panoramic 360 degree Manhattan views. 

Neighborhood  Exceptional convenience.  Easy access to all major transportation lines, taxis at your doorstep, walk to work, new luxury boutqiues, grocery stores, restaurants, peaceful parks, waterfront access, cultural destinations – all just around the corner.

For appointments call 212-227-0021

Luxury Rental Building NYC Directory – 15 Cliff Street

NYC Directory – 15 Cliff

Plaza  The landscape plaza with foliage, trees and perennial flowers beds, is a great place to enjoy the outdoors.  Grab your laptop and ejoy a light meal al fresco at our on-site cafe.  The plaza leads  to your magnificent Art Deco, concierge-atteneded lobby.

Amenities  24 hour concierge.  Fitness center.  On-site cafe for light dining.  4,000 square feet of outdoor space with lush botanicals and lounges for your natural retreat.  32 stories above; panoramic river and city views.

Residences  All homes feature wood floors throughout and are fully wired.  Large windows infuse your residence with light while giving you the “big picture” of the outdoors.  Many homes feature corner living rooms or bedrooms.  Bathrooms are graced by Kohler fixtures and pedestal sinks.; many are windowed.  Honed absolute black granite countertops and white lacquered glass-front cabinetry create a clean functionality whether you order in or create your own culinary masterpieces.  Windowed kitchens in many homes.

Neighborhood  From exclusive boutiques to world-class retailers; the Bonsai Gallery to the Metropolitan Museum of Art Store, Hermes, Tiffany & Co., J.Crew, the Gap and Foot Locker, you are just steps from your indulgences and everyday necessities.

Views  The 32-story tower rises above the surronding area offering stunning views.  Many homes view the Brooklyn Bridge and the East River while others viewthe architectural icons of the New York City skyline.

 

For appointments call 212-227-0021

Luxury Rental Building NYC Directory – 95 Wall Street

Luxury Rental Building NYC Directory 

 NYC Directory – 95 Wall Street

Building  Introducing Dwell95, the first yoo by Starck rentals.  Located in  the energetic Financial District, Dwell95 represents a new standard of residential excellence.  Known for their innovative flair for design, yoo by Starck brings their iconic sense of style to each residence, ensuring that every detail is perfectly executed.  Outfitted with the most luxurious amenities imaginable, Dwell95 is an urban sanctuary – a new standard of home for the uncommon individual.

Interiors  Dwell in style; two styles — Classic & Nature — distinguish each apartment.  Both styles offer modern bathrooms and kitchens equipped with luxurious detailing and Starck-designed fixtures.  Classic apartments feature oak floors and polished chrome, designed to instill a chic yet contemporary tone.  Nature apartments feature earth tones, organic materials and natural light oak.

Amenities  Dwell95 offers the luxurious amenities of a hotel with the comforts of home.  Designed to restore a sense of balance to urban living, the amenity spaces are perfect for entertaining among friends of for individual respite.  Dwell95 services includes:

  • doorman
  • twenty-four hour concierge service
  • valet services available including dry cleaning, laundry and housekeeping
  • on-site parking available
  • complimentary breakfast
  • every residence is conveniently equipped with a stackable washer and dryer
  • American Express cards for automatic rent payments

Location  Full of life, the Financial District has everything – from cobblestone streets and lush parks to designer boutiques and panoramic portside views.  Laid-back pubs and world-class restaurants provide the backdrop to a vibrant nightlife.  Day to day conveniences include corner delis, local markets and a myriad of transportation options.

For appointments call 212-227-0021

Luxury Rental Building NYC Directory – 45 Wall Street

Luxury Rental Building  NYC Directory – 45 Wall Street

Residences   The residences at 45 Wall Street are as varied as they are spacious, with unique layouts that make traditional boxy Manhattan apartments pale by comparison.  All homes feature extra high ceilings, pass-thru kitchens, oak parquet floors, and oversized windows.  Some residences feature walk out terraces and home offices with seperate entrances.

Amenities  45 Wall Street is geared not just for today but tomorrow as well, wired and inspired to make your life easier.  With seven subway lines steps from your door, commuting is a breeze.  Incomparable features include 24 hour concierge, valet service, on-site parking, golf driving and putting green, tenant store facilities, bicycle room, conference center, and cold storage for grocery delivery.  Tenants may tone up at the complimentary fitness center or relax at Club 45, both located on the Penthouse level.  The Club offers leather lounge seating, a pool table, large screen TV and a huge wrap terrace for sunning.

Neighborhood  The financial district has become one of Manhattan’s most exciting new neighborhoods.  This is the neighborhood of 45 Wall Street.  As convenient as it is beautiful with trendy restaurants, waterfront parks, museums, galleries, choice retailers, speciality merchants ahs historical sites.  Enjoy the renaissance of 45 Wall Street where the heart and energy is truly unparalled.

Availablity  Choose from a wide array of studio, one, two and three bedroom layouts.  Several residences offer party-size terraces with dramatic skyline views and many apartments are large enough to share.  For those who prefer to work from home, there are specially designed home/office residences featuring two entrances – which provide completely seperate living and work areas.

For appointments call 212-227-0021

Luxury Rental Building NYC Directory – 2 Gold Street

Luxury Rental Building  NYC Directory – 2 Gold Street

Building The tallest residential building in Lower Manhattan with 51 stories, 2 Gold is quite striking.  The grand tower is joined by a smaller, more intimate, but equally as elegant sister building rising 26 stories.  Both share a captivating contemporary exterior embodied by reflective glass, gold tones, private balconies, and classically inspired interiors of dark wood and gold tile that evoke a modern take on the Golden Age of yesteryear.

Amenities

  • Landscaped rooftop
  • Glass-enclosed lap pool
  • Rooftop solarium
  • 3rd floor club room
  • Children’s playroom

Residences Your dream home is move-in ready at 2 Gold your gateway to the best downtown has to offer.  Studio, one, two and three bedroom layouts bring to life an enticing blend of space, airness and clean contemporary design.  Oversized thermopane picture windows invite natural light and picturesque views.  All units are wired for cable and satellite TV, plus feature lovely hardwood flooring.  The galley and pass-thru kitchens inspire your culinary creativity with imported granite countertops, premium stainless steel appliances and quality ceramic tile floors.  Some residences also feature extra-high ceilings, windowed kitchens, even priceless outdoor space with their own private terrace or balcony.

Neighborhood High above the financial capital of the world, with a commanding presence, contemporary looks and classical personality, sits 2 Gold Street – a dynamic culmination of modern luxury and historical charm.  This desirable new living destination merges today’s cutting-edge architecture and refined amentities with the rich tradition and stunning views that make Lower Manhattan so unique.  Play in your own backyard with fine dining, shops, museums and gourmet super markets at your doorstep, or hop a subway or ferry to other neighborhoods with ease.  2 Gold – the epitome of vibrant Lower Manhattan life.

For appointments call 212-227-0021

Luxury Rental Building NYC Directory – 99 John Street

Luxury Rental Buildings NYC Directory – 99 John Street

Comfortably spacious with a distinct character all its own, 99 John Deco Lofts rise above the all too common condominiums on the market today. This unique collection of modern loft condominiums located in the heart of the Financial District was originally designed by the same architects who created The Empire State Building. The classic limestone and granite pinstripes on the exterior envelope the newly renovated residences inside to create a timeless essence of old New York and modern downtown living. Find your new home in one of these Financial District apartments… on par with some of the finest New York City condominiums.

Building Originally built in 1933, 99 John was designed by Shreve, Lamb & Harmo, the architects resposnible for The Empire State Building.  The resemblance is clear, from the classic limestone and granite façade to the tiered setbacks on higher floors.  The old world construction features solid 16+ inch concrete walls, classic architectural details and unique floor plan layouts. Although the building is historic, it has been fully renovated and updated in keeping with modern city living. 99 John Deco Lofts is a fantastic combination of old and new.

Residences With over 100 distinct floor plans, the residences at 99 John Deco Lofts are very much atypical.
The old world construction is built to last with thick concrete walls and floors. Tall ceilings, wide windows and open layouts make for bright, airy and spacious homes. While the building has a long history, the apartments are brand new. The kitchen and baths are fully renovated and updated with modern fixtures and appliances. A solid choice, 99 John gives you both space and style.

Amenities 99 John provides stylish and impressive amenity spaces for you to entertain family and friends, enjoy some personal time or meet up with your many interesting neighbors. Each space allows you to personalize the experience and make it your own. The roof top dining table provides the perfect setting for a sunset snack and the iPod docking station in the lounge lets you pick your own tunes. The gathering spaces are all yours… whatever your mood. And let’s not forget the 24 hour concierge, parking garage, grocery, drug store and pharmacy all onsite within the building.

Neighborhood Lower Manhattan… what a place to live. Chic shopping, cultural attractions, dining & nightlife, convenient transportation and plenty to do outdoors. Very much a residential neighborhood, the Financial District has some of the City’s best schools and playgrounds. Walk the streets around 99 John and you’ll find financiers walking along-side families. And there’s shopping too- from Hermes and Tiffany to the shops at South Street Seaport. Plus, with 5 subway lines, 2 water taxi docks and quick access to tunnel and bridges, the neighborhood is as convenient to leave as it is wonderful to stay.

For appointments call 212-227-0021

No Fee Rentals NYC Directory – 15 Park Row

No Fee Rentals NYC Directory – 15 Park Row

The residences at 15 Park Row offer modern comfort and convenience in a classic prewar setting.  There are fourteen different floorplans that 0ffer the oppurtunity to create unique homes with traditional room flow and residential flair.

 

Building Amenities:

  • Beautifully restored Beaux Arts lobby
  • 24-hour atteneded lobby
  • Laundry facilities on every floor
  • High-speed Internet options
  • Time Warner Cable television
  • Multiple telephone line

Residence Amenities:

  • High ceilings
  • Over-sized windows
  • Pass-through kitchens featuring Golden Peach granite countertops, white wood cabinetry, and GE appliances
  • Many kitchens and windows
  • Statuary white marble and ceramic tile baths
  • Residences begin on the 11th floor providing most apartments with extraordinary city views

For appointments call 212-227-0021

Luxury Rental Building NYC Directory – 10 Hanover Square

 Luxury Rental Building  NYC Directory- 10 Hanover Square

10 Hanover Square has an open, light filled lobby that features terrazzo floors with granite inserts, warm wood paneling, a 24/7 concierge and valet services.  The lower level has a Great Room with its own catering kitchen, large screen plasma TV and business center.  The Great Room is open to all or can be rented for special events.  The spectacular 30,000 square foot Fitness Complex truly rivals the very best first-class, private membership fitness clubs in The City — a two-story rock climbing wall, a sea of weight training and cardio equipment, a spinning room, yoga and aerobics rooms, therapy rooms, saunas, steam rooms, spa-style men’s and women’s locker rooms and showers.  Arrive in your street clothes and the staff will provide you with shirts, shorts, socks and towels.  Personal training and private massage are avaliable.  Play and lounge on the roof terrace.

For appointments call 212-227-0021

New York Condo Market – 54 Bond Street

New York Condo Market – 54 Bond Street
The 54 Bond Street building was conceived in 1874 by celebrated architect Henry Englebert, and now caps the corner of a quaint, cobblestone block that has become the most innovative, high end residential street downtown.
The interior of 54 Bond Street has been masterfully restored and re-imagined by Steven Harris Architects
into beautifully detailed and light filled spaces, with soaring ceilings and modern claasic appeal.
Over the past 100 years, world renowned painters. pugilists, screen sirens, muses and musicians have also called this brilliantly poetic building home.
Building Features:
-Cast iron building on the National registry of historic places
-Video surveillance
-Elevator key card access
-High speed wiring
-Virtual doorman     Residence Features:
-South and East exposures
-14 custom built, fully operable windows with restoration glass
-Reclaimed European oak Chevron wood flooring imported from Belgium
-13′ ceilings throughout – perfect for displaying large art pieces
-Leutron dimmers throughout
-Miele washer and dryers
-Full Gourmet dine in kitchen
-custom designed Banca Nambia custom countertop
-La Cornue Cornuf 5 burner gas stovetop
-Stunning Bathrooms
-Bateig Azul Limestone slab floor
-Dornbracht fixtures in platinum

Tenants Questions Answered in Stuyvesant Town Conference Call

While the settlement agreement between the Tenants Councel and the defendants Tishman-Speyer has not yet concluded a conference call was held today for the tenants association members.
Questions had been previously emailed by the tenants and those present on the call to illuminate the facts were Council member Dan Garodnick, Councel for the plaintiffs Alex Schmidt and Congresswoman Carol Maloney.
It is now known that the highest court in New York ruled in favor for the tenants whose apartments had been improperly deregulated by managing partners Tishman-Speyer to receive re-regulation and refunds.
The settlement is still under negotiations all of which were elucidated in today’s conference call.
1. The settlement: Until the settlement has been finalized there will be an interim agreement lasting 7 weeks, a 7 week stay, if the defendants stipulate that this is a class action suit that interim agreement may be extended until July.
2. The new billing: Tenants will begin to receive their new rent stabilized rent bills in the next few days for the January billing cycle.
3. The rates: The calculations will be based from when the apartment was last stabilized plus the allowed 20% vacancy rate increase plus the allowed capital improvement increase of 1/40th of the cost of improvement plus the rent guideline board yearly rate increase (usually 3%) this will determine the rate of your new apartment. An example may be- $1500 last stabilized rent plus $300 vacancy rate plus $1000 (example for $40,000 capital improvements) plus 3% annual increase ( we will say 3 years for this example) equals $3059. This will be your new rate. However, if you pay less than this example that could be attributed to your actual apartment then the lesser number takes precedent. In some cases the market rate you pay may be lower than the stabilized rate.
But once you’re rate is calculated that will become your new stabilized rate. No one will receive any increases.
It has been estimated that 30-40% of all market rate tenants will not receive a reduction. In part because so many have re-negotiated their rents since the economic collapse began last September 2008.
So to summarize the agreement made was that whatever number is lower will be paid for the balance of the lease.
4. Tenants ready for their lease renewal:For people who renew their leases in the interim period they may be affected and will pay a higher rent. The maximum increase will be subject to the rent guideline board (usually 3%).
5. The 1/40th rule: This is a legal provision. A landlord can make improvements and charge this number. Currently it is an indefinite law to receive the costs even after the costs have been recouped. Counsel members are looking to change this to a 1/84th rule in addition to a limitation on recouping costs. They will argue to have costs limited once they have been fully recouped. Currently there is no limitation for landlords due to the current law which enables them to charge for capital improvements indefinitely.
6. How do you validate the capital improvement costs?: How can a tenant certify the investment made by the landlord? Invoices will be subpoenaed for MCI’s. An independent expert/consultant will be part of the scrutiny efforts. As negotiations continue in the settlement more legislative evaluation is to be considered. Going forward- newly rent stabilized tenants will be subject to the MCI increases.
No MCI’s have been calculated in the current rent stabilized rates- meaning in the future there could be additional charges factored in to these rents. However there is a State 2 year rule – state law has a statute of limitations if a landlord did not factor in the MCI charges during that period.
7. Apartments with forced vacancies: Vacancy rates entitle the landlord to receive a 20% increase but artificially created vacancies may affect the estimated rate. The landlord could be forced to roll back the rate. That is vacancies forced through deregulation would have received an improper increase. Each unit will be scrutinized to determine the proper rate.
8. The 10 step formula: An independent expert/consultant will be part of the scrutiny efforts to determine what exactly is the correct number to be appropriated for each affected market rate apartment.
9. Acceptance of the new rent rate:Do tenants waive their rights if they accept the final rental rate? No was the quick answer to this. The settlement agreement will bound all parties but tenants have the right to opt out of the settlement and may pursue litigation.
10. The refunds:Monies have been placed into an escrow account and have been turned over to joint custody to Tishman/and the attorney for the tenants. The attorneys for the tenants are looking to gain full control of the funds. Once this has been negotiated the refunds will be returned. Councel for the tenants hope this will be concluded by the end of January. The distribution of the funds has not been fully determined at this time. The retroactive discussions continue but will not be litigated while the 7 week or extended stay is in effect. Councel for the tenants stipulated that the defendants must agree to retroactive payments or there will be no settlement.
11. Former tenants: How can they make sure to participate fully? They should send an email which was suggested as better than a phone call to:liskow@whafh.com or doster@whafh.com
Please give your name/ current contact info-former address at PCVST- and the dates you lived there.
You will be made automatic members of the class action suit. There is no limitation at this time. But you must be placed in the databank. You are only eligible to receive escrow funds if you had been a resident after April 1 2009.
12. Tishman and foreclosure or bankruptcy: This case will be preserved as by New York State law. Damages and claims will be preserved.
13. Tenants in restored units: This question was asked by a tenant living in a restored apartment which is not the same as a renovated apartment. Councel remarked that this was a category worth investigating. But that it was likely to be the same process as with a renovated unit, the 1/40th rule.
And so after 90 minutes the conference call had concluded. It has been a terrific victory for affordable housing and on behalf of all the tenants, for which I am in that category I would to thank our advocates and legal Councel for their tremendous diligence and hard work. I will report on the first rent bill I receive in the coming days.

Stuyvesant Town Tenants Wins Court Decision-A Resident Speaks

Something For The Wanna Have’s.

The battle between The Tenant’s association and PCVST management company Tishman Speyer ended yesterday with the highest court in New York ruling in favor of the The Tenants.  This was the last possible appeal from Tishman after an Amicus brief was prepared which served to prove Tishman’s double dipping in the form of receiving J-51 tax breaks and market rate rent hikes. The law clearly bars deregulating units “which became or become subject to [stabilization] by virtue of receiving tax benefits” under the city’s J-51 program. This was a huge victory for the lower and middle class. During this time of excessive corporate greed and massive bonus payments justice was served today with a very clear message; You can’t expect to break the law, make a profit while also receiving tax benefits and not be punished. You can’t have it both ways and enjoy a capitalist compensation and a socialist compensation while you screw the people in the community. That’s called exploitation. This was a risk taken to earn a profit and the risk has not paid off. The beauty of which is pure capitalism. There are some commentator’s and journalists out there who see this as an unjust verdict. One of which is Steve Cuozzo in his NY Post article. He suggests that Jerry and Rob Speyer had another interpretation of the law (yeah no kidding) and writes “With so much hanging on the meaning of “by virtue of,” Jerry and Rob Speyer nonetheless rolled the dice. Now the court has made things far worse for them and for the entire decontrol cause, which too briefly offered a way out of the system’s socialist-style deathlock on the rental housing scene.” My answer to that is, Are you friggin serious Steve? So you’re supporting tax theft at the very least? This was a victory for pure capitalism and justice. If you take a profit gamble and you fail due to what is written in law then it’s game over. And the fallout from this can neither be protected or rationalized. If other landlords profit margin were based on the same expectations then that too is their big gamble. For the record I am a resident in Stuyvesant Town making $150,000 a year and I cannot save any money. This is a true victory also for the middle class. We deserve a victory after all our money has been either stolen from us or simply gobbled up by credit card companies and rent.

The final question I have is, now what? What happens from here with the decision. How will the money be parceled up for the victors? I live in a market rate apartment but I signed a lease agreeing to those terms.  While it’s true that 4,352  apartments are now market rate, I signed my lease agreeing to pay that rate.  I have asked employees working for Tishman Speyer whether I will receive a new re-regulated apartment and at this time it is not certain what the costs will be to TS or the re-structuring of the leases. I do not expect pro rated rent payments to be awarded but an apartment rate that could help me save would be nice.

Something For The Haves- Luxury Manhattan Real Estate

Limestone Mansion at 11 east 82nd Street

Limestone Mansion at 11 east 82nd Street

Courtesy of Cityfile.
1. Hedge funder John Griffin and his wife Amy, who paid $32.25 million for a full-floor apartment at 1030 Fifth Avenue last year, are selling their old apartment in the same building. Renovations are complete and the couple has quietly put their 8th-floor apartment on the market with Serena Boardman for $16.5 million. [NYT]
2. The townhouse at 11 East 82nd Street that was purchased by Ron Perelman as a home for one of his executives back in 1996 and was later acquired by private investor Keith Gollust, has gone into contract after more than a year and a half on the market. The limestone mansion was most recently priced at $29.5 million. [Sotheby’s]
3. Tokyo-born filmmaker Keiko Ibi is sharing the risk at 15 CPW. Back in July, she put her one-bedroom condo on the market for $3.75 million. Now she’s partnered with her 7th floor neighbors, Young-oh and Byungwha Yoon, and they’ve listed their two apartments together for a combined $10.285 million. Corcoran’s Carrie Chiang has the listing. [Corcoran]

We’re Back. We’ve Upgraded. We’re better For Your Health & The Environment.

It’s been a two week hiatus, though it seems like so much longer. We’ve missed out giving you news for The Apthorp and whether it had reached it’s requisite 25 condo sales-It seems like they did, but some say that is to be disputed, the drama continues. The Stuyvesant Town battle rages on between the purchasers Tishman Speyer and The tenant’s association, the New York State Court of Appeals has yet to bring in their decision but it doesn’t look pretty for Tishman.

So, thanks for your patience and we will be posting all your favorite daily pieces and articles.

Biggest Price Drop of The Day

 

 

2 east 67th street living room

2 east 67th street living room

Something For The Haves.

2 east 67th street. A super meaty cut. From $15,000,000 down to $12,000,000 a whopping 20%.

Show Me The Numbers.
2 east 67th street
7 room Co-op designed by Rosario Candela
$12,000,000
$10,589 maintenance
2 Bedrooms
2 Bathrooms
12′ ceilings
1 Library
1 Pantry
1 Servant’s Hall
2 Staff Bedrooms