nyc real estate

531 Manhattan Ave – Two Family Townhome for Sale

531 Manhattan Ave – Two Family Townhome for Sale

This Harlem Townhome is located just East of Morningside Park and a short walk to Columbia University. This highly desirable location, is home to a well maintained Two-Family.

2nd, 3rd & 4th Floor Triplex: Features – Two Bed / Three Bathrooms, Kitchen, Living Room, Den/Home Office, Three Fireplaces (One on each floor) and two Skylights on the top Floor. This space currently has the only access to the garden, via a spiral staircase off the den.

Garden Level: One Bedroom & One Bathroom features Large Living Room with Open Kitchen, Generous Bedroom with a walk-in closet. Ceiling fans located in the living room and bedroom. The bedroom in the rear of the unit has two west facing windows with garden views. This unit currently has no access to the garden.

Basement: Laundry space for the one bedroom tenant, plenty of dry storage space. This area houses all of the properties Mechanicals: Boiler, Water Tanks (2), and Separate Electric & Water Meters.

Lot Size: 15×80
Building Size: 15×55 – Approx. 4100Sf including basement
Building Can Be Delivered Vacant.
Currently Configured: Triplex (2Bed/3Bath) & One Bedroom (1Bed/1Bath)
Steps to fine restaurants, reputable jazz clubs, shopping centers, bookstores and movie theaters.
Transportation: A, C, D & B @ 125th Street MTA Stop & M60 Bus to
LaGuardia Airport – 2 Blocks Away
Low Taxes

$2,500,000 FOR SALE
4,100 ft²$609 per ft²7 rooms 3 beds3 baths

 

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The Stack: NYC First Prefabricated Building

INWOOD — One of the city’s first prefabricated residential building to come to Inwood is near completion.

The Stack, a 38,000-square-foot, seven-story concrete and steel building, was shipped to 4857 Broadway in 56 separate modules. Placement of the modules started in late June and will be completed Wednesday by an eight-person crew and one crane.

Full Article Here:

Via DNAinfo New York

New York Living Solutions wins Aire contest

The Real Deal Online, NY Living Solutions wins Aire contest

July 21, 2010 01:30PM By Candace Taylor

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Bob Scaglion of Rose Associates (left), NY Living Solutions’ Gannon Forrester and the Aire at 200 West 67th Street

Aiming to gain an edge on the other new luxury rentals just hitting the market, Upper West Side tower the Aire held a contest last month, offering bonuses to the brokerage that completed the most transactions in the building.
The 80-agent sales and rental firm New York Living Solutions won the contest, helping to bring the building to roughly 25 percent leased, according to Rose Associates, the on-site leasing agent for the building.

The contest, which ran from June 1 to July 4, offered bonuses to the firm which completed the most transactions in the 43-story building, located at 200 West 67th Street, during that time period. The prize was $1,000 for each agent who completed a transaction in the building, plus $5,000 for the firm. (The developer, Kalimian Properties, is also paying a one-month broker’s fee.)

New York Living Solutions management is using its prize money to host a celebratory cruise around Manhattan for all its agents, said Gannon Forrester, a managing director at the firm. Agents will receive their $1,000 bonuses then, he said.

The company is focusing special attention on lease-ups of new rental buildings, he said, so the contest fit with that goal. “We made sure all the agents knew about it,” Forrester said.

Forrester directed inquiries about how many transactions the firm did to win the contest to Rose. Bob Scaglion, senior managing director at Rose, would not disclose that number, but said during the period of the contest, about 50 of the building’s 310 units were leased. Three other firms were hot on New York Living Solutions’ heels, he said, adding that Kalimian is running a similar contest at the building this month.

The goal of the promotion, in conjunction with a recent broker party, was to create buzz about the new building, which started leasing in May.

“A lot of the brokers weren’t familiar with the building, so having the party and the promotion was very good,” Scaglion said.

At the Aire, studios range in price from $2,500 to $3,600, one-bedrooms range from $3,600 to $5,000, two-bedrooms range from $5,600 to $12,000, and three-bedrooms are $11,500 to $15,000 (that’s not including a one-month-free concession currently being offered to tenants.) There are also a few as-of-yet unreleased “trophy” apartments that will rent in the range of $20,000 per month, Scaglion said.

The Aire faces stiff competition from other new Upper West Side rentals, including the Corner at 72nd and Broadway (both buildings were designed by Handel Architects.)

But brokers say the high-end rental market is showing surprising strength.

“You would be amazed at the number of rentals above $15,000 a month all over Manhattan,” said Nancy Packes, head of the eponymous new development marketing firm, which handles both sales and rentals.

This is due in part to a pickup in relocations that started early in 2010, she said. “Our core industries are hiring,” she said. “These people are very often coming from far away from New York.”

These new hires, many of them families with children, tend to rent rather than buy when they first move to the city, she said.

And while lavish spending has become socially unacceptable since the financial crisis, wealthy renters are still out there.

After the Lehman Brothers collapse, “everyone was concerned about buildings like the Corner and the Aire,” Scaglion said. “Actually, the depth of the high-end marketplace is good. People are just quiet about it.”

The top end of the luxury rentals marketing is now pushing $80-per-square square foot, up from the $60s during the downturn, Scaglion said.

“If you build a better product, they will pay for it,” he added.


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.