NYC House Whisperer

Life in Lincoln Square

2011-01-09T11:46:00.003-05:00

Lincoln Square runs from Columbus Circle north until 72 street. (The business district only runs until 70th street, but that's an unnatural cut-off. 72 street feels like an organic delineation).

This has always been a very fancy area to live--maybe the most chic on the Upper West Side. But recently it's gotten much more family friendly with a huge influx of new developments and businesses.

Some of the most beautiful buildings on the Upper West Side can be found in this neighborhood. 69th between Central Park West and Columbus has extraordinary townhouses (and also hosts one of the most famous Halloween block parties in the city). 67th street on the park block is home to Hotel des Artistes, as well as several other buildings that were constructed for musicians and artists in the early 20th century. Many of them feature double height living rooms, North facing for the artists, as well as over sized living rooms to accommodate the pianos and the other musicians. These buildings have a old world European feel to them, and most still have elevator operators.

Over the last 20 years, many condos have been built in the neighborhood. The Millennium buildings (Reebok) are high end condos, many of which have been combined into large, family sized apartments. Of course, a lot has been written about 15 CPW, but there are some extraordinary CPW buildings in this stretch, including 55 CPW (where Ghostbusters was filmed), 41 CPW (Harperly Hall, Madonna's building), the Prasada (very intimate building with huge apts). Of course the most impressive of them of is the Dakota, so named because when it was built in 1888, people joked that it was so far away it was like living in the Dakota territories.

To the West, Riverside Boulevard and the Trump buildings (and all the newer condos that have followed) are like a suburban vision of city life. I made fun of those buildings until I was invited to a pool party when my son was younger. At 240 RSB they have a baby pool and a grown up pool. and about 100 other amenities. I could definitely get used to living over there...it offers a really nice quality of life for the right buyers. Not to mention a stellar river view...

Along West End Avenue, Lincoln Towers comprise many buildings in the 60's up to 70th street. These post war behemoths were built for the middle classes and provided an affordable way to live in the city. They are still immensely popular and can offer large homes in a great location.

As for extras, nothing beats living near Lincoln Center. It's the heart of cultural life in New York City, and as a result there have always been restaurants and other interesting businesses surrounding it.

In no particular order:

THE APPLE STORE

THE TIME WARNER CENTER (including WHOLE FOODS which brought needed grocery shopping to the southern end of Lincoln Square)

LINCOLN SQUARE MOVIE THEATERS (including the art houses on Broadway)

SOUTINE: best bakery in New York. It's a little piece of Paris on 70th street

THE SENSUOUS BEAN: great little coffee store, a truly endangered species

URGENT CARE MANHATTAN: new high end walk in medical center (OK, it's owned by my husband but it's a welcome addition to the neighborhood, ask anyone!)

Upper 90's with young children

2010-10-12T20:29:00.003-04:00

Recently I was asked about this neighborhood with young children. Since I've raised 3 boys here, I feel like an expert on this particular subject. This list is highly subjective of course, and not really comprehensive. But it's a good snapshot. I'd love to hear from readers as well.

Schools: There are many different pre-schools to choose from, with lots of different philosophies.

1. Claremont School starts as early as 2's. located on Amsterdam and 96th street.
http://www.claremontschool.org/

2. Mandell School also starts early. Columbus and 96th street.

http://www.mandellschool.org/

3. Morningside Montessori: 100 st and WEA

http://www.morningsidemontessori.org/

4. Discovery Program: 100th and WEA

http://www.discoveryprograms.com/index.php?option=com_content&view=article&id=103:on-my-own&catid=39:early-childhood-programs&Itemid=222

5. Basic Trust: this is day care and people adore it
http://www.basictrust.org/

Playgrounds: (these are all great)

1. 93rd and Central Park West
2. 90th and Central Park West
3. 97th and Central park West
4. 100th and Central park West (newly refurbished)
5. 91st and Riverside Hippo Park. the greatest of them all
6. 97th and Riverside Park Dinosaur Park

Fun and Sports:
NY Kids Club on Amsterdam and 89th street
http://www.nykidsclub.com/
Discovery program on 100th and WEA
Music Together: 251 w 100 street
Early Ear: 96th and Columbus
http://www.theearlyear.com/
Columbus Pre-School and Gym
http://www.columbuspreschoolandgym.com/COLUMBUSGYM.html
Super Soccer Stars
Carlos Oliveros Soccer
West Side Soccer league
West Side Little League
Manhattan Soccer Club
New Amsterdam Fencing Academy
West Side Tae kwon Do

I'll post a separate list of kid-appropriate restaurants

Morningside Heights

2009-12-20T12:07:00.007-05:00

The general boundaries for Morningside Heights include 106th street to the South, Riverside Drive to the West, Morningside Drive to the East, and somewhere around 125th street on the northside.

Morningside Heights has always been dominated by Columbia University. The University is the largest landowner, the biggest landlord, and often the center of local protests and anguish. It's also given the neighborhood its intellectual and cultural bent. The area has always been known for its multicultural, lefty feel and its plethora of bookstores. This is the upper West Side that people refer to.

Morningside is home to the best children's bookstore in the city: Bank Street Bookstore. Its staff is unbelievably knowledgeable and helpful and it is the best place to browse children's books as well as educator's books. In addition, there are now 2 offshoots of Book Culture (formerly Labrynth Books) in the area. A new outpost on 114th and Broadway just opened in addition to the 112th street location. What other neighborhood offers 3 independent bookstores?

Broadway is the main shopping avenue, although Amsterdam offers some quirky, often wonderful shops and restaurants. In particular, V and T (some of the best pizza around, next to Sal and Carmines on 101st street), the Hungarian Pastry Shop, Kitchenette Restaurant.

Also on Amsterdam is the Cathedral of St John the Divine, a wonder to behold of architecture and faith. Next to it is St. Lukes Hospital.

In terms of schools in the neighborhood, most people send their kids to public school outside the catchment, but many choose the public option. As for private schools, there are many excellent schools to choose from including the Columbia school, the Bank Street School, St. Hilda's, the Cathedral School, the school at Riverside Church (another architectural wonder).

As for restaurants, those who say that the neighborhood doesn't have any, doesn't know the neighborhood. In addition to Kitchenette (best comfort food around...makes good enough to eat seem like wendy's), there's Community, Campo, Ollie's, Mel's Burgers, Rack and Soul, Terrace in the Sky. West Side Market is a beloved local market, there's a farmer's market in season at 114th and Broadway, the hummus at Samad's market is the best I've ever had, and Absolute Bagels puts H and H to shame. While technically a little south of Morningside Heights, the Silver Moon bakery has the best bread in Manhattan. Not to mention those ridiculous Bavarian pretzels.

As for the real estate, there is no question in my mind that in general, you will get more for your money in Morningside Heights. West of Broadway is safe and beautiful all the way up. Many apartments on Broadway are glorious and spacious. Some buildings on Amsterdam are equally charming with gracious layouts.

There's a local subway at 116th, 110th, and 103rd. The neighborhood may to some feel overrun with students, but I find it a refreshing change from the mallification overcrowding of the 70's and 80's.

Morningside Heights feels like a real neighborhood. It's diverse, vibrant and improving all the time. Pilates Shop/Yoga Garage has one of the most experienced team of instructors anywhere in the city. (Peter Roel, the owner, trained with the original disciples). Riverside Park is filled with runners, children,dogs, soccer players (check out the playing fields from 101st and Riverside all the way to 108th and Riverside). At 103rd and Riverside is the Dog Park as well as a lovely seasonal restaurant overlooking the sandy volleyball area as well as the river. It makes me feel sorry for people who don't live here.

For those people who won't look above 96th street, I'd urge you to reconsider. Morningside Heights (and it's southern neighbor Manhattan Valley) have a lot to offer.

New Life in the West Side 90's

2009-09-21T15:04:00.002-04:00

I'll admit it, retail in the 90's has been pretty dismal over the last few years. Broadway is a wasteland, and Amsterdam and Columbus have not been much better. The 90's has been a location to pass through, on your way to the 80's.

There have been some lonely exceptions, to be sure. Genarro Restaurant has been feeding my family since we moved to the neighborhood in '98. Mani Market is a local joy. We have a great farmer's market on Fridays. And that's been about it.

Until now.

Put the Whole Foods on 97th and Columbus into the category of IF YOU BUILD IT, THEY WILL COME...the new store is busy every day and PACKED on weekends. It's bringing people in from all over the upper westside (my guess is those people who don't live in walking distance of Fairway, so north of 86th into the 100's).

Whole Foods is a game changer for the neighborhood.

In addition to Whole Foods, there are some other bright spots popping up. Upper 90 is a soccer and sports shop that just opened on Amsterdam and 94th. Filled with knowledgeable and friendly soccer coaches, this feels like a throwback to the mom and pop places of my youth. It's the antithesis of the anonymous sports behemoths at a mall near you. The people at Upper 90 seem to want you to stay, chat, watch soccer on their big screen tv and have your child get excited about their sport.

There's a new dog grooming salon opening on Amsterdam as well (not opened yet as of this writing). But it's exciting to see these kind of services in what had been the wasteland of the Upper West Side. Edgar's Cafe just opened a second branch on Amsterdam and 90th as well.

These may be tiny indicators, but I'm hopeful about our pocket of the world. It's a great place to live and raise your family, and more people will get to see why it's so special.

Now, if we can only convince Danny Meyer to look Northward....

Did I mention that Whole Foods has tables where you can buy your food and sit?

Why Use A Small Firm

2009-09-16T11:40:00.003-04:00

We are often asked by prospective clients why they would want to choose a small real estate firm over a large established one. Similarly, I've seen postings on boards about ignoring listings from smaller firms.

First of all, the easy answer is it's often not about the brokerage; it's about the broker or salesperson representing the property. It doesn't matter if you have a huge name behind you if your broker is inexperienced, or unethical, unfamiliar with the marketplace or unavailable. You want the person working for you to be there 100% and to have a deep understanding of the current marketplace. If you are selling your home, you don't want a rental broker. If you are selling a townhouse, you want someone who has sold other townhouses.

My partner, Marty, and myself work as a team for every listing. That means that either he or I will be showing every single time. Many brokers hire assistants with little or no knowledge of the listings, the buildings, the property, the neighborhood, and these assistants do a lion's share of the showings. To me that's like buying a ticket for Broadway and getting community theater. It's not what you signed up for.

As for a small firm versus a large firm: I can only speak for my own company. In terms of marketing dollars, we spend more per listing than most large firms. We still advertise in the NY TIMES every Sunday (notice that there are no longer ads for Brown Harris Stevens there? That's because it comes out of the broker's pockets and they don't want to pay...). We spend a lot on our color brochures, which are significantly bigger and better in quality than a large firms. We are a member of the Real Estate Board of New York (REBNY) which mandates that we send out our exclusives with a 24 hour period of having the exclusive. That means that we post the listing on the unofficial MLS which gets distributed to about 10,000 brokers in Manhattan. It is virtually the same exact system that every large firm uses.

As a small firm, we have no bureaucracy, which means we have flexibility in commissions. There is no back office--when you want to speak to a manager, we are right in front of you. As for visibility, I would say that because of the rise of Streeteasy, we have the same visibility as every other firm listed there. Streeteasy was a game changer for NY real estate sales.We have a website that gets a significant amount of hits every day, and those are hits that come from Streeteasy or the Times, so we know those are interested parties. Our website is much easier to navigate and understand than at least 2 of the big firm's sites.I'd be pretty frustrated if my listing was on some of those places- they practically discourage you from browsing.

There have been several defections over the last several months by established brokers leaving large brokerages to start their own firms and try out different business models. I think they came to the realization that having a large firm's name behind you has far less importance in the current age.

At Rand Realty, our motto is small firm, big difference. We believe in the importance of the relationship with our clients, and we have had great success in the past several years proving what a difference we can make.

Don't Shoot the Messenger!

2009-04-16T10:31:00.003-04:00

I've been lucky in my career that most of the people I work with are lovely, sophisticated people who have entrusted my partner and myself to work hard on their behalf. On the client/sell side, I have a fiduciary responsibility to make as much as I can for my client. On the buy side, I feel a moral obligation to help my buyer purchase something, not only for a great price, but something that will make sense for them moving forward. I've talked a lot of people out of apartments because I didn't think it was the right match. I think I've also persuaded a lot of people to jump in when they were hesitant.

Clearly, now is a time of great hesitancy and tentativeness. The pervasive saying among my real estate colleagues is that people are circling but not pulling the trigger. I'm not an economist and I won't make grandiose predictions about market liquidity, inventory, or macroeconomics. But I do know with certainty a few valid facts:

1.When sellers accept the new realities of the current NYC marketplace (meaning 25% off from the peak), they often can sell their property. If it's a special home, they will have an easier time, but even if it's special, they still have to take into account current market conditions.

2. It's not (always) the brokers fault that the price is too high or that it hasn't moved. I know lots of brokers who wanted to price more aggressively but complied (against their better judgment no doubt) with the seller. Then the broker gets stuck, and the seller gets angry. Or stubborn. Or intransigent. This is a hard position for a broker--they want to keep the listing, but they know that the price is an obstacle. The best they can hope for is that someone will make an offer and they negotiate their sellers into a place where they are happy.

3. Sometimes it is the broker. I've also spoken to several brokers who are either unwilling to admit that their listing is overpriced, or were willing to compromise their better judgment in order to get the listing in the first place. They should be careful what they wish for, because they'll end up spending a lot of time in empty open houses, staring at their Blackberry.

4. People seem to have in inordinate anger towards brokers, as if we control the marketplace. We don't manipulate it, we navigate through it. We are hardly the market makers that some would attribute to us. Some of us are underhanded, some of us are just dumb, but the vitriol I read on real estate boards is not commensurate with our ability to affect change in the marketplace.

It's also kind of creepy. I can't figure out who these angry people are--(and they are ALL ANONYMOUS....those brave souls who can say anything under the guise of a nom de plume). Are they sad, lonely and unemployed, still living in their mother's basements? Did they once date a real estate broker who broke their heart? Are they the same anonymous drones who call Rush Limbaugh?

5. Brokers can advocate extremely well on your behalf. We have knowledge of co-op boards, procedural events, networking abilities. We have long memories of who wants to sell, or who wants to buy. We know which buildings have a high maintenance, or which block has an annual Halloween party. We have access to mortgage brokers, contractors, designers, architects. Maybe the way brokers make commission will evolve, but for now, we take the commission from the seller (who is often glad to give it to us because we perform a service). Don't blame the messenger because you're angry about pricing or discounts or world affairs, or the post office. We're here to help.

More on schools

2009-03-24T08:28:00.002-04:00

I'm re-printing an article from today's NY Times on getting into the local elementary school. I think it's worth re-considering if you're giving something up to stay in a certain school district, because it might not guarantee you a spot. If that's the case, why not move to a home you love and fight for whatever school you want your kid to get into?

In other words, why pay for PS 6 or 87, when you can have a bigger apt for less money but not in the school district?

March 24, 2009

Children Face Rejection by Neighborhood Schools in Manhattan

By ELISSA GOOTMAN

When Jeanne Shapiro received two letters on Saturday from Public School 290 on the Upper East Side, where she always assumed she would send her twin daughters, her husband cracked a joke about the way thin envelopes from college admissions offices tended to bear bad news. Mrs. Shapiro just laughed; P.S. 290 was a block and a half from the family’s apartment, she figured, and every New Yorker knows that an address in a good school zone is tantamount to a guaranteed kindergarten seat.

But the letters said the 5-year-olds had been placed on a waiting list for the school, on East 82nd Street.

“We were so flabbergasted we missed our stop on our elevator,” Mrs. Shapiro said. “We didn’t even push the button because we didn’t even believe what we were reading.”

The Shapiro twins were among about three dozen children put on a waiting list at P.S. 290 in what parents and public officials in some of New York’s priciest precincts fear will become the first season in which Manhattan children will be turned away from their neighborhood schools. The combination of overcrowded classrooms in neighborhoods newly inundated with young children, a recession that is causing some families to rethink expensive private schools, and a new citywide admissions process that requires people to sign up for kindergarten earlier has spread fear of lotteries and rejections across playgrounds and online discussion groups.

“In the past there was anxiety on the part of parents who had a zoned school they considered not desirable,” said Robin Aronow, who runs a school admissions consulting firm, School Search NYC. “Now that anxiety has stretched its way to even the families who have a desirable option, about whether that option will be available.”

Andrew Jacob, a spokesman for the Department of Education, warned that the enrollment picture could change by September. Because the new process required people to sign up for their local schools earlier than in previous years, many who registered for zoned schools may choose to send their children to gifted-and-talented programs — which will not announce their placements until June — or to private schools.

“It’s far too soon to speculate about which schools will actually be capped in September,” he said. “The number of students who are interested in attending a school in the spring is often very different from the number who actually still want to attend the school in the fall.”

Mr. Jacob said families should wait until September, when schools that are oversubscribed make arrangements with the Department of Education to handle the overflow. In the past, he noted, city schools outside Manhattan have capped enrollments, though it has not happened before in Manhattan neighborhoods that are sought after for their schools. This year, 34 schools outside Manhattan have done so.

“The bottom line is schools have to accommodate all of their zoned students unless they work out a capping plan with us, and that happens in September,” he said. “Even if they get to the point in September where some schools still have more zoned students that want to attend than we have seats, we work with them to see if there is a way to accommodate more students.”

But parents and public officials say that it is not enough to hope that slots free up. On the Upper East Side, City Councilwoman Jessica S. Lappin said her office had been inundated with calls from people who received letters from P.S. 290 saying their children were not being offered one of its 125 kindergarten seats “at this time.”

“We sincerely hope that we will be able to accommodate all zoned families seeking a seat at P.S. 290 in the 2009-2010 school year,” wrote the school’s principal, Sharon Hill, without offering parents guidance on how to proceed.

Ms. Lappin faulted the mayor and the schools chancellor, not individual principals, for the situation.

“How do you send letters to families telling them that their kids are not going to their zoned school and have no plan in place for them?” she said in an interview. “That’s outrageous.

“The whole foundation of this system,” she added, “is that you’re supposed to, at a local level, be able to send your kid to a school in the neighborhood.”

Other schools may also create waiting lists. At P.S. 87 on the Upper West Side, Mr. Jacob said, 200 children zoned for the school applied for 175 seats. P.S. 59, on East 63rd Street, had 149 applications for 100 seats and P.S. 6 had 163 applicants for 150 seats. While some of the current crunch may be eased by people choosing private schools, public schools could also find themselves having to make room for private school refugees. Dr. Aronow, the consultant, said that just last week, she met with three new clients who were considering pulling their children out of private school for financial reasons.

Late last spring, some parents whose children were zoned for P.S. 234, in TriBeCa, and P.S. 89, in Battery Park City, were placed on waiting lists, although the schools ended up admitting all of them. This year, two new schools are opening in Lower Manhattan to help ease the crowding.

But the Department of Education did not rezone the neighborhoods to delineate who should attend the existing schools and who should go to the new ones, instead having P.S. 234 and P.S. 89 hold lotteries.

Faith Paris Aarons, who lives opposite P.S. 234, said she was “completely outraged” to learn that her son had not been admitted.

“If I had known this, I don’t know if I would have continued to stay here in Manhattan,” she said.

Manhattan Valley

2009-02-28T09:20:00.004-05:00

Nobody calls it Manhattan Valley, except maybe some planning wonk, or the NY Times search engine. It does actually have some geographical boundaries, as there really does exist a valley. Let's forget that though and map out what people think of when they hear that name, and why people should be thinking about it more...

Loosely, Manhattan Valley runs from north of 96th street on the westside, until 110 street when Morningside Heights begins. (Some people think it stops at 107th and Strauss Park. I'm talking loosely here).

There are those people who think that anything North of 96th street is Harlem. Not that there's anything wrong with Harlem, but it's just ignorance (and, I think, a little racism). Manhattan Valley still feels like an old time neighborhood. It's filled with musicians, and professors, and other relics of an upper middle class that can't really afford to live here anymore.

Manhattan Valley has always been less expensive than south of 96th street. There are signs though, that the gap is closing.

One dramatic change to the neighborhood has been the Ariel development on Broadway and 99th street. Not only did they permanently alter the skyline, but they have infused the neighborhood with a clientele hungry for amenities, restaurants, and something retail other than Duane Reade. (It's a shame that Oppenheimer Meats couldn't hold on, because I bet they'd make it now...). The retail climate along Broadway from 96th until say 105th (anchored by Henry's restaurant on one side and Silver Moon Bakery on the other) is pretty dismal. But I'd bet that will change over the next couple of years. On Amsterdam there are big retail stores and luxury rentals) rising on 99th street, and on Columbus from 97th-99th, it's a virtual strip mall with all the favorites--WHOLE FOODS, Modells(Welcome to suburbia!) Michaels arts and crafts (no strip mall should be without!). I think people will embrace it.

West of Broadway for the entire length of Manhattan Valley couldn't be prettier. West End Avenue has many significant buildings, as does Riverside Drive. My favorite is the Clebourne, on WEA (but built until Broadway) and 105th. It is the Grande Dame of WEA, built for rich people in 1912, on the site of the old Strauss mansion (who perished in the Titanic in 1912). Strauss Park is named for them as well...The Clebourne was referred to as the Dakota of the North.

East of Broadway is a block by block affair. There are some interesting pockets: Manhattan Avenue Townhouses, for example, and lots of apts between Broadway and Amsterdam. But there is also a lot of public housing, tenements and run down apts that give a gloomy feel to the area. Having said that, 455 CPW is a luxury condo that seems to do pretty well. I've already posted my feelings about Park West Village, which I think has tremendous value that will only increase.

Some people will not look above the 70's, and for others, school catchment is their biggest concern (although I've posted my opinion about buying for school placement as well...). I would argue that before buying in the over crowded, over hyped 70's or 80's, you give the 90's or the 100's a look see. BTW, both Riverside Park and Central Park are splendid in this area. North Meadow is where most of the ball fields are located (as well as Riverside park from 101 to 104th street). Sal and Carmines has the best pizza outside of Staten Island. Silver Moon Bakery has the best bread in Manhattan. Absolute bagels are sublime. Smoke is a renowned jazz club. Mama Mexico is a local favorite. The hummus at Samad's (111th, but work with me here) is unparalleled.

(Neighbors, feel free to add you thoughts to what's special about the area...)

Docks

2009-02-28T09:20:00.001-05:00

R.I.P.

Schadenfreude

2009-02-03T16:52:00.003-05:00

It's my favorite German term ever. In the movie business, it's part of one's every day work life. It means taking pleasure from other people's misfortune. Here's what i don't understand: people on the NY Real Estate blogs bubbling with schadenfreude over the downward market.

Some of it I get: the frustrated masses, long shut out of the real estate market, trying to raise a family in NY. It's the only place I know of where being middle class, or even Upper Middle Class, gets you almost nowhere. These people are positively giddy over the prospect of finally being able to afford a home.

Almost every post I read is either about A) the poster's total hatred of real estate brokers or B) How the market is still crashing and prices will reach absurd numbers not seen since the 80's. They relish every price drop, they snicker at every closing price.

But here's the thing: this country, their friends, their neighbors, their family...don't they know someone who is suffering? It's like they are echoing the sickly cries of Rush Limbaugh. They are hoping for the NY Real Estate Market to crash.

Aren't their 401K's affected? Haven't they lost a percentage of their net worth? I don't know one person in NY who hasn't been affected by the downturn in some real way. Aren't these people getting giddy at their own expense? At some point, isn't it bad taste to relish others misfortunes?

Isn't their hostility misplaced?

Open House Report

2009-01-25T19:53:00.003-05:00

I have learned a few things since the collapse of Lehman Brothers (widely accepted as the death knell of the NY RE market). 1. No one is recession proof. 2. Even people who are still ready to buy are pausing. Their retirements portfolios are down 40%, they may still have a job, but there were cuts in their department or they are waiting for the market to bottom out. I am not a numbers cruncher, so I can only report my tiny sliver of the market, but I am encouraged by what I see. Here's what I can tell you: In the last 3 weeks, I've held open houses for a listing that was recently reduced to under a million. It is easily priced at 25% under the peak price. The first week, I had 30 unique visitors to the open house (meaning I had more than 30 people, some were in groups or with brokers). The next 2 weeks I had 15 unique buyers. Those are strong numbers, any way you look at it. Granted, I don't have an accepted offer, but there are lots of people who are ready to make the move. It may take twice as long (or three times as long or four times as long), but the buyers are out there. I heard about a well priced family sized apt on the Upper west Side that had 50 unique buyers through the doors during last week's open house. I'm not predicting an immediate turnaround. I'm not predicting anything at all. (Even my smart Wall Street friends are no longer predicting). But I do think that it's possible that a combination of astonishingly low interest rates and low prices will make buying sooner rather than later a reality instead of a temptation.
There are those who will wait to see if prices drop further (and they may). I believe that if you're in it for the long haul, it won't matter much if prices drop another 15%. You'll be in the apartment when they've risen another 30% over time. And you'll have the joy of living in a home that you love while everyone else is still waiting for the other shoe to drop.

The Truth About Townhouses

2009-01-09T17:57:00.005-05:00

Now that the market is, um, correcting, it poses an opportunity for some people to take advantage and jump into to real estate. I realize that not everyone has several million dollars to invest in a home, but for those who do, a townhouse is a beautiful way to live.

A vacant townhouse is always a premium, but sometimes you can buy a townhouse with rent stabilized tenants and empty it over time. I've sold several homes to people who were taking them over for their own use, and have gotten a great deal. Maybe you only need to live in half the space for several years as your family grows. Then you even have income to offset the costs.

How many couples argue over leaving the city? I hear it all the time: the husband is ready to go, and the wife, (rightly) concerned about her quality of life is reluctant to leave. If she's the primary caregiver, she'll be the one in the minivan schlepping all day long. A townhouse is the perfect compromise to the suburban alternative.

Some people are "view" people. They want to look out their window and see lots of sky, or the Park, or the River. I get it; it can be pretty spectacular. Some people are "amenities" people...they want the doorman to take the dry cleaning, they want the gym in the basement, and the super to take care of leaks. I get that as well.

But those people who can be persuaded to leave those things behind, a townhouse offers so much more.

First of all, on a square foot basis, a townhouse is generally a better value than an apartment. In a townhouse, you're usually getting a minimum of 3000 sf, up to what can easily be 7000 sf. Let's take an average 18 sf townhouse of 4 stories and call it 4500 usable sf. Let's not forget the additional 400 sf of outdoor space on the garden level, and say an additional terrace somewhere off of the extension of 150 sf. A vacant townhouse (which will need work, no doubt) will run you more or less $1000 per sf, but it soon could be less than that. When you're finished with a high end renovation, it'll have cost you $1200 to $1400 per sf, and you'll have everything you've ever wanted in a home without leaving for the suburbs. Let's discuss further before we talk about townhouse particulars:

If you're buying a townhouse, you have kids. Maybe lots of them. Are you constantly worried about them bouncing a ball above your neighbor's heads and having the doorman call you to complain? Fear no more. What about a big classic eight apartment that still only has 1 kids bath? It's still $4M, with no outdoor space, and not a lot of room to roam.

Do you have a dog? Tired of that midnight walk to insure that your Oriental carpet isn't ruined further? A townhouse provides the answers. Not to mention that it can provide that Viking BBQ that you've secretly always coveted. Most townhouses were built with multiple gas burning or wood burning fireplaces. How many apts have one or more functioning fireplaces? It's easy to dismiss it, but mid-January when you smell someone burning a fire in their hearth, doesn't make you a tad wistful?

A townhouse affords you more privacy than the average apt. Unless you have 14 rooms somewhere, even a sprawling apt doesn't really keep the kids out of your hair. But if you have a playroom, or your own study, there's room for peace as well as play. It's a fallacy that townhouses are dark--it depends how it's situated, but a north/south townhouse generally gets great sun in different places through the day.

There are many different period of townhouse styles (and that's a different post). In the village, you'll find a lot of Federal, Greek Revival and Georgian (mid to late 19th century), but on the Upper West, there are far more 20th century homes, many in a Queen Anne, Romanesque or Revival style. I live in a townhouse built around 1907 for German laborers (who had come to NY to build fancier townhouses). My home (17') was specifically constructed for the middle class.

The structure of a townhouse is pretty standard. They vary in width, anywhere from 13' to over 25'. (14' is pretty small, but I've seen it work many times. The rooms are still 13' across). A 25' townhouse, usually built in limestone and not brownstone, were generally built as mansions and feel that way. They are extraordinary. The gold standard for a townhouse is generally 20', but 17' and 18' are pretty common as well. Even in a 17' townhouse you can usually accommodate an elevator (which may sound dumb and unnecessary but it's important for re-sale and your in-laws will appreciate it. It costs about $100,000 to install). In addition, a 17' townhouse, you can still split one big room and make it 2 kid's rooms, each of a decent size.

Some townhouses have basements below the ground floor that can be dug out even further, which allows for things like a kid's playroom, a wine cellar, a screening room. All of the trappings of Suburbia without the Sam's Club. Some townhouses have the mechanicals on the ground floor and no basement. This is often referred to as an "English Basement" and the ceiling height is usually over 8'.

The location of the stairs also changes the feeling of the home. A center staircase rather than a straight staircase, allows for more gracious rooms on either side of it. I've noticed that many narrow townhouses have a center stair to make them appear more gracious inside.

The ground floor is often used as the kitchen floor which leads out to the garden. Depending on your needs, people often create a guest room or staff room on this floor as well.

The parlor floor is the entrance off of the stoop. Many townhouses were built with stoops, although there are some built with the original entrance on the street. The parlor floor was built as the receiving floors. They were always the most ornate, with the highest ceilings, most intricate woodwork. Many people have installed their kitchens and living rooms on this floor instead of the ground floor, but that was not the original layout.

Often a townhouse was built with an extension off the back that usually makes a great study on the parlor floor (and then becomes a terrace because it usually wasn't built the entire height of the home).

The next 2 or 3 floors are for the bedrooms. Historically, the master bedroom floor was located right above the parlor, and then the children's rooms and then the staff rooms. Depending on the width, one can easily get 3 or bedrooms per floor, and as many as 2 baths (and a laundry room!)

There's often room to build up, generally a half a floor with another terrace.This floor will often have extraordinary light as well.

If you're lucky, you'll also get a terrace for your morning coffee, and a giant walk in closet for your master suite. There's usually enough room for a home office as well as a den. And the short commute makes a real difference in everyone's lives.

To me, it beats a McMansion in Larchmont any day.

Park West Village and a Tale of Two Condos

2009-01-03T10:20:00.007-05:00

First, a (very) brief history of the cluster of buildings known as PARK WEST VILLAGE. There are four, independently run condos (372 CPW, 382 CPW, 392 CPW and 400 CPW) that form a quadrangle on 97-100 streets and Columbus and CPW. Built in the 60's (and they share that post-war, slightly Soviet looking brick exterior), the buildings were converted to condos in the early 80's. Because they've been condos so long, they have VERY low carrying costs as well as low real estate taxes. They each have their own amenities inside, but they share a common parking lot, as well as gardens and playgrounds. IMHO (although I think this is common knowledge) 372 CPW (or THE VAUX, as it is officially named but I think that smacks of desperation in trying to sound fancier...sort of like naming your kid Tiffany) is the jewel in the Park West Crown. It's actually ON CPW and 97, and many units have fantastic views (more on that later). It also has a renovated and tasteful lobby and a lovely new gym, as well as a huge community room with a library, a bike room, and a children's play room. There are nominal monthly fees for the gym, the bike room and the playroom. The on-site parking, for which is there is several year waiting list, is currently $175 monthly. Yup, you read correctly. The going rate in that neighborhood is about $450 monthly, so you'd save $3300 annually when you hit the lottery and get off the waiting list.

After 372, I think 400 is the best run building, also with excellent facilities. It too, sits right on CPW, at 100 street.

Maybe because of the subsidized housing look of the exterior, or the location just past the 96th street invisible border of the "good upper west side", or the relative proximity of the housing projects on Manhattan Avenue and 100th street, Park West Village has tended to be undervalued. Even at the height of the market, apts with full on Park views and Park facing terraces were trading at $1000 per sf, sometimes a little more. (In February, an 1141 2 bed 2 bath with full on Park Views and a north facing terrace sold for $1400 per sf. That's certainly a new record, and one that will stand for quite some time, I'm sure. It was a beautiful renovation).

Which leads me to part 2 of Park West Village: A Tale of 2 Condos.

I currently have apt 17C on the market at $1,350,000. It's the same unit as the one that sold for $1400 per sf, only this is 9 floors higher. The views are breathtaking. I'm asking $1125 per sf. Did I mention the views? The apartment has a renovated kitchen, but in general could use some updating. Still...

Now I'd like to comparison shop with a nearby condo, which in many ways is the perfect comp:

Apt. 22A in the Ariel East, located on 99th and Broadway. It's a new development, and arguably a more aesthetically pleasing exterior. (Although, frankly, it depends on whom you ask). Because the building is new construction, there are tax abatements in effect for the next 10 years.

this is our listing http://www.randny.com/listings.cfm?ListingID=269162&ListingSource=RPL&PropType=S

and theirs:

http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=939319

Their asking price: $2,510,000 ($1552 per sf)

Ours: $1,350,000 ($1125 per sf)

Their cc: $1915.00
Ours: $631

Their taxes: $82 monthly, increasing by 20% every 2 years
Ours: $368

372 CPW is only a few hundred sf smaller than the Ariel, (and BTW, their measuring includes a certain percentage of common space, and they measure from outside wall to outside wall. I think the net difference is much smaller than the quoted sf would imply). Our second bedroom is actually the same size as their master bedroom, and our second bedroom is larger as well. We both have a terrace. Our view is better. They have a larger terrace (but still...they BOTH have terraces). We have a STUNNING VIEW.

Which apt makes more sense? Which is the better investment? Which has the better view? I leave those questions for you to decide. If you're looking for a condo, don't overlook Park west Village. By the way, there are new luxury rentals going up at Columbus and 97th. They will house a new Whole Foods, a Modells, a Borders (if it doesn't go bankrupt), a Michael's arts and crafts store, 2 new schools (Mandell school expansion and Solomon Schecter) and a TJ Maxx. That addition to the neighborhood will only improve the value of apts at park West Village.

The School Debate

2008-12-19T10:17:00.006-05:00

Nothing gets people more riled up than talking about NYC schools. (OK, maybe politics, but the school debate pretty much is politics writ small).

For those buyers who are sending their children to private school, the choice of where to live can be liberating: it doesn't really matter. Why live in the PS 87 school district when you can find the same apartment for less money nearby and your kid is going to Trinity anyway?

For most people, private school is not an option. Now more than ever, people are giving a hard look at what the public schools have to offer. It may be apocryphal, but I've been hearing that applications for financial aid at private schools is way up, and that new applications at private schools are way down. It wouldn't surprise me.

For full disclosure, my kids are at a private school, so I haven't had to navigate the Soviet-like bureaucracy of public schools. However, my partner at Rand Realty, Marty Krasnoff, has his child at Manhattan School for Children, and he had applied to all kinds of programs, including gifted and talented programs, the Anderson Program, and the Hunter program.

Here's the thing: You have to apply for those programs no matter where you live in Manhattan. They are not catchment programs, so it DOESN'T MATTER. (You do have to live in the district where you're applying for a standard G and T, but not the catchment). OK, but those programs are very selective and they are basically like winning the lottery you may say. You can't count on it. True, you can't count on it. But there are a lot of gifted and talented programs out there, not just those.

The "hot" school of today may evolve, and not only for the better. The "up and coming" school may be tomorrow's hot school. Just ask those parents at PS 199, which is bursting at the seams. There are all kinds of fights going on at that school, most recently because the parents of the Riverside BLVD condos have been re-routed to another public school. Those parents are furious, but I bet that the new school will improve in a hurry.

PS 166 for example, is an under the radar school with an excellent G and T program, and some other accomplishments. When looking for an apartment, do your research before you rule out a specific catchment.

If you have a newborn, and you are planning where to buy based on kindergarten in 5 years, you could be making a mistake. Everything changes. Buy the best apartment you can buy that will hold its re-sale value and that will make your family happy. Make it close to a pre-school or two where you can walk your kid to school in a couple of years. Beyond that, everything will change.

Having said that, PS 87 has been a great elementary school for a generation, as has PS 6. (But even PS 6 is getting re-zoned.) If you can afford those districts, it's like winning a mini-lottery.

By the way, once your child is enrolled at a school, there is often a sibling policy (which they are debating changing). In addition, I'm fairly certain that if your kid goes to PS 87 and you move, your kid can stay at the school. So now's the time to think about leaving that one bedroom for Morningside Heights!

Here's a helpful nyc school website: http://maps.nycboe.net/

Here's an article which touches on some of the school madness:

http://www.nytimes.com/2008/11/05/education/05rezone.html?pagewanted=print

and one other:

http://nymag.com/news/features/41277/

State of the Market-Buyers Edition

2008-12-16T14:12:00.006-05:00

The good news is that with mortgage rates so low, and the credit squeeze loosening, now can be a great time to purchase an apartment. Before you get all cynical ("of course she's saying that now's a good time to buy, she's a broker, blah blah blah) let me state my case:

First of all, I'm addressing this post to buyers who intend to occupy their apartment. If you're an investor, I'd still say there are some bargains out there, but that's not really the focus of my work.

For those people who are looking for a home, the market is loaded with opportunity. Prices are down 20%-25% from their peak. You may ask me, why jump in now when layoffs are just gaining momentum, and the economy is in a world of hurt? How do we know that prices won't fall another 25%?

I don't know for sure, but I really doubt it. I don't think that last year's $2 million classic six will sell next year for $1 million. That's wishful thinking, and for so many reasons, it's highly unlikely. But last year's $2 million classic six might go for $1.5 pretty soon. If you are buying it to stay in and raise your family, then you'll be there for 5-10 years. If you are an empty nester and are retiring here (I see that more and more often) then ditto, you're planning on staying for at least 5-10 years. If you don't think the real estate market will rebound before then, then you should move to Maine, stuff your money under the mattress, and wait for the aliens to land.

By the time people have figured out that the market has rebounded, it's already on its way back up. That makes you competing with many others and that's what drives prices up. That brings bidding wars.

In addition, the most important aspect of purchasing a home is quality of life. You can't quantify what it will mean to you and your family to have a home that you love. Granted, for most people, it's their most important asset, and they don't want to overpay. But I know so many people who have been sitting on the sidelines, waiting for this exact moment. They've spent years in an apartment that was too small, or too dark. At a certain point, the emotional needs can outweigh the financial paradigms.

I read a ton of postings by people who have no intention of buying an apartment, arguing that the markets will go down, it's stupid to buy, it makes more financial sense to wait etc. I don't think those people are buyers. They are observers. When you're ready to buy, you're ready because of so many reasons, market conditions being only some of them.

It's always better to start educating yourself about the market before you're ready. When you finally do see the perfect apt, you'll know it. The worst thing that can happen is that you fall in love with the first thing you see. Then you'll be afraid to jump in, and it'll be gone by the time you realize it was right for you all along.

Get yourself educated. Go to open houses...they are designed for tire kickers. Talk to brokers. See if you find any who you feel understand your needs and your particular situation. Even if you are internet savvy, a good broker can help with many aspects of a purchase...the board package for one. In addition, a good broker can negotiate on your behalf in ways that you may not be able to do for yourself. And a good broker has networks and contacts that a buyer does not have. If you love a particular building, your broker might be able to find you something that's not even on the market yet....not all brokers are used car salesmen...

State of the Market--Sellers Edition

2008-12-13T08:15:00.000-05:00

The real estate market is changing all the time. We're constantly asked "how's the market?" It depends on who you ask and what you’re asking. I don't sell new developments for the most part, so I can't speak to that aspect of the market. Based on my recent experience, and based on conversations I’ve had with dozens of other brokers, I’ve come to a few conclusions.

If you have a special apt (and by “special”, I don’t mean your living room faces a brick wall. On the first floor) then you’ll be fine as long as it’s still priced well. A gorgeous, river facing apt on RSD and 114th street just went into contract for over the asking price of $2.3 after a few days on the market. I think it was priced pretty low to begin with, but it generated enormous interest. You can bet those sellers feel relieved. If your apt has some challenges (see brick wall, above) then make sure you are discounting for those challenges. Chances are, you bought it with a discount for the same reason.

If you are a seller, you can either accept current market conditions or you can wait them out. If you are looking to sell and 3 brokers give you one price, and the fourth gives you a higher price, I’d be very wary of that fourth number. You’re in for a long wait and a lot of open houses.

It may seem to you that this has happened overnight, and that 6 or 8 months ago brokers were telling you that you could get $1.6 for your apt. and now they are telling you to start at $1.4. It’s almost surreal. Yet it feels like that to me as well.

Everything is different.

The real estate market cannot be looked at relative to last year’s numbers. You cannot really gauge comps from ’08 or even ’07. 2006 is a better place to work from, even though most sellers don’t want to hear it.

Prices are down 20%-25% from their peak. And the layoffs are just getting started.

I believe that the market will turn around, but I don’t know when. If you need to sell now, price realistically, before you end up chasing the market down.

What does chasing the market mean? It means you started too high and you’re never able to get ahead of where market activity is. You’ll end up cutting your asking price too many times, and you’ll end up with less money than you would have if you had priced lower to being with.

Before you sell, have long conversations with your broker about pricing. It will be the most effective marketing tool that you can have. You’re going to get low ball offers. Now is not the time to get insulted. My advice is to counter and consider every offer within 30% of your ask. Make sure you have confidence that your broker is comfortable with protracted negotiations. This will be a huge asset during the sale.

Speak to your co-op board members and have a frank dialogue about pricing. I’m hearing a lot of stories about co-op boards turning down prospective buyers because they don’t like the purchase price. I can’t prove this—no one can, which is why co-op boards wield so much power. Before you have a signed contract, it’s better to know what you’re up against.

Make sure your apt looks as good as it possible can (see my post on staging).

Finally, sell before you HAVE to sell. That will only put you in an even more precarious position. You should feel like you're in a position of strength, not out of weakness or fear. Your broker is on your team. Talk to him/her on a daily basis. Get a weekly update. Find out how many people have seen the apt or responded to an ad. Ask for comps. Make sure that the comps have not lowered their prices while you have stood firm.

It's a buyers market, but with the right approach, that's nothing to be afraid of.

Stage Craft

2008-12-10T13:43:00.000-05:00

The term "staging" in real estate is almost as overused as "triple mint". Sellers always want to know "will you stage my apartment?"

First of all, let's talk about what you as a seller need to do before you put your apartment on the market. Before you get the photographer in, before even you pick your broker, it would be wise to start thinking about staging. In this regard, "staging" is more like "editing".

If you live in Manhattan, and storage is scarce, do something right away: call your parents and tell them that you're coming to visit. Don't tell them that you're bringing a U-Haul full of crap that is going to sit in their garage until you sell your apartment.

Rent a storage unit. It will be money well spent. Then go through your apartment and do at least 3 things: go through every closet and remove all of your non-seasonal clothing. All of it. Put it aside. If you have a massive shoe collection, unless you have a massive walk in closet to show it off with, those shoes should go to storage for awhile. Every closet should appear as though there's TONS of extra room.

Go through your bookshelves and pack up all of your non-essential books and tchotckes. You know those "whimsical" Hummel figurines you've been collecting since you were 10? Not so much.

The more than you can pack away for a few months, the better your apartment will look. You don't need a professional to tell you this. But it's a arduous, time consuming process. Think of it this way: you have to pack up when you move anyway. This is just giving you a head start.

But you ask me plaintively "what if I have kids?". If you have kids, leave their stuff. If you can pack up a couple of boxes and the kids won't notice, great. If you can pack up a couple of boxes, and pay your super $20 to keep it for you so that you can rotate those boxes back into play land, all the better. It's important to try and and keep the kids stuff confined to a bedroom or a playroom. Otherwise, another family comes in, sees the toys everywhere and thinks that you don't have enough space in the apt.

Clean your apartment! Nothing ruins a good first impression quicker than a grungy bathroom or dishes in the sink. People look through EVERYTHING. (Except under the bed. I shove a lot of stuff there and have never been caught).

Get your windows cleaned. Replace light bulbs. Borrow lighting from a friend if necessary, but make sure the apartment is well lit.

The point is, you are literally "setting the stage" for someone to walk into your home and have the ability to project what their life looks like there. If your living room is crowded with Hummel figurines, it's hard for that buyer to do. Anything that is personalized should be removed...put away most of your photos (leave the ones on your wall so you don't have to patch and paint), box up your collections. Now is not the time to show your individuality. On the contrary: we want a relatively blank slate for people to see.

If your apt needs more than simple editing, there are other staging solutions. A good broker will be able to guide you about choices: when to hang sheers, whether or not to move furniture or rent a piece of furniture to highlight a room or an area. Brokers have access to rental companies and can easily help with spot staging.

Then there are professional "stagers" who will be able to completely transform your space, if you need it. They are expensive, but comprehensive. They will oversee painting if need be, arrange furniture rentals, but also they usually have at their disposal a whole range of accessories, plants, and accent pieces that can dramatically alter your apt.

My point is, most times people only need to edit, not to add. When you're done, Your apartment will look so good, you'll have a hard time remembering why you wanted to sell it.

Kosher Alley

2008-12-09T19:49:00.000-05:00

Amsterdam Avenue in the 90's has always been a dingy, depressing strip of real estate. With the exception of Gennaro's, it's been more of less a wasteland for the last few years.

But the good news is that several Kosher establishments have moved in and the strip seems to be benefiting from the revitalization. Talia's Restaurant,a kosher bagel store, Gan Asia, Supersol Grocery Store, and now a certified Kosher Dunkin Donuts. All we need is a deli and a pickle shop, and it'll be just like the Lower east Side of my youth...

The Square Footage Myth

2008-12-08T08:57:00.000-05:00

Part of the reason that real estate brokers in Manhattan are so mistrusted is that they are frequently caught lying. It makes them seem like used car salesmen and it devalues the entire profession.

Obviously, not all of us behave that way. In fact, I feel pretty comfortable saying that most of us do not behave that way. But there are certain inherent problems that make it awkward for us and seem to put most real estate brokers on the spot.

One of these issues is square footage.

When you buy a condominium, you are buying "real property", that is, the actual space in between the walls, as well as a small percentage of the common space in the building. On your offerring plan, it will list the actual square footage assigned to that condo.

In condos, the common measurement is from outside wall to outside wall. So if the broker tells you that the apt you are looking at is 1600 sf, that might technically true, but in reality you might be getting something that's closer to 1450 (see the Ariel if you need a visual).

In a co-op, you are buying shares in a corporation. You are not purchasing based on square footage. Brokers for a long time simply "estimated" the square footage of an apartment, and these numbers became part of the myth of individual buildings. It didn't matter whether they were accurate or not, it was apocryphal yet accepted.

Until the lawsuit. Some time ago,a buyer sued a broker for misrepresenting square footage on a co-op. Since then, it has been standard practice to NEVER quote square footage because the broker could get into hot water.

You could measure the same space twice and come up with very different answers. You could include closet space, or the space between walls.

So, we're really not supposed to quote sf. That poses a problem. Buyers want to know. Buyers are OBSESSED with sf. The problem is that I've seen 1800 sf that seems really big, or some that have really long hallways and tons of wasted, useless space. Size queens aren't looking at what's important..they are stuck on the numbers.

I know of LOTS of apartments where past brokers have put in 1600 sf, for example, but I KNOW from my floor plan guy that it's more like 1500. How do I answer? "It's in my system from prior brokers as 1600 sf, but I think it's slightly less than that".

I'm not lying, and I'm also not giving out information that will only taint a buyer's view of the apt for no good reason. Take a look at an apartment for yourself and then judge. Measure the individual rooms if you want. Invest in a cool laser gadget that measures wall to wall pretty accurately. Make your decision based on thoughtful and careful deliberations. I'll tell you everything I think about an apartment. I'll even tell you approximately the size of the apartment. But don't quote me.

Here's a recent article that deals with discrepancies among condos:

http://ny.therealdeal.com/articles/playing-the-game-of-inches-in-measuring-square-footage

Another Apt I Love..bigger and more expensive

2008-12-07T08:15:00.000-05:00

First, a brief discussion on the term "Classic 6". This refers to a pre-war (WWII) apt with a living room, a formal dining room, 2 bedrooms, and a staff room and bath. A classic six can range from 1200 square feet to over 2000 sf (See the San Remo or for that matter 670 WEA at 93rd street).

Depending on the layout, the space can be very flexible. Often, the dining room is so large that is can easily divide and provide an ample dining area (no window) as well as a third bedroom that is accessed from the separate bedroom wing (another common feature in a pre-war building...separation of living spaces from private spaces).

Which brings me to today's tasty treat: 250 w 94th street apt 10H. This apt is over 1800 sf and was built as a classic six. The space is so flexible, it's worth discussing all of the options. It's in good shape, except for the kitchen, which needs to be re-done. The bathrooms are fine, the floors (original herringbone oak in the over sized living room!) are ok. It's asking $1,695,000, down from it's original asking price of $1,795,000. I sold a similar unit 2 years ago for $1,790,000 and it needed an update. The building is a lovely, under the radar pre-war with excellent financials, a great new-ish gym, a glamorous roof deck that no one in the building ever uses, a child's playroom, and an additional community room. The maintenance in this building is about $1 per sf, just about the best you can ever hope for in a full service, 24 hour doorman building with a live-in super.

Here's the link:
http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1363707

So here are some options:
1. As I mentioned, you can divide the HUGE dining room, creating a third bedroom with a doorway through an existing closet. Now you have 3 bedrooms, 2 baths, a dining area, and you still have a separate maid's room for a home office.

2. Open the kitchen to the maid's room and create a big open eat-in-kitchen with a built in home office. For that matter, you could open the space the dining area and STILL create a third bedroom.

3. Divide the dining room using French doors, so there's a den or guest room, but when it's not in use, you still have the window and the light coming in.

One other note about most pre-war apts....there were all designed using courtyards, so some rooms inevitably face a courtyard. In this case, the dining room faces the wall of the next building. But there is some ambient light coming through. The master bedroom, second bedroom and living room have pleasant views facing north over Pomander Walk, a Landmarked mews built in the 1920's that resemble a European street.

The building is on Broadway, but the entrance is on 94th street. It's steps from the express train. What's not to love?

Apts I love

2008-12-06T14:13:00.000-05:00

Today's topic might be considered a tad weird, since I'll be discussing listings that are not mine. These are listings that I've seen and shown to various customers. If I had someone to sell it to, believe me, I would.

This listing is something that I've shown to probably a dozen different people.

It is vacant, which is part of the reason it doesn't show well, and it has a funky kitchen, which is totally fixable.

This apt has been on the market since May when it was listed for $1.6. It is now down to $1.395,000 and while I have no insider information, I have to think that the owners are negotiable. They were transferred out of town.

http://www.prudentialelliman.com/973090

Here's the thing: this apt is close to 1500 square feet (really!), it's 3 bedrooms, 2 baths, on a high floor in a gorgeous pre-war building with a roof deck. The building allows washer/dryers, although this unit doesn't have one. 24 hour doorman and well situated.

I sold the same unit on a much lower floor for $1,440,000 which closed in March 2008. That apt did not have the third bedroom carved out of the dining room, but it did have a fully renovated and really dynamite kitchen.

Here's the link if you want to see what the apt and floor plan looked like.
http://www.realestate-websites.com/websites/randrealtyny/listings.cfm?ListingID=85274&ListingSource=RPL

This is a real family sized apt in a great family neighborhood. What more could you ask for?

2008-12-05T21:21:00.000-05:00

OK, so here goes my first blog post ever.
Why am I writing this? Aren't there enough real estate sites to troll through late at night? What could I possibly add?

First, let me introduce myself....after 15 years of a very successful career in the movie business as a literary scout and a development executive, I decided to switch gears and started selling real estate. I joined forces with my long time close friend, Marty Krasnoff, who had owned a small firm for several years. He and I talked real estate every day, and he knew my obsession with listings and floor plans.

And when I say obsession, I'm not over stating the case. Way before Street Easy made it casually fun, I was addicted to the New York Times real estate section. My mom tells me that as a little girl I would take the Sunday Magazine section and flip to the back to look at the glossy home ads.

Marty had always told me that he'd take me on as his partner when I was ready. But the movie business was never bad, and it had a certain...allure. I was making a decent living and from time to time I still loved it. I love story telling. When I realized that real estate is also story telling, I decided to jump in.

3 years later, we have a thriving business and a solid reputation. We are still a small firm, but we get lots of exclusives that the big firms are bidding on, we have had enormous success, and we still manage to maintain our dignity. No small feat in this industry. I went from the movie business where everyone is a lying, self promoting shark to an industry that's...well...let's just say it was a very small learning curve.

As I go, I'll elaborate on how I got here and why I love it. But I wanted to get to the main point which is why I would bother to blog.

First of all, i love to write, so blogging is a perfect past time. But that's not the primary reason. Real estate brokers get such a bad rap on other blogs that it's starting to make me feel bad. I can't even post on Street Easy without a snarky comment (usually made by someone who will NEVER buy an apartment, who probably still lives with their mother or far too many cats. I digress). I'm not looking for revenge (although revenge is sometimes good), I'm looking for a little clarity and transparency in a business which has always been maligned and I think misunderstood.

What Marty and I do well (and what others do well too) is to make people enormously happy by telling them the story of how they can live in a certain place. We set the stage, we match the people and the property. I have been called the house whisperer. I can tell what apt will work for the buyer (they don't always listen), but when they do, they are thrilled.

We make people happy by selling their homes in a way that doesn't diminish them or the place that they love. We try not to make their children anxious, or their pets angry. We minimize their stress and more often than not, they are extremely grateful.

Their gratitude and admiration is what often gets me through long boring days or 6 showings of disinterested parties. There is no joy in an open house with 1 person coming through, but there is a huge satisfaction in knowing that a couple will raise their family in a home that I found for them.

I thought that the public might benefit from my perspective on the market, my totally biased and absolutely partisan take on the real estate market in general, and through empirical evidence I can provide, the nature of the market. Very often there are apts that I love that are not my listings. I'll talk about them, why I love them, and why someone out there should buy them.

I tried to do this in other places, and felt like I should wear a scarlet R on my chest. Posters seems angry, and wary, and distrustful, so I moved my show away from the crazy channel to someplace more home-y (pardon the pun).

I'll never trash another broker (OK, not by name anyway) and I'll never deride another listing. But I will give my bossy opinionated thoughts on all things Manhattan real estate. here goes...