Top 500 Real Estate Agents/Brokers In The Country - Dylan Hoffman #101
June 24th, 2016
There are over 2,500,000 real estate agents/brokers in the United States, Dylan Hoffman was ranked number 101 out of all of them based on transaction volume.
The REAL Trends 500, now in its 29th year, remains the undisputed leading report ranking the performance of the top residential real estate brokerage firms. Firms are ranked by both transaction sides and sales volume. Due to the requirement that all information be independently verified, the REAL Trends 500 remains the trusted source for information about the performance of these firms. For the 2016 REAL Trends Survey firms needed to close a minimum of 1,702 transaction sides in 2015 to place in the top 500. Click on the links on this page for a full list of these 500 elite brokerage firms ranked by sides, as well
as a ranking of the top 500 by sales volume.
This Home's Backyard Has Us Feeling Completely Relaxed — See It For Yourself!
Reported On By The TODAY SHOW
See Full Article HERE
A $16 Million Westchester Lake House With Golf Greens, Illegal Beach
A $16 Million Westchester Lake House With Golf Greens, Illegal Beach
The 10-acre estate, an hour's drive from NYC, has had just three owners in 90 years.
June 8, 2016 — 7:30 AM EDT
Mark Mosello, an outdoor lighting designer whose business, Design Lighting by Markshas lit the estates of financiers like Sanford Weill and Jamie Dimon, is selling a mansion of his own. The six bedroom, eight-bath house is on offer for $15,985,000.
The original house was built in 1928, and significantly enlarged by the present owner.
The property sits on over 10 acres.
Mosello has lived in the house for more than 25 years. "My broker found this unbelievable piece of property, this was in 1990 when the housing market was as bad as it was in 2008," he said during an interview. Offered at $1 million, "I couldn't afford it, but I couldn't afford not to buy it,"and after paying a $240,000 downpayment, moved in.
At the time, the house was just about 2,200 square feet, Mosello said. Built in 1928 for a descendent of Enoch Mead, who owned the entirety of Lake Waccabuc and the surrounding area, the house has had a total of three owners; the Mead family sold it in 1940 to a composer who lived there for 50 years, said Mosello.
The home's interior.
The property also has a one-bedroom guesthouse, a 100 foot-long dock, and a boat house.
There are a total of six bedrooms.
"Originally, the boathouse was across the lake, and one winter they pushed it across the ice," said Mosello. "That's how it came to be part of my house."
Eventually, Mosello found that the house was too small to raise his five children, and in 2001 built a 6,000-square-foot addition to the main house, adding five bedrooms and three full baths. In total, the house now spans just under 10,000 square feet.
The house looks out onto conserved land.
The house looks out onto conserved land.
Mosello is also finishing up a recent interior renovation, where he's transformed five rooms in the original house into three larger spaces.
"And out of the master bath we have a set of staircases that lead to a 40-foot-long dressing room," Mosello said, noting that the dressing room has its own terrace and "the most unbelievable view."
One of the home's eight bathrooms.
That view looks out over the property, which has two golf greens, a driving range, and 10 tee boxes for 10 different golf shots, Mosello said. There's also an infinity pool and a heated spa that can be used year round. The property has 300 feet of direct waterfront, along which Mosello installed about 60 feet of beach, for which he paid a "huge" fine. ("I'm not good at following rules," he said during a phone call.)
The house, which is about an hour's drive from Manhattan, is far away from the road—even the gate is set 100 feet back "so that it's understated," Mosello said, adding that he leveled the driveway and spent "about a zillion dollars to do it."
"When you start talking about the house you realize how unique it is," Mosello said. "But I don't notice because I've lived there all my life."
One of the home's eight bathrooms.
181 Mead Street in Waccabuc, NY is listed by Elise Knutsson of Douglas Elliman and Dylan Hoffman of Compass.
187-Year-Old West Village Carriage House Receives $4M Price Chop
187-Year-Old West Village Carriage House Receives $4M Price Chop
Two years and two price adjustments later, the 19th-century home will try again with a lower ask
BY AMEENA WALKER JUN 7, 2016, 4:00P
A few months back, it was agreed that despite its magnificent charm, the 19th-century carriage house at 29 Downing Street would need a good price-chopper before a buyer would snatch it up. The owners must have come to this same realization—the home is now asking $8.995 million—a $4.005 million price cut from its most recent ask of $13 million.
Back in June 2014, the 3,480-square-foot home, built in 1829 on land once owned by Aaron Burr, was listed for $12 million. No one bit at that price so the sellers, artist John Bennett and photographer Karen Lee Grant, re-listed the following year for $13 million (yes, we scratched our heads at that too). But it looks like reality has set in, and with that came the new lowered price.
Hopefully the charming home, which has been featured in photo shoots for magazines and fashion brands alike, will have better luck finding a new owner on this go-round. (Or maybe the Hamiltoncraze will make people more interested? It's big enough to get mentioned in the brokerbabble, anyway.)
Down to One Resident in 15,600 Square Feet, a Missionary Sisterhood’s Home Is for Sale
Down to One Resident in 15,600 Square Feet, a Missionary Sisterhood’s Home Is for Sale
JUNE 6, 2016
The Appraisal
By MATT A.V. CHABAN
The Missionary Sisters of the Immaculate Heart of Mary have served others across the world for more than a century. They have salved wounds in the slums of India, prayed with prisoners in Brazil, built schools in Cameroon and provided aid to a shaken Haiti.
Hundreds of the sisters of the Immaculati Cordis Mariae have also passed through the brownstone-framed doors of 236 and 238 East 15th Street. Since 1948, the sisterhood, begun in Belgium, has resided here on Stuyvesant Square.
For all their globe-trotting, many of the sisters still consider Manhattan their spiritual home.
“I remember seeing the park, and being so excited to have some greenery,” Sister Rosemary Cicchitti said last week during a tour of the house. She arrived in the summer 1953, before departing for Antigua. “When I was away, I would think of the park. And when I moved back, it was so nice to have it outside my window again.”
Sister Rita Cavaretta, who came to the house the same year, said: “It was so beautiful. The only problem was there was no air-conditioning then, and the drunkards would gather in the park and keep us up at night, so we had to yell at them to be quiet.”
And though she arrived here permanently only nine years ago, to serve as something of a caretaker, Sister Kathryn Vercelline always felt a connection when she passed through between one mission and the next.
“Seeing all the sisters, and seeing all the souvenirs from their travels, it was a reminder of the work we do,” said Sister Vercelline, who has served in Brazil and Rome.
Those memories are fading too, along with the sisterhood. By the 1960s, its ranks had dwindled to such an extent that the order began to rent some of its 25 bedrooms to other congregations and even to other young women. But even the boarders, and a top-to-bottom renovation in the last decade, were not enough to keep the Missionary Sisters at the site. Last spring, eight of those remaining relocated to the Bronx, to a Jewish nursing home, of all places, which has become something of a sanctuary for retired nuns. Three different orders call it home, and they quite enjoy the kosher meals, too.
By the 1980s, the sisterhood’s ranks had dwindled to such an extent that the order began to rent some of its 25 rooms to young women. KARSTEN MORAN FOR THE NEW YORK TIMES
Sister Vercelline was the only one to remain on East 15th Street, amid the African, Indian and Mongolian tapestries; the carved elephants from the Philippines and palm trees from Haiti; the crucifixes and icons from all over; and the occasional prayer group or guest to keep her company in the 15,600-square-foot residence.
That is a lot of space in the middle of Manhattan in 2016. As so many religious groups have done, the sisters are cashing out. The homes are now on the market for a combined $19.75 million.
“I saw the wisdom in it,” said Sister Cavaretta, who returned here in 2000, following a volcanic eruption at her final mission, in Montserrat. “For me, personally, happiness isn’t attached to buildings, it’s attached to people.”
With the sale, the order will have only one home in the United States, just outside Brownsville, Tex. It once occupied properties in Albany; East Los Angeles; Philadelphia; Wilson, N.C.; and Yonkers, among others.
The proceeds will be distributed to missions around the world, after enough is set aside for the sisters to live out their days in the Bronx.
“It can help, especially since in Belgium there are over 300 sisters, but the majority of them are over 80,” Sister Vercelline said. “I think the youngest just turned 50.”
At 64, she is the youngest, and likely last, of the Immaculati in the United States.
After putting up the “For Sale” signs two weeks ago, the brokers, Lisa Kobiolke and Leonard Steinberg of the brokerage Compass, have received more than two dozen inquiries. They have shown the homes three times, including to an art dealer couple who would like to use one building as a gallery.
“I remember seeing the park, and being so excited to have some greenery,” Sister Rosemary Cicchitti said last week. She arrived in 1958, two years after taking her vows. KARSTEN MORAN FOR THE NEW YORK TIMES
Dylan Hoffman, Lisa Kobiolke & Leonard Steinberg
“We thought we’d have a lot of interest in dividing the homes in two, but so far, most everyone seems to want both,” Ms. Kobiolke said. (Such combos are becoming quite common in Manhattan; Sarah Jessica Parker and Matthew Broderick recently bought two townhouses on 11th Street for $34 million, while Madonna has a $40 million, triple-wide spread on East 81st Street. And there is former Mayor Michael R. Bloomberg’s continuing project, an East 78th Street combination).
Such a sale would arguably bring the 1850s Greek Revival-style homes full circle. According to research by the Landmarks Preservation Commission (both properties lie within the Stuyvesant Square Historic District), No. 236 was first occupied by Mahlon Day, an early children’s book publisher, while No. 238 was home to a ship chandler. The neighbors included a lime merchant and a tea dealer.
Before the sisterhood arrived, No. 236 had been home to the St. Elizabeth’s Industrial School for Girls since the 1920s. The family of George Bird Grinnell, the naturalist and founder of the Audubon Society, owned No. 238, followed by a dentist, who sold it to the nuns.
The Missionary Sisters of the Immaculate Heart of Mary was established in New York almost by accident. It was founded in 1897 by Mother Marie Louise De Meester, who was visiting during World War I following a missionary trip to St. Croix. During her stay, she realized a residence in the city might not only ease the order’s work in the Western Hemisphere, but also improve recruitment.
A house at 437 West 47th Street became the order’s first outpost in the United States. Faced with condemnation there for an urban renewal project, the sisterhood moved to 236 East 15th Street in 1948, then home to the St. Joseph’s Residence for Working Girls.
“The lights in the girls’ rooms used to be set to a master switch,” Sister Cavaretta recalled, “and we slept with our lights switched on. That way, if the girls tried to turn on the light, it would wake us up, too, and we could get them back to bed.”
In 1952, the order bought No. 238 and combined the two townhouses through a doorway on each floor.
“It’s the perfect story of international ownership in New York — people who live here don’t just live here,” Mr. Steinberg, the Compass broker, said. “And think of all the amazing work this real estate facilitated. If you rented, this never would have been possible.”
Nor will it be.
“Ideally it would have gone to one of the congregations, but none of them could afford it,” Sister Vercelline said. “If it’s a family that can find joy here like we did, that’s fine,” she continued. “We have our preferences, and God has his.”
See the article HERE
11 Mistakes to avoid when buying a New York City Co-op
11 Mistakes to Avoid When Buying a New York City Co-op
The New York City co-op buying process may have you wondering if the principals of honesty, integrity, and good faith exist in the real estate market. They do, we can assure you, even though you may be feeling doubtful. To understand why so many wannabe co-op buyers are jaded you need to see that it’s often the real estate game, and not the players, that are causing problems. In our experience, many buyers seem destined to make the same 11 mistakes—again, and again, and again:
Mistake #1: Apartment hunting without the help of a broker.
When apartments in Manhattan change hands, sellers typically pay 5 to 6 percent commission. And what do you, a buyer, pay your broker to represent your interests? Nothing. That’s because the seller typically pays out half of the commission to your broker as compensation for finding a willing and able buyer.
Warning: If you don’t have a broker then you interface directly with the seller’s broker, a seasoned professional whose fiduciary responsibility is to do anything legally in their power to skew the deal in favor of the seller and against you. It’s a sad irony that many buyers don’t seek broker representation for themselves, especially when there is no cost for doing so.
A competent buyer’s broker will help you to navigate the complicated process of buying a co-op while protecting you from the common mistakes outlined in this article. Don’t be shark bait. Get a professional on your side—at no cost.
Mistake #2: Failure to notify the seller’s broker that you have your own broker.
Your broker can’t make it to an open house? Understandable, since open houses are usually all held on Sunday afternoon, and a busy broker can’t be everywhere at once. But be sure to clearly indicate on the sign-in sheet that you are working with a broker. Moreover, make sure that your broker schedules all of your viewing appointments.
Always let the seller’s broker know that you’re working with a broker.
Mistake #3: Inadequate mortgage pre-approval letter.
Most inexperienced buyers know that they need a mortgage pre-approval letter to be taken seriously by any prospective seller. But what happens if the apartment costs more than your original budget, as is often the case? We’ve seen several situations where prospective buyers—after wasting time getting a new pre-approval letter—returned to the bargaining table only to find their dream home already in contract.
The lesson? Don’t get a pre-approval letter based on your budget; get approved for the maximum amount the bank will lend you.
Mistake #4: Believing it’s possible to lose a bidding war.
Ready for the secret of never losing a bidding war? Here it is:
If you’re in a bidding war for the apartment of your dreams, offer the maximum price that you are comfortable paying, a price above which you won’t be upset to lose the apartment. Think about it. With this simple rule, if you get outbid, then the apartment was too expensive for you; if your bid wins, you’ve paid a fair price. Bidders who feel that they “lost” a bidding war were, in our experience, trying to low-ball, a tactic that never works in the most competitive real estate market in the world. Offer the price that you know is fair—it’s the only way to never lose a bidding war.
Mistake #5: Overestimating your financial strength.
It’s not enough to have the financial strength to be pre-approved for a mortgage. Co-op boards want the comfort that you can continue to pay monthly maintenance even if you lose your job. Typically, they’re looking for enough liquid assets post closing to cover 24 months of mortgage and maintenance expenses. If you won’t have enough in reserve after closing, you may wish to consider a different mortgage structure to either reduce the down payment or lower monthly payments. Otherwise, you may have to be more realistic about your maximum purchase price.
Mistake #6: You’re told your offer is accepted. You believe it.
Your offer is accepted—party time! Not so fast. We’ve seen countless times when an offer is accepted, but the seller’s broker continues to show the apartment as a “back-up”. The trouble is that the seller’s broker is legally obligated to convey all offers to the seller, so if a “back-up” bid is higher than your own – your accepted offer will probably be rescinded. The bottom line is that an offer is not accepted until the sales contract is executed. When a seller’s broker claims to be showing the apartment to find a “back-up” offer, they’re really looking for a better offer.
Once your offer is accepted, you and your broker should do everything possible to accelerate the execution of the sales contract. If, in the meantime, the selling broker insists on showing the apartment then fight fire with fire: continue your apartment hunt. After all, you’re only looking for a “back-up”.
Mistake #7: Choosing a friend or relative to be your real estate attorney.
There’s one exception to this rule. If your friend or relative is a real estate attorney specializing in New York City—and not New Jersey or upstate New York—you may want to hire them. But in any other case hire a specialized professional. An attorney who practices in any other discipline will be a fish out of water when faced with the hurdles and nuances of New York City real estate law. Remember, hiring the right real estate attorney can make a difference between a botched deal and living in the apartment of your dreams.
Mistake #8: Failing to ensure that the Co-op is on your mortgage provider’s approved list.
From the execution of the sales contract, you’ll have about 30 days to obtain a mortgage commitment letter. If the institution that granted your mortgage pre-approval does not have the co-op on their approved lending list then you may not get it. The lending institution may deem that the building’s finances are in poor shape. Or, it’s possible that the institution has already underwritten several mortgages in the building, overexposing them to risk. Another snag arises if the building’s original sponsors own multiple units.
The solution is to check with a mortgage professional. If your first choice of mortgage provider is not willing to lend in the building, be prepared to check with other institutions. Be wary of mortgage brokers who assure you that the building will be approved once the mortgage application is submitted. It may be approved, sure, but it may not be. One thing is for certain: the mortgage broker has nothing to lose if the deal falls through—it’s you that will end up empty handed.
One final warning. If you, for whatever reason, sign a contract that is non-mortgage contingent, you will be in breach of contract if you can’t find a willing lender. In this case, losing the apartment is the least of your worries: you may lose your deposit. We’ve seen this situation before and it’s nasty. Think twice before signing a sales contract without mortgage contingency.
Mistake #9: Assuming the Co-op board will accept your perfect board application.
Imagine you have perfect credit, solid financials, and impressive letters of support. In short, you’re the ideal shareholder candidate. Imagine your shock when your application is rejected without a board interview. What happened?
Let’s give the board the benefit of the doubt and assume that they are not unfairly discriminating against you. Then why might your application be dismissed? For one, a board that is not investor friendly may believe that your intention is to rent your unit. If you’re seeking an investment property, check that the building is investor friendly before signing the sales contract. Second—and this is becoming increasingly common—the board may be concerned that you’re purchase price is low enough to reduce property valuations of other units in the building. Other seemingly irrelevant factors may cause problems: the co-op may not allow pieds-a-terre, gifting, or co-purchases financed by family members.
The best defense is to try to discover the board’s limitations before making an offer. Barring that, there’s usually not a lot you can do when a co-op rejects your application. You’ll have to pick up the pieces, take back your deposit, and move on.
Mistake #10: Failure to check if there is a lien against the unit.
Wondering why the seller won’t schedule a closing? If the seller is in financial distress there may be a lien against the apartment. In this case, the lien holder will have to be notified of the closing, which can cause serious delays. We’ve personally experienced one situation where the lien holder did not return e-mails or calls for weeks. The delay caused the mortgage lock to expire, and while the transaction did eventually close, the buyer was forced into a higher mortgage rate. Luckily, there is a way to avoid this problem. Once you have the seller’s information on the deal sheet you can use ACRIS, an online property register where you can check for unforeseen problems.
If a problem is found, check with the seller’s attorney to ensure they are handling it. Make sure the seller is willing to pay his liens at the closing and that he has the bill from his lein-holders.
Mistake #11: Buying an apartment to generate rental income.
Heard about all the hedge funds generating double digit yields from buying up homes and renting them out? That works well in California and Arizona, but not in New York. After paying mortgage and maintenance you’ll be lucky to make 4% a year on your investment. You’re better off with traditional bonds. It saves the trouble of finding and managing tenants. A prudent investor only buys an investment Co-op in New York when the property value has appreciation potential; rental income alone won’t cut it. Although professional renovators may do well, passive investors will likely inherit a headache at best, a money pit at worst.
In conclusion:
Most first time co-op buyers are shocked at how difficult it is to buy an apartment in New York. While the 11 pitfalls above are by no means exhaustive, they should help you to avoid the common mistakes made by first time (or even second or third time) buyers. We can’t stress this enough: team up with the best professionals you can find and many hurdles will be cleared easily. This means finding a reputable mortgage broker, a top-notch attorney specialized in New York real estate, and, perhaps most importantly, a real estate broker who is working in your best interest.
Courtyard Buildings Haven't Lost Their Cachet - BrickUnderground
If buying a place with a private terrace just isn’t financially feasible for you, a building with a common courtyard could very well be the perfect solution. Douglas Elliman’s Ralph Modica and Dylan Hoffman plunge into the pros and cons in this week’s Buy Curious. THE WISH LIST:
I've always wanted to live in a courtyard building. Can you recommend some?
THE REALITY:
Although you probably wouldn’t be able to take full advantage of it in today’s arctic temperatures, it’s no surprise that you long to live in a courtyard building, say brokers we interviewed. “[It] can be an attractive selling point,” says Modica, noting that many would-be buyers in the city love the idea of having an on-site greenspace that has everything from a BBQ to a children’s play space to a pet area. Adds Hoffman, “Some [courtyards] have beautiful landscaping and layouts. It positively affects sale prices if kept nicely.”
Communal courtyards are mostly found in prewar buildings and are often very ornate like the Upper West Side’s Apthorp, a condo building built in 1908 around a beautifully landscaped central courtyard, and The Dakota, which was built in the late 1800s and boasts landscaped interior and exterior courtyards. There’s also the Belnord, a pre-war Upper West Side structure with an inner courtyard with landscaped gardens, and Graham Court, a landmarked elevator building in Harlem with a landscaped courtyard. These buildings are fairly exclusive and will probably be out of most buyers’ reach (a four-bedroom at the Apthorp is currently on the market for just under $7 million), but their courtyard spaces sure are pretty to look at.
In terms of usable outdoor space, buildings in the recent past have tended to favor roof decks over courtyards. “[Developers] have tried to optimize every foot eligible for development for the best return,” says Hoffman. Roof decks therefore make more sense than courtyards "so there is no wasted space where apartments can be built.”
Perhaps it’s a certain sense of nostalgia or maybe developers are simply catching on to the fact that people love a good courtyard, but only recently have some newer buildings begun to once again embrace the idea of an open green space on the premises. “We are now seeing ultra-luxe new developments starting to turn back to the courtyard-ish idea by introducing private driveways/entry courtyards,” says Hoffman.
Examples include Lincoln Square’s 15 Central Park West, which has an open courtyard between its two limestone towers, and Midtown’s 220 Central Park South, where courtyards are currently being built. Courtyards are also being planned at Extell’s new Lower East Side 250 South Streetdevelopment.
Courtyards aren’t specific to any neighborhood—they’re found all over NYC. In fact, there’s even a spate of them in Inwood, including 4761 Broadway, a mid-rise elevator building, and 15 Seaman Avenue, a pre-war development with a private courtyard.
Pros of living in a building with a courtyard are obvious. “Buyers who want outdoor space but can’t afford to purchase a unit with a private terrace or balcony will generally go for a building that at least has some sort of common outdoor space for residents,” says Modica. Adds Hoffman, “A courtyard could be considered an added amenity and ultimately secure a higher sale price.”
But while having an open-air oasis surely sounds enchanting to New Yorkers hungry for anything al fresco, there are some negatives, too. “Some apartments will look onto the courtyard and thus have no view other than other apartments looking onto the same courtyard,” says Hoffman, noting that this can compromise the light of the apartment. And some buildings don’t allow fun stuff like barbecuing or hanging out in their courtyards—they’re strictly to be admired from afar. Make sure you know which type of courtyard you’re getting before committing to anything.
“There can also be an expense for keeping up the courtyard, adding to common charges,” says Modica. In addition, there are many buildings that don’t do much or anything with their courtyards. “The value of the space depends a lot on what they do with it,” he says.
Here are a few units in courtyard buildings:
East Harlem two-bedroom/two-bathroom co-op, $699,000: This top-floor unit at 1825 Madison Avenue, between 118th and 119th Streets, has hardwood floors, an upgraded kitchen with granite countertops and a dishwasher, three custom closets (including a walk-in in the master bedroom), seven east-facing windows and a private balcony. The full-service, pet-friendly elevator building, Madison Plaza, has a live-in super, a 24-hour doorman, a laundry room, a bike room, a community room and an outdoor courtyard with a barbecue grill. It’s an HDFC building, though, so you must make below $215,000 to qualify.
Gramercy studio/one-bathroom co-op, $479,000: With uptown views and a wood-burning fireplace, this studio unit at the Gramercy House, located at 235 East 22nd Street between Second and Third Avenues, is sunny and warm. There’s a separate windowed kitchen, a windowed bathroom, and a dressing area with a custom closet. The pet-friendly co-op building offers a full-time doorman, a planted roof terrace, bike storage and a courtyard.
Midtown East studio/one-bathroom co-op, $367,500: This studio in Woodstock Tower, located at 320 East 42nd Street between Second Avenue and Tudor City Place is just a five-minute walk to Grand Central Station. The apartment has an updated kitchen with custom cabinetry, wood floors throughout, four closets and built-in bathroom storage. The building offers an on-site gym and laundry facilities, a 24-hour doorman and a resident-only inner courtyard garden.
Chelsea one-bedroom/one-bathroom co-op, $705,000: Features of this one-bedroom unit at 360 West 21st Street, between Eighth and Ninth Avenues, include high ceilings, recessed lighting, an exposed brick wall and wood floors. The modern bathroom was recently renovated and there’s a separate kitchen with updated cabinetry. The living room is large enough to fit a living and dining combination, and opens to a bedroom separated with pocket doors. There’s also hidden storage throughout the apartment. The pet-friendly elevator building offers bike storage, on-site laundry, and a large courtyard/garden area that’s exclusively for building residents.
Upper East Side two-bedroom/one-bathroom co-op, $749,000: Located at 309 East 87th Street, between First and Second Avenues, this two-bedroom features a kitchen with a separate dining area and breakfast bar, an exposed brick wall in the living room, oak floors, recessed lighting and six closets. The full-service co-op building has a 24-hour doorman, a live-in super, a newly renovated lobby, a parking garage and a furnished rear courtyard for entertaining.
Source: Courtyard buildings haven't lost their cachet | BrickUnderground
3 Starter Apartments Priced Under $700k to See This Weekend - Midtown East - DNAinfo.com New York
By Emily Nonko | October 15, 2015 5:54pm
3 Starter Apartments Priced Under $700k to See This Weekend
MANHATTAN — On the lookout for a starter apartment in Manhattan? These three one-bedroom co-ops are all priced reasonably and have open houses this weekend.
320 East 42nd St., #2009, Midtown East One bedroom/One bath Approximately 650 square feet Co-op $645,000 Maintenance: $1,423 a month Open House: Sunday, Oct. 18, 12 p.m. to 1:30 p.m.
Lowdown: Although this apartment is legally a one bedroom, a renovation left it feeling more like a loft.
“The owner gut renovated the entire apartment,” said Douglas Elliman broker Dylan Hildreth-Hoffman. “It feels like a SoHo loft instead of a stuffy one bedroom.”
It is, admittedly, a “SoHo loft in small form,” said Hildreth-Hoffman. But without the bedroom wall, there is still a larger, more open living space in this apartment compared with other apartments in the building. The current owner built out a Murphy bed, which is separated from the living room by a curtain.
The renovation, which happened about six years ago, also included a new kitchen and bathroom.
The apartment is distinguished by its large lattice windows, which are part of the building's landmarked facade. The co-op plans to upgrade and soundproof the windows within the next 12 months, according to Hildreth-Hoffman.
Other perks include a walk-in closet and impressive views.
“You're on the 20th floor of the building, so you get a birds-eye view of 42nd Street,” said Hildreth-Hoffman. “It feels like the Chrysler Building is in your living room.”
Location: 320 East 42nd Street — also known as the Woodstock Tower — is the tallest building within the Tudor City complex. Located about a block from the East River, Tudor City is known for its co-op buildings with modest apartments at reasonable prices. Given that the complex is near the United Nations, Hildreth-Hoffman thought this may be the ideal apartment “for an oversees visitor.” The building allows residents to rent out their apartments if they're not staying full-time. For train access, it is about three long blocks from the Grand Central transportation hub.
Why put it on your open house calendar? “It's one-of-a-kind,” said Hildreth-Hoffman. “You've got light, the views, and an impeccable renovation.”
420 East 51st Street, #4H, Midtown East One bedroom/one bath Approximately 900 square feet Co-op $395,000 Maintenance: $2,646.88 a month Open House: Sunday, Oct. 18, 11:30 a.m. to 1 p.m.
Lowdown: Although this apartment is located in a post-war co-op building, the seller renovated it and added some pre-war-inspired details.
The oak floors were stained and moldings were added, according to Halstead broker Eva Gellin. The kitchen and bathroom were gut renovated, with a new shower and marble details in the bathroom and new granite counters and cabinets in the kitchen.
“The kitchen is unique because it's wide, with two huge windows,” said Gellin. The windows look north, offering views of neighboring townhouses.
An L-shaped dining room is adjacent to the kitchen, and opens up into a living room space. From the living room, a small foyer leads to the bedroom.
“It's a very spacious bedroom, with views of the treetops outside,” said Gellin.
The apartment is located on the fourth floor of the 13-story building. Because it is a land lease building, in which shareholders pay rent for the land the building occupies, maintenance is high.
“The high maintenance can be difficult for young buyers,” Gellin said. “That's why the price is so low.”
Location: This co-op building is located on the very eastern edge of Midtown, between First Avenue and FDR Drive. Although the area is quiet, there are a number of bars and restaurants nearby along Second and Third avenues. The Lexington Avenue 6 train and the E and M trains at Lexington Avenue and 53rd Street are three long avenue blocks away.
Why put it on your open house calendar? “The space and the condition of the apartment,” said Gellin, who thought the size of the bedroom, living room and kitchen was “wonderful for a one bedroom."
179 East 79th Street, #2D, Upper East Side One bedroom/One bath Co-op Approximately 800 square feet $669,000 Maintenance: $1,763 a month Open House: Sunday, Oct. 18, 2:30 to 4:00 p.m.
Lowdown: Stribling broker Julie Perlin called this a “special starter apartment” due to its location in the Upper East Side.
“There are lots of bedrooms to buy under $700K east of Third Avenue,” she said. “But there are not many west of Third Avenue to Park, where this is located.”
179 East 79th St. is a pre-war co-op building with 16 stories and four apartments per floor. There's a full-time doorman, live-in super and private garden for residents. This unit is located on the second floor in the back of the building, “so it's quiet,” said Perlin.
It has “charming pre-war details,” she noted, including arched entryways and moldings. The living room is large enough for both a seating and dining area.
The seller, who is a long-term resident of the co-op, updated both the kitchen and the bathroom. The apartment has a galley kitchen and the seller had enough room to build out an office nook at the end of it, according to Perlin.
“It's a spacious kitchen,” she said. “There's also a window near the office nook to bring in light.”
Location: This building is located between Third Avenue to the east and Lexington Avenue to the west. It's only about three blocks away from Central Park and the Metropolitan Museum of Art. When it comes to transportation, you could take the 77th Street 6 train, two blocks away, or the 4 or 5 trains at 86th Street, six blocks away.
Why put it on your open house calendar? “It's the best value for a pre-war one bedroom in the neighborhood, west of Third Avenue,” said Perlin.
Source: 3 Starter Apartments Priced Under $700k to See This Weekend - Midtown East - DNAinfo.com New York