Welcome David Margolies!

David Margolies

Licensed Associate Real Estate Broker

dmargolies@compass.com

M: 917.679.7263


About David:

With $500 million in sales to date, top-producing broker David Margolies sets the standard for service in the industry and is known throughout the city for his discretion, finesse, and foresight that sets him apart. An encyclopedic knowledge of New York's residential buildings, combined with the most expansive marketing platforms, make David the obvious choice for sellers and buyers alike. 

Achieving the highest price in any given market in the buildings where he sells goes hand in hand with his consistent delivery of outstanding customer satisfaction. David always follows through for anyone he represents, becoming lifelong friends with many of his clients. His dedication is matched by his charismatic personality that ensures smooth dealings with attorneys, mortgage brokers, other agents, and clients from all walks of life. David's large referral business and accolades from many happy clients are a testament to his impressive professional accomplishments. David's press coverage includes such diverse publications as The New York Observer, The New York Times, New York Magazine, The Real Deal, The Wall Street Journal, and a number of international publications. 

Utilizing his boutique customer service skills that earned him the #1 agent in gross sales at his previous firm, David then joined the Corcoran Group where he spent 7 years as a consistent member of the Multi Million Dollar Club. David's move to Compass maximized his effectiveness with the best tools and technology in the business. A downtown resident since 1989, David has traveled the world extensively, and previously lived in Greece for four years where he ran his own business. He is a magna cum laude graduate of New York University with a degree in Psychology. 

The Monthly Update - October 2018

Dear Reader, 

Sorry for the delay in the monthly update, I was waiting for the Q3 data to arrive. After reading and re-reading Compass Q3 report, Bloomberg's, The New York Times, StreetEasy and Miller Samuel by Johnathan Miller. Rather than giving you a long drawn out explanation of the current state of the Manhattan markets, I'll just sum it up in two easy-to-read charts by Bloomberg (below) entitled, "More Pain for Sellers and More Choices for Buyers.


COMPASS NEWS:

  • Compass has now officially opened in Austin! Press

  • We are excited to announce the latest $400M funding round and plans for international expansion! Press

  • Starting this month Compass has partnered with WAZE, Compass pins will pop up on the Waze Map, indicating listings equipped with our groundbreaking reimagined real estate sign. Press


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Q3 2018 Manhattan Quarterly Market Insights Report


Q3 2018 Highlights


1. Manhattan Inventory

The overall number of active listings totaled 6,987 units in Manhattan at the end of Q3 2018, representing an 8% Y-o-Y increase compared to the same period in 2017. The increase was driven by both condo and co-op inventory at smaller unit types, which also indicated lower price segments, with listings asking below $1M up 24% Y-o-Y and listings asking between $1M-$3M up 10% Y-o-Y. In contrast, listings asking above $10M declined 26% Y-o-Y to 317 units in Q3 2018, mainly attributable to a few reasons: 1) stale and aggressively priced inventory finally getting absorbed as sellers become realistic regarding price expectations and 2) developers delivering units that have attainable price points as they capitalize on the shift in market demand from ultra-luxury large units to more efficient units.
 
The overall Manhattan median asking price continued to decrease in Q3 2018 by 11% Y-o-Y to $1.55M compared to the same period in 2017. As aforementioned, sellers reduced asking prices and accepted further discounts to seal the deal; we see these factors as positive signs for prospective buyers. Condo median asking price declined 9% Y-o-Y to $2.2M, registering the lowest asking price in 4 years since 3Q 2014. While co-op median asking price declined 13% Y-o-Y to $995K, registering the lowest asking price in 3 years since 3Q 2015.
 
* Q3 2018 inventory as of September 15, 2018


2. Manhattan Contracts Signed

The number of contracts signed totaled 1,948, reflecting a slight 1% Y-o-Y decrease during Q3 2018. The 4% Y-o-Y increase in the number of co-op contracts signed (1,081 units) almost balanced out the decline in the number of condo contracts signed (-7% Y-o-Y, 867 units). Aligning with the aforementioned decrease in ultra-luxury inventory, the best performing price segments were $5M-$10M and $10M+. The 30% Y-o-Y increase in the $5M-$10M category was primarily driven by contracts signed in several new development buildings such as The Belnord at 225 W 86th Street and 100 E 53rd Street. With regards to contracts signed last asking $10M+, co-op sales on the Upper East Side primarily contributed to the 10% Y-o-Y increase in this price segment. As of Q3 2018, there were 8.5 Months of Supply to be absorbed in Manhattan, indicating a relatively healthy market.
 
In terms of overall median contract price, it increased 4% Y-o-Y to $1.2M this quarter from $1.15M during Q3 2017. The slight upswing was primarily attributable to a 9% Y-o-Y increase in co-op median contract price. However, the increase in median contract price was combined with significantly prolonged median days on market (104 days in Q3 2018 vs. 83 days in the same period prior year). It is notable that this Y-o-Y increase in days on market was driven by contracts signed below $3M as opposed to contracts signed above $5M. With regards to the Y-o-Y increase of contracts signed between $5M-$10M this quarter, it is comforting to see median days on market shortened significantly by 79 days to 126 days from 205 days in Q3 2017.

* Q3 2018 contracts signed as of September 15, 2018


3. Manhattan Closings

The total number of closings decreased 18% Y-o-Y during Q3 2018 to 2,616 transactions, consisting of 1,163 condos (44% of total) and 1,453 co-ops (56% of total). Furthermore, all price segments exhibited Y-o-Y sales price declines ranging from 6% to 33%. Closings above $10M saw the lowest Y-o-Y percentage decline of 6% from 55 closings in Q3 2017 to 52 closings in Q3 2018. Closings between $5M - $10M declined by the highest percentage (-33% Y-o-Y), which was attributable to 34 clustered closings at Madison Square Park Tower in Q3 2017.
 
Median sales price declined by 3% Y-o-Y to $1.1M during Q3 2018 from $1.2M in Q3 2017, attributable to a 4% Y-o-Y decrease in condo median sales price ($1.6M), slightly offset by a 1% Y-o-Y increase in co-op median sales price ($855K). However, it is notable that this has been the 12th consecutive quarter since Q4 2015 that the median condo sales price has surpassed $1.6M. Negotiability, the median variance between last asking prices and closing prices, was -3.2% this quarter vs. -2% in Q3 2017. Notably, the $3M-$5M price segment had the deepest median negotiability at -6.6%. Median days on market for city-wide closings increased from 63 days to 70 days this quarter.

* Q3 2018 closings as of September 15, 2018


NYC Report On Contracts Signed $4M & Above - Olshan Report

17 Contracts Signed

Seventeen contracts were signed last week at $4 million and above, sluggish activity that mirrors the same total in the same week last year. The average days on the market was a dismal 521. Prices on average were reduced by 8% off the original asking price before a property went to contract. The top 2 deals were sold by sponsor/developers.

For the seventh time this year, the No.1 contract was at 432 Park Avenue. This time, it was 41C, asking $17.175 million. The condo has 3,575 square feet including 3 bedrooms and 3.5 bathrooms, and features a 29’ x 29’ corner living room. The building is 96 stories high, a concrete-and-glass edifice designed by Rafael Vinoly that can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining room, parking, a garden, and a children’s playroom.

The No. 2 contract was 5E at 21 East 61st Street asking $12.5 million, reduced from $15 million when it went on the market in May 2014. It has 4,060 square feet and includes 5 bedrooms and 5.5 bathrooms. A living room, formal dining room, and kitchen with a family room---all face Madison Avenue. The apartment is in the Carlton House, a 16-story building that was built as a hotel in 1950, and was converted into a 69-unit condop by Extell Development. (A condop is a co-op that leases the land and has condo rules.) Amenities include concierge, doorman, a fitness center with a swimming pool, and bike and storage facilities. Many of the units have terraces.


Total Weekly Asking Price Sales Volume: $128,130,000
Average Asking Price: $7,537,059
Median Asking Price: $6,495,000
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 521


*Condop is a co-op with condo rules.

UES $75,000/Night Is Nation's Most Expensive Hotel Room.

Most New Yorker don’t spend $75,000 a year on rent, but a hotel room on the Upper East Side is asking that hefty sum for just one night. First reported by Bloomberg, the duplex penthouse suite is at the swanky Mark Hotel and boasts six bathrooms, five bedrooms, two wet bars, a 25,000-square-foot rooftop terrace overlooking Central Park, and a living room under the landmarked building’s cupola that can be converted into a full-sized Grand Ballroom. In addition to being the country’s most expensive hotel suite, it’s also the largest at 10,000 square feet.

As Bloomberg notes, the Mark gets is share of high-rollers thanks to its Jean-Georges restaurant, Frédéric Fekkai salon, and reputation as the go-to meetup spot before the Met Ball.

The hotel was originally built in 1927 in the Renaissance Revival style at 25 East 77th Street. It was renovated in 2009 with new interiors by designer Jacques Grange and has 100 hotel rooms and 56 suites. It also has 10 co-ops, which the penthouse was originally offered as. As 6sqft previously reported, since its renovation, it has been “fraught with buyer back-outs, lawsuits, and heavy price cuts.”

The penthouse first hit the market in 2008 for $60,000 (plus $44,645 per month in common charges) and tried unsuccessfully for the next seven years to find a taker. Interestingly, the hotel’s general manager, Olivier Lordonnois, told Bloomberg that someone was renting it during this time, though it was never publicly listed as such.

In addition to the aforementioned perks, the penthouse has a library room, a dining room to seat 12, and 26-foot ceilings in the living room.

The kitchen has a custom island, breakfast room, wine fridge, and double ovens.

Off a sky-lit conservatory is a custom-designed staircase by Eric Schmitt that leads to the roof terrace, complete with its own fireplace and dining area.

The master suite has a double-sided fireplace, sitting room, walk-in closets, and his-and-hers bathrooms with a steam room.

When asked about the astronomical price, Lordonnois said he thinks it’s fair based on the competition, citing the Four Seasons’ Ty Warner penthouse, which is only 64,000 square feet with no outdoor terrace and asks $64,000 a night. The Plaza’s 4,500-square-foot Royal Suite–with 24-carat gold bathroom fixtures and a full gym–asks $40,000 a night, and the Mandarin Oriental’s 3,300-square-foot suits goes for $36,000 a night.

[Via Bloomberg]

Compass Nabs $400M Investment, Valuing The Real Estate Startup at $4.4B

Compass is officially a $4.4 billion brokerage.

The New York-based firm said Thursday it closed another mega-round, raising a $400 million Series F led by SoftBank’s Vision Fund and Qatar Investment Authority. Wellington, IVP and Fidelity also participated in the deal, which gives Compass a total capital raise of nearly $1.2 billion, the company said.

Compass said the latest funding, first reported by Bloomberg, will enable it to accelerate plans to control 20 percent market share in 20 U.S. cities by 2020, and to double down on its technology. The firm, which was founded in 2012, also said it plans to expand internationally.

“Real estate is the largest asset class in the world,” founder Ori Allon said in a statement, “and we are excited to bring Compass technology to international markets.”

News of Compass’ latest funding comes less than a year after Softbank poured $450 million into the company in December 2017, at the time valuing the brokerage at $2.2 billion. That round closely followed a $100 million funding from investors including Fidelity Investments.

With nearly $1 billion in new money over the last year, Compass has been on an unabashed growth spree, scooping up agents and brokerage firms nationwide. (On Thursday, SoftBank also announced a $400 million investment in the iBuying platform Opendoor.)

Over the past year, Compass said it has tripled its agent headcount to 7,000 nationwide. On Thursday, one brokerage head who has lost a substantial number of agents to Compass said the latest round was nothing short of terrifying. “This is going to be a killer for us,” the CEO said.

Last month, Compass told The Real Deal it is on track to hit $35.6 billion in sales volume this year, up from $14.8 billion in 2017. This summer, it picked up Pacific Union International, a $14 billion firm in San Francisco. Compass is also projecting $1 billion in 2018 revenue up from $370 million in 2017.

In addition to brokerage revenue, Compass is banking on new tech products, licensing and other money-making ventures to hit that target.

The firm plans to roll out title and escrow services, and this summer it announced its first tech licensing deal — though the partnership fell apart soon after. Some of the latest tools it has introduced to brokers include a CRM (customer relationship management) system and illuminated real estate signs that feature QR codes.

At $4.4 billion, Compass’ valuation blows other residential firms out of the water. Realogy — the New Jersey conglomerate that owns Coldwell Banker, the Corcoran Group and Sotheby’s International Realty — has a market cap of $2.5 billion. Its stock is down 25 percent since the start of the year, with a closing price of $20 per share on Wednesday.

Compass has stayed tight-lipped about its own plans to go public, but some speculated that the Series F would be the last one before an IPO.

Kris Jenner Picks Up Desert Mansion


Location: La Quinta, Calif.

Price: $12 million

Size: 11,000+ square feet, 7 bedrooms, 8 full and 2 half bathrooms

Word on the Coachella Valley celebrity real estate street is that Kardashian/Jenner family matriarch Kris Jenner shelled out $12 million for an ultra-modern mansion overlooking the lush and unnaturally verdant sixth fairway inside the manned gates of the prestigious Madison Club, a swanky golf development in La Quinta, Calif., that describes itself in marketing materials as “the modern interpretation of California’s classic old-line country clubs.” The sellers were luxury property developer Gala Asher and L.A.-based Coldwell Banker real estate broker Ginger Glass, also the listing agent, who acquired the property in May 2015 for $2.15 million, oversaw the design and construction of the über-modern eye-popper that is not “old-line” anything and set it out for sale in late June of this year (2018) with an aggressive asking price of $15 million. According to the Desert Sun, who first sniffed out the transaction, the sale price is “likely” the highest amount paid for a single family home in the Coachella Valley since late 2016 when billionaire investor Ron Burkle paid $13 million for a torus-shaped Palm Springs residential extravaganza long owned by Bob Hope.

150 Myrtle Avenue, Unit PH3002


150 Myrtle Avenue, Unit PH3002

DOWNTOWN, BROOKLYN

2 Bed  |  2 Bath  |  Condo | 1,240 SqFt

Offered At $1,550,000


Glorious views span across the Brooklyn, Manhattan and Williamsburg Bridges, and beyond. You are presented with these views every day in this updated two-bedroom, two-bathroom duplex penthouse in a full-service Downtown Brooklyn condominium.

From the sailboats in the harbor to sunsets over the Manhattan skyline, you will enjoy iconic vistas in this fantastic 1,240-square-foot penthouse. The apartment has floor-to-ceiling windows and soaring 20-foot-tall ceilings that frame your stellar views in the large double-height living room, while a large dining area stretches out before the open designer kitchen. Chefs will enjoy deep-stained custom cabinetry and handsome granite surrounding top-notch appliances including a hooded high-capacity gas range, Liebherr refrigerator, plus a built-in microwave, dishwasher and wine cooler. A well-appointed full bathroom and bedroom with walk-in closet complete this level, while upstairs, the full-floor master suite boasts another huge walk-in closet and a beautiful bathroom with deep soaking tub, separate frameless glass shower and double-sink vanity.

Updated fixtures and handsome built-ins abound in this well-maintained home. Smart home automation controls Nest thermometers as well as the recessed lighting found throughout. Remote control automated blinds allow for convenient transformation of the space when you want privacy and quiet space. Lovely Brazilian walnut floors pave the space, and the high efficiency in-unit washer dryer adds total convenience to this stunning Brooklyn penthouse. With 16 years left on the 421A tax abatement (expires 2035) and the ability to rent directly after closing, this breathtaking home is a superb opportunity for both homebuyers and investors.

Toren at 150 Myrtle Avenue is a phenomenal Gold LEED certified condominium building offering a long list of coveted amenities, including 24-hour concierge service; two-level attended parking; 2,000-square-foot fitness center with yoga room, indoor pool and sauna; a library lounge; a multi-level roof garden with outdoor movie theater; and a gourmet food market on the ground floor.

Located at the epicenter of vibrant Downtown Brooklyn, and surrounded by Brooklyn Heights, BoCoCa, Dumbo and Fort Greene, there is no better location from which to enjoy fantastic shopping, dining and entertainment. City Point is minutes away and features a Trader Joe's, Alamo Drafthouse and the Dekalb Market Food Hall (Brooklyn's largest food hall). Pacific Park (formerly Atlantic Yards) is well underway, and BAM and Barclays Center ensure year-round access to fantastic sports and entertainment. Travel anywhere in the city with ease thanks to A/C, B/F, Q/R, 2/3, 4/5 and G trains all within minutes of your front door.

City Calls On Artists To Add Flair to Construction Fences

City calls on artists to add flair to drab construction fences in two-year pilot program

POSTED ON WED, SEPTEMBER 19, 2018BY MICHELLE COHEN


On September 12, the New York City Department of Cultural Affairs announced a search for applicants for a new pilot program called City Canvas, Archpaper reports. The program was designed to beautify New York City’s visual landscape by installing large-scale–and temporary–artwork on its endless construction fences and 270 miles of sidewalk sheds. The protective construction structures are an everyday eyesore for New Yorkers, but current building codes prohibit altering them. The City Canvas program circumvents that ban by allowing select artists and cultural institutions to add visual art to the visual affronts.

There are two main objectives for the new initiative. First, to improve the experience of strolling through the city’s streets for residents and tourists alike by turning the ubiquitous fences into beautiful works of art, and second, to increase opportunities for artists and cultural institutions to get recognized for their work and to create art that represents the surrounding community. Buildings Commissioner Rick D. Chandler said “If anyone can bring some love to the sidewalk sheds New Yorkers love to hate, it’s our city’s artists.”

Image via Welling Court Mural Project

During the pilot period, which will run for the next 24 months, the city is seeking proposals from at least one qualified nonprofit organization to install artwork on at least one ugly sidewalk shed/fence. The deadline to submit a proposal is Friday, October 12. Application instructions are available at the NYC Cultural Affairs website.

[Via Archpaper]

302 2nd Street, Unit 7F


302 2nd Street, Unit 7F

PARK SLOPE, BROOKLYN

1 Bed  |  1 Bath  |  Condo | 798 SqFt

Offered At $849,000


 

PRICED TO SELL QUICKLY!! Don’t miss this over-sized nearly 800 SF One bedroom CONDO in the heart of Park Slope. A gracious entryway opens to a large open kitchen with a custom designed island, top-of-the-line stainless steel appliances and Ceasarstone countertops. Enjoy ample storage throughout and brand new bamboo flooring. A bright living room connects to a private North facing Juliet balcony featuring open city views. Bathroom has a deep soaking tub cherry cabinetry. Comes complete with central air/heat and an in-unit washer and dryer. Low common charges and a 25 year tax abatement in place until 2033 makes this an excellent home or investment. 

The Crest is a modern condominium building offering residents a full-time superintendent, outdoor patio with free wifi, fitness center, video intercom system, package room and indoor parking garage with ZipCars. Located at the corner of 2nd Street and 4th Avenue, this home is at the epicenter of desirable Brooklyn living with the attractions of Park Slope, Gowanus, and Prospect Heights all nearby. The Park Slope Food Co-Op and Gowanus Whole Foods make shopping for great food a snap, and Brooklyn's best dining and nightlife line the nearby streets. The Old Stone House & Washington Park is on the next block, and massive Prospect Park, just five blocks east, offers acres of unbeatable outdoor space, farmers' markets and more. Transportation is a breeze with F, G and R trains all within reach. Zoned for PS118

Monthly Update - September 2018

The Battle for Listings — Who’s Winning the War? Not the Buyers ...

 

Last summer, one of New York City’s leading real estate listing sites — Zillow’s StreetEasy — substantially changed several key features of its business model that it had previously touted as central to their primary vision. Initially, in a push to provide consumers with more truthful and factual data in an industry rife with shady, bait-and-switch practices, StreetEasy had prided itself on publishing only exclusive listings. A policy which made it easy for the consumer to reach the listing agent directly.  

In July 2017, however, that all changed. The website began to charge agents to list rentals, and they launched the highly controversial Premier Agent feature. With Premier Agent, any agent could position their own name on any listing — ahead of the actual exclusive listing agent —  by buying the exposure. It’s a pure pay-to-play scheme that makes StreetEasy a complicit part of the bait-and-switch industry they once railed against. Almost overnight, the number of rental listings dropped significantly and so did the sale listings.

Now, a year later, we wanted to see if StreetEasy has rebounded. With the help of the Compass data mining team, we checked in on the website’s current listing volume, and it would seem that StreetEasy never came back. According to our numbers (see figures below), StreetEasy rentals have dropped 37 percent from last year, and sales listings have dropped 38 percent. Even accounting for changes in year-over-year inventory, this is a substantial decline.

In this rapidly changing buyers’ market, it’s crucial that buyers have access to all available inventory to make the bet, most informed choices. If they’re working without a buyers’ agent and relying on a site like StreetEasy, they’re missing out on almost 40 percent of the inventory out there.

Buyers must secure the services of a quality, honest and knowledgeable agent quickly and before they make offers! Agent-to-agent sales account for over 95 percent of all transaction in New York City, and with StreetEasy’s clear abandonment of consumers in favor of profits, it’s more important that ever to work with a professional agent to help you navigate these waters again!

 

Rentals:

  • StreetEasy rental inventory in July 2017, prior to rental policy change

    • 15,534 Manhattan Apartments For Rent

    • 10,722 Brooklyn Apartments For Rent

    • Total: 26,256

  • StreetEasy rental inventory in August 2018, one year after rental policy change

    • 10,359 Manhattan Apartments For Rent

    • 6,170 Brooklyn Apartments For Rent

    • Total: 16,529

A decline of 37 percent since July 2017

Sales:

  • StreetEasy sales inventory in July 2017, prior to Premier Agent

    • 11,841 Manhattan Sales

    • 5,708 Brooklyn Sales

    • Total: 17,549

  • StreetEasy sales inventory in August 2018, one year after Premier Agent

    • 6,941 Manhattan Sales

    • 3,958 Brooklyn Sales

    • Total: 10,899

A decline of 38 percent since July 2017

 

Source: Compass Listings Department


  • "Compass to acquire one of nation's top real estate brokerages" - Full Article Here
  • "Compass real estate brokerage disrupts with high-tech, smart 'for sale' sign" - Full Article Here
  • Compass has opened new offices in Atlanta; Austin; Nashville; Jacksonville and Connecticut.

Click to see the future of the real estate sign, reinvented by Compass.

With over 90+ offices and 4,500+ agents Compass is the fastest growing brokerage in the world.


N.Y. Fashion Week

September 6 - 14, 2018

New York Wine Fest

September 15, 2018

Museum Day Live

September 22, 2018

New York Film Festival

Sept. 28 - Oct. 14, 2018


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Just Listed: 447 West 45th Street, Unit 7E


447 West 45th Street, Unit 7E

HELL'S KITCHEN, MANHATTAN

1 Bed  |  1 Bath  |  800 SqFt

Offered At $3,800 (No Fee)


Description:

 

Experience sophisticated luxury living inside this over-sized one-bedroom home, on the penthouse floor of a boutique elevator condo building. Apartment 7E has been expertly renovated to perfection – with finishes and attention to detail that far exceed those of most other units in the neighborhood.

Pass through the formal entryway and you are greeted with a bright and spacious living room, perfect for entertaining friends or just relaxing. Beautiful open northern city views and even a skylight complement the warm colors of the home. Off to the side is the large chef’s kitchen, upgraded with top-of-line stainless steel appliances and custom cabinetry. Continue on to the spa-like bathroom and king-sized bedroom, with tree-top views and a large walk-in closet. 

The Clinton Club, at 447 W. 45th Street, is an intimate seven-story building with video intercom system, private park/garden that's exclusive for residents, on-site laundry facility, and prime location on a tree-lined block in the exciting Hell’s Kitchen neighborhood.


What State Offers The Biggest Bang For You Buck? In NY The Relative Value of $100 is $86.51

A $100 in New York State has a real value of just $86.51, according to a report released this week by the Tax Foundation, an independent tax policy research group. And while New Yorkers know the cost of housing here ranks among the highest in the country and drives up the cost of living, everyday goods, including groceries, are also more expensive than most other states.

Somewhat surprisingly, the Empire State does not rank first for least valuable $100 but does fall in the top five. A Benjamin is worth the least in Hawaii ($84.46), D.C. ($86.28), New York ($86.51), California ($87.41) and New Jersey ($88.34).

On the other hand, $100 is worth the most in Mississippi ($115.74), Alabama ($115.47), Arkansas ($115.07), West Virginia ($114.16) and Kentucky ($113.90).

The group found that “real purchasing power” (the number of goods one unit of money can buy) is 34 percent greater in Mississippi than in New York. This means, if you have $50,000 after-tax income in MS, to afford the same standard of living in New York, you would need $67,000 in earnings after taxes.

But this makes sense, as states with higher incomes typically have higher price levels. Unless you look at North Dakota, where residents enjoy higher than normal incomes without the high prices. Is the bigger bang for a buck worth the move?

Even With The Current Rental Market Battery Park City Is Still The Most Expensive Zip Code In The U.S. To Rent In

Despite a year-over-year decrease in its average rent, Battery Park City ranks as the most expensive zip code for renters in the United States, according to a RentCafe report. In 2017, the average rent in this downtown neighborhood was roughly $6,000/month. And while it experienced a nearly two percent decrease this year, with average rent falling to $5,657/month, Battery Park City is still the not-so-winning winner. Not surprising but still bleak, 26 out of the 50 zip codes with the most expensive average rents in the U.S. are located in Manhattan.

Tribeca comes in second place for most costly rent at $5,226/month, an impressive year-over-year increase of 10.6 percent. Falling back from last year to spots four and five on the list include the Upper East Side ($4,856/month) and Upper West Side ($4,816/month).

Other pricey neighborhoods in the borough include Harlem, the Lower East Side, the Meatpacking District, and Chelsea. The only other NYC borough to make the top 50 list is Brooklyn, with its Brooklyn Heights neighborhood ranking 38th with rent at $3,702/month on average.

While Manhattan zip codes take up eight out of the top 10 spots on the list, the 90024 zip code in Los Angeles ranks third ($4,883/month) and San Francisco ranks sixth ($4,666/month).

RentCafe’s study, along with data from Yardi Matrix, collected apartment rent averages for every state and zip code in 130 U.S. markets, analyzing roughly 15 million apartment units.

See the full list from RentCafe here.

Meryl Streep Lists TriBeCa Penthouse for $25M

If we had to guess what Meryl Streep’s home looked like, our description would be pretty close to the serene interiors of her Tribeca penthouse, which she’s just listed for $24.6 million. According to Curbed, the three-time Academy Award-winner and her husband, Donald Gummer, bought the four-bedroom apartment in 2006 for $10 million, and they’ve now decided to sell it after buying a mid-century-modern home in Pasadena last December. Though Streep has designed the interiors impeccably, with a laid-back coastal vibe and contemporary art collection, what really sets this residence apart is the 10-foot-wide landscaped terrace that wraps around three sides of the penthouse. A secured elevator leads into a private vestibule and then to the sky-lit gallery. The open living/dining room is surrounded by floor-to-ceiling windows. A modern wood-burning fireplace separates this entertaining space from a cozier library. Adjacent to the dining room is the super high-end and sleek kitchen. And off the kitchen is an office/den. The master suite has two separate baths, separate dressing areas, and a sitting area. The second bedroom also has an ensuite, while the third and fourth bedrooms share a bath. Before buying the Tribeca pad, Streep lived in a historic Greenwich Village townhouse that she’d purchased for $9 million in 2004. Last summer, her daughter, Mamie Gummer, also listed her NYC apartment, a $1.8 million two-bedroom co-op in Chelsea.

NYT Press: Battery Park City: A Resort-Like Community Built on Landfill

Battery Park City: A Resort-Like Community Built on Landfill

The cost of living may be slightly higher in this landfill neighborhood than elsewhere in Manhattan, but many residents say the benefits outweigh the costs.

By Aileen Jacobson     Aug. 15, 2018


Once a landfill and a set of dilapidated piers, Battery Park City has grown during its 50-year history into a vibrant community that one resident recently likened to a resort or a cruise ship, and others to a bucolic suburb.

“It seems like everyone knows everybody,” said Glenn Plaskin, a journalist and author in his 60s who moved into Gateway Plaza, the neighborhood’s first residential complex, 33 years ago. He was looking for an apartment with light, a water view and low rent, he said, when a real estate agent suggested “this place way downtown, where nobody wants to live.”

His first thought when he arrived was, “Where am I?” he said. “It seemed like the middle of nowhere. Being here was like living on a houseboat.”

The area had few amenities or inhabitants at the time, but that has changed dramatically in the years since, in spite of the devastation caused by the attack on the nearby World Trade Center in 2001. These days, the neighborhood is bursting with stores, restaurants, parks and activities,” Mr. Plaskin said. “It’s just booming.”

The resort and cruise-ship analogies are more apt now: “This neighborhood has become affluent,” he said. “There are only pockets of affordability,” including apartments like his, which is rent-stabilized.

“I always say it’s a little bit like cheating to say we live in Manhattan,” said Martha Gallo, who arrived 35 years ago, after her father noticed the waterside community from his hotel window. “It’s more like a suburb. The parks are kept in glorious condition, and it’s well maintained. The streets are clean and there is no graffiti.”

Ms. Gallo, 61, an executive vice president at AIG insurance company and a board member of the Battery Park City Authority, which manages the community, married Chuck Kerner, an investment banker, six years after moving to the area. For $650,000, they bought a two-bedroom, two-and-a-half-bathroom duplex penthouse with a terrace and a fireplace, where they raised two daughters, now 20 and 15. When the children were younger, she said, they belonged to a local sailing club, participated in an annual catch-and-release family fishing day and other free events in the parks, and often visited a duck pond and a park filled with whimsical sculptures by Tom Otterness.

Joanne Hughes, 48, and her husband, Paul Hughes, 50, who works in investment trust at a real estate company, moved to the neighborhood in 2005 because they thought it would be “a good place to raise a family,” she said. They now have two teenage sons and a 5-year-old daughter.

They rented for the first year “to get the feel of the neighborhood,” Ms. Hughes said. “We loved it. Everybody was very friendly.” So they bought a two-bedroom apartment, and when that home started to feel “too tight,” they found a larger place in the neighborhood: a three-bedroom, three-bathroom unit on the 35th floor of a building with views of the Statue of Liberty, for which they paid $3 million.

“The public schools are excellent, and the air is fresh,” said Ms. Hughes, whose sons play soccer in neighborhood fields and walk to the local movie theater. The family eats at restaurants in the sprawling Brookfield Place (formerly known as the World Financial Center) or order pizza from a cafe in their building.

“We have people from all over the world living here,” she said. “The only thing we’re missing is a beach. If we had a beach, I’d never leave.”

What You’ll Find

Battery Park City’s eastern boundary is West Street, and the rest of the neighborhood, from Chambers Street to the Battery, is bounded by the Hudson River. An esplanade wraps around most of the waterfront.

The original plan was to create a 92-acre landfill — mostly with fill excavated during the construction of the World Trade Center — in an area that had been fringed by dilapidated piers, and build a mix of commercial, retail and residential buildings nestled among parks, which now cover 36 acres. In 1968, the Battery Park City Authority was created by the New York State Legislature to manage the area’s development, and by 1980, the first residences were under construction. In 2008, the City of New York leased Pier A and Pier A Plaza, on the southern end, to the Authority, so they are now part of Battery Park City, too. Today there are 30 residential buildings, and no new construction is planned.

“The neighborhood has been developed, and now we have a responsibility to maintain it,” said B.J. Jones, the authority’s president and chief executive. Some of that, he said, involves preventive work on the sea wall and underwater piles that hold the area in place. The authority also has its own security force and a conservancy branch that keeps the area clean.

Free activities — of which there are about 1,000 each year — are expanding, too, Mr. Jones said: “We are investing in diverse programming to make the community welcoming to everyone.”

A major transformation occurred in 2015, when the World Financial Center, a hub for financial services firms, became Brookfield Place, with a greater variety of businesses in its five office towers, and a retail area — a suburban-style mall — comprising 40 high-end stores and six restaurants, including Le District, a French food hall and market. The complex faces the North Cove Yacht Harbor, a particularly lively spot.

What You’ll Pay

Andrew Klima of COMPASS

Monthly costs may be slightly higher than in other areas of the city because of the fees the authority charges, “but a lot of people feel that is a cost they are willing to pay for what they get: the beautiful neighborhood,” said Andrew Klima, a Compass agent. The average sale price of a one-bedrooms in 2013 was $665,475, he said. In 2017 it was $814,278, and this year, through July, it was $865,170.

Several buildings that started as rentals have been converted to condominiums in recent years, said Jessica Weitzman, a Corcoran agent who lives in a condo built in 2006. The Solaire, completed in 2003, is scheduled to convert to condos next year.

On Aug. 9, there were 120 apartments listed for sale on StreetEasy, ranging from $550,000 for a one-bedroom, one-bathroom condo on South End Avenue to $10.995 million for a four-bedroom, five-bathroom penthouse on West Street. Of 129 rentals, the cheapest was $2,900 for a studio on South End Avenue and the priciest, $35,000, was for the four-bedroom West Street penthouse that was also for sale.

The Vibe

Although the area attracts tourists, many residents find it a quiet retreat. “It’s off the grid a bit,” said Dan Cahill, 37, an asset manager who moved into the neighborhood in 2012 with his wife, Alexandra Cahill, 34, a teacher.

He was attracted by the open spaces where he could run or bicycle, he said, and later discovered, after having children, that “the area is also extremely kid-friendly.” Restaurants are welcoming, he said, often supplying crayons, and activities abound.

Governor Nelson A. Rockefeller Park, at the northern end of the neighborhood, is a gathering spot for parents with strollers. Teardrop Park has a water play area and a long slide that ends in a sand pit. Another playground has a house where children may borrow games and toys. Stuyvesant High School, at the northern end, allows residents to pay discounted fees to use its pool, gym and other areas during nonschool hours. (Residents get no advantage, however, in qualifying for the specialized public school.)

Cultural spots include the Museum of Jewish Heritage: A Living Memorial to the Holocaust, on the southern end, in Robert F. Wagner Jr. Park, and the Skyscraper Museum across the street. The Irish Hunger Memorial commemorates the 19th-centruy potato famine with stones from each of Ireland’s 32 counties. Poets House, home to a national archive of 70,000 volumes of poetry, sponsors readings and other programs.

“There’s a waiting list” for plots at the community garden at Albany and West Streets, said Anthony Notaro, who described working on his small plot, for which he pays $20 a year, as one of his favorite activities. Mr. Notaro, 57, who works for a software firm from his apartment, which he bought in 1996, is chairman of Community Board 1, covering the area south of Canal Street.

Karlene Weise, president of the Gateway Plaza Tenants Association, participates in musical events, she said, but sometimes after she returns from her job as a document specialist at J.P. Morgan, she prefers to sit on the esplanade: “I just look at the water and the Statue of Liberty, and after a few minutes, I’m better.”

The Schools

M276, Battery Park City School, in the southern part of the neighborhood, has 802 students in kindergarten through eighth grade. According to the 2016-2017 School Quality Snapshot, 75 percent met state standards in English, compared to 41 percent citywide; 72 percent met state math standards, compared to 38 percent citywide.

At P.S. 89, Liberty School, there are 420 students enrolled in prekindergarten through fifth grade; last year, 79 percent met state standards in English, versus 40 percent citywide, and 85 percent met state math standards, versus 42 percent citywide.

The school shares a building with I.S. 289, Hudson River Middle School, which has 279 students in sixth through eighth grades. It is a screened school, accepting students based on a variety of academic criteria, and only residents of District 2, of which Battery Park City is a part, can apply. On state tests last year, 69 percent met standards in English, compared to 41 percent citywide, and 65 percent met state standards in math, compared to 33 percent citywide.

The Commute

Among the trains that make stops a few blocks east of West Street are the 1, 2, 3, 4, 5, 6, A, C, E, J, R and Z trains. The M9, M20 and M22 buses and a free shuttle bus operated by the Downtown Alliance also make stops in the neighborhood. A new pedestrian underpass starts in the Winter Garden Atrium at Brookfield Place and leads to the Oculus, the mall and transportation hub, designed by Santiago Calatrava, where most of these lines, and the PATH system, converge.

The History

After Sept. 11, 2001, when much of the area was damaged and many people were evacuated, about half the residents left for good. Since then, the community has rebounded and grown to about 16,000 residents, 2,000 more than was predicted a decade ago.

Report Shows Subway Platform Temperatures of OVER 104 Degrees

Are subway platforms really as hot as the inside of a rotisserie, or does it just seem that way? On Thursday, August 9, 2018, the Regional Plan Association (RPA) sent out an intrepid task force of staff and interns to measure the temperature in the city’s ten busiest subway stations. The temperature outside was 86 degrees. The data they collected helped to inform a report titled, “Save Our Subways: A Plan To Transform New York City’s Rapid Transit System.”

Above ground high temperature (above ground): 86 degrees
Highest temperature recorded on a platform: 104 degrees (14-Street Union Square
Downtown 4/5/6 Platform)
Average temperature recorded on platforms: 94.6 degrees

The oppressive heat in underground subway stations isn’t just a nuisance, it poses a serious health risk–for subway workers as well as paying customers. According to the NYC Health Department, “A heat index above 95°F is especially dangerous for older adults and other vulnerable individuals.” The city issues a heat advisory when the heat index is expected to reach 95 to 99 degrees for two or more consecutive days, or 100 to 104 degrees for an time at all.

According to a 2015 Academy of Sciences report, the average temperature in New York City has increased by 3.4 degrees between 1900 and 2013. It’s definitely time to turn down the heat on subway platforms. The RPA report suggests several ways the MTA could leverage modern technology like regenerative braking and CBCT–which they are already in the process of installing–to cool off subway platforms by reducing the heat generated by trains.

Just Listed - 225 East 74th Street, Unit 6F


225 East 74th Street, Unit 6F

UPPER EAST SIDE, MANHATTAN

2 Bed  |  1 Bath  |  Co-op  |  24-Hour Doorman

Offered At $1,035,000


 

Wrapped windows to the south and west, this easily convertible two bedroom and one bathroom home offers phenomenal sunlight, ample storage and an open layout in a gorgeous Lenox Hill co-op.

Top-floor serenity and open-sky views make a fantastic first impression in this loft-like corner home. The oversized foyer is surrounded by huge closets, built-ins and a perfect home office nook, nodding to the storage and convenience to be found throughout.

Step down into the spacious living room featuring maple floors, 9-foot ceilings and a long, exposed brick wall — the perfect backdrop for art. The sunny corner dining room provides a great flow for entertaining or the ideal opportunity to add a second bedroom, as needs require. Bright and spacious, the open kitchen is the perfect retreat for cooks who love to spread out during their culinary adventures. Abundant cabinetry and long granite countertops deliver plenty of prep and storage space, and the fleet of stainless steel appliances includes a gas range, dishwasher and built-in microwave. Painted brick, handsome tile backsplash and stone floors add a chic mixed-materials design statement. Head to the palatial bedroom to find plenty of space for a king-size bedroom and sitting area, while the adjacent and newly renovated bathroom boasts lovely marble and modern fixtures.

Set on a quintessential tree-lined Lenox Hill block, 225 East 74th Street is a lovely Art Deco prewar co-op offering full time doorman and live-in resident manager. Residents of the pet-friendly, elevator building enjoy a landscaped courtyard, central laundry, bike room and storage, plus generous co-op rules that allow co-purchases, parents buying for children and pieds-à-terre. Set between Second and Third avenues, the dining, entertainment and conveniences the Upper East Side is known for surround the home, and thanks to its location directly between Central Park and the East River, great open space is minutes away. Transportation is effortless with both the Q and 6 train within blocks.

* Currently/legally configured as a one-bedroom.

The Monthly Update - August 2018

Is The Tail Wagging The Dog?

 

  • 4.1% GDP

  • 25,000+ DOW

  • 3.9% Unemployment rate

  • Deregulation in full swing

Then why this from Bloomberg? Why Manhattan Home Prices Are Sliding

And this from StreetEasy? Most Price Cut Since 2010

Sellers have been feeling the pitch since 2016, but two years later — after much fanfare in the aforementioned stats — the housing market is finally getting its chance to wag. In Q2 2018, what agents have been feeling and whispering about for the past 30 months was finally being reported, namely that there are big changes coming. What, when and how those changes will materialize still remains a mystery, but the are on the horizon.

With so much uncertainty in the market, can buyers purchase with confidence and can sellers sell without losing everything?

Buyers can move forward with confidence because they are buying shelter — a necessity, a home, as well as an asset and investment. Sellers can be confident if they get realistic. If there’s equity in the property, it might be less than before, but if they price wisely with current market in mind, do the necessary prep work prior to listing and have expectations that are based in today’s reality, the market can be extremely generous.


The team at Compass has compiled the borough's most notable data of the past quarter—take a look right here.


  • Compass real estate brokerage disrupts with high-tech, smart 'for sale' sign  Read More
  • Compass Philadelphia is open, and 15 additional new offices coming soon. soon! #CompassEverywhere
  • Who’s Disrupting Brokerage? A Breakdown By The Numbers. Read More

Don't Miss Out!

Summer Restaurant Week

July 23 - August 17, 2018

Love a three-course meal but hate the price? From July 23-August 17, take advantage of lunch or dinner specials at 300 of the city's top restaurants during NYC Restaurant Week. For more information, click here.

Summer Streets

August Saturdays 7am - 1pm

Grab your bike - Summer Streets returns this month, turning Park Avenue into a car-free pedestrian path on three August Saturdays from 7 a.m. to 1 p.m. You can find out more about the program, which features activities, food stands, and more, in this article.

Lincoln Center - Out of Doors
August 1 - 12, 2018

Art goes outside with Lincoln Center's Out of Doors program, bringing three weeks of world-class music, dance, and spoken word to the plaza for the public to enjoy. Check out the schedule here


416 West 52nd Street, Unit 308


432 West 52nd Street, Unit 308

HELL'S KITCHEN, MANHATTAN

1 Bed  |  1 Bath

Offered At $945,000

Taxes: $842/ mo.  |  CC:$438/ mo.  |  New Development  |  24hr Doorman  |  Roof Deck & Gym


This modern and stylish one bedroom home features luxury condo finishes, central air-conditioning and an integrated chef’s kitchen, in a boutique full-service building with a sprawling fully-landscaped roof deck. Filled with natural light and extremely quiet. Stained white oak flooring and 9-foot ceilings compliment the home’s contemporary style. Three large closets offer plenty of storage space, and an eat-in kitchen with full size 4-burner oven and beautiful Caesarstone countertops will please serious cooks and Seamless users alike. The modern bathroom features premium Kohler and Toto fixtures, a walk-in glass shower and radiant heat flooring. Oversized energy-efficient windows and an in-unit washer-dryer provide the ultimate in comfort and convenience. 

Building amenities include full-time doorman, a state-of-the-art fitness center, yoga room, resident’s lounge, bicycle room, business center, cold storage and temperature controlled wine cellar. The buildings staff is wonderful and you are within walking distance of Central Park, Times Square and almost every major subway line. 416 W. 52nd is located on a wonderful tree-lined block in the exciting Hell’s Kitchen neighborhood.