17 East 131st Street, Unit 1B

17 East 131st Street, Unit 1B

Harlem, MANHATTAN

$350,000

2 Bed  |  1 Bath | HDFC Co-op

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Surround yourself with garden views and move-in ready interiors in this spacious, secluded rear-facing two-bedroom, one-bathroom HDFC co-op home in convenient Central Harlem. Income restrictions apply.

Inside this expansive home, you'll enjoy exceptional natural light thanks to large windows on all four exposures. Eight-and-a-half-foot tall ceilings rise over gleaming hardwood floors, amplifying the bright and airy ambiance. A gracious gallery entry with a coat closet ushers you to an oversized living/dining room with a ceiling fan and views over the rear garden and an adjacent private park that closes at dusk. The lovely open kitchen impresses with garden outlooks, abundant cabinetry, stone countertops, tile backsplashes and full-size appliances. Two king-size bedrooms each offer two roomy closets and easy access to a full bathroom with a large tub/shower, contemporary vanity and floor-to-ceiling tile. Currently configured as a two-bedroom, this home could easily accommodate the addition of a third bedroom or private home office.

17 East 131st Street is a pet-friendly HDFC co-op offering on-site laundry, a package room and Fios access.
Income restrictions are as follows:

Household income restrictions of 165% AMI apply:
1 Person = $163,185
2 People = $186,450
3 People = $209,715
4 People = $232,980
5 People = $251,625

From this tree-lined Central Harlem block, you're just blocks from outstanding outdoor space at Marcus Garvey Park, St. Nicholas Park and Harlem River Park, plus two playgrounds right across the street. The renowned Harlem dining and nightlife scene fills the nearby streets, and the great shops of 125th Street, including Whole Foods, are at your disposal. Head to the Eastside, Westside or Downtown with ease, thanks to 2/3, 4/5/6, A/C and B/D trains, Metro-North trains, excellent bus service and CitiBikes all within nearby.

The Monthly Update - August 2023

The Value of a Great Banker/Lender

The majority of real estate deals across the country are financed. So, obviously, banks are extremely important to the success of most real estate transactions. As I see it, these financed deals include a buyer, a seller and a critical third party – your lender or bank. Unfortunately, many challenges can arise when bringing this trio together, especially if your banker is inexperienced or careless.

For example, a buyer could make an offer with an unvetted pre-approval letter. This will sabotage your deal when the underwriting department kills the transaction in the 11th hour when funding doesn’t come through. In a rush to satisfy a new client, bankers sometimes act short-sighted, even selfishly when doling out pre-approval letters that have not been carefully reviewed by underwriting. 

Other challenges can arise in new development condos as certain stipulations need to be met from the bank side in reference to the building itself. For example, most banks require a certain number of units to be in contract (under escrow) or sold and closed before they can lend in the building. If the banker does not do their necessary building due diligence even before the contract is signed, it could be fatal to your deal. 

Condo questionnaires can be another source of trouble in the lending process. In condo buildings, banks must have condo questionnaires filled out and submitted to underwriting. Occasionally, these questionnaires can have incorrect answers or information the bank isn’t willing to accept. Only good, invested bankers would review the questionnaire to ensure the data is accurate and the bank will lend in the building before submitting them to underwriting. I recently had a great banker from CitiBank suggest to the building involved that they should increase its insurance policy by $100,000 a year (which costs the building nothing) to garner better rates for prospective buyers looking to purchase there. Her out-of-the-box thinking and ability to identify this pitfall, not only to save the current deal but to better position the building long term, are just the qualities you need in your banker! There are so many booby traps, obstacles and challenges for this third party in your transaction to identify and overcome to save the deal. That’s why a strong banker is absolutely paramount to the process.

In New York City, there are a fair amount of cash transactions, and depending on the price point, cash deals range up to 40% of transactions. That’s great for those cash buyers because it eliminates the third party to the transaction and increases the probability of the deal closing. But the remaining buyers reliant on banks need a strong, smart and honest banker invested in completing the transaction. New York City agents tend to know two or three very good bankers. Most brokers (including yours truly) do many transactions, and we learn which bankers act faithfully to the buyer and the deal. We also become aware of those who aren’t as diligent and miss important deadlines or details. If your real estate broker suggests a banker, try them out. They’re doing so in your deal’s best interest in most cases. 

And for agents, getting buyers pre-approved with a banker you trust, whether you’re on the listing or purchase side, is the best thing you can do for your clients. Bankers who come from broker referrals want the referrals to keep coming, so in most cases, they’ll personally see that the transaction gets to the closing table. If a buyer insists on using a small, unknown mortgage lender who may not have any exposure to your market, sometimes insulating the deal by getting a backup lender involved is a great solution. Or, if you’re selling a property, write into the contract that if the buyer's current, unproven lender issues a denial letter, they are obligated to apply to the broker’s recommended, vetted, go-to banker. That’s a smart way to guard against rookie or selfish bankers blowing up your deal! 

Ensuring the deal is protected from the bank's perspective is a surefire way to ensure that your clients — sellers or buyers — can close the deal when a third party is involved in the transaction — the bank! 

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Local Happenings

AUGUST 2 - 16:

MOVIE NIGHTS IN PROSPECT PARK

It's that time of year again! Sprawl on Prospect Park's Long Meadow to experience four consecutive Wednesdays of movie nights presented by Paramount+ and Brooklyn Magazine, starting July 26th.

For more info, click HERE

AUGUST 12 - 18:

42ND ANNUAL BATTERY DANCE FESTIVAL

Make your way to Battery Park City's Rockefeller Park to experience six days of NYC's longest-running free public dance festival. Drawing a combined audience of over 47,000 viewers, Battery Dance is home to choreographed dance lineups from renowned artists.

For more info, click HERE.

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Lifestyle Tips and Tricks

The Best Paint Colors for Every Room

Paint colors matter. They convey a mood and a sense of style and can define a space.

Courtesy of US News

9 Contemporary Interior Design Tips You Haven't Heard Before

Current contemporary spaces have an easy, warm feel to them. Far from formulaic, they can be eclectic or even fun.

Courtesy of Forbes

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NYC Libraries Giving Out 15,000 Free Books This Weekend

New York City public libraries are giving away 15,000 books to families this weekend. The New York Public Library, Brooklyn Public Library, and Queens Public Library are gifting the books as part of the annual summer reading and learning programs, which motivate kids and teens to maintain their reading and critical thinking skills while on summer break. The free books will be available on a first-come first-served basis at select library branches on Friday, July 28 and Saturday, July 29.

This will be the fifth summer that the New York Life Foundation has helped support the city’s library’s Summer Reading and Learning Programs. The Foundation estimates that summer break causes students to lose up to two months of instruction per year, leading them to fall behind in learning. Students from low-income families are usually affected disproportionately.

“At The New York Public Library, we are dedicated to ensuring every New Yorker has access to the transformative power of books. It is a unique privilege to support children and teens on their reading journey, providing them with wonderful stories that inspire and educate them,” Anthony W. Marx, President of NYPL, said.

“We are grateful to the New York Life Foundation for partnering with New York City’s libraries to give away thousands of books for young readers to take home, which will encourage them to read more and to visit their local library, where our dedicated staff can offer even more recommendations and new worlds to explore.”

Books will be offered in English, Spanish, and Chinese at select locations. The books will be available at the following library branches:

Brooklyn Public Library
Friday, July 28, from 12 p.m. to 3 p.m.

• Kensington Library, 4207 18th Avenue

• Crown Heights Library, 560 New York Avenue

• Saratoga Library at Saratoga Park, 112 Howard Avenue

• Park Slope Library, 431 6th Avenue

Saturday, July 29, from 12 p.m. to 3 p.m.

• East Flatbush Library, 9612 Church Avenue

• McKinley Park Library, 6802 Fort Hamilton Library

New York Public Library
Friday and Saturday, July 28 and 29, from 12 p.m. to 3 p.m.

Manhattan

• 53rd Street Library, 18 Wwest 53rd Street

• Columbus Library, 742 10th Avenue

• Epiphany Library, 228 East 23rd Street

• Stavros Niarchos Foundation Library, 455 5th Avenue

Staten Island

• Todt Hill-Westerleigh Library, 2550 Victory Blvd

Bronx

• Bronx Library Center, 310 East Kingsbridge Road

• Sedgwick Library, 1701 Martin Luther King Jr Boulevard

• Wakefield Library, 4100 Lowerre Place

Queens Public Library
Friday, July 28, from 12 p.m. to 3 p.m.

• Arverne Library, 312 Beach 54th Street

• Central Library, 89-11 Merrick Boulevard

• Corona Library, 38-23 104 Street

• Flushing Library, 41-17 Main Street

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NYC libraries to give out 15,000 free books this weekend

POSTED TODAY, JULY 28, 2023

BY AARON GINSBURG

Photo/Art: The book giveaway from 2022. Photo courtesy of Jonathan Blanc / NYPL

MTA Announces 5 Fare-Free Bus Routes

New York City is testing out free fares on bus routes in every borough this fall. As part of a pilot program launching in late September, five bus lines will be free to riders for between six and 12 months, Gov. Kathy Hochul and the MTA announced Monday. The routes, which serve roughly 43,900 daily riders on an average weekday, were selected based on ridership, fare evasion, service quality, equity for low-income communities, and access to employment and commercial areas, according to the MTA.

The free routes include the Bx18 A/B in the Bronx, B60 in Brooklyn, M116 in Manhattan, Q4 LCL/LTD in Queens, and the S46/96 on Staten Island.

The free bus routes will be identifiable by easy-to-see “Fare-Free” decals with green and black destination signage, digital signage onboard the buses, decals on fareboxes, and OMNY readers. The pilot program will not include free transfers to other bus routes or subway lines.

“The MTA is the lifeblood of New York City, and I’m proud of the tremendous progress we’ve made in returning ridership to pre-pandemic levels,” Hochul said. “By establishing these fare free bus pilot routes, we are expanding access to public transportation across the city and improving transit equity to better serve all New Yorkers.”

More information about the participating bus routes can be found here:

Bx18 A/B: Operating daily during daytime hours between Undercliff Avenue or Sedgwick Avenue and Grand Concourse/E 170 Street, the Bx18 A/B bus route travels along Macombs Road, Tremont Avenue, Undercliff Avenue/Sedgwick Avenue, 168 Street, and 170 Street. It serves Morris Heights, Highbridge, and Mount Eden neighborhoods and connects to the 4, B, and D trains and several other bus routes.

B60: Operates between Williams Avenue/Flatlands Avenue in Canarsie and Williamsburg Bridge Plaza. The route runs along Rockaway Avenue and Wilson Avenue and serves the Canarsie, Brownsville, Ocean Hill, Bushwick, and Williamsburg neighborhoods. It makes connections to the 3, C, L, G, J, M, and Z trains and several other bus routes.

M116: Operates daily during daytime hours between W 106 Street /Broadway and E 120 Street/Pleasant Avenue. The route runs along 116 Street, Manhattan Avenue, and W 106 Street and serves the Harlem, East Harlem, and Morningside Heights neighborhoods. The route makes connections to the 1, 2, 3, 6, B, and C trains and several bus routes.

Q4 LCL/LTD: Operates between the Jamaica Ctr-Parsons/Archer E, J, and Z subway station and Linden Boulevard/235 Street. Some buses operate as Limited-Stop during morning and afternoon rush hours on weekdays. The route runs on Linden Boulevard, Merrick Boulevard, and Archer Avenue and serves the Jamaica Center, South Jamaica, St. Albans, and Cambria Heights neighborhoods. It makes connections to the E, J, and Z trains, the St. Albans Long Island Rail Road station, and several bus routes.

S46/96: Operates between South Avenue, West Shore Plaza Shopping Center, and the St. George Ferry Terminal, the S46 local route operates at all times and the S96 Limited route operates on weekdays only in the peak period, peak direction. The route runs along Castleton Avenue, Victory Boulevard, Walker Street/Brabant Street, and South Avenue. It serves St. George, Tompkinsville, West New Brighton, Port Richmond, Elm Park, Arlington, Bloomfield, and Chelsea neighborhoods and makes connections to the Staten Island Railway and Staten Island Ferry.

After the pilot program, the MTA will evaluate the program’s impact on metrics like ridership, route speeds, costs, security, and service levels, reverting the participating routes back to paid service, according to amNY.

The state budget, which was approved last May, included $50 million for the program.

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MTA announces 5 fare-free bus routes

POSTED TODAY, JULY 18, 2023

BY AARON GINSBURG

Image courtesy of Patrick J. Cashin / Metropolitan Transportation Authority on Flickr

622 West End Avenue, Unit 4E

622 West End Avenue, Unit 4E

UPPER WEST SIDE, MANHATTAN

$600,000

1 Bed  |  1 Bath | Co-op

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Your delightful garden terrace oasis awaits in this beautiful one-bedroom, one-bathroom Upper West Side co-op featuring prewar details, private outdoor space and incredibly low maintenance just one block from Riverside Park.

Inside this sun-splashed charmer, you'll find all the historic details you'd expect from a classic turn-of-the-century brownstone. Sky-high ceilings soar over beautiful inlaid floors, a stately decorative fireplace and oversized windows framing treetop views. Enjoy an expansive living room with plenty of space for seating, dining and home office areas, or step out to the spacious terrace for al fresco dining alongside historic rooftops and garden views. The separate kitchen features generous cabinet space and full-sized appliances, including a dishwasher.

In the bedroom, a space-saving loft bed offers pass-through terrace views and under-bed storage (although a traditional bed would fit just fine). Two large closets provide excellent storage, and the full bathroom is finished with a roomy vanity and a large tub/shower. Through-the-wall air-conditioning provides year-round comfort in this wonderful Upper West Side sanctuary.

622 West End Avenue sits among a row of eight beautiful brownstones designed by revered architect George F. Pelham in 1896. Residents of this handsome boutique cooperative enjoy low maintenance, laundry, storage and a bike room. Pieds-à-terre, co-purchasing and subletting permitted.

From this desirable location within the Riverside-West End Historic District, you're just inches from Riverside Park's loveliest gardens, bike paths, monuments and the beloved Hippo Playground. Central Park is just four blocks west, and in between, you'll find phenomenal dining, nightlife and shopping. Access to transportation is effortless with 1/2/3, B and C trains, excellent bus service and CitiBikes nearby.
*Assessment of $162.04 till August

Strategies for Ensuring Your Renters Feel Heard, Respected, and Appreciated

As a landlord, it is important to maintain positive relationships with your tenants. Establishing a good rapport will not only lead to a more pleasant rental experience for both parties, but it can also improve tenant retention rates and reduce vacancy rates. Here, The Hoffman Team presents some effective strategies for ensuring your renters feel heard, respected, and appreciated.

Offer a Fair Rental Price

One of the most important factors that tenants consider when looking for a place to rent is price. While you want to make a profit, it is also crucial to offer fair and competitive pricing for the market. To determine the appropriate price point, research similar rentals in the area to gauge the going rate. But you’ll also need to make sure that the payments cover your mortgage. If you don’t already own a property, look at the average home prices in your area to create a budget that you can use to set your price. 

You can also consider offering incentives such as discounts or waived fees for on-time payments or extended leases. And make sure that you have made all of the necessary updates and improvements to make the property worth what you are asking. A more luxurious property can have a higher asking price, but if you are keeping old hardware and peeling paint, don’t expect top dollar. By being transparent and fair with your pricing, your tenants will feel valued and respected.

If you’re looking for a new property to convert into a rental, contact The Hoffman Team. They can help you to find the perfect property for your real estate needs. 

Maintain Open Communication

Communication is key in any relationship, including the one between landlord and tenant. Make sure to establish a clear and open line of communication from the start. Provide your tenants with multiple ways to reach you, such as email, phone, or text message.

When communicating with your tenants, be prompt, courteous, and professional. Respond to their questions and concerns in a timely manner, and keep them informed of any changes or updates regarding their rental. By maintaining open communication, your tenants will feel heard and appreciated.

If you have multiple tenants, consider checking in regularly with them using an anonymous survey. Then you can get a real sense whether or not they feel like they can talk to you and if you are caring for the property as you should. You can use software that automatically sends out the survey and incentivizes it with a survey study gift card. Rewarding responses can entice even the most reluctant tenants to contribute their two cents. And it doesn’t have to be a large amount. Just something that shows you appreciate their time.

Stay on Top of Maintenance 

As a landlord, it is your responsibility to ensure that your property is well-maintained and safe for your tenants. Make sure to provide convenient and timely maintenance services to address any issues that may arise.

Set up an easy-to-use system for tenants to submit maintenance requests and respond to these requests promptly. Hire reliable and skilled contractors to perform repairs and upkeep, and conduct regular inspections to identify and address any potential issues before they become major problems. By providing quality maintenance services, your tenants will feel safe, comfortable, and appreciated.

Always Respect Their Privacy

Respecting your tenants' privacy is essential to maintaining a positive relationship. Make sure to give tenants appropriate notice before entering their rental unit, and only enter for necessary repairs or maintenance. Avoid showing up unannounced or entering the unit without permission. Additionally, make sure to keep any personal information that tenants share with you confidential. By respecting their privacy, your tenants will feel respected and valued.

Treat Each Tenant as an Individual

Every tenant is unique, and it is important to personalize your approach with each one. Take the time to get to know your tenants and their needs and preferences.

Consider their communication style, work schedules, and lifestyle when interacting with them. For example, if you have a tenant who works a night shift, make sure to schedule maintenance appointments during the day when they are not sleeping. By personalizing your approach, your tenants will feel heard, respected, and appreciated.

Host Regular Activities That Foster Community

Hosting regular community-building activities is a great way to create a positive and welcoming atmosphere for your tenants. Consider organizing events such as barbecues, game nights, or movie screenings. These events provide an opportunity for tenants to meet and build relationships with one another. Not only do community-building activities improve tenant satisfaction, but they can also help reduce tenant turnover rates. By creating a sense of community, your tenants will feel valued and appreciated.

Be a Respectful Landlord

Effective communication, responsive maintenance services, personalized approaches, and community-building activities are all important strategies for ensuring your renters feel heard, respected, and appreciated. By establishing and maintaining positive relationships with your tenants, you can create a successful and profitable rental business while providing a positive rental experience for your tenants.

Written by Bella Wilkinson for The Hoffman Team at Compass

houserich.biz | Bella.Wilkinson@houserich.biz

Image via Pexels

245 West 74th Street, Unit 1A

245 West 74th Street, Unit 1A

upper west side, manhattan

$1,500,000

3 Bed  |  2 Bath | Co-op

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Discover beautiful designer style, expansive living space and townhouse-like privacy in this recently gut-renovated three-bedroom, two-bathroom maisonette in a historic Upper West Side cooperative.

Arrive via your private entrance and enclosed, tiled vestibule to discover a pristine, bright and airy home where 10-foot-tall beamed ceilings with stunning designer lighting soar over French oak wide-plank hardwood floors and crisp white art walls. The spacious south-facing great room is perfect for relaxing and entertaining with generous seating and dining areas positioned alongside a beautiful open kitchen. Gray and white custom cabinetry is topped with thick Caesarstone slabs and beveled subway tile, while the massive center island is perfect for meal prep and casual dining. Chefs will love the fleet of stainless steel appliances, including a vented Wolf six-burner gas range, Sub-Zero refrigerator and wine refrigerator, Bosch dishwasher and a microwave drawer. An adjacent nook is perfect for a home office or café table.

Sleep soundly in the king-sized owner's suite featuring two custom walk-in closets and a breathtaking en suite marble bathroom featuring radiant heat floors, a custom double vanity and a frameless glass shower with dual showerheads. Two spacious secondary bedrooms with roomy closets flank a beautiful guest bathroom with a large tub/shower, handsome trough-style vanity and gorgeous tile work. Additional closet space and an LG in-unit washer-dryer complete this spectacular like-new home.

The Alfie Arms is an elegant brick, limestone and terra-cotta co-op built in the Neo-Classical style by Sugarman, Hess & Berger in 1923. Residents of the pet-friendly building enjoy live-in superintendent service, a handsome lobby, laundry room, storage bins, a free bike room and a lovely common courtyard.

From this ideal location at the intersection of Lincoln Square and the Upper West Side, you're surrounded by iconic outdoor space, including Riverside Park on the next block and Central Park just three blocks east. Enjoy morning coffee in lovely Verdi Square, enjoy lunch at popular Café Luxembourg and explore the gardens and exhibits of the American Museum of Natural History. World-class entertainment awaits at Lincoln Center and the Beacon Theater, while outstanding dining, nightlife and shopping venues line the nearby streets, including Citarella, Trader Joe's and the original Fairway Market. Transportation is effortless with 1/2/3, B and C trains, excellent bus service, CitiBikes and the Henry Hudson Parkway within easy reach.

‘Summer Streets’ Coming To All Five Boroughs This Year

The “Summer Streets” program will expand to all five boroughs for the first time ever. The annual event, which began in 2008, closes several miles of Manhattan streets to cars for outdoor recreation and activities. This year, the popular program will also come to Brooklyn, the Bronx, Queens, and Staten Island over five Saturdays between July and August, Mayor Eric Adams announced on Monday.

The five-borough Summer Streets program will offer nearly 20 miles of car-free streets, doubling the size of last year’s program, which saw roughly 500,000 participants. In 2022, the city expanded the initiative to East Harlem for the first time, stretching it to East 109th Street. This year, the program goes even further in Manhattan, expanding to West 125th Street.

“This is a bold new vision for public space in New York City — a bold new way of empowering residents, supporting local businesses, and creating open spaces,” Adams said. “Every single New Yorker deserves access to safe, free, open space, and this administration is making it happen.”

The 2023 Summer Streets will operate between 7 a.m. and 1 p.m. The schedule is as follows: 

Saturday, July 29
Queens: On Vernon Boulevard from 44th Drive to 30th Drive, along the waterfront between Long Island City and Astoria.

Staten Island: On Richmond Terrace from York Avenue to Bard Avenue in New Brighton.

Saturday, August 5, 12, and 1
Manhattan: The traditional route will be extended this year, from Brooklyn Bridge into Harlem, along Lafayette Street and Park Avenue to 109th Street. Then the program will continue on Central Park North from Fifth Avenue to Adam Clayton Powell Boulevard from 110th Street to 125th Street.

Saturday, August 26
Brooklyn: On Eastern Parkway from Grand Army Plaza to Buffalo Avenue, linking Prospect Heights and Brownsville.

The Bronx: On Grand Concourse from East Tremont Avenue to Mosholu Parkway.

Summer Streets sponsors this year include Vita Coco, Cabot Creamery, I LOVE NY, C4 Energy, Forager Project, Super Coffee, Boxed Water, and Core Power Yoga. More details about this year’s programming will be updated online periodically.

Now in its 15th year, Summer Streets aims to promote fitness, fun, and culture. The program was halted in 2020 because of the pandemic and returned in 2021 for just two days. Last year, the program brought back three Saturdays for the first time since before Covid

“Hundreds of thousands of New Yorkers have already enjoyed Summer Streets in Manhattan, so there is clearly sufficient demand to expand the program to Queens and throughout the city,” Queens Borough President Donovan Richards Jr. said

“The COVID-19 pandemic underlined the importance of providing access to ample public space in all of our communities, and the expansion of Summer Streets will strongly further our goal of equitably creating more such access in Queens and across the city.”

As part of the city’s broader Open Streets program this year, almost 300 blocks will be closed to cars, with roughly 160 open streets, including new locations in neighborhoods like Bushwick and Brownsville, South Jamaica, and Soundview.

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‘Summer Streets’ coming to all five boroughs this year

POSTED ON MON, JUNE 12, 2023

BY DEVIN GANNON

Summer Streets 2022. Photo credit: New York City Department of Transportation on Flickr

New Sculptural Exhibit Coming to Brooklyn Botanic Garden

The Brooklyn Botanic Garden is hosting a new sculptural exhibition in three of its most well-known garden spaces this summer. Created by French artist Jean-Michel Othoniel, “The Flowers of Hypnosis” consists of six separate flower-like sculptures inspired by Othoniel’s passion and observations of nature and work on a landscape scale. The sculpture series, Othoniel’s largest exhibition in the United States since 2012, will be on view at the BBG from July 18 through October 22, 2023.

Jean-Michel Othoniel, Gold Lotus for The Flowers of Hypnosis at Brooklyn Botanic Garden. Photo by Claire Dorn, Perrotin. © Jean-Michel Othoniel / ADAGP, Paris & ARS, New York 2023.

Jean-Michel Othoniel, Mirror Lotus for The Flowers of Hypnosis at Brooklyn Botanic Garden, 2023. Photo by Claire Dorn, Perrotin. © Jean-Michel Othoniel / ADAGP, Paris & ARS, New York 2023.

Located in BBG’s Japanese Hill-and-Pond Garden, the exhibition’s “Gold Lotus” series is meant to “link the spiritual to the sensory,” according to a press release. “Gold Lotus” includes three separate lotus flowers made of gold leaf and stainless steel that lie throughout BBG’s serene Japanese garden. The lotus flower is known to represent spirituality, rebirth, enlightenment, and all things sacred.

Situated throughout BBG’s Fragrance Garden, a space meant to stimulate both the senses of smell and touch, is Othoniel’s “Gold Rose.” In the sculpture, the rose takes on the form of a kinetic structure made up of a “great corolla” of golden pearls set on top of a black steel rod. The perfect shape of the rose has been a motif present throughout Othoniel’s body of work, including in some of his paintings presented in the Louvre in 2019.

Jean-Michel Othoniel, view of the exhibition Narcissus Theorem at Petit Palais-Musée des Beaux-Arts de la Ville de Paris (France), 2021. Photo by Othoniel Studio. © Jean-Michel Othoniel / ADAGP, Paris & ARS, New York 2023.

“Mirror Lotus,” two gigantic mirror bead sculptures, are located in BBG’s Lily Pool Terrace and sit on the surface of the lily pools, responding to each other and immersing the viewer in their reflections.

“Gardens leave a great deal of space for the irrational, the inexplicable, the extravagant; they are places of mystery, magic, and secrecy. The large sculptures in gold and mirrors installed on the water are there to hypnotize us, to make us forget the world’s harshness, and to lift us out of the disillusionment of modernity and boredom,” Othoniel said.

“The garden of golden flowers is in between dream and reality, offering up, while you stroll through, a moment of reenchantment. The Flowers of Hypnosis carry within them the spell of the imaginary.”

“Jean-Michel has a passion for gardens, flowers, and the natural world that reveals itself in his works for The Flowers of Hypnosis, which respond to and enhance their garden settings,” Adrian Benepe, president of the garden, said.

“This exhibition offers unexpected sights and encounters around BBG, making a visit to the Garden even more enchanting. Brooklyn Botanic Garden is honored to share its world-renowned landscapes and gardens with an artist of international standing who shares our love for plants and gardens.”

Entrance to Othoniel’s “Flowers of Hypnosis” is free with Garden admission.

BBG is also currently hosting “Power of Trees,” an exhibition and program series that helps visitors better understand the importance of trees through science and art exhibitions, tours, family programs, and special events. “Power of Trees” also includes “Branching Out,” six site-specific works created by local BIPOC artists. The exhibition is on view until October 22, 2023.

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Hypnotizing flower-themed sculptural exhibit coming to Brooklyn Botanic Garden

POSTED ON WED, JUNE 28, 2023

BY AARON GINSBURG

The Monthly Update - July 2023

 When Opportunity Knocks

Now that the spring market is behind us – let’s review! 

In many ways, activity in Spring 2023 mirrored Spring 2019 numbers. We regularly saw 1,000 or more units going into contract each month, which is consistent with pre-COVID activity. However, this spring did have some head-scratching ups and downs. For example, one week would be extremely busy with tons of showings and offers. Then the next week would be completely dead. The spiky spring was evident with sellers and their new listings as well. One week would be consistent with historical norms of 500-600 apartments coming on the market in a single week, but seller listings would suddenly drop to 300 per week for no apparent reason.

This erratic behavior was seen in property values too. On the whole, property sale values skewed lower, giving buyers an advantage in negotiations. However, value also depended on when that seller released their property. Was it in a high week or a low week? Of course, results were swayed by the condition of the apartments. Fully renovated listings priced “right” according to buyers would often sell within 30 days and fetch the seller’s asking price or a little above. However, most sellers were finding out what that “right” price was while their property was on the market. That meant more days on the market and about a 10% discount from the original asking price.

So what does the summer hold? I think it holds opportunity! 

There are approximately 7,500 listings on the market as I’m writing this, and that number is starting to decline, which is normal for any summer. But sellers who are out on the market this summer are serious about moving their property. They could be the ones that “need to get out.” When I’m representing buyers right now (depending on the property), we’re getting some pretty nice opportunities. 

So, is this a good time to purchase? That all depends on you and your personal needs, but overall, yes! Sellers are ready to do deals. If they’re out there this summer, in this buyer’s market, they’re serious. They understand what’s happening and are choosing to stay on the market to cut a deal this summer.

If interest rates are holding you back, maybe it’s time to look beyond a typical 30-year fixed rate. A 15-year or even a 10-year interest-only product (if the co-op allows) will get you a lower rate for now, and you can always refinance your loan later when rates go down. Taking advantage of these much more fluid prices now, while opportunity is knocking, is the best way for you to stop wasting money on rent! Buyers who buy now will be very happy sellers in 5-7 years. 

If you’re looking to buy a Manhattan home, this summer could be very opportunistic! So between trips to the beach and Europe, take time to get pre-approved and buy your dream home!

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Local Happenings

4th of July Weekend

at Time Out Market

JUNE 30 - JULY 4

Celebrate America’s 247th birthday with Time Out Market New York, which will be providing live music, specialty cocktails, bottomless brunch and more all weekend long. The festivities begin on Friday, June 30th and continue through the 4th of July.

More Event Details

The Wedding: New York's Biggest Day

SATURDAY, JULY 8

Celebrate love at Lincoln Center with the 16-acre campus completely dedicated to a mass wedding celebration. For those getting married for the first time, renewing vows, or simply celebrating their love for the city—this wedding is for you! The celebration will bring people together for an inclusive multicultural ceremony with various faith leaders and live performances, followed by an iconic party.

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Lifestyle Tips & News

The Hoffman Team Was Ranked the #15 Real Estate Team in New York!

Thank you to our valued clients for propelling us to this milestone. Your trust in our service encourages us to continually create an exceptional home buying and selling experience.

Four Location Factors to Consider For Real Estate Investments

When it comes to real estate investing, statistics can serve as a starting point - yet there's much more legwork to carry out when choosing the best spot.

Courtesy of Forbes

Wanted: More Housing!

Here are the 10 cities with the most - and the fewest - homes for sale right now.

Courtesy of Realtor.com

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179 Crown Street

179 Crown Street

crown heights, Brooklyn

$2,395,000

4 Bed  |  3 Bath | Townhouse

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Introducing 179 Crown Street, a historic four-bedroom, three-bathroom home meticulously reimagined for an elevated modern lifestyle with exceptional design and convenience, including a large backyard and private two-car parking. This Crown Heights showplace is perfect for lively entertaining and busy daily life just minutes from Prospect Park thanks to a spacious indoor-outdoor layout, gourmet kitchen, serene primary suite, and an English basement level with a rec room and home office.

Inside the 2,400-square-foot residence, ceilings trimmed with crown molding and designer lighting soar over refinished hardwood floors and new Andersen windows with custom remote-controlled shades. A gracious foyer invites you into a breathtaking living room wrapped in custom built-ins, extra-tall windows and an exquisite fireplace. Ahead, the formal dining room welcomes your next dinner party with coffered ceilings, a dramatic branched chandelier and a window seat. The newly opened and expanded kitchen wows with custom cabinetry and expansive counter space topped with chic black granite. Cooking and cleaning are a joy with a fleet of state-of-the-art stainless steel appliances, including a vented Bertazzoni five-burner gas range, Liebherr refrigerator, Fischer & Paykel dishwasher drawers, and a Bertazzoni microwave drawer.

Private quarters are tucked upstairs for optimal peace and privacy. Discover a tranquil owner's suite with an enviable walk-in closet/dressing room and a new en suite bathroom featuring a frameless glass shower, Duravit commode, Hansgrohe fixtures and marble tile. Two spacious and bright secondary bedrooms share a magazine-worthy hall bathroom where floor-to-ceiling marble penny tile and stylish brass hardware surround a shower, Duravit commode and a floating double vanity featuring Delta fixtures. Stretch out and relax in the English basement, where the rec room is perfect as a playroom, media lounge or family room. Here, the large home office is the ideal work-from-home destination, while a bonus room would be perfect as a homework or music room. A full bathroom with a soaking tub, a laundry room with an LG washer-dryer, and multiple closets add excellent convenience.

Lovely outdoor spaces front and back make al fresco entertaining and lounging irresistible. Off the kitchen, a large Ipe wood deck with steel railings overlooks paver and gravel seating areas flanked by planters. Ahead, your wide driveway with remote entry provides parking for two vehicles. In front, relax under a remote-controlled retractable awning while taking in the mesmerizing streetscape. A handsome brick façade and restored terraced gardens add dazzling curb appeal. Extensive upgrades, including electronic key entry, Wi-Fi lighting, three-zone HVAC, a tankless water heater and new roof coating, complete this truly special Crown Heights haven.

Built around 1915, 179 Crown Street sits among a development of houses touted for their revolutionary conveniences for the period, including convenient attached garages, "easy housekeeping" layouts and fine architectural details. Today, residents enjoy a delightful way of life that seems unlike any other in the city. Annual Block Association dues of $75 cover maintenance of the rear alley driveway gates.

Located on a gorgeous tree-lined street in vibrant Crown Heights, this home is just two blocks from the Brooklyn Botanic Garden, Library and Museum, plus Prospect Park's spectacular recreation, events and greenmarkets. Outstanding shopping, dining and nightlife are within easy reach, and transportation is a breeze with 2/3, 4/5 and Brooklyn Shuttle subway lines, excellent bus service and CitiBikes all nearby.

20+ Ways To Celebrate Pride Month In NYC

Featured events from NYC Pride

Image courtesy of the National Parks Conservation Association on Flickr

2023 Pride March
Sunday, June 25th, 12 p.m.
The NYC Pride March will begin at noon on June 25th from 25th Street and 5th Avenue. The grand marshals of this year’s celebration are Billy Porter, Yasmin Benoit, AC Dumlao, Hope Giselle, and Randolfe “Randy” Wicker. After crossing over 6th Avenue, the Pride March will continue on Christopher Street passing the Stonewall National Monument, then turn north on 7th Avenue, passing the New York City AIDS Memorial, before dispersing in Chelsea at 16th Street and 7th Avenue. The march is free to attend, but you can get VIP grandstand seating tickets here.

The official theme of this year’s Pride celebration is “Strength in Solidarity,” as NYC Pride highlights the power and resiliency of the LGBTQIA+ community and its allies against a backdrop of increased challenges in the form of legislation and physical violence directed at trans and BIPOC individuals. Over 75 percent of groups participating in the massive march are non-profit organizations.

The NYC Pride March broadcast special, co-hosted by Angelica Ross, will return for its seventh consecutive year, featuring live performances and on-air interviews on ABC-7 from 12:00 p.m. to 3:00 p.m. on Sunday, June 25 as well as on ABC7NY.com, ABC News Live, and ABC7 New York’s Connected TV Apps on streaming platforms Amazon Fire TV, Android TV, Apple TV, and Roku.

Youth Pride
Saturday, June 24 at 12 p.m., location TBA
NYC Pride is proud to host this celebration of and for LGBTQIA+ and ally teens. Dance the day away with DJs, musical performances, and special guests. The free event will also feature games, beverages, snacks, and more.

Bliss Days
Sunday, June 25, 2 p.m. at The DL Rooftop & Lounge
Formerly known as Femme Fatale, NYC Pride’s Annual celebration of LGBTQIA+ Womxn features a full slate of DJs, dancers, performances, and special guests. Tickets start at $31 with proceeds benefiting NYC Pride and its annual free events.

PrideFest
Sunday, June 25, 11 a.m. to 6 p.m., Greenwich Village
What’s a celebration without a street fair? In its 29th year, PrideFest brings exhibitors, entertainers, eats, activities, community leaders, and local business owners, to the streets and sidewalks of Greenwich Village, with talent from around the world performing at StageFest as a highlight.

Pride Island
Sunday, June 25, 2 p.m., Brooklyn Army Terminal
This year’s headliner is Christina Aguilera; in addition to a performance by the seven-time Grammy winner, this Pride Week wrap-up event promises dancing, lights, and music from DJs long into the night along with food and more at Brooklyn Army Terminal. Tickets start at $139.

Queer Liberation March
Sunday, June 25th, 2 p.m., Foley Square 
Reclaim Pride was formed to honor the spirit of the Stonewall rebellion “after years of seeing the annual NYC Pride March transformed into a 7, then 9, then 12-hour circus,” complete with police and barricades. The fifth annual Queer Liberation March will gather for a rally and march at Foley Square on Pride Sunday, June 25 at 2 p.m. This year’s theme is “Trans & Queer; Forever Here!”

Image courtesy of the New York Yankees

New York Yankees celebrate Pride
Wednesday, June 21, 7:05 p.m.
During select games in June, the Yankees will celebrate New York’s “Legacy of Pride,” with a portion of ticket sales benefiting The Stonewall Inn Gives Back Initiative. Each ticket includes a New York Yankees hat with the Progress Pride Flag colors, a regular-sized hot dog, and your first drink. The Yankees welcome the LGBTQIA+ community, their allies, friends, and families in support of Pride Month at the team’s Pride Night on June 21. A portion of tickets will benefit Heritage of Pride. An on-field ceremony prior to the Yankees-Mariners game will highlight the Yankees-Stonewall Scholarship Initiative.

Gowanus Dredgers Pride Paddle,
Saturday, June 29th, 7:30 p.m. to 9:00 p.m., 19th Street Bunker launch site
The famous Dredgers are planning a special voyage through Gowanus Bay and lower Canal for their fifth annual Pride Paddle. Bring your rainbow flags and colorful apparel to the 19th Street Bunker launch site (end of 19th Street off 3rd Avenue) at Gowanus Bay. Register for a reserved seat. Solo paddlers are welcome; they’ll be paired with other group members based on experience and comfort in a canoe.

NYC Dyke March
Saturday, June 24 at 5 p.m., starting at Bryant Park
Rather than a parade, this annual march considers itself a protest, free of permits or sponsors. In protest of discrimination, harassment, and violence, anyone who identifies as a dyke is welcome to march regardless of gender expression or identity, sex assigned at birth, sexual orientation, race, age, political affiliation, religious identity, ability, class, or immigration status. After the march, there will be a protest in Washington Square Park.

Whitman in Love – Live Oak, with Moss and Other Poems
June 21-24, 7-8 p.m., Merchant’s House Museum
Celebrate Pride Month with the timeless poetry of Walt Whitman, presented by John Kevin Jones. Four performances only, in the Merchant’s House Museum’s 19th century “secret” garden. In Whitman in Love, Jones brings these poems to life as a tribute to Whitman’s courage, honoring his place in the history of the LGBTQIA+ community.

Parties and concerts
TEAZE
June 24, 2-10 p.m. at Club Lambda BK
This NYC Pride official 21+ queer party experience invites you to dance the day away with music from DJs and performers at one of the most inclusive party venues in Brooklyn, offering not one, but four, party experiences in a spot that provides BIPOC individuals in the LGBTQIA+ community a safe space all year ’round. Tickets start at $27; proceeds benefit NYC Pride and its annual free events.

Fever After Hours
Monday, June 26th, 4 a.m. at Polygon BK
Keep the party going with an LGBTQ+ after-hours event with an undersea theme, if you’re down to swim and dance with sexy sirens and mysterious deep sea creatures and DJs Las Bibas From Vizcaya, Alexis Tucci, Kurtis Jose, Danny Kim & Figge. The party happens Monday morning after events at the Brooklyn Mirage and Knockdown Center at New York’s only after-hours complex, Polygon.

Garden Party
Tuesday, June 20th, 6-9 p.m. at Pier 76
This year’s swank and sparkly Garden Party celebrates The Center’s 40th anniversary year of service, with an evening of extraordinary performances, music, special guests, and more. VIP and general admission tickets are available here.

Dreamland Pride in Central Park
Sunday, June 25, 3 p.m., Summerstage, Central Park at Fifth Avenue
This huge Pride outdoor music festival held at the iconic SummerStage is sure to be a hit, with special guests Paris Hilton, and Dan Slater.

Pride Weekend at Nowadays
Friday, June 23, 3 p.m. – 6 a.m., Nowadays, Bushwick
Bushwick venue Nowadays presents a veritable pride-a-thon to kick off the weekend: Queer|Art and Body Hack helm an extravaganza of indoor and outdoor festivities including a daytime queer vendor fair from 3 to 8 p.m. and an evening happy hour and dance party until 6 in the morning. The event will raise funding for three BIPOC trans-led organizations fighting to protect trans people in the states most impacted by anti-trans violence and new legislation.

Hot Rabbit Presents TRIPLE CROWN Daytime Rooftop PRIDE Party
Sunday, June 25, 3 p.m., Elsewhere
If you’re looking for a rooftop rager, look no further than Bushwick’s Elsewhere. The ticketed 21+ rooftop event is one of a month’s worth of Pride events at the cavernous Brooklyn club.

Kids pride party at Brooklyn Bowl
Sunday, June 25 at 12:30 p.m., Brooklyn Bowl
You don’t have to leave the kids at home for this family-friendly Pride celebration. The Rock and Roll Playhouse plays the music of Queen for this all-ages party at the popular BK venue.

LadyLand Festival
June 23, 8 p.m. – 3 a.m. under the Kosciuszko Bridge (The Arm at Van Dam Street and Meeker Avenue) in Greenpoint, Brooklyn
This outdoor queer music festival-slash-Pride party happens in a unique public space beneath the Kosciuszko Bridge, with a lineup that includes famous performers like Peaches, Honey Dijon and Big Freedia, plus many, many more lesser-known luminaries.

Alegria Pride 2023 
Sunday, June 25, 5 p.m. at Brooklyn Mirage, 40 Stewart Avenue
This day and night Avant Gardner event from Cirque du Soleil touring production Alegria happens at The Brooklyn Mirage, a massive indoor 15,000-square-foot space with a 5,000-square-foot dance floor. The theme is Alegria in Wonderland: expect to be amazed.

Pride in Times Square
Friday, June 23 – Saturday, June 24, 7th Ave, 45th-48th Sts.
Times Square is celebrating Pride weekend with a full dance card, featuring celebrities of stage and screen, Broadway and Off-Broadway productions, Pride Piano sessions, live DJ sets, the return of last year’s Big Broadway Disco, and more.

Pride at the Seaport
From a Dream Drag Queen Brunch every Sunday in June to a Solid Pink Disco on the rooftop and Seaport Kids X Pride, the Seaport is coming up rainbows. Additional highlights include the Rainbows on the Hudson Pride Parade to cap off the Pride Month festivities by getting out on the water with the Seaport Museum, and the Hester Street Fair’s fourth annual Pride Market with over 50 LGBTQIA+ businesses, artists, cooks, DJs, and performers participating.

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30+ ways to celebrate Pride Month in NYC

POSTED ON WED, JUNE 7, 2023

BY MICHELLE COHEN

Image courtesy of the:

National Parks Conservation Association on Flickr

New York Yankees

Anthony Quintano on Flickr CC

Met Museum Will Open A Science and Art Play Space For Young Visitors

The Metropolitan Museum of Art has announced it will open the 81st Street Studio, a free science and art play space for the museum’s youngest visitors, on September 9. The newly-designed space will occupy a 3,500-square-foot area in the Ruth and Harold D. Uris Center for Education at the Upper East Side museum; children aged 3 to 11 can enjoy interactive play to create new experiences and inspire exploration of the museum’s vast collection.

Designed by KOKO Architecture + Design, the 81st Street Studio is, according to the museum, an “interdisciplinary, multisensory drop-in discovery and play space that supports science learning in everyday life through art and materiality.”

Kids and their caregivers will be able to use digital and analog experiences that encourage making, investigation, critical thinking, and appreciation for the diverse attributes of various materials. Bluecadet, an experience design firm, served as a strategic digital design partner.

Drop-in, self-directed art and science will be offered during museum hours. A non-circulating children’s library will feature books on related subjects, and scheduled storytelling sessions will be led by Met staff.

Rendering of 81st Street Studio, designed by KOKO Architecture + Design. Image courtesy of Brick Visual

The studio will use seven interactive stations and the children’s library to feature a rotating selection of materials. The inaugural activities will be inspired by wood, for example, allowing kids to explore a variety of wood types and finishes and participate in woodblock carving and drum making, as well as digital tools to learn more.

Another highlight is a music station, designed by music and audio brand Yamaha, that will show young visitors how materials influence sound through a variety of instruments. Kids can also pick up a Met Field Guide which guides young explorers through the scientific aspects of The Met collection and Central Park while collecting stickers and badges.

81st Street Studio was conceived by Heidi Holder, The Met’s Frederick P. and Sandra P. Rose Chair of Education, in consultation with other museum departments.

“With its focus on interdisciplinary learning through the five senses, the 81st Street Studio is a further catalyst for how The Met engages with all visitors,” Holder said in a statement, “It positions the Museum as a place where visitors can make delightful discoveries, take risks, and ask questions, activities that are imperative to reimaging the future role of museums in our communities.”

The 81st Street Studio will open on September 9th with a children’s festival. This full-day event will offer science- and art-based activities, play, games, music, and more in addition to introducing the creative new space.

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Met Museum will open a 3,500-square-foot science and art play space for young visitors

POSTED ON TUE, JUNE 13, 2023

BY MICHELLE COHEN

Rendering of 81st Street Studio, designed by KOKO Architecture + Design. Image courtesy of Brick Visual

175 West 12th Street, Unit 11C

175 West 12th Street, Unit 11C

WEST VILLAGE, MANHATTAN

$899,000

Alcove Studio  |  1 Bath | Condo

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Enjoy sun-splashed, high-floor living in the coveted West Village in this spectacular alcove studio featuring an expansive layout and excellent storage space in a full-service postwar condominium.

The moment you arrive in this nearly 500-square-foot studio, you'll be swept away by glorious natural light and wide-open views framed by a wall of south-facing windows. Positioned on the 11th floor in one of only two high-rise condominiums in this section of the Greenwich Village Historic District, the home enjoys exceptional, completely protected vistas over mid-rise buildings and leafy local parks. At 20 feet long, the main living space offers a generous footprint for seating, dining and home office areas surrounded by hardwood floors, soaring ceilings and custom under-window cabinetry. In the nicely arranged kitchen, you'll find ample counter and cabinet space surrounding a gas range, refrigerator and dishwasher. A separate 11-foot-wide sleeping alcove opens to a dressing area with two roomy closets. Ahead, the full bathroom is finished with a large tub/shower and pedestal sink. A large walk-in closet near the entry ensures storage will never be a concern in this wonderful West Village haven.

Built in 1960 and converted to condominium use in 1988, 175 West 12th Street is a well-maintained, pet-friendly enclave where residents enjoy 24-hour doorman service, a live-in superintendent, maintenance staff, laundry and an on-site parking garage.

Positioned near the border of the West Village and Greenwich Village, this home delivers a quintessential Downtown lifestyle with easy access to Chelsea, Hudson Square, Union Square and the Flatiron District. Take in world-class art at the Whitney and the galleries of West Chelsea, and enjoy a near-endless roster of local nightlife and dining options. Waterfront recreation and outdoor space await at the High Line, Hudson River Park and Chelsea Piers. Transportation couldn't be easier with F/M, L, 1/2/3, A/C/E, 4/5/6, N/Q/R/W and PATH trains, excellent bus service and CitiBike stations all nearby.

30 East 37th Street, Unit 6G

30 East 37th Street, Unit 6G

Murray hill, MANHATTAN

$619,000

Studio  |  1 Bath | Condo

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This delightful studio apartment is situated within a charming condominium building just a stone's throw away from the historic Morgan Library. Nestled at 30 East 37th Street, this home is in the heart of the city, providing convenient access to nearby shops, restaurants, and transportation. Its proximity to Grand Central Station makes it even more desirable.

Upon entering this apartment to discover beamed ceilings exude a sense of character, while the updated kitchen, complete with stainless steel appliances (including a dishwasher) and granite countertops, is a true gem. The beautiful marble bathroom, along with a separate dressing area, adds a touch of elegance. Perfectly maintained parquet hardwood floors and three spacious closets contribute to comfortable living. Additionally, the apartment offers a picturesque treetop view overlooking 37th Street, creating a serene atmosphere.

Constructed in the 1950s by Emory Roth & Sons, the building ensures a pleasant living experience with its 24-hour doorman, live-in superintendent, and common laundry room. This apartment truly embodies the essence of a perfect Murray Hill home.
*There is an assessment of $170.63/mo

The Monthly Update - June 2023

The Luxury and New Development Sectors are Thriving

This year's spring market has had more than its share of ups and downs for most NYC sellers. One surprising bright spot has been the luxury new development sector which has been relatively reliable this spring. Just last week, there were a total of 32 contracts signed in the luxury sector (homes priced at $4 million and up), which surpasses the 10-year average for the week leading up to the Memorial weekend holiday by six contracts. Also, the 40 contracts signed the week of May 8, 2023, was the highest one-week total in a year.

Overall, the luxury market has been more reliable this spring, and the condo segment, in particular, has driven much of the activity. More than 70% of the luxury contracts signed over the last four weeks have been for condominium homes. (That's significant, considering roughly 75% of NYC buildings are co-ops.) Some of May's notable new development condominium sales include a penthouse at Yorkville's new 360 East 89th Street, which was listed at $22.5 million and went into contract within a month of being listed. The Keller, a new luxury development in the West Village, also had numerous contract signings in May. 

The luxury and new development activity in May looks to be on par with the hottest months of the 2021 post-COVID rebound. Now, all the data is not in yet, so this info could be somewhat skewed, but it's definitely looking like it will be a strong month for these sectors. We're even seeing it right here at the Hoffman Team: One of our top-producing agents is currently working with a $40 million budget for a buyer expected to submit a backup offer on an ultra-luxury residence that's already received two other offers in just two weeks. At the $35 million level! 

So, why is this happening? Is the top one percent of the one percent looking to park money somewhere other than the volatile stock market? It's true that many people got extremely wealthy during the pandemic, but to invest in Manhattan real estate is somewhat surprising given the difficult ride most sellers are experiencing in today's market. That said, a recent report showed that real estate investments, in general, have supplied higher, more reliable returns during three recent downturns — the 1990s recession, the dot-com bubble and the 2008 financial crisis. During those periods, real estate generated a 5.9% annualized return versus a 3.8% annualized return for risk-free Treasury bonds.

New York City residents and homeowners love to hear this news! Moreover, if the rest of the market sees the positive luxury and new condo sales trends, it can help pull buyers off the sidelines. New York City real estate generally follows the way of the luxury sector. The trickle-down effect can take some time, but given all this happened over the past year with interest rates, politics, crime and homelessness, it's nice to see many still believe in New York City as the rest of us do — even if the ultra-rich are simply using real estate to shelter their money.

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Local Happenings

PRIDE MARCH

JUNE 25, 2023: New York City celebrates Pride every year by bringing millions together to celebrate and advocate for equality. This year, rainbow-clad activists and allies will take to the streets in support of global LGBTQ rights at the NYC Pride March on Sunday, June 25. The first March was held in 1970 and now, it’s the largest it’s ever been with more than 700 groups and millions of spectators.

Click HERE for more details.

MUSEUM MILE FESTIVAL

JUNE 13, 2023: Billed by festival organizers as New York's biggest block party, the Museum Mile Festival in New York City is a mile-long celebration of art and culture. This year, the milestone 45th annual Museum Mile Festival will offer free admission to some of the world's finest art collections along 5th Avenue during extended evening hours.

Click HERE for more details.

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Lifestyle Tips and Tricks

Living Room Improvements That Help Sell Your Home For More Money

The kitchen may be the heart of the home, but the living room is the hub. It’s where everyone convenes to relax and enjoy quality time with each other (or with the TV).

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11 Home Organizing Products from Amazon that Professional Organizers Swear By

Having plenty of options is a good thing, but when it comes to shopping for organization products on Amazon, it can feel like overload. That’s why we tapped a panel of professional organizers to help narrow it down.

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MTA Proposal: Increase Fares To $2.90 By The End Of The Summer

New York City commuters will likely pay more for subway, bus, and commuter rail trips by the end of the summer. The Metropolitan Transportation Authority on Monday unveiled its proposal for fare increases across the system. The cost of a single subway and bus trip would increase by 5 percent from $2.75 to $2.90, the first base fare increase since 2015.

Under the proposal, the seven-day pass would increase by 3 percent from $33 to $34, and the 30-day unlimited pass by 4 percent from $127 to $132. The express bus base fare would jump from $6.75 to $7 and the seven-day pass from $62 to $64.

According to the MTA, the unlimited pass customers, particularly the seven-day pass users, are “generally more low- and middle-income,” which is why those fares will see the lowest percentage increase.

Photo by Asael Peña on Unsplash

Fares on the Long Island Rail Road and Metro-North and tolls on MTA bridges and tunnels would also increase.

With a vote on the proposal expected sometime in July, the MTA said the new rates would take effect “no later than Labor Day.” The MTA will hold six public hearings before the final vote.

Prior to Gov. Kathy Hochul’s budget, the MTA faced a $600 million budget deficit. The final budget approved earlier this month included new revenues dedicated to the MTA to address its budget woes, including a payroll tax on the city’s largest businesses and a one-time payment of $300 million by the state. Later on, the MTA will also receive revenue from the three downstate casinos opening in the next few years.

The last fare hike came in 2019 when the price of a monthly subway and bus pass rose from $121 to $127 and a weekly pass from $32 to $33. The base fare last increased in 2015 when it went from $2.50 per trip to $2.75.

While the MTA has biennial fare hikes incorporated into its operating budgets, fares did not increase in 2021 because of the pandemic.

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NYC subway, bus fare to increase to $2.90 by end of summer, under MTA proposal

POSTED ON TUE, MAY 23, 2023

BY DEVIN GANNON

Photo by Asael Peña on Unsplash

MTA Unveils New NYC Subway Turnstile

To deter the roughly 400,000 subway riders who don’t pay the fare every day, the Metropolitan Transportation Authority plans to redesign the turnstiles for the first time in modern history. The agency on Wednesday unveiled a potential design of a new subway fare gate that includes glass doors that slide open, replacing the rotating turnstiles that have been part of the system since its inception. The new gates would remove the need for emergency exit doors, which the MTA said accounts for more than half of all fare evasion.

The reveal of the turnstile prototype follows the release of a report by the MTA’s Blue-Ribbon Panel on Fare Evasion. The report found the MTA lost $690 million in unpaid fares and tolls across the system last year, with subway fare evasion costing the transit agency roughly $285 million in 2022. Approximately 400,000 daily riders, or 10 to 15 percent of riders, did not pay a fare last year.

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Image courtesy of Marc A. Hermann / MTA on Flickr

In 2022, fare evasion on NYC buses cost the transit agency more than on the subway system, with the MTA losing an estimated $310 million in revenue. Approximately 700,000 bus riders failed to pay the fair, making up 37 percent of all bus riders on an average weekday. The panel recommended an expansion of NYC Transit’s Eagle Team, civil agents who work on Select Bus Service routes and enforce fare payment. The MTA plans to hire an additional 100 agents and deploy them on bus routes that experience the highest rates of fare evasion.

“Fare and toll evasion isn’t just an economics problem: it tears at the social contract that supports mass transit in New York City. New Yorkers are sick of feeling like suckers seeing their neighbors beat the fare or cheat the toll while they pony up their fair share,” Janno Lieber, MTA Chair and CEO said.

“The report findings address this emerging crisis with a comprehensive plan across all MTA services, while also acknowledging that enforcement alone will not solve this problem. The MTA will look to implement some of the Panel’s key recommendations, and we thank them for their tremendous work.”

While the installation of these new modernized gates is a long-term project, the MTA is exploring immediate solutions to make the system better equipped to combat evasion.

The agency has coordinated with the NYPD to carry out “precision enforcement” in the subway system for fare evaders. Over the past year, the number of summonses for fare evaders has risen nearly 60 percent. The panel has called for the use of emerging technology and data sources to focus on fare evasion hotspots and to align itself with local organizations that will help promote fare payment.

An additional recommendation by the panel includes doubling the eligibility threshold for Fair Fares to 200 percent of the Federal Poverty Level, which will allow 500,000 more New Yorkers to pay half-priced fares for public transit.

Transit officials have stated they will also work to educate New Yorkers on top of enforcing the payment of fares. Part of the reason the panel was formed was to address the concerns of advocacy groups who spoke about the historically disproportionate fare evasion enforcement of people of color.

NYPD data revealed that 93 percent of people arrested for fare evasion in the subway system in the last three months of 2022 were Black or Hispanic, and 66 percent of those issued summonses for fare evasion were Black and Hispanic, according to Gothamist. Lieber has said that the MTA is planning on working with the NYPD to ensure that their crackdown on fare evasion doesn’t target people of color.

As amNY reported, four companies presented prototype turnstiles this week and will be subject to a competitive procurement process.

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MTA unveils redesign of NYC subway turnstile as fare evasion solution

POSTED TODAY, MAY 18, 2023

BY AARON GINSBURG

Image courtesy of Marc A. Hermann / MTA on Flickr

201 East 21st Street, Unit 9E

201 East 21st Street, Unit 9E

GRAMERCY PARK, MANHATTAN

$699,000

1 Bed  |  1 Bath | Co-op

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Create your one-bedroom, one-bathroom Gramercy dream home at Quaker Ridge, one of the area's most desired cooperatives.

Offered in original condition, this spacious and bright home enjoys a wonderfully oversized layout with excellent storage and plenty of room for a home office area. An ideal corner position within the building grants the home with northern and western views, while hardwood floors accentuate the bright and airy ambiance. A gracious foyer opens to an expansive dining area flanked by a wide closet. Ahead, the 20-foot-long living room accommodates a comfortable seating area alongside wide art walls and big windows. In the windowed kitchen, discover great cabinet space with limitless possibilities to make it your own. Sleep soundly in the king-size bedroom, where you can easily incorporate a large dresser, plus a seating, desk or fitness area. Two closets here and one leading to the adjacent windowed bathroom ensure storage will never be a concern.

There's plenty to love about Quaker Ridge, a revered postwar co-op known for its excellent financials and prime Gramercy location. Residents enjoy full-time doorman service and live-in superintendent, modern laundry facilities, private storage, bike storage and a residents-only parking garage with direct access to the building. Quaker Ridge allows co-purchasing and pets but does not permit guarantors or pieds-à-terres. Please note, there is a monthly energy charge of $124 already included in the maintenance, which adjusts quarterly. There is currently a monthly assessment of $338.

Here in the heart of Gramercy — just minutes from Union Square, the Flatiron District and NoMad — you're at the epicenter of exciting Manhattan living with abundant shops, restaurants, services and outdoor space at every turn. Union Square and Madison Square Park put a dog park, greenmarkets and year-round events mere blocks away, and foodies will love the proximity to Whole Foods, Trader Joe's, Eataly and numerous Michelin-starred restaurants. Access to transportation is fantastic with 4/5/6, N/Q/R/W and L trains, excellent bus service and CitiBikes nearby.

300-Foot Timber Bridge Now Connects The High Line and Moynihan Train Hall

The elevated pathway that will connect the High Line to the new Moynihan Train Hall hit a major milestone this week. The 260-foot-long timber bridge has been craned into place and is currently suspended 25 feet over Dyer Avenue. The new footbridge connects Manhattan West’s public plaza Magnolia Court to a pedestrian pathway at West 31st Street, providing an easier way of accessing the Moynihan Train Hall without having to cross multiple streets. The timber bridge will link to the so-called Woodlands Bridge, which will extend east from the existing northern terminus of the High Line. The new linear park, dubbed the High Line-Moynihan Train Hall Connector, is expected to open in late June.

Photos © 6sqft

Designed by Skidmore, Owings & Merrill with landscape architects at James Field Corner Operations, the 260-foot bridge is made of 163 beams of Alaskan yellow cedar wood from British Columbia, according to W42ST. Work on the bridge began at the street level in April.

Paired with the timber bridge is the woodland bridge, a 340-foot-long path that runs along 30th Street. The bridge is made of concrete panels and supported by steel and features deep soil beds and a design that allows for rainwater to drip down to water plantings, creating a perfect space for lush greenery to grow.

Upon exiting Moynhian, visitors and commuters can cross 9th Avenue and enter Manhattan West’s public plaza on the south end of West 31st Street. From here, visitors will take the timber bridge along Dyer Avenue, turn 90 degrees onto the woodland bridge on 30th Street, and arrive at the Spur of the High Line.

The High Line Moynihan Connector is being constructed through a public-private partnership made up of Empire State Development, the Port Authority of New York and New Jersey, Brookfield Properties Group, and Friends of the High Line.

Rendering © SOM, JCFO | Miysis

The $50 million project will connect Chelsea with other West Side destinations like Hudson Yards, Penn Station, and the Javits Center.

Gov. Kathy Hochul unveiled designs for the footbridge in September 2021. Plans for a footbridge were first proposed by former Gov. Andrew Cuomo in January 2021 as part of his vision of redeveloping Midtown West.

The next phase of the High Line’s extension will connect it to Hell’s Kitchen by creating a pathway from West 34th Street and the Western Rail Yard up 12th Avenue and across the West Side Highway to end at Pier 76.

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300-foot timber bridge connecting the High Line and Moynihan Train Hall has been installed

POSTED ON THU, MAY 11, 2023

BY AARON GINSBURG