March 2019

THE LEGACY OF LAGERFELD

   On February 19, we had to say goodbye to one of the most influential icons in the fashion industry. Fashion designer, director, and photographer, Karl Lagerfeld was a true legend who changed the world of fashion. During his career, he worked and created relationships with some of the best designers including Yves Saint Laurent and Pierre Balmain. He served as the creative director of Fendi and Chanel, as well as his brand, Karl Lagerfeld. His classic, effortless, eclectic style was brought to life through his craft of design.

   Mr. Lagerfeld created much more than just fashion, he created a lifestyle. A Chanel bag is not just an accessory, it's a status symbol. I (Ronnie Kalra) believe no matter what your age, a Chanel is a classic staple piece to have in your closet. Where I live, on the UES it’s almost part of the uniform! Whether you’re a working mom, stay at home mom, a single gal, it seems everyone can agree that a Chanel bag is a must! It’s an NYC girl must-have.

As I stare out the window of my real estate office in Manhattan, I can see a Chanel and Fendi store on Madison Avenue right next to one another. I cant stop but reflect on how this man changed fashion...He made high end fashion; casual everyday wear. From woman running to work in their Chanel sneakers, to going to grocery shop in their favorite Fendi scarf, high end fashion is no longer just for a fancy night out. Karl Lagerfeld has left his mark on fashion for a lifetime, he will be missed!

AMAZON NOT COMING TO LIC

   With the Long Island City Amazon deal dead for New York City, is it a good time to invest in the area — in terms of real estate?  Yes, and it will only get better for investors and families investing in real estate in Long Island City. Previously we had written that while the Amazon deal was active, you would get a better return on investments by purchasing homes not directly in Long Island City.  Shortly after the Amazon plans were announced, there was a dramatic spike in interest in the area, properties in contract, and an increase in prices. There was also an increase of properties listed by owners at premium prices hoping to cash in with the red hot New York City real estate market.  Now with the plans scrapped, the frenzy has died down, and cooler heads have started to prevail.
 

  So why invest now and in the future?  Because Long Island City i(n Queens) is a great long term investment.  Amazon's choice wasn't a fluke and investors, and future homeowners should take note of that.  The publicity from the deal put Long Island City on everyone's radar and highlighted all the great real estate possibilities for the future.   We expect that prices will come down slightly and stabilize in the immediate future due to the abrupt cancellation but then expect steady growth as Long Island City cements itself as an affordable, lovely neighborhood.  Contact Ronita Kalra and Brenda Rau if you have interest in purchasing, selling, or would like more information about Long Island City.

The Sub Million Dollar Market

Upper East Side
 

   Welcome home. When you walk into this spacious 1 bedroom apartment in New York City, the first thing you notice is the open updated windowed kitchen and large living and dining room. This well appointed 1 bedroom home has a king size master with north facing windows, through the wall heating and cooling and an oversized walk-in closet. The building is a full-service pet-friendly NYC cooperative with a full-time doorman and updated gorgeous lobby. There is a roof deck, laundry center, live-in super, bike room, and attached garage. Don’t you just love real estate in the upper east side of NYC.


315 EAST 69TH ST, 12C - UPPER EAST SIDE, NEW YORK

315 East 69th Street, 12C
Price: $750,000
1 Bedroom / 1 Bathroom
Full Time Doorman

Upper West Side
 

   Apartment 1B has 9-ft coved ceilings and herringbone floors throughout and has been upgraded for 2019 living! This renovated custom kitchen includes a baker’s dream Verona pro-style range with European convection oven and warming drawer, a high-end Bosch refrigerator, and dishwasher plus a farmhouse sink, custom floor-to-ceiling cabinetry and two windows. The gut renovated bathroom includes a deep-soaking tub and Waterworks fixtures. The lightfilled king sized bedroom is pin-drop quiet and has three large windows, two exposures, and two customized closets. The upper west side is one of our favorite NYC neighborhoods.
 321 WEST 78TH ST, 1B - UPPER WEST SIDE, NEW YORK
 

321 West 78th Street, 1B
Price: $795,000
1 Bedroom / 1 Bathroom
Full Time Doorman

Property of The Month 35 East 30th Street, 8A

   Welcome to this large, spacious, fully renovated, and crafted interior designed 3-bedroom, 2.5-bathroom apartment in midtown Manhattan. Flooded with southern light and four exposures, this impeccable pre-war home has stunning features, such as an enormous entry gallery, high beamed ceilings, decorative fireplace, private washer, and vented dryer. Throughout the apartment, there is 8 in. wide soundproofed Siberian oak UV oil aged alabaster finished hardwood flooring, LED recessed ceiling lights, sconces, new Pella architectural series windows with tilt-in cleaning, and 5-zone VRF central air conditioner system. 

   The Master suite in this Manhattan apartment has a built-in white lacquered closet system, a separate office area that has an expanded spa-like en-suite master bathroom with a stall shower, large free-standing soaking tub & double vanity with Kohler stillness, heated towel bar, and natural stone featured wall behind the tub.

   The expansive kitchen has Miele appliances, a gas range with an integrated hood, modern white lacquered custom cabinets, a Caesarstone concrete counter top, and glass tile backsplash.

   8A is a modern apartment of a pre-war building which was originally built in the late 1800s and is one of the few remaining buildings in New York City that was designed by acclaimed architect Stanford White. It is located between Madison and Park Avenue South, which is in the incredible NoMad district. Here you will find some of the best restaurants, nightlife, and shopping areas in the world.

THE NOTTINGHAM, 35 EAST 30TH ST, 8A - NOMAD, NEW YORK

February 2019

L TRAIN
 

   I’m sure you have all heard but we figure we reiterate the facts. The L train shutdown in New York City isn’t being cancelled, it just isn’t happening as originally planned. Now, instead of shutting it down completely, they will be working on it only at night and on weekends. Seems like a much better plan, right?  It is! But why did it take so long for them to come to this decision, and what is the impact on the real estate market — apartments and homes in both Brooklyn and Manhattan.

   Although it is difficult to quantify how big of an impact the L train shutdown had on Brooklyn real estate in Williamsburg, multiple industry sources said they saw demand soften in the market when it still looked like a complete closure was happening. A StreetEasy study from December found that demand for rentals in Williamsburg, Brooklyn was the only neighborhood in the city to see a decline in real estate rental demand, with a 1 percent drop since October 2017.

   While the neighborhoods along the L train in Brooklyn and Manhattan may still see some lingering side effects given how long news of a total shutdown was publicized, apartment and property landlords expect to see rental prices and demand both start rising sooner rather than later. Good news all around! Now the only question the residents of Williamsburg have to ask themselves is, which car service will they be using on the weekend?

A BAN ON PLASTIC BAGS? 

   In all my travels, I saw something similar across Europe and Asia... less plastic usage. When you go to a cafe, they don’t have plastic utensils. When you order takeout, they don’t sent the food in plastic. Now that I’m back in NYC, I realize just how much and how quickly we use and throw away plastic.

     New York Gov. Andrew M. Cuomo said that he would push for a statewide ban on single-use plastic shopping bags as part of his 2019 budget plan, which he introduced in Albany on Tuesday, January 15.  Efforts to regulate the bags in New York have been discussed for years; the governor first proposed legislation to prohibit the ubiquitous bags last April.
 
   As plastic bags have polluted sidewalks, landfills and waterways, bans on the bags have become a hotly debated issue. Single use plastic bags are a big problem for the environment.  Most of the bags are not biodegradable, and they can end up littering the streets, hanging in trees or polluting waterways. Like plastic straws, which have also come under scrutiny, the bags contribute to the massive quantity of plastics in the ocean.
 
   In 2016, a report by the World Economic Forum suggested that by 2050, the world’s oceans would contain more plastic by weight than fish. Take a minute to digest that, isn’t that CRAZY?! As the plastics break down, they release toxic chemicals, threatening marine life. Also, the bags are generally not recycled. Even when they are sent to recycling facilities, they are so thin that they can jam equipment, slowing the recycling process and making recycling more expensive.
 
   Politics aside, I think the one thing we can all agree on is that we need to make this earth we live on a safe and clean place for ourselves and the future generation. This should be a priority. If everyone sticks together and does the right thing, that is when you see impactful change. We hope this legislation passes and NYC becomes plastic bag free. We love New York City!

PROPERTY OF THE MONTH - 325 CONVENT AVE

   This charming five story brownstone situated in Hamilton Heights, New York designed by architect Adolph Hoak in 1890, is truly a one of a kind single-family home. Each floor of this single-family home features unique period details that are truly a work of art. With approximately 4,500 square feet, this home has five bedrooms and five bathrooms. Bring your real estate contractor and turn this mansion into the home of your dreams!

   The Garden level of this property features a large kitchen with two oversized windows. The glass door leads directly to a lovely private outdoor space. This level also features the utility room which includes the gas burner, ( it was recently converted ) a washer and dryer and a full bathroom.

   The Parlor level features two very large entertaining rooms on opposite ends of a beautiful sitting area showcasing an oak fireplace. Facing West is a large living room with an additional gas operated marble fireplace, displaying fully restored original details. An elegant piano room faces East with an ensuite bathroom. As you exit the living room and cross through a double faced original pocket door, you are welcomed into a beautiful windowed library with floor-to-ceiling bookcases.
 
   Sitting on the Second floor is the master suite. It includes a large bedroom and a full bathroom with a standing shower with jets and a walk-in closet. The master bedroom is attached to a built in office and a large living room. Both rooms feature oak fireplaces with original details. The design of this home is stunning.
 
   Upon entering the Third floor you are greeted by a very large skylight with two bedrooms on each end. The bedroom facing West includes a one of a kind curved window and a brass fireplace. It also has private access to the large bathroom with a full jacuzzi, standing shower and double sinks. This bathroom has full sun exposure due to two skylights in the middle. The bedroom facing East has a beautiful archway that leads into a small room which could function as an office, a study or a one-of-a-kind walk-in closet.
 
   The Top floor has another bedroom with an attached office and bathroom. This level also has access to the roof deck which could function as a great summer gathering space! It’s such a unique piece of real estate.

January 2019

HAPPY NEW YEAR!
 

   The new year is a time for all to reflect on the year that has passed and also look forward to the year to come. Rather than make new resolutions (that most break within 6-7 weeks), we should all remember to be kind, and be thankful. Our time is limited, and we should enjoy it while it lasts! Happy New Year and we hope this year brings you all prosperity, good health, and happiness!

CORNELIA STREET CAFE

   The West Village is a neighborhood in the western section of the larger Greenwich Village neighborhood of Lower Manhattan. The West Village is a destination for shopping, nightlife, & restaurants and has amazing NYC real estate.  With colonial brownstones, towering trees, and stylish residence, the west village is the go-to place in NYC for rentals and apartment sales.

   Cornelia Street Cafe is one of the oldest restaurants many residents of NYC associate with the West Village. Located at 29 Cornelia St., between Bleecker and West Fourth streets, Cornelia Street Cafe is an iconic space in NYC’s literary, music, and art worlds. (Not to mention, some beautiful NYC apartments for rent. and sale.

   Now, after over four decades in West Village, they have announced they are closing in January. Cornelia Street Café opened in 1977, merely had a toaster oven, a cappuccino machine, and a refrigerator display case. Over the years the restaurant expanded with two kitchens, two bars, three dining rooms, and a fireplace. It added breakfast, lunch, dinner, and weekend brunch menus. It has been a gathering place for writers, poets, artists, composers, storytellers, playwrights, and musicians throughout the past four decades, hosting readings and serving as a place for creatives to workshop new material.  According to a New York Times story from 2002, singer-songwriter Suzanne Vega rose to fame here, and Eve Ensler 
first read The Vagina Monologues publicly at the cafe in 1993.

   As rent continues to rise in the West Village Cornelia Street Café has struggled to keep their doors open. According to the times the rent for the restaurant and the basement performance space is $33,000 a month, which is 77 times what the rent was when it opened 40 years ago. (NYC real estate is crazy, right?)

  West Village Art Haven Cornelia Street Cafe Will Close After 41 Years.

PIER 55 
 

  We are doing it again; we are making our island of Manhattan bigger! Diller Island, a new park and performing arts venue is being built on pilings over the Hudson River, along the West Side of Manhattan. Known more formally as Pier 55, it is expected to open in spring 2021. I love NYC.
 
   Pier 55 has already drawn attention in the press for its ridiculous price tag — currently $250 million — that is being footed by the entertainment mogul Barry Diller and his wife, the fashion designer Diane von Furstenberg. (Two people that have had some amazing NYC real estate over the years.)
 
   For a while we weren't sure if it was  going to happen but it is back on track, and after seven years of planning the park has begun to take shape over the water, just west of the Meatpacking District.
 
   The park will also serve as a performing arts center, with a 700-seat amphitheater for music, dance and theater productions developed by the playwright George C. Wolfe and the producers Scott Rudin and Stephen Daldry, among others enlisted by Mr. Diller.
 
   For the park’s design, Mr. Diller hired the renowned British designer Thomas Heatherwick. The design plan is meant to look like Champagne-glass-shaped pots sprouting from pilings sunk into the riverbed. Visually, the park will seem to rest on the 132 pots, as if nestled on an uneven bed of tulips.

DEAL OF THE MONTH : 37 BRIDGE STREET, 3C
 

   A Dumbo loft lover's dream! We love this NYC neighborhood. Awarded the design award of excellence by the Society of American Registered Architects, the Kirkman Lofts condominiums are a blend of industrial warehouse cool, old world craftsmanship, and sleek contemporary design. Sensitively incorporating the original steel silos of the soap factory days, the Kirkman Lofts is a luxurious and architecturally significant building that features soaring ceilings and stunning Manhattan views. One of the reasons I love being an NYC broker.
 
   Brenda’s client's parents came in from California to watch her pup while she was attending a wedding out of town.  Since she is a very hard working attorney, they offered to preview apartments for her and help narrow down the search for her.  They contacted Brenda on our real estate team at Douglas Elliman and she spent three days with them showing them apartments in various neighborhoods of Manhattan. Once they left, the client and Brenda viewed the top choice but she asked for her to show her some real estate options in Vinegar Hill.  (Her parents didn’t view any apartments in Brooklyn).  So off they went, they spent several Sundays checking out different apartment options in Brooklyn and specifically Vinegar Hill.  Brenda knew 3C at 37 Bridge Street was going to be a special apartment from the moment we walked into Kirkman Lofts.  The client grinned from ear to ear, after the showing and after the sellers broker had left, Brenda knew it was the perfect NYC apartment for her. the building is a converted warehouse for Kirkman & Son Soap company and was built in 1915.  When it was converted, the architects retained much of the unique touches (original Silos are still in place and are used as entrance points for the apartments) that remind you that this was a factory that has been given new life.  It is an incredibly well done real estate conversion.  My client never stopped smiling while viewing the apartment, building amenities, and rooftop deck.
 
   This NYC building’s amenities include; package and delivery storage, bike & private storage, and fitness room, video doorman, common terrace on the 5th floor and common roof terrace sharing majestic views of the Brooklyn, Manhattan and Williamsburg Bridges, East River Harbor, and Manhattan skyline views.

   Streeteasy Link