MILLION DOLLAR LISTING SEASON 8
He’s baaaaaaack!! Last night was the season premier of Million Dollar Listing New York Season 8. This season on Milion Dollar Listing NY you will really get a good look into my personal life and what’s been going on since I left real estate and have now returned. Over the past few years I have really taken the time to focus on what is important in life and to really figure out what makes me happy.
Fortunately, since leaving the country and moving to Europe for a short while, business did not slow down. While I was away, Ronnie became business partners with me and I am proud to say, she’s fit right into her new role pretty well — serving up luxury New York City real estate rentals and sales.
I am so grateful for all of my clients, fans, friends & family for the constant support. Thank you all for continuing to follow along this journey with me and I am excited to see where life takes me next!
WHO'S BUYING IN NYC?
We frequently get asked, “where is the money coming from to buy these mega mansions in NYC? Is it domestic or foreign buyers?” During the 1980s it was traders and investment bankers in New York. During the run-up to the recession of 2008/2009 it was venture capitalists and, once again, the traders, many of whom were hawking mortgage-backed securities. And after the recession, the hedge fund guys. But who’s buying properties in New York now?
We know one thing, there are no more Russian buyers in New York City. As Vladimir Putin became more and more dangerous, the population stopped buying a couple years ago. What about the Chinese? The escalation of the trade war between our two countries has also reduced the number of active Chinese buyers. The South and Central American buyers still concentrate their sights primarily on Miami, but even Miami has an oversupply.
According to data from several of the top recently built condominium sales offices, Americans make up 70% or more of recent buyers. Many of these are pied-a-terre buyers from other parts of the country. The financial industry no longer has a monopoly. It’s true, the hedge fund magnate Ken Griffin did just buy the most expensive home ever sold in the United States at 220 Central Park South, but many other lines of work play prominently among our buyers in NYC real estate. We have our share of tech entrepreneurs and C-suite execs who have recently purchased and sold some of Manhattan’s luxury homes.
We can draw some conclusions. First, our luxury market no longer depends as heavily on foreign money in terms of New York real estate sales. An increasing number of wealthy Americans are drawn to owning a part-time home in New York, and the appeal to full-time residents of a perfect new apartment needing no renovation cannot be overstated. Second, the buyer pool comes from an increasingly diverse set of industries nationwide and worldwide. New York is no longer the finance industry’s company town. Third, the New York City real estate market can expect an overhang of unsold inventory for years to come. New units reach the market every month, increasing the oversupply which has made developers anxious and negotiable.
BROOKLYN BOTANIC GARDEN
One of the fastest growing boroughs in New York is Brooklyn. Brooklyn is known for some of the most amazing restaurants, venues, and of course the Botanic Garden. When Brooklyn Botanic Garden was founded more than a century ago, the New York City area was quickly being developed into a cityscape of buildings and paved roads. Creating a public garden was one way to ensure that some green space remained.
Today, the Garden has come to represent the very best in urban gardening and horticultural display. In 1897 New York State legislation reserved 39 acres for the Botanic Garden. Through the years with endless organizations and volunteer work, today the garden is comprised of 52 acres and is still growing! In a fast-paced city like New York, it's nice to stop sometimes and smell the flowers.
PROPERTY OF THE MONTH
110 Livingston 8OP
Residence 8OP is the combination of two original units, resulting in a combined 2,010 square foot 3-bedroom, 2.5-bath with den, home office, and terrace. This home has high ceilings, an in-unit washer dryer, two refrigerators, loads of built-in storage, and amazing light from eastern, southern, and even some western exposures.
Upon entry to this beautiful property, you are greeted by a landing area to unwind, park strollers and drop keys. Adjacent is an interior home office. The open kitchen with custom marble island has high-end appliances, offers a breakfast bar and wine storage, and features a terrace off the dining room that is perfect for grilling.
The master bedroom features a large walk-in dressing area and an en-suite bathroom. Both kids’ bedrooms are decently size featuring large closets and southern exposures. Additionally, there is a corner den/playroom that can be converted to a 4th bedroom, or can be combined with the master to create a large suite.
This home, equipped with an abundance of built in storage space and opportunities to change the layout as your life changes, is perfect for a growing family! We love this for a family-friendly NYC home.
110 Livingston Street was built by McKim, Mead and White in 1925, and it was converted into 299 apartments in 2007. Located at the crossroads of Brooklyn Heights, Boerum Hill and Cobble Hill, you are close to Trader Joe's, Barneys Co-op, movie theaters, great restaurants, bars, coffee shops, parks, play spaces and more! The 2, 3, 4, 5, A, C, F and R trains are one block away. 110 Livingston Street has a full-time doorman, state-of-the-art fitness center, and there is parking for rent. A J-51 tax abatement is in effect until 2021.
