September 2019

A CONCIERGE TO TOP ALL CONCIERGES
 

   Director of residences is now a title someone holds for the Related Companies’ massive $25 billion Hudson Yards development — a vague title that masks the scope of his property-based role. He is responsible for the needs of every resident across Related’s luxury condo and luxury rental buildings in and around the 28-acre site, including 15 and 35 Hudson Yards and the Abington House, which sits just outside the megaproject in Chelsea, New York City. 

   While fitness centers and concierges have long been mandatory for luxury condo buildings in Manhattan, more developers are now expanding in-house services, providing luxury real estate buyers and luxury renters with everything from pet care to private tutoring to urban farming. 

   Although there are no databases tracking these numbers, anecdotally it’s clear that the “director of residences” is part of a growing class of employees making their careers catering to the needs of New York’s wealthy — and helping developers differentiate luxury condos from competitors in a market that’s seeing swollen levels of inventory. His duties include everything from checking on dry cleaning to booking helicopter rides to the Hamptons to making sure a resident’s flat tire is changed in the middle of the night. 

   For developers, having all of these services and staffers comes down to selling units — which has gotten increasingly harder in this uncertain economic environment.

   But overdoing amenities, choosing the wrong one or gearing them to one specific group are all financial land mines. Some buyers will question, why do I have to pay for this when I will never use this service. Other wealthy clients may already have their own concierge on staff and would rather keep everything internal. Will this trend last? Only time will tell...

     While writing this piece I kept thinking of this painting by Jack Vettriano (see below), the man with the umbrella would be the director of residences and I can only imagine this job being one of one hundred random tasks he’d be asked to do. 

A CLOSER LOOK AT HAMILTON HEIGHTS  
 

   Few areas in New York City are as culturally rich and vibrant as Upper Manhattan’s Harlem. With a population of 138,535, Harlem is a densely populated area full of charm and character and one of our favorite neighborhoods in New York City for real estate.  

   Harlem is almost like a mini-borough within Manhattan instead of just an NYC neighborhood. It’s a tight-knit community where you’ll find kids outside playing pickup games of basketball and neighbors out interacting with one another. Even though it’s small, there are a few distinct neighborhoods inside of Harlem. 

   Hamilton Heights is located on the northern side of Harlem along the bank of the Hudson River. The neighborhood’s renovated brownstones and tree-lined streets make it an attractive place to call home. 
When Alexander Hamilton retired he built a house called the Grange at 141st Street. It was completed in 1802 and it was the only home Hamilton ever owned. 

   Hamilton Heights is also home to the City College of New York and Dance Theatre Harlem. With access to the New York City Subway system with the Seventh Avenue Line stopping at 137th and 145th streets, transportation is easy to use in Hamilton Heights. Check out our single family brownstone located on the famous Convent Avenue in Hamilton Heights here. 325 Convent Avenue. 

PROPERTY OF THE MONTH:  322 WEST 140TH ST
 

   Welcome home to 322 West 140th Street. This gut renovated two family home sits just one block away from the historic Strivers Row located in West Harlem, Manhattan. Built in the early 1900's, the rarely available brownstone situated near the corner of Edgecombe Avenue is over 3,500 total square feet (including interior & exterior). The reimagined brownstone comes equipped with modern amenities such as a Daikin heating & cooling System, "Smart" alarm system with video intercom & recessed lighting. 

   Stepping into the sun filled parlor level with 9.5 Ft ceilings you will find the dining room & living room divided by a custom, state of the art kitchen. This NYC Kitchen is any household chefs dream; with ample cabinetry, quartz counters, a marble backsplash, five burner Brushed Stainless Steel gas range, double wall oven and convection/microwave, bottom freezer drawer refrigerator, dishwasher and last but not least a hood vented to the outside. The living room opens to a back patio where you can enjoy your morning coffee that leads to your private south facing backyard. (A real treat to own in Manhattan real estate).

   Sitting on the Second floor of this NYC property is the master suite. It includes a large bedroom, a jack & jill full bathroom with a double vanity and standing shower that leads into a home office. The master suite has two large walk in closets, a brick decorative fireplace and three windows facing the street with northeast exposure. 

   Upon entering the Third floor you are greeted by a very large skylight with two bedrooms on each end. The bedroom facing South-West includes two closets and a brick fireplace. The large bathroom includes subway tile, and a large elegant clawfoot soaking tub. 

   With its own private entrance the Garden Level features a spacious one bedroom guest house perfect for your in-laws or a rental unit for extra income. 

   Watch Luis give a tour of this listing Here: 

August 2019

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.

July 2019

HAPPY INDEPENDENCE DAY!
   

   This July 4th will mark 243 years of independence. Did you know, July 2nd technically is when the legal separation of the 13 colonies from Great Britain occurred? The only reason the 4th is celebrated is because the actual statement on paper, or ‘declaration’ was approved and signed 2 days later on the 4th.

   The 4th is always a fun time to BBQ, spend the day in a pool or at the beach with family and friends. It is one of my (Ronita’s) favorite holiday! We hope you enjoy some time off with your family and friends in honor of the freedom in this wonderful country we call home.

KRISPY KREME
 

   As our readers know, The Luis D. Ortiz & Ronita Kalra Real Estate Team are extreme foodies! So when there was chatter about a Krispy Kreme opening we have never been more excited. 

   Everyone take a deep breath because the news is true…. Krispy Kreme is opening a flagship store in New York City! The 4,500-square-foot Manhattan-based shop at Broadway and 48th Street will be open 24 hours a day, seven days a week and have stadium-style seating inside the world's largest Krispy Kreme doughnut box.

   Krispy Kreme is projected to open in NYC early 2020. This location is expected to serve more guests annually than any other location in the world. Who is coming with us?!

WHAT IS TITLE INSURANCE, AND WHY DO I NEED IT?
 

   Title insurance isn't a legal requirement but it may be a closing requirement if a buyer is taking out a mortgage for a unit in New York City, although it won't apply to co-ops because of their unique shareholder structure. It’s real estate knowledge you need to know.

   The common question that is always asked is what does title insurance cover? The payment covers you if you close the deal and then find there are outstanding liens on the apartment or any issues arising from former owners or open permits. Title insurance companies incur the costs and take on the responsibility of resolving these issues but they cover themselves from this ever happening by not insuring a property until all the title problems have been fixed. 

   When it comes to co-ops, instead of title insurance, you'd do a search to clear up any issues related to liens, or open permits.

PROPERTY OF THE MONTH

  737 Park Avenue, Apt 15E 

 Summer means rental season and our team has just listed this beautiful full floor 5 bed 7.5 bath in Lenox Hill, Manhattan! This Park Ave rental could be yours for only $49,500 (monthly rent). 

   Residence 15E at 737 Park Avenue sits on one of the most elegant blocks within Lenox Hill in New York City. With a private landing, this expansive 5 bedroom and 7.5 bathroom residence is over 4,100 square feet and includes ample space for entertaining.  This sun filled home has four exposures, a large entry gallery, high beamed 9 Ft. ceilings, solid oak flooring, casement windows, and central air throughout the entire apartment.

   Contact us if you would like to set up a private showing in this gorgeous Lennox Hill luxury residence!