February 2024

Buyer Incentives For First Time Buyers

On Right now several banks are offering incentives to first time buyers. 

Currently, Citizens Bank has a first-time Buyer Program for eligible buyers, potential for $10,000 towards closing costs + a reduced interest rate. To be eligible you must live in an address that is approved for the program. It doesn't matter where you are buying, yes you read that right - they want to see where you currently live. 

US Bank is offering a similar program and up to $7,000 in closing credit. 

Bankers have mentioned that it really is address by address and they have seen one person approved and another on the same block not approved. 

Let us find out if you are eligible for this free money. We have the right bankers in our network to help you navigate this market. 

Taylor’s Pad

Unless you live under a rock I'm sure you've seen Taylor Swift all over the news after that Chief's super bowl win. So we wanted to spotlight the popstar's legendary NYC pads. 

Out of 7 properties that she owns, she has 3 multimillion dollar homes in our great city. 

1) She bought 2 adjacent penthouses at 155 Franklin Street, converting them into one large duplex that has a total of 10 bedrooms and 10 bathrooms, a billiards room, and an incredible sweeping staircase.

 2) She then purchased a century-old townhouse right next door. The home, equipped with luxury amenities including a home theater, gym, guest suite, and terrace, is estimated to be valued at $18 million.

 3) In early 2018, she paid $9.75 million for an additional three-bedroom, 3,500-square-foot loft on the second floor of the same TriBeCa building, dramatically upping her stake in the super-coveted 155 Franklin Street.

I wonder if she'll ever become an uptown girly? Maybe in the next chapter of her life with Travis. 

Market Report

The luxury market had another great week with over 25 contracts signed over 4 million. 

Supply is still scarce but week over week there was a slight increase. 

Future declines in mortgage rates will likely bring even more new listings onto the market, as sellers grow more comfortable trading in the low rates they secured before or during the pandemic for a rate that’s only slightly higher.

Although buyers are regaining the upper hand, with limited homes on the market, competition for well-priced listings isn’t going away. In NYC, close to one in five (17.4%) homes sold for more than their initial asking price last month.  

(Streeteasy)

Building of The Month

The Frost House

1160 Third Avenue

This month we wanted to spotlight a very special Upper East Side building. Our team has done countless deals in the building and we are very friendly with the board.

From combination units to studios, buyers, sellers, and investors we've worked it all here. Our recent transactions, to name a few - we closed on a B line studio just 3 months ago where we represented the seller. We are currently in contract on a very special combo unit for over a million. We have an amazing opportunity for a one bedroom on the D line currently listed. And last but not least we're working with a seller on a higher floor Junior 4 D line which was recently gut renovated available for $899,999. 

Recently the commercial space attached to the building was sold by the sponsor to Ouri's a kosher marketplace which just FINALLY opened! Check out this new neighborhood gem for fresh bagels, sourdough, great coffee and tons of fresh produce. 

January 2024

Let It Snow

After a 700 day snow drought New York City has continued to see some flurries. On the 16th and the 19th of the month the big apple got some snow for the first time since February 2022. The storm systems also brought frigid cold winds. Although not quite sledding weather the city was finally covered in a white dusting for a few hours.

On snowy days like we've seen there's a plethora of ice skating rinks you can hit in the city! Here are just a few:

- The Rink at Rockefeller Center

- Wollman Rink

- The Rink at Brookfield Place

- Glide at Brooklyn Bridge

Stay warm and stay active!

Retail With Ronnie

New year, new budgets, new wardrobe! 

With the freezing cold temps it's hard to dress up and look cute while also staying warm. This winter is the perfect opportunity to take advantage of the rental subscription service Retail with Ronnie which offers 4 articles of clothing at a time at only $50/month. Check out the sweaters, blazers, and cozy winter dresses HERE.

Market Report

The average 30-year fixed mortgage rate fell to nearly 6.5% in the first week of 2024, after peaking at close to 8% in October. While mortgage rates will remain volatile, this lower rate suggests more homes are primed to enter the market this year at more affordable price points than what’s currently available. 

Buyers are gradually gaining negotiating power, as the gap between sale price and initial asking price widens, particularly in Manhattan. The Manhattan luxury real estate market, defined as all properties priced $5M and above, saw 14 contracts signed this week, made up of 10 condos, and 4 co-ops.

Property of the Month

IN CONTRACT

8 East 63rd Street 

Some say third time's a charm and in this case they were right. We were the third broker to take over this listing in the last few years of it being offered for sale. After receiving 3 offers and repositioning the property effectively through our online presence we were able to secure a deal this month. Following negotiations and discussions with both buyer and seller we are in contract with our trophy property. This story is one for the books and as soon as it closes we will disclose how we got this listing from a cold call.

December 2023

Holiday Activities in The Big Apple

This year marks the 97th annual Macy's Thanksgiving Day Parade. The festive holiday spirit in New York City can be felt in the crisp winter air starting the day after Thanksgiving. The smell of chestnuts roasting fills Central Park, and the Christmas trees for sale in every neighborhood make each sidewalk smell comforting. Take a look at some of our recs for activities this 2023 season:

1) The Winter Village at Bryant Park is back in all its glory. On the grounds you can peruse more than 180 shopping and food kiosks. Before that you can work up an appetite at the 17,000-square-foot ice skating rink.

2) The Rockefeller Center Christmas Tree doesn't require any explanation. Don't miss the most iconic symbol of winter.

3)  GingerBread Lane—the world's largest gingerbread village—will return to Manhattan with NYC-inspired designs.  Artist Jon Lovitch has been working on the detailed gingerbread display all year long. Find GingerBread Lane at Chelsea Market in Manhattan from November 26 to January 7.

How Can We Give Back?

Volunteering during the holidays is an incredible way to spread joy and make a meaningful impact in the community. Here are some of our most beloved soup kitchens, shelters, and toy drives to volunteer with during the holidays in New York:

- Holy Apostles Soup Kitchen: Since 1970, this Chelsea haven has served as a beacon of hope, providing hot meals and companionship to New Yorkers facing food insecurity. Join their "CSW (Christmas Season at Work)" program to help prepare and serve meals, spreading holiday cheer on a plate.

- Dress for Success: Empowers women on their journey to economic independence by volunteering at Dress for Success. Help volunteer or donate professional attire to build their confidence in job interviewing, with the potential of making a lasting impact on their lives.

- Toys for Tots: Bring smiles to children's faces by donating new, unwrapped toys to this iconic organization. Every toy collected brings the magic of the holidays to a child in need.

Every act of kindness, no matter how small, can create a wave of positivity in our city. 

Market Report

The fed has announced there will likely be 3 cuts next year to aid interest rates. For the sellers unable to move their product this year this brings great opportunity for a new set of buyers next year. 

With rates coming down will expect to see the supply of for-sale homes on the rise. An increase in supply will lead to increased demand which may have an effect on pricing. For those looking for bargain pricing, I believe our days are numbered. 

Property of the Month

205 East 78th Street #7J

This charming prewar gem exudes character and comfort, boasting a large 1-bedroom layout highlighted by a classic fireplace. Its inviting eat-in kitchen offers a warm gathering space while the added convenience of a washer dryer and a window in every room brings light and ease to this vintage beauty. 205 East 78th Street is an extremely well-run prewar cooperative built in 1931.