WELCOME BACK
I (Luis) have officially moved back to NYC! After traveling the world, living in Paris and LA for a bit I’m happy to be back to where it feels like home. I’ve moved to Nolita in an unconventional small building where I am on the third floor overlooking Bowery. I have decided that I no longer crave the high rise fully amenitized skyscraper with amazing views. I admit, that kind of living was very enjoyable but there is something very special about feeling like you are a part of the neighborhood on the third floor. I can hear the street noise, and I love it!
I purchased a bike (a small motorcycle) and I’ve began to experience the city in a totally different way. The things you miss from being inside of a car are extraordinary. The heat is definitely a killer but the breeze you feel when you're whipping through traffic is unbeatable. Also, parking is MUCH easier =)
UBER GETS CAPPED
Do you ever wonder if the next few generations will know what a taxi is? Today, technology has made hiring a private driver easier than ever. Uber, Lyft, Via, and Juno, are just a few of the apps available to use here in NYC. Lately, it seems as if there are more for-hire cars on the road than yellow taxi cabs. Gone are the days where a taxi medallion was worth over a million dollars! Being real estate brokers, this has definitely changed the game for our commute both alone and with clients. However, does this mean more traffic to sit through? Unfortunately, seems like it does, and we are not the only ones who have noticed the congestion.
The New York City Council voted last month to place a moratorium on the number of for-hire vehicles on city streets, as part of a package of bills intended to address the unbridled growth of ride-hailing services in the city. The package of five bills passed with an overwhelming majority. Those bills will, among other things, stop the Taxi & Limousine Commission (TLC) from issuing new FHV licenses while the city studies their impact (though wheelchair-accessible vehicles are exempt from the cap); set a minimum wage for FHV drivers; and enact new regulations on high-volume apps like Uber and Lyft, requiring them to provide data on usage and charges, as well as impose a fine of $10,000 for those who do not comply. Regarding the minimum wage for ride-hail drivers: a recent study ordered by the city’s Taxi and Limousine Commission recommended a $17.22 hourly minimum wage after expenses, arguing the measure would cover the costs of owning and driving a car in the city and allow for paid time off.
New York’s move to restrict the number of ride-hail vehicles and to establish pay rules for drivers — another step no other major city has taken — could provide a model for other governments that want to rein in the industry. New York’s aggressive stance also raises questions over how fast Uber can continue to grow as the company, which has been valued at $62 billion and plans to move toward an initial public offering next year. Uber and Lyft have argued against the proposal, claiming it would increase wait times and make rides harder to find in neighborhoods across the city. We, as riders, will be the judge of that and it will be up to us to decide if we would rather wait a little longer for a driver, or sit in traffic longer because more drivers exist.
11 GRAMERCY PARK SOUTH
Standing 27 feet wide, this garden triplex at 11 Gramercy Park South from 1855, has been beautifully maintained and is a portrait of elegance designed with style and sophistication. This special home is located in the elite enclave of the Gramercy Park Historic District a unique area in the midst of New York City. The residence comes with key access to the coveted Gramercy Park.
Enter through a gracious gallery which sits in between a dramatic wood paneled library and an extra-large, eat-in chef's kitchen. The kitchen is equipped with Viking 6 burning stove, Sub Zero fridge, Miele dishwasher and an abundance of storage space. Adjacent to the kitchen lies a full bathroom, a washer/dryer utility room and an additional maid's room.Through the kitchen, a private south-facing patio and garden offers tranquility and a beautiful space to hosts your guests.
The grand staircase leads you to the parlor level where you will find a breathtaking living room wrapped in Louis XIV paneling with soaring 14' ceilings, a wood burning fireplace and floor-to-ceiling windows with french doors overlooking Gramercy Park. The dramatic full service dining room comes complete with another wood burning fireplace, butler's pantry with kitchenette and garden views through more french doors.
The Third floor consists of a media room, 3 bedrooms (total) and 2 additional full bathrooms. The master bedroom with large walk in closet and features an ensuite bath with a soaking tub and separate stand up shower. This residence is being offered partially furnished.
You can find the floor plan here.
TAX REFORM UPDATES
Fall and Winter are on the horizon, which means the annual New York migration to warmer climates is coming. Some New Yorkers are moving to low-tax states like Florida or seeking out properties with tax abatements in order to mitigate the impact of President Trump’s tax reform. Trump’s legislation limits deductions on state and local taxes to $10,000. Roughly half of Manhattan’s taxpayers deducted state and local taxes in the past, with the average deduction at more than $60,000, according to the Times. Now, only those buying apartments up to the $1.5 million dollar range are able to deduct all of their property taxes.
Florida’s housing market has been on the up since the law was put into place and since it has already been second home to so many New Yorkers and it is an easy choice for relocation. While it’s difficult to prove the bump is a direct result of homebuyers fleeing high-tax states, we do believe its playing a role in the decision making process. New Yorkers who don’t have kids invested in NY schools or ones with jobs that can be relocated are taking it upon themselves to leave the city.
According to the U.S. Census, more than 900,000 of the city’s 8.4 million residents find a new home annually. More than 400,000 move to another county, almost 300,000 move to suburbs in the greater NYC area, and almost 200,000 move to another state. Most of the New Yorkers who were surveyed said that their primary motivation in moving was to buy a home, or live in one with more space, and cited the high cost of living in New York as a top reason for leaving.
Florida isn’t the only destination. Of the Manhattanites who leave, 1 in 5 move to the other robust metropolitans around the country, such as Los Angeles, Chicago, the San Francisco Bay Area, and Washington D.C., compared to 1 in 10 New Yorkers overall. In fact, more Manhattanites move to Los Angeles, San Francisco, and Cook counties each year than to nearby Fairfield, Bergen, and Nassau counties. Queens residents who leave the Tri-State region usually move to Florida, Texas, and Arizona — states with no or low income taxes. Of all New Yorkers’ moving patterns, those of Brooklynites vary the most: Many decamp to nearby suburbs or to Florida, though the biggest proportion move to Los Angeles, and many also head to Philadelphia, Washington D.C., Chicago, and San Francisco.
For those that cannot fathom the thought of leaving Manhattan, they are instead targeting buildings in New York City with tax abatements. This has become a huge factor in finding the right place to call home. Our buyers have always been interested in buildings with abatements but we are finding it has now become a deal breaker for some.
