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!  

June 2019

THANK YOU TO THOSE WHO HAVE SERVED
 

Thank you so much to all the servicemen and women who have gone above and beyond protecting our country. A hero is someone who has given his or her life to something bigger than oneself. This Memorial Day, I hope you took the time to remember that freedom comes at a cost.  We owe our gratitude and respect to all of our American soldiers.

Thank you.

CANNES FILM FESTIVAL
 

  The Cannes film festival is one of the most prestigious international events in showbiz. Although many of you may know me from Bravo's Million Dollar Listing New York, my career in film began much earlier. As a kid I dreamt of becoming a director. I studied film direction at New York's Film Academy, completing the Director's Program in 2006. During these years I directed and produced many music videos and short films. Among these are the short film "Amalia", which won Best Direction in Puerto Rico Film Festival in 2007 and "Chino y Nacho (feat. Don Omar) - Dentro de Mi", which I also helped produce. Working on such projects allowed me the opportunity to travel which many of you know is another one of my passions. I use my knowledge as a Director and Producer in real estate as well - treating every real estate transaction as a production. Naturally, I felt right at home at Cannes Film Festival.

   Cannes is a place that many would describe as a "scene to be seen". Artists, film makers, actors, models, and celebrities swarm to the South of France for this event. The week of Cannes Film Festival truly marks the beginning of the high season on the French Riviera. It is buzzing with beautiful people, and incredible talent. The city of Cannes is magnificent with architectural and natural wonders. If you've never been, I can promise you it's just as charming as the movies. And let me tell you, the food and the wine is amazing! During my stay, I loved being surrounded by like-minded people, and I believe this builds the foundation for any good business and a fulfilling life. Whether you go for the European take on Hollywood glamour, or to network and build your business, it's a great place to be. Some of the new friends I made, such as Murad Osman (the social media photographer behind "Follow me to...") even recognized my own work. Or at least the portion of it that I share on social media! Cannes reminded me of how much I love directing, and I can promise you there is more to come from me. 

THE DAKOTA
 

   An NYC real estate brokers’s dream real estate — perched above the world famous Dakota gables sits an exclusive one bedroom apartment. This perfect Central Park West Pied-à-Terre or full-time residence is waiting for its next discerning owner. One bedroom apartments are a rare find within this iconic, white glove, full-service building, and this one does not disappoint! The perfect NYC Pied-à-Terre.

   
   For $1,295,000, this 730 SQFT home is like investing in a piece of history. The location, design, and layout promises to fulfill a New Yorker's real estate dreams. 
 

CLICK HERE TO VIEW LISTING

May 2019

CHANGE IN TRANSFER AND MANSION TAXES

   New transfer and mansion taxes will go into effect July 1 for New York. The original Mansion Tax in effect from 1989 to mid-2019 was a fixed 1% of the purchase price for all residential sales of $1 million or more. The new Mansion Tax enacted in April 2019 consists of 8 tax brackets ranging from 1% to 3.9%. The lowest rate of 1% applies to sales from $1 million and below $2 million. The highest rate of 3.9% applies to sales of $25 million or more. It’s an amazing piece of news for the luxury real estate market in NYC and beyond.

   The NYS Transfer Tax was previously a fixed 0.4% of the sale price. As part of the 2019 update, a higher tax bracket of 0.65% was created for sale prices of $3 million or more. The higher 0.65% tax bracket was also adopted for commercial transactions, however it kicks in starting at $2 million as opposed to higher $3 million threshold for residential deals.

   There were no changes to the NYC Transfer Tax Rates as part of the 2019 updates to the New York State Transfer Taxes and the Mansion Tax. The NYC Transfer Tax remains at 1% for sale prices of $500k or less and 1.425% for anything above $500k.

   The NYC Transfer Tax is payable by sellers in addition to the NYS Transfer Tax.
We like the charts from Hauseit.com best, please see below.

BEST ROOFTOPS FOR THE NICE WEATHER

   Nice weather has finally arrived in New York City! With that said, we thought it was our responsibility to share our favorite rooftops to sip cocktails and enjoy the amazing views NYC has to offer.

   Currently my personal favorite (Ronnie) is Eataly’s rooftop in Flatiron that has a seasonal restaurant called Serra Fiorita which in Italian means “flowering greenhouse”. Take a break from NYC hustle & bustle while walking into this whimsical getaway with flowers everywhere. The entire rooftop has transformed into the perfect photo op for instagram! The Serra Fiorita offers extensive Spritz cocktail menu, and vibrant seasonal plates infused with Italian springtime traditions. Make sure to order yourself the fried artichokes, you wont regret it.

   Another go-to rooftop in Manhattan is the Royalton Park Ave.  The Royalton Park Ave has picturesque views of the NYC skyline including the Empire State Building. I must mention the amazing brunch menu includes Nutella French Toast and Eggs Benedict. 

   Let’s get real about the real estate. Situated 30 stories above street level with breathtaking views across Midtown Manhattan and the iconic Chrysler Building is "Upstairs", the Kimberly Hotel's stunning penthouse level bar and lounge. With comfortable couches and a romantic feel its a must to bring all of your Tinder and Bumble dates- (you're welcome). The luxury apartments in this NYC neighborhood are a real estate broker’s dream!

   Lastly, let's take a trip to Arlo in NoMad, Manhattan. With views of both downtown and uptown Manhattan. A.R.T. NoMad features an inventive cocktail list, with NYC-inspired cocktails like The Forest Hills, the Washington Heights and the Far Rockaway. It’s the perfect place to survey the city and take it all in while having a well-crafted drink and check out their infamous glass bottom floor!

PROPERTY OF THE MONTH - 132 4TH PLACE, BROOKLYN, NY
https://streeteasy.com/sale/1229933
 

   When looking for a cash investor, there are plenty of options in the residential marketplace in New York. Most investors look to buy a condo, fill it with a good tenant and break even or make a small profit monthly to cover expenses of upkeep. Typical cap rates range from 1-3%. After a year of searching, Ronnie was able to secure a 6.5% cap rate for our investor with 132 4th place in Carroll Gardens, Brooklyn! (Trust us, real estate brokers are your best friend.)

   This classic townhouse in NYC is currently being used as a school for languages/daycare with a tenant in place until 2022. If this house was being used as three different one bedrooms apartments, it would not be as profitable. 

   If you are looking to invest in the NYC real estate market, now is the time to take advantage of the surplus of inventory. Contact us today and let us know what you are looking for and our team will do the diligence necessary to find you the right investment opportunity!

Website: https://www.imagineitdoneny.com/ 
Instagram: @imagine.it.done
 

      It’s that time of year again, where all we want to do is throw everything out and declutter. So of course, we have partnered with the best in the business to help all of our NYC readers get started.  
 
    Meet Lisa Jacobs; mother, sister, mover, shaker, professional organizer, life coach and founder of Imagine it Done, the NY-based organization and lifestyle company. Imagine it Done creates beautiful, functional, organized spaces to fit your lifestyle. Whether it is a move-in, a decluttering exercise or the preparation for a major life event, Imagine it Done sets itself apart from the standard home organizational service as it strives to educate you on how to maximize your space to suit your personal lifestyle. With Imagine it Done’s tried and true methods: edit, purge, categorize and curate, you will get the tools to live more efficiently, enhance the longevity in your space and ultimately live a more fulfilled, peaceful cleansed life.
 
   Use our code “LDORK20” and you will get 20% off your first service!