146 Amity Street, Unit 6


146 Amity Street, Unit 6

COBBLE HILL, BROOKLYN

1 Bed  |  1.5 Bath | Co-op

Offered At $740,000


 

Bask in light-filled, luxury treehouse ambiance in this spectacular one-bedroom, one-and-a-half-bathroom co-op on a charming Cobble Hill block.


Rustic knotty hardwood floors, soaring double-height ceilings and a charming bay window make an inviting first impression the moment you enter this lovely home. Relax under treetop views in the large living room, or exercise your culinary skill in the pass-through kitchen, beautifully equipped with custom cabinetry, stone countertops and stainless steel appliances. A convenient powder room and coat closet complete the lower level. Upstairs, the full-height loft bedroom is nestled below a bright skylight, and a large dressing room area leads to the gleaming en suite bathroom with a large tub/shower, marble vanity and beautiful floor-to-ceiling subway tile.


146 Amity Street is a handsome 1983 red-brick building designed to fit seamlessly within its Cobble Hill Historic District surroundings. Residents of the pet-friendly building enjoy a huge common yard shared with the neighboring sister co-op at 238 Clinton plus storage, bike room and free laundry.


From this delightful tree-lined street, you'll enjoy easy access to the fantastic dining and boutique shopping along Court and Smith streets, or head to Atlantic Avenue for great national stores like Trader Joe's and Michael's. Massive Brooklyn Bridge Park and Cadman Plaza provide exceptional outdoor space and recreation nearby, and transportation is a breeze with F, G, R, 2/3, 4/5 and A/C trains all within reach.

How To Get Around NYC During The United Nations General Assembly

The United Nations General Assembly already began on Sept. 17 but Midtown has yet to experience the traffic nightmare that will hit the neighborhood next week. With meetings taking place through Sept. 30, the city has designated weekdays between Sept. 23 and Sept. 30 as gridlock alert days. On top of UNGA, Climate Week events will add to the congestion. “Drivers should leave their cars at home next week if they can—and try walking, taking mass transit, or getting on a bicycle,” Polly Trottenberg, commissioner of the Department of Transportation, said in a statement. Here’s a handy guide to getting around the city during the busy week ahead, including street closures and traffic updates for those of you with nerves of steel.

Street closures and traffic updates

The city has just released a detailed, day-by-day plan of anticipated traffic delays, which you can view here. In general, the following streets may be closed at the discretion of the NYPD from now through Sept. 30:

  • FDR Drive between Whitehall Street and Willis Avenue Bridge/RFK Bridge

  • Area bounded by 60th to 34th streets, and First to Third avenues

  • Area bounded by 54th to 48th streets, and First to Madison avenues

  • 6th Avenue between 50th Street and 59th Street

  • Grand Army Plaza between 58th Street and 60th Street

  • 5th Avenue between 56th Street and 63rd Street

  • Madison Avenue between 42nd Street and 58th Street

  • 76th and 77th streets

  • Park Avenue between 76th and 77th streets

  • FDR Drive Service Road between 48th and 49th streets

  • 76th and 77th streets between Madison and Park avenues

  • 61st Street between Fifth Avenue and Lexington Avenue

  • 59th Street between Seventh Avenue and Fifth Avenue

  • 58th Street between Broadway and Madison Avenue

  • 57th Street between Seventh Avenue and FDR Drive

  • 56th Street between 6th Avenue and Madison Avenue

  • 54th and 55th streets between Seventh Avenue and Madison Avenue

  • 53rd Street between Seventh Avenue and FDR Drive

  • 52nd Street between Seventh Avenue and Madison Avenue

  • 50th Street between Seventh Avenue and FDR Drive

  • 51st Street between Seventh Avenue and First Avenue

  • 48th and 49th streets between First Avenue and FDR Drive Service Road

  • 42nd Street between Seventh Avenue and FDR Drive

  • 34th Street between Seventh Avenue and FDR Drive


Rideshare incentives

As a way of celebrating Climate Week, rideshare app Via is partnering with climate technology company ClimaCell to offer a 15 percent discount on shared rides to any of ten “clean air gems” they’ve identified throughout New York City, listed in the map above.  To make use of the offer riders can simply apply the code “VIAGREEN19” in the Via app. The code will be valid from Sept. 20 to 27.

Bike Lanes

This year the DOT is keeping protected bike lanes on First and Second avenues open for the first time during UNGA. There will be a temporary northbound lane on First Avenue between 40th and 49th Streets and a southbound lane on Second Avenue between 57th and 41st Streets.

The First Avenue lane will be open 24 hours a day while the Second Avenue lane will only be available until 9 p.m. The DOT notes that “cyclists on both routes will be subject to security checkpoints and occasional, unannounced traffic freezes.” In addition, CitiBike will be offering a 50% discount on 3-day passes from September 23 to 30.

Governors Island Gets Its First Year-Round Home For The Arts

A permanent arts center opened on Governors Island last week, becoming the 172-acre site’s first year-round tenant dedicated to arts and culture. The Lower Manhattan Cultural Council (LMCC) has transformed a 19th-century warehouse into a 40,000-square-foot space for arts and educational programming. LMCC partnered with the Trust for Governors Island on the $12 million renovation, with designs from PEI Cobb Freed & Partners and Adamson Associates Architects. Historic details of the building were retained while enabling space for galleries, studios, rehearsal space, and an indoor cafe.

LMCC’s Arts Center features an artist residency program, giving 17 artists year-round studio space. The center’s inaugural season will include programs associated with sustainability and ecology, including exhibitions by Yto Barrada with guest artist Bettina, Michael Wang, and the Take Care Series.

“As the island’s first permanent cultural tenant, LMCC will provide a vibrant space for art creation and enjoyment for Governors Island visitors,” Vicki Been, Deputy Mayor for Housing and Economic Development, said in a press release. “Moreover, the center will have an outsized role in giving artists and audiences from diverse backgrounds an opportunity to participate in the City’s thriving arts scene.”

The arts center will be open Thursday through Saturday to the public seasonally until Oct 31., keeping with Governors Island’s public season. Artists in the residency program will be able to use the space year-round.

The arts center’s opening is a step forward in the city’s decade-long plan to turn Governors Island into a 24-7 community. Last August, Mayor Bill de Blasio’s administration began the public review process for rezoning 33 acres on the southern half of the Island, aimed at spurring development. While residential development is prohibited because of a federal deed restriction, student housing and hotels are permitted.

Currently, the only year-round tenants on Governors Island are LMCC and New York Harbor School. A year-round destination spa, QC Terme, is expected to open in 2021.

160 Central Park South, Unit 2307


160 Central Park South, Unit 2307

MIDTOWN, MANHATTAN

1 Bed  |  1 Bath | Condo

Offered At $2,945,000


 

Make glorious Central Park views your daily backdrop in this impeccable one-bedroom home at the prestigious Essex House.


Perched high above the city on the 23rd floor, this refined, renovated apartment offers a turnkey home for discerning residents. You'll find jaw dropping, direct Central Park views in the oversized great room, thanks to large windows that wrap the space to the north and west. Relax in the well-appointed living area or host elegant dinners in the large dining alcove while millwork, beamed ceilings and hardwood floors create a sophisticated atmosphere throughout. The efficient kitchen offers top-notch appliances and the serene bedroom includes a large en suite bathroom. Three oversized closets easily attend to wardrobe and storage.


Situated in a landmarked Art Deco masterpiece at the center of Central Park South, The JW Marriott Essex House is known as the city's very first condominium hotel. Residents enjoy five-star hotel amenities including access to the superb fitness center and spa, housekeeping, and premier white glove services, such as a bell staff and concierge. Additional hotel services and amenities available on request include 24-hour room service and business and conference centers. Here, you're at the literal heart of Manhattan surrounded by the world-class dining, nightlife and shopping of Midtown, plus the exciting entertainment venues of the Theater District and Lincoln Center. Transportation from this centrally located neighborhood is unbeatable with N/Q/R/W, A/C/E, B/D/F and 1 trains all nearby.

Bette Midler Lists Her 14-Room UES Penthouse For $50M

The 14-room penthouse occupying the top three floors of one of Fifth Avenue’s finest prewar co-op buildings is simply divine. This should come as no surprise–the 7,000-square-foot triplex with 3,000 square feet of landscaped terrace and Central Park and skyline views at 1125 Fifth Avenue belongs to Bette Midler. As the New York Times reports, the over-the-top entertainer and her husband, performance artist Martin von Haselberg, are selling the Upper East Side family home they purchased in 1996, asking a diva-worthy $50 million.

A private elevator landing brings you to a large, light-filled gallery that opens onto a vast 70-foot-long entertaining space. The double living room has high ceilings, pre-war details, and a fireplace.

Adjacent is a large open dining room and an enviably stylish eat-in-kitchen. For the chef (and guests) there’s custom wood cabinetry, marble countertops and top-of-the-line appliances including a six-burner Garland stove with grill, SubZero refrigerator, and Miele dishwasher.

Surrounding the entire entertaining floor are brilliantly landscaped terraces with breathtaking views of Central Park, the Reservoir, and the Manhattan skyline. The terraces can be accessed from the living room, dining room, and library. A private study/home office and guest bathroom complete this floor.


The entire top floor of this fabulous sky-mansion is devoted to a library with 13-foot ceilings, a wood-burning fireplace, floor-to-ceiling bookcases, and more of those Central Park and Reservoir views. The library opens onto yet another magnificently landscaped rooftop garden oasis with views in every direction.

The home’s private bedroom floor offers the flexibility of a six- or seven-bedroom layout. Currently, two enormous bedrooms face the park and offer an abundance of closet space, oversized bathrooms, and generous dressing areas. A corner master bedroom suite includes an adjacent study/dressing room with a wood-burning fireplace.

A wing of this floor holds a large family room with open city views and three additional bedrooms. Also on this level are a laundry and pressing room: As any diva knows, those fabulous outfits need plenty of TLC. Built in 1925, the Emery Roth-designed full-service building offers a full-time doorman, a brand-new fitness room, and additional storage in addition to the highest level of service, privacy, and security.

11-35 45th Avenue, Unit 6D


11-35 45th Avenue, Unit 6D

LONG ISLAND CITY, QUEENS

1 Bed  |  1 Bath | Private Terrace

Offered At $998,000


Enjoy breathtaking light and views from every room of this exceptional one-bedroom, one-bathroom home with private outdoor space in a boutique Long Island City condominium.


Stunning vistas of the 59th Street Bridge and city skyline greet you the moment you enter in this heart 800 square-foot contemporary top floor apartment. The expansive living room features gorgeous northern floor-to-ceiling windows, hardwood floors and soaring ceilings, making it the perfect spot for gracious entertaining and relaxing. Or head out to the private terrace (173 square-feet) for dining amidst unobstructed views that stretch across Manhattan and Queens. The open kitchen is a chef's haven filled with premium stone, sleek cabinetry and state-of-the-art appliances, including a Liebherr refrigerator, a vented Bertazzoni gas range and built-in microwave, and a Bosch dishwasher. The serene bedroom features a wall of windows overlooking the terrace, and the spa-like bathroom is filled with radiant heat floors and Grohe and Kohler fixtures. Ample storage space, an in-unit washer-dryer, tinted windows, and energy-efficient Mitsubishi split heat and air conditioning units provide a comfortable and convenient quality of life in this fantastic Long Island City abode.


LIV@Murray Park North is a modern boutique condominium building where residents enjoy a high-tech virtual doorman/video intercom system with package room, well-appointed lounge, a roof deck with panoramic views of Manhattan, a state-of-the-art rooftop fitness center and onsite parking.


Located in vibrant Long Island City, this home is surrounded by world-class dining, nightlife and outdoor space. Michelin-rated Casa Enrique and its French bistro cousin Café Henri are nearby, and the LIC Flea & Food delivers a great selection of food and crafts. Enjoy delightful Murray Park just across the street or head to Gantry Plaza State Park for breathtaking waterfront recreation and skyline views. Transportation from this wonderful enclave is a breeze with G, E, M and 7 trains and the Long Island City Ferry Stop just minutes away.

For $595/night, You Can Go Glamping In A 300sqft Cabin On Governors Island

A well-rounded urban camping experience is a new summer option on Governors Island. Campers can choose an activity-packed agenda complete with private boats, dining, kids’ activities and wellness programs, and a chance to sleep under the stars surrounded by New York skyline views and 1,500 thread count sheets, private en-suite bathrooms and decks, electricity, and WiFi within. For modern design lovers, the island’s cozy Summit and Journey tents from Collective Retreats will be joined by new Outlook shelters. These modular hotel rooms resemble tiny modern cabins with 225 square feet–plus 75 square feet of deck space–of  indoor architecture that “seamlessly compliments outdoor grandeur with fully sheltered structures.” And for this unique experience, prices will start at $595/night.

Outlook Shelters are double occupancy, offering a king bed and an optional double bed, 1,500 thread-count linens and down comforters, electric outlets, a private en-suite bath with a rain shower, and a luxury spa soaking tub with a view. Unlike the tents, however, the Shelters have two private decks with Adirondack chairs, as well as a “living room” with a coffee table and couch.

Additional perks include spa bath products, spa robes, and Turkish towels, plus the same dining and snack options available to all campers. You can even get room service on request.

The shelters will be joining the tents as of tomorrow. You can find more info on Governors Island accommodations and the Outlook shelters here.

Buy Nate Berkus’ Stylish Greenwich Village Pad (Decor Included!)

When interior design couple Nate Berkus and Jeremiah Brent bought their former Greenwich Village penthouse in 2013, they also picked up this charming one-bedroom at nearby 2 East 12th Street. After carefully styling the space with “a mix of vintage finds and pieces from their current collections,” the duo has just listed the cozy pad for $800,000. For an added price, prospective buyers can choose to purchase the apartment fully furnished—including major bragging rights for living in a quintessential Village home, styled head-to-toe by the celebrity designers. 

The thoughtful decor features a palette of black and neutrals against pristine white walls. None of the selected objects detract from the home’s original details, including a marble fireplace and original shutters on the large, south-facing windows. There’s a separate kitchen with custom cabinets and a subway tile backsplash. Though not pictured, french doors lead to the bedroom, which is small but comes with a full wall of built-in storage.

The pre-war building dates back to 1900 and has 10 units. It’s situated right between Fifth Avenue and University Place.

443 Bainbridge Street, Unit 1B


443 Bainbridge Street, Unit 1B

BEDFORD-STUYVESANT, BROOKLYN

2 Bed  |  1.5 Bath | Duplex | Private Garden

Offered At $625,000


 

443 Bainbridge Street is located on a quintessential tree-lined block in picturesque Stuyvesant Heights. Located a short distance from the J, C and Z trains and a plethora of trendy restaurants, bars and coffee shops, this duplex condo is a great home or investment. With two private outdoor spaces, it’s perfect for anyone craving a suburban lifestyle with the conveniences of city living. The first floor offers an open kitchen with Bosch, Fisher and Paykel modern appliances. On this level there is one bedroom, one bathroom and floor to ceiling windows that look out to your own private backyard. Downstairs you will find an open floor plan that is currently being used as the master bedroom. On this level, there is an additional bathroom, plenty of closet space, radiant heated floors, a full-size washer dryer and best of all, another private outdoor patio. The interior square footage is approx. 900 square feet and the outdoor space is another 500 square feet. There’s also a common roof deck that offers amazing views of Brooklyn and Manhattan.

The Monthly Update - September 2019


We're Not Plummeting Into Pre-Recessionville

All year we’ve been hearing about the housing market bubble getting ready to burst. Pundits have been warning that a recession is coming down the line, and OMG, hold onto your hats!  because it’s going to be bad. However, when we look at the numbers more closely —  year-over-year, quarter-over-quarter and transaction after transaction — a new perspective emerges. The reality is that, so far this year, the real estate market has not been that scary, doom-and-gloom landscape everyone is screaming about. And it’s certainly not plummeting into pre-recessionville. 


In fact, today’s conditions are what agents and housing experts started begging for more than four years ago. What’s happening to the Manhattan housing market now is a correction. When home values increase 1 percent per month or 10 to 12 percent a year, it’s just not sustainable growth. And when sellers get used to that type of growth, then yeah, it's going to feel like co-op and condo Armageddon if they bought back in the heyday of 2014-2015.


If you take a moment to flashback to 2014-2015, you’ll remember real estate brokers constantly warning that the pace of appreciation then was going to kill the New York City housing market. They complained about low inventory levels and that there wasn't enough selection. They bemoaned the constant bidding wars and worried that prices were going up too fast! You heard time and again that the overall market was unsustainable and that it really needed a correction. 

Back in the present day, you can take a look at 2019 so far and see that there’s been moderate growth in most segments of the market. It just doesn't always feel that way because things were moving on such a rapid, steep trajectory for so long.  

We all need to take a breath here. The Hoffman Team has 78 deals sold and closed or in contract so far this year, and we’re on pace to close over 110 transactions by the end of 2019. The facts are that buyers are taking advantage of the lowest interest rates since the recession, and sellers (when they don’t try to price for a 2014-2015 market) are listing and selling their inventory successfully. 


Despite all the bad news in the press, the stresses coming out of Washington, concerns about election-year uncertainty and what seems to be a world spiraling into the abyss — the local economy is strong, and buyers and sellers have been agreeing more often than not on terms and price. This is the correction we asked for, and transactions are still happening.  


Local Events & Things To Do

New York Fashion Week

September 6-11

The fashion industry's bi-annual main event returns this month, bringing top models, photographers, and designers to events around the city. Check out the schedule and buy tickets to events open to the public here.

Taste Williamsburg Greenpoint

September 15 (1 to 4 p.m.)
Celebrate North Brooklyn's local flavors at this annual outdoor tasting event. The festival features tastes from over 40 of the neighborhood's best restaurants, bars, breweries, and wineries. Click hereto buy tickets.

The Feast of San Gennaro

September 12-22

The Feast of San Gennaro is a celebration with a festive atmosphere, delicious food and colorful processions. For 11 days, Little Italy is transformed into a red, white and green bash with special guests, live music and a cannoli eating contest. More information here

Brooklyn Book Festival

September 16-22

This annual literary celebration brings together spectacular writers from across the globe for a full week of talks, shopping and even yoga to satisfy the borough’s brainiacs. Events will be taking place all week long, but the main draws are Saturday's Children's Day and Sunday's Festival day. More info here

New York Film Festival

September 27, to October 13
Easily one of the best things to do in the fall, the New York Film Festival stretches back to 1963, when it established a mission of bringing the best work from around the world to Lincoln Center.  More information here.


Easily Increase Your Property's Market Value

With Compass Concierge

Compass Concierge will prepare your home for the market, from deep-cleaning to cosmetic improvements to elevate your home's value. This only-at-Compass service will front the cost of services to improve your home for a quicker, more profitable return. No hidden fees, no interest charged — ever.

Compass will cover all upfront costs, collecting payment for the services rendered at the time of the property's closing. By investing in your home's potential, we aim to provide a swifter, more profitable sale. Read more about Compass Concierge here.

The Hoffman Team Compass Concierge Experience:

We utilized Compass Concierge for our exclusive 201 East 21st Street, Unit 15E in Gramercy Park. After just one open house and 14 days on the market, we were able to sign a contract OVER ASKING and $34,000 over the exclusive listing price! Ask us how we did this....



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Help Plant 500,000 Daffodils Around NYC To Remember 9/11

The annual Daffodil Project–launched by New Yorkers for Parks and NYC Parks in 2001 as a living memorial to September 11th–is now open for bulb requests. Each year, the initiative gives out approximately 500,000 free daffodil bulbs to individuals and groups to plant throughout New York City’s public spaces—in parks, schoolyards, community gardens, and street tree pits. More than 7.5 million bulbs have been planted since the project started. If you’re interested in participating, all you have to do is submit a request before September 5.

In the aftermath of 9/11, Dutch bulb supplier Hans van Waardenburg sent one million daffodil bulbs as a gift to the city. Around the same time, Parks Commissioner Adrian Benepe floated the idea of planting yellow daffodils across the city as a sign of remembrance. 10,000 initial volunteers joined the first planting efforts, and Mayor Bloomberg made the daffodil the city’s official flower in 2007. “This flower has earned the distinction, the Daffodil Project makes the City a more beautiful place every year, and bring us all together by serving as a living memorial to the victims of September 11th,” he said at the time.

In the years since more than 100,000 people have taken part in the Daffodil Project. Each year the list grows and the bulbs are expected to go fast. You can register for The Daffodil Project through September 5th at 5 p.m. Bulbs are available in large bags (roughly 550 bulbs) or smaller ones (about 350 bulbs). Bulb distribution will take place at the following locations this year:

Staten Island: Saturday, 9/14 at Brookfield Park

Brooklyn: Saturday, 9/21 at the Grand Army Plaza Greenmarket

Queens: Saturday, 9/28 at the Overlook at Forest Park

Queens: Saturday, 10/5 at the Rockaways Firehouse at Beach 59th

Bronx: Saturday, 10/12 at St. Mary’s Park

Manhattan: Sunday, 10/13 at Union Square

Pick-ups begin at 10 a.m. and end around 12:30 p.m. Any unclaimed bulbs that remain will be made available to those on the waiting list and people who did not register between 12:30 p.m. and 1 p.m.

70 East 10th Street, Unit 15N


70 East 10th Street, Unit 15N

GREENWICH VILLAGE, MANHATTAN

1 Bed  |  1 Bath | Doorman

Offered At $1,199,000


Introducing a generous proportioned large one-bedroom with abundant storage space and wide-open views. This exceptional one-bedroom home in one of Greenwich Village's finest cooperatives in the city.


Open western sky’s invite you inside this approximately 1,000-square-foot home to find beautiful natural light, open layout and hardwood floors. The expansive great room is perfectly arranged for gracious entertaining or serene relaxation with a generous entry closet, roomy dining alcove and plenty of space for seating and even home office areas. Homecooks will love the windowed pass-through kitchen thanks to its stone countertop space and plenty of cabinet storage. Down the hallway, you'll find a spacious bathroom and a west-facing bedroom with more than enough room for a king-size bed. With a wall of custom closets, plus another in the hall, ensure storage will never be a concern in this wonderful high-floor home.


The Stewart House is a classic white-brick postwar cooperative featuring lush grounds and large circular driveway. This full-service, pet-friendly building offers 24-hour white glove doorman and concierge service, live-in superintendent, a fitness center, children's playroom, storage, bike room, laundry room and an on-site parking garage with direct building access — all for low monthly maintenance charges.


Occupying a full city block in the heart of Greenwich Village, The Stewart House places you in one of the most vibrant neighborhoods in Manhattan. Enjoy great dining, shopping, nightlife and cultural venues on the nearby blocks with both Union Square and Washington Square within easy reach. N/R/W trains are just inches from your door, and L, 4/5/6 and Q at Union Square put the rest of New York City just a subway ride away.

Newest Whole Foods Will Open In Nomad Office Tower

New York City is getting another Whole Foods Market. The specialty supermarket chain will open a new location on the ground floor of 63 Madison Avenue, an office tower in Nomad. The lease includes 50,000 square feet on the second level and 10,000 square feet at street level, as the New York Post first reported.

The revamp of the 871,000-square-foot tower, owned by Jamestown, Loeb Partners, and George Comfort & Sons, includes a new office lobby, private outdoor space for tenants, and the new retail space on the first and second floors.

“An innovative brand like Whole Foods Market is an ideal fit for the cutting-edge retail environment we are creating at 63 Madison Avenue,” Peter Duncan, the president of George Comfort said in a press release. “Whole Foods will benefit from strong foot traffic and visibility while our tenants, along with those who live and work nearby, will enjoy having such a high-quality retailer join the neighborhood.”

Last October, the Real Deal reported that Facebook was looking to lease the entire building at 63 Madison Avenue. But no deal was reached, and the tech company is now reportedly close to securing office space at Hudson Yards.

Two years ago, Amazon bought Whole Foods for roughly $14 billion. Since then, the chain has expanded, adding roughly 30 stores across the country, including a 365 store in Downtown Brooklyn and a convenient grab-and-go option in Chelsea. The company also launched same-day delivery last summer in Brooklyn and Lower Manhattan, promising Amazon Prime members groceries in under two hours.

[Via New York Post]

201 East 21st Street, Unit 15E


201 East 21st Street, Unit 15E

GRAMERCY PARK, MANHATTAN

1 Bed  |  1 Bath

Offered At $755,000


 

Don't miss the opportunity to purchase a spacious one-bedroom, one-bathroom home in one of Gramercy's best postwar cooperatives.


The opportunities are endless in this expansive approximately 850-square-foot corner unit with tons of oversized windows along the northern and western exposures. High ceilings, fresh paint, refinished floors and brand-new windows provide a great starting point for your imagination. The living room, dining room and king-size bedroom are move-in-ready, and there's abundant storage space throughout the apartment. Bring your contractor to plan the spa bathroom and open, enlarged open kitchen of your dreams!


Quaker Ridge is a revered postwar co-op known for its stellar financials and low maintenance. Residents enjoy full-time doorman service and live-in superintendent, modern laundry facilities, private storage, bike storage and a residents-only parking garage with direct access to the building. Quaker Ridge allows co-purchasing and pets but does not permit guarantors or pieds-à-terre.


Please note, the maintenance includes a monthly energy charge of $76.


Set in the heart of Gramercy — with immediate access to the Flatiron District, NoMad, Union Square and the East Village — fantastic shopping, dining and nightlife are all within easy reach. Gramercy Park, Union Square and Madison Square Park offer outdoor space, phenomenal greenmarkets and year-round events, and transportation is superb with 4/5/6, N/Q/R/W and L trains all nearby.

The Monthly Update - August 2019

What’s Going To Spark The NYC Market?

Why Aren’t You Buying; Should You Buy or Hold Off? 


There’s been lots of debate about what kind of market we’re currently in. It’s definitely a buyer’s market, but there are still many who are completely perplexed about why that is and what they should do about it. 


Buy: Interest rates are slated to go down at the end of this week. It’s most definitely going to happen. But at the same time, buyers are already getting incredibly low rates. I just had a closing where a gentleman got 2.75 percent on a Wells Fargo loan! So the Fed is going to double down on already historical low rates, which should have a positive impact on today’s market and your buying power!


Hold Off: There’s currently more inventory out there for buyers to choose from than there has been over the last eight years. This is not usually a great thing for buyers to see. To spur transactions, fewer choices are healthier for the overall market. 


Buy: Sellers are more negotiable now than they have been over the last three to four years, so get out there and make offers! . 


Hold Off: If you have an investment portfolio, the returns on that portfolio are up 50 to 100 percent in some cases. Could this be why potential buyers aren’t pulling money out of the market to make down payments on apartments?


Buy:  Rental rates have been stagnant. But they are finally starting to increase, and landlords are now scaling back the incentives once necessary to rent their properties. This could be the spark that ignites the buyer’s market as rental rates climb to match monthly mortgage and maintenance rates. 


Hold Off: And yet properties continue to linger on the market. Especially if they’re not competitively priced, which puts the onus back on the buyers to bid the property for what they think “market-value” should be. But they don’t, so homes just sit. And if they sit, the prices will continue to fall, in theory. 

Buy: And yet it’s never been a better time to buy! Property values are down 20 percent in many segments of the marketplace. Interest rates have never been lower and are slated to go down even further. Inventory is plentiful, and there’s plenty to choose from, which means the buyers should be out shopping!

Holding Off: But they aren’t pulling the trigger. Also, 2020 is an election year. Could that mean more reductions in listing and purchase prices as election years usually bring uncertainty to the market? Will interest rates go up next year? Maybe, but that’s not likely in an election year. 

Buy/Holding Off: I’ve said it many times before: Timing the market is a very dangerous thing to do. Borrowing money is cheaper than it has been and sellers are very negotiable off of the sale prices. It truly is a buyer’s market … so why aren’t you buying?


Local Events

Summer Streets
August 3, 10, 17, 2019

For three weekends in August, the city closes Park Avenue and Lafayette Street to cars so you can play, run, walk, and bike from Brooklyn Bridge to Central Park. Summer Streets features food, entertainment, and activities for the whole family. Read more here.

Central Park Conservancy Film Festival

August 13 - 15, 2019


Hosted in recognition of the Conservancy’s ongoing commitment to the public, the Conservancy Film Festival features three family-friendly films and is free to the public. Event is subject to cancellation due to weather. Click herefor more info and the full schedule.


News & Must Reads

Compass Raises at $6.4 Billion Value as Brokerage Race Heats Up

The new funding round values the company at $6.4 billion, setting the stage for an eventual initial public offering. The money will help Compass, which has raised more than $1.5 billion in total, to continue building a software platform to streamline the process of buying and selling homes, the company said in a statement. That includes investments in cloud, mobile and artificial intelligence, as well as support for a new consumer app expected to launch in August.

 Read more here.

The Greatest Rooms of the Century


From the home of Charles and Ray Eames to Frida Kahlo’s Casa Azul, Phaidon's list includes interiors that span dozens of countries and a broad range of show-stopping styles. Read more about the spaces in Dwell, here.

The Must-Have Tools Every Gardener Should Own

With a little effort, some steady attention, and the help of a few trusty garden tools, anyone can nurture their greenspace into whatever they want it to be, whether that’s a vertical garden or an edible one. Read more here with Real Simple.



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Fed Cuts Rate By A Quarter Point

KEY POINTS

  • The policymaking Federal Open Market Committee drops the target range for its overnight lending rate to 2% to 2.25%, or 25 basis points from the previous level.

  • The Fed cites “implications of global developments for the economic outlook as well as muted inflation pressures” in its first rate cut since December 2008.

  • The Fed also leaves the door open to future cuts, saying it will “act as appropriate to sustain the expansion.”

  • The central bank also ends its balance sheet reduction two months earlier than planned.


The Federal Reserve lowered its benchmark rate by a quarter point Wednesday as an insurance policy not against what’s wrong with the economy now, but what could go wrong in the future. It was the first rate cut by the central bank in more than a decade.

Amid President Donald Trump’s intense political pressure and persistent market expectations, the policymaking Federal Open Market Committee dropped the target for its overnight lending rate to a range of 2% to 2.25%, or 25 basis points from the previous level.

In approving the cut, the FOMC cited “implications of global developments for the economic outlook as well as muted inflation pressures.” The committee called the current state of growth “moderate” and the labor market “strong,” but decided to loosen policy anyway.

The stock market dove later in the afternoon when Fed Chair Jerome Powellnoted that the cut was simply a “midcycle adjustment” and that the committee did not see the type of marked economic weakness that would necessitate a longer rate-cutting cycle.

The rate is tied to most forms of consumer debt and is likely to almost immediately have an impact on lowering credit costs.

Research Shows How Much You Need To Earn To Afford A Two-Bedroom Apartment In NYC

Manhattan requires the second-highest income in the country to afford an average two-bedroom apartment. A new report from SmartAsset analyzed how much a household needs to make in order to afford rent in the 25 largest cities in the United States. In Manhattan, New Yorkers would need to earn an annual salary of at least $162,857 to afford the average two-bedroom rent in the borough, currently around $3,800 per month.

The main findings in the report show that in the country’s most expensive cities, earning the median income is not enough to avoid being “cost-burdened,” making it more difficult to afford other necessities like food and medical care. According to the Department of Housing and Urban Development, a household should not spend more than 30 percent of its income on housing costs.

If 50 percent of a household’s income is spent on rent, it falls under the severely cost-burdened category, according to HUD. While some have argued this measurement simplifies how affordable housing is defined, the number continues to be widely used today to determine who is cost-burdened.

In its report, SmartData set a 28 percent rent-to-income ratio to create its rankings. The group found that a household in Manhattan, and not taking into account the outer boroughs, would have to earn at least $162,857 per year to pay rent that hits 28 percent or less of their income. The problem, however, is that the median household income in the borough is roughly half of that amount, at $85,071 per year.

New York falls second to San Francisco, where an average two-bedroom apartment goes for a staggering $4,593 per month. Residents in the Bay Area need to make at least $196,843 per year to avoid being cost-burdened. Despite raking in the highest median household income on the list at $110,816, San Francisco residents still fail to meet this threshold.

See how much a household would need to make in order to afford rent in the 25 largest cities here.

Ranking The City’s Most Dangerous Intersections For NYC Cyclists

Just days after Mayor de Blasio unveiled a new plan to make the city’s streets safer for cyclists, another fatal accident occurred when a 30-year-old cyclist was struck near the intersection of Third Avenue and 36th Street in Sunset Park around 9 a.m. this morning. As Streetsblog reported, the incident brings the year’s death toll up to 18—nearly double what it was all of last year. Redesigning intersections is a component of De Blasio’s new $58 million initiative, which says it will ramp up NYPD enforcement at the 100 most crash-prone intersections and renovate 50 intersections. While the Department of Transportation hasn’t yet disclosed what those intersections will be, home-search platform Localize.city has created a list of the top ten most dangerous intersections for cyclists.

“Experts and the city already know where the dangerous intersections are and what makes them so unsafe. Our job at Localize.city is to ensure all New Yorkers are informed,” says urban planner Sam Sklar, who works at Localize.city. “If you’re thinking about taking up cycling you should know if the intersections and streets near your home are dangerous. If you’re moving and cycling is important to you, we want you to find a home that will be safe to cycle to and from.”

The company’s team of data scientists and urban planners has evaluated the relative safety of each intersection based on the number of bicycle injuries and fatalities over a five-year period, from 2014 through 2018. Two recent cycling fatalities occurred at intersections considered to be among the most dangerous for NYC cyclists, one in Chelsea and one in Staten Island, according to the analysis. Their top ten, listed below, were all locations in Manhattan and Brooklyn.

1. 6th Avenue & West 23rd Street, Chelsea, Manhattan – 21 Injuries

“Twenty-third street is wider than streets parallel to it, and it’s the main east-west route for delivery vehicles,” says Sklar. “This multiplies the risks. While not reflected in our data from 2014 to 2018, this intersection was the location of a fatal crash between a cyclist and a truck driver just last month.”

2. (Tied) Jay Street & Tillary Street, Downtown Brooklyn, Brooklyn – 20 injuries

“This is a crowded intersection along a key route for people cycling over the Manhattan or Brooklyn bridges. While some bike lanes are marked, such a major bike route needs to be protected with better-marked lanes,” says urban planner Dan Levine.

2. (Tied) Atlantic Avenue & Bedford Avenue, Crown Heights, Brooklyn – 20 injuries

“The bike lane on Bedford Avenue is not separated from traffic and is wedged between car-travel lanes. It’s unprotected on either side, and as riders cross the six-lane Atlantic Avenue, they’re expected to maneuver toward the curb. But often cars in a left turn lane actually turn back into traffic, creating a risk for cyclists,” says Sklar.

4. 3rd Avenue & East 14th Street, East Village, Manhattan – 18 injuries

“New bike lanes along East 12th and East 13th Streets should offer a safer route, at least for cycling crosstown. Even with bike lanes on neighboring streets and avenues, the high number of crashes shows this is a route many riders are travelling,” says Levine.

5. (Tied) Chrystie Street & Delancey Street, Lower East Side, Manhattan – 17 injuries

“Chrystie Street has a two-way bike lane, and the lane closest to traffic rides against traffic flow, which is a huge design flaw,” says Sklar. “It doesn’t help that Delancey Street is extremely wide, as it accommodates car and bus travel to and from the Williamsburg Bridge. Additionally, there isn’t currently any bike lane on this stretch of Delancey Street.”

5. (Tied) St. Nicholas Avenue & W. 141st Street, Harlem, Manhattan – 17 injuries

“As one of the few places where a crosstown street crosses St. Nicholas Avenue, this intersection likely sees more turning cars and trucks, which can be especially dangerous for people on bikes. Bollards and better-marked crossings could help turning drivers see riders,” says Levine.

7. (Tied) Allen Street & East Houston Street, Lower East Side, Manhattan – 14 injuries

“Cyclists and drivers approaching this intersection often have obstructed views because of the width of East Houston Street, plus the width of East First Street along with obstructed views from street trees and bus traffic that potentially blocks views for drivers and cyclists,” says Sklar

7. (Tied) Graham Avenue & Grand Street, Williamsburg, Brooklyn – 14 injuries

“On narrow, crowded, business-lined Grand Street, riders contend with double-parked cars and trucks and blocked bike lanes,” Levine says

7. (Tied) Jay Street & Myrtle Avenue, Downtown Brooklyn, Brooklyn – 14 injuries

A bike lane was added in 2016 to help shore up the commuter route along Jay Street. It is physically separated from the auto traffic and is wider than a typical bike lane,” Sklar says, “ though buses do use the bike lanes, too.”

7. (Tied) Roebling Street & South 4th Street, Williamsburg, Brooklyn – 13 injuries, 1 death

“Before 2017, the biking expressway over the Williamsburg Bridge ended at this chaotic intersection with poorly marked and inadequate bike lanes,” Levine says. “New protected lanes feeding to the bridge should make the route safer.”

The most dangerous intersection in each of the other boroughs was as follows:

Queens: 58th Street & Roosevelt Avenue, Woodside – 12 injuries; tied for 14th most dangerous intersection in the city

“There’s no bike lane along either Roosevelt Avenue or 58th Street. Plus, traffic from Woodside Avenue connects with this intersection. That adds in a wildcard element that makes traffic unpredictable,” Sklar says.

Bronx: (Tie) East 149th Street & Morris Avenue and East 161st Street & Morris Avenue, both in Melrose – both have seen 11 injuries and also tie for 16th overall in the city

“There are no bike lanes on Morris Avenue or any nearby parallel avenues. People on bikes are forced to fight through chaotic traffic to get to the businesses, schools, and apartments along this street,” Levine says.

Staten Island: Castleton Avenue & Clove Road, Port Richmond – 3 injuries, 97th most dangerous

“This intersection is the site of a recent fatality this month. The city clearly encourages Clove Road as a bike route because the way the street is painted to allow bikes and cars to share the lanes in either direction. But this lane isn’t separated or protected. It’s a shared lane,” says Sklar.

As Streetsblog reported, it’s important to note that a huge number of this year’s fatal accidents—13 of 18—took place in Brooklyn.

Last Thursday, Mayor de Blasio revealed his “Green Wave” plan, which includes spending $58.4 million over the next five years on making city streets safer for bikers. In addition to adding more protected bike lanes and redesigning intersections, the plan calls for a media campaign on cyclist safety, as well as community engagement programs.

Compass Raises Another $370M On A $6.4B Valuation

The real estate market regularly goes through ups and downs, but today comes big news for a startup in the space that has built a platform that it believes can help all players in it — buyers, sellers and those who help with the buying and selling — no matter what stage of the cycle we happen to be in.

Compass — a company that has built a three-sided marketplace for the industry, along with a wide set of algorithms to help make it work — has raised a $370 million round of funding, money that it plans to use to continue expanding geographically (within existing markets in the U.S. such as New York, Connecticut, Philadelphia, Washington, Atlanta, SF and LA and other areas), as well as for more tech and product development. Sources tell me that it’s also now eyeing up an IPO, likely sometime in the next 24 months.

“From day one we knew, when we had just a small amount of people at the company, we had a very clear focus,” co-founder and chairman Ori Allon said in an interview. “We wanted to bring more tech and data and transparency to real estate, and I think it’s paid off.”

Based out of New York, Compass  earlier this year established an engineering hub in Seattle run by the former CTO of AI for Microsoft,  Joseph Sirosh . It’s continuing to hire there and elsewhere (alongside also making acqui-hires for talent).

The Series G funding — which brings the total raised by Compass to $1.5 billion — is coming in at a $6.4 billion valuation, a huge uptick for the company compared to its $4.4 billion valuation less than a year ago. Part of the reason for that has been the company’s massive growth: in the last quarter, its revenues were up 250% compared to Q2 2018.

The investor list for this latest round includes previous investors Canada Pension Plan Investment Board (CPPIB), Dragoneer Investment Group  and SoftBank Vision Fund. Other backers since it was first founded in 2012 have included Founders Fund, the Qatar Investment Authority (a construction and real estate giant), Fidelity and others.

The company was co-founded by Ori Allon and Robert Reffkin — respectively the chairman and CEO, pictured here on the right and left of COO Maelle Gavet. The company first caught my eye because of Allon. An engineer by training, he has a string of notable prior successes in the field of search to his name (his two previous startups were sold to Google  and Twitter, which used them as the basis of large areas of their search and discovery algorithms).

In this latest entrepreneurial foray, Allon’s vision of using machine learning algorithms to improve decisions that humans make has been tailored to the specific vertical of real estate.

The platform is not a mere marketplace to connect buyers to real estate agents to sellers, but an engine that helps figure out pricing, timing for sales and how to stage homes (and more recently how to improve them with actual building work by way of Compass Concierge) to get the best prices and best sales.

It also helps real estate agents — it currently works with some 13,000 of them — manage their time and their customers (by way of an acquisition it made of CRM platform Contactually earlier this year). Starting with high-end homes for private individuals, Compass has expanded to commercial real estate and a much wider set of price brackets. Its traction in the market among its three customer bases of realtors, buyers and sellers has also meant that it’s been the subject of around 10 lawsuits from the likes of Zillow (over IP theft from former employees) and Realology (which owns firms like Coldwell Banker and Century21).

There is a wide opportunity for vertical search businesses at the moment. People want more accurate and targeted information to make purchasing decisions; and companies that are in the business of providing information (and selling things) are keen for better platforms to bring in online visitors and increase their conversions.

I understand that this has led to Compass getting approached for acquisitions, but that is not in the blueprint for this real estate startup: the longer-term plan will be to take the company public, likely in the next 24 months.

“It has been incredible to see the growth of our Product & Engineering team, including the addition of Joseph Sirosh as CTO,” said Allon, in a statement. “We are excited to partner with new investors, and deepen our relationship with our existing partners to accelerate our growth and further our technology advancements.”

142 West 82nd Street, Unit 8


142 West 82nd Street, Unit 8

UPPER WEST SIDE, MANHATTAN

1 Bed  |  1 Bath  |  Co-op

Offered At $700,000


Make your home in the heart of the Upper West Side in this tastefully updated tri-level co-op home just a block and a half from Central Park.

 


Located just two flights up, this spacious and bright home boasts hardwood floors, crown moldings, stained glass and exposed brick alongside well-planned updates. New oversized windows frame charming southern garden views, providing a serene respite from the city and adding to the home's townhouse-like privacy. On the lower level, enjoy a new eat-in, windowed kitchen with butcher block counters and stainless steel appliances. Upstairs, the living room features 11-foot-tall ceilings and beautiful built-ins. Step up to the bedroom level to find a huge custom closet and easy access to the updated bathroom.

142 West 82nd Street is a well-maintained prewar brownstone featuring an updated façade, new boiler and laundry room. Washer-dryers are permitted. Pets allowed on a case-by-case basis only. One percent flip tax.

Situated mid-block on a quintessential tree-lined street, you're surrounded by Central Park to the east and Riverside Park to the west. The Upper West Side's greatest shops and restaurants are nearby, including Fairway, Citarella, Zabar's and Trader Joes, and transportation is a breeze with 1, B and C trains all just minutes away.