Chinese favorite Ollie's on 84th and Broadway has closed. For the past few months Olli'es was closed, there was a sign in the window "Closed for Renovations Re-Opening Soon". OK, I told myself "you can live without Cantonese Wonton Soup for another month". For a while it looked like it was gathering city notices not unusual during renovations.
They've had renovations before and then re-opened. Years ago they used to make the Dim Sum in the windows. Before that renovation Ducks were hanging in the window. I thought they were upgrading again. But I just noticed the new Awning and sign for 5 Napkin Burger. Could it be hamburgers?
It may not have been he greatest Chinese food in the world but it certainly was convenient and always packed. It was like a Chinese diner, great for quick Dim Sum after going to the movies across the street or for a quick lunch or dinner with friends and family or for delivery.
First Docks closed (my favorite neighborhood lobster and seafood restaurant) now Ollie's, not to mention 1/2 the entire block from 87th to 88th Street has been vacant for 3 years. Saigon Grill was at the corner of 87th and Broadway for many years before moving to 90th Street but it was replaced by Malaysia Grill. Now the block is still empty. The Korean Grocer and Chicken take out place are long gone.
Ollie's has another location on broadway in the 60's near Lincoln Center but I never liked that one for some reason. Bye Ollies. Maybe 5 Napkin Burger will last more than 6 months. These new places seem to come and go.
iPhone photo courtesy of:
Mitchell Hall, Associate Broker, The Corcoran Group
Apartment and Townhouse listings by email
How much is your Manhattan apartment or townhouse worth in today's market?
©Mitchell Hall 2010
I received notice that I had to report to NY Supreme Court last week or receive a $1000 fine. It turns out I didn't have to report for jury duty, I only had to report to find out if I'm qualified. I'm qualified and will be hearing from them in 3 to 4 months. I served 5 years ago. 6 months after I served they changed the qualification from every 4 years to every 6 years. According to the county clerk I am qualified this year because the 6 year exemption was passed after I served.
I also received a qualification questionnaire from United States District Court. Hopefully NY state will call me first. The 9/11 terrorist trial may take place in US District Court Southern District of NY. Both Court houses are in lower Manhattan.
The Real Estate Board of New York (REBNY) is spearheading an effort to move the trial from lower Manhattan. Lower Manhattan’s business district is vital to our city’s economy and quality of life for all New Yorkers. The heightened security for the 9/11 trial will burden the area’s economy and greatly impose on the lives of its residents. The trial needs to be moved away from this large, vital urban center to a less populated location.
Click here www.rebnyactioncenter.com. Spread the word.
The Manhattan business community and members of the Real Estate Board of New York led by REBNY President Steven Spinola and Bill Rudin, the landlord and Association for a Better New York chairman, are spearheading an effort to move the 9/11 terrorist trial anywhere but downtown Manhattan. Today Mayor Michael Bloomberg came out in favor of moving the trial to another location. Lower Manhattan is the worst place to hold the 9/11 Terrorist Trials. Unless we act now, that is exactly what will happen. Lower Manhattan’s business district is vital to our city’s economy and quality of life for all New Yorkers. The heightened security for the 9/11 trial will burden the area’s economy and greatly impose on the lives of its residents. The trial needs to be moved away from this large, vital urban center to a less populated location. 
Help MOVE THE TRIAL!!
These neighborhoods have suffered enough.
Here is a quick and easy way to take action. Click on this link www.rebnyactioncenter.com for the REBNY Action Center and send a clear message to elected officials to MOVE THE TRIAL.
Having the trials in Lower Manhattan will:
• Adversely affect real estate transactions; Lower Manhattan has 30,000 residential units and more than 100 million square feet of office space
• Create economic hardship for the 8,000 plus businesses in the area
• Bring trauma to the 140,000 people who live there and have already been through enough
• Distress the more than 315,000 New Yorkers that work there
• Discourage the more than 8 million annual visitors
• Place a roadblock in the economic recovery of the city
Click here www.rebnyactioncenter.com. Spread the word.
As many of you have read in the media the largest property purchase in US history went into default. The group led by Tishman Speyers that purchased the 110 buildings and 11,000 apartments that make up Manhattan's Stuyvesant Town and Peter Cooper Village will be turned over to creditors who financed the $5.4 billion deal in 2006. The property is now estimated to be worth $1.8 billion.
The plan was to aggressively convert thousands of rent-regulated apartments occupied by middle-class families into luxury units that would rent or sell for top dollar.
The strategy failed as NYC's housing market cooled. Even in the hottest market turning a 70 year old brick housing project complex from affordable middle class housing into high-end luxury rentals fetching high rents was a big stretch.
Met Life built the apartment complex in 1940 for WWII veterans and for decades due to tax breaks and incentives maintained affordable rents.
Just look at the picture. I have friends and relatives that grew up in Stuyvesant Town. While they are nice spacious apartments, all the renovations and up scale marketing in the world, IMHO could never turn Stuy Town into Trump Place. Manhattan already has many luxury rentals including several brand new construction luxury buildings.
So while two California State Employee Pension Funds, the Florida state pension fund and the Church of England lost their shirt (hundreds of millions of dollars) speculating in NYC real estate, The taxpayers of NYC made out quite well.
NYC collected taxes of more than $300 million because of the $5.4 billion deal. The city collects transfer taxes every time a property is transferred. The inflated sale price and inflated market value brought in property taxes of about 48 million per year. NYC uses a multiyear assesment so they will remain high for a few years.
Most likely the property will be sold to a new owner. Lefrak is interested in the property. So NYC will get those transfer taxes once again perhaps another $100 million. Hopefully the 25,000 tenants will still have affordable apartments.
We can use the money. Thanks speculators!
Despite the rain, cold and dreary weather open houses were mobbed today on the Upper West Side of Manhattan. Buyers are out and buyers are buying. One pre-war 2 bedroom condo priced at $1,399,000 must have had about 40 people when I arrived with my buyers just 15 minutes after it opened.
About 30 people were at the 2 bedroom 2 bath apartments on the third floor of a post-war full service luxury building. One 2 bedroom condo that came on the market the beginning of the week at $1,150,00 that I showed Wednesday evening is already in contract and today's open house was canceled. I was planning on taking my buyer back today to see it during daylight. Too late. There is very little inventory in the $1M to $1.4M range.
What does it mean? Is it the Wall Street bonuses? Have we bottomed? Last weeks sell off in the stock market? Is New York the last market to decline the first to recover? We haven't had many foreclosures or sub-prime mortgages. The collapse of Lehman Brothers was what caused our market to decline. Prices are still down from a year ago but there is sales activity.
I know it's not about tax credits in this price range. Even first-time buyers looking at $1M+ apartments tend to have higher incomes than $125,000 single or $250,000 combined. The $6000 tax credit for current home owners is capped at an $800,000 purchase.
I know there are all kinds of reports and gloomy economic studies. I know we have high unemployment and our national economy is not good. But I also know what I see. I see a lot of people with a lot of money buying real estate in Manhattan.
Mitchell Hall, Associate Broker, The Corcoran Group
Apartment and Townhouse listings by email
How much is your Manhattan apartment or townhouse worth in today's market?
©Mitchell Hall 2010
 |
|
|
New York City Real Estate Broker catering to today's discerning, local, national and International, tech-savvy Manhattan buyers and sellers.
Mitchell J Hall - Associate Broker - Blogger
My blogs are designed as a consumer service to help buyers and sellers make informed real estate decisions. It is often difficult to get relevant information when you are looking to buy or sell a coop or condo apartment or townhouse in the complex Manhattan real estate market.
In order to better educate and inform buyers and sellers, the information provided is a FREE Service.
Many buyers and sellers who read my blogs and visit my site are so impressed with the information and service that they will contact me in order to assist them in the purchase or sale of their home.
Manhattan Relocation Package: Neighborhood Relocation Guides and Market Reports: 
Manhattan Apartment Buildings in history/ today
To join my VIP Manhattan Buyer Profile System and receive new listings by email click here.
To find out How Much Your Home is Worth in Today's Market click here
A Manhattan born native New Yorker, Mitchell gained appreciation and knowledge of New York City's different neighborhoods, buildings, architecture, culture and diversity at an early age. His innate knowledge of each neighborhood's unique personality is what makes him adept at matching personalities and lifestyles with properties. He has lived in Manhattan neighborhoods in Brownstones, Pre War and Post War buildings. Having lived and travelled throughout the US and abroad Mitchell knows "There's No Place Like Home" both financially and emotionally.
Comfortable with all types of people, lifestyles and financials he knows how to listen, to focus, "to read between the lines" and to work hard to satisfy his client's real estate needs.
Websites and Links Where You Can Find Me Online:
Testimonials:
____________________________________________________ Mitchell Hall sold 2 of my apartments in Manhattan. One was a Chelsea co-op in 2002 and the most recent was a Battery Park City Condo in 2005. After he sold my co-op in 2002, I knew Mitchell was the only Realtor I wanted to sell my Battery Park city condo. 
The reason was very simple. Successful selling in Manhattan real estate is based on the correct pricing for the unit. If it’s priced too high, there won’t be enough interest and the unit will sit on the market.
However, if it’s priced just low enough to generate a healthy response, the potential buyers will compete for the property and bid up the price. In both instances, this was the case.
Mitchell was able to get the best price for my units based on pricing the units at the correct pricing point that led to bidding wars on the apartments. And in both instances, the units sold for well over the asking price.
In my mind, being able to price units correctly in Manhattan is not an easy task. There are so many variables that affect a unit’s value - even in the same building. Mitchell’s combination of extensive market knowledge, professional demeanor and outstanding negotiating skills always brought in the highest price for my units.
I have since moved from Manhattan, however, if I was ever to return to the city, Mitchell Hall would be the first Realtor I called.
I would highly recommend Mitchell Hall as a Realtor in Manhattan and don’t hesitate to sign my name to this letter.
Allen Zimmerman
________________________________________________________
"It's been a few months since we've been in our new apartment, we love it. We are so glad we met you at your Open House. With out you we never would have found this apartment. Thanks for all your help especially getting us approved by the co-op board. GS and RW 250 West 103rd St.
__________________________________________________
" Mitchell, your pricing strategy and marketing ingenuity was nothing less than spectacular. Having so many solid offers to choose from so quickly enabled me to not only get the price I wanted but the terms as well. Having a signed contract in less than a week and Closing in less than 30 days removed all the stress regarding my relocation and the new condo I bought in South Beach. By the way thanks for getting me a great Realtor in Miami." TD 377 Rector Place #20A ____________________________________________________________________ "Bravo! Mitchell, I am so pleased with your work, I could not be any happier. When I saw my little Chelsea apartment in The New York Times recent sales section, and how much you sold it for I felt like Sarah Jessica Parker in "Sex in the City". A. Collins 210 W 19th Apt 5K IN THE NEWS: Recent Press
Sales still falling in Manhattan
By Inman News, Wednesday, July 2, 2008.
Residential sales in Manhattan continued to slide in the second quarter, according to market reports released today, falling back from last year's lofty peaks.
Mitchell Hall, an associate broker for Coldwell Banker Previews International in Manhattan, said, "I think the market has really turned to more of a buyer's market," and buyers seem to have more wiggle room these days in negotiating prices and other concessions with sellers.
"Everything's very negotiable right now," Hall said. "Where a year ago a buyer would ... insult a seller making a lowball offer, now everything is being considered."
He cited the slow-moving economy among the factors contributing to slowing sales. "They are not grabbing things right away as they were previously. They are ... taking a wait-and-see attitude."
Those buyers who purchased in the past year will likely lose money if they try to sell in the current market, he said.
While there are still first-time buyers in the market, Hall said that larger down-payment requirements are difficult for some buyers. "It's a little tougher getting mortgages right now." The co-op market, he said, typically requires a 20 percent down payment and in some cases a 25 percent down payment, and for condos most lenders are requiring at least a 15 percent down payment, he said.
There are plenty of homes for buyers to choose from, he said, citing a couple who found 80 properties that matched their criteria.
How to be the perfect candidate TIPS FOR CO-OP BUYERS - by: Scot Meyer Five tips for wanna-be co-op buyers Although a co-op board member may say that the process of meeting applicants is just a formality, the building bigwigs can reject you without explanation. So it pays to take the meeting seriously. 1. Answer questions. "You may be asked things that seem personal and sometimes even invasive," says Circle Mortgage Group president Dale Siegel. "Don't be fazed, just answer politely." 2. But maybe not all questions. Mitchell Hall, associate broker with Coldwell Banker Previews International, notes that co-ops can't discriminate based on things such as race or national origin. The board is also not supposed to ask about sexual orientation, marital status or if children will be living with you. 3. Don't elaborate. Hall says major renovation plans might turn off board members. 4. Don't ask. Even innocent questions can offend. "You might ask when they're going to renovate the lobby," Hall says, "and it turns out they just did, and someone on the board was head of the lobby-renovation committee." 5. Don't tell. Beware of revealing too much-questions about sublet or pet policies are a bad idea, and if there are patios, don't ask if you can barbecue on them. For the time being, yes. But if Wall Street continues to struggle, that could change Is Manhattan Immune from the Real Estate Bust? (page 2 of 2) Many of the strictest buildings often insist that prospective buyers have liquid assets equaling as much as three times the apartment's asking price. So, if you're talking about a $5 million apartment, you need at least $15 million in the bank. Other real estate holdings don't count. Subprime loans and foreclosures, as a result, are rare. "Here you have to put skin in the game," said Mitchell Hall, associate broker with Coldwell Bankers Previews International. "It's not easy to buy a place in New York-you have to be really qualified." Translation: rich. Nail-Biting Time The fact that Manhattan has-at least so far-escaped the downturn doesn't mean it won't get hit. With a recession looming, plenty of job losses are expected this year on Wall Street, where bonuses are also expected to shrink. The new condos being built-with ever increasing prices-could also create an oversupply of luxury real estate. Even Spinola of the Real Estate Board concedes that the market could flatten in a recession. New York real estate is by no means immune to dips. Prices dropped during the recession in the early 1990s and following the 1987 stock market crash. The biggest postwar decline came in the 1970s, when the city went bankrupt. Jonathan Miller, president of New York appraiser Miller Samuel, said even though prices are rising, sales activity is off from last year's record levels. The boroughs are doing worse. Expensive Brooklyn neighborhoods such as Brooklyn Heights, Cobble Hill, and Park Slope have mirrored Manhattan's strength. But middle-class communities farther out have been weakened by the subprime crisis and the credit crunch. Median home prices in Queens fell 12% in the first quarter from a year earlier, according to the Real Estate Board. The median price dropped 9% in the Bronx, 2% in Staten Island, and 1% in Brooklyn. "Look we've had a very brisk real estate market for the last four or five years," Miller said. "The New York region has held up better than virtually any market across the country. But we are not immune to situations on the national scale." See the BusinessWeek.com slide show for the most expensive real estate listings in Manhattan. Gopal writes about real estate for BusinessWeek.com in New York . metro.us 1/24/2007 New York Post 12/03/2006 PAGE SIX Magazine: NY POST Sunday October 14,2007 Press Mentions:
Time Out New York / Issue 656 : Apr 23-29, 2008
Apartments '08
Is Manhattan Immune from the Real Estate Bust? 
Date
Publication
Article's Name
1/24/2007
Metro New York
On the Waterfront
9/1/2005
The Real Deal
Residential Deals
3/7/2005
New York Post
Homes of the Week
12/3/2006 New York Post Hot New Digs For Wall St. Bonus Babies 6/22/2007 New York Sun Stalled Coop Bill Gains Backers
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2010 ActiveRain Corp. All Rights Reserved
