Mitchell Hall - Manhattan Real Estate

The NY PRESS blogged about the fate of the vacant retail space on the north west side of Broadway at 87th street.

As you may recall I posted last month Is-the-Blog-Mightier than the sword-Say No to Drugstore chains about a previous post I did back in the fall when I first found out Malaysia Grill, Broadway Fruit & Vegetable and Hot & Crusty Bakery were being forced out of business and a Walgreens would be renting the space. Say No to Drugs Store Chains.

It turns out the retail space is owned by two New York families associated with the famous Jewish food emporium and NYC landmark Zabars.

Murray Klein and the Zabar brothers, Stanley and Saul, bought the building at W. 87th and Broadway 20 years ago. Murray died last year and his share in the building went to his wife Edith and son Roger.

According to Roger Klein, a gastroenterologist in NJ, it's an investment, and they're not in the market to get top dollar for the space. "We obviously have expenses to pay, and we want to have a profitable business, but we have the community to mind, too," he said. "It's not lost on us that whatever goes into that space is part of the community.

The owners are asking $225 per square foot (the median price in the area between 72nd & 87th is $327). They're looking for something non-food related and not already in the neighborhood, citing Uniqlo, Paragon, Ricky's or Morris Bros.

Broker Christine Emery, senior managing director of LANSCO Corporation, says the landlord will NOT take a bank. "We will not take a bank. Period."

Kudos to two great Upper West Side families the Klein's and Zabars'.

Read the complete story by Jerry Portwood at the NY Press blog: Empty UWS Storefront's Owners (and Their Agenda) Revealed

Time Line Guide For Purchasing

1. Mortgage Pre-Approval:

Typical Time frame: 30 minutes - 2 hours
You must know how much you can spend before you spend it. Condominium apartments require at least 10% down; cooperatives generally require at least 25% down. However, every building is different. Go to this web site to get pre-approved and start the mortgage process.

2. Find an apartment:

Typical Time frame: 3 - 6 months before closing.
Depending on what you are looking for, the length of your search will vary. The average person sees 10 - 25 apartments before deciding on one. Viewing apartments on-line can save you time and headaches by eliminating those you don't like. The first apartments you see are often the best, so try to be alert and ready.

3. Negotiations:

Typical Time frame: 1 hour to 2 weeks
Step One: Make an OFFER. Everything is negotiable so inquire about assessments, fixtures, window replacements, air conditioners, rugs, floors, curtains, appliances, working fireplaces, washers, dryers, etc. Apartments are delivered "swpt clean".

4. Sign a Contract:

Typical Time frame: 1 - 3 weeks
Typically in a sales transaction, a New York City real estate attorney represents each buyer and seller. The seller's attorney draws up the contract for the buyer's attorney review; the buyer's attorney does "due diligence", reading condo or co-op minutes, financial statements, etc. The buyers sign the contract and forward the contract with a 10% deposit; the sellers execute the contract. Possible contingencies: Financing, Board Approval, closing dates. The quicker the contract can be signed, the better. A contract is binding only after all parties have signed.

5. Apply for and get a mortgage:

Typical time frame: 24 hours to - 4 weeks
Receive commitment letter from lender. Mortgage applications cannot be processed without an executed contract. If an apartment is being financed, the board requires a commitment letter from a lender. These letters are generally the last items to complete a board package/condo application.

6. Complete a Board Package or Condominium Application:

Typical time frame: 1 - 3 weeks
Cooperative apartment buildings require board approval before a closing can take place. Condominiums require an information package to be completed before a closing can take place. In order to review a potential purchaser, the Board of Directors for a co-op demands extensive information in a Board Package. Most boards request the following information: financial disclosure (net worth) with supporting documentation, employment history, professional and personal reference letters, tax returns, etc. If a purchaser cannot or does not want to supply this information, he/she should buy a condominium. Board packages/Condo applications are given to potential buyers to fill out after a contract has been executed. If there is no financing, it usually takes about 2 - 3 weeks to gather the information for the board condominium application.

7. Submit Board Package or Condo Application for the managing agent's review:

Typical time frame: 1 - 4 weeks
Once completed, multiple copies (6-10 copies) are forwarded to the managing agent who makes sure all required information has been included. The "package" is then submitted to the co-op Board. The Board will then decide to interview (or reject) the applicant based on the "package."

8. Meet the Co-op Board for an Interview:

Typical time frame: 30 minutes - 1 hour
Co-op boards typically meet once a month, and some Boards do not meet in August. Every Board is different, but generally, a Board Meeting will be held in the evening on a weeknight. Although a board interview may be granted, this does not guarantee board approval. Although we present interview dates that are most convenient for you, board interviews tend to be "command performances" at the board's discretion.

9. Receive Approval from Board:

Typical time frame: 1 day - 1 week after board interview
The managing agent will generally alert the seller's broker when a potential buyer has passed the board.

10 Schedule a Closing:

Typical time frame: 1 - 2 weeks after board approval
Managing agents generally set the date for closings, and lawyers for sellers and buyers coordinate with the appropriate banks on available dates and times.

11. Closing: Bring your checkbook

Manhattan Relocation Package:

• Manhattan, New York City Relocation Guide
• Manhattan Relocation: Helpful Tips, Links and Contact Information
• Relocation Guide: Time Line For Purchasing A Manhattan Home
• Relocation Guide: Understanding (and loving) Manhattan
• New York Apartment terminology A-Z: A Consumer Guide
• NYC Room Count: A Consumer Buyers Guide
• New York City Building Terminology
• Co-ops vs. Condos: Understanding Manhattan Housing
• THE CO-OP BOARD INTERVIEW: Tips to help pass a coop board interview
• Manhattan Closing Costs for Coops and Condos

Neighborhood Relocation Guides:

• Harlem
• Morningside Heights
• Upper West Side
• Clinton/Hells Kitchen
• Chelsea
• Greenwich Village
• SoHo
• Tribeca
• Battery Park City

Courtesy of:

• Mitchell J Hall, Associate Broker, The Corcoran Group

©Mitchell Hall 2006-2008

Before you come to love Manhattan, you must understand our peculiar housing market. Manhattan is a unique place in the real estate universe. Not only does it have a large rental market (75% of the available housing units vs. about 5 - 10% in other markets), but it has ownership and other important differences that are often puzzling to newcomers.

70% of Home ownership in Manhattan is in coop apartments. The rest are condos, condops and townhouses. Most new construction developments are condos. Most pre-war apartments are co-ops. Manhattan apartments are either pre-war (WWII) or post -war (modern.) Most Townhouses or Brownstones were built in the 19th century.

Showings normally 9 - 5 p.m. (7p.m. the latest)

Most co-ops have restrictions on showing times that vary widely, but must be adhered to. Some buildings do not even allow weekend showings.

Sunday Open Houses are the way to go

Condos and some co-ops will allow public open houses on Sunday afternoons. That means that Sundays can be a good day to see a lot of properties, If you're not with your agent and you are working with an agent let the listing agent know that you have an agent to avoid conflicts. I always pre register my customers with the listing agent prior to the Open House.

Co-op ownership requires submitting a comprehensive Board application (called a Board Package), being interviewed by the Board, and being approved.

Co-op ownership means that you must decide not only whether you like the apartment, but also the building must decide if they will be willing to accept you. Passing a co-op board adds at least 6 - 8 weeks to the purchase process. A major part of my job is helping customers prepare their packages.

Wear comfortable shoes and leave the car at home or park it for a few hours.

Shopping for a New York apartment is good exercise, so wear comfortable shoes and learn about the neighborhood at the same time. Taxis are hailed for longer destinations.

Manhattan Relocation Package:

• Manhattan, New York City Relocation Guide
• Manhattan Relocation: Helpful Tips, Links and Contact Information
• Relocation Guide: Time Line For Purchasing A Manhattan Home
• Relocation Guide: Understanding (and loving) Manhattan
• New York Apartment terminology A-Z: A Consumer Guide
• NYC Room Count: A Consumer Buyers Guide
• New York City Building Terminology
• Co-ops vs. Condos: Understanding Manhattan Housing
• THE CO-OP BOARD INTERVIEW: Tips to help pass a coop board interview
• Manhattan Closing Costs for Coops and Condos

Neighborhood Relocation Guides:

• Harlem
• Morningside Heights
• Upper West Side
• Clinton/Hells Kitchen
• Chelsea
• Greenwich Village
• SoHo
• Tribeca
• Battery Park City

Courtesy of:

• ©Mitchell Hall 2006-2009

New residents in New York City may be overwhelmed by the vast array of public services and municipal structure that they find upon arrival. The following information is a general guide for new New Yorkers who are trying to get settled.

Driver's licenses

For on-line instructions visit http://www.nydmv.state.ny.us/.

To register a vehicle for the first time or change registration

Bring the following to your local Motor Vehicle office:

• Completed registration/title application
• Proof of ownership
• Proof of insurance in the registrant's name
• Proof of inspection
• Sales tax clearance
• Proof of registrant's name and date of birth
• If the registrant is not the owner of the vehicle, registration authorization from the owner together with proof of the owner's name and date of birth
• If the vehicle was purchased from a dealer/leasing company, an odometer disclosure statement
• Bill of sale
• Appropriate fee

For more information, call 645-5550.

Keep in mind that unlike most other cities life in NYC is very livable without a car. Most New Yorkers walk and use mass transportation.

Utilities

There are a number of companies that provide the necessary services for a comfortable home. Con Edison Heat and hot water are included in the rent in most buildings, but not all. Gas is included in some.

• Verizon for telephone service and DSL Call 212-890-2350 for new orders.
• Time Warner for cable television service and Road Runner Internet service Call 212-674-9100 to order service.

Kids

For kids, moving can be stressful, especially if they don't know what to expect. And for older youngsters, few things are worse than being the new kid on the block. Here are some fear-easing suggestions:

Before the move:

• Keep your children informed about your moving plans.
• Take the kids to their new home as soon as possible.
• Visit the neighborhood with your children to see what facilities will likely interest them, such as the library, shops and playgrounds.
• Arrange a tour of your children's new school
• Explain what moving day will entail and reassure your children that their possessions will be handled carefully.

On moving day:

• Set up the children's rooms right away to give them a place to unwind and play while you organize the rest of the family's belongings.

Settling in:

• Take a walk in the neighborhood to meet new neighbors and potential playmates for your children.
• If your children have been active in any religious, sports, social, ethnic or cultural organizations, contact such groups in your new neighborhood.
• Invite families on your floor or in your building for lunch so that kids can get to know each other in a relaxed atmosphere.

Education:

Public Schools

New York's public school system is one of the largest in the country, with more children enrolled in its public schools than 12 states and the District of Columbia have in total population!. Call the Board of Education for help in finding your way through the enrollment process:

Board of Education
110 Livington Street
Brooklyn, New York 11201
1-718-935-2000

or you can log onto http://www.nycenet.edu/.

To find out where you child should attend school (Elementary, Junior High, or High School) contact:

The Office of Zoning and Integration
28-11 Queens Plaza North
Long Island City, New York 11101
1-718-391-8000

Listings for New York's Public Schools appear by district under the heading "Education" in the New York City Government Offices section of the Blue Pages in the Verizon telephone book

Education:	Parochial Schools
Contact:	The Archdiocese of New York 1-212-691-3381
Education:	Private Schools

For information about toddler groups, nursery schools and day schools, contact:

The Parents League
1-212-737-7385 or http://www.parentsleague.org/.

Dial 311 for all non emergency NYC customer service.

Helpful NYC Links

Here are some of the most helpful links to make living easy in New York.

Manhattan Relocation Package:

• Manhattan, New York City Relocation Guide
• Manhattan Relocation: Helpful Tips, Links and Contact Information
• Relocation Guide: Time Line For Purchasing A Manhattan Home
• Relocation Guide: Understanding (and loving) Manhattan
• New York Apartment terminology A-Z: A Consumer Guide
• NYC Room Count: A Consumer Buyers Guide
• New York City Building Terminology
• Co-ops vs. Condos: Understanding Manhattan Housing
• THE CO-OP BOARD INTERVIEW: Tips to help pass a coop board interview
• Manhattan Closing Costs for Coops and Condos

Neighborhood Relocation Guides:

• Harlem
• Morningside Heights
• Upper West Side
• Clinton/Hells Kitchen
• Chelsea
• Greenwich Village
• SoHo
• Tribeca
• Battery Park City

Courtesy of:

• Mitchell J Hall, Associate Broker, The Corcoran Group

©Mitchell Hall 2006-2008

Manhattan neighborhood index for folks relocating to Manhattan.

The Upper East Side:

The Upper East Side has been considered Manhattan's most prestigious residential neighborhood covering the East of Central Park to the East River, and from 59th Street at its southern boundary to 96th Street at its northern boundary.

While the most coveted, prewar homes on Fifth and Park Avenues are beyond the financial reach of all but the wealthiest New Yorkers, there are also surprisingly good values that abound nearby. There are exceptional values in all ranges of housing from post-war hi-rises to brownstones, and from rental to coop/ condominium ownership.

It is the perfect quiet, residential area to raise a family with proximity to Manhattan's best private and public schools. Central Park, itself, is the best "backyard" anyone could dream of with it's zoo, playing fields, tennis courts, parklands, rowing and world class natural charm.

The city's largest concentration of its toniest shops and cafes can be found on both sides of Madison Avenue. Yet elsewhere lurking on the eastside, you will find other famous, outrageously expensive stores such as Sotheby's and Christie's auction houses, Henri Bendel, Tiffany's, and Louis Vuitton.

Upward of 70th Street, Fifth Avenue, also known as Museum Mile, is home to some of the foremost art institutions in the world such as The Metropolitan Museum of Art, the Guggenheim, the Whitney Museum of American Art and the Frick Collection. Between 86th Street and 96th Street between 5th Avenue and Lexington is the Upper East Side neighborhood Carnegie Hill, named after the Carnegie mansion on 91st and Fifth.

Even the official residence for the Mayor of the City of New York, Gracie Mansion overlooks the East River from East 88th Street.

Upper West Side:

The Upper West Side is populated with some of Manhattan's most famous and desirable residential buildings, The Dakota, El Dorado, The San Remo Apartments, The Ansonia, The Oliver Cromwell, The Langham, The Kenilworth, Hotel Des Artistes, The Beresford and The Ardsley. The Upper West Side boundaries are 59th Street to the South, 110th Street to the North, Central Park West to the East and the Hudson River to the West.

Central Park West, Riverside Drive and West End Avenue have always been considered family oriented neighborhoods, over recent years this area has become more attractive to young professionals. Purchase prices in the many of the Upper West Side's coveted prewar buildings has approached, and in occasion exceeds, values commonly found on the East Side's Park and Fifth Avenues.

The Lincoln Center complex is home to the Metropolitan Opera and Julliard School of Music, Avery Fisher Hall, Alice Tully Hall, the New York City Ballet and the Vivian Beaumont Theater.

The American Museum of Natural History is located on a stretch of Central Park West between 77th and 81st Streets, The museum's new Hayden Planetarium is a galactic spectacular and is well worth the invested time.

It is a true pleasure to walk along the Upper West Side and take advantage of the well established blocks, trendy boutiques, and restaurants. My favorites are: Fairway, Zabars, Citarella and the famous H&H Bagels all located on upper Broadway.

Central Park:

Designed it the late 1850s Central Park spans 843 acres between Fifth Avenue and Central Park West, and 59th Street to 110th Street.

Many people take advantage of the park by enjoying year-round jogging, running, cycling and rollerblading unconcerned about motorists and or traffic lights. The winter offers, outdoor ice-skating at the Wollman Memorial Rink. In the spring and summer months the park comes to life. You will find opportunities for an adventure everywhere, the old-time carousel, the Zoo, a chair & book and suntan in the wide-open space of the Great Lawn, or perhaps an afternoon of rowing at the Boathouse.

Once the summer months arrive, the Great Lawn is also the venue for many free concerts. Autumn offers everything from horse fans enjoying the crisp autumn air and turning leaves for a leisurely trail ride through the Park's winding bridle paths to cheering on the thousands of participants in the annual New York City Marathon.

Whatever the season, your age and your particular interest, Central Park surely has something for everyone.

Midtown:

Midtown, encompassing the vast area between 34th Street to the South, 59th Street to the North, First Avenue to the East and Seventh Avenue to the West, is Manhattan's main business, commercial and retail district. This area is well known for many world famous attractions such as The Empire State Building and The Chrysler Building. Murray Hill is located below Grand Central Terminal.

Grand Central Station: Grand Central has benefited from an extensive face-lift over the past several years. The ceiling's renovations are a sight to see, depicting the twelve signs of the zodiac. Not to be missed are the intricate marble details and eye catching chandeliers. Built at the turn of the 20th Century, the terminal houses an extensive array of retail establishments and eateries.

The area to the far west in the 30's is slated to be developed adjacent to the Jacob Javits Center and the development of the Hudson Rail Yards and the High Line Park which will run from Hells Kitchen through West Chelsea to the Meat packing district in the West Village.

Chelsea:

Chelsea, which runs from the Hudson River to the Avenue of the Americas (Sixth Avenue to locals), is largely residential area with a varied mix of high-and mid-rise buildings, brownstones and industrial lofts. The neighborhood's increasing popularity over the past 20 years, particularly among young families, has lead to the development of an impressive array of restaurants and shops.

Chelsea today is a vibrant neighborhood with off Broadway theaters, new cutting edge art galleries, restaurants and bars. The famous landmark Hotel Chelsea is where many famous artists, writers and musicians have stayed.

West Chelsea from 10th Avenue to 11th Avenue, from 16th Street north to 30th Street, is booming with new condo developments that are transforming the once gritty Manhattan neighborhood into a fashionable destination. Most of the new developments will happen around the High Line. New condos with park views.

The High Line runs through three of Manhattans most dynamic neighborhoods, Hells Kitchen, West Chelsea and the Meat Packing District. Plans are underway to transform a 6.7acre span of former elevated train track running 22 blocks into an open park.

Flat Iron, Gramercy

Heading eastward into the Flatiron district, which overlaps Chelsea on Sixth Avenue, over to the Eastern boundary of Park Avenue South, you will find yourself surrounded by many top name boutiques. One such store is: ABC Carpet and Home. A one-of-a-kind department store devoted to the beautiful home. Antiques, furniture, rugs, linens and other home decorating items.

Another Flatiron specialty is "Union Square". Filled with numerous eateries that line either side of the Park, New York's premier Greenmarket, set-up on the northernmost point each Wednesday, Friday, and Saturday. You will be able to find seasonal and organic produce, flowers, freshly baked breads and pies.

Gramercy Park, historically known to once be one of the City's most elegant residential neighborhoods. Bounded by Park Avenue South and Second Avenue, its lovely tree-lined streets emanate much of the charm and warmth of the past. One of the privileges of this district is its own private park, accessible only to area residents who are provided with a key.

Greenwich Village:

Continues to be a popular place to live. Divided into two separate neighborhoods, the Village is bounded to the South by Houston Street, to the North by 14th Street, to the West by the Hudson River and to the East by Lafayette Street. Broadway is the dividing line between the two, distinctively different, districts of the Village. Commonly referred by most people that live in the Village: West of Broadway to be defined as "Greenwich Village", while the area to the East of the Broadway to be defined as the "East Village". So when discussing the "Village", it is commonly understood that one is speaking of the area West of Broadway. Those referring to the area East of Broadway will always qualify their discussion by using the distinction "East Village".

Greenwich Village has a charming, small-town feel with its irregular tree-lined streets, brownstone apartment buildings, and elegant townhomes.

The Village's informal atmosphere has long attracted those of unconventional thinking-writers, actors, academicians, scholars and artist who preferred to stay well out of the mainstream. New York University, The New School for Social Research and Parson's School of Design all call the Village home.

Greenwich Village is also home to many fine restaurants that will satisfy a range of tastes as well as budgets. For a completely different night out, try a late Friday or Saturday dinner at Florent, A French bistro/diner in the Meatpacking district. The food is not the thing here, but the people watching is superb!

Experimental theaters, avant-garde clubs such as the infamous CBGB, funky boutiques selling cutting edge street fashion and numerous unlicensed vendors selling every type of used household item imaginable.

Tribeca: Formally an area of heavy manufacturing and industry, Tribeca is now home to New York's trendiest artist, Models and actors. Tribeca refers to the area designated as the Triangle Below Canal Street, bordered to the East by Broadway, to the West by the Hudson River, to the South by Chambers Street and to the North by Canal Street.

Alternative galleries and pricey boutiques line West Broadway, the area's major thoroughfare. Some of the City's most difficult dinner reservations are in Tribeca's numerous restaurants including Montrachet, Chanterelle, Bouley Bakery, Nobu and the Tribeca Grill.

Soho: Soho (which stands for South of Houston) is a premiere destination for the world's trendiest jet setters, New York's SoHo district has something to offer just about everyone. Bordered to the North by Houston Street, to the South by Canal Street, to the West by Sixth Avenue and to the East by Broadway, Characterized by the imposing cast-iron architecture of the late 19th Century built for manufacturing and warehousing, SoHo was mostly abandoned and then re-discovered by starving artistd who were attracted by it's cavernous spaces with good light and comparatively low rent. In the early 1980s, as the area's popularity spread, soaring rents drove the original artist colony to seek less costly neighborhoods. Their exhibition galleries remained however, and today the works of some of the world's most celebrated contemporary artist are on display commanding shocking prices.

Battery Park City

Imagine the convenience of being able to work right in your own neighborhood, well Battery Park City was designed for residents to do just that. The World Financial Center and the New York Mercantile Exchange are surrounded by some of the most distinguished highrise residential buildings in lower Manhattan - best of all - any building constructed later than the year 2000 has been designed to use sustainable technology to reduce energy use and increase the health of its residents. The Solaire, is the nation's first "green" residential highrise and there are six more to come all within the 92 acres of Battery Park City. So no matter whether you choose to rent or purchase, you'll find healthier living in Battery Park City. You'll also find great schools - The unique and innovate P.S./I.S. 89 - the first public/middle school ever built in the base of a residential tower and the world renowned Stuyvesant High School are both located within Battery Park City's 92 acre footprint. Suburban type living in lower Manhattan.

Harlem

Bound between, the Hudson and East Rivers, from 110th Street to 165th Street, many neighborhoods are still currently undergoing renovations as people spread their search throughout Manhattan in their quest for more affordable housing. One of the area's most notable attractions is the Cathedral of St. John the Divine. This awesome Episcopal cathedral, on 112th Street near Columbia University, is exceptional in its melding of Gothic, Byzantine and Romanesque architecture. The Cloisters, located in Fort Tyron Park, a bit above Harlem proper, is on e of the most tranquil cites in all of Manhattan. In addition to housing one of the most impressive collections of medieval art in the world

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Manhattan Relocation Package:

• Manhattan, New York City Relocation Guide
• Manhattan Relocation: Helpful Tips, Links and Contact Information
• Relocation Guide: Time Line For Purchasing A Manhattan Home
• Relocation Guide: Understanding (and loving) Manhattan
• New York Apartment terminology A-Z: A Consumer Guide
• NYC Room Count: A Consumer Buyers Guide
• New York City Building Terminology
• Co-ops vs. Condos: Understanding Manhattan Housing
• The Co-op Board Interview: Tips to Help Pass a Coop Board Interview
• Manhattan Closing Costs for Coops and Condos

Neighborhood Relocation Guides:

• Harlem
• Morningside Heights
• Upper West Side
• Clinton/Hells Kitchen
• Chelsea
• Greenwich Village
• SoHo
• Tribeca
• Battery Park City

Courtesy of:

• Mitchell J Hall, Associate Broker, The Corcoran Group

©Mitchell Hall 2006-2009