About Manhattan's Carnegie Hill

Inside the home of Barbara Corcoran -- Part I from The Real Deal on Vimeo.

Inside the home of Barbara Corcoran -- Part II from The Real Deal on Vimeo.

Barbara Corcoran, founder of the Corcoran Group and an investor in the second season of ABC's "Shark Tank," gives The Real Deal a tour of her three-bedroom apartment in Carnegie Hill, on 94th Street and Park Avenue, that she bought for $3.5 million in 2000. Corcoran, a real estate investor and author of recently released "Shark Tales," lives with her husband William Higgins and two children, 17-year-old Tommy and Kate, who the couple adopted five years ago.

courtesy of:

Mitchell Hall, Associate Broker, The Corcoran Group

• Manhattan Apartment and Townhouse Seller
• Manhattan Apartment and Townhouse Buyer
• Manhattan Relocation Package

Uptown on the East Side, from 86th Street to 98th Street and from Lexington Avenue to Central Park.

The Carnegie Hill section of Manhattan, full of magnificient townhouses that are rarely for sale because their owners tend to hang on to them, has wonderful access to Central Park.

Larger buildings house prewar apartments of six or seven rooms, known as “Classic Sixes” and “Classic Sevens,” but the light in the area is generous as even these magnificient co-ops are usually not too tall.

The resulting old-world feel, even in modern condos in Carnegie Hill, shows you why steel tycoon Andrew Carnegie picked this quiet, countrified section of Manhattan as the place to build his ultimate family home.

(You can still visit it today on your way to buy or rent an apartment —
it’s now a branch of the Smithsonian known as the Cooper Hewitt museum)

Even now, Carnegie Hill feels like a grand village tucked away from some of Gotham’s hustle and bustle. Whether you’re walking on Park Avenue with its tulip plantings, past French and Italian renaissance apartment buildings with doorman luxury hidden behind their ornate façades, or along a side street with its well-preserved brownstones, you’ll realize that Carnegie Hill is a truly special section of the city.

Shopping is varied, which makes for gracious uptown living. Madison Avenue offers all kinds of designer duds, even for babies and toddlers. Many of the local shopkeepers have been here for decades — when you move into your new Carnegie Hill home they’ll learn your name.

In keeping with the suburban feel of the area, entertainment is more museum mile than rock’n’roll: Carnegie Hill is home to the Guggenheim Museum, the Jewish Museum, and the 92nd Street Y, which offers a variety of arts and cultural programming.

The Coper Hewitt, National Design Museum, Smithsonian Institution is the only museum in the nation devoted exlusively to historic and contemporary design. Cooper Hewitt is located in the landmark Andrew Carnegie Mansion on Fifth Avenue.

Manhattan Neighborhood Guides

• Washington Heights
• Hamilton Heights
• Harlem
• Morningside Heights
• Upper West Side
• Riverside Boulevard
• West End Avenue
• Upper Broadway
• Upper East Side
• Clinton/Hells Kitchen
• Chelsea
• Greenwich Village
• SoHo
• Tribeca
• Battery Park City

courtesy of:

120 East 90^th Street, "Trafalgar House"

The Trafalgar House is a full-service, post-war condominium located in the lovely and quiet neighborhood of Carnegie Hill, between Park and Lexington Avenues.  Built in 1963 and converted to a condominium in 1985, The Trafalgar House has 16 floors and approximately 104 units ranging in size from studio to 2-bedroom apartments.  This well-maintained building recently renovated the lobby as well as common hallways and boasts a full-time doorman, private storage, central laundry room and bike storage.   Sorry, pets are not allowed.

120 East 90^th Street is perfectly located in the highly coveted, elegant neighborhood of Carnegie Hill, offering some of the finest area amenities including top-rated NYC schools, Central Park and Carl Schurz Park, the 92^nd Street Y, numerous world-renowned museums including the Guggenheim and The Jewish Musuem, and restaurants including Sarabeth's East and one of our all time favorites, Sfoglia ....

To be kept up to the minute on the Trafalgar House, see the building's website:

http://www.trafalgarhouseonline.com/

For current and recent sales at 120 E.90^th Street see:

http://streeteasy.com/nyc/building/trafalgar-house

For current and recent sales at 120 E.90^th Street see:

http://streeteasy.com/nyc/building/trafalgar-house
View Larger Map

So, You Want To Be A Real Estate Investor?

In this new market, I seem to be getting calls left and right from people who want to jump into the Real Estate Investment game. It's not for the faint of heart. If you were smart with your money and managed to maintain a strong level of liquidity in these times, you are in a good position to obtain a great investment property.

Here are just a few things to think about to get you started.

Ownership may have it's privileges but it's not without a little elbow grease.

Proper management of your property is one of the most important details. If you are not going to be a hands-on landlord, the choice of a good manager can make or break your investment. This is a big concern for our foreign buyers who don't always see the properties they purchase. Accounting, maintenance and securing good tenants is a full time job.

Who's liability is it anyway?

Single owners or partners who choose to buy a property, should understand and implement liability protection. The most widely used method of reducing personal liability between partners is the creation of an LLC. Limited Liability Company. Think of it as a corporate partnership with added flexibility. Friends with benefits, one might say!

For those who are comfortable with legal terminology, you can form your own LLC without using a lawyer and save quite a bit of investment cash. I personally have found success using Nolo.com The guides and CD's are easy to use and many come with all the government forms required to get you started.

See detailed explanation of LLC's:Wikipedia

What do you want out of your investment?

Do you like to date or can you commit? Many people are lured into investing by the siren song of buying cheap and flipping for huge gains. Have back-up positions! Your short-term buy may become your long-term property. In todays market, think income producing studios and 1 bedrooms. In a good market, you can always sell with the tenant to long term investor seeking property with immediate income potential.

In a nutshell, be prepared. If you cannot afford to carry the investment in a bad market, wait. Good and bad markets are cyclical. Your time will come again and you will be prepared to act. Don't sacrifice your good credit or your liquidity by ultimatley end up on the foreclosure chopping block.

Now What?

You have the first solid layer of your foundation. My future posts will build on that foundation and delve deeper into the intricacies of choosing a property that is right for you, analyzing your current and future cash flow, and how to be a successful investor in the long run.

Should you have questions not addressed in this post, email or call me!

Happy Investing!