Localism: Manhattan, NY

More sublease space to come

Wed, 19 Nov 2008 10:40:56 -0600

In October, there was 4.4 million-square-feet of sublease space in midtown Class A properties available, which made up 28.2 percent of all available Class A space in the area. In 2007, sublease space in midtown made up 29 percent of available space. James Delmonte, a vice president and director of research at Jones Lang LaSalle, said as vacancy increases, more sublease space will become available and there will be more sublease space available next year.

Preservationists Want West End Avenue Designated A Historic District

Tue, 18 Nov 2008 10:16:25 -0600

Construction at 535 West End Avenue at 86th Street Artist rendering of 535 West End Avenue

Preservation group Landmark West is calling on the Landmarks Preservation Commission to designate a new historic district on the Upper West Side, including all of West End Avenue between 70th and 107th streets, the New York Times reported.

Landmark West said developers have been seizing individual row houses along the avenue, demolishing them and replacing them with glass apartment buildings.

The Upper West Side is already home to seven historic districts. The photo above was taken from my 9th floor apartment which is located diagonally across the street from the new 21 story luxury condo under construction.

While I support Landmark West, and I personally preferred my former view of townhouse rooftops, having lived in the neighborhood for more than 25 years, other than 200 West End Avenue at 70th Street and 535 West End Avenue I don't believe there has been any other new construction on West End Avenue in decades.

The majority of buildings along West End Avenue are pre-war coops. The new buildings are condos. While 200 West End Avenue is a glass building technically it is located in Lincoln Square since it is below 72nd Street.

535 West End Avenue is primarily a brick building being marketed as 21st century pre-war. The architecture compliments the neighborhood. The grand size apartments are either half or full floors. Prices range from $8.5 million to $25 million.

Residents have moved into 200 West End Avenue. There are still apartments available for immediate occupancy while 535 West End Avenue anticipates occupancy in the fall of 2009.

Contact me to schedule appointments or to have listings emailed from these new buildings on West End Avenue or any other Manhattan new development. If you prefer pre-war coops click here.

What Buyer Incentives Work and What Don't?

Mon, 17 Nov 2008 21:22:25 -0600

Unlike the rest of the country New York City has just turned into a full scale buyer's market. We were riding a meteoric rise in prices and now we are in the eye of the storm of the financial market crisis. The New York City real estate market and Wall Street have such strong ties that when Wall Street succeeds a lot of that wealth flows into the real estate market. Now that Wall Street is restructuring itself, a lot of prospective buyers are sitting on the sidelines waiting to see what happens.

I just took a new listing with a very motivated seller and am asking for your advice on what you did to sell your listings in this type of market. The apartment is in fantastic condition, it's in a brand new building and has barely been lived in. There are 6 other units available in the same building with the exact same layout, but on different floors. We are priced very competitively, and are trying to set our listing apart other than price with different incentives.

Our seller will pay for your moving costs, they will pay for a year's worth of your groceries, or help buy down your interest rate. We are trying to think outside the box, inside the box, around the box, destroying the box, throwing the box, anything we can do to expose this property and to secure a highly qualified buyer.

What worked best for you to get people in the door?

What incentives work better than others?

We are all ears to get this property sold. Thank you for your feedback.

To look at our listing click here!

The Lights Dimmed on Broadway Today

Mon, 17 Nov 2008 19:48:10 -0600

In the true tradition of Broadway, when a great actor, director or composer passes on, they are honored by a dimming of the lights in the Theater District of New York City.

And although the lights may not dim this week for my cousin Millie, who passed away this weekend, Broadway will never be the same.

Millie, a life-long patron of the theater has left us after a brief battle with cancer. She was 82 years young when she passed; and although her eyesight had diminished throughout the years, her energy, her love for the theater and her passion for people remained strong.

Millie was sharp as a tack and taught me one of the most important life lessons I had ever learned. It proved to be a lesson that has helped me in every one of my endeavors.

She made everyone in her presence feel right at home simply because she listened to the people who she spoke with. She was never condescending, judgmental or one to point out a fault. She would find something, anything, that was a positive and she would expand upon it, causing whoever she was speaking with to open up and feel comfortable. She could speak on any number of topics, find some commonality or experience to relate it to, and engage in a full length, meaningful conversation.

I’m sure you can see the benefits of listening. Whether it’s to our clients, our children or our friends, listening to what they have to say can make or break the relationship. It’s something I’ve never forgotten and something I utilize on a daily basis.

I recently visited with Millie and had the opportunity to tell her how much she meant to me and how I learned this lesson from her. It meant a lot to me to let her know this and it meant a lot to her to hear it.

When I heard of Millie’s illness, I called her to see how she was doing and to let her know I was coming in to the city. I knew her time with us was fading fast, so I just wanted to take her to lunch or dinner and listen to her perhaps for the very last time. She immediately got out her little appointment book and wrote me in. She also insisted I stay at her place during my visit. But here’s the kicker. She told me to bring empty suitcases as she was “considering downsizing”! Once again, rather than make anyone (in this case, me), feel uneasy, Millie incorporated the old Real Estate term of “downsizing” and used it to make me feel comfortable.

It proved to be the last time we spoke. It also reminded me of the indelible lesson Millie has forever left upon me.

So tonight people, as you shut your lights for the evening, please consider it your own personal “Broadway dimming of the lights” tribute to Millie; and take her lesson with you wherever you go, no matter what you do.

The world was a better place because of Millie.

Rest in peace Millie.

Love,

Craig

About The Author

Craig Rutman is a North Carolina Residential Real Estate Specialist that can assist you with the purchase and/or sale of real estate in the Raleigh - Cary Metro area or any place else in the country by connecting you with a relocation professional in your destination of choice.

To find all available homes for sale in the Triangle area of North Carolina, please visit www.justnchomes.com

Craig Rutman & Linda Jandura. Call us TODAY at 919-771-7779

Email us with your Raleigh - Cary area questions

What Makes New York City Amazing, $801,000 for a Storage Room!

Mon, 17 Nov 2008 16:36:37 -0600

A basement storage room sold for $801,000.00 in the renowned Dakota apartment building. The Dakota, located on Central Park West in the Upper West Side, is most well known as the home of John Lennon and still is the current residence of Yoko Ono. The apartments sell for upwards of 10-20 million dollars.

Now this was no ordinary damp tiny storage room. The room was about 800 square feet had 20-foot-high ceilings and two windows. There is a bathroom and electricity wired already into the unit. Despite The Dakota being one of New York City's most expensive and desired buildings there is no common exercise room for the building residents. The new owner of the storage unit was planning on converting the room into a small gymnasium and opening it up to the buildings residents. How altruistic of him!!

Space is at such a premium in New York City that I not really that surprised by this sale. First is the fact that if you can afford a $20 million dollar apartment, an $800,000 storage unit is probably not too much of a stretch in your budget. If you look at the price per square foot it really is not that much in New York City standards. It's just at $1,000 a sq/ft, some condominium buildings have been selling at $3,000+ sq/ft recently.

I live in the Upper West Side and I walk by the Dakota to go to Central Park. It is an extraordinary building. The location is perfect right at 72^nd and Central Park West. The architecture is absolutely eye-catching. You can't help but check out the building. I've never been in any of the apartments in The Dakota, but when I do I will make sure to ask if a basement storage room comes with the unit knowing what one could sell for.