Author Archives: Medvis

Moving to Harlem: 5 arguments for the move North

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Harlem, that misunderstood neighborhood to the north that every New Yorker has an opinion on but one that relatively few have actually spent extended periods of time in. However, this iconic cultural powerhouse has been heating up into a real estate hotspot over the past 15 years, giving Blocksy 5 arguments for moving to Harlem.

#1- Classic and Modern Housing Stock

Brownstones, pre-war walk-up apartments, and modern glass apartments. Harlem has it all. Moreover, Harlem has housing stock that can be found no where else in the city, such as Striver’s Row and Astor Row. Sub-neighborhoods, such as Morningside Heights, contain a mix of both new and renovated brownstone structures.

Classic Harlem style Brownstones (Taken from Guadrian.co.uk)

#2- Express Train Access

Harlem is unlike many residential neighborhoods in Manhattan, due to its numerous express trains. Residents, from 125th street, to Columbus Circle in 15 minutes, door to door, via the A and D trains. Other express trains that serve Harlem residents are the 2,3 trains and the 4,5 trains.

Local trains include the 1, B, C, and the 6 train. Harlem also has excellent inter-borough bus access including the M-60 bus that goes through Harlem to LaGuardia  Airport.

Columbus Circle is just 10 minutes away from this platform via express train (Taken ExtraordinaryCity.com)

#3- Amazing Cultural Smorgasbord

Harlem offers a great variety in cultural options that almost no other New York neighborhood can claim. This variety is especially apparent in the culinary options available in the different parts of Harlem.

One can go to East Harlem and score amazing food from Puerto Rico, Mexico, and even Cuba. In central Harlem, there is excellent soul food and West African restaurants with savory dishes from countries like Senegal and Cote D’Ivoire. Harlem is also slowly gaining respect as a cool bar scene, including pubs such as Harlem Tavern, Bier International, Harlem Public, and Corner Social.

Amor Cubano in East Harlem (Taken from GogoBot.com)

#4- Parking

While Harlem will need to eventually add additional parking facilities for its growing population, residents with cars in this neighborhood have a much easier time of finding parking in Harlem than in any other part of the city.

Private residential parking in Strivers Row (Taken from Kennected.blogspot.com)

#5- Potential

Someway somehow, Harlem has managed to get better every year through renovated and newly constructed residential structures, new schools, falling crime rates, and added social amenities. This iconic neighborhood has been able to maintain its soul while acquiring an added element of refinement.

Renovated Harlem Brownstone (Taken from Harlem BeSpoke)

Vornado Realty acquires majority share in Tribeca’s Independence Plaza

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Vornado Realty Trust, last week,acquired a 58.75% interest in Independence Plaza, a rental apartment complex located in Tribeca. Managed and owned by Stellar Management, the 40 year old residential complex will continue to be managed in its  residential property by Stella while its retail space will now be managed by Vornado Realty Trust.

With the idea of luxury apartment conversion in mind, Stellar purchased Independence Plaza in 2003. At the time of this purchase, Independence Plaza was a New York State subsidized middle-income housing complex under the Mitchell-Lama complex. $575 million in borrowed money was spent to renovate the housing complex.

Independence Plaza in Tribeca, at 80 North Moore Street

Specifics of the Deal

The transaction completed last week for Independence Plaza now values the 1,328-unit at $844.8 million.

The deal struck by Vornado for a 58.75% interest in Tribeca’s Independence Plaza includes: purchasing 33.75% interest of an equity partner for $160 million, a warrant to purchase a quarter of the property’s equity for $1 million, and adding preferred equity to the appreciated value of Independence Plaza’s interest in the form of subordinated debt.

This subordinated debt, which is rumored to be as high as $185 million in 2011, was purchased for $45 million by Vornado. By the first quarter of 2013, the property’s $329 million mortgage is expected to be refinanced.

 

SOHO apartment demonstrates efficient living

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Many New York apartment owners would agree that for the amount they pay in rent, mortgage, or sell price, their dollar spent per square foot is much higher than they care to pay. In FairCompanies’ video, a SoHo apartment owner gives us a Blocksy a lesson in sustainable living.

FairCompanies.com, a website dedicated to sustainable and efficient living, goes into the apartment of a SoHo resident who takes his 400 square foot apartment and gives it the same amount of relative space as a 800 square foot apartment through more storage space and by simply using less “stuff.”

View of fold out wall and Optional second bedroom

The lesson from this video is that by using less, one creates more space and more money (including money saved on utilities). In a tight economy and in a world that becomes increasingly competitive for resources, Blocksy readers can take away from this video the value of sustainability and efficiency.

The Barclay Center gets a pre-fab neighbor

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In one year, the junction of Atlantic and Pacific Avenues has gone from “a lot” to “a ton.” For years, the area was known as a bustling little business district. However, with the opening of the Barclays Center, this one time shopping destination has become an architectural epicenter.

On Tuesday, New York City officials held a “groundbreaking” (during which no soil was actually dug up) for a 32-story, 363-apartment tower. This apartment tower, located next to the Barclays Center will be the worlds largest prefabricated “modular” building.

 

Barclays Center apartment navy yard Brooklyn modular construction

New Brooklyn complex going up next to the Barclays Center

 

Constructed in parts just two miles away from the Barclays Center at a Brooklyn Navy Yard factory, this building will be comprised of 930 chassis (steel-framed boxes). Each piece will  trucked to the project site from the Navy Yard, where it will be lifted into place and bolted. This method varies from conventional construction in which the building is cosntructed on site and “essentially” in one piece.

The use of modular construction saves the developer, Bruce Ratner, heaps of money in completing this building which will contain 181 low and middle income units and 182 units at market price. The design of the building has been coordinated and completed by ShoP Architects, who also designed the Barclay Center.

Construction is expected to be completed by the Spring of 2014.

 

And there goes another parking spot…

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dha capital llc cetra ruddy greenwich village redevelopment hertz rental east 13th street

Car Garage at East 13th Street (Photo taken from TheRealDeal.com)

So, if you live in the East Village, maybe you should listen to your hipster/eco-friendly friend and look into trading in your Audi for a sweet new bicycle, because finding parking space in the East Village is about to get a whole lot worse.

As reported by GlobeSt.com, the 45,000 sf parking garage located at 12 East 13th Street was bought for $32 million by DHA Capital LLC with plans to convert the structure into some pretty ballin’ condos. Together with co-development partner Continental Properties, DHA is carving out a condominium complex which will have a mix of full-floor units and duplexes, in addition to street-level retail.

The eight-story brick and steel garage which was constructed in 1930 and formerly housed Hertz Car Rental on the ground floor will undergo a modest structural conversion, led by architectural firm, Cetra/Ruddy.

Demand for increased housing stock in the area has been generated by recent construction in the area, including the New School site at 5th Avenue between East 13th  and 14th streets.

OK Cupid co-founder falls in love with Williamsburg Walk-Up

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The RealDeal, yesterday, announced the $1.6 million purchase of a three family walk-up in Williamsburg by Christian Rudder, the co-founder of the popular online dating website OkCupid. Rudder was clearly struck with the love arrow on this one.

184 north 9th street williamsburg christian rudder ok cupid

184 North 9th Street purchased by Rudder

Rudder, already a Williamsburg resident, acquired this 2,700-square-foot building, which was exclusively listed with Danielle Villalba, a broker with Nest Realty Consultants. For me, personally, this purchase is very intriguing on three levels: Its appearance, the price tag, and the wonderful development that may or may not be undertaken on this classic rowhouse.

  1. Appearance- The house is a throwback…like just looking at the yellow siding facade makes me want to turn on an episode of All in the Family with the great Archie Bunker (played by the late Carroll O’Connor). The AC units (which I bet will get switched out for Central Air) add to the “gritty-borough aesthetic that can be seldom found in Manhattan.
  2. Pricetag- Despite being listed for $1.59 million, Rudder and his wife decided to pay 1.6 million dollars for this property. Rudder is a pretty smart guy. So I’m sure he found something worth the extra $10,000 and that is wasn’t money thrown away.
  3. Makeover- One may not be needed. With Christian Rudder being both an accomplished entrepreneur, it is very possible that this purchase is simply for investment purposes. What this house will look like in two years only adds to the intrigue.

The Blocksy Verdict on 184 North 9th Street

Some are of the opinion that high profile neighborhoods and their high property tax values force buyers to overpay for properties like 184 North 9th Street, which would sell for at least $300,000 less in many other neighborhoods. But on the converse, a home is often only as valuable as the pleasure derived by owner from the immediate surroundings of their property.

Thus, with so many variables factoring into house buying, both seen and unseen, it can be said that a buyer’s choice is generally a rational one, with much of the value being personal, subjective. And thus, a buy always a “good” for the buyer unless their values shift.

To me, this love-at-first-site purchase by the OK Cupid co-founder was a “match made in heaven.”

Brooklyn property auctions tomorrow, starting at $175,000

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brooklyn property auction kings county

Auction will take place at 360 Adams Street (Brooklyn)

Tomorrow December 18th , Kings County will be auctioning off ten Brooklyn single family properties (with exception to one multi-unit residence). Many of these properties are estates, including one at 573 Alabama Avenue which was damaged in a fire.

These ten Brooklyn properties included neighborhoods such as Bed-Stuy, Bushwick, and Williamsburg…so like all the hipster hot-spots.

Potential buyers are requested to be present at the Brooklyn Supreme Court Building (360 Adams Street) by 12:45 to register for the 2 pm auction. A certified or bank check with 10 percent of the opening bid price and a blank check for the remaining balance is required.

Brooklyn Auction 299 Bay 13th Street, Brooklyn, NY 11214 Bath Beach real estate

Blocksy Pick: 299 Bay 13th Street in Bath Beach, starting at $410,000

Upper East Side luxury tower Azure heats up

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The once troubled Upper East Side luxury tower, the Azure, is back on a roll with over 60% of the towers 128 units sold. Designed by SCLE  architects, the 34 story Upper East Side tower at 333 East 91st Street is now trying to get it’s two big ticket penthouses off the block.

According to CurbedNY, the two Azure penthouses were listed together back in 2010 for $11,372,000. However, after that joint listing proved unsuccessful, the two were listed separately. But when that also failed (lol), they were listed back together with a combined 5,308 square feet for $13,000,000. I guess there’s something about this most recent joint listing that justifies the $1.5 million dollar increase from 2010… well I hope there is.

Image taken from Elliman.com

Azure’s allure?

Some of the extra pollen that will hopefully draw the bees to the flower are the many amenities at this Upper East Side luxury building. Residents of the Azure will have 24-hour concierge & doorman service, a rooftop garden, a lounge & private dining room, a children’s playroom, and a fitness center. But those amenities are actually a bit standard.

So what residents of the Azure are really buying, apart from living on the Upper East Side, are the 9’6″ ceilings, the Brazilian Afromosia flooring, massive expansive floor-to-ceiling windows, white oak kitchen cabinetry and Viking Professional appliances that come with every unit.

Million Dollar question: Will these amenities alone get someone drop $13 million on a penthouse? Not exactly. But will these penthouses get bought? Yup, probably… I mean it is Manhattan.

 

Bed-Stuy real estate market heats up

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When many New Yorkers think about refined and luxurious neighborhoods, Park Slope, Brooklyn Heights, Cobble Hill, and even Dyker Heights are what come to mind if they really know the borough. However, developers in the Bedford-Stuyvesant (BedStuy), the home of gangster rappers such as the Notorious BIG, Jay Z, and Fabolous, are looking to break  into the ranks of elite Brooklyn neighborhoods.

The development of the Bedford Stuyvesant is rather stark for those who remember the neighborhood during the early 1990s when it was plagued by crack houses, abandoned brownstones, and low-income, under-serviced residents.

Bed-Stuy Big Buys: 333 MacDonough St. & 442 Hancock St.

Bed-Stuy’s newly found swag has been symbolized by two hot properties which are fetching million dollars price tags. The first is a newly restored and renovated townhouse which sits at 333 MacDonough.

333 MacDonough BedStuy real estate 442 Hancock

333 MacDonough St. sold for $1.34 million

As reported by Jason Sheftell of the New York Daily News, this four floor, 11 room, three family Brownstown was sold for over $45,000 the initial asking price after a bidding war. Sold to a couple from New Jersey, this townhouse will have two rentals for its two one-bedroom units for a projected $2000/month rental fee.

Meanwhile at 442 Hancock Street, another promising property emerges in the BedStuy real estate market. This 2 unit brownstone has a asking price of $1,150,000 after being purchased for just $224,000 by the current owner, Prestige Home Development Corp.

442 Hancock Street BedStuy real estate market 333 MacDonough Street

442 Hancock Street asks for $1,150,000

With all of this square footage, express A-train access, and quality craftsmanship in homes with rising property values, the BedStuy real estate market could be a gold-mine in the making.

Appellate Court sides with Governor Cuomo in Rushmore saga

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In the Upper West Side condominium saga at 80 Riverside Boulevard, the New York State appellate court ruled 5 to 0 in favor of Governor Andrew Cuomo’s order of refunds to 41 buyers at the Rushmore, a luxury condominium on Manhattan’s Upper West Side. This refund order was made by Governor Cuomo while he was serving  as the New York State Attorney General.

Dispute and Original Ruling

This ruling by the appellate court comes after Extell Development and Carlyle Realty Partners, the developers of this luxury Upper West Side condominium, had already appealed a ruling by Supreme Court Justice Anil Singh which also affirmed Cuomo’s rescission order.

The rescission of more than $16 million in escrow deposits for the New York Upper West side condominium had been ordered back in 2008 by Cuomo after Extell and Carlyle had missed a September deadline in the offering plan agreement on holding a first closing on unit sales.

80 Riverside Boulevard The Rushmore Extell Carlyle

Image Taken from CityRealty.com

The developers however contended that the closing date in the offering plan stemmed from a simple one digit typo and that buyers were motivated to get their refunds amidst the 2008 economic downturn when property values across the nation were plummeting.

During the trial, then Cuomo’s office denied Extell and Carlye’s request to cross examine buyers regarding their motivations because the offering plan was unilaterally drafted and edited, disallowing the buyer’s motivations to be material.

Extell and Carlye offered no comment.

Blocksy’s Take

While we at Blocksy love developers for all the fabulous apartments they put up, a deadline is a deadline. Moreover, a developers typo, especially one that costs you $16 millions, should clearly be their problem, not the buyers’. So Extell and Carlye, just give up and pay what you owe.