Moving to Harlem: 5 arguments for the move North

Posted on December 27, 2012 by Medvis

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)

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

Posted on December 18, 2012 by Medvis

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.

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.
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.
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

Posted on December 17, 2012 by Medvis

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

Posted on December 17, 2012 by Medvis

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.

Councilman Lander seeks to halt Lightstone Group’s Gowanus development

Posted on November 22, 2012 by Medvis

New York City Council member Brad Lander, in an open public letter released Tuesday last week, asked the Lightstone Group CEO, David Lichtenstein, to forgo all plans on its multi-million dollar Gowanus development.

http://onlytheblogknowsbrooklyn.com/wp-content/uploads/2012/07/image-2.jpg

Councilman Lander

In light of the devastation caused by Hurricane Sandy to low lying neighborhoods in New York City, Councilman Lander of the city’s 39th district, asked that Lichtenstein and the Lightstone group to withdraw a proposal it made earlier this year to the New York City planning commission to construct 700 new rental units on the banks of the Gowanus Canal in Brooklyn.

Councilman Lander is not the only one seeking to halt future development in Zone A, which includes Gowanus, in light of Hurricane Sandy. The Friends and Residents of Greater Gowanus (FROGG) also released a statement asking the City Planning Commission to place a halt on the Lightstone development proposal.

History of Contention

The appeals of the Councilman and FROGG are just the latest troubles developers have encountered in the Gowanus region, which received several feet of water water from Hurricane Sandy.

In 2010 ,the Environmental Protection Agency halted a development at the very same Gowanus canal site due to concerns of early 20th century pollution of the canal.Now safety concerns surround issues of tropical storms and not old factory waste.

Interestingly, as pointed out by critics of Councilman Lander raised no opposition to the 2010 Toll Brothers proposal which was halted by the EPA. Lightstone for the time being remains committed to their development project of Gowanus as indicated in a public statement where in Lightstone states that it will “move forward to build a high-quality, environmentally-sound residential complex.”

With both sides of the aisle committed to their positions, it will be interesting to see who will win this battle. Profits vs. Storm Safety: both are rather important in New York City.

Rent Stabilization? Seriously, no takers?!

Posted on October 6, 2012 by Medvis

As a young New York City resident, I would confidently posit that many like myself would argue that their rent is simply too high and is not worth the money they pay every month. Thus you would think that if any New Yorker were offered a chance to get their rent stabilized, most would jump at the offer. Well, think again.

The latest city effort by Community Board 1 in Lower Manhattan and Paul Newell, a local democrat district leader, to increase the number of rent stabilized apartments in the Financial District has failed, to the surprise of many.

421-g Tax Credits

Through a 421-g tax credit designated for the development of Lower Manhattan into a residential neighborhood following the tragic events of 9/11, all units in the Financial District were able to become rent stabilized for a period of 14 years.

Following a court case in which Judge Bruce Scheckowitz cleared away any ambiguity regarding the full reach of the 421-g tax credit for Lower Manhattan residents, many like Paul Newell thought for sure that tens of thousands of residents would come forward for these credits.

When you can afford a pad like this, who needs rent stabilization

Failed Effort

However to date, only ten residents in all of Lower Manhattan have positively responded to the publicity campaign by filing applications for and securing rent stabilization for their home. Mind you, the Financial District saw a 17% increase in rents last year.

The campaign waged by Community Board 1 and Paul Newell was intended to be a catalyst for more residents of the Financial District to sow roots into the redeveloping neighborhood. The neighborhoods composition of recent college graduates and twenty something professionals is likely a strong variable in the disinterest in seeking rent stabilization.

However, with continued development and renewal of Lower Manhattan, we at Blocksy are that this “free meal” may eventually attract a very healthy appetite from new residents.

Almost there: Domino Sugar Factory site one step closer to development

Posted on October 2, 2012 by Medvis

Last Friday (September 21^st) the Supreme Court of the State of New York dismissed a law suit filed by the Katan Group against the Community Preservation Corporation Resources (CPC). In the suit, the Katan Group was seeking to block the sale of the 11.2 acre site to Two Trees Management (owned by the Walentas real estate family) for $185 million in order to construct a projected $2 billion mixed use community.

The Decision

In the decision announced by the Supreme Court of the State of New York, Kings County, the suit was dismissed. Court documents stated that Kattan did not possess a “right of first refusal on the property, a contract provision that was not a part of the second operating agreement.”Whether Katan will take this matter to the appellate division is unknown.

In a statement CPC stated that they are “extremely pleased that the court has once again found Katan’s allegations meritless,” and no look “forward to closing the transaction with Two Trees.” Meanwhile, still one additional lawsuit persists in seeking to block the sale of the Domino site to Two Trees.

Background

The battle between Katan and CPC over Domino dates back to March 2012 when Katan sued CPC for mismanaging the development project. At that point Katan petitioned the courts to block CPC’s earlier plans to let its lender Pacific Coast Capital Partners convert the CPC loan on the project into an equity stake.

In the opinion of Katan, such a maneuver would weaken its on stake in the site. The New York Supreme Court judge, however, decided against Katan in that suit.

The original deal struck between CPC and in 2007 Katan included a joint $55 million purchase of the Old Domino Sugar Factory site which would have later been converted into mixed-use space with 2,200 apartments, with 30% of these apartments to be reserved for “affordable housing.”

No word on affordable housing has been given from Two Trees or CPC.

Moving Forward

For years now, those in New York City’s real estate and development community have waited to see what would come of the development controversies at the old Domino Sugar Factory site in Williamsburg Brooklyn where rents have climbed 10% in just the last year.

However, while there is quite likely a good bit of merit to the claims made in court by the Katan Group, most of us onlookers want them to just sit down and shut up. After all, we want condos and townhouses…sweet ones, and we really don’t care who builds them.

With sound financial backing and proper lending, the increase in housing supply should also offer more variety to both potential buyers and renters.

While we have little idea of what Two Trees Management has in mind for the old Domino Sugar Factory site, we at Blockhawk know one thing for sure: new housing won’t get built in court.

Goodbye False Real Estate Info. Hello Blocksy Trust-O-Meter!

Posted on September 24, 2012 by blocksy

They say good things come in small packages. Call us biased but we tend to think they’re right as rain, particularly after Blocksy’s latest feature launch, coming at you today, on this fine New York Autumn Monday: Say hello to the Blocksy Trust-O-Meter (feel free to read that last sentence out loud doing your best Scarface impression):

Simply put, the Trust-O-Meter is designed to address one of the greatest frustrations faced by home seekers and apartment hunters today: false and/or misleading data.

We all know the scenario too well: After scouring realty sites, we find a listing of interest and fire off an email or make a phone call. By the time we hear back, we discover either the place is no longer available or something was inaccurate in the listing (including price or other serious details). In some cases, it seems a broker may have deliberately posted a listing that was never available in the first place, only to get a call so he or she might attempt to sell us something else.

Those days are over.

While some sites allow users to flag listings that may be inaccurate, there’s seldom any transparency around flagging functionality. Specifically, it’s never clear whether other users have submitted flags and/or what the nature of those flags may be. Why? Why must each new user spend the time and energy to discover that a listing is inaccurate in some way and have to submit new flags themselves? Where is there any evidence that user flags are reviewed or processed in a meaningful way by the website? Anyway, the pipeline of false or misleading data seems to endlessly flow, so the problem hasn’t been resolved.

Enter the Blocksy Trust-O-Meter

From here on in, any time you land on a Blocksy listing, you’ll be notified if a certain number of other users have also flagged the listing. We’ll also provide information about the nature and quantity of other user flags, so that you can determine whether it’s worth your while to continue researching a given spot or simply move on.

The result? By spending less time looking at the wrong stuff, you can spend more time looking at the right stuff. And the sooner you find the right stuff, the sooner you’ll be done your house hunt. And the sooner that happens, the more time you’ll recover for things like watching TV, going shopping, or posting pictures of adorable cats online, which seems a rather popular pastime these days.

…All of which takes us back to where we began: great things coming in small packages.

(Oh c’mon. You thought we were somehow above the shameless use of adorable cat pictures to tug at your heart strings?!)

Red Hook real estate market warms up

Posted on August 14, 2012 by Medvis

Like many New Yorkers, my first reason for ever going to Red Hook was to pick up some very in expensive furniture from IKEA. However, during both my shuttle ride to IKEA and the water taxi back to Lower Manhattan, I realized that I had just visited a very unique and special New York City Neighborhood.

As reported by Ken M. Christensen of Crain’s New York, I am not the only outsider to see the great potential and value of the Red Hook real estate market and business district. Although serving as an industrial/port corridor for much of the 19^th and early 20^th century, Red Hook is becoming far less industrial and more residential.

red hook real estate market van brunt brooklyn real estate

Image taken from http://realtycollective.blogspot.com

The Rebirth of Red Hook

While the Red Hook real estate market is now becoming a “New York City well-kept city,” it was long considered to be a complete dead-end for the last 60 years by many New Yorkers. Up to this day one can still only use one bus line in order to connect to the nearest F train stop in Carroll Gardens. However, this relative isolation in the very shadow of Manhattan and the statue of Liberty seems to lend a great deal of geographical sexiness to the Red Hook Real Estate Market.

This one-time industrial skeleton is gaining noticeable consumer substance once again. In fact, the increased demand for Red Hook real estate has led to the MTA announcing a re-opening of a once suspended bus, in addition to the existing B61.

Following in the footsteps of major projects such as IKEA and the Fairway Market opened in a late 18^th century warehouse, Future development in Red Hook include an arts collective in a former warehouse and a renovated carriage house. This fall, the Municipal Art Society will host tours of the revitalizing community.

Right image taken from http://www.urban75.org

Van Blunt, the main strip in Red Hook has enjoyed the increased traffic from tourists venturing in from “far-way lands” such as Soho, and Murray Hill. Its eateries, delis, and restaurants are all posting upward trending revenues year after year.

The Red Hook real estate market offers new residents from more expensive neighborhoods a more affordable and slower pace of City life. However, the number of glamorous warehouse purchases and row-house renovations are still relatively few and far between. Moreover, the neighborhood is still zoned for industrial use, restricting residential development.

So for now, Red Hook can still be that underdeveloped NYC get-away. But of course, we at Blocksy aren’t at all opposed to a few new condominium developments in Redhook. After all, the more the merrier right?

Interest in Gowanus picks up…again

Posted on August 1, 2012 by Medvis

Back in 2010 in Gowanus, Toll Brothers proposed a 600,000+ square foot mixed use development site at the Bond/Carroll Street lot just off of the canal. However, as reported by Brownstoner, the Lightstone Group is taking an interest to the space.

While Toll Brothers retain ownership of the space, Lightstone has approached the New York Department of City Planning for an alteration to the Toll Brothers’ 2010 proposal. They would like to restructure the plan for affordable units within Toll Brothers’ pre-secured zoning variances in order to construct 700 new units.

The 2010 proposal of Toll Brothers for the cleaning of the Gowanus Canal and an adjacent 460 condominium and townhouse development stalled out when the space was assigned “Superfund Status” by the federal Environmental Protection Agency (EPA) due to extensive contamination.

lightstone group gowanus toll brothers development

(l) Gowanus Canal as it stands today, (r) The 2010 Toll Brothers proposed development

However, despite Toll Brothers walking away from the proposal due to 10 years and millions of dollars of expected clean-up, Lightstone contends that their proposal is unrelated Toll Brothers’ plan and is feasible.

Gowanus is a neighborhood with an ideal West-Brooklyn location along the water and the F-train. Furthermore, projects like those of Lightstone bring excitement to all. However, it still seems as thought one major obstacle has been forgotten: the whole Superfund/contaminated site issue.

Despite the efforts of the Clean Gowanus Now Coalition, who opposes the EPA SuperFund Status and supports local clean-up efforts, and the desire of many to revitalize Gowanus, no work can happen.

But hey! Lightstone must see something that Toll Brothers and the rest of the NYC development committee cannot. Either way, we here at Blocksy wish them the best. Afterall, we love new property in need of occupants lol

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