special advertising supplement to the New York Observer

Luxury Rentals
AUGUST 2010
Monthly

The Essential Resource

for Prospective Renters

Inside this issue

Neighborhood Spotlight:
Midtown West
PLUS
The latest rental
statistics provided by

...and much
COVER PHOTO more!
Peter Cooper Village
Oversized apartments and
five-star amenities

Luxury Rentals
By Esther Zuckerman and Rachel Morgan
L
andlords rejoice! The
rentals market is good
— for you at least.
The Citi Habitats recent
Residential Rental Market
Report, which includes the
second quarter of this year,
showed that it’s a landlord’s
world out there. Vacancy rates
are low and rent is rising.
In June vacancy was at
.90 percent in the entire city,
2 EQUAL HOUSING OPPORTUNITY
A Special Advertising Section Of The New York Observer
according to the report. That
is .08 percent down from the
previous month. In February
2009 the vacancy rate stood at
a high of 2.46 percent.
“If you’re a landlord by all
means you are very happy,” said
Gary Malin, the president of Citi
Habitats.
Rents for one bedrooms
increased 5 percent between
the first and second quarters of
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Monthly
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2010, according to the report.
But that is not to say that rent At Peter Cooper Village, it’s Manhattan without Sacrifice.TM
for other sized apartments
was down — studios and two
bedrooms saw rents rise 3.5
1 Bedrooms from $3,227 | 2 Bedrooms from $4,473
percent and three bedrooms
Net effective rents
jumped 3 percent.
“Activity on rentals has gone
up dramatically,” said Stephen
Kotler, director of rentals for 888.248.0453 petercoopernyc.com
Prudential Douglas Elliman. Mr. Leasing Office: 332 First Avenue (at 19th Street )
Kotler added that the market
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TF Cornerstone’s
505 West
37th street
has “almost doubled in volume.”
And even though this luxury
market had been impacted
“rather seriously,” broker John
Parsegian, senior vice president
of Halstead Property, said
things are looking up.
Mr. Kotler said the market
has stabilized, but according
to Scott Walsh, director
of marketing research for
TF Cornerstone, it hasn’t
4
rebounded completely.
"I don't think it's like it was
two years ago price-wise, but I
think that if people find a good
apartment they like for a good
price, they need to take it,
because it's not lasting," he said.
With the turn in the market
landlord incentives are
becoming a thing of the past.
During the downturn landlords
would offer incentives such as
months of free rent to renters.
For example, Glenwood
stopped giving concessions in
all of their buildings in March
of this year, Executive Vice
President Gary Jacob said.
Mr. Jacob added that that
Glenwood has also stopped
paying broker fees in many of
their buildings.
That being said incentives
are not completely gone.
While Senior Vice President of
Commercial and Residential
Development, Melissa Burch
said Forest City Ratner has GLENWOOD'S NEW LUXURY RENTAL
scaled back the incentives on
their property at 80 DeKalb
Avenue, they do still offer
concessions. For their $4,500 a
month “premier” two bedroom
residences they not only offer
two months free, they also offer
a year of free parking.
Gus Waite, vice president
rental division for The Real
Estate Group of New York,
said that new buildings are still
offering incentives to get people
in their doors.
Mr. Waite said the good news
for landlords is bad news for
tenants who have now gotten
used to this concept.
“There is very low vacancy
and the landlords are pulling the
incentives so it’s challenging if
you are a renter because I think
a lot of the mindset is you know, STYLISHLY GREEN,
that, the landlords are giving
incentives, free rents, you don’t
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“The West Village,
Downtown, Tribeca and SoHo
are definitely areas that have
experienced great interest, but
it’s been that way for quite a
while and I would say that in the
current market that’s where
you are getting top dollar,” Mr.
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Parsegian said. “Those are the
most expensive areas in the city
by the numbers that I read and
also by my experience.”
But downtown’s popularity
is not a new phenomenon,
brokers agreed.
The Upper West Side had
the highest vacancy rate in
June, according to the report
with 1.56 percent vacancy.
Other neighborhoods whose
rates headed into the 1 to 2
percent range were the East
Village, Midtown East and the
Upper East Side. Even though
Mr. Malin said the Upper West
and East Sides are still popular
areas — the downtown scene is
in high demand and has fewer
places to live making for a lower
vacancy rate.
“I think a) more inventory
6 7
and b) it’s further away from the
centers of the new hires,” Mr.
Waite said. Mr. Waite said that
apartments in Murray Hill are
attractive to new hires at places
like J.P. Morgan and Bank of
America.
But despite the high vacancy
rate on the Upper West Side,
Mr. Kotler said there has been
an increase in the number of
properties being rented on the
Upper West Side. He also noted
an increase in the Financial
District as well.
The Midtown West market
has seen buildings perform very
well, Mr. Waite said, including
TF Cornerstone’s 505 West
37th Street and Glenwood’s
environmentally friendly
Emerald Green.
“The last time I talked to
them they said they were
out of studios,” Mr. Waite said
incredulously of 505 West 37th.
“Theoretically in the height of a
recession to be able to rent out
at that place?”
Given the success of
Emerald Green, Mr. Jacob
said Glenwood is working on
and coming neighborhoods. The environmen-
Mr. Malin at Citi Habitats has also seen tally friendly
certain buildings lease out impressively. He Emerald Green.
noted the Fort Greene complex 80 DeKalb,
which Ms. Burch said is over 95 percent leased
after having opened in November.
“It’s performed at unbelievable levels,” Mr.
Malin said.
Ms. Burch sees the success of this building
and others nearby as a victory for Downtown
Brooklyn and Fort Greene. She said a number
of large luxury rental properties opened this
past fall in the neighborhood.
“Everyone is doing well,” Ms. Burch said.
“Which is great for this location as a real
residential neighborhood.”
Back in Manhattan buildings that brokers
said to keep an eye on included Silver Towers
on 42nd Street and The Ashley on 63rd Street.
Mr. Kolter also mentioned The Corner, 200
West 72nd Street.
“It's definitely more competitive,” Mr. Walsh
said of the market. “For good apartments,
there's a lot of competition."
Two, Three and Four Bedrooms Fully Rented
another building one block
north of that building. Although
it will not open up for another
year or more the building
will give what Mr. Jacob
calls a “critical mass” in the
neighborhood.
But also look out of the
confines of Manhattan for up
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 market statistics market statistics

Manhattan Rentals provided by

Brooklyn Rentals provided by

current market snapshot current market snapshot

Price indicates ASKING median rents. Price indicates ASKING median rents.
ALL Manhattan
Studio $2,100
1 BR $2,800
2 BR $3,950
3 BR $5,500
4+ BR $10,100
Harlem/Morningside Heights/East Harlem
Studio $1,450
1 BR $1,600
2 BR $2,000
3 BR $2,300
4+ BR $4,000
Carnegie Hill/Yorkville
Studio $1,695
1 BR $2,300
2 BR $2,750
3 BR $4,000
4+ BR $11,750
Upper East Side
Studio $1,800
1 BR $2,600
2 BR $4,500
3 BR $7,850
4+ BR $19,500
Lincoln Square
Studio $2,195
1 BR $3,200
2 BR $5,800
3 BR $10,250
4+ BR $27,175
Murray Hill/Kips Bay
Studio $2,000
1 BR $2,600
2 BR $3,995
3 BR $6,000
4+ BR $18,997
Midtown
SStudio $2,200
1 BR $3,000
2 BR $4,500
3 BR $7,500
4+ BR $14,900
Chelsea
Studio $2,475
1 BR $3,000
2 BR $5,300
3 BR $8,000
4+ BR $21,500
West Village/Greenwich Village
Studio $2,200
1 BR $3,000
2 BR $4,295
3 BR $9,000
4+ BR $18,000
East Village/Lower East Side
Studio $1,850
1 BR $2,195
2 BR $2,850
3 BR $3,750
4+ BR $4,600
ALL Brooklyn
Studio $1,800
1 BR $2,000
2 BR $2,350
3 BR $2,500
4+ BR $4,700
Williamsburg/Greenpoint
Studio $3,000
1 BR $2,510
2 BR $3,000
3 BR $3,400
4+ BR n/a
DUMBO/Brooklyn Heights
Studio $1,850
1 BR $2,685
2 BR $3,750
3 BR $6,500
4+ BR $10,500
BoCoCa (Boerum Hill, Cobble Hill,
Carroll Gardens)
Studio $1,800
1 BR $2,100
2 BR $2,600
3 BR $3,200
4+ BR $6,300
Downtown Brooklyn
Studio $1,800
1 BR $2,425
2 BR $3,375
3 BR $5,900
4+ BR $10,250
Windsor Terrace/Kensington
Studio $1,400
1 BR $1,695
2 BR $1,975
3 BR $2,100
4+ BR $4,950
Fort Greene
Studio $1,950
1 BR $2,150
2 BR $2,690
3 BR $3,700
4+ BR $4,000
Prospect Heights
Studio $1,400
1 BR $1,675
2 BR $2,350
3 BR $3,100
4+ BR $3,400

Upper West Side Tribeca/Soho Park Slope

Studio $1,800
1 BR $2,500
2 BR $3,795
3 BR $6,600
4+ BR $9,900
Clinton (Hell’s Kitchen)
SStudio $2,400
1 BR $3,050
2 BR $4,295
3 BR $4,504
4+ BR $6,800
Studio $1,695 Studio $1,695
1 BR $2,300 1 BR $1,995
2 BR $2,750 2 BR $2,500
3 BR $4,000 3 BR $3,000
4+ BR $11,750 4+ BR $4,700
Lower Manhattan
Studio $3,000
1 BR $4,000
2 BR $6,775
3 BR $12,250
4+ BR $15,000

8
Neighborhood Spotlight
Midtown West
I
t’s a battle of the amenities
on Midtown West.
In an effort to entice
renters to choose an area
that is still relatively new to
the market, developers are
offering everything from iPod
docking stations in every room
to a months’ free rent to attract
potential renters.
“It’s still a good market and
there is still a lot of demand
for that market,” said Citi
Habitats President Gary Malin
of Midtown West, or Hudson
Yards, as its also known. “But
depending on where the
property is situated, some
people feel like it’s a little too
commercial for them versus
residential.”
But a few months’ free rent
could stifle that feeling in a jiffy.
However, renters be warned:
if you want rent concessions in
Hudson Yards, go to the newer
buildings where concessions
are more common.
10
New buildings like TF
Cornerstone’s 505W37, at
37th St. and 10th Ave., offer
amenities such as a billiards
room, two landscaped roof
decks – and a free months’ rent
in addition to no broker fees – all
to attract renters to an area that
has been dubbed “final frontier
of Manhattan.”
“[Rent concessions] are
really to drive traffic to the
building,” said Scott Walsh,
director of marketing research
for TF Cornerstone. “An owner
would view the concession of
this building as sitting empty,
it’s better for me to give you a
month of free rent and get you
in the building than have the
apartment sit empty for another
month.” The two-tower, 835-unit
opened in February and is 75
percent leased.
TF Cornerstone’s 455 West
37th, which opened in January
2009, has every one of its 394
units leased up to August, but
may consider rent concessions
if any apartments open come
September, Walsh said.
Silver Towers, a 1,200 unit
building at 42nd and 11th Ave.,
is offering luxury amenities and
detail-oriented finishes like an
on-site spa, a 75-foot indoor
pool, teak floors in the lobby
– and one to two month’s free
rent.
“[Rent concessions] are a
condition of the market,” said
Cliff Finn, managing director of
new development marketing
for Citi Habitats Marketing.
“Typically with new buildings,
you have a lot of apartments
you want to absorb in a short
amount of time,” he said.
Rent concessions paired
with stellar amenities seemed
to do the trick – Silver Towers is
currently 75 percent leased one
year after it opened.
Glenwood’s Emerald Green,
at 38th Street and 8th Ave. was
built using a high percentage of
Living room at
TF Cornerstone’s
455 West 37th.
Glenwood.
Glenwood initially
incorporated these green
features in tandem with one
to two months’ free to attract
renters in Sept. 2009. But after
renting out units very quickly,
the concession was dropped
to one months free rent and
disappeared altogether early in
2010. Emerald Green is now 95
percent leased.
“I think those are pretty
successful examples of
new rentals coming on in
neighborhoods that have not
been traditional residential
neighborhoods,” said President
Rental Division for The Real
recycled material and boasts
Estate Group of New York Gus
other environmentally-friendly
Waite of the 505 West 37th,
features like electric car
Silver Towers and Emerald
charging stations in the parking
Green developments.
garage, heat reflective panels
The apartments at Citi
on the roof decks and water-
Habitat’s 350 West 37th St. offer
efficient plumbing.
a unique feature – iPod docking
“I think that when people
stations, speakers and volume
are faced with the choice of two
control in every room. This
buildings, our building being
has been a major selling point,
a green building might be a
Finn said, who worked on that
deciding factor, said Gary Jacob,
development.
executive vice president of
“This is a real hot button
feature,” he said. “[Renters] love
it because they don’t have to
come with stereo equipment or
anything. There’s a speaker in
the master bathroom, bedroom
and each room is individually
controlled.”
The 200-unit Townsend is
also one of the luxury rentals
in Hudson Yards that still offers
rent concessions.
i eated a cookie
“We give one month free
rent, that’s all,” Finn said of the
Townsend. “It’s particularly
helpful when you still have
construction on
the premises
Exciting
– it’s really a
construction
Neighborhoods.
concession, a
concession for
Great Rentals.
moving in early,
before everything
No Fee.
else is done.
That’s why you
For over 30 years, we’ve been helping
see less rent concessions when
New Yorkers live well in the
you’re moving into completed world’s greatest city.
buildings.”
With a long tradition
Citi Habitats has another new
of offering homes in
Midtown West luxury building the finest buildings,
opening on the horizon - the Bettina Equities is
Beatrice, located on the border known for prices
of Midtown West and Chelsea that make Manhattan
is set for July 23. Finn said they living within reach.
are still deciding how much, Attractive studios
or if, rent concessions will be to spacious three-
offered for the just over 300-unit bedroom duplexes
and triplexes
building.
in the most desired
However over the top these
neighborhoods:
amenities may seem, they seem
to be working. Upper East Side
According to Citi Habitats’
Upper West Side
Residential Market Report,
Clinton
the vacancy rate for Midtown
Murray Hill
West has been steadily sliding
downward. In April, it was 1.39 Gramercy Park
percent; in May, 1.22 percent; Union Square
and in June, .91 percent. East Village
For the second quarter (April
through June) the vacancy rate
for Midtown West averaged
at .98 percent, ranking in the
middle of the pack between
the highest vacancy rate – the With over 40 properties and more than
Upper East Side at 1.44 percent 2,000 units throughout Manhattan, we
– and the lowest – West Village help people find apartments they love,
in the neighborhoods they prefer.
at .48 percent.
Waite said he would pin
Midtown West’s success on both
the newness of the buildings
and the rent concessions.
“Now [renters have] a
feeling of hey, there seems to
be a neighborhood here and
these are really new, sexy, clean
Bettina Equities Rental Office
buildings,” he said. “And [they] 227 East 85th Street, New York, NY 10028
Monday - Friday 9AM - 7PM
don’t have to pay a broker and
Saturday and Sunday 10AM - 6PM
they are giving [them] free
rent. This is an up and coming www.BettinaEquities.com
neighborhood.”
212-744-3330
11
 The Observer speaks with two professionals in the real estate
industry to get an insider’s view of todays market.
Q&A
with
Brian
Morgan
Brian Morgan is a Senior Vice President and Associate
Broker at Citi Habitats. During this rookie’s five year career
as a broker for the firm, he’s raked up several big-ticket
awards such as the firm’s Rookie of the Year in 2006, the
Platinum Award in both 2006 and 2007 and is also in
charge of his own team of agents. Morgan sounds off on his
career, which areas are hot and tips for buying and selling
in the luxury market.
Observer: How many years have you been in residential real
estate? How did you get into it?
BM: Just over five. I actually had no interest in going into
residential real estate - I was looking to do commercial. But I had
a friend who said, ‘You have to meet [Citi Habitats President] Gary
Malin. With no interest in residential real estate, I sat down with
Gary. And he spent an hour with me, a stranger. I liked Gary and
decided I wanted to work with him. I felt like he had the mentality I
was looking for.
Are rents up or down now?
Well I pretty much just work in the sales side of it, but I know the
market is definitely higher and all the OP’s [owner paying fees]
are pretty much gone. That was prevalent six months ago, now
very rarely are owners paying fees.
In what areas are rentals up?
The rental market is blowing up in Gramercy and West Village. I
have a studio [listed] for $2,500 and I can’t tell you how many
calls I’ve gotten about it. I had a listing for 270 West 11th and I’m
still getting calls on that one and I have to tell them it’s already
been rented. Since the summer, those two neighborhoods have
exploded.
In what areas are sales up?
High end properties in Tribeca and the West Village are completely
out of control. You’re starting to see things go for $1,300, $1,400,
12
$1,700, $2,000 a square foot, depending on the building. There are
a lot of cash buyers too. Things have just gotten really competitive.
There’s a lot of demand and not as much inventory.
In what areas are sales down?
By the river on the East side, you’re not going to get nearly as much
as money [for a property.] When you go to East side and you’re
dealing with co-ops, there’s more inventory and not as much
demand. You have to be priced right in that neighborhood to move,
especially if you’re east of 2nd Ave.
So the neighborhood really affects the demand?
You see a huge distinction between different markets in Manhattan.
You’ll see one part of the market exploding, and then you’ll have
another market, still in Manhattan, that’s just chugging along, but
nothing crazy.
How has the market changed since the start of your career?
I got into the market in 2005, when everyone was buying everything
in sight. You had a lot of bidding wars back then. It slowed down
at the end of 2006 - people had a lot of economic fears. But we
stayed strong in Manhattan with 6 percent interest rates, which was
low at that time. But people kept saying the bubble is going to burst,
the bubble is going to burst. We got into November [of 2006] and
I remember at Thanksgiving, everything is traditionally very slow,
but [then] everything was nuts. We saw a big change happen at the
beginning of 2007 and prices started going up like crazy. We kept
feeling that until Lehman and AIG popped in Sept. 2008. Then you
saw no activity at all from Sept. 2008 to March 2009.
No activity whatsoever?
I do a lot of deals and there were not any deals to be had by any
agent. It was just complete silence in the market.
Was it frustrating to work during a time when it seemed like
no one was buying?
Not for me. My mentality – the way I run my business – is I don’t
think about what’s going to happen as far as when my next deal is.
I just keep doing the things I’ve always done and I know deals are
going to be had. I kept in touch with all my clients. I worked as hard
as I ever did during those months. I knew that New York could come
back, although there were a lot of agents out there wanting to jump
off buildings.
When did the rental landscape start to upswing?
In March 2009, people started looking again, open houses started
getting more crowded. Once you got into last summer, people
started buying. I did six deals in one month. Once the snowball
starts, there’s no stopping it – really, there has been no stopping it
from then until now.
So you think client loyalty has helped your business?
Yeah, I had my best year this year. Every year since I’ve started, I’ve
had my best year. I didn’t let those 4-5 months [of silence] affect

me. The money is there, you just have to stay with what you’re
doing and stay true to your clients and the money will come. I
think a lot of agents were trying to force people to buy during that
time but I wanted them to understand that I understood their fear.
Everybody was scared.
What are things renters or buyers want now that they didn’t
five years ago?
Everybody always wants a deal. That will never change. But five
years ago, even three years ago, there were those stints when
people were bidding blindly on things. You don’t see that now as
much. People are more careful now for sure.
Are most people still renting or are more buying?
Anytime during the summer, you’re going to see a rental explosion
going on because you have a lot of people transplanting to
Manhattan, looking for jobs, looking to rent. Right now, rentals are
trending higher than sales.
How does a buyer’s credit score affect their ability to
purchase?
For sales, any lender can tell you that if you don’t have good
credit, you’re not going to get a loan. This is a different lending
environment. It’s just much harder to get a loan. You have to have
good credit, they want to see income. These lending institutions
aren’t taking risks.
So what can potential buyers or renters do to improve their
credit score?
It takes time to improve your credit score. They’re going to have
to wait two, three, five years until they can improve it. They’re
going to have a tough time. This isn’t my area of expertise, but the
first thing I would do is get a credit card, or several credit cards,
and pay the balance every month. But this also can put you in a
compromising position if you can’t control yourself. You have to be
a really disciplined person. [Personally,] I am very serious about
my credit. I was brought up not to buy things I couldn’t afford.
And how seriously do co-op boards take credit?
When you’re dealing with co-op boards, if they see you have
bad credit, forget about it. Credit is one of the things they use
to determine if someone is going to be a good person for their
building. In this city, credit is everything.
What’s the most memorable property you’ve shown?
Well, my favorite property to show is my own building – the
Gramercy Starck on 23rd St. between First and Second. I happen
to have bought here in 2007 and I’ve been doing business here
for the past year. The building itself is great. It has two roof decks,
a billiards room, a movie screening room, a library, a gorgeous
lobby. The super is amazing and the doormen are all very
professional. I feel proud to be able to both live here and show
here.
Q: So do you tell people you live there when you’re showing in
the building?
14
Q&A
est. 2004
with
Takeshi
Yamaguchi
DJK Residential sales agent Takeshi Yamaguchi specializes
in finding foreign clients a home in New York City. The Japan
native seems to know the exact combination of real estate
knowledge and personal attention to successfully match
the right property with the right person, earning him many
firm awards such as Rookie of the Year his first year, Rental
RESIDENTIAL
Agent of the Year 2009, Top Listings Agent of the Year for
2009 and Top Listings Agent of the Year for the first two
quarters of 2010.
RENTAL SERVICES
How many years have you been in residential real estate?
How did you get into it?
TY: This is my fourth year. As far as getting into it, interestingly Reliability • Professionalism • Discretion
enough, after I graduated from college, I worked in Japan for a year
and a half for a sports business management firm. At the time I Search 20,000 residential listings in New York City,
was an intern and not making enough money. I was referred to
the sports agent who was representing New York Yankees pitcher
for sale and for rent, at no cost to you.
Kei Igawa and ex-Mets star Kazuo Matsui. When they were sent Simply take a moment to sign up and being searching.
over to New York, they hired a Japanese real estate firm that search.tungstenproperty.com
represented the athletes and handled the relocation. So they
referred me [for the job of working with foreign clients who are
looking to relocate to New York.]
What areas do you show most often in? Tungsten Property is a boutique brokerage active
Anywhere below 125th. I do a lot of Midtown West as well. I’m within Manhattan, and much of Brooklyn and Queens.
pretty seasoned in all the neighborhoods in New York City. I
actually live in Midtown East.
We are adept at sourcing properties in all price ranges,
Are rents up or down now? and additionally for relocation or short-term.
Right now, in the summer months, there’s an obvious up kick in
rental prices. In the summer seasons [in Manhattan,] especially
this year, the landlords, property owners, shareholders – they’re Please contact us 24 hours a day 7 days a week at
out to test the waters by increasing the price or [adding incentives.] 1-8TUNGSTEN1 (1-888-467-8361)
Obviously the incentives haven’t taken away from the portion [of or visit our site at
Manhattan] south of 96th St., the more desirable neighborhoods
where the demand is particularly higher that the properties above tungstenproperty.com.
96th St.
tungsten property + 187 lafayette st., ph + new york, ny 10013
What areas are popular for renters now?
Popularity-wise, you’re always going to have the most renters
interested in West Village, Chelsea, SoHo, Tribeca. Those are the most
popular, but just because it’s a popular area doesn’t mean people can
afford it. As far as seasonal indicators, there are a lot of graduates and
new hires moving into Manhattan and a lot of first time renters are
looking for studios and one bedrooms. The up kick of doorman, one
bedrooms is an indicator that renters will share and apartment with
a roommate and put up a wall. The most frequent trend we see is
renters sharing and putting up a wall.
In what areas are sales up?
We just sold a loft in Chelsea and ended up having a bidding war.
West Village and Chelsea are showing strong signs of activity. In
Soho an Tribeca, activity is up, but that doesn’t mean that banks
are lending.
So the popularity of an area depends on both price and
location?
Yes, price and if the bank is willing to finance these particular
individuals.
In what areas are sales down?
Downtown and Upper Manhattan.
How has the market changed since the start of your career?
For rentals, when I first started, we were getting fees from renters.
Within the past two years, we’ve been compensated more by the
landlords. That’s been a lot different. But the landlords take a little
bit longer to pay us, as opposed to the renters, when the fee was
due at lease signing. It takes a little longer for us to get paid and I
sense frustration among brokers in that regard. But it’s also easier
to get deals done. For sales, it’s been a nightmare for co-ops. The
co-ops, management, shareholders and board members aren’t
receptive to the prices that are reflective of the market.
Was the economic downturn discouraging for you?
The downturn was definitely discouraging, but at the same time,
you take the good with the bad. It was a learning experience for
everyone here. We had brokers that made more money during the
downturn, because they adapted to the market and they learned
how to do business – learned how to do business in a particular
niche market. You just adapt to situations. For me, it was a good
learning experience.
Do you think the market is on its way up again?
Everyone always talks about how New York City is a different
market – I think we’ll probably see a W-shaped recovery, up and
down, up and down. In New York City, I do think there will be more
price drops in co-ops in general because the boards will think the
purchasing prices are too low to accept.
What buildings have been exciting to watch open?
Midtown West is probably one of the most exciting areas to watch
in terms of new buildings being opened with Glenwood’s Emerald
Green, Silver Towers, the Townsend at 350 West 37th St., which is
16
ironically right across the street from Emerald Green –there’s going
to be a lot of competition there. You also have TF Cornerstone’s 455
West 37th St. and 505W37 and then the Ohm at 11th Ave. It’s a lot
of young professionals, a very hip crowd. Those are all buildings that
the up and coming renters and the hip crowd flock to.
What trends are you seeing in the market right now?
Just in Manhattan, I think the general population is still feeling the
effects of the post-financial crisis area, both buyers and renters.
I also think we’ve seen the last of building with finance being so
tight. Landlords and developers will probably deem it very difficult
to build much more. I mean, that’s it. We have the Townsend, a few
hotels here and there, but that’s about it.
What about trends in terms of amenities?
Away from price points, you really see these apartments trying to push
their bells and whistles, because there are so many of them, they want
to outdo one another and be unique – which is a good thing.
What are things renters or buyers want now that they didn’t
five years ago?
Everyone wants a free month’s rent. That’s what they’ve seen for
the past couple of months. Now it’s a little bit different.
How so?
Well we’ve seen so much more activity [this summer] that these
landlords have taken these incentives away. On the renter’s side, be
a little more realistic and don’t expect two or three month’s rent in a
desirable area.
What would you say are ‘desirable areas?’
East of 9th Ave., west of 2nd Ave. and south of 96th St.
What specific features of properties are popular now?
Recreational facilities, common areas, modern lounges, fireplaces,
Wi-Fi, billiards room, poker tables, big screen TVs, arcades, golf
centers – Silver Towers has a virtual driving range. Because of the
downturn and the competition among the buildings, every building
is going to try to outdo each other with a crazy amount of services.
You’ll be pampered, it will come with bells and whistles. Get ready to
be spoiled.
Whether you’ve had a baby and bought a new car, or now have a teenager
on the road, your insurance should keep up with your life. Call today for
Are most people still renting or are more buying?
It’s New York City – the trend is 80 percent of residents rent. In the a free review to help you decide what protection is right for you.
city, you’re always going to have more renters than buyers. You
have a lot of investors buying property in bulk and then leasing out.
What would you say is the next up and coming Manhattan BARBARA A. GRIMALDI
neighborhood?
Hudson Yards.
(212) 759 3920
227 EAST 56TH ST
What are three things that make an apartment a hot
commodity on the market?
NEW YORK
Location is the hottest commodity that money can buy. BGrimaldi@allstate.com
Appointments to fit your schedule.
17
Insurance subject to availability and qualifications.Allstate Insurance Company and Allstate Property and Casualty Insurance Company, Northbrook, Illinois © 2009 Allstate Insurance Company.
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