Second avenue subway real estate values,subway and walking directions nyc,greyhound bus new york ottawa salon - 2016 Feature

07.07.2014
In mid-2013, Elaine Diratz, senior managing director of Corcoran Sunshine Marketing Group, noticed that the one-bedroom condos at 515 East 72nd Street, formerly known as Miraval Living, were selling briskly. Diratz, whose firm was handling the marketing of the 329-unit conversion near the East River for developer Acheson Doyle Partners, soon put her finger on the reason behind the quick pace of sales: major milestones in the construction of the Second Avenue Subway, a little more than two blocks away. Sales were lagging behind until it became clear the subway was really getting closer to completion, Diratz said. The Second Avenue Subway — which will eventually run 8.5 miles from 125th Street to Hanover Square — has been on the drawing board for decades, variously championed by politicians, transit advocates and urban planners.
And the real estate industry, of course, has a vested interest in the project coming to fruition. Prices on the Upper East Side east of Third Avenue have traditionally lagged those west of the avenue and closer to Central Park. This dearth of a subway has not only translated into traditional buyer reticence: It’s meant lower condo and co-op prices for the Upper East Side east of Third Avenue. The average sales price per square foot for condos on Third Avenue and eastward increased 11.4 percent in 2013 from the previous year, according to CityRealty. Those increases are playing out at places like 230 East 63rd Street, a condo conversion with six floor-through units less than half a block from Second Avenue. All rights reserved © 2016 The Real Deal is a registered Trademark of Korangy Publishing Inc. More great photos from the MTA show progress on the Second Avenue subway and repairs on the Rockaways aboveground lines destroyed by Hurricane Sandy.
The MTA announced Thursday that subway service to and from the Rockaways will finally return on May 30. Although construction of the Second Avenue Subway has had its fair share of hiccups (August's frightening explosion, unsettling noxious odors), new photos released by the MTA show the long-awaited subway line, well, starting to look like a subway line. This photo shows work underway at the future 72nd Street Station, where crews are filling out the raw rock of the cavern with concrete lining. On Monday, the architecture world was gobbling up the comments starchitect Rafael Vinoly made about 432 Park Avenue at a Douglas Elliman talk last week.
BioBus’s Chief Scientist Sarah Weisberg is a great example of what’s possible with careers in science. The Second Avenue subway plan includes a two-track line along Second Avenue from 125th Street to the Financial District. Speaking of which, the East Side Access project just received a major setback thanks to a review by the Federal Transit Administration, which concluded it was years behind schedule and over budget. Foreign real estate investors currently buy one-third of Manhattan condos, and they account for 15% of the total purchasers in the city. What do I need for financing to buy a condo in NY City as an international real estate investor?
According to the Census, NY City is #1 most-populated city in the United States with 8,175,133 Population in 2010, a modest increase of 2.1% since 2000.
Yes, approximately 15 percent of apartments are owned by foreign individuals and companies. What are the options for International real estate financing for foreign real estate buyers?
What do I need for financing to buy a condo in NYCity as an international real estate investor? Foreign investors purchasing in cash saves on the NY mortgage tax, about 2% of the loan amount. Though renting an apartment in NY City tends to come with a higher cost of living, many renters in Manhattan are willing to pay the relatively more expensive rents to live there. Virtually any apartment in Manhattan will retain its value as long as New York City remains America’s capital of arts, culture, finance, education and a safe and secure place to invest.
Upper East Side near the river Construction has been undergoing along Second Avenue for two new subway lines, Q and T since 2007. Midtown West – An extension of the Subway Line to Eleventh Avenue and 34th Street from 42nd Street and Eighth Avenue is expected to be operational by December 2013. Financial District – Commonly known as “FiDi” the Financial District is located at the bottom of Manhattan and has recently become not just predominately a business district but also a neighborhood on the rise with a tremendous amount of Real Estate development of new condominium projects and high end rental buildings. Unlike other States of the United States that have a depressing market, indicators show New York is a flat market. While it can be beneficial to buy an apartment in Manhattan through the name of a corporation, the advantages for foreign buyers can be diminished by potential treaties between the United States and your country. We aggressively market your property using multiple channels to both domestic and international buyers. All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. 6sqft is dedicated to delivering the latest on real estate, architecture, and design, straight from New York City. There were more than 70 closings between summer 2012 and summer 2013 — about half the building’s 142 one-bedrooms. The milestones included some of the last subterranean blasts for the first phase of the project, from 63rd to 96th streets, which is scheduled to debut by the end of 2016. Commuters, tired of crowding onto the overstrained Lexington Avenue line, the only other subway serving the Upper East Side, were among the most vocal in pushing for the new “T” line, as it’s dubbed. For the first time, developers and brokers are reporting a spike in buyer and investor enthusiasm for developments east of Third Avenue, because of the recent progress on the Second Avenue Subway. In 2013, the average sales price of an Upper East Side condo from Third eastward was $1.57 million, according to an analysis from Pete Culliney at real estate data provider CityRealty.
While it’s unlikely Second Avenue — or avenues even farther east — will ever overtake swanky Fifth and Park in terms of price, they could more rigorously compete with Third and Lexington avenues. A penthouse there went into contract earlier this year asking over $4 million, and after a bidding war that included an outfielder for the New York Yankees, according to Steinberg, the broker representing the developers.


Michael D’Alessio, whose firm Michael Paul Enterprises LLC is developing 230 East 63rd, said he picked the early 20th-century building for a condo conversion in part because of the subway.
The owners of the property originally purchased it 20 years ago when it was just a small structure. So far this year 2.54 million applicants have applied via the city’s Housing Connect website for 2,628 affordable apartments, which puts the odds at about 1,000 to 1. As listed on the site, members of the advocacy group include former MTA head and mayoral candidate Joe Lhota, big names hailing from the likes of Tishman Speyer, Steiner Studios and Two Trees Development, and a number of local groups, including the Fifth Avenue Committee, Industry City and DUMBO BID. The mobile science lab was founded in 2008 by Ben Dubin-Thaler, who has a PhD in Biology from Columbia University.
While she originally envisioned working in academia as a researcher, she found her passion for science programming and advocacy through BioBus. Listed for $2.2 million, the four-bedroom co-op at 297 East 10th Street overlooking Tompkins Square Park definitely looks like the kind of place you could call home for at least a few years, a rare thing in the otherwise great neighborhood.
The MTA is undertaking two massive public transportation extensions: the Second Avenue subway project and the East Side Access project.
The project, designed to extend the Long Island Rail Road from Queens into Grand Central Terminal, will shorten the ride for LIRR commuters who previously had to travel to the west side of Manhattan into Penn Station. The East Side Access project will bring 160,000 more commuters into Grand Central Terminal, freeing up space on the 7 train and at Penn Station. New York City property has long attracted international buyers, a trend that took off in 1976.
In a recent survey administered by the Association of Foreign Investors in Real Estate,NY City was voted the most attractive destination for real estate investment. Since the credit crisis, lenders have tightened credit criteria and will require about 30 percent as down payment from a foreign buyer. The requirement is usually a 30 percent down payment (70% Loan to Value) up-to-30-year loans and up to five times a borrower’s annual income.
There are numerous neighborhoods in New York City that have their own unique culture and feeling. When something breaks in the property, your tenants need to talk to the doorman or superintendent. A new station at 10th Avenue and 41st Street was dropped from the plans in October 2007 due to cost overruns, leaving the terminal station at Eleventh Avenue and 34th Street as the only new station on the extension.
The neighborhood feel of FiDi has improved as farmer markets such as the New Amsterdam Market, both rocery and school districts are some of the best in the city. An international investor should consult with a tax professional who specializes in international law. In other words, the services of buyer’s broker are at no cost to the buyers, since commissions are paid by the sellers, and then divided between the buyer and seller’s brokers, and most of the transactions are done by both seller’s and buyer’s brokers. Whether you are looking to buy a home, sell a home, or investment, Kelsey Uh’s Team provides professional services, information and knowledge to make a successful transaction for the best possible price.
This includes identifying the right property, negotiating price, bringing the team together (attorney, tax attorney, accountant, financing, etc.), finding tenants, eventually marketing property for sale.
It should not be construed as an offer for sale (or even that this building is actively marketed). They say property values on and around Second Avenue, as well as prices for condos and co-ops, could increase more than 20 percent because of the new line. Meanwhile, for the Upper East Side overall, what Culliney calls “core East Side,” it was $2.34 million. He says sites like his proximate to Second Avenue could go up 20 to 25 percent in value as the subway rumbles to life.
After a few expansions and renovations over a decade, in 2008, they decided they wanted an even bigger home and enlisted the help of architect Maziar Behrooz to build anew. The owners, who are originally from France, fell in love with the natural beauty of Long Island and wanted to reimagine their property without regard to its organic confines.
But it looks like the architect is a bit red in the face, because he penned a lengthy public letter to design blog Dezeen apologizing for his loose lips.
The bus began “as an experiment to test his hypothesis that, given the opportunity to use research-microscopes to perform live experiments, anyone would be excited about science.” To test his hypothesis, he purchased a bus on Craigslist and transformed it into a mobile laboratory equipped with state-of-the-art microscopes that could travel to students. She is now hard at work growing the organization and its mission of presenting science in a fun, accessible way to children. The Wall Street Journal reports that Cumming and husband Grant Shaffer have been renovating a nearby 19th-century townhouse that they bought in 2013 for $4.65 million, and the time seemed right to part with this cozy co-op. Both will dramatically change how people commute through the city and affect the surrounding above-ground real estate. Work now consists of building tunnels from 105th Street and Second Avenue to 63rd Street and Third Avenue, with new subway stations added along Second Avenue at 96th, 86th and 72nd streets. Though it was slated for completion in 2019, the New York Daily News reported this week that the project may not be completed until 2023. Since 2010, the dollar has been especially weak against a number of foreign currencies and that has increased foreign investors participation in Manhattan. The recent Knight Frank Wealth Report 2011 ranks Manhattan as the #1 market in the world based on factors including economic environment, political climate, knowledge and quality of life.
For purposes, a condo is recommended because of higher appreciation potential and flexibility in renting.
Having a good credit score in your country can help to get financing either in the U.S or internationally. Also, the buyer needs to show liquid assets that is usually based on a multiple of the monthly payments. Superintendent can fix up minor problems at no charge or charge the owner for material costs. The MTA indicated that the 10th Avenue station could be included in the project if funding were found. High end shopping such as Hermes, Thomas Pink, Tiffany’s and Tumi can now be found in the area.


It is beneficial to you to work with a broker when buying property, because most sellers have brokers, and these seller’s brokers have fiduciary duties to work on behalf of the sellers’ best interest and do not represent the buyer’s rights. We have ALL listings currently available on the market in our database whether or not listed with a seller’s broker. So did the recent buyer of 230 East 63rd’s second-floor unit, which went to contract earlier this year for “very close” to its $3.14 million asking price, Steinberg said. In response to this request, architectural plans were created to include a dramatic 9,500-square-foot extension with asymmetrical triangles and a linear orientation that unifies the pool, grounds and garden.
The bus now serves thousands of New York City students and has a sister in the BioBase, located at the Lower East Side Girls Club, a hub created so that bus’s lessons can be expanded upon through additional programming.
6sqft recently spoke with Sarah to learn more about the BioBus and how it’s helping young New Yorkers discover their inner scientists. That ETA is 14 years late, and the costs are projected to be $6.5 billion more than planned. When the seller’s agent agrees to list a property for sale, a certain percentage is agreed upon as commission. We will provide you with a list of reliable and insured repairmen after purchase of an apartment. If the building maintenance staff can not fix the problem, they can recommend another specialist. If this plan is restored, many newer condo buildings in the area can be appreciated in value.
All information is from sources deemed reliable, but is subject to errors, omissions, changes, or withdrawal without notice. You should, however, take that ETA with a grain of salt — the city has worked on and off on this project since 1929. Contact us for a list of U.S and international lenders who provide financing to buyers and who lend to borrowers with visas and ITINs. The top advantages to having a broker is that he or she can intercede on your behalf for a price reduction or request concession. While new development is already creeping into those areas, Miller says that rental and housing prices won’t necessarily spike, but he predicts that prices will rise once the project is done. Co-op Boards govern co-op buildings and every purchaser must pass their approval and any renovations usually need approval as well. The main difference between getting the mortgage in the U.S and in your country is saving on the mortgage tax and various bank fees. If the buyer does not have an agent, then the seller’s agent keeps the entire pre-negotiated commission. Since Manhattan tenants are usually high income and good credit quality individuals, there is usually very little management. In order to make sure you are getting the property you want, and at the most reasonable price, a broker is indispensable.
This enables our team to have much more extensive and up-to-date database than the public will find on the Internet. Hence, it is in the best interest of the buyer to have agent representation to help identify the right property and negotiate the best price.
If you choose to hire a management company, there is a fee of anywhere from 3% to 10% of gross rent.
Without one, a buyer can find him or herself losing a great deal of money, due to not knowing the ropes entirely. We will also provide you with a list of professional and reputable management companies after your apartment purchase. And we immediately notify our clients with new listings and changes of prices in their criteria.
In addition, even though it is an ALL CASH purchase, full financial disclosure is required. The rates of mortgages are determined on basis of your credit history, how much you are financing and if it’s a primary home, or a second home.
We have access to every available NY City property, find homes that suit your needs and wants, make appointments with seller’s brokers for viewing apartments, help with the presentation of applications and other documents, coordinate the entire team of professionals that one needs in order to conclude a sale.
The brokerage community strongly discourages the buyer on using multiple agents as this would create confusion. When the seller’s brokers get listings from sellers, many of them market to all brokers asking them to bring buyers to help sell the apartment before their contract expires with the sellers.
As we are a dedicated team and work hard for each of our clients on helping our clients identify the right property, we in turn expect client loyalty.
And by law, seller’s brokers must present all offers to the sellers, otherwise, they lose their real estate license. The value of a condo, on a per-square-foot basis, is about 20 to 30 percent higher than that of a co-op. This is very important point since if for any reason you are not able to get financing you could lose your down payment. Most transactions in Manhattan are done by two brokers: the seller’s broker and the buyer’s broker. Contact us Finally, some banks have a new rule which requires the condo building to be 80% occupied by owners… if the building has 22% renters you could be out of luck.



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