Monday, March 13, 2017

Copyright BigStock Photos

Watch out New York!  Winter Storm Stella will drop 12-18 inches of snow 
tomorrow, Tuesday March 14.

"The brutally cold temperatures and mini-snowstorm that hit New York City over the weekend are a mere preview of what’s to come tomorrow. The National Weather Service predicts that a “powerful winter storm” is about to bombard the East Coast, bringing plenty of wind and snow—as much as two feet of it in some regions—with it.
“We’re preparing for a significant storm on Tuesday, and New Yorkers should also prepare for snow and dangerous road conditions,” Mayor Bill de Blasio said in a statement. Thanks to Winter Storm Stella (yep, it has a name already), the five boroughs could get anywhere from 12 to 18 inches of snow over the course of one day. The snow is expected to begin falling Tuesday morning (with as much as two to four inches coming down per hour), and stop by nightfall."
Read more at NY Curbed here

Thursday, March 2, 2017

What are the transfer taxes in a New York Apartment Sale? 
Brick Underground's latest article helps you understand the numerous extra costs that come with selling or buying an apartment. Beyond the price of the apartment and the brokerage fee, a few "closing costs" add to the overall sum. This article focuses on transfer taxes, which is made up of state and local city taxes.  This mostly affects the seller but in some cases, such as new construction and sponsor sales, the buyer can be held accountable for all transfer taxes.

Virginia K. Smith writes, "One major component of the so-called "closing costs" is an extra fee known as the "transfer tax," usually paid for by the seller.

'The transfer tax is a tax for property sold that is made up of a state tax and a local city tax,' explains TripleMint agent Gina Ko. The New York state tax is 0.4 percent of the final sales price, while the city's transfer tax depends on the cost of the apartment. For apartments $500,000 or less, the city's transfer tax is 1 percent; for apartments over that amount, it's 1.425 percent.

On top of that, for properties over $1 million, the city charges an extra 1 percent transfer tax, a levy colloquially known as the 'mansion tax.'"

Read the full article here

Monday, February 27, 2017

Photo: 100 Barrow, one of the few new development Co-op projects in NYC today (Copyright Forbes)
Why Co-Ops May be a Thing of the Past? 

Co-ops seem to be synonymous with historic New York and some of the greatest addresses in the city. Co-ops comprise 70% of Manhattan's owned housing units, but it seems that the difficult housing boards, stringent renovation rules and difficulty for foreign buyers to purchase has started to deter buyers. Especially now when there are more new developments in the city. Omri Barzilay investigates this new trend in his article for Forbes Magazine:

"The strict nature of co-ops, coupled with a surge in shiny, modern new development condominiums across the city, is leading to a dramatic drop in co-op sales. In fact, Stribling and Associates, a leading residential brokerage firm in NYC, found that co-op sales priced $5 million and up fell nearly 20% in 2016 from the year prior. In the super-luxury category - co-ops priced $20 million and up - sales declined 25% YOY despite the fact that co-ops comprise 70% of Manhattan's owned housing units.

Read more here

Friday, February 24, 2017

Marion's Restaurant Tip

Don't Tell Mama
343 W 46th St
 tel (212) 757-0788

Established in 1982, don’t tell mama is celebrating over 30 years. Located on renowned Restaurant Row in the heart of New York’s theater district, don’t tell mama is one-of-a-kind – a piano bar, restaurant and cabaret showrooms.  Here even the waiters can sing.

Come with your family and be prepared to sing along to your favorite tunes!

Check out their website here.

Wednesday, February 22, 2017

Join the Dwelling Place as they honor the founders, celebrate the legacy of service with homeless woman, and help to continue the mission through their 40th anniversary appeal. At the

Founders Celebration Reception 
Thursday, February 23, 2017

The tickets will be $50 per person. Come meet the incredible people who help run the Dwelling Place and change women's lives! If you are interested in attending, please don't hesitate to reach out to me for more information or to purchase tickets.

Monday, February 20, 2017

Psst....great one coming up!
1BR/1BA available at the beautiful
Rector Building, Downtown. $1,080,000.

Not on the market yet this beautiful 1 Bedroom apartment in the Rector Building boasts big windows and views of the World Trade Center and Hudson River. It is absolutely light and quiet.

If you are looking for an investment opportunity, then this apartment is great; this condo will be easy to rent out quickly. If you are looking for your own home, this is a wonderful area to live in. Wholefoods and Trader Joes have recently moved close by. The Brookfield Mall is right next door and the Subway is 2min away.

- Great view over Oculus/World Trade Center and Hudson River
- Washer/Dryer in unit
- Tax $991
- Common Charges: $865
- Doorman building
- Awesome Gym withPool
- Roof Top
- No dogs/No smokers
- 24-storied building
- Penthouse unit
- Rent Amount could be at around $4,200
- Top Area

A great place to live or invest. 
Contact me for more information at:

Friday, February 17, 2017

Copyright 6sqft

MTA to Raise Fares to $3 per ride in March
To many New Yorker's dismay, the MTA plans to go forward with their price surge.  The ride fare will raise to $3 per ride and $3.25 for single ride tickets. In her article, Dana Schultz at 6sqft uncovers some of the reasoning the MTA has for the price increase:

"Since 2005, fares have increased a whopping 50 percent, from $2 to $3. The current proposal will be the MTA’s fifth fare hike since 2009; the most recent was in March 2016, when rides when from $2.50 to $2.75. But the Daily News explains that when you factor in the bonuses, the $3 plan is actually the smallest increase in the past eight years."

Read more here.