Hello and welcome to our Manhattan luxury real estate blog. Halstead Property, LLC is one of the most visible and fastest growing residential real estate brokerage firms in New York. Headquartered at 770 Lexington Avenue, the firm has more than 600 sales and rental agents throughout eleven prime retail offices in New York City including six in Manhattan.
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RSS SubscribeNew Rental Apartments for Manhattan and Brooklyn
Manhattan and the four other boroughs that comprise New York City is a place where renting your home is the norm. Statistics that appeared in this New York Times article ”2010: The Year of the Renter?” state there will be 7,000 new rental apartments to hit the market this year in brand new buildings clustered in the Hudson Yards, Downtown Brooklyn and Williamsburg.
That may sound like a lot of apartments, however the article also reports the city’s vacancy rate at close to 2%. As a point of comparison, preceding years have entertained a vacancy rate that has hovered around 1%.
While increases in supply make competition for tenants more intense, the trend is not expected to last long. Development of new apartments for sale and rental property has almost come to a dead halt.
Posted By: 
Sharon Michnay
24 in Manhattan
Not 24 hours, I’m talking about the tv show whose latest season takes place in New York City. The city that never sleeps didn’t necessarily need any more action, but where better to film a show than Manhattan? Over the years, many productions have been set or filmed in this fair city. In fact, Wikipedia has a partial list of over 130 including Law & Order, Seinfeld, News Radio and Sesame Street. Even the Muppets took Manhattan. Perhaps having Manhattan as a backdrop in so many productions is part of what makes so many people from around the world feel so passionately about it. I grew up in the Midwest and always wanted to be in Manhattan. When I travel, people I meet always know where I’m from and usually have a story to share about a visit or a dream of visiting.
An association with this town can make one feel pretty fabulous, until you speak with my niece. To her, the most important thing is that I give her regards to Big Bird.
Posted By: Sharon Michnay
Classic New York: The Water Tower
Manhattan has some of the most fantastic views for those in love with cities. Few images are as inspiring as the New York City skyline at night, but I have another favorite and more functional image.
The city is home to one of the oldest water systems in the United States. In the 1800’s, the city required that any building rising over 6 stories be required to have a water tower. Today, these towers are still in use and the manner in which they are constructed (predominately with wood) remains the same as do the two companies started in the 19th century who construct them.
The Manhattan skyline would be wrong to me without these silos dotting the view. They are to me a reminder of the history of this city.
Posted By: Sharon Michnay
Manhattan Fourth Quarter Market Report
Everyone is talking about real estate prices these days. Are home values going up? Are home values going down? It doesn’t matter if one is looking to buy or sell or not, real estate prices affect everyone.
From conversations with colleagues around the country and the world, the trend is lower sales prices and a higher number of sales. In Manhattan, we saw the same thing during the fourth quarter of 2009.
Highlights from our most recent market report include:
- Both the median and average sales prices were higher than both previous quarters
- Coops were 10% lower in price compared to the previous year, with the greatest decreases seen in the 3 bedroom + category
- Three bedroom + condos rose in price, increasing the overall condo average price from last year
- Apartments spent on average 132 days on the market
Click here for the complete report. For further information, watch our By the Numbers video.
Posted By: Sharon Michnay
A NEW YEAR, A NEW HOME: How to Prepare yourself for a purchase in 2010
Happy 2010 everyone! To me, it seems like an exciting new start to a new year. It is an opportunity to make things better than before and move forward with a positive and hopeful attitude towards all of the good things to come! As we’re settling back in from vacations and organizing our desks, making lists for our goals, constructing our budgets and reviewing our finances for tax season, I wonder how many of you quenched your thirst for New York Real Estate knowledge during the holidays and are pulling up your excel spreadsheet apartment lists thinking about which apartment to contact first? Well, if you’ve done your homework, then bravo! You are already a step ahead of the competition. If not, you still have time to compile your list and make those calls.
Do you want to live downtown in Chelsea or Union Square? Perhaps you’ve been dreaming of that loft in Soho? Or maybe you want to live Uptown on the Upper West Side? How about a historic brownstone in Harlem? It doesn’t matter which neighborhood you choose because buying a home in New York City is always a good investment. However, it is important that you keep yourself organized and that you have all of your paperwork ready because the good deals are moving quickly. We are beginning to see multiple bids on well-priced properties, and homes that are moving through the market faster than before. How can you be prepared? Below is a checklist that will allow you to have some important items at hand that you will need for your apartment search, and when you make an offer:
- Talk to a bank, mortgage broker or mortgage banker and get a pre-approval letter (if you will be financing). Pre-approval is different from a pre-qualification letter. The approval letter will take things a step further and allow you to move faster with financing once your offer is accepted. It will also be more comforting to a seller to see a buyer who has taken that extra step with a bank, especially since the days of mortgage contingencies in sales contracts are back.
- Contact a real estate attorney. You must have someone who specializes in New York real estate. Your mergers and acquisitions attorney from Chicago will not work. These professionals are critical in the purchase process and should be secured as soon as possible. Attorneys have different rates, so make sure to call around to a few to see who fits within your budget, but also choose the attorney that you feel comfortable working with.
- Check your finances. Do you have enough liquid assets for a down payment (usually at least 20%) and will you have funds left over to survive for about a year in this ever-changing economy, just in case you don’t get that raise? Make sure your accounts are organized and that have your statements in chronological order, whether online or in hard copy. Get rid of unnecessary debts. When purchasing a home in New York City, you will most likely have to complete an Assets & Liabilities statement. Therefore, you want your finances to be as simple, straightforward and debt free as possible.
Now that you have this information at your fingertips, get on out there and get started. If you have questions, you can always contact me or your broker of choice. We’re here to help make the process of buying a home in New York City easy, and I always recommend having someone on your side who has a close ear to the beat of the market and who can represent your best interests in negotiations.
I’ll see you out there!
Posted By: 
Lori Feiler
To Buy or Not to Buy, During the Holidays
The weather is brisk and the Holidays are upon us in Manhattan. Holiday gift kiosks are popping up all over, beckoning us to make that special purchase for a loved one - or even to treat ourselves! It’s a special time to reflect on everything that has occurred over the year and how we can look positively towards making a better future. But for the moment, we are focused on enjoying the lights, ice skating in Bryant Park or Central Park, viewing the tree in Rockefeller Center and deciding upon who has the better window displays. Thoughts of buying a home in New York City are floating out of our heads…or are they?
In the last few weeks, after Thanksgiving, we have seen an increase in the amount of activity towards the New York Real Estate market. Buyers are seeing opportunity and zeroing in on the good deals. After all, that’s what the December 2009 Holiday Season is all about- GOOD DEALS. So, if you were unsure about what that perfect gift might be for the holidays, it might be a good time to consider purchasing a home. After all, we haven’t seen prices like this in a long time and with New Yorkers getting into the holiday spirit, it could be a great time to negotiate a deal! Now, you certainly have some time to do this- it doesn’t end on December 31st, 2009, but these next couple of weeks can be a great time to catch yourself up on the process and the inventory out there! Browse online properties and make a list of those that interest you. Contact a broker and talk with them about the process, and most importantly, make sure to investigate your financing options. Banks are still offering some pretty great mortgage rates and that First-Time Home Buyer Tax Credit was extended until April 2010. So, if you have a little time and want to stay out of the cold, explore some great deals in New York City Real Estate. You may find that your holiday stocking looks really great on that new mantle!
Posted By: Lori Feiler
Property Management in Manhattan
About a month ago, the President of Halstead Management discussed the Halstead360 real estate investor services program with The Real Deal.
Following the publication of the article, we received numerous inquiries from individuals who either owned a property they needed managed or who were investors looking to buy then rent out the apartment. We took the excellent response as yet another sign that the Manhattan real estate market is continuing to strengthen and are celebrating a new management agreement just signed today.
Halstead360 is a collection of services including real estate, tax and legal, financing and property management. It is fulfilling its purpose for real estate investors both domestic and international by providing a one-stop shopping service. The Halstead Global Services team who operates the program provide additional value by answering initial questions, providing resources and securing the services of top Halstead Property agents to work for the program’s clients.
Each of the service offerings can be used independently of the others depending on an individual’s needs. In addition, Halstead Management also offers property maintenance services for clients who want piece of mind regarding secondary and holiday homes.
Posted By: Sharon Michnay
Re-Sales vs. New Construction in Soho and Tribeca: Where's the Value?
A few years ago, we were all mesmerized by the glitz and glamour of Manhattan’s new construction homes. In many ways, we still are. It’s important to have modern finishes, something fresh and luxurious. Something that will carry your investment into the future, where it will still be desirable to that prospective homeowner. After all, that’s what we really want when buying in today’s market- a great investment!
Recently, I have been working on a listing in western Soho at the edge of Tribeca, affectionately dubbed “Hudson Square” by industry professionals and local residents. It is an area often overlooked by buyers when they think of Soho with its multitude of shops and cafes. However, when you spend some time exploring the streets of this little neighborhood of downtown Manhattan, you find a great variety of styles, architecture, homes, restaurants and shops. You will also find that this is an oasis of sorts- quiet, intimate and an area with great access to parks and recreation by the Hudson River. It’s a bit of a frontier as well, because different streets are being newly populated with condominium conversions and new construction. These newer opportunities are driving savvy buyers to the area in search of that great deal. Although it may be appealing to grab up that brand new, never-lived-in home with all of the trimmings, you may actually be missing the true real estate value!
Those “good buys” can more often be found in the re-sale market. In a recent market analysis that I conducted on homes in this location, I found that many of the one or two bedrooms were being listed at an average of $1100/sf. That’s a pretty great deal for those of us that remember the prices of two or three years ago, when the price of a condominium was much more than that figure! Now, don’t think that just because you’re paying less, you’re getting less. That’s absolutely not the case! Many of these re-sales are in gorgeous, modern buildings with extraordinary elements of design, great space and a variety of amenities. As an example, check out this listing on Greenwich Street. It is truly unique, custom built and a very elegant space. It represents the great opportunity that this new market is bringing to New York City: the ability to own a breathtaking home for a reasonable price.
Aside from being a great deal, re-sales also have a bit of that personal touch. Maybe you’re getting a wine refrigerator, or an amazing sound system, or even a carefully crafted lighting scheme in a home that is being sold by a current owner. It is these gems, hidden in a sea of real estate, that make an impact on you- especially when we are really seeing the added value in these homes.
I certainly won’t discourage you from exploring new construction, as there are many developers offering great prices and beautiful products. But I will say that in your search, make sure to diversify. There are so many lovely homes out there and individual owners have put in a great deal of time and effort in making their apartment special. Find out what makes it so and see if it appeals to you. You may find that the extra bit of detail in a re-sale will go a lot farther than you imagined, not only as a future investment but with your current budget.
Posted By: Lori Feiler
Chelsea Living
Another VERY desirable area of Downtown Manhattan living is Chelsea. Once a blue-collar, “rough around the edges” type of neighborhood that you would taxi through without looking twice while on your way to the West Village, this area has finally come in to its own. With a convenient location to all parts of Manhattan, plus easy access to all the trendy downtown night clubs, restaurants and shopping one could hope for. Pretty tree-lined side streets offer charm. Art galleries abound for the latest in culture. Chelsea Piers offers sports, gyms and other outdoor activities along the waterfront. Of course, with this desirability has come demand. There are a lot of housing choices in Chelsea. This is a good thing. No matter what your budget or style, there may be a home for you. Brownstone, pre-war apartments and new condominiums abound. This is a “something for everyone” community.
Contact me today for details on currently available homes in Chelsea.
Posted By: 
Thomas Coates
Union Square
Is this THE HOTTEST area downtown or what? Union Square has gone from one of the grittiest, foreboding areas of downtown to one of the most fashionable neighborhoods to be seen in, party in and to live in.
For the gourmet in you, the most diverse food markets are at your fingertips. Whole Foods, Trader Joe’s, as far as stores go, to the wonderful flavor of the outdoors with The Greenmarket - where top chefs from some of New York’s finest restaurants go to purchase the freshest produce and meats available.
If you have visited Union Square, you know what I mean. And I have only scratched the surface! Thinking that this may be your style? Contact me for current available listings in this neighborhood.
Posted By: 
Thomas Coates
Thanksgiving in Manhattan
It’s time to make plans for Thanksgiving Dinners or watching the Macy’s Parade. Maybe it’s time to start thinking about which box your winter holiday decorations are stored in – and where you may have put them.
For me, I’m thinking about pumpkin brittle. The chef at Beppe makes it every year around this time and it is heavenly. Located on East 22nd Street between Broadway and Park Avenue South, it’s close enough to use ingredients from the Union Square farmers market and to be easily accessible via multiple train lines.
Stop in for some Tuscan delights, especially the Tuscan fries and excellent dishes made from local and artisan meats and cheeses. Typically the pumpkin brittle accompanies your check, but if you beg for more as I do annually, you might be lucky enough to get a few extra pieces.
Posted By: Sharon Michnay
Black Friday: A Thanksgiving Family Tradition
I’m heading out tomorrow to travel “home” for Thanksgiving. Along with the turkey dinner, playing with my niece and nephew and time number 5 this year that I will drive a car comes another family tradition.
I have a definite love / hate relationship with Black Friday. Not being a “morning person” makes the starting time almost unbearable. My sisters happily wake me somewhere around 5 am every year and sometimes I think that’s their favorite part of the annual event.
For me, it’s mostly about spending time with my family and the day does have a somewhat festive quality. You certainly can’t beat the bargains!
Most stores will begin their sales online Thanksgiving day, but for the traditionalist, this website can give you a nice collection of who will be offering what and at what price this year.
Posted By: Sharon Michnay
Welcome Back, Bidding Wars!
Friday’s New York Times published an article ”Bidding Wars Resume” which tells the stories of recent sales resulting from multiple bids from prospective buyers.
As a seller, bidding wars create a situation where you have multiple choices for a sales price – although not always above your asking price. Even in a bidding war it is difficult to obtain a price that is above actual market value for unless the purchaser is paying all cash, the bank providing the financing will perform an appraisal.
Take note of the differences between asking price and market value. Market Value is traditionally defined as the price someone is willing to pay for something. Asking Price is more of a marketing vehicle. It can be set at a point below, at or above market value depending on the marketing strategy.
In any situation - bidding war or not - both buyer and seller should be aware of the data on comparable sales and available competing listings when making their decisions.
Posted By: Sharon Michnay
50% of Manhattanites are Single
Actually, the article I read in the NY Post regarding some recently published Manhattan census information didn’t come as too much of a surprise. In the last quarter, 52% of all homes sold were studio and one-bedroom apartments.
Best news for single Manhattanites from the article: one has a 50/50 chance that the cute neighbor down the hall is likely to be available… (or across the restaurant, sitting next to you on the subway…).
Posted By: Sharon Michnay
Haunted, Spooky and Fun – Halloween in Manhattan
Having spent my childhood outside the city, I often wondered what kids here did on Halloween? Did they go trick-or-treating through the neighborhood dressed in scary costumes? Do they have memories of Mothers who destroyed the features of a mask in favor of better vision? What was their version of late night visits to the grocery store to purchase cheap toilet paper that would later end up strung throughout someone’s trees? (Not that I ever did that…)
There are several neighborhoods and blocks throughout the city where one can collect candy door-to-door, but fright night in Manhattan offers some special goodies one can only find here.
To celebrate Halloween right, consider some of these fun options:
- The American Museum of Natural History hosts an event from 2-5pm on October 31st. It makes sense – they have lots of skeletons!
- Go on a haunted safari at the Bronx Zoo during four weekends of “Boo at the Zoo”
Manhattan is also host to the country’s largest Halloween Celebration. The Village Halloween Parade will be celebrating its 36th year!
Posted By: Sharon Michnay
