http://www.timeout.com/newyork/things-to-do/new-york-dance-parade

New York Dance Parade

Until Sat May 18

From Broadway at 21st St to St. Marks Pl at Ave A. Subway: N, R to 23rd St. Shake your booty while learning about the cultural history of dance at this march, now in its seventh year. With a chronologically ordered showcase of performances, you’ll be able to trace the evolution of the art form, with references to African dance, medieval Irish step, clogging, samba, ballet, ballroom, swing, hustle, salsa and just about every other way of boogying. And if you’re not actively getting down, be warned: The New York Dance Police, the parade’s uniformed brigade, may ticket you with coupons to local dance studios. This year’s grand marshal is Louie Vega—the house-music legend who forms one half of production duo Masters at Work. Check out the postparade DanceFest in Tompkins Square Park, where performances will be going on until 7pm.

by Alana Mayman | 5/13/13 Source:#mce_temp_url#

You may pride yourself on your Wikipedia-like knowledge of the best/worst rooftop bars and smartest/dumbest places to hail a taxi at rush hour, but you’re not really a New Yorker until you pass through the Five Stages of Real Estate Grief (denial, anger, bargaining, depression, and acceptance)…and the following NYC real estate truths no longer shock you:

1. You may be an adult with no curfew, but your doorman will always judge you for coming home late/drunk/both.
2. The super expects a holiday tip even though you haven’t seen him since last Christmas and Task Rabbited your clogged sink last week.
3. The neighbors you can see walking around naked in their apartment are rarely the ones you want to see naked. Ditto the ones you can hear having sex.
4. Coming out of the closet means expanding your storage space to the basement of your building, a rented locker, your mother-in-law’s house, your car, and/or your desk at work.
5. The seller accepted your best-and-final bid and sent a contract to you…and to two other buyers whose bids were also accepted. Meanwhile, the seller’s lawyer is lying to you all.
6. Mice. You will have them at least once in your New York lifetime; get over it. Similarly, water bugs (aka massive roaches). Put on your slippers or stilettos, stomp, and move on.
7. The fact that two or more of your children may very well live in a room that may not be an actual room as you were raised to understand such things, but a dining nook with a temporary wall.
8. The “one in, one out” rule.
9. Even though your landlord was going to paint your apartment anyway, it will come out of your security deposit if you leave the walls any other color than hospital white.
10. A 325-square-foot studio is accurately described as “spacious.”
11. HGTV shows featuring mansions with lazy rivers in the backyard that sell for half of what you paid for your 2-bedroom, 1.5-bath.
12. Even if it is only half a butt cheek on a window box, you are still smoking your [fill in the blank] “outside” and away from the kids.

Written by Irina Faifman, Associate at Rakita Realty

Hello New Yorkers, and soon-to-be New Yorkers! One of the best things about New York is definitely the excitement that apartment hunting can bring you. You might see a beautiful pre-war building on the Upper East Side, or some chic loft in TriBeCa- who knows, maybe that studio in Meatpacking is perfect for you! When hunting for a place, here are a few things you may want to know!

1.  There’s a lot more to a neighborhood than what meets the eye

Every borough (there are five, by the way) has some ‘not so good’ areas, so be sure to not go by the initial feeling of inspiration, and ask your real estate agent about what the surrounding area is like. Make sure you Google it: what restaurants are nearby, are there well-known landmarks, is it generally a safe area? Always read neighborhood descriptions online, also. Online blogs can also help distinguish a neighbourhood: maybe a certain Chelsea blogger has seen some beautiful areas, and has written about places to stay away from.

Make sure to ask:

• How convenient is the area when it comes to subways? If you’re more than a 5- or 10-minute walk from the train, is there a bus nearby?
• What are your food options? How far is a grocery store, which restaurants are nearby, how far is it from Hell’s Kitchen (come on, all the foodies know that that is where it is at).
• What are the schools like? If you have kids, this is super important. Make sure you find out options before getting the apartment: how close is the school to home, what are graduation rates, does the curriculum meet your child’s needs? Be sure to sort all of this out before moving into an area.
• What’s the nightlife like? If you’re moving to the city to party, you’ll want to be in a bar-on-every-corner type of neighborhood. In Manhattan, that includes the East Village, Murray Hill and the Lower East Side. Maybe you like peace and quiet: find out what sort of neighborhood it is, because maybe you just want to sit on your rooftop and enjoy a glass of wine, not hearing all of the excited club-goers on the street.
• What evacuation zone are you in? New York has had two hurricane scares and all people living in Zone A had to evacuate: does this bother you, and what areas are safe for you in case of an emergency? Definitely something to think about.
• How safe is a neighborhood? Most crime statistics are online, but you can also find out how safe residents of an area feel by asking your agent, and talking to residents of the area. Maybe the home sellers can also give you their honest opinion, but remember, they want to sell, so just talk to some New Yorkers who can guide you in the right direction.
• How easy is it to find a parking spot? If you have a car, look at how far away the parking garage is: some buildings have some built in, but also look at the monthly fee of it. Most garages charge $400-$500 a month, but some charge as much as $800-$900 a month. Living near the subway might pay off.

2. You may be able to afford it: but will you qualify to rent it?

Renters: Most NYC landlords require that a tenant earn 40-50 times the monthly rent. A bit high, we know, but if you don’t, they’ll require you to have a guarantor who makes 80-100 times the monthly rent who will have to pay the lease on your behalf if you are for some reason unable to. If you or your guarantor are international, you may be able to use a guarantor service likeInsurent instead; their income and employment requirements are significantly less strict, though you’ll still need to have a clean credit record.

Buyers: So you’re ready to buy a co-op: you’ll have to get past a co-op board first, and their requirements go beyond financial ability to pay: make sure your real estate agent can explain the details to you, and be sure that you understand every step. Having a real estate agent is very important, because they can help you through the seemingly confusing journey of buying a co-op. With Rakita Realty, it couldn’t be easier.

3. Brokers charge fees in New York

Renters: In New York, renters pay broker fees, but finding an apartment is worth it. Brokers usually charge 15 percent of the yearly rent as their fee, but that can sometimes be negotiated down to around 12 percent or even one month, especially if you’re willing to move fast on an apartment. Saving time is sometimes more important than saving a small amount of money.

Buyers: Sellers pay a broker’s fee that is typically 6 percent, divided 50-50 between the buyer’s broker and the seller’s broker. The good news is that it means buyers don’t pay a fee. The bad news: those fees are probably reflected in the seller’s asking price on the apartment.

4. Buyers: Don’t forget about carrying costs

Buying a co-op is not like buying a house: you’re buying a certain number of shares of the cooperation and you have to pay for the maintenance of the building each month. So in addition to your monthly mortgage payments, you’ll have a maintenance fee, and that is important to keep in mind when budgeting. Keep in mind that maintenances typically increase a few percentage points each year, but nothing too drastic.

The “maintenance” fees for condos are usually called common charges. Many newer developments received property tax abatements which keep property taxes low for a number of years: make sure you know what you’re getting and have a realistic estimate of what taxes will become when the property tax abatement ends.

5. Not all rentals are in rental buildings

Renting an apartment in a rental building is not the same thing as renting an apartment in a co-op or condo building. The latter will probably be a bit nicer in terms of appliances, finishes and potentially the building itself, but there is a lot more red tape involved (especially co-ops, where you’ll have to be approved by the co-op board too), higher application fees and, frequently, restrictions on how long you may rent.

6. Cash is king

Renters: When you rent an apartment, prepare to have a lot of cash handy (usually in the form of a bank-certified check). You’ll need to pay the broker fee as well as usually one month’s security deposit and first month’s rent within a few days of signing your lease.

If you’re looking for a rental toward the high end of your budget (and you don’t quite make the 40-times-the- monthly-rent minimum), some landlords will still offer you the apartment if you pay a few months up front in cash. Check to make sure it’s not a scam before you cough up any large amount of cash (here are some tips to protect yourself).

Buyers: Due to strict financing requirements that have created a constant cloud of uncertainty over whether or not a mortgage will issued, the ability to offer all cash will put you at the front of the line when it comes to buying an apartment here.  Bonus: You don’t have to deal with the headaches of getting a mortgage.

7. Your housing options will be more limited if you have a dog–especially a big one

Many co-op, condo and rental buildings in New York either prohibit pets outright or have limits on the weight and breed of dogs permitted, so check before you sign anything.

Also note that since you won’t have outdoor space, nearby parks and dog runs can be invaluable and just like buildings, some neighborhoods are more pet-friendly than others.

Keep in mind your animal’s personality when looking for an apartment. Does your Yorkie freak out at the sound of footsteps? Better forget the first-floor apartment then. Is he getting on in years and having trouble holding it in? In that case, the first-floor might be better than the 38th.

If you’re looking to buy a co-op, your pet will have to pass muster with the board. Sometimes that’ll include an “interview” with the pet, but usually it’s a pretty straightforward process.

8. Descriptions can be deceiving

“Luxury” does not always mean that: you might end up in a building that may have been nice once, but just needs renovations. “Cozy” might mean too small; “charming” might mean has something unique that is hard to see; “quiet” means you’re stuck in between buildings and make sure that descriptions of laundry facilities and doormen meet the real thing: not all facilities are ‘on site’.

So, call  us up and get ready to go apartment hunting. Take your dog, too. Eat at the restaurant near that gorgeous building you dream of, look around, and see if this is the place that feels like home.

Written by Irina Faifman, Associate at Rakita Realty

It’s really warming up outside and some New Yorkers are warming up to the ideas of walk-ups, co-ops and major transactions! This week’s notable sale in NYC includes a $6.115Million purchase of a 25-foot, 5 story building at 538 East 89^th Street, featuring 10 apartments and elevator. NYTimes Magazine asked New Yorkers if they prefer living in walk-up buildings or elevator buildings, and the vast majority preferred the space and roof access walk-up buildings allow, to the convenience and luxury of elevator buildings. What do you think is better? Most elevator buildings also have special lounge areas featuring outdoor access, so the competition is a bit steep. Would New Yorkers rather have more space, or save more time? This is the question we have all been asking.

Now, most of us own a couple pens, a few good friends and the desire to cooperatively own an apartment: how should a reference letter be written? We have the information right here!

A reference letter, even for an out-of-state referral, should categorize the prospective purchasers as financially responsible, professionally sound and cooperative neighbours, as well as stating some personal factors such as how long the writer of the letter has known you, what great characteristics you have…etc. A reference letter has to be grammatically punctual: errors in spelling and typos are not okay, so just be sure to be emailed a copy prior to printing it out and presenting to a co-op board in the city.

Basically, read it first! Make sure the general tone is about professional stability, personal responsibility and that it illustrates you as the in-control adult you are.  Your real estate professional can help you with this too: he/she can give you tips, personally find the most appropriate buildings for you, and with the help of a real-estate associate, participating in co-op ownership really is simple.

Fun fact: One World Trade Center measures 1,776 feet — a patriotic reference to the year the Declaration of Independence was signed — making it the new tallest skyscraper in the Western Hemisphere.

So, get out your pens, go for a walk, see the reconstruction of the monumental historical building on Vesey Street and don’t fear the co-op application process: just contact Rakita Realty, and we can help find the co-op of your dreams- and argue about whether a walk-up really is better than an elevator building. Enjoy the rest of your week!

Sources:

Curbed.com

Brickunderground.com

Nytimes.com

Therealdeal.com

Tall Hotels and ‘Should I Sell?’

Written by Irina Faifman, Associate at Rakita Realty

This week in Manhattan, we wave goodbye to TriBeCa film fans, watch the Malkin family go to court in an attempt to make the Empire State building public, and wait for the tallest hotel in the western hemisphere to be built. It’s also the time of year when New Yorkers may or may not long for that loft in TriBeCa, or the spacious four-bedroom on the Upper East Side: are you really ready to sell your home? The four questions to think about are below.

The problem with giving the iconic 102-story building as a public offering shakes the building’s current stakeholders who believe that going public will lower the value of their shares, and only contribute to the Malkin legacy. On a more interesting side note, by December 2013, Manhattan will have a Central Park Marriot at 54th Street and Broadway, and this is a $200 million dollar project. This hotel will actually contain two hotels; a Courtyard by Marriott (378 rooms) and an extended-stay Residence Inn (639 rooms). The soon-to-be-built hotel will have 753 stories, be the world’s tallest Marriot and will have the highest floor-to-area ratio (30 to one) of any New York City building in history. Fascinating!

Okay, so maybe spring cleaning taught you that there isn’t enough closet space, and that maybe you want to go to that beautiful historic building downtown and ‘just look around’, hungrily wondering if now is the best time to move. Are you really ready to move? Four questions to ask before knowing if you are ready to move are:

1. Is your apartment in the “sweet spot?”

Downtown sells faster than uptown, condos sell faster than co-ops and two-bedroom apartments with two baths valued at $1.2-to-$1.4 million range are also hot.

2. Where are you planning to live after you sell? Are you upsizing or downsizing?

If you are going to move to a suburb, it is best to start acting now: sell high in the city and buy low in the suburb. The market within the city has constantly rising prices, so waiting is definitely not the best option. Seize the opportunity: if your apartment is worth $1 million and the place you want is $2 million and the market goes up 10%: now your apartment is $1.1 million and the place you want to buy is $2.2 million; that you had a gain of $100k, but the place you want to get has a gain of $200k: it would have cost you $100k to wait.

3. Could your place attract foreign buyers?

New York City is a huge hotspot for foreign buyers, and the international market is very prominent and strong here. For example in London, luxury condos usually cost $4,500 per square foot, and in Manhattan’s prime areas, they cost around $1,500 a square foot.

4. Is your neighborhood seeing lots of development?

If there are new developments or conversions opening up in your area, that will increase inventory and give buyers more opportunities, potentially decrease demand for what it is you are trying to sell.

So, are you ready to move? Take a look outside, inhale that sweet cement and wet rain smell New York has, grab a latte and just enjoy the rest of this week.

Sources:

Curbed.com

Brickunderground.com

Written By Irina Faifman, Associate at Rakita Realty

This week Manhattan experienced a cooling down in weather, but a warming up of beautiful sights to see! This year Manhattan-ites and tourists alike get to experience a year long art exhibition on the High Line that was released last week. The exhibition features nine international artists who play around with traditional ideas regarding the art form of the bust. Until June 14, visitors to the High Line can submit ideas for which person they believe should be sculpted in bust form on the park. Officials will then choose five finalists and the public will vote for their favorite, who will be created by a commissioned artist and installed on a pedestal already prepared for the bust. Interesting!

On the other end of the city, HFZ Capital‘s The Marquand at 11 East 68th Street will renovate 40 units in its 100 year-old, 14 story building, featuring two penthouses equipped with private terraces. Apartments here start at $15M and go for up to $40M. Apartment sizes range from 4BR to 6BR with 3,795 to 4,656 square feet- penthouses excluded with a whopping 6,000 square foot area. Architect Lee Mindel chose to preserve an ‘old world’ feel when renovating, so the building will host luxurious pre-war elements including gorgeous oak parquet floors, oak-panneled walls, coffered ceilings, bay windows and wood-burning fireplaces made of Travertine marble.

Whether it is apartment hunting or sightseeing that drives you outside this week, be sure to head down to MeatPacking district to enjoy the exhibition!

Source:

Alberts, Hana. High Line’s Busty Installation; More On The UES’s Marquand. Curbed.com.

5 Things Not to Do With Your New York Apartment

Written by: Irina Faifman, Associate at Rakita Realty

Attention all New Yorkers: this week is the last call for seeing the cherry blossom trees beautifully positioned across the city. So many renters, buyers, home owners and even the slightly curious may be wondering what to do, and what not to do in a new, old, or just a cozy home. The five things best not to do are listed below:

1. Illegally subletting to someone you don’t like

Number one: it is illegal….enough said. Number two: you are asking a total stranger to be bonded with you in a trusting business matter and keep ‘hush’. If there are arguments or difficulties, you cannot just ‘kick them out’, so always make sure you specify specific clauses in a written agreement that could allow you to find a solution in any sort of distrusting or argumentative incident, even if it is just between the ‘two of you’. Subletting your rent-stabilized apartment is always a risk.

2. Leaving the garden apartment back door open for pets

Sometimes the pets the come in are not your own.

3. Your own renovations

Putting up a shelf is one thing…maybe even installing dimmers in every room is something you can handle without a licensed electrician. Many renovation jobs require knowledge and experience with technical matters, and extreme caution with hefty tools and potentially access to harsh chemicals, when not dealt with properly, could be potentially dangerous to those living in your home.

4. Installing your own in-window A/Cs

Some insurance covers the damage from falling A/Cs, but many New Yorkers mourn not so much the broken A/C, but the injury/death it, when falling from a building, can inflict on a victim. Simply put, always hire a professional.

5. Letting strangers climb onto your fire escape

Let’s just say that the string of burglaries in Greenwich village were achieved specifically because the suspects had access to fire escapes, not to mention the risk of the seemingly-innocent strangers breaking into your own apartment. One wrong step, and you could also slip and fall onto the sidewalk. Try using the stairs, and if someone needs access to the building, one would hope they have someone to see and ‘buzz in’ or a key.

Sources: Inzanti, Julia. 5 Things You May Live to Regret Doing In Your Own Apartment. Brick Underground.

35XV-Must See!
NEW YORK, April 16, 2013 /PRNewswire/ — Alchemy Properties today announced the launch of sales at 35XV, an architecturally striking glass and stone condominium located at 35 West 15th Street. Alchemy is offering 55 carefully crafted residences, which begin on the building’s eighth floor approximately 100 feet high, will rise at an angle towards the sky, offering brilliant natural light and unparalleled views. 40 percent of the units are already either in contract or out for signature in just four weeks of soft selling, and a sprawling sales gallery has opened at 135 Fifth Avenue.

Homes range in price from $1,575,000 to $11,500,000. Occupancy is slated for mid-2014.

Poggenpohl cabinetry will echo the dark wood of the floors in the modern kitchens, while the upper cabinets gleam in white lacquer. Premium Miele appliances are complemented by a Sub-zero wine cooler.

Master baths at 35XV will be elegant and spa-like, with steam showers and deep soaking tubs. Dark marble floors featuring radiant floor heating are complemented by white marble countertops alongside many personalized touches such as striking custom Grohe finishes. Opulent powder rooms will be finished with huge Breccia marble slabs and wood paneling.

“35XV is a perfectly situated at the intersection of the Flatiron District, Chelsea, and Union Square, yet offers a serene mid-block location,” noted Wendy Triffon , Director of Sales for Alchemy. “The location, coupled with the modern and gracious layouts, is a rare combination that has resulted in exceptional consumer and broker interest.”

The building’s seventh floor will be dedicated to amenities, offering residents a sleek lounge with billiards and personal wine storage for each owner in a custom refrigerated wine cellar adjacent to the dining room. The space will continue outside to a sprawling 75-foot long outdoor terrace. A health and fitness center will overlook the terrace, with an elaborate children’s room conveniently located alongside of it.

Thanks http://www.prnewswire.com/news-releases-test/alchemy-properties-launches-sales-at-35xv-203216681.html

New Developments: The Rules Simplified

With springtime on its fragrant way, many New Yorkers are feeling the need to grow into a new home: for first time homebuyers, or experienced owners, finding the ‘right’ home can be a challenge. The excitement and advertising that comes with a new building also comes with questions such as “What should I look at first when looking at a new development?” This might clarify the 12 must- think-about-things when it comes to buying a new condo, in a new building.

1. Buy a condo in a medium-sized (20-50 units) or larger building

2.  Buy from an experienced developer with a good reputation

3. Negotiate a mortgage contingency AND a funding contingency

4.  Note how many apartments are in contract, and how many have started to close

5.  Check the offering plan for nontraditional closing costs

6. Compare the renderings to the offering plan

7. Hire an inspector

8. Try to negotiate a ‘drop dead’ date

9.  If you’re planning to rent out your condo, find out about any restrictions on renting

10. Ask the right questions about tax abatements

12. Bring a complete punchlist to the closing

Stone, Adam. 12 Tips for Buying New Construction With Confidence. BrickUnderground. Retrieved from http://www.brickunderground.com/blog/2013/03/12_tips_for

_buying_new_construction_with_confidence.

Bigger, Better City Plans

Written By: Irina Faifman, Associate at Rakita Realty

• The Central Park Conservancy is to receive $100 million from John Paulson and the city of New York will contribute another whopping $90 million to better the park. The current pact expires on June 30 and provides $39.2 million spread over eight years
• Bazbaz Development is offering homes at 101 W. 87th St. starting at $820,000 for one-bedrooms
• On Monday, April 22, New York City’s Planning Commission will, or will not certify the proposal to rezone Midtown East. This proposal would enable developers to build skyscrapers almost as large at the Empire State in an already-crowded area
• Tiffany & Co. released a new line of jewelry, inspired by The Great Gatsby film starring Leonardo DiCaprio, set to release May 10, 2013

Overall, the city is hustling and bustling with many improvement plans, tourists and local ice cream parlor samples. Be sure to stop by TriBeCa’s film festival and enjoy the weather in the Meatpacking District’s Highline: a wonderful walk and an opportunity to stop by the Chelsea Market for exquisite goods.

Sources:

Chung, Jen. Midtown East’s Possible Future. Gothamist. (April 19, 2013). Retrieved from http://gothamist.com/2013/04/19/midtown_easts_possible_future

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Seifman, David. ‘Spend’ Time in the Park. New York Times. Retrieved from http://www.nypost.com/p/news/local/manhattan/spend_time_in_the_

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