Georgetown Plaza Part 1- Studio Size Apartment- 60 East 8th Street New York, New York 2011 Year in Review Market Report

This 2011 Year in Review for Georgetown Plaza Market Report is going to detail the sales activity that occurred in the building.  There is a breakdown of the different sized apartments along with the closing prices, original asking prices, and other pertinent information for each type of apartment.   As you go through the report we would like to mention a couple of things to keep in mind. We try to use a number of different resources to cross reference sales figures, any reference to asking prices estimates or specific layouts.  These numbers may be updated as new information presents itself.  In regards to sizes of apartments, we rely on the building offering plan and various online websites as a reference tool, however any reference to a size of an apartment is approximate.

In 2011, we tracked that 11 sales occurring in the building. 
Some of the sales were private sales without coming on the open market however, every sale gives an overall idea of the price point that apartments are selling at.  Keep in mind that often other factors can be involved in a sale, so a sale price doesn’t always tell the whole story.

Studio’s at Georgetown Plaza

This was the only studio that came on the market in 2011 at Georgetown Plaza.
There are very few studio’s that come on the market for sale in the building.  This type of apartment will generally sell very quickly if priced well because of the demand for this price point in the Greenwich Village neighborhood. Please check back for Part 2 - One Bedroom Market Report and Part 3-Two Bedrooms Market Report of Georgetown Plaza at 60 East 8th Street.

Other Fantastic Greenwich Village buildings and useful blog posts:

• 25 Fifth Avenue New York NY 10010
• Zeckendorf  Towers -One Irving Place New York NY 10010
• Use Local Expert for you Manhattan New York condo purchase
• How to determine a good Manhattan New York condo investment
• (5)Five Big tips for Parents Buying for Children in Manhattan New York

Call us (917)837-8869 to discuss this report or other great Greenwich village buildings in details.

Photo from: http://www.skylinerestoration.com/Skyline_Restoration/60_East_8th_Street.html

Buying an apartment in New York City will be an exciting and also daunting experience.  Because New York City offers a unique buying experience with many of its own quirks and differences the first step for any New York City first time homebuyer or first time investor is to become well informed and educated about the different real estate products you will be looking at to ensure your experience will be as calm and rewarding as possible. 

1. Co-Op:

A phenomenon that's almost unique to Manhattan, the Co-Op Apartment, has been the traditional form of ownership in New York City for the last century.  About 80% of all apartments available for purchase are in co-operative buildings.  Co-ops are owned by an apartment corporation.  When you purchase within a co-op building, you're purchasing shares of the corporation that entitle you, as a shareholder, to a "proprietary lease."  The bigger your apartment, the more shares of the corporation you own. 

Standard Co-Op apartments: Board approval is required. You are buying shares of corporation, you are required to put down 20% or more of down payment, there will be a full financial disclosure, debt to income ratio requirement and board interviewing process. Each Co-Op building has their own financial requirements and criteria, some are more flexible than others, such as allowing guarantor, co-purchase, gift money from parents, pied-a-terre, your debt to income ratio, work history, down payment required...

Subleasing a co-op can be difficult.  The board of directors will have to approve the prospective tenant subleasing your apartment.  Each building will have their own rules regarding for how long you can lease your unit and other criteria. 

All prospective purchasers must interview with the Board of Directors.  Prior to the interview, prospective purchasers  prepare a detailed "Board Package" which usually contains personal and professional letters of recommendation as well as a great deal of personal information concerning income and assets. 

Sponsor Co-Op apartments: NO Board approval is required.  These are Apartments that are held as an investment by the sponsor , the original developer who built the building or converted the building to a co-op. Sponsor units command a premium because people who might not pass a board or don't want to go through a board approval process can buy them.

For example, a sponsor unit would be a good choice for parents who want to buy an apartment for a child who is a student. A sponsor unit may be the best apartment for someone who is not working, or only has a short job history. Buyers of a sponsor unit should take note that they will need to pay NY State and NY City transfer taxes, and often the seller's attorney fees.  You still have to submit a board package (Homeland Security! The management company needs to know who is moving into their building) and you almost always have to abide by the building's house rules as far as sublet requirements and pets.

We have helped many buyers purchasing coop and condos in Manhattan New York. If you are a first time home buyer in Manhattan New York, it is important to team up with a market expert to help you navigate through it. Call us today at (917)837-8869 so we can discuss what will work best for you.

242 East 25th Street New York New York 10010, this is a newly constructed building located in Kips Bay that is close to restaurants, cafe, grocery and transportation.   

This South Facing one bedroom has floor to ceiling sundrenched windows, efficiency floor plan with generous closet space, stainless kitchen appliances and its own washer/dryer.

 (One Bedroom/One Bathroom, approximately 712 Square Feet, Offering Price $559,000)

The building has part time doorman, fitness center, roof deck and live-in superintendent to keep the building in excellent condition. 

The building is perfect for parents buying for children, investor or someone who loves Downtown living. This is a condop (coop with condo rules), so there is no board interview and condo sublet policy.

Call today to schedule a showing today.

Red envelopes givings are a fun part of Chinese New Year tradition in my opinion, mostly at family gatherings Lunar New Year or wedding. The red color of the envelope means good luck and is supposed to ward off evil spirits.

What goes in the Red envelopes? Usually money. The amount of money in the envelope usually ends with an even digit,such as 88 and 168 are both lucky numbers. But it is the tradition that money should not be given in "4"s, or the number four should not appear in the amount, such as 44 nor 444 as the sounding pronunciation of the word "four" resembles that of the word "death", and it signifies bad luck for many Chinese.

During the Lunar New Year, red envelopes are typically given by the married to the unmarried, most to young children.  It is traditional to put brand new money inside red envelopes, as well as to avoid opening the envelopes in front of the relatives to show respect.

Since it is Chinese New Year, we will be hanging out few Red Envelopes to others.

Happy Chinese New Year!

Central Park South is one of the premiere residential destinations in all of Manhattan.  Only three blocks long and located between Central Park West and Fifth Avenue.  With some of the quintessential views of Central Park, there are many residential real estate choices in some of the best condominium and co-op buildings.  You also have 5 star hotel accommodations at the prestigious Plaza Hotel, Ritz Carlton or Jumeirah Essex House.  Central Park South offers more than just world class views, one of the best destinations in all of Manhattan but also one of the most convenient locations in the city.

Call us (917)837-8869 if you would like to find a condo near Central park today as we have the market knowledge in this unique neighborhood near one of the most prestigeous park.

Gramercy Starck condo located at 340 East 23rd Street New York New York 10010--Looking ahead to 2012:

Right now there are handful of condo units that are currently in contract at Gramercy Starck.  We will have to wait and see what they close at and where the pricing is reflected.  There are 8 condos currently available on the market in the building.  Expect buyers to look at all of the sales and decide where the best value is at depending on the asking price versus what floor and exposure the apartment has.

• 1 bedrooms asking from $775,000-$950,000
• Studios in the $560,000-$620,000 range
• 2 Bedrooms asking in the $1,500,000-$1,600,000 range

As Real Estate agents who have done a number of both sales and rentals at Gramercy Starck, if you are interested in either buying, selling or renting a Gramercy Starck apartment, you can contact us today at (917) 837-8869 or email at Morgan.Evans(@)elliman.com

Below are some helpful market report on Gramercy Starck Market Report: Call us (917)837-8869 to discuss in details if you would like to sell or buy an condo unit in this condo building-340 East 23rd street.

Gramercy Starck 2011 Market Report Year in Review STUDIO APARTMENTS

Gramercy Starck Condo 2011 Market Report Year in Review One Bedroom Apartments

Gramercy Starck Rentals FAQ

Thoughts on the year 2012 market  for Dorchester Towers:

The relaxation of the pet policy allowing dogs will open up a new pool of buyer’s to the building.  The planned renovation of the hallways and lobby will definitely increase the aesthetic value and potentially apartment value once it is completed.  We will hear the comment occasionally from a buyer that the hallways are due for an update, so once the renovation is done, we believe that will help the building stay competitive with some of the newer condos in the area. Financing still remains focused to a few banks because of the percentage ownership of sponsor apartments.   Pricing looks to be fairly consistent to what we saw in 2011, price within the comparable sales factoring in condition, view, floor and apartment size and with the right marketing and you should be able to sell rather efficiently.

For Dorchester Year 2011 Market Report for different apartment size click below links:

Part I: Dorchester Towers Condo Alcove Studio and Junior One bedroom

Part II: Dorchester Towers Condo- One Bedroom

Part III: Dorchester Towers Condo-Two to Three Bedroom convertibles

http://155West68thStreetApt420.RealBird.com

There are other agents who may have sold or rented one unit in Dorchester tower in the past, but one sale or one rental does not mean they have the most experiences of this unique building.

In this buyer and seller savvy market place, it is most advantageous for Dorchester Towers condo owners to work with agents like ourselves who knows Dorchester in and out  and be the advocate for the Dorchester owners. If you are an owner, feel free to call or email us at (917)837-8869 to have a fair market evaluation of your condo unit today.

 400 Fifth Avenue Two Bedroom Condo on Fifth Avenue Midtown 

(SOLD AND CLOSED with other other residences available)

Price: $1,995,000 (2BR/2.5BA, Eastern Exposure) 

400 Fifth Avenue is one of the newest condo building on Fifth Avenue. There is a luxury five star hotel from first floor to 30th floor, and the condo residences starts on the 31st Floor.

This 2 bedroom, 2.5 bath residence has Eastern Exposure of the Manhattan cityscape and East River, the building facade has one of the kind diamond angled windows which enhance the light, air and view from each room. The condo residences has black oak flooring, Miele kitchen appliances, a Subzero refrigerator and Mont Blanc stone countertops.This building is developed by Bizzi & Partners and designed by Gwathmey Siegel with interiors by DAS Concepts Inc. 

Last night we visited one of the great Downtown restaurant in Manhattan- Gramercy Tavern.

Gramercy Tavern food is Classic American Tavern food with a modern twist. The restaurant had two sections, the tavern section and the dining room. We had our dinner at the dining room, the dining room menu offers $88 Dining Tasting menu or Seasonal tasting menu for about $116 per person.

Before we went to the restaurant, we had read up on different reviews to see what we should order, all the reviewers said Smoked trout, braised belly, braised lamb shoulder are must get items, so we made sure we select those items on the tasting menu.

  Smoked trout

  braised lamb shoulder

Peanut Butter Semi-freddo

The restaurant is located 42 East 20th Street near Park Avenue South. You can visit http://www.GramercyTavern.com for more information or reservation.

(oh, and they send you off with some fantastic muffins for next morning breakfast, amazing!)

The food was beautifully prepared and the restaurant lived up its fame, I highly recommend Gramercy Tavern to anyone who is visiting New York to have a great dining experience there.