A number of other condominium developments are holding back from publicly announcing that they are offering discounts for new units. According to real estate sources, if a buyer really wants to make a deal, he can negotiate price reductions for as much as 20 percent off the purchase price for condo units in some neighborhoods in Brooklyn. In Manhattan, the bidding and asking prices for sincere purchasers can range from 7 to 15 percent.

One thing is certain, local developers had hoped the stimulus proposal compromise between the House of Representatives and the Senate reached last Wednesday for a $15,000 tax credit for first-time homeowners would aid in the sale of condo units. On Thursday, the credit was scaled back to a more modest $8,000 — or 10 percent of the purchase price, whichever is less.

Under the stimulus package expected to be signed into law, first-time home buyers would receive an $8,000 tax credit if they purchase a home this year before November 30. This would be an actual tax credit and receipt of it is contingent upon the home buyer owning the property for at least three years. If the home is sold in less than three years, the tax credit must be repaid to the government.

There is an income cap for recipients of the full tax credit — under $75,000 income for individuals and less than $150,000 for couples who file their taxes jointly.

Unfortunately, the bonus won’t apply to many first-time homebuyers in Manhattan and trendy sections of Brooklyn and Queens because their incomes exceed the qualification level, and yet their incomes are not great enough to enable them to qualify for a mortgage.

By Michael Stoler – The Real Deal.com

The median price of a one- to three-family house dropped 6.9 percent to $427,388 from a year ago, New York-based appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said today in a report. The median for all properties, including condominiums, dropped 6.2 percent to $415,000. The report excludes the Hamptons resort towns.

The threat of a recession and tight credit contributed to the decline in Nassau and Suffolk counties, Miller Samuel President Jonathan Miller said in an interview. Citigroup Inc. forecasts that the U.S. economy will contract every quarter next year, according to an Oct. 21 note to clients, and 75 percent of loan officers surveyed by the Federal Reserve in July said they had tightened home lending.

“The declines, within reason, are relatively equivalent across all markets of Long Island,” Miller said. “That essentially says that it’s external influence.”

In addition to the price drop, the number of sales for all types of residential property on Long Island declined 16 percent to 5,292.

Sales of previously owned homes probably will drop to 5.01 million in the U.S. this year, 29 percent less than 2005’s all- time high of 7.08 million, the National Association of Realtors said in a Sept. 9 forecast.

Manhattan Holds Up

Nationally, sales of previously owned homes fell more than forecast in August. Transactions dropped 2.2 percent to an annual rate of 4.91 million units from 5.02 million the prior month, the National Association of Realtors said Sept. 24. The median price declined 9.5 percent from August 2007.

While the suburbs are showing price declines, Manhattan has yet to see a drop in values. The median price of a condominium or co-op in Manhattan climbed 7.4 percent to $928,263 in the third quarter, according to Miller Samuel data released Oct. 3. Transactions fell 24 percent to 2,654.

Miller Samuel said today the median price of homes sold in the New York City borough of Queens dropped 11.4 percent to $400,000, while the number of sales fell 35 percent to 3,240.

To contact the reporter on this story: Sharon L. Lynch in New York at sllynch@bloomberg.net

Of all the places around the city that the young, the professional and the hip have found to nest, the neighborhood that has proven most resistant to change might be Brooklyn’s Greenpoint.

Walking along Nassau Avenue you will see a restaurant called “Pyza” which does not serve pizza – it serves Polish food (far and away the dominant cuisine of the neighborhood.) If you turn a corner, there’s a flag-bedecked chapter of the American Legion. And the low-rise, vinyl-sided houses appear no different from how they looked 30 or 40 years ago.

“It’s got a very village feeling,” says Dewey Thompson, who has lived in Greenpoint for the past 12 years and is co-chair of the Greenpoint Waterfront Association for Parks and Planning. “I don’t think anyone would have dreamed that people were going to sell luxury condos in [this] neighborhood.”

Well, the unthinkable has happened.

New condominiums along the Greenpoint side of McCarren Park are fetching prices that were once unheard of in the neighborhood. Take the Robert Scarano-designed Loftology at the intersection of Driggs and Manhattan avenues.

“Everything is super modern,” says David Maundrell, president of Aptsandlofts.com, of the condo.

And the prices are super modern, too. A 600-square-foot, one-bedroom is getting between $850 and $900 per square foot.

Or Manhattan Park, next door, where a few of the upper floors have seen units go for as much as $1,000 per square foot.

And this phenomenon is not limited to the area around McCarren Park. Last week, the Viridian, a 130-unit luxury building on Green Street near the waterfront, began sales. The six-story building (one of the developers is Magic Johnson) will feature all the luxury bells and whistles, including a pool, a gym, a courtyard with a skylight and even rooftop cabanas. Three-bedrooms at the Viridian are going for more than $800,000.

This is a huge jump for a neighborhood where you can still buy an entire house for less than $600,000, and where a one-bedroom can be rented for as little as $1,300.

Most of Greenpoint has remained largely unaffected by this new development. Rents have remained much lower than they have a few blocks south in Williamsburg. And the majority of condos that have popped up in the last few years have been six-to-eight-unit buildings with low price points.

“I actually think I like it better than Williamsburg,” says Laura Gensinger, who began looking there for an apartment to buy but decided instead on an 850-square-foot, one-bedroom duplex in one of the Belvedere boutique buildings that have been cropping up all over Greenpoint. Her condo was big enough to share with a roommate, and she paid less than $650 per square foot.

“One of the things I like is that there’s a better sense of family,” Gensiger says.

Mom and pop grocery stores, flower shops, pharmacies, butchers and bakeries can be found all over Greenpoint in abundance.

“It’s got the stuff Williamsburg doesn’t have,” says Bill Ross, director of development for Halstead Property. “Greenpoint always had infrastructure.”

By MAX GROSS (NYPost.com)

The company, Beijing Vantone Real Estate, plans to build the China Center, a combination chamber of commerce and cultural center, on floors 64 to 69 of the Freedom Tower. Although Vantone has been close to deals at two other New York sites in recent years, a company executive and officials from the Port Authority of New York and New Jersey expressed confidence that it had finally found a home.

“The China Center will be a gateway for Chinese corporations doing business in the U.S. or U.S. companies that want to understand the Chinese culture and do business there,” said Xue Ya, project director for the China Center.

The Freedom Tower, which will rise 1,776 feet, or 551 meters, when its antenna mast is included, is the first of four towers to be built at the site, which covers 16 acres, or 6.5 hectares. The federal and state governments have agreed to lease a total of one million square feet, or 92,900 square meters, although neither one has signed a formal lease yet.

“We’re working hard to get this tower built, and we’re also looking to attract world-class tenants to occupy it,” said Christopher Ward, the Port Authority’s chief executive. “This interest from Vantone will help us build excitement as we aggressively market this building to other prospective public- and private-sector tenants.”

The Partnership for New York City, a business policy and advocacy group, has long supported the creation of the 189,000-square-foot China Center and has agreed to invest up to $5 million in what will be a $90 million project.

“Establishing the China Center is probably the most important action we can take in support of our international trade relations for the city and the state,” said Kathryn Wylde, president of the partnership. “We see this as a way of assuring that New York City businesses develop a primary relationship with the emerging economy of China. This has been an area of competition with other world cities. We want to nail it down for New York.”

More than two years ago, Vantone announced its intention to lease space at the top of 7 World Trade Center, with the support of state and city officials. But the deal unraveled when Vantone was a few days late in posting a $45 million letter of credit.

In any event, Vantone moved on to 195 Broadway, New York, but backed out at the last minute. The company said that it had always wanted to move to the Freedom Tower, and that given the cost of the project, it was unwise to build a temporary home at 195 Broadway. Vantone’s annual rent will start at about $80 per square foot, about $30 more than what it had negotiated at 7 World Trade Center.

You can visit a world famous history museum, such as The Museum of Natural History and learn about all the different groups and cultures throughout time. While this museum is well known for its excellent dinosaur and outer space exhibits, you can also find fascinating exhibits displaying cultures of the past. The Museum of Natural History is located in the Upper West Side of NYC near central park. During a day at the museum, it is always nice to leave for lunch and take a walk through the neighborhood, eat at a local restaurant, or spend some time in the park.

Other world famous museums, including the Metropolitan Museum of Art and the Museum of Modern Art, can also be found in Manhattan. Both of these museums have world famous art displays. The Metropolitan Museum of Art also hosts events in the museum. For example, once a month the museum hosts an event that is only open to college students. They also hold a ball for students twice a year.

The American Museum of the Moving Image is another very popular New York museum. It is located in Astoria, Queens and it focuses on film, television, digital images and the affect that they’ve had on society and culture.

If you are with children, there are also plenty of museums that appeal to them too. Most museums have exhibits that children find entertaining, but there are also museums that are designed specifically for them in mind. There is the Children’s Museum of Manhattan, which has five floors of literature, science, media, and art exhibits designed just for children. Kids also tend to enjoy the zoos and aquariums that can be found throughout the city.

In addition to the world class historical and cultural museums that are located in the Big Apple, there are also lesser-known museums that are just as rich with culture and entertainment. Whatever type of museum you are looking to spend your day at, you will be able to find it in New York City. With all the museums located in the city to visit, it is just another benefit to living in Manhattan. All the culture, history, art, and entertainment are right at your doorstep.

New York City has been known as a melting pot of culture since the early 1900s and as this has continued through the present day, the city has become rich with different cultures. Just walking around the streets of the city can be like walking around the halls of a cultural museum. In fact, it might even be better since you’re actually a part of the diversity and culture. If you are looking to experience a culture other than your own, you probably won’t have to walk more than a few blocks outside of your door.

You can easily experience many aspects of different cultures by going to the different ethnic neighborhoods that exist throughout the city. For example, if you could just never afford that trip to China that you’ve always dreamed of, when living in New York City you can hop on a subway to Canal Street and be in Chinatown for just a few dollars. Of course it’s not the same as actually being in China, but you can experience some of the culture and maybe grab some authentic Chinese food for dinner. The same holds true for other ethnic neighborhoods such as Little Italy and Spanish Harlem.

There are also many annual cultural events in the city that can be found throughout the year. In September, there is the San Gennaro festival in Little Italy. This festival is usually in the last two weeks of September and is characterized by parades, street vendors, and lots of food at the local Italian restaurants. In February, there is a celebration of the Chinese New Year in Chinatown. This celebration lasts for ten days and includes parades featuring the dragon and authentic Chinese costumes. In March, there is the St. Patrick’s Day parade down Fifth Avenue, and in June, Fifth Avenue is reserved for the Puerto Rican Day Parade. Whatever culture you are looking to experience, you can find an event for it somewhere in the city.

If the idea of traveling to different ethnic neighborhoods and attending cultural events seems a little overwhelming, you can always experience the culture of New York City by people watching from your own neighborhood. It is always fun to spend a nice day sitting in a park or outdoor restaurant and watching the people that walk by. New York is so diverse that you are bound to see culture right in front of you.

Whether you are excited to visit all the ethnic neighborhoods throughout the city or just want to experience the diversity as you walk around the streets, New York City is the place for you. All the culture and diversity that anyone could want can be found in NYC.

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The New York Source : NYC Real Estate
(www.thenewyorksource.com)

The New York Source, your #1 place on the web for NYC Real Estate. With more than 15 years of sales experience, Patty Levy enjoys a 90% referral rate not only because of the success she has achieved, but because she truly loves her customers and strives to protect their best interests. Her goal is to make their buying or selling experience an enjoyable and rewarding one. “It’s not just another transaction.”

Restaurant Row…

Restaurant Row is a block devoted to eating and drinking. It is located on West 46th Street between 8th and 9th avenue, conveniently located in the theater district. You find the city’s best restaurants here- a worldwide dining opportunity offering international cuisine. In addition to the many different cuisines, all of the restaurants have their own unique atmosphere to enjoy. On Restaurant Row alone, you can find a restaurant to fit all personalities. Attending the 9th Ave Food Festival is also a great thing to do. More than 1 million people visit this 2-day event every year.

The many types of cuisines…

On Restaurant Row and all over the city, you can taste food from around the world- picking where to go is the hardest part. Basically any nationality, price and preference is available- whether it be American, Italian, Spanish, Asian, Indian, Vegetarian/Vegan, the list goes on and on. All 11 countries are representing their fine food in New York. Are you in the mood to try something new? Maybe Belgian cuisine or Tibetan cuisine? Or maybe you want to stick to something familiar, like a steakhouse or pizza? Whatever you choose to eat, New York City has a restaurant that will cater to your wants. Whether you want to go out to a fancy dinner with a date or grab a $2 slice of pizza on your way home from work, both will probably be the best you have ever had.

World-Renowned dining…

New York City is a great place to find the most famous restaurants. People travel from all over the country and world to have a chance to eat here. But when you live in New York City, you can find these restaurants in your own backyard. Such restaurants include world-famous “Tavern on the Green”, located in central park, and “Carmine’s”, a famous family-style Italian restaurant with locations in both the Theater District and the Upper West Side. You can take your date to the romantic “One If By Land, Two If By Sea” on Barrow Street or you can try some world famous Japanese cuisine at “Nobu”.

Whatever type of food you like to eat, whether it’s exotic or a slice of pizza, whether you like to eat at a small, neighborhood restaurant or at a famous restaurant in the heart of the city, New York City has the restaurant for you. So why not choose to live there? With all of the different types of restaurants located in New York City, why would you want to live anywhere else? Live in New York City and have all the styles of food and restaurants right at your doorstep. Buying real estate in the Big Apple is like buying a seat in your favorite restaurant.

Boredom is a not word that is used in New York City. You can always find something to do, some form of entertainment. For the theatre lover, there is Broadway. You can see a show that has been running for years or one that has just opened. During the holidays, you can ice-skate around the Christmas Tree in Rockefeller Center or walk through the streets to see all the Christmas windows. You can go to a live taping of a talk show or to a concert at one of the city’s many venues. And since the city never sleeps, you can always find exciting night life.

If you want to escape to a quiet, intellectual setting, New York City is still the right place for you. The Big Apple is filled with world class museums of all kinds; whether it be museums that display art, history, technology, and more. There’s so many to choose from. You can find a museum to interest everyone, no matter what their likes and hobbies are. In addition to museums, you can also escape to the many zoos, aquariums, parks and gardens.

There’s no other place in the world that has such a diverse menu of food to choose from. You can find restaurants that specialize in any type of cuisine. Since NYC is a culture “melting pot”, you can taste food from around the world. You can find it all in New York. Whether you want to go out to a fancy dinner with a date or grab a $2 slice of pizza on your way home from work, both will probably be the best you have ever had.

When the excitement has started to leave you feeling tired, you can relax at one of the city’s many spas. New York City spas are one of the best ways to simply relax and unwind. You can find some of the finest spas in the world and receive the most luxurious, unique treatments. There’s a reason why people from all over the world flock to NYC.

With everything that New York City has to offer, from the excitement to the relaxation, there is no better place to live. Opening a door to a new home in New York City opens the door to a new lifestyle, a lifestyle that is like no other.