Manhattan Real Estate

Prudential Douglas Elliman, the New York arm of the Prudential network, was named the number one firm out of the 1,940 offices of Prudential Real Estate Affiliates, at an awards ceremony yesterday. The firm’s 575 Madison Avenue office had the highest gross commission income, with the 1995 Broadway office taking the second spot and the 26 West 17th Street office in third place.

With a slowing domestic economy, the United States has watched a decline in all of its markets, especially the housing market. However, this decline has helped keep New York City’s housing market alive through foreigners. With the continuous deprecation of the dollar and the value of Manhattan real estate, foreigners are now seeing property in the city as a smart investment.

Before, foreign companies doing business in New York would have to put their employees in temporary housing while visiting, but now they are buying condos and having the company serve as the landlord. This is saving foreign corporations thousands of dollars. Temporarily housing an employee in New York City used to be a very expensive aspect of doing business. Many companies used to pay upwards of $4,000 a month in rent for employee housing.

When a firm owns real estate in New York, they are not only saving money each month, but they also hold an investment. New York City real estate has the potential for growth regardless if an employee is currently living there or not.

During recent years, the New York real estate market has remained on a rise, making property even more desirable. However, in international real estate, property in the Big Apple is almost considered cheap. According to a recent survey, New York is the 15th most expensive city in the world, falling behind Moscow and London. And as foreign currencies continue to hit record highs, owning property in NYC seems like an even better deal. When a European buys into Manhattan real estate, they are almost instantly doubling the value of their money due to the exchange rates.

Investing in New York City property is the best option for so many international companies. This growing foreign interest in Manhattan property is actually helping to keep New York’s real estate market alive. Even with a nationally recessing economy, New York City’s economy and housing market remain above the national trend.

New York City is the most exciting city in the world. This is true for many reasons – one reason being the diversity that can be found here. New York is home to all kinds of people, ranging from the rich and famous, to important businessman, to students and recent immigrants. People living in NYC now have come from every continent in the world. With over 8.2 million residents within an area of 322 square miles, New York City is the most densely populated major city in the United States. 36 percent of the people living in the city are foreign-born and City hall has translators for 150 different languages.

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.

———————————————–

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.”

Everyone has heard New York City referred to as the city that never sleeps, but how about the city that always eats? You can find more restaurants in New York City than anywhere else. NYC has a street devoted just to restaurants. You can find all types of cuisine throughout different neighborhoods and eat at world-renowned establishments.

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.

New York City living opens the door to more than just a great home. It’s an all-encompassing lifestyle that often includes world class entertainment, museums, restaurants, and spas. The lifestyle that can be found by living in New York City cannot be found any place else.

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.

Manhattan Real Estate is unlike any other type of real estate in the USA. Here, you will find that New York City Real Estate consists mostly of Co-ops (Cooperatives) and Condos (Condominiums). There are more private homes in NYC which are considered Townhouses or Brownstones.

Types of Apartments Available in Manhattan, NY
Most of the Manhattan Apartments  available for sale in New York City are cooperative buildings (as much as 80%). Only 20% of Manhattan Apartments are Condominiums.

Co-ops
Buying a Co-op is not the same as buying Real Property. Co-ops are Apartments that are owned not by the purchaser, but by an Apartment Corporation. Co-Op buyers are shareholders of the property in the sense that they buy shares of a long-term Proprietary Lease from the Apartment Corporation. Shareholders pay a monthly maintenance fee to maintain the property.

Condos
A condominium apartment in Manhattan is real property, this means the buyer actually gets the deed to the property as though he or she were buying a house or other piece of property. The buyer is also responsible for property tax as well as a monthly common charges.

Steps to Buying a NYC Apartment

Condominium:
In a condominium each individual apartment unit is owned privately. All owners share common ownership of common areas such as the lobby, hallways, laundry room, etc.

Cooperative:
In a cooperative the building is owned by the corporation formed by the coop association. All apartment “owners” own shares in the corporation and are referred to as “proprietary lessees”. The unit owner is allowed to sublet his apartment with board approval. The tenant will be required to submit an application package to the Board of Directors for their approval of the sublet. The Board can turn down an applicant for no apparent reason and the applicant nor the proprietary lessee has grounds to successfully challenge the Board’s decision.

Patricia Levy, Vice President
Prudential Douglas Elliman
485 Madison Avenue, 16th Floor New York, NY 10022
(212) 224-7321 office   -  (646) 338-9091 cell
(212) 350-8585 fax   -  (917) 369-2543 efax
plevy@elliman.com