First Look At Bjarke Ingels The Smile

Bjarke Ingels-designed The Smile has officially launched its teaser website. Designed inside and out by Bjarke Ingels Group (BIG), this one-of-a-kind new rental development builds on the Copenhagen-founded firm’s mission of breaking the confines of traditional architecture. The gently curved shape of the building was hand-drawn by Bjarke Ingels in a moment of inspiration during an initial meeting with the development team. Now nearly complete, The Smile hugs 126th Street and resembles the welcoming grin of a smile. The curve provides the apartments and the street below with an abundance of direct sunlight. An interlocking checkerboard pattern dots the façade, making each home a bright pop of activity and life.

"The Smile brings a soft, curvilinear expression to Harlem’s 126th street as it nestles between the two neighboring buildings. The street wall leans inwards as it rises upwards in a relaxed gesture. The homes rise above and beyond the Gotham Retail Plaza, cantilevering over to 125th street as it captures the views and sunlight from the south. The Smile is designed for the desires of Harlem’s residents of today – joining the diverse Harlem neighborhood, integrating wellness amenities and offering generous roof gardens."

Located in Upper Manhattan in the heart of Harlem at East 126th Street and Lexington Avenue, The Smile overlooks Harlem’s historic “Main Street” and cultural capital, 125th Street moments from the subway and Metro-North stations.

Photos credit: Vizerio Architectural Visualization

The Smile provides residents with a robust amenity package including complete spa, fitness and work-from-home experience, that will adhere to all CDC guidelines and enhanced occupancy, maintenance and cleaning measures. The list includes The Smile Rooftop Club, with swimming pool, three whirlpools, grilling and dining areas and open-air movie theater all in a beautiful landscaped setting with panoramic views of the Harlem River and Manhattan skyline. The Smile Fitness Club, a state-of-the-art fitness center that includes yoga and personal training rooms. The Smile Spa, a facility on par with the city’s leading spas and featuring a Hamam, sauna and steam rooms, color-changing LED Himalayan salt room, cold room and private treatment rooms. 

Developed by Blumenfeld Development Group (BDG), The Smile will continue the firm’s dedication to investing in the surrounding community. The company has been active builders in the neighborhood since 1994 – in fact, The Smile creatively cantilevers over Gotham Plaza, a mixed-use building on 125th Street completed by BDG in 2002. BDG is also a strong patron of the arts and philanthropic causes, and will be housing neighborhood non-profit and performing arts group MAMA Foundation for the Arts on site.

The Smile will launch leasing this summer and pricing for the market-rate apartments will start at $2,256/month. Brown Harris Stevens Development Marketing is the exclusive leasing and marketing agent for The Smile.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

These NYC Rental Listings Are Not To Be Missed

Caroline Fiske

Now is the perfect time for you to move into your dream rental apartment in New York City! Because of the pandemic heavily impacting both vacancies and signed leases. An unbiased source for real estate in Manhattan called UrbanDigs showed in their June 2020 Sales & Rental Report that Manhattan saw the highest number of monthly new listings since July 2017. The combination of high inventory with fewer leases signed means the pressure is on for landlords, they are more than willing to give out concessions, offer deals, and negotiate the monthly rent. Below are some of the best rental listings that are currently on the market. Each has a standout feature that makes them irresistible, whether it be great value for money, great amenities, or a great location.

128 East 83rd Street, Apt 4B

This gorgeous two-bedroom, one-bathroom apartment on the Upper East Side could be yours for just $2,950 per month. According to UrbanDigs, the median rent on the Upper East Side for July is about $4,750 per month for 2 bedrooms. This amazing deal is only once in a blue moon and it doesn’t mean you have to compromise anything. According to the listing description, “The apartment features loads of brownstone charm: high ceilings and exposed brick throughout, with recently refinished floors.” It is both a fourth-floor walkup and a one-year lease and this walk up to this apartment will give you the toned legs of your dreams. This property is listed by Rebecca Brooksher and Shawn Fagan of Warburg Realty.

160 Central Park South, Apt 460

Central Park South is one of the most well-known addresses in New York City. This one-bedroom, one-bathroom home is located in the famous Essex House. The rent is $6,000 per month, and it is described as a “New York Lover’s Opportunity” in the listing description. This apartment is within walking distance to Broadway, Lincoln Center, Carnegie Hall, Fifth Avenue, and Central Park. It also includes things you can find in a 5-star hotel such as high-speed WiFi, TV cable, a 24-hour spa, and maid service. This property is listed by Cecilia Serrano and Hala Lawrence of Warburg Realty.

445 West 54th Street, Unit 5B

Coming with Sonos speakers in every room, a Nest thermostat, a one-touch control complete home system, a 3-zone wine fridge, a well-kept elevator, and so much more. This breathtaking 2-bedroom, 2-bathroom home is just the apartment to rent for you! The listing description says that this wonder is “a remarkably quiet oasis full of modern amenities, as well as over 800 cubic feet of built-in storage.” The open concept kitchen has Quartz countertops, as well as many name-brand appliances and pull-out cabinets. A giant walk-in closet and a luxury bathroom are all that awaits for you in the master bedroom. This entire apartment has been designed with functionality and easy living in mind. This property is listed by Michael J. Franco of Compass.

307 East 8th Street, Apt 6C

This penthouse duplex apartment in a historic brownstone built-in 1900 with two bedrooms and two bathrooms is every modern minimalist’s dream come true. The sun-lit space with clean lines and an amazingly airy feeling can be rented for $7,000/month. And oh, there’s an enormous private rooftop as well as an open center island kitchen to the spacious living/dining room. A gorgeous spiral staircase connects the two floors. To top it all off, this home is right in the heart of the East Village, an area whose eclectic charm and endless entertainment options are highly sought after. Listed by Ted Karagiannis of Warburg Realty.

Whether you are looking to visit the city for a couple of months or just a month, these apartments are just the beginning of the search for your ideal rental apartment. Since a lot of New Yorkers are moving out of the city due to the pandemic, rent prices are now lower than ever. The Big Apple has now become The Bargain Apple!

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

Brooklyn’s One Prospect Park West Launches Sales

Brooklyn’s One Prospect Park West, the first residential development designed by Workstead—the renowned Brooklyn-based design studio known for its hospitality spaces such as Williamsburg’s iconic Wythe Hotel and Hudson’s Rivertown Lodge—has officially launched sales.

Built in 1925 by the Knights of Columbus, the 10-story Classical Revival building overlooks Grand Army Plaza and Prospect Park and, for nearly 40 years, served as a clubhouse and hotspot for society events in Park Slope, one of Brooklyn's most affluent neighborhoods. The lavish club featured a ballroom, hotel rooms for members and guests, a restaurant, a bowling alley, a billiards’ hall, an indoor swimming pool, club rooms and council chambers.

Now, developer Sugar Hill Capital Partners is carefully renovating and converting the building into a rare residential condominium located directly on Prospect Park, with interiors by Workstead. The building offers 64 residences with over 40 unique floor plans featuring locally-sourced design details that create the perfect balance between pre-war and modern design. These hallmarks include arched entryways, hand-laid reclaimed pinewood flooring, custom crown molding, custom Waterworks fixtures and large windows framing views of Prospect Park and the New York City skyline. One Prospect Park West will also feature Workstead's new line of custom lighting, the Park Collection, which has been inspired by the development.

Pricing for current availability begins at $2.395M for a two-bedroom, two-bath home. Sales are being handled by a Douglas Elliman Development Marketing team led by Doug Bowen and Patty LaRocco.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

What Are Today's Homebuyers Looking For?

The real estate market is constantly changing, with trends coming and going and the needs of homebuyers always shifting. What was an amenity for a home one year could become a drawback for a home the next year. Whether you're looking to buy or sell a house this year, knowing what people are looking for in a home will only help your process. Read on to discover exactly what today's homebuyers are looking for.

Energy-Efficient Windows

Energy efficiency is a big draw for prospective homebuyers in almost all parts of the home. The windows, however, are the area that homebuyers have been focusing on recently. Now that construction has advanced so that its possible to build windows that don't leak air, significantly impacting how much air conditioning or heating you need to use, homebuyers expect that a house won't have drafty windows. As a home can be 30% more energy-efficient with just some insulation and caulking around the doors and windows, homes of any age can check this requirement off the list.

A home with Energy Star-qualified windows is even better for today's homebuyers. These windows have an invisible glass coating, vacuum-sealed spaces with inert gas in between the panes, improved framing materials, and sturdier weather stripping. These all reduce heat gain and loss in a home, which also helps reduce your energy bills. Those looking to build a home in Oregon should see if Energy Star windows are right for them.

Hardwood Floors

In decades past, it was common to build or remodel homes so that it had wall-to-wall carpeting. However, construction norms change. It also used to be common to use paint that had lead in it when building homes, with homes built between 1960 and 1977 having a 24% chance of containing lead-based paint. Gone are the days of lead-based paint and wall-to-wall carpeting. Now, no homeowner wants a house with lead-based paint and 83% of homebuyers want hardwood floors.

Hardwood floors are easier to maintain, more durable, and offer a cleaner look than carpet. All you need to do is refinish hardwood flooring periodically, while carpets need to be replaced every eight to 10 years. Hardwood floors also offer stylistic flexibility, as you can choose the type, size, and patterns of area rugs you want to add to various rooms.

Patio

A whopping 87% of homebuyers want a patio in their new home. A patio is a wonderful backyard feature that allows homeowners to have an easy-to-maintain outdoor living space. Patios also offer great versatility, as a homeowner can use it by putting a few chairs and a table on it or turn it into a luxurious outdoor kitchen.

A Walkable Neighborhood

Anyone who knows anything about real estate knows the importance of the property's location. A major aspect of the location that homebuyers look at is its walkability. About 56% of millennials and 46% of baby boomers prefer to live in neighborhoods that are more walkable. Not only does a walkable neighborhood help a family exercise easily, but it also makes them feel more connected to their community. Many homebuyers are now looking for a strong sense of community where they live and it's tough to have that sense when you can't easily navigate a neighborhood.

If you're preparing to enter the real estate market in one way or another, you have to know what is currently popular. Without up-to-date information, you run the risk of making decisions based on trends that are no longer relevant. Remember to always do your research so that you know what homebuyers are looking for before you dive into the market.

Homes You Need To Make Appointments For This Weekend

Looking for a new place to live or just curious about what's on the market? Check out our favorite homes you should make an appointment for this weekend. 

Have a listing you think should be featured? Submit your open house or contact us to tell us more!

Upper East Side

WHERE:  50 East 89th Street, 10E

SIZE: 2 Beds | 2 Baths

COST: $1,995,000

About: Welcome home to this brilliantly designed and meticulously renovated corner 5 room, 2 bedroom, 2 bath home. Having undergone a gut renovation to the highest of standards, this mint condition home is truly move-in ready. Enter through a gracious foyer equipped with multiple built-out closets to accommodate all of your storage needs.

As you continue through the entry gallery you are greeted with incredible southern sunlight and a double exposure facing south and east. The open living room, dining room and chef's kitchen boast both style and functionality. The windowed kitchen has been outfitted with top of the line appliances and a marble island with breakfast bar for additional seating. It is rare to find a kitchen of this size, quality and layout. Off the living room, step outside onto your private balcony overlooking 88th Street which is drenched in direct sunlight all throughout the day. The floorplan features split bedrooms offering privacy to both the primary suite and second bedroom. Featuring southern exposures, home office, walk-in closet, ensuite bath and custom built-ins throughout, this is a true master suite like you would find in a home.

50 East 89th Street is a highly sought after full service luxury cooperative located in the heart of Carnegie Hill just one block from Central Park and surrounded by some of the city's best museums, schools, restaurants and shops. Full time doorman and concierge. A private driveway and onsite garage offer a luxury and convenience that few other buildings in the area can offer. Other amenities include a fitness center, laundry room and bike storage. No flip tax. Pets welcome.

Asking $1,995,000. Listed by Joanne Greene and Nada Rizk, Brown Harris Stevens.

For more information click here

Clinton Hill

WHERE:  128 Clinton Avenue, 3

SIZE: 2 Bed | 1 Bath

COST: $2,950 a month

About:  Incomparably charming and unique two-bedroom, top floor apartment in a private pre-Civil War Mansion in Clinton Hill.

Huge bright windows bring ample sunshine and garden views to this special hideaway. The apartment features original 12" wide plank wood floors, an impeccable kitchen with a great new gas stove, dishwasher, plenty of custom cabinetry, and an updated bath.

Like a grand country house in the city, the large master bedroom with pitched ceilings and exposed beams can comfortably fit a king size four-poster bed, a large desk, and more. The 2nd bedroom is just as charming, only a bit smaller.

128 Clinton Ave is on a beautiful tree-lined block, steps from Fort Greene Park, Pratt University, BAM, and endless (outdoor) dining & shopping possibilities. Minutes to Manhattan by car or subway, you have the added bonus of the new Brooklyn waterfront bike path right around the corner.

For more information click here

Gramercy Park

WHERE:   34 Gramercy Park East, 3A/R

SIZE: 2 Bed | 2 Bath

COST: $2,295,000

About:  Stunning and sumptuous, this turn-key designer apartment evokes living of a bygone era with all the glorious details of a pre-war cooperative alongside many of today's modern conveniences and a coveted key to Gramercy Park.

Enter a long corridor with Venetian plaster walls and beautiful arched doorways leading to an open plan living and dining room with an incredible decorative fireplace mantle and oversized south and east facing windows. Custom bookshelves line one wall, plaster details frame the room and beautiful herringbone floors create a gorgeous backdrop to many custom details including window treatments, wall coverings, and décor. The entire apartment boasts 10' ceilings giving grand scale to every room.

Two large bedrooms, a bathroom, and two closets are located off the main entry corridor. Both bedrooms retain immaculate plaster detailing, grass cloth wall coverings and bespoke window treatments. A decorative fireplace anchors the master bedroom with two large south facing windows, a wall of custom California Closets, coffered ceilings, and parquet floors. The second bedroom has its own wall of outfitted closets, two sunny windows, and numerous original details.

Conveniently situated off the dining area is a renovated kitchen with custom millwork, Viking range, and stainless-steel appliances. The kitchen is adjacent to a wonderful sitting room that is perfect for casual dining. This room could also be used as a home office or potentially a third sleeping area. Between the kitchen and living room is a second large bathroom with original tiles, Carrera marble and brass fixtures, and custom wall treatment. Nadine Adamson and Kelsey Hall of Brown Harris Stevens are the listing agents.

For more information click here

NYC Presents Perfect Opportunity For Savvy Buyers

As the New York City real estate market reemerges there are indications that this is one of the best opportunities one will see to buy a home.

From first time buyers to those savvy and sophisticated enough to recognize the opportunity the market presents, these trailblazers are the ones that will drive recovery, taking advantage of the moving parts aligned in their favor.

The following are clear indicators why the perfect time to buy is now. 

Long-term vision

First, anyone will need to think about their long-term goals. The city always comes back and this will be the time that everyone is going to look back at and say “I should have bought then.” If you are planning to stay in New York long-term, then it’s certainly the right time to purchase. For those in suburban markets hoping to come to the city, they are able to capitalize on a strong selling market to get a premium on their homes while simultaneously taking advantage of the buyer’s market within the city.

Minimized competition

Many foreign and out of town buyers who would be interested in taking advantage of the market cannot be in New York because of travel restrictions and safety issues. Even within the city, people are sitting in a holding pattern until they have more certainty, leading them to wait until the market is going up. This leaves a clear field for smart buyers. It's a very civilized environment for a buyer with less competition and ample supply to pick and choose from at their own pace.  

Maximized inventory

Looking for a home can be discouraging but the current market is ripe with options. For seasoned buyers and first-time buyers alike, this is an opportunity to buy something that you never thought accessible from location to size and views. It’s a dream market for taking a step towards purchasing a home you only thought as aspirational previously. In addition to the surplus of inventory available, there is more negotiability and flexible terms for purchasing.

The stock market

Despite recent events, we are still seeing a high stock market as it continues to rally. This runs in contrast to a downturn in the NYC real estate market as the two are usually in sync. So while your money is becoming more valuable in the stock market, we are seeing more deals being negotiated within the real estate market. Further, you can borrow money for as low as 2%. The strong stock market, dip in the real estate market, and low interest and mortgage rates create the ideal combination to seize the opportunity in the buyer’s favor.

Post-COVID due diligence

COVID has offered a new perspective on due diligence. Across the board, buyers should ask questions about the financial health of a building they are interested in to have a clear understanding of if and how a shortfall could be passed on to the shareholders. Instead of being content with the past couple of years, look at closer to a decade of history on any capital assessment. This also includes examining the building’s retail client. You can work with your agent and attorney on due diligence and history of the property.

It's also worth noting that boards are being more flexible with regulations such as sublet policies to make purchasing more appealing.

Brown Harris Stevens’ top producing team of Nada Rizk and Joanne Greene have navigated the Manhattan real estate market for more than 20 years.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

The Holl-Geller Team Leaves Corcoran For Douglas Elliman

One of New York City’s top-selling real estate teams, The Holl-Geller Team led by Caroline Holl and Stephen Geller, have joined Douglas Elliman from Corcoran today. The team, which also includes Michael Russell and Jennifer Geller, will be based out of Douglas Elliman’s flagship 575 Madison Avenue office.  

The Holl-Geller Team is in the top 1% of all NRT agents nationwide and have had two “Big Ticket” sales in The New York Times – one in January 2015 for a $52.9 million full-floor apartment at One57 and one in April 2013 for a $13 million deal at 25 Columbus Circle, 69B which was the most expensive sale of that week . 

“Caroline and Stephen are two of the leading agents in New York City real estate and we are thrilled to have them join Douglas Elliman,” said Howard M. Lorber, Executive Chairman of Douglas Elliman Realty, LLC. “Caroline and Stephen’s backgrounds in finance and law combined with their exceptional and discreet service to their clients are what differentiates them. We look forward to their success at our company.”

“We are thrilled to have Caroline and Stephen joining our team,” said Brad Loe, Executive Manager of Sales in New York City for Douglas Elliman. “Their in-depth knowledge of the New York marketplaces and business acumen make them a great addition to Douglas Elliman where they will be working from the 575 Madison Avenue office.”

Caroline and Stephen are both long term New Yorkers (lifelong, in Stephen’s case) and have a passion for the city they call home as well as an encyclopedic knowledge of all of Manhattan and Brooklyn’s unique neighborhoods. Caroline and Stephen also specialize in the specific challenges facing international buyers given Caroline’s European background. In addition, through their partnerships with top agents in the Hamptons and Palm Beach area, they have a long and successful track record of helping their clients in those locations.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

Five tips for buyers to ensure a successful transaction

The Halstead Fahy Team

New York City real estate can be tricky to navigate for first-time and repeat buyers alike. With endless amounts of market data available, experiencing the process firsthand is the best training for what one truly needs and wants in a home.

From creating the initial wish list to reconciling that a must-have might be more of a nice-to-have, the following tips can help ensure an elevated home buying experience.

Chris Halstead and Sharon Fahy

Don’t create your dream list from the Internet

The decision to purchase a home is an exciting one, and buyers often jump online to begin the process. While online listing aggregators like StreetEasy and others are good resources, not even the savviest buyer can fully appreciate every nuance through viewing listings online. Pros warn not to firmly set your sights on specific attributes solely through online viewing. The height of a low- versus high-floor, noise level from an adjoining wall, and the feel of the neighborhood are among the things best experienced in person. 

Decode nice-haves and must-haves

In New York City, people can be very resistant to considering an opposite side of Central Park, moving outside a specific proximity, or venturing north or south of a particular street. It’s important to be open minded during your search and to look beyond these pre-determined boundaries. Through exploring new areas, more often than not, buyers have architectural options they did not know existed and find the perfect home within walking distance of the same park or perimeter.

Similar to location, nice-to-have and must-have features frequently change once people begin to see properties in person. A home is meant to last for years at a time – even if the listing does not appear to be a sweeping match, check the box and take a visit, it’s worth an hour of your time.

No detail is too small

While it is a real estate agent’s job to listen, it is the buyer’s job to share. It is important to communicate every detail of your dream home with your agent. And when viewing apartments, nothing is too trivial, and all feedback is good feedback, even if it is negative. An agent is not responsible for how an apartment was renovated so it will not hurt their feelings. Open and transparent communication ensures that the agent is able to focus the search and be more efficient in presenting you with homes that would truly be a fit. Your agent may also be able to pick up on features that you verbalized, but didn’t even realize.

Look at things from the seller’s perspective

The past two years have been a fluctuating market and many buyers have tried to take advantage of the opportunity. What they may forget is, buying a home is a two-sided transaction. We’ve seen buyers who will just put in offers on homes trying to get a deal and then wonder why it wasn’t accepted. Buying a home is a gray area because it deals with very personal topics to people – emotions and financials. When making offers, consider from the seller’s perspective if an offer is reasonable. This makes for a more productive conversation rather than going into with blinders on solely from your own viewpoint.

Allow your priorities to change

As we’ve seen in recent months, unexpected circumstances can cause our property-priorities to shift as we reevaluate what we need on a day to day basis. Trading space for an incredible amenity package may be something that was essential before, but is less so now. A small private terrace and a carve out for an in-home treadmill may for the foreseeable future be more valuable than a tricked out roof deck and state-out-the-art building gym. Priorities change, and lifestyles do as well. The home that may have been a fit yesterday may not be today, and that’s okay.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

Sound Investments with Invictus Property Advisors

Jessica N. Todmann

If you’re in the market for commercial property, then Invictus Property Advisors, a broker-owned commercial real estate advisory firm that specializes in investment sales, might be the business you should turn to. Started in 2018 by Andrew Levine and Josh Lipton, both bring nearly 20 years of combined experience to the table, offering a tailor made and data driven approach to each of their listings. They are also a boutique brokerage firm, and remain hands on with every one of their transactions- from beginning to end.

One of the ways they stand out amongst competitors is by staying hyper-focused on their core business strategy- New York City investment sales. While they focus on transactions within the $2 - $50 million dollar range, their customer service is unparalleled; Josh and Andrew treat every client with the same level of commitment and quality no matter where their budget may lie within that spectrum. “Owners are impressed when their $2 or $3 million transaction is treated like a $50 million deal,” Andrew stated.

The paths that led them to become the founders of Invictus Property Advisors can also be a source of value to potential clients. For Andrew, “Growing up in Manhattan, the commercial real estate capital of the world, I was exposed to the industry from a very early age.” As he navigated through undergrad at NYU and various internships, he soon gained an intimate understanding of what it took to succeed in this industry, “I learned quickly how much dedication real estate professionals have to their line of work. No day is a dull day in this market. I enjoy navigating through some of the qualitative and quantitative complexities, and nuances of each submarket and neighborhood.”

Josh comes from a law background and previously worked as a capital markets attorney for a large international firm. For nearly a decade, he assisted companies raise debt and equity through private and public offerings. But Josh wanted a change: “Though I miss being surrounded by some of my previous colleagues, the work itself was not something I loved. When logging 80-100 hours a week, I decided you should love what you do.” Josh made the change by joining Massey Knakal as a sales agent, where Andrew worked as well. “Andrew and I realized, after working at several commercial brokerages that we worked well together and had a shared vision for what we wanted to accomplish.”

Now that we’re all acquainted, let’s take a look at just a few of the listings Invictus Property Advisors has to offer in Upper Manhattan and SoBro:

411 East 141st Street, Bronx 

13 unit multifamily

Ask Price: $900,000

NOI: $129,265

CAP Rate: 14%

Gross Square Footage: 3,160

411 East 141st Street is actually a SRO property, which is nestled within the Mott Haven section of the Bronx. There are 13 separate units within the property, across four stories and the decor still holds true to some of its original design work from the early 20th century. It is conveniently located near the 2, 4, 5 and 6 train lines, multiple bus routes, and is a few blocks away from the Major Deegan Expressway. Perfect for renters who are constantly on the go, and looking for a well maintained, yet affordable place to call home. 

403 East 139th Street, Bronx 

10 unit Multifamily

Ask Price: $795,000

NOI: $90,167

CAP Rate: 11%

Gross Square Footage: 3,160

**This building is part of a package deal with the one above, 411 East 141st Street, Bronx.**

403 East 139th Street is an SRO similar to 411 East 141st Street and has 10 units, which also spans across four stories. However, three of the units have a bathroom and kitchen. Aside from being close to public transportation this property is within walking distance to several schools, parks, restaurants, and the United States Post Office.

What makes this package deal an attractive investment? Andrew explains: “The yield or cap rate for these assets are in excess of 10%, which is challenging to find anywhere in NYC. So, for buyers looking for yield, who understand the SRO asset class, these are great cash-on-cash opportunities.”

225 East 110th Street, Harlem 

3 unit Townhouse (with parking)

Ask Price: $2,195,000

NOI: $102,756

CAP Rate: 4.7%

Gross Square Footage: 3,864

225 East 110th Street is a three story townhouse with three residential units and two parking spots in the rear of the lot. The property is within walking distance to the 6 train, Central Park and several eateries. For your shopping needs, simply walk a few blocks north and you’ll find East River Plaza. If you need a break from the city, both the Metro North and FDR Drive are close enough to aid in your escape.

Who’s the perfect buyer for this? For the owners of Invictus Property Advisors, the answer is simple: “Either a family or individual looking for a townhouse living at less than half the cost of a similar property on the Upper East or Upper West Side, without sacrificing on space or living conditions and amenities”

419 West 144th Street, Harlem 

5 unit Townhouse

Ask Price: $2,895,000

NOI: $97,955 Actual | $132,794 Projected

CAP Rate: 3.4% Actual | 4.6% Projected

Gross Square Footage:5,890

419 West 144th Street is a five story townhouse located within the vibrant Hamilton Heights Historic District, and home to many high-heeled professionals within the political, legal, medical, and artistic fields. The property has been continuously improved upon over the years by the owners and delivers a charmingly authentic look with several modern touches. While the property is gorgeous, there’s so much life going on throughout the neighborhood that prospective tenants would be happy to call this place home- as would you. 

Based on Andrew’s feedback regarding the listing, the competition may be fierce: “Since this coveted area is only 4-5 blocks long and three avenues wide, the scarcity of available properties creates significant demand from both users and investors.” 

2605 Frederick Douglass Boulevard, Harlem 

Retail CondoAsk Price: $700,000

Gross Square Footage: 800sf Above-Grade | 600sf Below-Grade

2605 Frederick Douglass Boulevard is a retail condo that’s situated right on the corner of West 139th Street. The ground floor offers retail space, with additional usable space in the basement. The property currently has a luxury retail tenant with a significant online and celebrity following. Across the street you will find two luxury mixed use buildings that contain an art gallery (Faction Arts Project) and Reverence (a reservation only restaurant from Russell Jackson, a former contestant from BravoTV’s Iron Chef and Food Network’s The Next Food Network Star). Aside from the many local and national retailers nearby, this retail condo sits close to two major academic institutions and a Common Coliving location. For prospective buyers,  2605 Frederick Douglass Boulevard promises a lot of foot traffic.

According to owners Josh and Andrew: “This is a retail condo that has appeal to a wide array of purchasers such as: retailers, business owners, and investors.”

Invictus Property Advisors currently has several property types available throughout Manhattan, Brooklyn, The Bronx and Queens. To view additional listings please visit their website: https://www.invictusnyc.com/.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

Homes You Can Walk Through Without Taking A Step

No one wants to leave the home these days. Luckily, with today’s technology, you can tour, or even buy, a home without visiting in person. Don’t believe us? Check out these virtual tours and discover your new home.

Have a listing you think should be featured? Submit your open house or contact us to tell us more!

Buschwick

194 Cooper Street, Brooklyn, NY.

WHERE: 194 Cooper Street

SIZE: 4 Beds | 2.5 Baths

COST: $1,325,000

About: 149 Cooper Street is a two family 3-story townhouse in Bushwick. This elegant two family townhouse comes with parking. This home can be configured as a top floor apartment over an owners' duplex with private backyard or an owner’s penthouse 2 bedroom with roof deck over a rental duplex that covers your expenses. This home is everything you've ever wanted, it's filled with light, has hardwood oak flooring throughout and high end finishes.

The 2BR, 1.5 Bath owner's duplex incorporates an open kitchen on the parlor level for dining, living and hosting. The expansive kitchen is truly the heart of the home, with a wonderful island and room for cooking, working, and eating. The stainless steel appliances meet the home chef's every need, with a 5-burner range, high end refrigerator, dishwasher and a microwave drawer. Both bedrooms have direct access to a deck that overlooks the spacious private backyard. The outdoor space is a quiet sanctuary from the city's hustle and bustle. The flexible lower level of the duplex can allow for a living/recreation room plus half bath with W/D or a living space, a half bath with W/D and an additional 3rd bedroom with its own direct access to the backyard.

The top floor is a 2BR 1Bath luxe unit. The design is extremely unique, the unit has super high 13 ft ceilings, original exposed wooden beams, 3 skylights that provide a feel of luxury, style and comfort. The bath blends chic and functional with stylish tiles, an oversized double sink vanity and a built niche in the bathtub. This top unit has great potential. By adding an elegant spiral stair it could easily be transformed into a penthouse unit with direct rooftop access with beautiful city views and outdoor private space.

For more information click here

NoHo

WHERE: 75 Kenmare, 5A

SIZE: 2 Beds | 2.5 Baths

COST: $4,795,000

About: This bright and airy split two-bedroom, two-bath corner residence features white oak floors throughout, expansive windows and a concealed laundry closet with washer and dryer. The well-appointed kitchen is outfitted with Gaggenau appliances, a marble island with a custom oak bar top, accented by a rear pewter topped counter, marble backsplash, matte-white cabinetry and an integrated oak paneled refrigerator.

The master bedroom boasts an expansive walk-in closet and en-suite five fixture master bath; a true rban oasis. A freestanding Devon&Devon tub and frameless glass enclosed shower surrounded by French Vanilla marble and titanium Travertine walls and radiant heated floors, a custom floating elm dual vanity with Bianco drama marble countertop and sinks with brushed-nickel fixtures and a dramatic custom backlit satin bronze and nickel framed mirror. The second bath features a frameless glass enclosed shower, a sleek retreat finished with honed Pompeii basalt floors, Bianco Drama marble walls and custom designed elm vanity, Bianco drama marble countertop and sink accented with satin nickel fixtures and artfully crafted backlit satin nickel mirrors. The powder room is a pearl in a space-starved city with a Bianco drama marble floor laid in a custom hexagonal pattern, floating elm vanity and Bianco drama marble counter top and sink accented by an illuminated satin nickel framed mirror.

For more information click here

Upper East Side

WHERE:  433 East 74th Street, 5

SIZE: 5 Bed | 6 Bath

433 E 74th St - 5th Floor.

COST: $4,995,000

About:  The Lux 74 is a boutique "lifestyle" condominium building located south-facing on East 74th Street between 1st Ave & York Ave on a tranquil tree-lined block. Some of New York City's most elite schools are close by as well as John Jay Park, Carl Schurz Park, the East River Promenade, the Q train within talking distance, cafes, restaurants, museums and more. This full-service, white glove post war building was built in 2007 and designed by ADG Architects & Design PC. The building amenities include a full-time concierge, superintendent and porter, private gym, private storage, and the best part, an incredible furnished roof top complete with an outdoor kitchen and BBQ. Fall in love with this immaculate, light filled, private full floor home on the 5th floor of The Lux Condominium, one of the Upper East Sides most exclusive boutique buildings! A 1-Million-dollar gut renovation has transformed this 5-bedroom, 5.5 bathroom into a one of a kind masterpiece sparing no detail. This triple mint, full floor, colossal apartment features floor to ceiling windows, a generous laundry room, state of the art appliances, Sonos and Lutron systems controlling everything from motorized solar and black out shades to the wireless controlled lighting system, and much more. Step off the elevator into your own private mudroom style entry foyer completed with custom built-in storage. The entrance of the 5th and highest floor is encapsulated in a large foyer with custom cabinetry, a trio of closets, and custom finished hardwood floors. From the entryway the home opens up into the living and dining room, both of which are flanked by south facing, sun-lit floor to ceiling windows.

The living space features a built-in bar with a wine fridge for entertaining. Off of the dining room, the chef's kitchen is spacious and welcoming. The kitchen is brand new and fully customized. The statuary marble countertops and backsplash are protected by "Tough Skin", a film that allows very hot and cold substances, or liquids like lemon juice or wine to touch the surface without damage. Appliances in the kitchen include Wolf stove, Subzero refrigerator with double freezer drawers. From the living space you enter into the west wing of the home, which houses two generous sized bedrooms and a bathroom. Across the home in the east wing you will find an additional bedroom and bath, and a playroom that can also function as second master bedroom as it is outfitted with an en-suite bath and walk-in closet. The master suite occupies the northern wing of the home. It has access to the property's private 20-foot balcony. It is outfitted with a dressing room, a massive walk in closet, two full gut renovated baths, and an additional four closets throughout. The sensational dressing-room is a fantasy for any Manhattanite; exhibit your finest collections of bags, accessories, and shoes. Separately, the main master bath is spa-like with luxurious features including dual-sinks, a glass enclosed shower, brand name hardware, and an additional vanity room.

For more information click here

505 Clinton - 4F.

Clinton Hill

WHERE:  505 Clinton Avenue #4R

SIZE: 2 Bed | 2 Bath

COST: $1,500,000

About:  505 Clinton Lofts is tucked away on a charming tree-lined street in historic Clinton Hill, where homeowners will enjoy a quiet oasis at the epicenter of one of the most desirable neighborhoods in Brooklyn. The building's unique facade features dramatic and industrial chic floor-to-ceiling windows flooding each of the residences with natural light and remarkable views.

Residence 4R is a 1,014sf two bedroom duplex home with soaring 20ft ceilings. Enter into an expansive living space, your breath will be taken away by the sheer size of the massive wall-to-wall and floor-to-ceiling windows. With exposed beams, custom frosted glass & steel doors and high ceilings; this is loft living at its finest! The expansive open chef’s kitchen enjoys custom Italian cabinetry with paneled appliances, subway tile backsplash, LED under-cabinet lighting, a Bertazzoni four-burner gas stove, Bosch dishwasher and refrigerator with freezer drawer.

The home opens effortlessly and enjoys two oversized balcony, accessible though both the living room and second bedroom. The master suite enjoys a private terrace as well. Take in the fresh air and enjoy a morning cup of coffee with the sunrise to the East or an evening glass of wine with friends or family. Throughout, the home features 7.5” hand-scraped, antiqued, & brushed white oak floors, tilt & turn windows and a Bosch Washer Dryer. Private outdoor space, natural light, layout, and gorgeous finishes all come together in this bespoke package.

For more information click here

Founded in March 2020, PropTech Consulting’s Managing Partner, Jonathan Klein, shares his perspective and expertise, while identifying novel and creative approaches for his clients’ unmet needs. As an independent consultative authority on XR, PropTech Consulting bridges the gap between real estate and technology companies in this current volatile environment. Our goal is to drive transformative change in the real estate industry through innovation, technology and transparency. Based in New York City, PropTech Consulting serves as a trusted resource for its technology solutions, professional services and growth advisory.

New Rentals Near Your Favorite Parks

As the pandemic continues to change behaviors and allow people to rethink their lifestyles, many people are recognizing the importance of access to outdoor space -- even more than pre-Covid.

In addition to private terraces and shared courtyards, parks provide the ultimate neighborhood amenity: space to relax, exercise and even work outdoors, where the air is fresher and the sunlight fosters productivity and creativity. As many people continue to stay home, work from home and educate their children from home, living along a park can make all the difference. 

Waterline Square

Developed by GID Development Group, Waterline Square is an iconic collection of three residential buildings along the Hudson River where Midtown meets the Upper West Side. Each of the three towers graces a beautiful park designed by Mathews Nielsen Landscape Architects that serves as both a backyard and an oasis. Spanning nearly three acres, the park is complete with water features, lush plantings, walking paths and a playground, creating a verdant view and serene retreat. One Waterline Square's Residence 505 is a spacious, light-filled home that offers the perfect combination of stunning design, iconic views and highly-coveted parkside living. This one-bedroom, one-bathroom home features floor-to-ceiling windows, a graceful entry foyer, an open kitchen with an appliance package designed by Bosch, a walk-in closet, vented washer/dryer, and a five-fixture bathroom. Residence 505 is currently on the market for $4,852/month. 

Gateway

Nestled in the lush greenery and waterfront parks of NYC's coveted Battery Park City neighborhood, Gateway is a peaceful residential oasis comprised of six high-rise buildings with breathtaking harbor and city views. Residents of Gateway enjoy a beautifully-landscaped outdoor lawn overlooking the Hudson River, as well as the nearby Hudson River Esplanade offering beautiful gardens and miles of waterfront paths perfect for soaking in these amazing views. Residence 30K is a spacious one-bed, one-bath home with a closed kitchen and walk-in closet. Currently on the market for $3,081/month. Listing HERE.

Laguna

Located on the waterfront of Jersey City’s thriving Newport neighborhood, Laguna combines waterfront living with incredibly spacious homes, all on coveted green space. Laguna places residents directly across from Newport Green, the lush, 4.25-acre park designed by Mathews Nielsen Landscape Architects that offers fun amenities including a turf playing field, open lawns, outdoor Ping-Pong tables, botanical garden paths, playgrounds, a fountain plaza, carousel, bench seating, free Wi-Fi and more. Laguna's Residence 201 is a generous one-bedroom, one-bath south-facing home. The home is complete with a modern open-plan kitchen, Quartz countertops, in-unit washer-dryer and a walk-in closet. The apartment is currently on the market for $3,005/month.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

South Harlem Condo 300 West Opens with Massive Wait List

While most buildings continue to push off launches/openings until the fall selling season, one building is bucking the trend and coming to market today -- in the heat of summer -- thanks to a waiting list of more than 700 registrants. 

With favorable interest rates and move-ins happening in less than six months, developer Bespoke Living, a division of Happy Living Development, believes that their newest luxury condominium in South Harlem, 300 West, will attract buyers with its attainable price points, expansive layouts, larger-than-life amenities package and prime uptown location in a neighborhood that continues to have a high return on investment with appreciating home values and a great sense of cultural identity.

Currently under construction and rising on the corner of 122nd Street and Frederick Douglass Boulevard, 300 West is the brand-new, ground-up, 15-story, attainably-priced luxury condominium that brings Manhattan's downtown chic to the nabe for the first time with a best-in-class design team and the area's largest amenities program that caters to residents of all ages. 

Initial pricing for 300 West's 170 homes, ranging from studios to four-beds, begins from $499,000. Douglas Elliman Development Marketing is the exclusive sales and marketing agent for the building.

300 West's captivating architecture has been conceived by Issac & Stern Architects and the interiors by Paris Forino. The project is Forino's first in Harlem. The development is nearby Columbia and other prestigious educational institutions, is within walking distance to amazing eateries and entertainment options, and has easy access to alternative transportation options like the West Side Highway and Hudson River bike path. 

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

What To Look For When Searching For A New Office Space

Office space is hard to come by these days. They’re always way too expensive, or somehow part of a strange tech cult-like WeWork was. Good thing we have options this time around. There’s a ton of resources that allow us to choose between office spaces like any other property piece. With fresh eyes and adaptation to new tech, property management companies are chomping at the bit to give people the best options they can at a competitive price.

If you’re in the market to rent out some new space, here are the essential things to look for.

Security Features

Security is the most important thing when it comes to office space. It doesn’t matter what neighborhood you decide to park your business at, as long as the property has enough security around it. If you look at the Chelsea offices, most of them have doormen and passcodes. This is because Chelsea is the premiere spot for new and budding businesses to start in New York. But let's not forget that Chelsea wasn’t always as swanky as it is now. There had to be an adaptation period. Other spots around the city that are growing in popularity. Make sure that they’re up to speed when it comes to their security protocols.

Tech Infrastructure

If you’re running any sort of modern business, you’re going to need a tech infrastructure. This means existing routers, or the ability to install them. Often, this means having an open communication line with property management. This is often overlooked. We look at the exposed brick and the great lighting and immediately get sold. Sometimes we forget that half of an office is computers and screens. Those have to be taken into account. If you can freely set up your tech infrastructure, or can easily adapt to theirs, this a clear win for all parties involved.

Vicinity to Employees and Customers

How far are you from your employees and your customers? Again, the design and the look of an office may be the guiding force to signing the contract, but you really have to take into account the people that are going to be working there. It should be centrally located, or within a train ride away from most of your employees and/or customers. Have your people list out where they’re willing to go, and where they’re not willing to go. From there, triangulate a space where most people can be happy. You won’t be able to please everyone, but getting the majority is what matters. As far as customers go, figure out, either through online analytics or a survey, where the majority of them are coming from Flushing, why would you set up in Flatbush?

Office spaces may be few and far between these days, but there are still wonderful options. All it takes is a keen eye for quality and the right questions for management. Be assertive, but not aggressive. When dealing with said spaces, especially high yield spots, there will be some steep negotiations. Stick to your guns and stick to your standards. Good luck!

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.