Douglas Elliman Honors Top Agents in New York City at The Ellies

On March 3rd, Douglas Elliman, the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume, celebrated the firm’s world-class agents from around the nation at its annual awards ceremony – The Ellies. Top performers from New York City, including Manhattan and Brooklyn, were among the honorees at this year’s event held at Mohegan Sun in Uncasville, Connecticut.

Dottie Herman and Howard M. Lorber

“Every year, our skilled and talented agents prove their status and reputation as best in class, and 2019 was no exception. We are thrilled to celebrate the extraordinary results of their hard work at the 2020 Ellies,” said Howard M. Lorber, Executive Chairman, Douglas Elliman Realty, LLC.

Nationwide sales for Douglas Elliman in 2019 totaled $28.7 billion as the company continued its nationwide growth into new markets. The firm was responsible for 44,726 sales and rental transactions, and was ranked the number two brokerage in the nation by sales volume.

Oren Alexander and Tal Alexander, founders of The Alexander Team, based out of Miami Beach and New York City, received the first-ever National Ellies Award.

“Our agents continue to perform at the top of the market in New York City, and have closed out another incredible year due to their dedication and effort,” said Steven James, President and CEO of Douglas Elliman’s New York City brokerage. “We’re thrilled to celebrate their talents and I look forward to seeing the success and tremendous achievements that 2020 will undoubtedly bring as well.”

In Manhattan, the Alexander Team, led by Tal Alexander and Oren Alexander, earned the award for Top Team by Gross Commission Income after a record-breaking year and Ann Cutbill Lenane was crowned the Top Individual Agent by Gross Commission Income. In Brooklyn, The Scott / Robles Team, led by Aran Scott and Anthony Robles, took home the award for Top Team by Gross Commission Income and the award for Top Individual Agent by Gross Commission Income went to Rebekah Carver. I’ve included the press release below and attached for your review.

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.

You Can Now Live In The Towers of the Waldorf Astoria

Last week, the iconic Waldorf Astoria New York launched the sales of the building’s condominium residences, The Towers of the Waldorf Astoria. The celebrated New York City landmark will introduce an unprecedented residential lifestyle to the heart of Midtown Manhattan, offering residents a world of exclusive private amenities along with special access to the best in-class services found only at the globally-renowned Waldorf Astoria New York.

The Waldorf Astoria has been a beacon of timeless glamour and luxury for nearly a century—home to Hollywood’s elite, host to countless world leaders, and the site of cultural events and galas that hold a special place in the hearts of New Yorkers and visitors from around the world. When the Waldorf Astoria opened on Park Avenue to rapturous reviews in 1931, it was the largest and tallest hotel in the world and is currently New York City’s largest privately-owned landmark.

Now, with residences for sale for the first time, buyers from New York and all over the world can call it home.” The sophisticated residential interiors and amenities by internationally renowned designer Jean-Louis Deniot, the visionary behind some of the world’s most opulent private homes, create a truly modern experience within the building’s historic framework.

Because of the generous scale of the property, residents will enjoy the highest number of service staff of any super-luxury residential building in New York, including a dedicated onsite concierge. One of the most unique features of the residences at The Towers of the Waldorf Astoria is the concierge closet, which is integrated into the design of the entryway in every home. The closet is used for the secure and private delivery of packages, laundry, and room service, and is accessible from both the common corridor as well as inside of the home. Residents will have exclusive access to over 50,000 square feet of private residential amenities, ranging from health and wellness to entertaining and business spaces, all brilliantly designed by Jean-Louis Deniot.

Waldorf Astoria New York set the standard and defined hotel service at an ultra-luxury level, and future residents of the condominiums will enjoy priority access to the unrivaled services of the hotel, including signing privileges at restaurants and bars, preferred pricing, and a la carte services like housekeeping and 24-hour in-residence dining. In addition to the 50,000 square feet of private residential amenities, residents will also have access to 100,000 square feet of amenities at Waldorf Astoria New York, including the hotel’s restored landmarked heritage spaces, spa, restaurant and bars. “Waldorf Astoria New York is our flagship and origin story, and we look forward to reopening its doors to welcome guests to the iconic landmark which is integral to the fabric of our brand as well as New York,” said Dino Michael, global head of Waldorf Astoria Hotels & Resorts. “We are thrilled to offer a new residential component to the hotel, which will inevitably infuse a new life and spirit to the space and inspire us to bring our iconic ‘True Waldorf Service’ to the next level for residents.”

Douglas Elliman Development Marketing is the exclusive marketing and sales agent. “This will be an exciting opportunity for buyers to own a piece of New York City history. We aren’t just selling extraordinarily beautiful residences, amenities and services; we're offering the opportunity to buy into a legacy that can never again be duplicated,” said Dan Tubb, Senior Director of Sales at The Towers of the Waldorf Astoria. “There is no more glamorous residential lifestyle in New York City, and we are very excited about bringing The Towers to the market after receiving thousands of inquiries from as close as Park Avenue to the far corners of the world.”

The Towers of the Waldorf Astoria will offer 375 residences starting from $1.7 million. Occupancy is projected for 2022.

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.

Avoid These Mistakes When Selling Your House

Honest Mistakes

Selling a house is a big process that can take a long time and be very complicated. However, there are things you can do to reduce associated complication and expand the level of profit you’re able to achieve. In this writing we’ll briefly cover several common mistakes home sellers make, and what you can do to avoid them.

Listing Too Soon, Or Out Of SeasonA home that’s going to be sold shouldn’t simply be listed the moment you decide to sell it—not unless you’re perfectly satisfied with leaving as much as $50,000 on the table. Some people don’t have a problem with that—this is often the case when there’s a contentious divorce. Whoever has executive power in the previous house generally wants to get rid of it.

However, unless you’re in the midst of some situation like that, or you’re looking to flog off an as-is property, you don’t want to list until the time is right. When will the time be right? Well, when you’ve got landscaping of the property at its best, when you’ve fixed all the little issues that you’ve been procrastinating, and when any appropriate remodel has been finished.

Repair windows and tiles on the roof. Replace lightbulbs. Is the basement unfinished? Finish it. Paint the outside, paint the inside. If the lawn’s a terror, rip it out and install wood chips, cement, sod, or something else for the new homeowner—whatever is most salable in your region. Sometimes an addition as simple as a solar array can triple associated investment.

If you install a DIY 3.1 to 5.0 kWh solar array, you can get the job done for around $5k to $10k by yourself, and it will bring between $10k and $30k to your property, depending on your state, and perhaps a tax break. This is a weekend (two weeks, maximum) job that can take a serious dent out of the realtor commission. Lastly, list in season—generally, that’s springtime.

Not Working With Home-Selling Agencies

Home selling agencies know the value of your property in reference to the community it is a part of. They know the trends of real estate in the municipality you’re local to. They know what sort of repairs or augmentations can maximize your listing. They also know little things like where tax issues lie. For example, in New York, properties are taxed higher when they’re over $500k.

This means if you list it at just under $500k, you can get the lower tax-rate. For properties on the line, if you choose to go lower, you may be able to skip out on associated taxes perfectly legally. Getting help from the right agencies can be key in seeing such savings. Also, agencies can help you move a property faster.

There are specific options out there for those who need to sell a home quickly, such as House Heroes down in Miami. Sometimes there just isn’t all that much to be done prior listing because you’ve maintained the premises well to begin with. Whatever your case, consultation from professionals can definitely inform your selling tactics, and perhaps provide better profit.

Remember, real estate agents operate at a commission. So if you can legitimately expand the pricing on your home and sell it, they stand to benefit as well. However, they’ll know when such a listing isn’t realistic as well. Still, it can be worthwhile to seek consultation from family and friends who have been down this road and aren’t professional realtors.

Failing To Factor In Closing Costs

Closing costs on your property will be between 1% and 20%, depending on how fast you sell, and what resources you use. If you’re extremely savvy and rurally located, you might see little closing costs outside associated taxes.

If you use realty groups for an as-is property, then closing costs directly and indirectly can be quite high. Factor these in so you’re not surprised. Generally, if you do the job right, you can expect closing costs to be in the 5% to 8% range.

Here are some examples of closing costs that you should take into account outside your property’s price: 

• Title search: USD$75 to USD$100

• Title insurance policy: USD$800 to USD$900

• Appraisal fees: USD$300 to USD$500

• Loan origination fees: 0.5% to 1% of loan amount 

• Deed recording fees: USD$12 to USD$15 (may differ extensively)

• Taxes: 1% to 5% 

• Surveys: US national average of USD$512

• Discount points: 1% of the mortgage amount for each discount point 

• Credit report charges: USD$25 to USD$125

Before closing the deal, both parties, the home seller and buyer, must be aware of the exact amount of these closing costs. 

Closing costs are also different from one state to another. For instance, the northeastern part of the United States has the highest closing costs, even higher than the national average of USD$5,749 because of higher average prices in their market.

Spending On Extensive Repairs

Every property seller would want to obtain the highest ROI possible from a home sale. But when your house you want to sell requires a lot of repairs, you may want to think twice about the cost it entails. First of all, your house doesn’t have to be in perfect condition before you could sell it. Second, spending on repairs isn’t always practical nowadays, especially if you have a tight budget. Major repairs, such as roof repairs, plumbing and electrical repairs can cost hundreds or even thousands of dollars.

Moreover, spending on repairs won’t guarantee a higher property value. While it may help you find potential buyers faster, there are other ways you can sell quickly without spending a dime. For example, if you’re in Burlington, VT, you can look for Burlington cash house buyers that will buy your house as-is. 

‘As-is’ cash buyers are usually real estate investment companies that buy homes as they are, even if there are damages. They earn decent ROI by buying and selling properties. Here are the advantages of dealing with cash house buyers:

• Repairs are not needed at all

• No need to pay any closing fee

• Get fast cash

• Stress-free home sale transactions

• No need to hire agents and pay commissions

• You can skip staging 

So, if you don’t want to spend on repairs or are in a hurry to close the sale, you can find home buying companies online to sell your house as-is. If you’re in Gainesville, Florida, check out the Sell Your Gainesville Home Today website, and find out how you can speed up your home selling process. After submitting your property’s information, you can immediately start the assessment and negotiation process, receive a fair cash offer, and close the sale within two weeks.

Maximizing Profit On Your Property

When you factor in closing costs, work with professional agencies, and prime your property for value prior listing, you’re ideally situated for the outcome you’re trying to achieve. Selling a home is complicated, and it’s easy to make mistakes. But if you do your homework, get consultation, and take your time, you can avoid leaving money on the table.

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.

How To Land Your Dream Apartment In A Competitive City

Multiple Tactics

The best apartment for you isn’t going to be the same as the best apartment for your cousin, brother, sister, or mother. Similarly, the best tactics for you in securing that living area will differ. You’ve got to take into account your commute, your budget, the community, how long you plan on staying there, pets, and many things.

The “perfect” apartment can be hard to find, and it can take time. However, you can definitely find it—you’ll just have to be strategic. Following we’ll briefly cover several tactics to help you find the most appropriate leasing situation for you or your family.https://pixabay.com/photos/bedroom-bed-room-home-interior-690129/

Working With Local Resources To Inform Your Choice

You don’t have to search for an apartment in a vacuum. As a matter of fact, there are plenty of options out there for those who aren’t sure what the local market looks like. Realty solutions aren’t merely for home buyers; apartment hunters can save time and find better units through such resources as well. As a point of reference, consider theurbanavenue.com.

Resilience, Looking At Multiple Properties, Avoiding Pressure

One thing you definitely shouldn’t do is allow yourself to be pressured into buying a given unit. Especially if you’re in a larger city, this is a sure way to pay more for less. Any municipality with more than 150,000 residents inside an area that’s around fifty square miles will likely have exactly the sort of unit you’re seeking somewhere, and within your time frame.

It’s hard not to be pressured when the financial clock is ticking. This is one reason you shouldn’t go apartment hunting until you’ve got a month or two to find the ideal unit. Sometimes you’re not in that situation, but if you’re seeking something specific, you should try and give yourself as much time as you can.

Look at no fewer than five properties. To determine which five, line out for yourself parameters beforehand. If you have pets, make that one of your defining factors. If you’ve got a long commute, be sure you factor that in. If you’re working in the center of town, consider that as well. Sometimes an apartment that’s further away is more expensive because of the commute, even if rent is lower.

Are you seeking amenities like a pool, a workout facility, a common area, dining on-site, or proximity to entertainment? Well, be sure you factor these things in too. Once you know everything you need, then you look at units that fit your parameters. Again, look at a minimum of five, weigh the pros and cons, and choose the one that’s ultimately the best buy.

When It’s Possible To Pay More, Property Is Secured

Landlords are running a business. Businesses are always expensive. If there is no regular profit, the business implodes—businesses must profit to survive. So if a landlord has a choice between a tenant who will pay the advertised price, and one who for some reason wants a specific unit so much they’re willing to pay more for it, you can bet they will go with the tenant who is providing greater profit.

Certainly there are some provisos here. For example, if someone seems like they’re willing to pay more for some underhanded purpose, that may make a landlord suspicious. But paying an extra $50 a month is $600 a year for the landlord. An extra $100 a month is an extra $1,200 for the landlord. So if you’re in a contest for a specific unit, being willing to pay more can secure it for you.

A word to the wise: if you seek an apartment in the off-season, it will likely be listed at a lower rent anyway, allowing you to pay essentially what you would have anyway by offering to increase your monthly rent in such a bidding situation. However, this isn’t likely going to happen. Still, seeking units in the off-season is a great way to save./

Finding Your Best Living Solution

Local resources can be a key means of helping you inform your choice—there are apartment realty groups that know all available properties, and can help you narrow down options to those which best match your ideal. Next, if you’ve got the budget, be willing to pay more in a “bidding war”.

Finally, be sure you look at more than one unit. A minimum of five makes a lot of sense. Inform your choice through defining specific features your apartment must have beforehand. If you follow these suggestions, you should be able to find the most appropriate apartment for you, for your family, or for whatever your particular living situation happens to be.

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.

How to Spend More Time Outside in NYC This Spring

The great outdoors, for many people, means camping, hiking, climbing mountains, fishing, and other outdoor leisure activities that are not necessarily leisurely. Still, we yearn for the relief, the health benefits, and the joy of being outside. With 80% of Americans living in urban areas - in most cases far away from lakes, mountains, forests, and campgrounds - regular outdoor leisure activity seems only a remote possibility. But it doesn’t have to be that way, especially if you’re in New York City.

Benefits of Spending Time Outdoors

According to studies, spending time outdoors reduces the risk of a number of serious conditions and diseases. High blood pressure, type 2 diabetes, cardiovascular disease, and stress were all found to be reduced in study participants who spent significant amounts of time outdoors. These participants also reported greater overall health. In addition, spending time outdoors has social and intellectual benefits, and can save money otherwise spent on diversions that occur indoors.

Spending Time Outside in New York City

Getting some air every day is not a problem for New Yorkers: few populations commute by foot as regularly as New Yorkers do. But what about deliberate leisure time outdoors? New York’s arts, dining, and entertainment industries compete hard for the locals and visitors who pass through the five boroughs daily. It’s nearly impossible not to be seduced by the city’s theatres, galleries, museums, restaurants, and other attractions. But there are ways to get the very best of New York while getting as much of the outdoors as you need. Read on for some outdoor activities that are as good in New York as they are anywhere in the U.S.

Eating and Dining

If you’re pining for wine and fine dining, New York is the place for you. But that doesn’t have to mean a couple of hours inside Gramercy or Le Bernardin. Locals love lounging and dining high over the city in the evening spring air at one of the city’s many rooftop bars. Unbeatable views of the city and acclaimed chefs are regular features of these unique New York eateries. And, of course, many of New York’s most renowned restaurants offer alfresco dining on their sidewalk or courtyard patios: great for being outside, great for dining, and great for people-watching. More budget-friendly but equally as delightful are the many opportunities to have splendid spring picnics in New York City’s parks. From Central Park to Washington Square, dynamic and storied city parks abound in the Big Apple. Grassy, popular, and never out of style, New York’s parks offer necessary daylight and a little dose of dirt, which is good for you! Soil as in found in parks contains about 0.01% of the Earth’s supply of water. And each park is surrounded by some of the best street food, sandwich shops, delis, and pizzerias in the world. Take something to go, or fix your own favorites at home and pack them up for the park and a nifty New York picnic. Another popular way to get the best of fresh food and fresh air is to visit one of the many recurring street fairs which feature a treasure trove of food trucks, street vendors, and carts offering international foods of all kinds. Eat on the go, take your treasure to another outdoor destination, or linger trying everything available while shopping among the many varied vendors.

Shopping

Street fairs and flea markets offer far more than fine food, of course. From flowers and incense to jewelry and art, New York’s outdoor markets, bazaars, fairs, and flea markets have a little bit of everything and something for everyone. New York is one of the most diverse and international cities in the world, and it’s in the street markets that that is most evident. Handmade goods, imported goods, organic produce, and crafts beyond compare are all artfully displayed, reasonably priced, and fun just to wander by and gawk at. If you’re into antiques, these markets represent the best bargains. Outdoor flea markets and bazaars are legion: most New York City neighborhoods have one or more, sometimes seasonally. Spring is a great time for shopping outdoors in New York.

Bicycling

New Yorkers love bicycles. Many use them as a vital part of their transit or commute. Just 10 minutes of activity like cycling each day improves muscle distribution, flexibility, and cardiovascular fitness. Bicycling provides fresh air, sunlight, and a more intimate way to roam New York than other means of wheeled transportation. Bicycle tours are available to those wishing to learn more about the city while getting some great exercise and sun, whether you’re local or a visitor. There are vistas for the visual and new avenues for the adventurous, and even opportunities to cycle to work or other engagements. As any New York insider may tell you, the greatest advantage of using a bicycle for commuting around the city is that you don’t have to deal with parking. Cyclists also face less stressful traffic and spend a great deal less on fuel, car services, taxis, rideshare services, buses, and the subway. Why wouldn’t you cycle around New York City?

Outside of the City

New York City has one dynamic advantage that very few seem to appreciate: New York State! It really is the best of both worlds: within minutes of the city are delightful destinations for all of those things that city dwellers often consider remote: camping, hiking, climbing mountains, boating, swimming, boating, and fishing, among many others. Excellent choices exist for kids who grow weary of the limits of the city over breaks and vacations: recent surveys revealed that almost 12 million American kids counted fishing among their leisure activities. The state is rich with rivers and boasts a surprising number of lakes as well, and they’re great for a number of different kinds of fishing.

From the Country to the City

If you’re reading this in preparation for spring in New York as a local, a nearby visitor, a remote visitor, or a metro-dwelling frequent visitor, you may already be aware that New York is not just tall buildings, fantastic food, and marvelous museums. If you’re considering moving to New York and making sure you won’t be stuck inside all year round, you’re not alone. American homeowners move a lot: every six years or so, on average. And many of them move to New York. Still others own property in New York to occupy during the winter months, or they rent seasonally. Nearly two-thirds of New Yorkers rent, with the average rent being around $3,000 per month. Well worth it for the glories of the greatest city in the world - indoors and outdoors.

Closings Commence at Quay Tower

RAL Companies and Oliver’s Realty Group announced today that closings have commenced at Quay Tower, the final new waterfront condominium offering at Brooklyn Bridge Park in Brooklyn Heights, located at 50 Bridge Park Drive. The building is marking several closings that rank among the top in the borough’s history, including a penthouse that is the most expensive residential sale ever in Brooklyn. 

“Quay Tower sets the new standard for living in Brooklyn, and we are eager to welcome our residents home to this exceptional building,” said Robert Levine, President and CEO of RAL Companies. “With sweeping views of Manhattan, Brooklyn, and beyond, beautiful interiors, and exclusive amenities, this quality of design and finish has never existed in Brooklyn. We have seen incredible interest from buyers, who are falling in love with the incomparable lifestyle that we have at Quay Tower and are subsequently setting borough-wide sales records.”

“We’re excited to see Quay Tower’s extraordinary, one-of-a-kind homes come to life with the arrival of our first residents,” said David Wine, Managing Partner at Oliver’s Realty Group. “Our residents will experience a waterfront lifestyle of health and wellness that is unmatched in New York City. Quay Tower’s amenities and exclusive partnerships coupled with Brooklyn Bridge Park’s outdoor activities—including five themed playgrounds, a dog run, and various athletic fields—means New Yorkers and their families can enjoy the ultimate in indoor/outdoor living.” 

Standing proudly along Brooklyn Bridge Park’s Pier 6, Quay Tower is a visually striking 30-story, 126-residence condominium designed by ODA’s Eran Chen, which features unrivaled views of the New York Harbor and Manhattan and Brooklyn skylines. The luxuriously appointed interiors, designed by the California modernist AD100 firm Marmol Radziner, were meticulously crafted to provide a sense of relaxed luxury for residents. A thoughtful floorplate means no resident shares a corridor with more than two neighbors; from two-bedroom homes with spacious, windowed master baths and wide-open views to four-bedroom residences that are redefining the offering in this borough, sales to date have confirmed buyers’ interest in Quay Tower.

Select west-facing residences also feature the privacy of direct elevator entries and the utility of suburban-style mudrooms—perfect after a day in Brooklyn Bridge Park. Residents are welcomed home to gracious floor plans with jaw-dropping views, as well as custom finishes of the highest quality. The kitchens include an integrated Gaggenau appliance package, custom white oak cabinetry, and white Princess Quartzite countertops. Meanwhile, spacious master suites feature oversized bathrooms adorned in Alabastrino Rustico travertine.

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.

How Much Does It Cost To Sell A House In New York

The Short Answer

If you’re selling a home in New York, it’s going to cost you between 1% and 20% of the list price. Expect the final selling cost to be right around 10%. This website showed how a home that was listed at $323,797 cost $43,713, meaning in this specific instance, closing costs were 13.5%. That’s pretty high, but it won’t be the case for all properties.

New York is more than the sprawling, tightly-packed metropolis presided over by Lady Liberty. It’s a state with cities north of NYC, and rural areas in the country. So what is really meant by “New York”? Is it the state as a whole, metropolitan areas, or rural areas? Depending on your definition, average costs to sell a house in New York will differ.

Statistically, that which is going to be more expensive will involve sales toward metropolitan centers. There are a variety of reasons for this. Taxes are certainly a consideration. Also, realtors are going to generally have a higher commission because for them to sell a house requires they expend more resources. Accordingly, they must increase their commission fee.

In the country, sellers may not even go through a realtor. Their selling costs are likely going to be much lower. The lion’s share of expenses related to property sale come from three primary areas, which we’ll cover in this writing. Those areas are: taxation, realtor commissions, and the cost of repair or refurbishment of property prior sale.

Taxation

You’re going to be taxed for the sale of any property; however, you can mitigate this. A 1031 exchange allows you to turn money from the sale of one property directly into another; you can legally avoid some taxes this way.

Just to give a clear idea: expect taxation to be 1% of property value for anything $500k or under, and 1.425% for anything higher than $500k. In New York there’s additionally something called a “transfer tax”. There’s a .4% transfer tax on the price of purchase, and it jumps up to .65% if property value is higher than $3,000,000. You can read more about that here.

What this means is that you can actually save money by listing your property under what it’s value is, if you’re right on that $500k line. 1.425% of $501k is $7,139.25. Meanwhile, 1% of $499k is $4,990. So by “losing” $2k, you “save” $3k. See how that works?

Get consultation from attorneys, realtors, friends, and family to help you find the best possible listing price in terms of associated taxation. It’s also worth noting that in addition to direct taxation, there are attorney fees you might as well consider a “collateral” tax. These are going to be $1.5k to $4k. Expect a flat fee from many attorneys.

Another pro tip is to ensure a cost segregation study is conducted to help alleviate any potential tax burden you may incur come tax season. Always use a licensed professional to accomplish this task as it can become a complicated endeavor to separate personal property assets from real property assets.

Commissions

Realtors are going to take a commission that’s between 5% and 10%, depending on the realtor, and the size of your property. It’s actually possible to conserve some of that cost with a really big property owing to the associated size of the commission.

That is to say: a realtor has to be a poor businessman to pass on a commission because you won’t give them their normal rate, if that commission is higher than what they’d get on multiple smaller properties anyway.

So if you had a property worth ten million dollars, and the realtor insisted on a 6% fee, you might be able to get that down to 3% and still keep your realtor—they’ll make more on the big property even at a reduced percentage than they would on several smaller ones; so you’ve got some negotiation ability.

For most, though, you can expect realtor fees to be between 5% and 10% in New York. Of course, through sites like ISoldMyHouse.com, you can totally sidestep realtor commissions.

Repair Expenses

Repairs and refurbishment can be more or less than realtor fees or taxes, depending on the extent of repairs or remodeling involved. This will differ per property; but you can expect it to be somewhere between 1% and 5% of total property value, generally.

Maximizing Property ProfitConsider expenses of repair, taxation, and realtor commissions as you look into selling your New York property. The way you sell, and your location, can determine what it costs you to sell your property. If you do it all yourself and avoid realtors, then effect a 1031 exchange, you can conserve the lion’s share of closing costs. But there will always be some.

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.

Living In The City Vs. The Suburbs: Pros And Cons

What’s Best For You Depends On Your Situation

There are some who would do much better in the suburbs than the city. There are some who would absolutely languish in the suburbs. Some folks prefer small towns, and others want some hidden cabin nestled between obscure mountains somewhere near Alaska.

Everyone is different, and determining the lifestyle that best suits you can take time. You may want to explore. In this writing we’ll focus on the pros and cons which come with suburban life, and those which come with metropolitan life toward the center of a big city. There’s good and bad in either category.

Pros And Cons Of The City

A city can provide you all the opportunities the world has to offer. Museums, night life, fine dining, top-tier properties, intrigue, romance, adventure—you’ll find it in “the city”. Which city best suits you will depend on what sort of income you can secure, and what your preferences are as pertain to weather.

In Jacksonville, Florida, you’ll seldom be cold. In Anchorage, Alaska, you’ll seldom be warm. Places like New York City have hot and cold seasons. Los Angeles also has some variance in weather—though generally it’s more temperate.

All that being said, generally, when the population of a municipality approaches 500k, certain commonalities in terms of amenities and opportunities develop. These will differ per region, but be generally similar. The cons will be backhanded features of the pros. For example, cities generally have a better public transit system than the suburbs. But you’ll have to use it.

Home values are higher, but so are home prices—the same is true in terms of rental. There are better police, but there is more crime. Your daily commute to and from work may be reduced in the city when you factor in time and distance. However, leaving the city may take more time unless you make your exit in the middle of the night.

Pros And Cons Of The Suburbs

Suburban life will usually give you bigger residential appointments at a reduced cost—but you’re going to be a long way from “the action”. Chicago is a huge city, but suburban communities are still considered “Chicago” up to around sixty miles from the city’s center. North of Chicago is a little town called Woodstock where you can catch a train into the city.

New York City similarly has many suburban options which are some distance from the city center—here’s a list of the best areas as of 2019 according to niche.com. Many people decide to use suburban transit options to get to work, living far from the hustle and bustle of the city. They save on transportation, but lose out in terms of associated time involved with travel.

Education is generally going to be a bit better in a suburban community than an “inner-city” school. However, getting your children enrolled in such institutions may be more difficult. Shopping in terms of groceries will likely be less expensive, but you’ll have to travel longer to and from the grocery store.

Also, if you buy property in a suburb that has yet to “fill up” with other residents, then your property value could gradually decline over time, diminishing associated equity. This can also happen in the city, but depending on the city, it’s less likely. For example, a hovel in Oakland, California is worth more than a mansion in Detroit.

Making Your Move

Whether you’re looking to move from the suburbs to the city, from the city to the suburbs, or to some rural area beyond either, you might want to look into moving options that are built around reducing the hassle of such lifestyle changes. For example, UMoveFree offers an amazing option.

Pros and cons aside, moving is always a life-changing event. However it’s one of those events—though it may be—that it is better to have, than not to have. There’s an excitement with any move, and a strong satisfaction that comes once the process is complete, and you’re “settled in”.

Whatever best fits your lifestyle, you want to carefully plan things in advance. The future isn’t something anyone can predict, and even the most well-considered plans are subject to unforeseeable changes. Weigh the pros and cons of city as well as suburban life carefully in accordance with your specific preferences to choose your best option.

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.

Celebrate Holi, NYC’s largest Festival Of Colors

Briana Gonzalez

Originally known as Holika, Holi is an ancient Indian festival which holds deep histories and cultural traditions. Briefly, the calculation of the date of Holi is dependent upon a lunar month- when the full and new moons take place. Observed at the end of the winters in the month of March after the full Moon. A day before Holi, known as Holika Dahan, a large bonfire is lit that helps in burning out the evil spirits. This year, Holi can be celebrated on March 14th and March 21st at Stage 48 in NYC, considered New York’s biggest festival of colors.

(image credit: https://www.smithsonianmag.com/travel/holi-festival-colors-meaning-180958119/)

While the traditional celebration is a time to have fun, understanding the cultural roots of Holi is incredibly important, here are a few things to know:

Various mythological legends are associated with Holi and are celebrated during the festival. These legends and the histories behind them remind people of the power of truth as the moral, and the continuous victory of "good" over "evil."

The festival can be celebrated by those who do not practice Hinduism, the tradition of Holi includes the acceptance of others and turning enemies into friends, forgetting the hardships that may have occurred.

There are various regional names for Holi, and in the evening, people often visit friends and family to exchange gifts and greet them, which often helps revive relationships and strengthen bonds between people.

(image credit: https://www.timeout.com/newyork/news/party-in-a-cloud-of-rainbows-at-these-nyc-holi-festivals-this-spring-030518 )

For more detailed information regarding practices and cultural histories of Holi start by visiting here: Holifestival.org

While the actual date of Holi is on March 10th, Stage 48 is holding a Holi celebration on multiple dates. Recommended that you wear white for this festival of colors, you can grab tickets here.

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.

Cocktails To Celebrate St. Patrick's Day 2020

St. Patrick’s Day is on the horizon, which means it’s time to start planning your celebrations. When people think about St. Patrick’s Day drinks, the first thing that often comes to mind is a pint of Guinness and a shot of Jameson. While those are definitely good choices (we’ll certainly be having one — or three— on the big day), St. Patrick’s Day drinks can actually be a whole lot more.

If you’re looking to shake things up this St. Patrick’s day, here are a few cocktails to try:

The Manhattan

• 2 parts The Sexton Irish Whiskey

• 1 part Vermouth

• 1 dash Bitters

• Maraschino cherry

Method: Add ice, whiskey, vermouth and bitters to a glass. Gently swirl or stir with a mixing spoon for about 20 seconds. Don’t rush this part. Add a maraschino cherry if you’d like.

---

The Bing Bomb

• 1 Pint of Guinness

• 1 Shot of 8-Ball Premium Chocolate Whiskey

Method: Fill one pint with Guinness Stout and drop one shot of 8-Ball Premium Chocolate Whiskey

Fun fact: The Bing Bomb was created at the well-known Mr. Bing’s Irish Bar in San Francisco, and it's their spin on the Irish Car Bomb. The bar was even featured by Anthony Bourdain!

---

The Rory McIlroy

Ingredients:

• 2 oz Hardshore Original Gin

• 1.5 oz fresh lemon juice

• 1 oz pear syrup

• 1.5 oz double-strong Irish black tea

• Mint sprig

Method:

Combine the ingredients together and garnish with mint.

---

Green Bloody Mary

• 2 oz TRU Garden Vodka 

• 1.5 Tomatillos, peeled and seeded 

• 1/2 Garlic Cloves 

• 1/6 English Cucumbers 

• 1 handful Fresh Cilantro Leaves 

• 1/6 Yellow Onion

•  1/6 Green Bell Pepper 

• 1 oz Filtered Water 

• 1 oz Fresh Squeezed Lime Juice 

• Pinch Kosher Salt 

• 1/4 Jalapeno, trimmed and seeded

Method: Combine the tomatillo, garlic, cucumber, jalapeno, cilantro, onion and bell pepper in a blender and pulse until smooth. Strain Bloody Mary mixture through a metal strainer to remove pulp and seeds, then add lime juice, water and salt to taste. Combine green Bloody Mary mix with vodka and pour into a tall glass with ice. For an extra step, garnish with a deviled egg topped with a fried oyster.

---

Cutwater Whiskey Mule

ginger beer, a hint of lime, and aromatic bitters mixed with our award-winning Bourbon offers a depth of flavor to redefine this classic.

Open up and drink!

---

Tullamore D.E.W.’s Irish Coffee

Created Tullamore D.E.W Brand Ambassador, Donna Stewart

• 2 part of Tullamore D.E.W. Original

• Top with Freshly Brewed Hot Coffee

• 1 tbsp Brown Sugar

• Heavy Cream, Slightly Whipped

Method: Preheat a clear-stemmed glass with very hot water. Add the sugar and brewed coffee and stir well. Once sugar has melted, stir in in the whisky. Gently whip the heavy cream by shaking it in a protein shaker with a blender ball – you want a still somewhat loose, not stiff consistency. Pour the cream over the back of a hot teaspoon to top the drink (and prevent cream from penetrating the top of the drink). Finally, garnish with grated nutmeg or cinnamon for spicy finish. for spicy finish.

---

Jameson Cold Brew & Cola

• 1 part Jameson Cold Brew

• 2 parts Cola

• Orange peel

Method:  Build over ice in a high ball glass and garnish with Orange Peel.

---

Our favorite listing this week is 508 West 24th Street, Unit 5th Floor, home to NBA Player Carmelo Anthony. The ten-time NBA All-Star, has listed his New York City condo. The home is the largest unit in the Cary Tamarkin designed building at 508 W 24th that overlooks the High Line and is walking distance from world-class shopping and prominent art galleries.

251 East 51st Street, Unit 2M, listed on the market as a Compass "Coming Soon," is a recently renovated, perfect pied-a-terre (and ideal one bedroom for all the rest of us). What truly sets this pad apart from the rest is the dreamy outdoor terrace with endless possibilities and city views. Accessed by the living room and overlooked by the bedroom, this 24x12 outdoor space is an oasis in the center of the Midtown hustle and bustle.

Our last #openhouse roundup will you be checking out this #parkslope home? #nycrealestate #brooklynrealestate #milliondollarlistings #luxuryhomes #OffTheMRKT

DNA Development announced that closings have commenced at 350 West 71st Street, the successful Upper West Side luxury conversion that seamlessly combines two historic pre-war buildings into one stunning contemporary condominium with a classic façade. As construction nears completion, the seven-story building’s 38 elegant residences and bespoke amenities are coming to life, as DNA welcomes its first residents.

Our favorite listing this week is located at One West End, the sculptural glass residential tower designed by Pelli Clarke Pelli within Riverside Center. At $19.5 million, 29B offers 5,302 square feet of interiors space, with four bedrooms, five and a half baths, a media room, lofted library, and a double height great room leading out to a 3,000 square foot terrace with impeccable views.

Friends of The Budapest Festival Orchestra Gala with Steven Van Zandt, Peter Thomas Roth, Mary McFadden

Maestro Iván Fischer led The Budapest Festival Orchestra in a thrilling all-Dvořák program at David Geffen Hall Sunday including an encore of Braham’s Hungarian Dance No. 5. Maestro Fischer announced from his podium, “the arrangement includes some of the original folk melody", which was sung by the members of the Orchestra. It was a memorable performance punctuated by multiple standing ovations. Daisy Soros, chairman emeritus of the Friends of The Budapest Festival Orchestra, sat on an isle in the front row and clearly enjoyed herself. The New York Times wrote, “Always a highlight of any season, the visit of this of this exceptional orchestra and its provocative music director, Ivan Fischer.”

Jean Shafiroff, Margo Langenberg. Credit John Sanderson/Annie Watt Agency

A benefit dinner followed chaired by Ambassador Nancy Brinker, Susan Gutfreund, Sylvia Hemingway and Friends of The Budapest Festival Orchestra. Maestro Fisher was greeted following the concert by admirers including Steven Van Zandt before sitting at a table that included Ellen Burstyn, Noreen and Ken Buckfire, Joan Hardy Clark, Andre Fratto, Joanna Fisher, Colin Fowler, Mark Morris, and Barbara and Donald Tober (who were honored with Mark Morris last year as Living Landmarks). Also there were gala committee members Ambassador and Mrs. Donald Blinken, Beth Jacobs, Heidi Lee Komaromi, Barbara Rogoff, Mr. and Mrs. David M. Tobey, and Stephanie Stokes (the host of a small dinner for the Maestro the evening before at her home). Other guests included board members Andrew Komaromi, Aaron Feinstein, and Peter Thomas Roth, as well as Edgar Batista, Layla Diba, Sedi and Maximo Flugelman, Margo Langenberg, Jean Shafiroff, Judy Francis Zankel, and Gioia Zwack.

Peter Thomas Roth, Mary McFadden. Credit John Sanderson/Annie Watt Agency

During dinner Maestro Fischer spoke movingly, “We come to New York often. It feels like home and you are our real friends. We love to be here. We’ve a tour planned for many cites in China planned soon so please if you can find a vaccine. We would hate to cancel our trip…. About the orchestra singing tonight. Why does my orchestra sing on stage? We want to set an example, to overcome the inherent fear of singing out loud. Everyone should be singing more. Mothers to their children, all of us. This morning I conducted another concert, a very special one, for children on the Autism spectrum.

Thanks to Lincoln Center and The Friends of the Budapest Festival Orchestra. 150 children and their families came. That was all the room could hold. There was a waiting list twice that length. We try and do a concert like this everywhere we go. Always we do this in New York. It’s important. August 1st, 3rd, and 4th, we return to New York with an opera, Verdi’s Falstaff. There the orchestra is integrated with the singers right on stage and part of the action. It’s part of the Mostly Mozart Festival so please don’t go anywhere else in August.”

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.

Inside The Corcoran Sunshine Annual Awards Celebration

Corcoran Sunshine, recently held its annual awards celebration to toast the firm’s achievements of 2019.  Over 140 guests, led by Corcoran Sunshine president, Kelly Kennedy Mack, joined in applauding the year’s success and Corcoran Sunshine colleagues who were recognized for their outstanding efforts last year.  The festive evening was held in the Pembrooke and Ives-designed Amenities Suite at The Park Loggia condominium residence.   

Members of The Park Loggia Sales Team with Kelly Kennedy Mack and Beth Fisher

Mack proudly recounted the milestones of 2019 which included, among others, Corcoran Sunshine’s successful marketing of five of Manhattan’s top 10 best-selling new development properties, The Park Loggia, 130 William, 25 Park Row, Waterline Square, and Fifteen & 35 Hudson Yards.  The team also celebrated the notable achievement of Corcoran Sunshine representing 2019’s best-selling new development property across the five boroughs, 11 Hoyt, the 57-story residential tower located in Downtown Brooklyn.

Included among the evening’s awards and award winners were:  

·         Sales Team of the Year: The Park Loggia Sales Team, led by Liz Unger and whose members include Yejin Berman, Christopher Jordan, and Kiran Chandrapaul, established The Park Loggia’s success as the top-selling building based on dollar volume for 2019.

• Deal of the Year: presented to the Waterline Square Sales Team of Norma-Jean Callahan, Karin Rathje-Posthume, Melissa Win, Joe Alvarez, and Odille DeStanctis.

• Highest Number of Units Sold: The 11 Hoyt Sales Team of Blake Weissberg, Liliane David, Bess Dulany, Desiree McTear, Elyse Leff, Andrew Peerless, and Kevin Chandrapaul – after receiving 105 signed contracts, a city sales record.

• The Corcoran Sunshine Innovation Award: recognizes strategic thinking, creativity, and insight, and was presented to research director, Geoffrey Martell.

“It’s important to take the time to toast our shared success, and also acknowledge these outstanding individuals.  In a challenging market, we still outperformed,” said Mack about the event.  “The goal of our Annual Celebration is to remind the team of all we have achieved over the past twelve months, and to toast the year ahead.”

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.

Staying Poolside in the Winter In New York City

As temperatures are dropping, it is difficult not to reminisce about better and much warmer times. The weather can be quite miserable and dreadful, getting rid of any thoughts of going outside. However, even in an NYC blizzard, residents can enjoy their favorite summertime activity in these luxurious indoor pools.

111 Murray

Designed by David Rockwell , 111 Murray features a stunning 75-foot lap pool that is surrounded by state-of-the-art lounges. Nearby, one can find an additional 25-foot-wide splash pool with floor-mounted water as well as a hot tub. The ambiance provides an ideal space for letting your worries fade away.

49 Chambers

Restored by Gabellini Sheppard Associates, 49 Chambers is home to over 20,000 square feet of resort-like amenities including a lap pool.  The up-lit, mosaic tiled swimming pool is accompanied by a spa whirlpool, steam room, sauna, and hammam, creating a perfectly relaxing summertime atmosphere. macarons

100 Barclay

Originally built by Ralph Walker in the 1920’s and known as the world’s original Art Deco skyscraper, 100 Barclay has been transformed into modern day luxury living. Inside, a beautiful 82-foot, two-lane lap pool is accompanied by a children’s 330 square foot wading pool providing summertime fun for the whole family in the bleak months of winter.

30 Park Place

The Four Seasons has provided a new level of residential living at 30 Park Place, designed by Robert A.M. Stern. Here, residents can enjoy steam rooms and the luxurious Four Seasons spa, accompanied by a majestic sunlight 75-foot pool, perfect for pretending you are on a warm sandy beach.

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.

Lisa K. Lippman named 2019 Brown Harris Stevens Number One Broker

At Brown Harris Stevens’ annual awards and sales meeting on Thursday, February 27, 2020, Lisa K. Lippman was named the firm’s Number One Broker of the Year, an honor she received for the fourth consecutive year. 

In addition, Lisa was recognized for having sold the most Co-ops and Condos by a Manhattan Agent (57 deals), and was named the West Side Broker of the Year, and the West Side Listing Broker of the Year. She was also added to the firm’s 2019 Million Dollar Club.

Lisa is a 23 year real estate veteran, having successfully closed over $1 billion in sales over the last four years alone. She specializes in helping a discerning clientele buy and sell high-end cooperatives, condominiums, and townhomes throughout Manhattan. 

Consistently recognized among Manhattan’s top 5 individual brokers and the country’s top 20 brokers in terms of transaction volume, Lisa is currently representing some of the city’s most iconic properties including multiple apartments in the famed Apthorp, a large terraced apartment at 15 West 63rd Street, for $28,900,000, 25 Columbus Circle, 54Dfor $8,800,000, and 1185 Park Avenue, 9D for $7,000,000. 

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.