Off the MRKT Q&A with Peter Zaitzeff, Sales Director of New Development at SERHANT.

Off the MRKT spoke with Peter Zaitzeff, New Development Sales Director at SERHANT., to discuss the firm’s innovative real estate marketing strategies, showcased in the Netflix hit Owning Manhattan. Peter offers insights into the unique allure of 200 Amsterdam — a best-selling luxury development on the Upper West Side featured on the show — and shares his perspective on emerging trends and buyer preferences in New York’s evolving luxury market.

Peter Zaitzeff

As New Development Sales Director at SERHANT., you're at the forefront of the company's rapid growth. How would you characterize SERHANT’s approach to real estate? What makes your team so successful?

SERHANT.’s approach leverages cutting-edge technology and a powerful social media presence, enabling us to stand out in today’s market. Ryan Serhant’s vision challenges the status quo and aims to truly disrupt the real estate industry.

Unlike traditional brokerage firms, SERHANT. has redefined how media is integrated into real estate, creating content that's both highly accessible and exceptionally polished. Our ‘Studios’ department illustrates this commitment — it's a dedicated in-house team focused on producing top-tier media content, which isn’t seen at other firms.

SERHANT. has become known for its innovative marketing and media presence, including the success of its Netflix reality show Owning Manhattan. How has the media exposure influenced the way you approach new development sales? 

Media exposure is essential in today's real estate market, particularly for new developments — it puts our properties on a global stage, reaching an international audience.  The response to Owning Manhattan has been phenomenal – our office has almost become a tourist destination, with people stopping by just to take photos of the building.

Photo Credit Williams New York

A luxury property on the Upper West Side, 200 Amsterdam, was featured in the season finale of Owning Manhattan. How has this type of exposure impacted buyer interest in the building?

Since the show aired, we've seen a significant increase in inquiries across the board. While a TV show alone can’t cement the sale of a luxury property, it has certainly generated considerable interest in 200 Amsterdam’s residences and attracted many prospective buyers following the building’s appearance in the finale. 

Tell me a little more about 200 Amsterdam. What sets the building apart from other luxury buildings on the Upper West Side?

200 Amsterdam, one of the tallest buildings on the Upper West Side, is a rare ground-up new development in the neighborhood that seamlessly blends classic New York architecture with modern amenities and conveniences. With floor-to-ceiling glass windows, the tower offers unbeatable views of nearby Central Park and the Hudson River. The 10-foot ceiling heights, meticulously-designed layouts, and expansive living and entertainment spaces elevate each residence, making them truly exceptional.

Which of the building’s features have resonated the most with prospects? 

200 Amsterdam’s open views of Central Park and the Hudson River are a major highlight, with some full-floor residences offering 360-degree panoramas so expansive that, on a clear day, you can see the Statue of Liberty. Buyers are also drawn to luxurious amenities like the 75-foot saltwater lap pool, state-of-the-art gym, sports simulator and composers-themed children’s playroom. The exclusive partnership with Lincoln Center, which provides residents with premier access to an array of performances, adds to the building’s unique appeal.

Additionally, the white-glove and concierge services, which can arrange everything from plane tickets to dinner reservations and dry cleaning, are particularly appealing to empty-nesters or those returning to the city after years in the suburbs, eager to experience the best of Manhattan.

We’re halfway through 2024. Looking at the New York City market, what are some of the key trends and buyer preferences we can expect throughout the rest of the year?

As we move into the latter half of 2024, we’re seeing a steady stream of contracts, especially from buyers focused on brand-new properties. Many of these are all-cash buyers from the tri-state area, looking for pied-à-terre units of varying sizes, intent on finalizing their purchases before any market uncertainty following the fall election. 

In terms of buyer preferences, there’s a strong demand for residences with comprehensive hotel-style amenities and services, like those I mentioned earlier. Some buyers are opting to downsize or purchase new properties rather than undertake renovations. We’re also seeing a notable transfer of generational wealth, with families investing in properties for the long term.

What is it about these luxury buildings that compels parents to pay all cash for their adult kids? How is this trend impacting the luxury market? 

Parents view these luxury buildings as solid, long-term investments for their adult children and future families. In the wake of the pandemic, there's also reassurance in knowing their children are in safe, secure buildings that offer everything they might need. This trend has been steadily growing since 2020, particularly among out-of-town buyers who prioritize full-service properties and proximity to institutions like Juilliard, Columbia and NYU. Even when buyers are purchasing for themselves, we’re seeing a rise in parents willing to pay a premium to be closer to their children attending college.

What advice would you give to someone looking to buy in the New York luxury real estate market today, whether as an investor or a first-time buyer?

My advice is to always aim for A+ properties, even in down markets — anything less is likely to suffer if the market shifts. A+ properties, like 200 Amsterdam, tend to perform well regardless of market conditions. It's important to find the right fit and act within the right time frame. As a broker, my philosophy is to help clients find a home they love that’s also the best possible investment for them. 

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Why New Yorkers Should Choose Condos Over Co-ops in 2024

As a New Yorker, deciding between a condo and a co-op is a significant choice when buying a home. Condos and co-ops offer different lifestyles, financial benefits, and purchase processes. Understanding these differences can help you make an informed decision that best suits your needs.

Understanding the Differences Between Condos and Co-ops

Condos and co-ops both provide distinct forms of ownership and living arrangements. When we purchase a condo, we own the individual unit along with a shared interest in the common areas of the property. This gives us the freedom to make changes to our unit, like renovating the kitchen or updating the bathroom, without needing approval from a board.

In contrast, buying into a co-op means acquiring shares in a corporation that owns the building. We don’t own our specific unit outright, but rather a share that entitles us to live in a specific apartment. This setup often requires us to follow stricter rules and obtain approval for alterations or subleasing the unit. Co-ops typically have more rigorous application processes, including board interviews and financial disclosures.

Another crucial distinction is the level of control and flexibility. Condos usually offer more autonomy, allowing us to rent out our unit more easily if we choose. Co-ops often restrict this, with many requiring board approval for any potential renter. Understanding these key differences helps us determine which type of ownership aligns best with our lifestyle and financial goals.

Financial Benefits of Choosing Condos

Condos generally offer more favorable financial benefits compared to co-ops. One of the primary advantages is that condos often appreciate in value at a faster rate. This makes them a potentially stronger investment option. We can also find that condos typically have more straightforward financing options. Lenders are usually more willing to finance condos because they see them as less risky than co-ops.

When it comes to monthly expenses, condo fees tend to cover more tangible benefits like maintenance of common areas and amenities, while co-op fees might include the mortgage for the entire building and other less transparent costs. This can make condo fees feel more predictable and easier to manage.

Additionally, buying a condo requires a smaller down payment compared to many co-ops. Co-ops often demand higher down payments, sometimes up to 50%, whereas condos typically need about 10-20%. This lower barrier to entry can make condos more accessible for first-time buyers. Overall, the financial benefits of choosing a condo can make it a more appealing option for many New Yorkers.

Lifestyle and Convenience Advantages

When choosing between condos and co-ops, lifestyle and convenience play a significant role. Condos often come with a variety of amenities that enhance our living experience. Many condo buildings offer features like gyms, swimming pools, and communal lounges. These amenities make daily life more enjoyable and can help us save on memberships and subscriptions elsewhere.

Condos also provide a level of flexibility and convenience that co-ops typically do not. We can rent out our condo more easily, which is great if we need to relocate temporarily or want to generate rental income. Co-ops, on the other hand, usually have strict subletting rules. The ability to make decisions about our property without seeking approval is a major lifestyle benefit of owning a condo.

Moreover, condos often have 24-hour security and maintenance services, ensuring our safety and addressing any issues promptly. This not only adds convenience but also peace of mind, knowing that help is readily available when needed.

Simplified Buying Process for Condos

Buying a condo is generally a more straightforward and quicker process compared to purchasing a co-op. One key factor is the absence of a board approval process. When we buy a co-op, we often have to go through a rigorous application and interview process with the co-op board. This can be time-consuming and stressful. Condos do not have this requirement, so the buying process moves much faster.

Lender financing is also easier to obtain for condos. Banks and other financial institutions are more willing to offer mortgages for condos because they perceive them as a safer investment. This can make securing a loan simpler and less stressful for us.

Additionally, the overall paperwork involved in purchasing a condo is typically less extensive. Without the need for board approvals and with more transparent financial requirements, we can complete the purchase more efficiently. This ease and simplicity can make condos a more appealing option for many buyers.

Conclusion

Choosing between a condo and a co-op in New York requires careful consideration of various factors. We’ve explored the essential differences, financial benefits, lifestyle advantages, and the simplified buying process of condos. Each of these aspects highlights why condos might be the more attractive option for many New Yorkers, especially in 2024.

Condos offer more flexibility, freedom, and financial sense, along with community living that doesn't burden us with excessive rules. The simplified buying process and better access to financing make it easier to secure our dream home. As New Yorkers look to make informed decisions about their next home, condos provide compelling reasons to choose them over co-ops.

If you’re ready to explore the possibilities of condo living in New York, connect with us at Off The MRKT. We’re here to guide you through the process and help you find the perfect condo that fits your lifestyle and needs. Subscribe to stay updated on the latest New York real estate news.

The Hilton Luxury Experience: From Check-In to Check-Out

When guests enter a Hilton Hotel, they are welcomed by a classy and warm environment. The emphasis on the quality is immediately apparent as soon as the visitor steps into the luxurious reception area with the marble floor and modern furniture. Each aspect of the design is carefully chosen to provide a level of comfort that is as opulent as it is inviting. The trip starts with an easy check-in process, which lays the foundation for a vacation in which the guest’s desires are foreseen and their expectations surpassed.

A Seamless Arrival

On arrival, the guests are welcomed by the friendly staff who help them to complete formalities of registration and check-in. The Hilton Hotel is not just a hotel but an experience that starts even before one checks into a room. For those who frequently visit the hotel, the digital check-in service enables them not to go to the front desk, instead, choose their room and even set the lighting and temperature of the room before they arrive. This service is a perfect example of how the Hilton brand combines modern technology and classic hospitality.

Rooms Designed for Comfort and Style

When booking one of the amazing Hilton Hotel offers, guests can be assured their room will be a comfortable and elegant haven. Regardless of whether one books a basic room or a suite, the room is designed with comfort and work in mind. Luxurious and comfortable furnishing, fine fabrics and a variety of pillows guarantee a good night’s sleep. Even the bathroom is not left behind in the design; the walls and floor are done in marble; there are expensive shampoos, soaps, and lotions; and there are large soft towels. Each piece of furniture, the paintings, everything is selected to depict the culture of the place but at the same time the standard of luxury is kept intact.

Luxury hotel experiences have also evolved to welcome the whole family — including four-legged members. For travellers who hate leaving their pets behind, luxury hotels that allow pets are becoming an increasingly important consideration when booking. Many premium brands now offer dedicated pet amenities, from custom bedding to in-room dining menus, ensuring that the standard of comfort extends to every guest.

Dining: A Culinary Journey

Eating at Hilton Hotels is not just a meal but a dining experience that presents a rich blend of local and global dishes. The hotels have restaurants that are managed by some of the best chefs in the world who prepare meals that suit everyone’s taste. Regardless of whether one feels like grabbing a quick bite in the morning, sitting down for lunch, or enjoying a fancy dinner, the choice is simply limitless. The focus on getting the best quality of food and complementing it with a good list of wines guarantees that every meal is exceptional. There is also room service that operates round the clock and provides a variety of meals that are as good as those served in the hotel’s restaurants.

Wellness and Relaxation

Hilton Hotels appreciate the need for a healthy lifestyle, and so their spas and gymnasiums are meant to help the body and soul. Modern fitness centers with up-to-date exercise equipment enable the guests to continue exercising during their stay. For leisure, the spa has a variety of services including massage, facial, and other treatments that are delivered by professional therapists. The calm and quiet nature of the area, complemented by additional facilities such as steam rooms and saunas, means that guests leave feeling rejuvenated.

Exclusive Amenities and Services

What truly sets the Hilton experience apart are the exclusive amenities and services available to guests. The Executive Lounge for those who are booked in suites or have gold/ platinum status, is a place where one can relax and have free drinks and snacks during the day. There are professional concierge services that are available to help with any needs ranging from transportation to theater tickets. For the business travelers, the meeting and conference facilities as well as the event venues are fully equipped and designed to meet all the requirements so that work does not hinder the experience of the lavish hotel amenities.

Departure: A Fond Farewell

Like the check-in process, check-out at Hilton hotel is also very efficient and seamless. Conveniently, guests can check out through the Hilton app, which makes it possible for them to go through the express check out process. The staff bids guests a warm farewell and guests are more than willing to come back because of the wonderful experience. Each second spent in the Hilton Hotel is a proof of Hilton’s dedication to luxury, comfort and excellent service, thus, every stay is unique.

A Lasting Impression

Hilton luxury is a journey of indulgence, comfort and service from the moment you check-in to the time you check-out. Each and every detail is crafted to provide not only comfort to the guests but also an unforgettable experience. Whether on business or for pleasure, the Hilton Hotel is one that leaves a lasting impression, even when the luggage has been packed and the journey home commenced.

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Our Favorite Listings For The Week

81 White St PHE

Offered at $7.5M, this stunning duplex penthouse at 81 White St in Tribeca, listed by Lance Gillette, Brandon Bogard, and Mallory Bogard of SERHANT, combines historic charm with modern luxury. Situated in a boutique condominium with just 11 units, this 3,200 sqft residence features a soaring 27-ft high entry, a custom steel-and-wood staircase, and a chef's kitchen with high-end appliances. With 720 sqft of private terraces, this exclusive home is located next to the iconic Mudd Club, offering a unique piece of New York's cultural history.

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250 West 96th Street, Unit PHA

photo credit: Kate Glicksberg

Introducing Residence PHA, a luxurious 4-bedroom, 4-bath penthouse listed by Pamela D’Arc of Compass. This impressive home features 11’ ceilings, a 1,160 sqft private roof deck with an outdoor kitchen, and sweeping south views of the Manhattan skyline and partial Hudson River views. The expansive living area boasts a marble-clad gas fireplace and floor-to-ceiling windows. The top-tier kitchen is equipped with custom Italian cabinets, Brazilian quartzite countertops, and high-end appliances. The building offers extraordinary amenities, including a 75-foot saltwater lap pool, fitness center, and landscaped rooftop with outdoor cinema.

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8 East 12 St #8/9393 West End Avenue, Apartment #9E

Residence 9E is a stunning 1,712 square-foot three-bedroom, two and a half bathroom home celebrating a gracious living room and western sunsets. Entertaining is a pleasure in the open chef's kitchen and adjacent dining room. The primary bedroom enjoys an en suite bath, a myriad of closets and serene city views. The secondary bedrooms boast bright, southern light. This magnificent home features many custom details throughout. The indoor & outdoor amenity suite includes a Great Room that offers semi-private interconnected spaces; a Club Room for dining and intimate gatherings; a Fitness Room with state-of-the-art equipment and private movement studio; a Cottage Playroom-inspired by an enchanted forest-with a dedicated porch and secret garden away from the city bustle; a lounge with gaming station; private nooks; and private courtyard with landscaped outdoor space. Represented by Louise Phillips Forbes, Brown Harris Stevens.

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Navigating the Latest Weight Loss Trends: What You Need to Know About GLP-1 Drugs

The popularity of GLP-1 (glucagon-like peptide-1) drugs for weight loss is skyrocketing, promising a new approach to tackling obesity. However, as more people turn to these medications, it's becoming clear that many users are not sticking with the treatment long enough to see sustained results. According to a CNN article, a significant number of individuals using GLP-1 drugs are discontinuing their use prematurely, which can undermine their weight loss efforts and overall health goals. These findings underscore the need for a comprehensive weight loss strategy that goes beyond medication.

GLP-1 drugs like semaglutide and liraglutide have become household names in the weight loss community. Marketed under brand names such as Wegovy and Saxenda, these medications were initially developed for managing type 2 diabetes but have gained attention for their effectiveness in reducing appetite and promoting weight loss. Yet, as CNN highlights, the challenge lies in maintaining the discipline to continue the treatment and integrating it into a broader lifestyle change plan.

Understanding how GLP-1 drugs work

GLP-1 drugs work by mimicking the action of the GLP-1 hormone, which is naturally produced in the gut. This hormone plays a role in regulating blood sugar levels, slowing down the emptying of the stomach, and signaling to the brain that you're full. The result is a decrease in appetite and an increase in feelings of satiety, making it easier to consume fewer calories and, ultimately, lose weight.

When GLP-1 drugs are administered, they bind to receptors in the brain that influence hunger and satiety. This action helps reduce food intake and promotes weight loss, especially when combined with a low-calorie diet and regular exercise. However, it's important to recognize that while GLP-1 drugs can be effective, they are not a magic bullet. For sustained success, they must be part of a broader weight loss strategy that includes lifestyle and behavioral changes.

Maximizing the benefits of GLP-1s for weight loss

To get the most out of GLP-1 drugs, it's essential to make lifestyle adjustments that complement the medication. One critical aspect is addressing habits that contribute to weight gain. For example, late-night snacking can sabotage weight loss efforts by adding unnecessary calories at a time when the body is less likely to burn them. As we discussed in a previous article, curbing late-night cravings requires mindful eating during the day, staying hydrated, and establishing a consistent sleep routine. By managing these behaviors, individuals can enhance the effectiveness of GLP-1 drugs and achieve better weight loss outcomes.

Another valuable resource for those using weight loss medications is a comprehensive GLP-1 weight loss program. These science-backed program are designed to provide users with a comprehensive support system that goes beyond just medication. It includes access to obesity specialists, behavior-change experts, and a supportive community. The program emphasizes the importance of behavior change, giving users tools and guidance to help them develop healthier habits that will last a lifetime. This holistic approach ensures that individuals are not only losing weight but also making sustainable changes to their lifestyle that will help them maintain their results long-term.

The importance of research and awareness

While GLP-1 drugs offer promising results, it's crucial for individuals to be aware of potential side effects and fully understand what they are getting into. As reported by HealthDay News, some users of these medications have experienced gastrointestinal side effects such as nausea, vomiting, and diarrhea. In a study of 196,000 patients, these side effects led to about 36.5% of patients to discontinue use after a year. To avoid surprises, it's important to do thorough research, consult with healthcare providers, and be prepared for the possibility of side effects. This knowledge can help users manage expectations and stick with their treatment plan.

Although GLP-1 drugs can be a powerful tool for weight loss, they are most effective when used as part of a comprehensive strategy that includes lifestyle changes and ongoing support. By understanding how these drugs work, addressing unhealthy habits, and being aware of potential side effects, individuals can maximize the benefits of GLP-1s and achieve lasting weight loss success.

Personalizing a Space for Academic Success

By Tracy Wu, Manager, Avenue Studio

Research suggests that where a student studies is a key to their academic success. But in cities and suburbs alike where space is a cherished commodity, creating a functional, personalized, designated space for homework and studying can prove challenging. 

High-quality millwork and truly personalized concepts do not need to be financially out-of-reach. Both homeowners and urban dwellers should enlist the services of professional designers, fabricators and installers to turn any thought into a reality. 

Tracy Wu is the manager of Avenue Studio, New York’s leading custom interior design and home organization solution provider. She and her team have a deep understanding of the nuances required to create highly individualized solutions that enhance client’s homes and apartments in the country’s busiest metropolitan area.  

Together, they offer the following advice on how to craft a personalized homework area that will both maximize space and set students up for success this upcoming school year: 

• Create a separation between workspace and living space. Student’s designated study space should be just that: a place to study. No matter the size, having a space that is solely dedicated to homework and doesn’t share functions, such as a kitchen table or couch, can increase motivation and limit distraction. 

• Use the right lighting. Studies have shown that studying in dim lighting can increase eye strain and make it harder to retain information. Finding just the right amount of light through both overhead fixtures and lamps can create a calming atmosphere and encourage productivity. 

• Organization is key. The less time and energy spent looking for something at their desk, the more time and energy a student spends on their work. Research proves that having an accessible system, no matter how simple, to store everything and reduce clutter will make homework time a lot easier, less frustrating, and more productive. 

• Limit distraction. Workspaces should be clear and free of anything that could capture attention, especially electronics. The use of neutral colors, a removed spot to store phones or electronics, and white noise machines are all proven to help  keep students on track and make deadlines.

Tracy Wu is the manager of Avenue Studio, a one-stop luxury home brand offering custom interior design and home organization systems. With a keen understanding of the importance of space and the challenges of our modern lifestyle, Avenue Studio works directly with clients to design bespoke closets, pantries, kitchens, home offices, and furniture that enhances the home and elevates daily experiences. The team embraces a holistic approach, offering on-site measuring, collaborative design, custom millwork and production, professional installation, and after-sales services to ensure each distinctive need is met. Avenue Studio hosts over 50 product lines with a variety of classic, luxury, and modern design styles that amplify personal flair and deliver an optimal home furnishing experience. 

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