“I keep hearing ‘it’s a buyer’s market.’  I am considering trading up, but I need to sell my apartment first—is it a really a good time to sell?”

“What kind of discounts can I really get in today’s market?”

“I want to buy in a new-construction condo.  Is it a good idea?  Will I get a loan from a bank?”

“I read in the news that it’s really hard to get financing—is it true?”

“The Case-Shiller housing index seems to portent the end of the real-estate free-fall, but unemployment is still up in New York, and the stock market is gyrating.  Where do you think the market is going?”

For these and other good questions you may have, come to an expert roundtable discussion, where Caroline Grane and Arthur Hung, 2 of Downtown’s most accomplished brokers, and a top mortgage professional from Bank of America will help you separate the wheat from the chaff.  All in a casual setting, over fine wines and appetizers, at CORE’s elegant new flagship retail space at 127 Seventh Avenue (at 18^th Street).

Date: Wednesday, October 21, 2009

Time: 7:30 – 8:30 PM

R.S.V.P. requested, but not required, to ahung@corenyc.com.

COME SEE WHAT WE HAVE TO OFFER

The weather channel predicts a gorgeous Summer weekend in the city. Here’s our weekend open house schedule for Manhattan and Brooklyn. We’d love to see you stop by. Click the links below for a complete list.

7_18_09 Open Houses_ Manhattan

7_18_09 Open Houses_ Brooklyn

……..in spite of a falling market. I contend that some of the most creative thinkers and innovators have come to the surface with their best work in times that seem dire. Some of history’s greatest works come at times that seem the most depressed. Art and commerce act independantly.

Axis Mundi has designed an alternative to Jean Nouvel design for the Hines site on 53rd Street next to MOMA. While it has received some unfounded criticism for trying to replace an already well conceived design , I applaud this work. This type of creative process is what pushes the boundaries of the ordinary and evokes ideas that will ultimately advance our status quo.

John Beckmann sent me this email today, and has graciously allowed me to post it here below. (more…)

This morning I spoke with Erika Schnitzer from Multi-Housing News and gave her my opinions about where the market is, and might be going. Read the story here.

On January 11th, 2007 I predicted that West 19th Street in Chelsea would become the most architecturally distinct block in Manhattan. The Real Deal was there to cover a guided tour we gave of the high line and our project. (See video above).

It is extremely rewarding to see the dream and vision of all the architects, developers, builders and marketers become a reality. The project Core represented, 520 West Chelsea, is sold and closed, but for one unit (which has a contract out). I consider it the most successful project to date, in a neighborhood that has evolved into a worldwide destination and desirable residential address.

I tip my hat to John and Keith Jacobson for being visionaries, and delivering 26 elegant, understated new homes. I thank Annabelle Selldorf (who I sat down with and had a conversation with) for designing the most gorgeous building in the neighborhood. I also thank the entire brokerage community for embracing this project and helping us successfully sell this building.

Chelsea Garden

The skies are grey, the real estate market is cloudy, and the unpredictability of both has never been more apparent. The New York Post’s Katherine Dykstra wrote a story today that featured apartments with outdoor space. Will this will clear the air and give us hope for brighter days ahead?

I still contend that THIS IS THE TIME TO BUY! I say this not because I own a brokerage that relies on transactions, but because of the fundamentals underlying the opportunity for buyers and their ability to transact.

It’s June.

July and August are supposed to get hot.

Let’s see what happens.

The building located at 345 Grand Street is believed to have been built around 1900.  It is a SOHO-Style Cast Iron that somehow was transplanted to Lower East Side.   Before the building was converted to a  Condominium in 2002, it had a quite an interesting history.

During the 1910’s the second floor was a dance hall.  The ticket pictured below was found under the floorboards on the 2nd floor, which has  13′ ceilings and used to have a wide staircase down to the ground floor, also 13′ high.  That stair is still there in the space that is for sale or rent as retail or gallery — but it is covered over now by the 2nd floor’s new flooring.

In the early 1900’s it became a distribution outlet for for H W Perlman Pianos.  1950’s it was a warehouse for Sun Ray Yarn.  As demonstrated in the photo below, Sun Ray Yarn used to be housed in the building next door to 345 Grand Street.  You can see that 347 the original home of Sun Ray Yarn was next door, while H W Perlman Pianos took up most of 345.  It was a warehouse and sales showroom, probably not a factory.  The lady’s long dress and the lack of wire suggest the date was around 1910, right around the time the “Grand Hall” Ballroom Dance was held.

Allen and Alice Freidman, the owners of the building put the building on the market in 1999.  Phillip Frazer and 5 other partners bought it as a Co-op.  They kept  the commercial spaces downstairs  where there was one tenant Grand Sterling Silver, operated by Grand Sterling Co Inc, now on 14th Ave Brooklyn.

AFTER the group brought together bought the building, in 1999, they chose an architect and builder and filed plans for a total rehab — new electrical, plumbing, HVAC, elevator, intercom and alarms.  A new roof enabled higher ceilings for the 5th floor and an entirely new apartment to be built on top — this 6th floor penthouse was designed and built by the present owner and seller Phillip Frazer.

For property details, visit: http://www.corenyc.com/en/listings-345-grand-street,18,163788.html

First Open-house 12-3PM, Sunday June 14th.

(more…)

In an upwardly moving market, developers and bankers are the best of friends! In a downward moving market, they can become the worst of enemies. Especially after what we’ve experienced over the past nine months! As the market slowly thaws, we are seeing more deals being made and more buyers step in. People are definitely starting to take advantage of lower prices and more inventory. I expect this to transition into a more “normalized” state eventually (as it always does). But then again….nothing in New York City ever seems “normal”. Some projects are starting to sell, and others are still waning. It seems as though there are some developers who are oblivious to the correction in the marketplace and simply will try wait this out. They run full page advertisements with a new spin on the message. I’m sure they understand how sophisticated New York buyers are. Are these developers really that naive? Or perhaps there’s another reason they are caught in this deadlock. (more…)

This month’s Realtime Report shows us some encouraging signs of a market, that has been in a deep freeze, starting to thaw. The numbers speak for themselves, so I’ll discuss some other indicators giving us market insight….

Open house traffic for this past rainy Sunday was the strongest all year. Our retail storefront has been very active with buyers and renters who seem to be real, and not vultures. (more…)

I cannot wait for the High Line to open in June. I talk about it incessantly! So imagine my excitement when I was invited to tour the property with Robert Hammond and Joshua David, founders of Friends of the High Line.  I was in awe at what these men have created. The double wide lounge chairs overlooking the Hudson, the original tracks surrounded by foliage, the multi-colored glass that changes as the sun moves across the sky…

Best of all was the graffiti. When the High Line was abandoned in the 80s and 90s, people used the walls as a canvas for street art. The “tagging” is artistic and reminiscent of a grittier New York City. Unfortunately, the plan is to paint over most of the graffiti. Such a shame since it gives the High Line character. Last week, they started to remove the graffiti. Fortunately, I took pictures beforehand and Perfect Place readers get an inside look. Read the newsletter here.