In a time of extreme sizes and excess, there is a peculiar interest in minimalistic practices making a Manhattan pied-à-terre an exceptional opportunity.
An ostentatious word such as pied-à-terre loosely translates to “foot-to-earth” but to put it in an applicable context, this refers to a small apartment or house kept for occasional use.
Advantages of a Manhattan pied-à-terre vary largely on the potential utilization of the space being purchased.
Some of the most common reasons for a Manhattan pied-à-terre are:
- Frequent business trips
- Enjoying city resources
- A break from reality
These are some major reasons why properties are purchased but for many professionals who are required to travel from field office to field office this is a financially sound decision.
People who travel for business or personal reasons are more inclined to spend money on hotels, food, and other accommodations which accrue a hearty bill at the end of a trip.
Having the opportunity to have a home that has all the amenities, personalization, and comfort of your full-time home will decrease the level of stress of having to plan ahead when your belongings are already at your destination.
The Manhattan pied-à-terre settings are also very welcoming when full time go getters are in the market for a piece of the metropolitan area looking for any reason to get away from their daily routines and head toward the city lights for a refreshing change.
Regardless if you wish to use the space once in a blue moon or spend your weekends enjoying the activities New York has to offer at the drop of a hat, this purchase is right up your alley.
Familiarity is an important concept when traveling therefore having your own space in a large city can make transitioning from one place to another seamless. The at home feeling doesn’t wash away as soon as you begin your travels, on the contrary it floods you with satisfaction when you reach the door of your Manhattan pied-à-terre.
As Above, So Below
A Manhattan pied-à-terre is an exceptional investment and there are some important rules and guidelines that need to be explored thoroughly before deciding if it’s truly the best fit for you.
The ultimate purpose of this personalized space is to evoke comfort, flexibility, and to significantly cut down the inconvenient costs of temporary housing.
Deciding the functionality of an asset becomes tricky when both business and pleasure are thrown into the mix, but luckily for buyers there is nothing that says you can’t have the best of both worlds.
When choosing your mini home that’s not so mini it is crucial to understand the structured differences among buildings that offer these types of laudable living quarters
Condominiums and Co-ops
There are two types of possible platforms that could be used to buy or rent long term second homes. Condominiums and Co-ops are the bread and butter of the Manhattan pied-à-terre movement.
There are very subtle differences between condominiums and Co-op buildings, however they both have the same groundwork for providing comfort, amenities, and services that hotels cannot and will not offer to temporary guests.
Condominiums are a piece of property that can be purchased and owned directly after the request, approval, and transaction is finalized. The individual ownership of a unit is what sets a condo apart from a Co-op where the owner does not possess the right to own the unit of their choice.
It can be said that a condo is an amalgamation of both an apartment and a regular home due to having the best attributes of both.
These types of buildings vary architecturally, and some traditional structural details are sharing walls with neighbors or in the case of high-rise buildings condominiums are above and below one another for accessibility.
Co-op is a multi-unit building which are run by an association in close relation to an individual corporation, this association consists of all its individual shareholders who have a contract or lease to occupy the unit. Each one of these co-op owners have a share which in this case is a proprietary lease the entire building, including all of the individual units
A co-op owner has an interest or share in the entire building and a contract or lease that allows the owner to occupy a unit. While a condo owner owns a unit, a co-op owner does not own the unit.
What to Expect in a Manhattan pied-à-terre for sale
Living in a laid-back community has its very own advantages when it comes to not wanting to spend solely on utilities or having unexpected expenses pop up.
The difference between someone’s primary home and a Manhattan pied-à-terre is the stress relieving services that these buildings offer. The building staff handles any inconvenience whether it’s the heat, electric or water.
By removing the personal connection and burden to these added expenses it allows tenants to utilize their time accordingly without waiting for someone to come and fix any problems. A temporary home must be equipped and taken care of someone other than the owner because that’s included in the price tag.
Buildings are more flexible than ever with tenants who have solidified ideas on how they will be using the space while upholding safety regulations and having consideration for others living in the same vicinity.
Several ways a Manhattan pied-à-terre could be used for are:
- Private office space
- Important Meetings
- Small Gatherings
- Family Vacations
- Personal Time
Due to the fact that this space is specifically used for a short period of time it is important to remember that respecting the community and its regulations comes above all else.
Your personal values will be honored here in hopes that your home away from home is just as good as the real deal.
Life is but a day, a Manhattan pied-à-terre could be forever.
Welcome to another addition of our acclaimed Web series. This week we bring you the famed Hudson Yards development project, a development unlike any other in United States History.
At a cost of more than $15 billion dollars, Hudson Yards is the largest private real estate development in the United States by square footage.
This massive development project will become home to a variety of new properties. These include residential, commercial, hotel and retail developments.
In fact, Neiman Marcus, the luxury clothing retailer will be opening a location in the Hudson Yards vicinity. This neighborhood will have it all!
If you are a real estate buyer looking to purchase in Manhattan, look no further than Hudson Yards.
Spearheaded by the Related Companies and Oxford Properties, a major equity investor, this development is a game-changer for Manhattan's West Side. After completion, this neighborhood will rival any in New York City and then some!
In many ways, Hudson Yards is similar to Japan's Roppongi Hills in scale and use.
The location of Hudson Yards is outstanding. With close access to major transportation hub, Penn Station, this neighborhood is ideal for commuters and those working in Manhattan.
For those looking for a quick jog in the morning, Hudson Yards boasts close proximity to the West Side promenade. A future man-made beach is also in the works.
This edition of "On the Street" posed may challenges. It was an extremely cold day in New York City during our film session. We also had to battle the loud and noisy construction taking place nearby. Fortunately, our film crew was up to the task.
As a passionate Real Estate Broker and aspiring Real Estate reports, it was gratifying to complete this video on such a trying day.
Hudson Yards Facts
- Developed by Related Companies and Oxford Properties
- Larges private real estate development project
- Residential and commercial developments
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One Vanderbilt or 1 Vanderbilt is one of the most exciting projects to hit the New York skyline in quite sometime. Located next to Grand Central Terminal on 42nd and 43rd Street, one (1) Vanderbilt is a soaring skyscraper set to become the 4th tallest building in Manhattan.
As a current member of the Yale Club on Vanderbilt Avenue, I have had the privilege of watching this building develop during the past several years. Not to mention, I frequently visit Chick Fil A across the Street and an occasional Cigar at the legendary Nat Sherman.
Development for this project began in 2015 by Sl Green. The building is set to be completed in 2020.
With 1.6 million square feet, this luxury tower will be home to class A office tenants including the Carlyle Group, TD Bank, SL Green and others.
While We Work and other shared office space Companies continue to expand, it's great to see luxury office space still in demand in New York City. There is no substitute for premium office space, something that co-working facilities cannot replicate.
In order for the real estate market to function effectively, class A office space must continue to remain of interest for Companies.
At 67 stories, One (1) Vanderbilt will offer an observation deck for those looking for breathtaking views of New York City. There will be a cost for rooftop access, but the final numbers have yet to be determined. I am certain it will be worth the price of admission.
Finally, the location of this project cannot be compromised. With access to LIRR and many other destinations at Grand Central Terminal, One Vanderbilt is the ultimate hub for a successful business operating in the tri-state area.
One Vanderbilt Facts
- 67 Stories
- 1.6 Million square feet
- Observation deck
- Estimated completion 2020
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I hope you enjoy this edition of "On the Street". Please contact us for your real estate needs.
Working with a New York City Buyers Agent can be critical to the success of your purchase. Representing both parties, buyer and seller, can be a difficult task to manage. There are a few Brokers that may be able to negotiate fairly on the behalf of both parties. However, more often than not, one side wins and the other loses. The key is finding a New York City Buyers Agent that can represent you well.
The responsibility of the sellers Agent is to provide fiduciary responsibility to the seller. Their concern is to obtain the highest price for the seller and the best terms. As a New York City Buyers Agent, my goal, when representing a purchaser is to always represent the buyer in the highest capacity.
We strongly recommend selecting a New York Buyers Agent to help with your next Real Estate transaction.
13 Key Reasons to Work with a New York City Buyer’s Agent
- It’s Free! - There is no cost to a buyer. The seller pays the fee. Additionally, a buyer will not save money by going directly to a sellers Agent. The sellers Agent will still collect the full commission, as they have a previous signed agreement with the seller
- Exclusive Buyer’s Representation – We work directly for you
- Fiduciary responsibility – A seller’s agent has fiduciary responsibility to the seller. Approaching a seller’s agent will not result in your interest when it comes to negotiating price.
- Extensive Coop & Condo Board package – Lengthy and complicated board package completion. An experienced New York City Buyers Agent will make certain your board package is presented properly to ensure approval
- Tools & Resources – Exclusive tools & technology available to JSG Realty that may real estate firms do not have
- Negotiating Skills – Buyers agents negotiate hard for our clients to get the best price
- Disclosure of Information – Buyers agents verify all information and details that may not be disclosed to you by the sellers agent as a direct buyer
- Market Analysis and Comparables – A buyer’s agent provides data & analytics to ensure a wise investment purchase and not pay above market value
- Daily extensive searches – Buyers agents conduct multiple database searches not available to the public, along with knowledge of off-market properties.
- Co-Op Board Prep – We provide what to say and not to say and we role play the interview process with you
- Financial Review - Review your financial documents to properly determine your budget and creating flexible way to finance your Apartment, taking into account proper reserves you need to satisfy a co-op or condo board and bylaws
- Trusted Vendors - Introduction to trusted vendors including mortgage brokers, attorneys, title companies, appraisers, contractors, architects and more
- Honesty, Integrity and Professional Experience
In New York City, competition for Apartments is fierce. It is critical to have a Broker that you can trust at your fingertips. We have seen many buyers and sellers suffer from poor representation. Hiring a New York City Buyers Agent is key to a successful outcome.
Are you thinking about purchasing an Apartment in Manhattan and are unsure of the benefits for a Condo vs Coop in NYC? In fact, there are several key differences that may or not be dealbreakers for your purchase.
For those that do not live in New York City, Manhattan Apartments can be a challenging experience to new home buyers. The rules are different here in the big apple!
Many people may not realize, but a Coop is a essentially a Corporation. When purchasing in a Cooperative building, the buyer is purchasing shares in the building. Depending on the size of the Apartment, floor and other details, the shares will differ from other Apartments in the building. There are buyers that do not want to own shares in a property and this impacts their Condo vs coop NYC purchasing decision.
On the other end of the spectrum, when buying a Condo Apartment, the purchaser actually buys the real property. The Condominium structure divides a building into a series or Apartment Condos. Each Apartment is sold as real property.
Additional key differences in the Condo vs Coop in NYC debate include the ability to rent within the building as an investment, re-sale value and board approval process. Below we break everything down for you.
Condo Vs Coop in NYC - Key Differences
Condos Pros & Cons
- Ownership of real property
- Limited board approval process
- Unlimited subletting
- Closing costs may be more expensive than a Co-op depending on Apartment financing, flip tax and other items
Coop Pros & Cons
- Ownership of building shares
- Board approval process
- Limited subletting
- Closing costs may be less expensive
- Coops are typically less expensive to purchase than a Condo. In fact, they can be almost 1/3 less in price
In a perfect scenario, a Condo Apartment would be the ideal purchase. It provides the buyer with more flexibility to maneuver with a purchase and ownership. However, buying a Condo requires more capital and might be cost prohibitive for certain buyers. Unfortunately, financial factors can dictate purchasing decisions for many buyers putting a clear stamp on the Condo vs Coop in NYC purchasing decision.
Submitting a Coop board application can be a treacherous process. I have seen buyers be rejected by Coop boards creating all types of problems for prospective purchasers. It is very important to work with a qualified Broker that can submit a thorough and extensive board package.
If you are looking to purchase a Condo or Coop in New York City, please contact us at GarayRealestate.com We will meet you for coffee and discuss every step of the process.
The American Copper Building has stamped its presence on the Manhattan Skyline. Completed in 2017, the American Copper Building is a standout property due it's unconventional and unique architecture, creating a design that surely catches ones eye from all distances throughout Manhattan
Clad in a copper exterior, this dual skyscraper property connected by a three story skybridge looks as is it might split apart at the seem and sway in opposite directions.
In fact, the towers are connected at the waist and launch into one of the most magnificent rental towers ever built in New York City.
Located at 626 First Avenue, the property encompasses an entire square block with sweeping views of the East River, Empire State Building and Manhattan.
With more than 750 units, these Apartments are outfitted with luxurious finishes and the building provides a full suite of amenities including an infinity sky pool and fitness center.
The building is split between 725,000 square feet of residential space, 94,700 square feet of amenities and facilities for residents, and a small 4,100 square foot retail complex on the ground floor.
According to the Developers, this is the first skybridge constructed in Manhattan in more than eighty years!
If you are looking for a luxury rental Apartment in prime Manhattan, looking no further than the American Copper Building.
Studios range in the $3500 price-point and 1 bedrooms are priced around $4500 per unit. This is a great value considering all of the luxury amenities the building has to offer.
American Copper Building Facts
- 750,0000 + SF
- Range of Studios, 1 bedroom, 2 bedroom
- 300 one of a kind layouts
- 60,000 SF of amenities
- 75’ skybridge lap pool
- Turkish-style hammam with plunge pool
- Double-height fitness center with climbing wall
- Private spa and treatment rooms
- Yoga and pilates studio
- Private locker rooms
- Children’s playroom
- Residents’ lounge
- Open studio
- Juice bar
- Chef’s catering kitchen
As a born and raised New Yorker, I prefer Apartments that are on the cutting edge. The traditional cookie-cutter unit doesn't excite me. The American Copper Building will not only be a favorite for your guests, but will be a true escape from the business of Manhattan every time you come home.
I hope you enjoy this edition of on the Street. Please contact me for any real estate needs at firstname.lastname@example.org