NOWYOURCITY http://nowyourcity.com New Age Real Estate Marketing Mon, 19 Nov 2018 13:21:10 +0000 en-US hourly 1 https://wordpress.org/?v=4.6.12 Commercial Real Estate: What opportunity zones mean for NY real estate http://nowyourcity.com/commercial-real-estate-what-opportunity-zones-mean-for-ny-real-estate/ http://nowyourcity.com/commercial-real-estate-what-opportunity-zones-mean-for-ny-real-estate/#respond Mon, 19 Nov 2018 13:21:10 +0000 https://nowyourcity.com/commercial-real-estate-what-opportunity-zones-mean-for-ny-real-estate/

Investors and developers are always looking for an edge, and one option that is increasingly gaining mindshare in the real estate industry is opportunity zones. As part of last year’s tax overhaul, opportunity zones were introduced as a way of promoting economic development in low-income areas. Through incentives that enable developers to defer or eliminate capital gains taxes, the government is promoting development in 8,000 of these zones across the country, including hundreds in New York City. It should be noted, this applies to capital gains for any assets, including stocks and bonds. 

In light of this, it’s not surprising that N.Y.C. developers began moving to capitalize on opportunity zones, even before there was clarity on some of the specifics. RXR led a list of prominent developers that created opportunity zone funds, which will be devoted to making investments in these properties. Other investors started snatching up properties in these zones in hopes of benefitting from the incentives. 

While all this involved a certain amount of speculation, the Treasury department recently set the ground rules for opportunity zones, which created much more clarity and is sure to expand the amount of investment. 

At GFI Realty, we’re tuned in very closely to these evolving market dynamics. Our team of brokers has numerous listings in opportunity zones, and we’re already seeing an uptick in investor interest in many of these properties. Areas like the South Bronx and East Harlem, which have recently begun to rise because of rezoning initiatives, are likely to have their growth aided significantly by the new regulations.  

While there are still some details that the government has to iron out, there’s little question that opportunity zones will have a profound impact on N.Y.C. real estate. Presented with the ability to contribute to an area’s revitalization while gaining tax benefits, we’re sure to see many developers who can’t pass up on the opportunity.

Justin Fitzsimmons is a research analyst with GFI Realty Services, New York, NY.

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Macy’s Thanksgiving Day Parade 2018: route, street closures, and more http://nowyourcity.com/macys-thanksgiving-day-parade-2018-route-street-closures-and-more/ http://nowyourcity.com/macys-thanksgiving-day-parade-2018-route-street-closures-and-more/#respond Mon, 19 Nov 2018 09:45:11 +0000 http://nowyourcity.com/macys-thanksgiving-day-parade-2018-route-street-closures-and-more/

The 92nd annual Macy’s Thanksgiving Day Parade is happening in less than a week and depending on your level of Grichiness during the holidays, it’s either a festive spectacle or an epic clustermess.

The 2018 iteration of the parade will follow the same route as in previous years: It’ll begin on the Upper West Side and wind its way along Central Park, before heading down to Midtown and finishing up in front of Macy’s Herald Square. Nearly 3.5 million people turned out for last year’s parade, and it’s expected to have about the same turnout this year, which definitely means traffic in Manhattan will be a nightmare on that day.

In addition to the actual parade day, you’ll also have to worry about the balloon inflation that happens the night before, where Macy’s welcomes people to watch. Streets are closed off for that, too, and it happens across from the American Museum of Natural History. This year, there are a few new balloons—a giant Goku character from the Dragon Ball Z series and a nutcracker balloon that is making its NYC debut—that will join the lineup, along with four new floats.

So what can you expect from this year’s parade—and how can you avoid it altogether? We’ve got you covered.

When is the Macy’s Thanksgiving Day Parade?

The parade kicks off at 9 a.m. on Thanksgiving day—that would be November 22. It’ll broadcast live on NBC (and in Spanish on Univision), and livestream on Verizon’s YouTube page.

What is the parade route?

The route stretches for 2.5 miles, beginning at 77th Street and Central Park West, and ending in Midtown in front of Macy’s Herald Square on 34th Street. Along the way, it travels down Central Park West; turns east onto Central Park South at Columbus Circle; then turns south at Sixth Avenue; and travels along that thoroughfare before turning west at 34th Street, and ending at Macy’s.

What’s new for the 2018 Macy’s Thanksgiving Day Parade?

According to Macy’s, this year’s parade will feature 16 giant character balloons; nearly 30 legacy balloons, balloonicles, balloonheads and trycaloons; 16 floats; more than 1,000 cheerleaders and dancers; more than 1,000 clowns; 12 marching bands and three performance groups.”

There have been 20 performers tapped to perform at this year’s parade, including former Fifth Harmony vocalist Ally Brooke, Toni winner Anika Noni Rose, Ashley Tisdale, and many others.

Which streets will be closed during the Macy’s Thanksgiving Day Parade?

While the DOT has yet to release the exact streets that will be closed off for the parade, last year’s list is a pretty good indicator of what to expect:

  • 6th Avenue between 59th Street and 34th Street
  • 7th Avenue between 33rd Street and 40th Street
  • Columbus Avenue between 81st Street and 77th Street
  • Central Park West between 86th Street and east side of Columbus Circle/59th Street
  • 81st Street between Central Park West and Columbus Avenue
  • 76th Street and 77th Street between Central Park West and Columbus Avenue
  • 71st Street between Central Park West and Columbus Avenue
  • 68th Street between Central Park West and Columbus Avenue
  • 62nd Street between Central Park West and Columbus Avenue
  • 59th Street between Columbus Circle and 6th Avenue
  • Broadway between 59th Street and 58th Street
  • 40th Street between 7th Avenue and 8th Avenue
  • 36th Street to 39th Street between Broadway and 8th Avenue
  • 35th Street between 6th Avenue and 8th Avenue
  • 34th Street between 5th Avenue and 8th Avenue
  • 33rd Street between 6th Avenue and 10th Avenue

And on Wednesday, expect many of the streets around the AMNH—so from Central Park West to Columbus Avenue, between 77th and 81st streets—to be closed to facilitate the balloon inflation. We’ll update as more information becomes available.

What about getting around Midtown that day?

The MTA will operate on a Sunday schedule on Thanksgiving day, and street closures will affect bus service in the neighborhoods where the parade takes place. Plan accordingly, and check the MTA’s website for updates.

For those attempting to get out of NYC on Wednesday, good luck: It’s one of the city’s official gridlock alert days, which basically means traffic is going to be more unpleasant than normal.

Commuter rail services like Metro-North and LIRR will also be adding extra trains for parade-goers; stay tuned for more details as the parade draws closer.

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Lowest Mortgage Rates This Month! http://nowyourcity.com/lowest-mortgage-rates-this-month/ http://nowyourcity.com/lowest-mortgage-rates-this-month/#respond Mon, 19 Nov 2018 08:51:23 +0000 http://nowyourcity.com/lowest-mortgage-rates-this-month/

Mortgage rates hit their lowest levels of the month today!  Sure, that’s only 10 business days for the mortgage world, but we’ll take every little victory we can get these days.  Why is that?  Because “these days” have been pretty rough.  Exactly one week ago, rates were at their highest levels in nearly 8 years.

The assertion about today’s rates runs counter to quite a few news stories.  Major media outlets are reporting rates as being ‘unchanged’ this week.  That wasn’t necessarily incorrect until today. In those cases, reporters are relying on Freddie Mac’s weekly survey data.  The survey only collects responses from Monday through Wednesday and the results tend to over-represent Monday and Tuesday’s rates on any given week.  Long story short, as of yesterday, it would have been fair to say rates were indeed unchanged this week.  Nearly all of the improvement happened today.

The likelihood of additional improvements remains to be seen.  As far as the past several months are concerned, we really haven’t seen stretches of good luck look much better than this one.  As such, those who’d been floating last week may want to consider locking this week, assuming that’s an option.  It’s not out of the question for rates to improve further, but that’s dependent on several other volatile variables.  


Loan Originator Perspective

Bond markets posted small gains today, while rates remained above early November levels.  While Brexit discord may still become a factor, it appears our mini-rally is hitting resistance levels.  I’m recommending risk averse clients lock in these gains, for loans closing within 30 days. –Ted Rood, Senior Originator

Today’s Most Prevalent Rates

  • 30YR FIXED – 5.0%
  • FHA/VA – 4.5%-4.75%
  • 15 YEAR FIXED – 4.5%-4.625%
  • 5 YEAR ARMS –  4.375%-4.875% depending on the lender


Ongoing Lock/Float Considerations
 

  • Rates continue coping with several big-picture headwinds, including: the Fed’s rate hike outlook (and general policy tightening), the increased amount of Treasury issuance to pay for the tax bill (higher bond issuance = higher rates), and the possibility that fiscal stimulus results in higher growth/inflation (which certainly seems to be the case so far in 2018).
  • While rates were able to recover and stay sideways in the summer months, September and October have seen a surge up to the highest levels in more than 7 years. 
  • Upward pressure can continue as long as economic growth and inflation continue running near long-term highs.  Stay defensive (i.e. generally more lock-biased).  It will take a big change in economic fundamentals or geopolitical risk for the big picture to change.  Such things tend to not happen as quickly as we’d like.
  • Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders.  The rates generally assume little-to-no origination or discount except as noted when applicable.  Rates appearing on this page are “effective rates” that take day-to-day changes in upfront costs into consideration.

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These are the key approvals needed before the KCI project can begin http://nowyourcity.com/these-are-the-key-approvals-needed-before-the-kci-project-can-begin/ http://nowyourcity.com/these-are-the-key-approvals-needed-before-the-kci-project-can-begin/#respond Sun, 18 Nov 2018 13:19:50 +0000 https://nowyourcity.com/these-are-the-key-approvals-needed-before-the-kci-project-can-begin/ It was an eventful day at City Hall when the Kansas City Council’s Airport Committee debated a number of issues with the nearly $2 billion single-terminal project at Kansas City International Airport. Confused about where things stand now?

A new ordinance was introduced to the Airport Committee. The ordinance would approve four documents and clear the way for the project’s developer, Edgemoor Infrastructure & Real Estate LLC, to begin work. These documents are:

use and lease terms sheet
development…

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North American developers to do more online marketing to reach Chinese buyers http://nowyourcity.com/north-american-developers-to-do-more-online-marketing-to-reach-chinese-buyers/ http://nowyourcity.com/north-american-developers-to-do-more-online-marketing-to-reach-chinese-buyers/#respond Sun, 18 Nov 2018 09:44:15 +0000 https://nowyourcity.com/north-american-developers-to-do-more-online-marketing-to-reach-chinese-buyers/


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By Juwai, 13 November 2018

1102-juwai-north-america-survey.jpg

Chinese property buyers and investors are an important part of real estate markets around the world. Our 2018 North America Developer Survey, which questioned property developers in the United States of America and Canada, discovered that more than half are planning to increase their marketing budgets to reach more Chinese property buyers online.

Here are some of the key points from the Survey.

At least 57% of respondents to the Survey, which include property developers from the United States of America and Canada, also plan to do more marketing to Chinese buyers during the remainder of 2018 and through to the end of next year.

Focusing solely on property developers from the U.S. the figure was higher – at 73%.

Just 7% claimed they would be doing less marketing to reach Chinese buyers from mainland China and Singapore.

Online marketing is popular for North American developers because of its relative affordability, the Survey revealed. More than 90% of the Survey participants said Chinese property buyers are an important part of their property sales strategy, with consistent claims that Chinese buyers are currently responsible for as many as 1 in 10 sales.

The Survey also noted that Chinese buyers are more comfortable buying at the off-plan stage of property developments compared with local buyers. Last year, Chinese buyers acquired more commercial and residential property in North America than previous years.

The US$119.7 billion worth of investments was 18.1% higher than 2016.

 

You can download your own copy of the Juwai 2018 North American Property Survey here.

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Yardi: Rent prices fall for second month in a row | 2018-11-16 http://nowyourcity.com/yardi-rent-prices-fall-for-second-month-in-a-row-2018-11-16/ http://nowyourcity.com/yardi-rent-prices-fall-for-second-month-in-a-row-2018-11-16/#respond Sun, 18 Nov 2018 08:50:17 +0000 https://nowyourcity.com/yardi-rent-prices-fall-for-second-month-in-a-row-2018-11-16/

Rent prices in the United States fell for the second month in a row in October.

According to new data from Yardi Matrix, rent fell from $1,421 to $1,420 in October. Rent growth was unchanged from the previous month, coming in at 3.3% year-over-year.

Is the colder weather to blame for the dip in prices? Yardi explained that the overall slowdown follows an anticipated seasonal trend and that rent gains increased in warmer weather markets like Las Vegas, Phoenix and Atlanta. Overall, no market looks to be in serious trouble though, the report explained.

“The strength of the national market is demonstrated by the fact that rent growth is less than 2% in only a handful of metros, and the lowest is Houston at 1.6%. No market is even remotely in trouble,” the report said, adding that the groove the market is experiencing will be difficult to change if employment and wage growth “maintain their current path.”

The leaders for year-over-year rent growth for October were Las Vegas, Phoenix, Orlando, and the Inland Empire and San Jose metros in California.

Yardi’s report explained that it expects full-year rent increases to fall in line with the current YTD number. 

“We expect that the full-year rent increase for 2018 will remain near the year-to-date figure of 3.3%, with occupancy rates stable at current high levels,” the report said.

The report also shows that the rate of growth has increased more than 100 basis points over the past 12 months and that rent-by-necessity units came in at 3.9%, outpacing lifestyle units, which came in at 2.6%. The report noted, however, that there was solid growth in both sectors that underscores a high demand for rental housing.

Note: Yardi’s report is composed of multifamily data collected from 127 U.S. markets.

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GFI Realty Services retained as exclusive sales agent for 28-unit apartment portfolio in Brooklyn’s Crown Heights neighborhood : NYREJ http://nowyourcity.com/gfi-realty-services-retained-as-exclusive-sales-agent-for-28-unit-apartment-portfolio-in-brooklyns-crown-heights-neighborhood-nyrej/ http://nowyourcity.com/gfi-realty-services-retained-as-exclusive-sales-agent-for-28-unit-apartment-portfolio-in-brooklyns-crown-heights-neighborhood-nyrej/#respond Sat, 17 Nov 2018 13:17:49 +0000 https://nowyourcity.com/gfi-realty-services-retained-as-exclusive-sales-agent-for-28-unit-apartment-portfolio-in-brooklyns-crown-heights-neighborhood-nyrej/

Shlomo Antebi,

GFI Realty Services

Brooklyn, NY According to GFI Realty Services, it has been named the exclusive sales agent for 1432, 1436, and 1440 Pacific St., a portfolio of three contiguous multifamily properties in the Crown Heights neighborhood. GFI Realty senior director Shlomo Antebi will be marketing the 28-unit portfolio, with pricing targeted at $15 million. 

 

Constructed in 1906, the buildings total approximately 26,300 s/f, and will be delivered with 26 of the 28 units vacant. The majority of the apartments are in need of significant renovations, but once building upgrades have been made, new ownership will benefit from the area’s rising rents and the properties’ advantageous 2B tax class. 

 

“With Crown Height establishing itself as one of the borough’s most dynamic neighborhoods, the long-term owner decided to sell the three buildings to a developer who could reinvigorate the properties,” said Antebi. “The portfolio features 100 ft. of frontage on Pacific St., and is ideally suited for an investor who is eager to tap into the significant potential of the building and the neighborhood. With more than 26 free-market units and a favorable 2B tax class, the portfolio should meet with a lot of demand from buyers looking to enter Crown Heights at a fairly low basis.”

 

Located between Kingston and Brooklyn Aves. in Crown Heights, the portfolio is close to the Brooklyn Children’s Museum, and the Fulton St. commercial corridor. It is also proximate to attractions including Prospect Park and the Brooklyn Museum. The A and C trains provide express and local subway service, providing access to Lower Manhattan in 30 minutes.

 

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Incredible Greenwich Village co-op can be your own personal library for $5M http://nowyourcity.com/incredible-greenwich-village-co-op-can-be-your-own-personal-library-for-5m/ http://nowyourcity.com/incredible-greenwich-village-co-op-can-be-your-own-personal-library-for-5m/#respond Sat, 17 Nov 2018 09:43:04 +0000 http://nowyourcity.com/incredible-greenwich-village-co-op-can-be-your-own-personal-library-for-5m/

Library or apartment? The lines are blurred at this amazing duplex co-op at 40 Fifth Avenue that just hit the market for $4,995,000. The entire maisonette spread is full of pre-war details mixed with modern amenities, but it’s the dramatic double-height living room that steals the show. The first level has creative built-ins that extend to the furniture, and the second floor is a wrap-around atrium balcony lined completely with bookshelves and window seats overlooking Fifth Avenue and 11th Street.

Throughout the home are hardwood Brazilian rosewood and white oak floors, arched doorways, traditional wainscoting, beamed and coffered ceilings, and three gas fireplaces.

This first level also holds two of the three bedrooms, one of which is currently configured as a den/office and boasts a gas fireplace, beamed ceilings, and custom wood built-ins. And as a bonus, there’s a separate windowed office.

Up the curved oak staircase is the newly renovated kitchen, which has granite counters, Woodcraft cabinets, a stone backsplash, and high-end stainless-steel appliances. There’s also views of the building’s gardens and adjacent church. This entire living space is open and is wrapped in more built-ins.

The master suite is also on this level and has a gas fireplace and spa-like bathroom.

40 Fifth Avenue is located along Greenwich Village’s “Gold Coast,” just three blocks north of Washington Square Park. The neo-Georgian building was constructed in 1929 by Van Wart and Wein with consultation from McKim, Mead & White.

[Listing: 40 5th Avenue, Maisonette 1B-2B by Engel & Volkers]

RELATED:

Listing photos courtesy of Engel & Volkers


Tags :

40 Fifth Avenue


Neighborhoods :

Greenwich Village


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Mortgage Rates Lowest in a Month http://nowyourcity.com/mortgage-rates-lowest-in-a-month/ http://nowyourcity.com/mortgage-rates-lowest-in-a-month/#respond Sat, 17 Nov 2018 08:47:12 +0000 https://nowyourcity.com/mortgage-rates-lowest-in-a-month/

Mortgage rates hit their lowest levels of THE month yesterday, and the lowest levels in A month today.  It’s a bit of a technicality, really.  As of yesterday, there were a few days in mid-to-late October that saw lower rates.  Today’s drop means we’d need to go back to early October to see anything lower. 

What’s the significance of being at the lowest levels in a month?  None, really.  It’s just really fun to be able to say such things in an environment where such things haven’t been easily said for quite some time!  Perhaps more relevant and more tangible is the fact that we can say rates are nearly an eighth of a percentage point lower on the week, and that’s a decent move regardless of the environment.

Next week brings the Thanksgiving holiday, which tends to make mortgage lenders set rates more conservatively (secondary mortgage market is much less active than normal, starting on Wednesday afternoon).  As such, gains of this size are certainly worth considering from a lock/float standpoint.  In terms of tactical improvements amidst the broader trend toward higher rates, this is about as good as we’ve seen.


Loan Originator Perspective

Bonds enjoyed a green week, posting gains (minimal or not) all 5 days.  Treasury yields are nearing early October lows, but the improvements aren’t fully reflected on my rate sheets yet.  I’ll float new applications till Monday, for clients with a modicum of risk tolerance.  –Ted Rood, Senior Originator

Today’s Most Prevalent Rates

  • 30YR FIXED – 5.0%
  • FHA/VA – 4.5%-4.75%
  • 15 YEAR FIXED – 4.5%-4.625%
  • 5 YEAR ARMS –  4.375%-4.875% depending on the lender


Ongoing Lock/Float Considerations
 

  • Rates continue coping with several big-picture headwinds, including: the Fed’s rate hike outlook (and general policy tightening), the increased amount of Treasury issuance to pay for the tax bill (higher bond issuance = higher rates), and the possibility that fiscal stimulus results in higher growth/inflation (which certainly seems to be the case so far in 2018).
  • While rates were able to recover and stay sideways in the summer months, September and October have seen a surge up to the highest levels in more than 7 years. 
  • Upward pressure can continue as long as economic growth and inflation continue running near long-term highs.  Stay defensive (i.e. generally more lock-biased).  It will take a big change in economic fundamentals or geopolitical risk for the big picture to change.  Such things tend to not happen as quickly as we’d like.
  • Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders.  The rates generally assume little-to-no origination or discount except as noted when applicable.  Rates appearing on this page are “effective rates” that take day-to-day changes in upfront costs into consideration.

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TD Bank sells building in downtown Glens Falls http://nowyourcity.com/td-bank-sells-building-in-downtown-glens-falls/ http://nowyourcity.com/td-bank-sells-building-in-downtown-glens-falls/#respond Fri, 16 Nov 2018 13:17:10 +0000 https://nowyourcity.com/td-bank-sells-building-in-downtown-glens-falls/ Downtown Glens Falls is on the verge of a new wave of investments with millions of dollars in projects lined up.

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