We started with a basic menu of requirements: doorman, elevators, and fitness center. So, after location, size, and layout, what really mattered? I thought it was under-counter sinks. All things being equal, it seemed like a way to determine quality. “Sinks can be changed,” LaLa patiently instructed. Built-ins? We saw all manner: drawers, cabinets, closets. All nice, but nothing we couldn’t do later in our own way. Appliances? I was drawn to exquisite countertops, gourmet stoves, tall and sleek cabinets. Ironically, I don’t really cook. Washer & Dryer? Nice, but why tie up a closet for something used once a week? And if the apartment above you floods…why risk disaster? Besides, how will you meet your neighbors if not in the laundry room? A pool? Who knew there were so many indoor pools in Manhattan? I sure didn’t. All with hapless lifeguards waiting for someone to show up. Seemed like a drain on common charges. Floor height? I knew scientists determined that street noise is loudest on the 4^th floor. But I didn’t know that high-rise buildings are restricted to the corners of the block. As a result, one was never far from the busy avenues. Balconies were loud and grimy, so hardly a necessity. Views….ahhhh: cityscapes, glinting glimpses of river. Yes, I believe if you’re going to live in a vertically integrated configuration, go for the views. Obviously, that takes altitude, so higher floors won out. “Views can be seductive” LaLa cautioned. So we tempered our enthusiasm and looked for a balanced collection of attractions. These included sauna, steam room, media room, wi-fi business area. In the end, no place was perfect, but one was exceedingly good enough.

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Lesson 2:  Listings Marathon

Once I gave LaLa our location and price range, she told me she would put together a list of properties for our consideration.  Two days later an Excel spreadsheet arrived by email with comprehensive information about 127 different properties.  Included were data for the street address, floor & apartment number, building name, cross street, construction era, detailed amenities, doorman, elevators, pet policy, number of rooms, beds, baths, area name (e.g. Yorkville, Carnegie Hill), square footage, asking price, real estate taxes, maintenance and common charges, price per square foot, adjusted price per square foot, and a URL for any online listing information.  This document was an invaluable foundation for our search.  Scouring the Internet I did find a few other properties, and LaLa gladly added these to our list.  Ultimately I winnowed this down to our top 10.  However, to truly understand the market LaLa scheduled about 30 apartments to visit.

That was 30 apartments to visit in one weekend! LaLa designed a scorecard for all our scheduled visits by which to enumerate our impressions.  Parameters included location, size, light, view, exposures, and condition.  We also took photographs to capture salient features and guide our comparisons.  LaLa was able to work around open-houses, coordinate with various agents, and even gain entrance when neither was available.  She accompanied us for many of these visits.  Otherwise, we were shepherded by her capable and gallant aide-de-camp, Jean.  If I found another place worth a visit, Jean would retreat to the relative quiet in the recess of a store window and call ahead.  We’d power walk, pingponging up and down the UES.  If necessary we jumped in and out of taxis, yet always managed to keep on schedule. Along the way LaLa and Jean gave us their honest opinions.  

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What follows will be a series of lessons we learned from LaLa on our quest for a condo.  As lessons are added, the narrative will appear to build in reverse order.  I hope readers who find this later will scroll down to beginning.

Lesson 1:  I didn’t know I needed an agent.

I figured all the information I needed was on the Internet and I would just click away.  Silly me.  My search began innocently enough.  My daughter has been throwing money out the window at nearly $1600 a month for a nice enough studio on the UES.  Her lease was up in a few months, and the stars seemed to be aligning in the real estate market.  To address the economic correction, prices were falling from their nonsensical highs, mortgage rates were attractively low, and there was an unusual accumulation of inventory.  A recently converted condo was only a block away from my daughter’s current location.  We could move her in on a dolly. 

So began our quest.  Three units in that building were available from the sponsor.  With Google Earth I was nearly able to peer through the windows, then realized why these were still unsold.  A unit on the second floor had a façade that shrunk the windows.  A higher unit was over the entrance to the parking garage, and the soot stained façade bode poorly for fresh air.  Nonetheless, I made an appointment with the sponsor to take a look.

There was one resale in the building, but I couldn’t get any useful details from the Internet.  Stymied, I left my contact information on a site that offered access to a listing for this unit.    Within an hour, LaLa Wang was calling me.

It was so soon after I had made an appointment with the sponsor, I thought it was someone else from that office.  Nope; it was LaLa, eager to part the Nile on my trek to the Promised Land. 

We discussed the motivation for my search, and my parameters.  These were based on my initial point of reference, the price and location of the condo up the street.  My daughter wants to stay on the UES.  The prospect of moving more that a few blocks evoked:  “But the people in the bagel store know me!”  I reassured her there was a bagel store every 4 blocks, like every other essential business that repeats throughout the city.

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There are many types of rental listings in the NYC metro area.  We’ll break down the list into what the financial impact of the listings are:

OP listings are traditionally called “NO-FEE” by real estate professionals because the owner pays a portion of the broker fee to the rental agent representing you.  If an agent or broker shows you an OP apartment, unless the OP is very low, you will normally avoid paying any additional brokerage fees.

NO-FEE to the consumer, generally means that the listings in question are offered by the landlord or management company directly with no brokerage fee.  Traditionally, brokers have access to these “No-Fee” listings and charge an added 12-15% of the year’s lease as a broker fee.  At MLX, we charge $149.00 to supply you with all the NO-FEE listings as opposed to charging 12-15% of the year’s lease.

FEE listings are those for which a broker exclusively represents the owner of the apartment in the lease transaction.  Broker fees for exclusive listings are traditionally 15% of the year’s lease.  At MLX we advise you to consider all apartments.  Broker Exclusive apartments are often better deals than either the NO-FEE or OP listings for a variety of reasons:  1.  The prices are often negotiable.  2.  The owner is not paying overhead to a management company.  3.  The Brokerage fee is not factored into the rent.

The break down of all the rental apartments divided into the three categories is as follows:

OP apartments:  6% of the rental market
No-Fee apartments: 27% of the rental market
Fee apartments: 67% of the rental market

Have questions about the rental market?  Ask LaLa!

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Are you in the market for a NYC condo apartment? Are you looking for something sparkling new, sleek and dynamic?

Consider a NYC Green Home. Featuring all of the amenities of traditional doorman, luxury hi-rises; eco-friendly buildings offer something even more: peace of mind.

Set your mind at ease. Not only will you purchase a home which is built from re-used, recycled, reusable or sustainable products, a home in which the air and water is filtered, and the rainwater reused to keep the grounds beautified, but you will also purchase a house in a micro-market that seems to be weathering the current economic downturn. According to Lydia Depillis’ article in the November 13, 2008 “New York Observer Article” the market for environmentally friendly housing in New York City is “…going strong: Driven by growing demand for eco-friendly living and working space, developers are forging full steam ahead on plans to obtain green certification.”

With many new LEED certified buildings in Manhattan, Queens and Brooklyn, you’ll have a variety of neighborhoods and styles to choose from. Of course, you’ll have to do your due diligence by reviewing the building’s financials and having a lawyer look over your contract before purchasing.

Have questions? Want more information on LEED certified buildings? Would you like a tour of the newest eco-friendly condos? Ask Lala.

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You don’t have the time to do your own thorough search.  You don’t know if you’re getting access to all the listings.  You are dealing with too much back and forth between different agents – who you know all share the same listings.  And negotiating… you don’t even know where to start.  Does paying more up front give you a discount on the rent or purchase price?  If so, does it still give you a discount if you have bad credit?

There are many reasons to hire a real estate professional to help you with your search.  It’s picking the right person to handle all your real estate needs that really matters.

Here are some considerations in finding the right agent or broker:

1. Does your agent have access to all the co-brokered listings?
2. Do they have expertise in the areas you would like to live?
3. Are there other agents in the company that would help manage your search if your agent becomes unavailable?
4. Is your agent punctual in responding?
5. Does your agent seem to understand the market?
6. Does your agent have the support of his/her agency? If this is a less experienced agent, do they have the advice of more experienced agents at their company?
7. Is your agent always reachable?
8. Does the agent you’re working with have the upper hand on technology?

The right agent will show you apartments in your budget and just above your budget to allow for negotiations.  To figure out your budget, they will ask you questions about your income and assets.  If you’re buying there will be additional inquiries into what you have to put down, where money is coming from and what assets you will have after down payment, closing costs and other charges associated with buying a co-op.

It is important to work with the agent you feel comfortable with.  Real estate professionals work on commission, and commission alone.  If you searching for the right agent do so only in the preliminary process.   Due to REBNY rules, all REBNY members share the same listings.  Stick with the agent you have come to know and trust.  Of course, if your agent is not representing your interests, it is always advisable to find a new agent as quickly as possible.

If you have any questions, Ask LaLa!

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The featured building has been designed by the architect Charles Gwathmey. The building overlooks the central park. Located in a trendy neighborhood, this is a luxurious apartment condominium. The building is situated at cross of the 6^th and 7^th avenues in Midtown. The locality is serene and green owing to the proximity of the park. The locality is known for its flourishing commerce. Most of the buildings here offer an old architecture with modern interiors. The building is located near Bloomingdale’s and has schools and other transportation options available by.

The building offers 3 bedrooms and 3.5 baths for 2000 square feet. There are five rooms in all and the entire apartment is air conditioned centrally. The living room or the main room has huge windows giving a comprehensive view of the Central Park. The apartment is a duplex and hence the ceiling is double as high as the normal apartments. The bedrooms are spacious and have been furnished lavishly. The bath has been designed decently as well. The kitchen is open and has cabinets made of oak. All appliances are contemporary and are pleasant to look at.

The living room has a projection theatre with Bose sound equipments. The shades, lighting and media systems are all computerized for comfort. The building has doorman facility and a roof deck. The other amenities provided are that of gym, internet and storage room.

The price of the apartment is around $4M including maintenance and taxes.  The price directly imitates the features and the locality of this building which is quite rational as the furniture can be sold separately as well.

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The 45 John is a mid-rise luxury condominium lead by Katzoff who own an Italian restaurant. The residences were designed by Daniel Goldner so as to blend contemporary interiors with an historic exterior. Located in the financial district, the Wall Street, and close to the World Trade Center site, the building is pretty expensive. It is quite close to the Broadway and retains the price in spite of the depression in the market. The frontage sports brown bricks with huge windows.

The building has around fifteen units left. The interiors are modern and spacious. The apartments have walnut flooring and high ceilings. Bedrooms have big closets and have nice view. Bosch washer/dryer is provided for all residences and there is also a common washer in the basement. There are speaker systems and IPod docking stations provided. Kitchens are pretty chic and have luxurious equipments. Marble and wood make up the entire bathroom along with a tub. The rooms are well designed.

There is a lobby for visitors and residents to lounge themselves. A fitness center and roof deck is a part of the amenities. The entire building is present in an old neighborhood and hence the nights are serene. The proximity to financial district has the area crawling with people in the day time.

The price of the single bedroom apartments are roughly around $700k to $900k depending on the size of the rooms. The double bedroom apartments come to about $1.2M. This is an excellent place for investing.

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Designed by an international firm, Herzog & de Meuron, the building is quite unique and remarkable. This building is the only high rise tower in the area and adds to the glamour of the skyline in this locality. Located in the triangle below canal or more commonly referred to as the “Tribeca”, it is quite different from the other condos. Tribeca is known for its array of shopping malls and restaurants and more so for the annual film festival. Although devoid of parks, the area offers the residents with waterfronts and paths for walking.

The firm has designed several outstanding buildings which are quite expensive. This building is no exception. There are no studios or single bedroom apartments in the entire building. The apartments range from double bedroom to 5- bedrooms. The area starts out from around 1400 square feet to 6400 square feet. It also features several penthouses. The price of units varies from $3.5M to about $33M. The price is quite contemporary to the firm.

The basic design of the building can give an insight of the interiors. Designed with glass doors and walls, the apartments have no dearth of lighting. There are about 145 residences with unique furnishing. The kitchens and the bathrooms have been designed extravagantly. There are private outdoor spacing and the rooms are spacious. Swimming pool, fitness center, spa, library, screening room, play room, conference room and yoga room are few of the many amenities provided.

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This 12-story building has been designed by Manuel Glas and constructed by Green Circle Construction at 145 Lexington Avenue. The Gramercy is pretty close to the midtown tunnel and 59^th Street Bridge. This improves the access to Long Island. Madison Square Park and Midtown Manhattan are in close proximity. Transportation will not pose a big problem as the building is located close to all options. It is easily accessible and has shops and restaurants located nearby. It is present in a neighborhood which is currently flourishing.

The interior has been designed luxuriously. Each apartment in the building has oak flooring with heating. The windows are tall which give a panoramic view of the Manhattan together with the Empire State Building. The kitchen and bathrooms have extravagant design and fittings. The baths have Miele washer and dryer units. The living rooms are spacious and have the tall windows which give an abundant lighting to the room.

There is a decent amenities package provided with the building in spite of being small. There is a computerized doorman service with cameras for maintaining the security of the building. The elevators have private keys for each resident. The roof gives a comprehensive view of the river and the Manhattan Skyline. There is also private storage for storing bulky items.

The features mentioned above are directly reflected on the pricing of these units. The single bedroom apartments have a price tag of around $850,000, while the double bedroom apartments are sold for $1.6M. The condominium is priced reasonably compared to the other condos in the area.

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