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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BrokersNYC, the service that we operate for independent real estate brokers in New York, won a major victory recently. We settled a long-running lawsuit against the Real Estate Board of New York and some of the biggest brokerage firms in New York.

A little history: The Real Estate Board (aka REBNY), a trade association that is controlled by the big brokerage firms, started a residential listing service a few years ago. These exclusive listings come from REBNY members, and their distribution is tightly controlled. The independent brokers who subscribe to our BrokersNYC service would have to pay through the nose to access them in any readily usable form. When we asked REBNY if we could disseminate the listings to our members through the BrokersNYC website, REBNY refused.

We filed an antitrust suit in 2004, saying it was anticompetitive to prevent services like BrokersNYC from distributing these listings to independent brokers at an affordable price. (And of course, the lack of competition doesn’t just hurt BrokersNYC and the independent brokers; it hurts consumers, too.)

Our lawsuit asked that REBNY be required to deal with any listings information service that, like BrokersNYC, operates on behalf of REBNY members, and to integrate directly with our software so that independent brokers could get a product equivalent to what the majors were getting. We also asked for at least $78 million in damages.

Last August, a judge threw out REBNY’s motion to dismiss the case. In January, we met with Magistrate Judge Dollinger and agreed to settle, and the settlement went into effect recently. While we didn’t get everything we asked for (that’s the point of a settlement), BrokersNYC is now free to compete on an equal footing with its competitors that service the brokerage community – and our clients, and ultimately the consumers, will get a better deal. We’re looking forward to rolling out new features for BrokersNYC very soon.

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An article in Friday’s New York Times describes a lawsuit against Brown Harris Stevens by a Brooklyn couple who claim the brokerage firm repeatedly steered them away from suitable apartments because they have a child. This type of steering is a clear violation of federal housing laws. I don’t want to prejudge this particular case, whose facts are in dispute, but it’s an open secret that steering is a common practice in the New York rental market. Some landlords don’t want to rent to families with children. Others don’t want to rent to people of color, or gay couples, or immigrants, or whoever else doesn’t conform to their notion of an ideal tenant. And too many real estate agents are willing to help landlords act on their prejudices.

Yes, brokers are supposed to represent their clients, but – just like attorneys – their representation is supposed to stop at the point where the client asks for help in breaking the law. Brokers also have a larger responsibility to the communities where they live and work, and steering is a betrayal of that responsibility.

Discriminating against would-be renters doesn’t just hurt the individuals who are discriminated against (which would be reason enough not to do it); it hurts us all by making New York City an even more difficult and expensive place to live. Middle-class couples have a hard enough time raising kids in the city, and brokers shouldn’t be helping to drive them out. Think about it – one of the couple in the lawsuit is an ER doctor. Do we really want to lose our ER doctors?

We also have to ask why brokers are willing to go along with this kind of behavior. Generally it’s not because they hate children (or blacks, or gays, or whoever). It’s because they only get paid when they rent an apartment. When they spend time showing apartments to tenants they think will be rejected, they lose money.

This is why alternative brokerage models are needed – an idea we’ve been promoting at MLX for many years. Successfully renting (or selling) an apartment shouldn’t be the only way for a broker to get paid. Apartment seekers should have the option of hiring brokers and paying them for services rendered, whether or not they close the deal. Under this type of arrangement, brokers know they’re only working with serious renters (or buyers) and not wasting their time with window shoppers. This allows them to price their services more reasonably, and – getting back to the original subject of this posting – it takes away their incentive to accommodate landlords’ prejudices.

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Every so often we feel inspired to write about a New York building that isn’t a condo, where there are no apartments for sale or even for rent, a building that has no doorman, health spa, chef-style kitchens or other fabulous amenities. Why? Read on and find out….

Did you know that New York City has its own Gothic ruin – an equivalent of the great Gothic, romantic ruins of medieval Europe?

If you drive along the FDR Drive near East 52nd Street, you can see it from your car –a Gothic Revival ruined castle-like structure, the Renwick Ruin, at the southernmost tip of Roosevelt Island.

After dark, because the Ruin is well lit at night, you can see its ghostly outline clearly from Manhattan. You might feel like you are in a different continent, or even a different space-time continuum. You barely recognize that it is part of New York City’s 2007 skyscape.

The central part of this Gothic Revival structure, designed by James Renwick, was built in the 1850s by prison labor to treat, house and quarantine the victims of smallpox. Two wings of a similar design were added to the original block between 1903 and 1905. Thousands of patients who entered the Gothic-style structure would never live to see the outside of its thick stone walls again.

After a century of use, the hospital was abandoned in the 1950s. The magnificent building fell into disrepair and has been consumed by ivy and dense overgrowth.

All that remains are its turreted stone exterior walls, and a crumbling brick interior with no roof, no inner walls, and barely any floors. The hallways are consumed by large rock piles, and big trees occupy the rooms once filled with sick and dying patients. In winter, as water freezes and melts, cornice stones fall from the facade. But the building’s grandeur shows through the flaws.

The building was granted landmark status In 1975 by the Landmarks Preservation Commission. The Commission suggested in its designation report that its ruined state was picturesque and attractive. The plan is to preserve what remains, keeping it as a romantic ruin. In 1994, the composer Meredith Monk wrote a choral piece to be performed at the site, called “American Archeology” and featuring a cast of dozens, including actual hospital patients and doctors. The music she wrote is as mysterious as the ruin itself.

Much has changed in the 150 years since the Renwick hospital was built. With its views of Manhattan just across the river, Roosevelt Island now is more than ever a prime real estate location.

Roosevelt Island is owned by the city, but was leased to the State of New York’s Urban Development Corporation for 99 years in 1969. Today, developers and urban planners are building modern glassy buildings on this island.

With the historic Renwick Ruin inspiring the Gothic imagination and an eerie romantic mood, and the cable car flying cross the sky, Roosevelt Island’s magnificent modern real estate has a distinct personality and allure that no other place can match.

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Of the approximately 5000 rental properties available, 40% are available directly from Landlords and Owners, the other 60% are available through brokers only.

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REQUIRED DOCUMENTATION
You can improve your chances of getting the apartment you want by having on hand the following Documentation required by nearly all Landlords.

1. Letter of Employment.
2. Pay Stub.
3. Photo Identification: A valid Driver’s License, Passport, or Student ID.
4. Co-Applicants: also must provide the above documentation.
5. Guarantors: If you do not meet the minimum income requirements (varies from 40 – 50X monthly rent) as required by a particular landlord or have a credit problem, a Guarantor may be required. The Guarantor, or co-signor, is usually a family member who agrees to guarantee the terms and conditions of the lease in case you default. Your Guarantor must earn between 75 and 100 times the monthly rent and have a solid credit history. Many landlords require that the Guarantor live in the tri-state area – New York, New Jersey, or Connecticut. Your Guarantor must provide:
a. A copy of the first two pages of their most recent Federal tax return
b. A completed application form as a Guarantor
c. If Guarantor is self-employed, he must provide a letter from an attorney or accountant verifying his annual income.

THE APPLICATION PROCESS
This will be required for the Application Process
1. Application Form: Includes past employment information, previous addresses and landlord information, credit references and financial assets, including savings and checking account numbers.

2. Credit Check: A credit check will be run for each Applicant and Guarantor, and Guarantor, if applicable.

3. Deposit Money: At the time of submitting your Application, you will need one month’s rent and one month’s security in the form of a bank certified check, traveler’s checks, money order, wire transfer. Landlords will not accept personal checks for the initial rent and security deposit.

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Today we received Judge Leonard Sand’s opinion denying the trade association, Real Estate Board of New York’s (REBNY) motion to dismiss Klickads dba BrokersNYC’s antitrust claims. Because the monopoly claims included more than one entity, Sand granted dismissal on charges concerning monopolization. The case will now be set for a jury trial.

For background on Klickads v. REBNY case, click here.

Inman article Manhattan real estate antitrust lawsuit proceeds, click here

Real Deal article BrokersNYC suit against REBNY progresses click here.

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By Charles V. Bagli
The New York Times

The bill looked like a shoo-in to pass.

After nearly a year of painstaking analysis and tough negotiations, the Bloomberg administration, the City Council, housing advocates, lenders and real estate developers had hashed out a measure intended to revamp a popular tax-break program so it would generate more relatively affordable housing while restricting subsidies to luxury high-rises like Trump World Tower. It was all done with a minimum of grousing.
read more…

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By Lisa Colangelo
New York Daily News
After a loud, raucous meeting punctuated by the chants of angry tenants, the Rent Guidelines Board last night approved hikes of 3% for one-year leases and 5.75% for two-year leases on the city’s 1 million rent-stabilized apartments.

“Zero! Zero! Shame! Shame!” tenant advocates screamed, drowning out speeches given by board members.
read more…

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