January 12, 2010
October 14, 2009
At a rental industry event today in Midtown Manhattan, executives from a major landlord with over 2000 residential rental units in Manhattan acknowledged a market recovery in its early stages. They talked about how they are responding to higher occupancy rates, more consumer traffic, and rental incentives that have fueled the declined rental market over the past year. In the most prime locations, owner-paid broker commissions (also known as OPs) and free rent incentives are being taken back, leaving tenants to pay today’s market prices without the benefit of “net effective” rents. This also puts the responsibility for the broker fee back in the tenant’s court.
This landlord, who graciously sent three of its top brass to discuss the marketplace with rental managers and principal brokers from the most notable brokerage companies in Manhattan, noted that the one sweet spot in the city for consumers to capture bargains is Midtown West. They, along with Silverstein, Rockrose and Glenwood, have added hundreds of new residential units in the Hudson Yards district – with more now under construction. Consumers can continue to expect the big discounts, bargain prices, free rent incentives and owner paid fees in this neighborhood for the foreseeable future.
It is interesting that since October 1, our listings department has identified major landlords such as Rockrose/TF Cornerstone, Archstone, Related Management, and Equity Residential, who have removed owner paid commissions and free rent incentives in prime neighborhoods such as Chelsea, Greenwich Village, TriBeCa and even the Financial District (in some cases). Other major landlords continue to pay brokers and give discounts; however, the four landlords mentioned here account for more than 10,000 residential rental units in Manhattan. It is clear that a change is underway.
This new disparity in the changing market makes it more important than ever for consumers to identify a good broker / agent and stick with them. We offer a unique perspective on the marketplace, as we keep up with which landlords are offering the best values, and where the definitions of value are changing. While it might seem like a good use of time for a consumer to canvas each of the major landlord portfolios in search of bargains and discounts, a simple phone call to a reputable broker could yield the same information in a single conversation thus saving you time and we all know “time is money”.
September 23, 2009
After being away from NYC for several years, I was pleasantly surprised at the price reductions on apartments and lofts in the areas of Soho and TriBeCa. After being a real estate broker for over 16 years, I had watched loft prices rise and rise to a completely unaffordable price point – or at least unaffordable to most potential dwellers. Why should lofts in Soho or TriBeCa be so expensive? It made me sad because I grew up in a loft in Soho.
There are lofts with extremely high end finishes and are designed by top designers which are featured in Architectural Digest etc…However, there were and are plenty of lofts that are well appointed, yet are not design dream boats. Regardless, landlords were charging exorbitant rents for the more rustic spaces, no different than the well appointed lofts. It was sad really. Prices had reached a critical high. I decided at that point to stop being a broker and move out to the Hamptons and spend my time surfing.
Now I have returned to Manhattan, and I am very pleased to see lofts prices and apartment prices in the Downtown area return to more realistic price points. I’m pleased to work with landlords that are negotiable with their rents, to a realistic point, and have once again put myself in a position to represent a very healthy amount of properties in the West Village, Soho and Tribeca. I won’t forget the East Village either. The inventory is plenty and I can once again feel good about finding people homes they love and can afford.
Here are some price examples:
$8,900.00 down from $10,500.00 for a 2500 square foot loft in Tribeca
$5,200.00 down from $6,500.00 for a 1900 square foot loft in Soho
$4250.00 even $4000 down from $5000
$3500 down from $4000………………………..you get the idea.
I’m accessible and you can call me if you want to check these deals out.
I can be reached by phone: 917-653-5257 or Email firstname.lastname@example.org
You can also view some of my inventory here: http://www.benjaminjames.com/index.cfm?page=agents&state=profile&id=225
August 10, 2009
Live in Tribeca’s newest, high-end, pre-war renovated , landmark building lofts!
Designer / Condo finishes not typically found in a rental! This oversized 1 bedroom loft boasts an enormous living room with a high-end chef’s kitchen and 15 foot ceiling heights. Individually designed ceramic, stone / slate bathroom and modern lighting fixtures throughout. Washer / dryer. Conveniently located within the P.S 234 school district.
Amenities throughout the building include: Elevator, New Construction, Diplomats OK, Laundry, Loft, Dishwasher, Washer, Hardwood, High Ceilings, Renovated, Marble Bath, Granite Kitchen, Designer Lights
Please contact Neil Nerich @201-218-1198 or click on this link to view listing:
August 6, 2009
We recently hosted an art showing at the ground floor loft at 45 White Street in Tribeca. Here is a review posted by an attendee. Stay tuned for more events at 45 White Street, The Signature Lofts in Tribeca.
…”I recently attended an art show in a gorgeous space on White Street in Tribeca at the invitation of a coworker. The show was a mix of abstract paintings and what looked like mixed media city scenes of New York by two up and coming NYC artist. There was wine and food and music and an overall jovial feel to the evening. A good crowd showed up despite the rain and we all had a great time and I met a lot of interesting and entertaining people. And I truly enjoyed looking at and discussing the paintings. Two of the the abstracts were very large, standing about as tall and wide as I do, and they looked magnificent on the 15′ walls. When I move into my next apartment I hope to have a such a gorgeous downtown loft with such high ceilings and I will surely look this artist up to help me fill my walls!…”
The artist was Pia Dubitsky.
August 4, 2009
The quintessential Tribeca block – White between Church and Broadway features a brand new renovated Landmarked Building originally built in 1865! These gorgeous street level live/work triplexes offer twelve and fourteen foot ceilings, triple pane sound and heat retaining windows, original cast iron columns, Oak cabinets, Extra-Deep under mount stainless steel sinks, granite kitchen counters, GE Profile Stainless Steel appliances and every apartment comes equipped with a Maytag Washer/Dryer in your apartment! Each bathroom is original and features slate, mosaic tile, above cabinet China wash basins, frosted glass vanities. The larger units include dressing rooms and twenty-five foot wide living rooms! Some units offer outdoor space. All come equipped with video intercom. Call Neil Nerich at Benjamin James, and put his years of experience in Manhattan real estate to work for you. As members of REBNY there is not a door in NYC we can’t open for you. We bring you the most real-time listings currently available on the market, and update our ads on an hourly basis. Call now (we’ll actually pick up the phone!), speak with one of our agents, and visit this apartment TODAY. The only thing that is more valuable than our time is yours. Call now.