WHY IS NEW YORK SO DESIRABLE (AND SO EXPENSIVE)?

No disrespect to Kansas, but there’s no place like New York City. Like the great cities of the world, New York is home to world class museums, cultural institutions, schools, restaurants, shopping, and parks, and to many of the most admired professional firms in the world. Although Wall Street is the home industry, New York City appeals to the titans of many leading industries including media, entertainment, journalism and publishing, so there is no shortage of qualified buyers who want to live here. Not to mention, investors, from all over the world, purchase real estate in New York due to it’s stable regulatory climate and enduring appeal.

New York City is relatively small, and dense. Manhattan has about 1.6 million people living in just under 23 square miles. Compare the population per square mile of Manhattan which is almost 75,000, to, say, 11,000 in Santa Monica, CA, or 1,700 in Princeton, NJ! (Census.gov) Within the most coveted neighborhoods and buildings, buyer demand is often greater than supply.

Although New York is surpassed on a price per square foot basis by Monaco, London, and Hong Kong, the liquidity some coop boards require can make New York uniquely pricey.

New York City is a fast-paced, competitive market, and navigating it takes real estate acumen. That is where we come in; we are here to make it a successful process for you! Here are a few of our favorite BUYERS INSIGHTS:

USE A BUYER’S AGENT

Real estate is one of the largest and most important purchases you will ever make, and it is critical to have a professional representing you. The seller’s agent is loyal to the seller, not to you. A good buyer’s agent can provide services that you simply will not have if working on your own, and which you absolutely need. Buyers may believe that because they have access to information they can represent themself. But information is not the same as expertise. No amount of financial analysis can replace our expertise that comes from years of experience working in the market. In addition, the byzantine world of NYC co-ops is unlike any other real estate market, and over 70% of NYC buildings are co-ops (including many of the most desirable buildings). From guiding your search, preparing your board package, and positioning you to pass the board, we know this world. We can also help you secure your dream home, save you money, prevent you from making a poor investment, connect you with critical contacts, and access non-public information. (And that’s before we’ve had our second cup of coffee!)

SQUARE FOOTAGE: TAKE IT ‘WITH A GRAIN OF SALT’

For some buyers who are highly analytical, it is important to believe that they are choosing an apartment in a purely rational way. But in fact, no one who buys an apartment is making a purely rational decision.

In the quest to compare apartments based on size and price per square foot, most buyers seek clarity on the total square footage. However, in New York, there's no uniform standard for measuring square feet. While we adhere to measuring from one inside wall to another to provide the net square footage, ensuring an accurate representation of usable space, but there is no requirement that other brokers do the same. Some measure to the outside walls, some use old un-confirmed data, and we joke that some measure to the middle of the Avenue outside the window. Condo square feet typically include a portion of the common spaces and hallways, while townhouses often include the below grade space.

POST-WAR VS. PRE-WAR APARTMENTS - KEEP AN OPEN MIND

Postwar apartments can feel like the ugly stepsister to their prettier, more charming cousin - the prewar apartment.

Post-war buildings are often characterized by their white or red brick facades, 8-foot ceilings, and layouts that prioritize efficiency over elegance. While some buyers will say that they only want pre-war, it's important to recognize that some of the most esteemed and sought-after buildings are post-war. Imperial House and Manhattan House serve as prime examples. Post-war buildings can boast spacious apartments with large windows, provide many desirable amenities and offer excellent value. A skilled and creative architect or interior designer can work wonders by adding a touch of old-world charm to a modern home, resulting in an apartment that offers the best of both worlds.

YOUR PROPERTY IS FIRST AND FOREMOST YOUR HOME

When beginning a home search, try to put the spreadsheets aside and remember that a home is most importantly a place to live. For most people, renting in this city doesn’t make sense. Rents are expensive, often more expensive than owning, and they increase each year, often unpredictably so. But more importantly, the best properties often cannot be rented. Whether it is a peaceful and elegant co-op on Park Avenue or an Upper West Side brownstone the most desirable properties - and often the most desirable locations - are not available to renters. Our clients are smart, sophisticated, and often highly analytical - as most New Yorkers are. Because of these traits, they can sometimes forget that owning a home is different from other investments. After all, you can’t live in a mutual fund.