Happy Friday! Here’s the scoop on what’s been happening in the New York real estate world this week.
The Week: February 15-19
Downtown Brooklyn may soon have a new 73-story building, which will be two times higher than any building in the surrounding area. Meanwhile, residents of an Upper East Side apartment building have been living without gas services for 10 months and counting, with no reprieve in sight. The push for new developments in New York has slowed down since January ever since the expiration of the 421a tax abatement.
TripleMint’s Pick: How long does it take before buying a NYC pad pays off?
We all know that buying an apartment in Manhattan is extremely expensive, usually much more so than renting an apartment. However, most people are willing to take this risk based on the fact that after a certain number of years, owning a house a becomes cheaper than renting one. Ask yourself: how long does it take before buying a Manhattan home pays off? According to a study published by StreetEasy, the average homebuyer needs to own an apartment for about 7 years before owning the property becomes cheaper than renting it. Of course, the study also shows there is a significant variation in the average number of years depending on the borough. Can you guess which area takes the longest to pay off?
Your Barista Might Hold the Key to Your Next Apartment
The New York real estate field is undeniably brutal. Yet there are endless sources to find your dream home. Apartment hunters have options ranging from traditional brokerages to solo expeditions. This article touches on some of the more unconventional apartment hunting strategies. Meet Amanda and Christian Neill, co-owners of a Brooklyn coffee shop called Roots Café. On top of selling coffee and delicious baked treats, this cafe seeks to broker living arrangements with regular customers and newcomers. They post signs, ask around the neighborhood for potential tenants and sometimes showing apartments. This café-cum-real estate resource is just one example of a trend towards more neighborhood and community focused real estate outreach.
73-Story Tower Would Be Brooklyn’s Tallest by Far
Downtown Brooklyn may have a new skyscraper in the pipeline. Two developers recently submitted a proposal to build a 1,066-foot tower, almost twice as high as any building surrounding it. The proposed 73-floor building, which would sit at 9 DeKalb Ave, is a testament to the strength of Brooklyn’s real estate market, where prices in some neighborhoods have exceeded those in Manhattan.
UES Residents Live Without Gas for 10 Months With No End in Sight, They Say
Eyes are on the residents of an apartment building on East 97th Street, where residents have lived without gas services for more than 10 months. While building management has attempted to keep up with updates, residents complain that for the most part the landlord and management has kept them in the dark as to when their gas service will return. In an attempt to appease residents, the management company docked $50 off of the monthly rent and bought each household a hotpot to cook on, but residents insist that these compensation measures aren’t enough.
Top 10 biggest real estate projects coming to NYC
From a 36-story condominium in Brooklyn to a 146-room hotel in Manhattan, check out the major projects that will begin popping up in New York. While these new developments are exciting, The Real Deal reports that January proved to be a slow month for new developments.
Meet the TripleMint Team: Mike DeSena and Eric Rivera (part 1)
Meet the TripleMint Team: Mike DeSena and Eric Rivera (part 2)
This week we sat down with Associate Real Estate Specialist Michael DeSena and Real Estate Specialist Eric Rivera. We talked families, New York, California and what it’s like working with childhood friends. Did we mention they’re childhood friends?
