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Some believe the United Kingdom's decision to leave the European Union may actually have a positive effect on New York real estate - at least for Investment-grade property. Up until last week, London and New York have both been safe-havens for foreign cash; however with the London market now thrown into uncertainty, many foreign buyers will likely turn to the U.S. and New York in particular. While this is music to the ears of Luxury Condo Developers, it's highly unlikely that Brexit can fully off-set New York's recent downward price trend due to the sheer abundance of supply. Brexit may be a little helpful, but it isn't a game changer for this sector.
At the same time, the decline of the British pound against the U.S. dollar makes the process of purchasing anything in America all the more difficult for the U.K. buyer. If we are to assume that the entire European Union will also be affected negatively by the vote, we can assume many European buyers will see Manhattan as a more expensive proposition.
While most expected the U.K.'s vote to be a close call, the end result to leave the E.U. was not the predicted outcome. That unpreparedness has only led to further uncertainty right now, and only time will tell how far-reaching the impact of Brexit will be worldwide.
Court Street Grocers in Carroll Gardens
Cafe Pedlar in Cobble Hill
Sugar Shop in Cobble Hill
Clover Club in Carroll Gardens
A Day in BoCoCa
Enveloping the names of Boerum Hill, Cobble Hill and Carroll Gardens into the newly coined BoCoCa, this trifecta of 'hoods is known for their beautifully maintained nineteenth-century townhouses, and a wealth of great eateries and watering holes.
Start off your morning in BoCoCa at Cafe Pedlar, where the baristas do it right every time, with beans from Manhattan's Stumptown, whether its iced or hot, cappuccinos or espressos.
For stocking up your fridge, look no farther than Court Street Grocers, which quickly established itself as Carroll Gardens' favorite destination for fine and specialty groceries, "to-die-for" hot sandwiches and a selection of baked treats, including house-baked chocolate chip cookies the size of your head!
If you have a have a sweet tooth, indulge in the Sugar Shop, where you can find old-school candies like Mallo Cups, Charleston Chews and Turkish Taffy that will satisfy anyone's sugar craving.
And if you prefer liquor over sweets, finish your day off at Clover Club, buried in one of their curved leather booths near the flickering fireplace and choose among their options of crystal bowls of punch or finely wrought whiskeys.
The Dreaded Flip Tax
A "FLIP TAX" is not as much a tax as a transfer fee charged by a coop (and, at times, a condo) when a sale occurs. While traditionally "the flip" was paid by the seller at the closing, it has become more and more a part of the negotiation over which both buyer and seller haggle.
The theory behind the flip tax is that it is a somewhat painless way for a building to generate revenue without a special assessment or increasing monthly maintenance. On properties where owners are really "flipping" (selling soon after buying), this fee seems especially appropriate as it taxes the seller after they have likely subjected the building's shareholder's to inconvenient renovations, movers and buyer visits conducted by pesky real estate brokers!
In terms of what the amount of a flip tax is, it runs the gamut. Most cooperatives charge a certain % of the sales price (1-3%), others charge a dollar per share. Still, other buildings charge a flip that that is a certain percentage of the seller's profit, with various expenses allowed as deductions.
Icons of Design
Two curved swivel chairs by Edward Wormley help soften a space that is filled with sharp lines.
Spotlight on Edward Wormley
From humble beginnings outside of Chicago, Illinois, Edward Wormley emerged as one of the most important furniture designers of the 20th Century. His eye for quality and exacting craftsmanship made for furniture that was elegant, understated and exceptionally well-made. His sofas and chairs, most particularly, have found their way into modern and traditional homes, alike. Enjoy our collection of interiors that are dotted with many of Wormley's timeless creations.
Pack Up & Purge!
Many of our sellers ask us how they can purge unwanted items when they move out. Donating can be a great back-up plan for furniture that is difficult to re-sell or items that are slightly more worn. Catering to the no-car lifestyle that many New Yorkers lead, here are a few organizations that help ease the donation-lugging chaos:
HOUSING WORKS: Among their many services, they offer free pick-up for furniture donations.
CITY OPERA THRIFT SHOP: Proceeds from the shop support the design and creation of costumes for productions at the New York City Opera.
SALVATION ARMY: Offers free pick up for large items, but the wait could be three-four weeks, so make sure to call ahead.
GOOD WILL: While they no longer offer free pick-up for NY/NJ residents, they still have a pick-option for a fee.
In the Press
Forbes - Private jet concierge
Robin & Jeremy at the launch party for the Puck Penthouses
Recently featured in Forbes, Jeremy Stein weighs in on today's real estate market, where pet spas and rooftop pools are considered passé, and developers are going all out to woo potential buyers with the most outrageous amenities.
Described as "Sotheby's Thoughtful Thought Leaders," Robin and Jeremy share how they came to be both partners in business and partners in life. Get to know the Steins much better in their recent spotlight in 25A Magazine.
Stein Team Favorites
Sniffen Court, Murray Hill
Gay Street, West Village
Pomander Walk, Upper West Side
Hunts Lane, Brooklyn Heights
Secret Gems & Mews of NY
When most people think of the streets of New York, images of traffic-jammed Broadway & 57th Street come to mind. But, the city has plenty of tiny thoroughfares that are brimming with beauty and charm - many impressively preserved, transporting you back in time to when the structures were once horse stables and the street lamps were lit with gas.
Behind an elegant gate on East 36th Street is Sniffen Court, a charming nook of ten brick carriage houses built in the 1860s, intended as stables for affluent families in nearby mansions. Very few homes have changed hands over the years, and Sniffen Court remains one of the city's most beautiful blocks.
In the heart of the West Village, you will find idyllic Gay Street. Once a stable alley, the sleepy crooked one-block-long road is lined with Federal-style and Greek Revival homes, and serves as a respite from the bustling Christopher and Bleecker Streets, nearby.
On the Upper West Side, Pomander Walk is a charming European-style collation of homes, reminiscent of the English countryside. In 1922, when the street was first developed, the architects of the 27 buildings that line the block drew inspiration from the town of Chiswick in England, adopting the Tudor style that enjoyed much popularity during the time.
And fall in love with the peace and solitude of Brooklyn Heights by meandering past the old carriage houses that line the former stable mews of Hunts Lane. The street harkens back to a much different time, and fortunately, the residents have impeccably maintained and restored many of the facades.
The World of Sotheby's
Egypt Lane Compound, Offered at $12,995,000
Off the Beaten Track
This month, we invite you to explore luxury offerings in The Hamptons.
With Sotheby's extensive international network of brokers and properties, we can help you find your dream home or vacation property in 63 countries. We have strong ties to the Hamptons and would love to connect you to an experienced broker.