APRIL 2019
City Living

 

NEW LISTING: Quintessential 3-Bedroom SoHo Loft, $5,295,000

CITY LIVING with The Stein Team 

The big news for New York Real Estate is the new version of a “Mansion Tax” found within Governor Cuomo’s newly proposed budget.  Already a point of contention among buyers in NYC, this tax is about to go up.
 
As many of you know, there is an imposed 1% “mansion tax” on properties that sell for $1 million or more. The new plan calls for the tax to be hiked in seven “progressive” tiers, starting at 1.25% for homes that sell for between $2 M and $3M, and topping out at 4.15%on deals worth $25M and up. 

So what does this all mean?
 
Without the details which are still being gathered, it is hard to offer a complete opinion, however it is clear that real estate will become significantly more expensive for luxury property buyers in New York. Whether the new tax (which reportedly will commence in July) becomes part of typical negotiations between buyers and sellers (like is currently the case with many cooperatives’ “Flip Tax”) or if the expectations of sellers and buyers will simply adjust to the new costs is the big question. 
 
The looming tax may also have short-term effects; encouraging buyers who have been considering significant luxury purchases to act quickly, prior to the tax being implemented. 
 
On a different note - In terms of what we are seeing on the ground, with Spring upon us, the market has certainly loosened up and there has been an increase in transactions. 
 
That all said, it is very important that sellers (and brokers) not let this slight tailwind go to their heads.  The market is still firmly favoring buyers and in order to sell a property right now, sellers must not only price appropriately but also be willing to negotiate.  Of course, there will always be low-balling buyers who are simply looking for unrealistic deals but putting them aside, realistic and serious buyers are out and bidding. 

Jeremy and Robin Stein
Top 5 Sales Team Nationwide
  
917.854.4411 | jeremy.stein@sothebyshomes.com 
917.570.8386 | robin.stein@sothebyshomes.com

 

 

 
HOME DECOR TRENDS
 

PLAYFUL GEOMETRICS  

Introduce playful geometric pieces into your home this spring. In addition to throw pillows, incorporate bold wall art, table décor, area rugs with variations of squares, circles, and other geometric shapes to make a splash.

Alessandra Wood, interior designer expert and director of style at Modsy, describes that a combination of patterns styled together is key this season.

“The hard, geometric lines that we’ve seen for the past few years are giving way to softer shapes in both prints and furniture shape.”

Enjoy our collection of playful geometrics and eclectic patterns that will add depth and character to your home.

 
 
MORTGAGE NEWS
 

MORTGAGE RATES DROP

Thanks to falling mortgage rates, homebuyers recently got a big boost to their purchasing power. The average rate on the 30-year fixed-rate mortgage fell to 4.06 percent with an average 0.5 point for the week ending March 28, 2019, according to Freddie Mac.

"The Federal Reserve's concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over 10 years," said Sam Khater, Freddie Mac's chief economist. "We expect a continued rise in purchase demand," added Khater.

Mortgage applications moved higher last week, as rates fell. And with the monthly employment report set for release the first week of April, we will certainly see further impact on mortgage rates – whether it is up or down is still to be seen.

 

 
THE WORLD OF SOTHEBY'S 
A HISTORIC ANNIVERSARY

Having held its first books sale auction in London on March 11, 1774, Sotheby’s celebrates its historic 275th anniversary this past month with a monumental birthday present: Sotheby’s chairman of the board, Domenico De Sole, rung the opening bell of the New York Stock Exchange! 

“There were 100 people on the floor learning about Sotheby’s from its specialists, and seeing the whole Stock Exchange phenomenon and them cheering us on, it was really a great way to say, ‘Happy Birthday, Sotheby’s,’” says Tad Smith, CEO of the brand. 

Sotheby’s has expanded exponentially since 1775, both geographically and in the varyingly different types of works it sells. As it celebrates its past, the company looks to its future growth. One of Sotheby’s most paramount goals in the coming years is to reach and inspire millennial consumers. In order to do so, Sotheby’s plans to expand and place an emphasis on its online selling and consignment platforms in order to better reach this young demographic, and and help to keep the Sotheby's brand thriving for the next 275 years and beyond. 


 
 
NEIGHBORHOOD SPOTLIGHT
 
HUDSON YARDS TAKES OFF

After years of development, Hudson Yards finally became New York's newest neighborhood, opening its doors this past month. As the largest private real estate development in the country, Hudson Yards offers more than 100 diverse shops and culinary experiences, significant public art, modern residences, 14 acres of public plazas, and gardens. 
 
Here are our top picks of “not to be missed spots” at Hudson Yards:

  • The Vessel – With 154 interconnected stairways that ascend 150 feet, this cooper-clad structure looks like a cross between an Escher print and a beehive. Book tickets to climb this remarkable landmark every morning at 8 AM on their website. 
  • The Shed – The retractable shell is the signature flourish of the 200,000-square-foot flexible structure, designed by Diller Scofidio + Renfro.  
  • Estiatorio Milos – This two-level Greek restaurant boasts marble floors and a stunning outdoor dining area that offers chef Costas Spiliadias’s trademark Mediterranean fare, a wine bar, and a fish market. 
  • TAK Room – Chef Thomas Keller’s first new New York City spot, in more than a decade, will serve “classic Continental fare” and offer diners taste of timeless glitz.
  • Mercado Little Spain – 35,000 square feet of tapas stations, paellas, grilled meats, and other Spanish-style cooking, the restaurants are reminiscent of the food markets in Madrid and Barcelona.
  • Snark Park – An exhibition space, which will host three shows a year and the inaugural exhibition, Lost and Found, is an immersive installation of white columns, mean to evoke a labyrinth.
  • Forty Five Ten – This 16,00-square-foot outpost of Dallas boutique is beautifully curated as a one-stop shop for fashion, beauty, jewelry, and accessories.
  • Equinox Hotel - The world’s first flagship gym and spa with 200 rooms, designed to promote a more restful night’s dream with renewed focus to take on every day.
     
    When the development is fully complete in 2025, the 28-acre site will include 16 towers, a hotel, a school, and the highest outdoor observation deck in the Western Hemisphere. 
     
    Our team recently visited Hudson Yards, explored the shopping center  and climbed the Vessel. We'd like to share with you our personal photos, above and in the link below. 

SEE MORE
 
 
HIGH-TECH HOME GADGETS
LET IT GROW 
Invite nature in with the ultimate Click and Grow Smart Garden, with zero effort right on your kitchen counter top. This smart garden is like the Keurig of gardening with seed cartridges that can be placed into the planter. Then, fill the water reservoir, plug the cord into the outlet to activate the grow light, and watch the herbs grow.

The smart garden takes care of your plants automatically by making sure they have enough water, light, and nutrients. The Smart Soil keeps water distributed evenly inside, so the plant roots have access to water always. Click and Grow offers seed pods for 40 different herbs and fruits, making this perfect for home gardeners!

Enjoy the time-lapse video below and see how the Click and Grow really works. 
 

 

 

 


 
OFF THE BEATEN TRACK
SPOTLIGHT ON HAWAII
As members of the Market Leader Partners Initiative, comprised of Sotheby's International Real Estate’s finest professionals in every key market around the world, we want to introduce you to our Hawaii partner Dodie MacArthur and her property at Puako Beach
 
Tucked away on the shores of the Kohala Coast of Hawaii’s Big Island, this elegant beachfront property offers spectacular whale watching views from the timeless plantation porch. Known for opulent resorts, historic former cattle farms, and breathtaking nature reserves, the Big Island of Hawaii is your perfect vacation destination. 



 
Jeremy and Robin Stein
Top 5 Sales Team Nationwide
  
917.854.4411
jeremy.stein@sothebyshomes.com 

917.570.8386
robin.stein@sothebyshomes.com
 
 
Featured Listings
 
 
205 West 19th Street |  $8,495,000

 
173 MacDougal Street |  $5,395,000
 
136 East 64th Street |  $2,995,000 
136 East 64th Street |  $2,725,000

 

 
 
300 East 55th Street |  $2,675,000 
 
 
© 2019 Sotheby’s International Realty, Inc. All rights reserved. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. This offering is subject to errors, omissions, changes including price or withdrawal without notice. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractors and are not employees of Sotheby’s International Realty, Inc.
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