NEW LISTING: New 6,000 SF Loft in Heart of the Flatiron District, $7,950,000
CITY LIVING with The Stein Team
The race to beat the new increased “Mansion Tax” is over, and we saw a significant increase in activity this past June. Interestingly, while much of the activity was in fact driven by buyers and sellers trying to avoid paying the higher tax which kicks in July 1st, we also saw a good number of deals driven simply by a need to buy and sell – with less focus on actually closing prior to July 1st. Though the summer months have always been traditionally slower in our market, something tells us this summer may be a bit more active – contrary to what we had earlier expected. Many sellers are pricing far more responsibly and, as such, buyers are recognizing value and bidding. The biggest issue we are experiencing right now is buyers who have an unrealistic view of the market and where it is headed – buyers thinking they deserve to buy at pennies on the dollar and/or are expecting to time the market perfectly – a near impossible feat.
With all that said, we have just listed three new fantastic properties with a fourth launching in a few weeks – slightly unusual to launch this time of year as the city typically empties and slows down mid-summer. We will of course monitor the market and activity on our listings and be prepared to take properties off the market if we see little to no activity, but we are cautiously optimistic.
In the meantime, we hope everyone enjoys the early days of summer and has a happy 4th!
New York state recently passed a series of rent laws that will provide greater protections for renters in New York City. These laws were put in effect to help permanently control the ever-rising rental prices in New York City and make apartments more affordable.
Many landlords are strongly opposed to these rental laws, as those who own rent stabilized or rent controlled units are now prohibited from raising rents. Previously, once a rent-stabilized apartment rent reached $2,774 per month and the tenants’ income exceeded $200,000 for two consecutive years, the rent stabilized apartment would be converted to the market rate, often leading to costly rental increases for tenants. However, the new rent laws help rent stabilized units remain as-is, regardless of tenants’ income.
These new rent laws will impact non-stabilized tenants as well. Landlords cannot request a security deposit that exceeds one month’s rent and must return the deposit within 14 days of the tenant vacating the unit. If a landlord plans on raising the rent of a market-rate unit by more than five percent, they must provide the tenant with 30 days’ notice (or longer if the tenant has been living in the unit for more than a year).
Even with the best movers in place, the process of packing up a home and moving into a new space is still a stressful experience. Although the process may seem to start off in an organized manner, it is all-too-easy to become frazzled as moving day approaches. Thankfully, there are several Apps to help simplify your next move.
Apps such as MyStuff, Sortly, Moving Checklist Pro, and Magic Home Inventory help catalog belongings room by room and estimate weight and cubic footage to get an accurate idea of volume for movers. Google Keep is also a great resource for maintaining packing timelines, cleaning chores, and to-do lists as moving day approaches. Tasks can be checked off through Google Keep and everyone’s app is updated as they are completed.
These Apps can also be helpful if you’re looking to simply organize household items and keep track of contents in your apartment – they are not just for those who have plans to move.
The recently-rebranded Essex Market reopened in a new location: the luxurious Essex Crossing development at 88 Essex Street in the Lower East Side. This burgeoning food hall houses 21 vendors, 18 new stalls, and two restaurants including coveted eateries such as Shopsin’s, Arancini Bros., Davidovich Bakery, Lower East Side Ice Cream Factory, shawarma stand Samesa from Eli and Max Sussman, LES Moroccan restaurant Zerza, and Thai-style chicken spot Eat Ghai.
Formerly located across the street at 120 Essex Street, this city-owned food hall has long anticipated this move as part of Essex Crossing’s new development, which spans more than 1.65 million square feet and includes offices, apartments, parks, and more.
A second food hall, titled Market Line, is projected to open under Essex Market towards the end of this summer which will house restaurants from the Wildair and Veselka teams.
Trend-setters say that homeowners are now seeking an airier look and feel in their homes. So, expect to see a great resurgence in light wood flooring this year. Shades of birch, beachy white, and light oak reflect stronger light than their dark wood counterparts while still maintaining a luxurious look and feel. Additionally, lighter floors open up a space and make rooms appear to be larger than they are, making this flooring option ideal for compact New York City apartments. As an added bonus: lighter flooring tends to hide scratch marks well, making it ideal for homeowners with pets or young children. For inspiration, peruse our selection of interiors featuring light wood floors.
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 are pleased to introduce you to our Pebble Beach, California partner, Jessica Canning, and her property at 3208 Stillwater Lane.
As we ease into the summer season, we invite you to explore California’s prestigious Pebble Beach. Home to seven unparalleled golf courses, Pebble Beach offers extraordinary oceanfront properties and the heavily wooded Del Monte Forest which offers coveted privacy and seclusion.