Ask Annie: Edition 3
Gratitude, Trust, and the Upper East Side
As we begin a new year, I want to take the opportunity to thank all my clients and express my gratitude for your friendship and business over the years. I believe I’ve had such a successful 2019 – and such a successful career – because of the personal relationships I formed with so many of my clients. As anyone who has worked with me knows I am often much more than a real estate broker. In so many cases, I become a friend for life. I’ve maintained friendships with my clients and their families for decades. For some clients, I’ve helped them buy and sell and rent multiple times, not just for themselves, but for their children and their grandchildren.
Real estate brokers used to be the only source for information on new listings – but the internet now provides that information in many forms to consumers. However, nothing will ever replace the experience that a successful broker provides. But when you boil it down, whether you’re buying, selling or renting, working with a real estate broker is all about trust. Trust that your best interests are at the forefront. Trust that you are getting the very best possible price. Trust that you are in good hands throughout the process. My clients ultimately trust me because I always work hard, advocate for them, and help them navigate the market successfully.
And of course, my clients can count on me as their go-to person not only for real estate related resources, but for any other assistance that’s often required – from schools, to neighborhoods, to restaurants, doctor recommendations, vacation suggestions. I love what I do!
Looking at the market, 2019 will go down in the books as a seesaw year for Manhattan real estate. While all the reports reflect lower asking prices and greater negotiability (resulting from a significant glut of inventory sitting on the market outpacing demand and the change in mansion tax laws), 2019 has been a very busy and successful year for me and for my clients. Despite the downward trend in the market, I have been able to price properties accurately for my sellers, and help buyers and renters take advantage of the opportunities that are available.
Rather than repeat the many statistics and reports that are published, this issue of my newsletter has information on my own “backyard” – the Upper East Side.
It has been a while since I focused on new developments on the Upper East Side, and the new construction boom continues. Several new residential towers are currently under construction, while more are planned to break ground soon. Here’s what’s happening:
Beckford House and Tower | 80th and 81st on 2nd
The larger, 31-story Tower features 72 one- to six-bedroom condo residences and three “crown” penthouses. Amenities include a library, a residents’ piano bar, a game room, a children’s playroom, a party room with catering kitchen, a double-height half basketball court, a 3,000-foot fitness center with yoga and training studios, plus a 65-foot swimming pool with a glass ceiling.
The smaller of these sister buildings, the 21-story “House” features 32 two- to five-bedroom residences plus three full-floor penthouses and one duplex. Each floor houses one, two or three residences maximum. Amenities include a private lounge with adjoining private dining room and wet bar, with a large fireplace. The 22nd floor features a roof terrace with outdoor kitchen, while the sub cellar features a large fitness center and yoga studio.
Source: thehayworthnyc.com
This recently completed 21-story luxury condominium has forged a relationship with the 92nd Street Y to offer priority access to a variety of arts/cultural/educational offering, as well as consultation services for navigating child rearing in Manhattan. The building features several communal spaces including a rooftop terrace with fireside seating and dining area and a Great Room with pool tables, as well as a large fitness center, an arts and crafts imagination space, plus a music and dance studio. The building features 61 two- to five-bedroom units.
Construction is underway on this new 11-story boutique condominium, expected to house 21 apartments, including three full-floor penthouses. The classical-designed building will feature a roof deck, fitness center, children’s playroom, and more.
This new building is projected to be 22 stories, housing 105 market rate and 35 affordable rental units, ranging from studios to two bedrooms, most with balconies and East River views. Amenities will include a fitness center, roof terrace, residents’ lounge, and bike storage. Environmentally conscious design and construction will result in the building using only 20% of the energy a similar building would typically use.
Located mid-block, this new condo will rise 20 stories, and will contain 68 units, many with setbacks. Residential amenities are expected to include a music room, a children’s playroom, and a teen-oriented communal lounge.
Looking more like a luxury townhouse than a residential tower, this elegant 15-story building is located just off Fifth Avenue, the first condominium on the block.The limestone-clad, Beaux Arts style building is influenced by classical Parisian architecture. It houses just eight full-floor apartments including a mix of duplexes and single-floor residences, each with Juliet balconies and direct private elevator entry, as well as one townhouse residence with a private back yard garden.
Plans are currently in place to create a 41-story residential tower atop Lenox Hill Hospital’s property on the corner of 76th Street and Park Avenue, expected to include approximately 200 residential apartments. The hospital sold the air rights for a residential tower in order to subsidize the construction of a new 30-story hospital tower on the corner of 77th Street and Park Avenue, expected to house a “Mother-Baby” hospital wing, additional operating rooms, patient rooms, and shared community spaces. In addition, construction has begun on an additional Lenox Hill Hospital property on Third Avenue from 76th to 77th Street, which will ultimately rise 12-14 stories and will feature out-patient services.
Currently under construction, this upscale Senior Living Center is designed for modern senior living, ranging from assisted living, memory care, or enhanced care. The 23-story facility will feature locally-sourced farm-to-table dining, a spa, a fitness center and pool, screening room, an outdoor terrace garden and sky park with views of the East River and more. Concierge services will arrange transportation to/from cultural events across the city. Just a few blocks away, at 1622 York Avenue at 86th Street, permits have been filed for another 14-story, upscale senior living complex.
Construction is complete on a 14-story, 65,000-square-foot Sephardic cultural center on the Upper East Side. The center includes a synagogue, a fitness and wellness center, swimming pool, a culinary studio and a banquet hall.
Even though January is traditionally a quiet time in the real estate market, it is an excellent time to buy, since many sellers with property sitting for a long time are eager to make a deal. Please let me know if you are interested in looking for a new apartment in any location in the city. I’d be delighted to provide a personal analysis of opportunities based on your areas of interest or concern. To all my past, current and future clients, I wish you all a happy and healthy new year.
Sincerely,
Your friend Annie