 Exciting news for Williamsburg! Domino Square has officially opened on the Williamsburg waterfront. This stunning one-acre public plaza is the latest addition to the iconic Domino Sugar Factory site, bringing even more park space to the area.  Designed by landscape architecture firm Field Operations, the space is focused on community, offering year-round events such as salsa nights, farmers markets, and Williamsburg’s first-ever ice skating rink, which is set to open this November.  Part of the larger Domino Park, which opened in 2018, this final section spans 33,000 square feet—about the size of a city block. It sits between One Domino Square and The Refinery at Domino, a historic 19th-century factory transformed into a net-zero carbon office space. The plaza features tiered seating, lush plantings, and a new overlook with views of the park and the Williamsburg Bridge.  Additionally, the retail arcade, designed by Studio Casdena, showcases concrete piers that frame the space and create entry points into the park. Domino Square marks the completion of the Domino master plan, which has brought new homes, office spaces, and parks to this formerly industrial waterfront.  The New York City Council has approved a major rezoning initiative for the East Bronx, bringing thousands of new homes and $500 million in investments. The Bronx Metro-North Station Area Plan targets 46 blocks around four upcoming Metro-North stations: Co-op City, Hunts Point, Morris Park, and Parkchester/Van Nest. This first rezoning under Mayor Eric Adams includes over a million square feet of commercial and retail space and aims to create 10,000 permanent jobs. The new stations, expected by 2027, will reduce travel time to Manhattan by up to 50 minutes, connecting Penn Station to Metro-North’s New Haven Line and easing reliance on slower transportation options. The plan will add 7,000 new homes, with about 1,700 being permanently income-restricted through Mandatory Inclusionary Housing. Additionally, nearly $500 million in capital investments will support:
The project also includes a parking mandate and density restrictions near Morris Park, resulting in a slight reduction of planned apartments. Developers like Pinnacle Group are already moving forward with new residential projects in Parkchester. Speaker Adrienne Adams praised the plan, noting its potential to address housing needs and improve infrastructure. Although the Metro-North expansion faced delays, it is now set for completion in late 2027. This transformative initiative marks a significant step forward for the East Bronx, promising enhanced connectivity and a revitalized community.  Photo by Denys Nevozhai on Unsplash Buying a home in New York City is a fast-paced and competitive process. If a property is priced well, it sells quickly. To ensure you’re ready to make a strong offer when you find the right condo or co-op, you need to be prepared from the start. Here’s a guide on how to make an offer in NYC and the essential documents you’ll need. Be Prepared from the Start Many buyers start their home search casually, only to fall in love with a property and then scramble to gather the necessary documents to make an offer. To avoid this, it's important to have everything ready from the beginning. Understanding the asking price and market value will help you make a fair and competitive offer. Key Documents and Steps for Making an Offer in NYC 1. REBNY Financial Statement The REBNY Financial Statement is crucial for any offer in NYC. This document outlines your assets, liabilities, income, and overall financial picture. Preparing this statement can take some time, so it's best to start early. Home sellers often review this statement as part of their decision-making process. 2. Mortgage Pre-Approval, Pre-Qualification Letter, or Proof of Funds Having a mortgage pre-approval or pre-qualification letter is essential before you start your property search. It shows sellers that you are a serious and capable buyer. If you're planning to pay in cash, a proof of funds document will suffice. This ensures that you won’t be delayed waiting for bank approval while other buyers are making offers. 3. Real Estate Attorney An experienced real estate attorney can make the home buying process much smoother. Most attorneys charge a flat fee, payable only if the deal is completed, so don’t hesitate to ask questions. If you don’t have an attorney, your real estate agent can recommend one. 4. Estimated Closing Costs NYC closing costs can be substantial and often catch buyers off guard. Discuss these costs with your attorney or agent to get an accurate estimate. The NYC mortgage recording tax is a significant portion of these costs, especially for condo purchases. 5. Contract Deposit & Down Payment In NYC, you typically need to put down at least 20% of the purchase price, with an initial contract deposit of 10% when signing the contract. Some buildings and mortgage companies may accept less, but higher down payments are generally seen as stronger offers. 6. Post-Close Liquidity (Co-Ops Only) Co-op boards often require buyers to have at least two years’ worth of maintenance and mortgage payments in post-close liquidity. It’s also wise to estimate your debt-to-income ratio. For co-ops, a ratio under 30% is preferred, with some more stringent boards requiring 25% or lower. Consult Professionals Real Estate Agent A knowledgeable real estate agent can help you determine the value of a home, navigate negotiations, and understand the market dynamics. Their expertise is invaluable in making a competitive offer. Mortgage Lender Working with a mortgage lender early in the process ensures you understand the down payment requirements and have your financing in order. This distinction is crucial to differentiate the down payment from the contract deposit. Conclusion The New York City real estate market is highly competitive. By being well-prepared and educated about the process, you increase your chances of successfully purchasing your dream home. Start gathering your documents and consulting with professionals early to make a strong and compelling offer when the right property comes along. If you have any questions about the NYC home buying process, please contact our team leader Colin O'Leary at 646-300-2012. New York City's real estate market offers two main housing options: condos and co-ops. 🏢 Each comes with unique advantages and challenges, so understanding their differences is essential when making a decision. Condos: Owning a condo means you acquire your unit outright while sharing common areas with other residents. This option offers several benefits:
Co-ops: In a co-op, you buy shares in a corporation that owns the building, rather than purchasing real estate directly. Key features include:
Key Differences to Consider:
Which is right for you? It depends on your lifestyle, finances, and long-term goals. Whether you're looking for flexibility, investment potential, or affordability, understanding these factors will help you make the best choice for your needs. For personalized advice and to explore your options, contact us at 646-300-2012 for a free consultation.  Photo by Courtney Cook on Unsplash Summer in New York City is a time of vibrant energy and endless possibilities. From outdoor adventures to cultural experiences, the city offers a plethora of activities to suit every taste and interest. Whether you're a local resident or a visitor exploring the Big Apple, here are 10 fun things to do in NYC this summer that will make your experience truly memorable.
 Bankside development project in the Bronx: Photo Credit: Brookfield Properties If you’re a renter hunting in New York City for a new development with all the bells and whistles, the Bronx might not be your first choice. However, Mott Haven's new developments are set to surprise you. Leading NYC in new housing units, Mott Haven has seen significant growth thanks to two rezonings and major investments. Fully amenitized buildings offer a mix of market rate and rent-stabilized apartments, with luxurious amenities like pools, roof decks, and gyms at rents lower than in Manhattan, Brooklyn, and Queens. In 2023, the Bronx accounted for 35% of new housing in NYC, with Mott Haven and Port Morris seeing 2,326 new units. One standout development is Maven at 2413 Third Ave., a 27-story tower with 200 apartments, 60 of which are rent-stabilized. Amenities include parking, a roof terrace, co-working space, gym, media room, game room, and retail space, with rents for one-bedroom apartments starting at $3,085. The Bruckner House at 40 Bruckner Blvd. offers 365 apartments with amenities like a rooftop lounge, pool, outdoor theater, mini golf, and work spaces. Rents start at $2,657 for a studio. Another exciting project is 138 Bruckner (ONE38), featuring 579 apartments with in-unit washers and dryers, soaking tubs, balconies, an interior garden, gym, sauna, steam rooms, and an Olympic-sized pool. Rents range from $3,100 for a studio to $4,600 for a two-bedroom apartment. The Bankside Development has transformed the neighborhood’s waterfront, offering apartments with rents starting at $3,050 and amenities like a basketball court, indoor/outdoor pools, children’s playrooms, and retail spaces. Estela at 414 and 445 Gerard Ave. is an eco-friendly project with LEED Platinum certification, featuring a courtyard, screening room, concierge, workspace, and gyms. Rents range from $1,486 to $4,141. Conveniently located near Yankee Stadium, the Hip Hop Museum, Fordham University, the Bronx Zoo, and the New York Botanical Garden, Mott Haven is the first subway stop on the 6 line and close to major highways. This makes it easy to access both the city and nature. The area offers a vibrant community with local favorites like The Lit. Bar, Maisonetta, Mae Mae Café, and Chocolate Cortés. The Bronx is experiencing a renaissance, and Mott Haven is at the forefront. With rising interest and ongoing development, now is the time to explore and invest in this vibrant neighborhood. Discover the new Mott Haven and see why it’s becoming NYC's new housing hotspot. For more questions or to schedule a tour of the area with our team, contact The Big City Team at 646-300-2012. Photo credits: Brookfield Properties Welcome to the ultimate guide to revolutionizing real estate investment strategy with the 1031 Exchange! Are you a savvy investor looking to grow your property portfolio? Say goodbye to hefty capital gains taxes with the 1031 Exchange. This game-changing approach allows investors to defer taxes on the sale of investment properties by reinvesting the proceeds into similar properties. Why is this significant? It's all about safeguarding and expanding capital. By postponing taxes, investors retain more profits for future investments while exploring new markets and properties without immediate tax worries. Plus, with long-term planning, investors can pass on appreciated properties to future generations with reduced tax liabilities. Imagine selling a property and pocketing a handsome profit. With the 1031 Exchange, reinvest those proceeds to defer taxes indefinitely, maximizing reinvestment potential. Successful investing isn't just about acquisition—it's about astute asset management. With strategies like the 1031 Exchange, investors can turbocharge their financial portfolios and leave behind a lasting legacy. Colin O'Leary, with Berkshire Hathaway HomeServices, is dedicated to helping investors unlock their real estate investment potential. Reach out today at 646-300-2012, and let's turn aspirations into achievements. Stay informed, stay proactive, and keep conquering real estate goals. Finding an apartment in the heart of the Big City can feel like a daunting task, but fear not – Leah Garcia is your trusted guide to finding your perfect home in the city that never sleeps. First things first, let's talk about understanding the costs. New York City's rental market demands upfront payments that can catch newcomers off guard. Prospective tenants need to budget for the first month's rent, a security deposit equal to one month's rent, and a broker's fee, which often amounts to 15% of the total annual rent. These expenses can add up quickly, so it's crucial to be financially prepared. Moving on, let's discuss application strengths. Landlords in NYC typically look closely at credit scores and income levels to assess eligibility. A general rule of thumb is to earn at least 40 times the monthly rent. If income falls short, having a guarantor may be necessary for the lease. Understanding these criteria beforehand will streamline the application process and increase the chances of securing the desired apartment. Now, let's consider location. New York City's diverse neighborhoods offer something for everyone, but it's essential to choose wisely. Factor in commute times and transportation options when selecting a neighborhood. While living in the heart of the city may seem appealing, it's crucial to balance convenience with affordability to find the perfect fit for one's lifestyle and budget. Feeling a bit overwhelmed? Don't worry – expert assistance is available. Navigating NYC's rental market can be complex, but enlisting the help of a seasoned rental agent can help simplify the process. These professionals have insider knowledge, access to premium listings, and negotiation skills that can work to the advantage of both first-time renters and seasoned New Yorkers. In conclusion, renting an apartment in New York City requires careful planning and foresight, but armed with the right information and assistance, it can be a rewarding experience. If you're ready to embark on your apartment hunt or have questions about the process, don't hesitate to reach out to Leah Garcia for a complimentary consultation. You can contact Leah Garcia at 929-571-5742 or via email at [email protected]. Your new home awaits in the city that never sleeps! ------------------------------------------------------ 📲 Let’s Connect! Follow The Big City Team on social media: Instagram ➡️ https://www.instagram.com/thebigcityteam/ LinkedIn ➡️ https://www.linkedin.com/company/thebigcityteam/ Facebook ➡️ https://www.facebook.com/TheBigCityTeam X (Twitter) ➡️ https://twitter.com/TheBigCityTeam |
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October 2024
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The Big City Team
Berkshire Hathaway HomeServices Fillmore Team HQ: 4717 Avenue N Brooklyn, NY 11234 Colin R. O'Leary Founder & Team Leader Licensed R.E. Salesperson Call/Text: 646-300-2012 [email protected] |
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