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Jorge Andy Zalce partners with The Big City Team

10/2/2024

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Join us in welcoming Jorge "Andy" Zalce to The Big City Team at Berkshire Hathaway HomeServices Fillmore Real Estate!


Originally from Seattle, WA, Andy brings extensive experience in property management and banking. After serving as a machinist and welder in the U.S. Marine Corps, including a tour in Iraq, Andy moved to NYC in 2009. He earned his Finance degree from Pace University’s Lubin School of Business and has since called Manhattan’s Tudor City home for the past 15 years.

Andy is passionate about delivering exceptional service to clients navigating the competitive NYC real estate market. He is currently learning the business under the leadership of Colin O'Leary and The Big City Team.
Please join us in welcoming Andy to Berkshire Hathaway and the Forever Brand!
📞 Contact Andy: 646-242-1060
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Domino Square Debuts: A Vibrant New Public Plaza on the Williamsburg Waterfront

9/25/2024

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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.


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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.

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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.


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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.
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Exciting Transformation for the East Bronx: Major Rezoning Approved

8/20/2024

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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:

  • $119 million for parks and open spaces
  • $12 million for school upgrades
  • $170 million for sewer and water line repairs
  • $189 million for sidewalks and street improvements
  • $250,000 for a pedestrian bridge feasibility study

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.

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How to Make an Offer for a Home in NYC

6/27/2024

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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.

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Navigating NYC Real Estate Market: Condos vs Co-ops Explained

6/16/2024

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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:

  • Easier Approval: Condos generally have a simpler approval process compared to co-ops.
  • Flexible Financing: Securing a mortgage for a condo is more straightforward, making it accessible to a broader range of buyers.
  • Higher Resale Value: Condos often have better resale potential, making them a good investment, especially if you plan to rent the unit out.
  • Ideal for Rental Income: Since condos typically have fewer restrictions on renting, they can be a lucrative option for generating rental income.

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:

  • Strict Board Approval: The approval process for buying into a co-op is more stringent, with the board evaluating your financial stability and suitability.
  • Generally More Affordable: Co-ops often have a lower purchase price, making them more accessible initially.
  • Higher Upfront Costs: Co-ops may require larger down payments and additional financial considerations.
  • Stricter Subletting Policies: Co-ops often have more restrictive policies on renting out your unit, which can impact long-term flexibility.

Key Differences to Consider:
  • Approval Process: Condos offer a more straightforward approval process, while co-ops involve a thorough vetting by the board.
  • Financing Options: Condos are easier to finance with traditional mortgages, while co-ops may have stricter lending requirements.
  • Monthly Fees: Both have monthly fees, but co-op fees often cover more expenses, including property taxes and building maintenance.
  • Resale & Rental Potential: Condos typically offer higher resale value and greater flexibility in renting out units, whereas co-ops may provide long-term value in desirable areas but with more limitations on subletting.

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.

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10 Exciting Summer Activities to Experience in NYC

6/12/2024

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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.


  1. Central Park Picnic: Escape the hustle and bustle of the city by spending a leisurely afternoon in Central Park. Pack a picnic basket with your favorite snacks and beverages, spread out a blanket on the lush green lawn, and soak in the beauty of nature. Don't forget to explore iconic landmarks like Bethesda Terrace and Bow Bridge while you're there.

  2. Rooftop Bar Hopping: Experience the magic of summer nights in NYC by hopping from one rooftop bar to another. Enjoy panoramic views of the city skyline while sipping on refreshing cocktails and mingling with fellow revelers. Some popular rooftop bars to check out include 230 Fifth, The Press Lounge, and Le Bain.

  3. Governors Island Adventure: Take a ferry ride to Governors Island and spend a day exploring this hidden gem in the heart of New York Harbor. Rent a bike and ride along scenic paths, enjoy a picnic with stunning views of the Statue of Liberty, or take a tour of historic forts and gardens. 

  4. Outdoor Movie Screenings: Embrace the nostalgia of outdoor movie screenings in NYC parks. From classic films to recent blockbusters, there's something for everyone to enjoy under the stars. Grab a blanket and some popcorn, and settle in for a memorable movie night in iconic locations like Bryant Park and Brooklyn Bridge Park. 

  5. Street Food Festivals: Indulge your taste buds at one of NYC's many street food festivals happening throughout the summer. From Smorgasburg in Williamsburg to the Hester Street Fair on the Lower East Side, these foodie havens offer a mouthwatering array of international cuisines and gourmet delights. 

  6. Kayaking on the Hudson: Get out on the water and explore the city from a different perspective with free kayaking sessions on the Hudson River. Whether you're a beginner or an experienced paddler, this is a unique way to enjoy breathtaking views of the Manhattan skyline and iconic landmarks like the Statue of Liberty and Ellis Island. 

  7. Coney Island Fun: Experience the nostalgic charm of Coney Island, home to iconic attractions like the Cyclone roller coaster and the Wonder Wheel. Spend a day soaking up the sun on the beach, indulging in classic boardwalk snacks like hot dogs and cotton candy, and trying your luck at carnival games. 
  8. Outdoor Yoga Classes: Find your zen amidst the hustle and bustle of the city with outdoor yoga classes in scenic locations like Bryant Park and Prospect Park. Whether you're a seasoned yogi or a beginner, these classes offer a rejuvenating way to start your day and connect with nature. 

  9. Street Art Tour in Bushwick: Explore the vibrant street art scene in Brooklyn's Bushwick neighborhood with a guided tour of its colorful murals and graffiti. Discover hidden gems around every corner and gain insight into the artists and stories behind the artwork that adorns the walls of this dynamic community. 

  10. Day Trip to the Rockaways: Escape the city heat and head to the Rockaways for a day of sun, sand, and surf. Whether you're lounging on the beach, catching waves with a surf lesson, or indulging in fresh seafood at a waterfront restaurant, this beachside destination offers the perfect summer getaway just a short subway ride away from Manhattan. 

With so many exciting activities to choose from, summer in NYC promises endless adventures and unforgettable experiences for all. Whether you're exploring the city's iconic landmarks, indulging in delicious street food, or simply soaking up the summer sun, there's no shortage of fun to be had in the Big Apple. 

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Discover Mott Haven: NYC's New Housing Hotspot In The Bronx!

5/24/2024

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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
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Real Estate Investing Strategies: The Power of the 1031 Exchange

5/24/2024

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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.

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Mastering the NYC Apartment Hunt: Expert Tips with Leah Garcia

5/13/2024

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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!



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How To Get Started In NYC Real Estate

5/3/2024

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Step into the electrifying world of New York City real estate with Colin O'Leary, the founder and team leader of The Big City Team at Berkshire Hathaway HomeServices. Whether you're contemplating a venture into the industry or ready to dive in headfirst, Colin is here to provide invaluable insights to ignite your journey in New York City's dynamic real estate market. For any questions or further guidance on getting started in the NYC real estate business, don't hesitate to reach out to Colin at 646-300-2012. Let's make your real estate dreams in the Big Apple a reality! 🏙️🔑


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📲 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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​The Big City Team
Berkshire Hathaway HomeServices Fillmore
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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