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Gowanus Grows Up: $1B Residential Project Set to Redefine the Skyline

6/6/2025

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Renderings by Bjarke Ingels Group

By Colin O'Leary


A major transformation is on the horizon for Gowanus, Brooklyn, as the latest design has been revealed for 175 3rd Street—a $1 billion mixed-use residential project from the acclaimed architecture firm Bjarke Ingels Group (BIG). Spearheaded by developers Charney Companies and Tavros Capital, this new development is poised to be the tallest and most prominent building in the neighborhood, marking a significant milestone in Gowanus’ ongoing evolution.

The project will rise 27 stories and span over 1 million square feet, introducing approximately 1,000 rental units to the area. Designed in a bold U-shaped formation, the building will feature a modern grid of floor-to-ceiling windows set within textured architectural concrete, drawing inspiration from the neighborhood’s industrial roots. The massing of the structure incorporates stacked box forms with chamfered corners, creating unique setbacks, outdoor terraces, and enhanced natural light throughout the building.

In keeping with New York City’s Mandatory Inclusionary Housing program, 25% of the residential units will be designated as affordable. Residents will also have access to a wide variety of lifestyle amenities, including rooftop lounges, two outdoor pools, sports courts, a dog run, and a lush three-acre landscaped courtyard. The design includes approximately 35,000 square feet of indoor amenity space as well, aimed at fostering community and connectivity among residents.

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Renderings by Bjarke Ingels Group

One of the most striking aspects of the development is its waterfront setting. Situated along the Gowanus Canal, the project will include a 30,000-square-foot public park and esplanade designed by Field Operations—the landscape architects behind the High Line. This green space will feature a 250-foot-long boardwalk, providing much-needed public access to the canal and helping to integrate natural beauty into the urban fabric.

The 175 3rd Street development is part of the broader Gowanus Wharf master plan, which includes several nearby projects such as Union Channel, Douglass Port, and Nevins Landing. Together, these initiatives are set to bring over 2 million square feet of new residential development and more than 2,200 new housing units to the neighborhood. Construction on 175 3rd Street is expected to begin in mid-2026, following the completion of the earlier phases of the master plan.

All project details and updates were originally reported by New York YIMBY.
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NYC Co-op Board Interview Tips: How to Prepare and Succeed

5/28/2025

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Photo by Tim Gouw on Unsplash

By Colin O'Leary

Congratulations—you’ve reached the NYC co-op board interview stage! This milestone means your offer was accepted, your finances passed the board’s initial review, and your board package successfully navigated one of the city’s most selective real estate screening processes. That’s a huge accomplishment, especially for first-time buyers.

Now comes the final step: the co-op board interview. While being interviewed by a group of strangers might feel intimidating, it’s really just a formality. The board’s goal is to meet you in person, confirm your application details, and determine whether you’ll be a responsible and respectful addition to the building. Most interviews are short, polite, and completely manageable if you come prepared.

Understand the Board’s Expectations
Preparation is key. First, be ready to discuss your financials confidently. Know your income, employment history, and any relevant debts, such as student loans. The board may ask for clarification on unusual circumstances, including freelance income, career changes, or gaps in employment. Honesty and clarity are far more important than having a “perfect” financial profile.

It’s also helpful to understand the building’s culture. Every NYC co-op has its own personality: some are traditional and rule-oriented, while others are more relaxed. Your real estate agent can provide insights into the board’s expectations regarding noise, guests, renovations, and overall building etiquette. You don’t need to pretend to be someone else—just align your tone and responses with the building’s culture.

Common NYC Co-op Board Interview Questions

During the interview, expect questions such as:
  • Why did you choose this building?
  • Will anyone else be living with you?
  • Do you plan to work from home?
  • Are you planning any renovations?
  • What are your long-term plans for the apartment?
Keep your answers straightforward, respectful, and low-drama. Avoid raising red flags, like plans to sublet, use the apartment as a pied-à-terre, or challenge building rules. Boards typically look for buyers who are stable, long-term, and low-maintenance neighbors.

Appearance and Professionalism

Treat the interview like a professional meeting. Business casual attire is usually best. Even if the building has a relaxed vibe, showing up neat, polished, and prepared signals that you take the opportunity seriously. Be courteous and warm, but avoid overly personal anecdotes, controversial topics, or humor that might not land. The safest approach is to be brief, authentic, and professional.

After the Interview
Most interviews last less than 30 minutes. If it feels short or casual, that’s generally a good sign. Afterward, the board will meet privately to vote. You’ll typically hear back within a few days to a week. If approved, you can move forward to closing. If not, don’t panic—your agent can help you understand what went wrong and guide you toward other opportunities.

Final Thoughts
The NYC co-op process is famously intense, but reaching the interview stage is proof of your preparation and determination. With thoughtful preparation, a professional demeanor, and a clear understanding of the board’s expectations, you’re in a strong position to succeed.

If you’re looking to buy a home in New York City, contact Colin O'Leary, team leader of The Big City Team at Berkshire Hathaway HomeServices Fillmore Real Estate, at 646-300-2012 for a free consultation. Our team specializes in guiding first-time buyers through every step of the NYC real estate process—with clarity, confidence, and results.


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U.S. Housing Market Update: What’s Happening Across the Country in 2025

5/26/2025

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Photo by Thomas Wolter on Unsplash
By Colin O'Leary

The U.S. housing market in 2025 continues to show sharp regional contrasts in home prices, sales activity, and buyer sentiment. Nationally, existing home sales fell 0.5% in April to a seasonally adjusted annual rate of 4.00 million units, the slowest April since 2009. However, new home sales surged 10.9% during the same period, reaching the highest level since February 2022. This increase was largely driven by builder incentives and price reductions that have appealed to budget-conscious buyers. Meanwhile, the inventory of existing homes rose to 1.45 million units, reflecting a 9% month-over-month and 20.8% year-over-year increase, providing more options for buyers in a market still challenged by high mortgage rates, which average 6.97% nationally as of May 26, 2025 (bankrate.com).

In the Northeast, price appreciation is leading the nation, with a 10.3% year-over-year increase during the first quarter of 2025. This growth is paired with tight inventory and minimal price reductions. Cities like Buffalo, NY, and Trenton, NJ, remain in high demand due to their relative affordability and proximity to larger employment hubs. The New York City housing market remains active, with the median home sold price reaching $870,078 in April 2025, a 3.2% increase year-over-year. Manhattan led with a 12% rise in median sale price to $1.175 million, while resale condos jumped 18% to $1.595 million. Brooklyn and Queens also saw solid growth, with median prices up 8% and 9%, respectively. Sales activity rose sharply, with over 2,500 condo and co-op transactions in Q1. On the rental side, Manhattan saw average monthly rents increase 7% year-over-year to $5,194, and while a wave of new inventory is expected this year, affordability remains a major concern, especially as rent-stabilized units face potential foreclosure and tax lien challenges.

The South, which accounts for 44.9% of all existing-home sales, has a mixed outlook. Home prices in the region increased just 1.3% year-over-year. While some markets, such as parts of Florida and the Carolinas, remain resilient due to job growth and population inflow, other metros are cooling. Austin, Texas, and Atlanta, Georgia, saw notable year-over-year price drops of 5.9% and 1.8%, respectively. Persistent high mortgage rates and buyer hesitation have led to growing inventory and longer time on the market in these cities. However, recent data from May 2025 shows that cities like Nashville, Tennessee, and Raleigh, North Carolina, are bucking the trend with moderate price gains of 3.4% and 2.9%, respectively, driven by strong tech sector expansion and inbound migration. Tampa Bay is also stabilizing with home sales rising 4.5% month-over-month, fueled by new developments targeting first-time buyers. The Southeast’s rental market remains active, with average rents increasing 4.8% year-over-year, notably in Orlando and Charlotte, where rental demand is boosted by a surge in young professionals and remote workers relocating from higher-cost regions.

The Midwest has become one of the strongest-performing regions, driven by affordability and steady labor markets. Milwaukee led the region with a 20% year-over-year increase in home prices. Meanwhile, cities like Detroit and Cleveland continue to be among the most affordable in the nation, with median home prices of $180,000 and $217,750, respectively. These low price points and rising interest in homeownership are driving strong demand and competition, positioning the Midwest as a standout in today’s national housing landscape. In addition, Minneapolis and Columbus have seen increased buyer activity, with home prices rising 6.5% and 5.8% year-over-year, supported by robust job growth in manufacturing and healthcare sectors. Inventory in these markets remains tight, with months of supply hovering around 2.1 to 2.5, leading to faster sales cycles despite mortgage rate pressures. Rental vacancy rates in the Midwest remain low at approximately 5.3%, further underscoring strong housing demand.

Out West, market trends are mixed. Pandemic boomtowns like Salt Lake City are seeing price corrections, with values down 2.1% year-over-year as remote work demand declines. On the other hand, tech-driven markets like Denver and Seattle are rebounding. Denver posted a 5.1% increase in home prices, while Seattle saw a 3.7% uptick. These cities also report fast-moving inventory, with median days on market as low as 10 to 12 days in places like San Jose and Seattle. Meanwhile, California’s Inland Empire is experiencing moderate growth, with home prices rising 2.8%, thanks in part to increased new construction. San Francisco and Los Angeles markets have shown some stabilization with modest price gains of 1.5% and 1.2% year-over-year, respectively, aided by easing inventory shortages and a slight uptick in luxury home demand. Conversely, Portland, Oregon, and Boise, Idaho, are experiencing slowdowns, with prices declining 1.4% and 3.2% year-over-year, reflecting shifting migration patterns and affordability constraints. The Western rental markets remain competitive, with vacancy rates below 4% in most major metros, pushing rents up 6% year-over-year, particularly in urban cores where tech job growth is rebounding.

Overall, the 2025 housing market remains shaped by high mortgage rates, rising inventory, and a strong regional divide. Affordability continues to be a top concern for many buyers, while shifting demand and local economic factors are driving distinctly different outcomes across the country.

Sources:
National Association of Realtors (NAR), Existing Home Sales Data, April 2025
U.S. Census Bureau, New Residential Sales, April 2025
Bankrate.com, 30-Year Mortgage Rates, May 26, 2025: bankrate.com
Zillow Research, Regional Housing Market Reports, Q1 2025
Redfin Data Center, Housing Market Trends by City, May 2025
Apartment List, Rental Market Report, Q1 2025
Local real estate boards and MLS reports for NYC, Southeast, Midwest, and Western metro areas

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NYC Broker Fees Are Changing: What Renters Need to Know About the FARE Act

5/19/2025

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Photo by Ricky Singh on Unsplash

By Colin O'Leary

If you’ve ever rented an apartment in New York City, you know the sting of writing a large check for a broker’s fee — sometimes thousands of dollars — just to move into your new home. For decades, it’s been standard for renters to cover these fees, even when the broker was technically representing the landlord. But that’s about to change.

On June 11, 2025, the Fairness in Apartment Rental Expenses (FARE) Act is scheduled to take effect, reshaping how broker fees are handled in residential rentals across the city. Passed by the New York City Council in 2024, the law is designed to make renting more affordable and transparent for tenants.

Under the FARE Act, landlords will now be required to pay the broker’s fee when the broker is working on their behalf to market or lease an apartment. Renters will only be responsible for a fee if they personally hire a broker to help them find and secure a home. This change puts financial responsibility where it belongs — with the party that hired the broker.

This is welcome news for many New Yorkers, especially those struggling to cover several months of rent upfront. Broker fees in NYC have traditionally run as high as 15% of the annual rent — a hefty cost in a city where rent is already sky-high. By shifting this expense away from tenants in most cases, the FARE Act promises significant relief for renters.

However, the law isn’t without controversy. Industry groups, including the Real Estate Board of New York (REBNY), have filed legal challenges, arguing that the FARE Act conflicts with existing state regulations and infringes on property owners’ rights. Despite the litigation, the law is slated for enforcement starting June 11, 2025, though the court’s decision could affect implementation.

So what happens if a landlord or broker violates the new rules? The Department of Consumer and Worker Protection (DCWP) will oversee enforcement. Landlords or brokers found in violation could face fines ranging from $500 to $2,000 per incident, and brokers risk disciplinary action from the New York State Department of State, which oversees licensing.

For renters, the message is simple: starting next summer, you shouldn’t pay a broker fee unless you’ve hired the broker yourself. Understanding who the broker represents is more important than ever. If they’re working for the landlord, the fee is on the landlord — not you.

For landlords, this change requires a shift in budgeting. Broker fees may now become a standard business expense, similar to marketing or maintenance. It’s also an ideal time to review relationships with brokers and ensure they’re staying up to date with local laws.

At The Big City Team, we’re preparing both renters and landlords for this transition. Our commitment to transparency, ethical service, and legal compliance ensures our clients stay informed and protected. We’ll continue to monitor court proceedings closely and share updates that could affect your leases or listings.

Navigating NYC’s rental market has never been simple, but the FARE Act is a major step toward leveling the playing field. Whether you’re renting your first apartment or listing your next investment property, we’re here to guide you through the process with clarity and care.

If you’re in the market to rent a home in New York City and need assistance, contact Colin O'Leary at 646-300-2012 for a complimentary consultation.



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New York City Real Estate Market Trends Spring 2025

4/8/2025

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Photo by Florian Wehde on Unsplash

By Colin O'Leary

The New York City residential real estate market continues to show remarkable resilience in spring 2025. The city’s total property market value is projected to rise 5.7% to an impressive $1.6 trillion, signaling a strong recovery from last year. Residential properties—including co-ops, condos, and rentals—are leading this growth with a 7.3% increase.

Despite this positive momentum, housing inventory remains tight across the state. In February 2025, only 22,518 units were available statewide, the lowest level since 1997, representing a 5.3% decline from the previous year. Meanwhile, the average home value in New York City rose to $763,358, a 4.2% year-over-year increase.

Manhattan Real Estate Market Update
Manhattan is experiencing a notable resurgence. The median sale price jumped 12% year-over-year to $1.175 million. Resale condos saw an even larger surge, with the median price reaching $1.595 million—an 18% increase. Sales activity was strong, with condo and co-op transactions rising 28.8% year-over-year to 2,560 in the first quarter of 2025. For buyers and sellers looking in Manhattan, now is a key time to explore opportunities in this competitive market.

Brooklyn Housing Market Growth
Brooklyn continues to attract buyers with its dynamic neighborhoods and vibrant lifestyle. The median sale price increased 8% year-over-year to $980,000, while resale condos reached a median price of $1.26 million, up 14%. Sales activity grew 17.5%, totaling 1,915 transactions in Q1 2025. Brooklyn remains a strong choice for buyers seeking value combined with cultural appeal.

Queens Residential Market Trends
Queens is seeing steady growth in its housing market. The median sale price climbed 9% year-over-year to $750,000, and resale condos rose 10% to a median price of $895,000. Condo sales increased 15%, with 1,470 transactions recorded in the first quarter. Queens offers a growing number of opportunities for buyers seeking diverse neighborhoods and convenient access to Manhattan.

The Bronx Real Estate Market

The Bronx has become a popular choice for buyers looking for affordable urban living. Median sale prices rose 7% year-over-year to $525,000, while resale condos increased 8% to a median of $675,000. Sales activity grew 12% year-over-year, totaling 1,150 transactions in Q1 2025. The Bronx continues to offer opportunities for first-time buyers and investors looking for long-term growth.

Staten Island Market Update
Staten Island continues to appeal to families seeking more space. The median sale price increased 6% year-over-year to $650,000, and resale condos jumped 9% to $635,000. Condo and co-op sales rose 10.5% year-over-year, with 900 transactions in the first quarter. Staten Island remains a top choice for those prioritizing suburban-style living within New York City.

Conclusion: NYC Real Estate Opportunities in 2025
As we move further into spring, it’s clear that New York City’s real estate market is thriving across all boroughs. Whether you’re looking to buy, sell, or rent, the city offers a wealth of opportunities. Contact Colin O'Leary at 646-300-2012 to explore the NYC housing market with confidence and find the home that’s right for you.

Sources
credaily.com | nysar.com | zillow.com | corcoran.com | crainsnewyork.com | nypost.com | propertyshark.com | garfieldbrooklyn.com

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Coney Island West: A Bold Vision for Brooklyn's Waterfront Revival

2/26/2025

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Rendering by: ONE Architecture & Urbanism

By Colin O'Leary


The City of New York has unveiled an ambitious plan to revitalize Coney Island's western waterfront, aiming to transform the area into a vibrant residential and recreational hub. Announced by Mayor Eric Adams and the New York City Economic Development Corporation (NYCEDC), the "Coney Island West" initiative seeks to introduce 1,500 mixed-income housing units, enhance retail spaces, and upgrade public amenities, including the historic Riegelmann Boardwalk. This initiative builds upon the momentum generated by the 2009 Coney Island rezoning, which has already facilitated the construction of over 3,400 housing units on the peninsula. The Coney Island West project aims to further this progress by creating a dynamic environment where residents can live, work, and enjoy recreational activities.

The plan includes mixed-income housing development, with a specific focus on Parcel A, an 80,000-square-foot site on Surf Avenue between West 21st and West 22nd Streets. The city has issued a Request for Proposals (RFP) for this location, envisioning 500 mixed-income apartments, with 25% designated as affordable housing, alongside ground-floor retail spaces and public parking facilities. Enhancements to public amenities are also a priority, including a $42 million renovation of the Abe Stark Sports Center, which has been a community staple since 1970. Planned upgrades encompass a new entrance, updated signage, and improved amenities to better serve residents and visitors. Additionally, the historic Riegelmann Boardwalk will undergo phased renovations to bolster its structural integrity and incorporate coastal resilience features, ensuring its longevity as a cherished public space.


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Infrastructure and community improvements are also integral to the plan. The development will introduce new thoroughfares, including Ocean Way and the pedestrian-friendly Parachute Way adjacent to Maimonides Park, enhancing connectivity and accessibility within the neighborhood. Comprehensive infrastructure improvements, including sewer and street upgrades, are planned to support anticipated growth and ensure the area's sustainability. Mayor Adams emphasized the significance of this development, stating, "Coney Island is America’s playground—home to iconic venues and parks, countless small businesses, and a hard-working community. Our administration is advancing a vision to turn this waterfront district into a great place to live, work, and play."

As the project moves forward, the city is actively seeking developers who share this vision and are committed to honoring Coney Island's rich history while contributing to its bright future. For those interested in real estate opportunities in the NYC market, including developments like Coney Island West, contact The Big City Team and our team leader Colin O'Leary, at 646-300-2012 for expert guidance and assistance.

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NYC’s Next Hot Neighborhoods: Where to Watch in 2025

2/10/2025

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Photo by Cody Nottingham on Unsplash

By Colin O'Leary


As New York City’s real estate landscape continues to evolve, certain neighborhoods are emerging as prime spots for both buyers and renters in 2025. According to StreetEasy, many of these areas offer a mix of affordability, community charm, and convenient access to the city’s core. If you’re considering a move or investment in NYC, here are the neighborhoods to keep on your radar.

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1. Ridgewood, Queens

For the second consecutive year, Ridgewood tops the list as NYC’s neighborhood to watch. With its historic rowhouses, growing arts scene, and strong community vibe, Ridgewood has become a sought-after alternative to nearby Bushwick. Buyers and renters alike are flocking here, driving up home values and rental demand.

2. Greenwood Heights, Brooklyn

Nestled between Park Slope and Sunset Park, Greenwood Heights offers a quieter, more affordable option with access to Green-Wood Cemetery’s lush landscapes. The area has seen an increase in buyer interest while maintaining a relaxed, residential feel.

3. Long Island City, Queens

Long Island City continues its upward trajectory, boasting sleek high-rises, stunning waterfront views, and easy access to Midtown. With a mix of new developments and a flourishing restaurant scene, LIC remains one of the hottest spots in NYC real estate.

4. Sunnyside, Queens

Sunnyside’s tree-lined streets, pre-war co-ops, and tight-knit community have made it an increasingly popular choice. With a balance of affordability and accessibility, it’s an excellent option for those seeking a neighborhood feel within close reach of Manhattan.

5. Windsor Terrace, Brooklyn


For those who love Prospect Park but want a quieter alternative to Park Slope, Windsor Terrace is the place to be. This neighborhood continues to attract families and professionals looking for green space and a strong sense of community.

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6. Sunset Park, Brooklyn

A neighborhood rich in cultural diversity, Sunset Park is gaining attention for its vibrant restaurant scene, waterfront access, and the continued expansion of Industry City, making it a prime spot for real estate growth.

7. Astoria, Queens

Always a favorite among renters, Astoria continues to shine with its blend of affordability, diverse dining options, and easy commute to Manhattan. With new developments on the rise, this neighborhood remains a top contender.

8. Crown Heights, Brooklyn

Crown Heights has become one of Brooklyn’s most dynamic neighborhoods, attracting buyers and renters with its mix of historic brownstones, cultural institutions, and exciting nightlife.

9. Bay Ridge, Brooklyn

Bay Ridge offers a suburban feel within the city, with waterfront parks, excellent schools, and an affordable housing market compared to other parts of Brooklyn. It remains a hidden gem for those seeking space and value.

10. Washington Heights, Manhattan

One of the few Manhattan neighborhoods still offering relative affordability, Washington Heights has seen a steady rise in interest. Its rich history, scenic views, and proximity to public transit make it a standout choice.

Final Thoughts

If you’re planning to buy a home in New York City, these neighborhoods are among those expected to see continued growth in 2025. For guidance on finding the perfect property or navigating the market, reach out to Colin O'Leary at 646-300-2012 for a complimentary consultation.



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SoMA: The Nation’s Largest Office-to-Residential Conversion Begins Leasing in FiDi

2/4/2025

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Rendering courtesy of Streetsense

By Colin O'Leary

The Financial District (FiDi) in Manhattan is undergoing a historic transformation with the launch of SoMA (South Manhattan) at 25 Water Street, the nation’s largest office-to-residential conversion. Originally built in the 1960s as an operations center for Manufacturers Hanover Trust Company, this massive structure has been meticulously redeveloped over the past two years by GFP Real Estate, Metro Loft, and Rockwood Capital, in collaboration with the architectural firm CetraRuddy.

The original building, known for its Brutalist architecture and minimal windows—originally designed to house computer systems—has undergone significant modifications. To introduce natural light and modern aesthetics, two central light wells were carved into the structure, and large sections of the façade were replaced with expansive windows. Additionally, a 10-story overbuild has extended the building to 32 stories, accommodating a total of 1,320 luxury residential units.

SoMA offers a variety of residences, including studios, one-, two-, and three-bedroom apartments, as well as exclusive penthouses. Each unit is designed with modern features such as home offices, high ceilings, custom Italian kitchens with paneled appliances, in-unit washer-dryers, custom solar shades, and stunning water views. Rental prices start at $3,436 per month for studios, while three-bedroom units are priced around $10,000 per month, with premium units on higher floors reaching up to $12,000 per month.

In addition to its upscale living spaces, SoMA boasts 100,000 square feet of luxury amenities, offering residents an unparalleled living experience. These amenities include a state-of-the-art fitness center, a spa with a steam room, Himalayan salt room, infrared sauna, relaxation and treatment rooms, co-working spaces, a private bowling alley, karaoke room, rooftop terrace, on-site basketball court, two pickleball courts, and two swimming pools.

As part of its commitment to accessible housing, approximately 25% of the units at SoMA are designated as affordable housing, aligning with the city’s 467-m tax incentive program to create more inclusive living opportunities in prime locations.

The successful conversion of 25 Water Street into SoMA sets a new benchmark in urban redevelopment. It exemplifies innovative approaches to repurposing commercial buildings to meet the city’s growing housing demand while preserving the historical and architectural integrity of Manhattan’s Financial District.

For more information about SoMA and available units, visit SoMA NYC.



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The Orchard: Queens’ Tallest Tower Redefines Luxury Living in Long Island City

11/17/2024

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Rendering of The Orchard in Long Island City: Photo by Binyan

By Colin O'Leary

Long Island City is making headlines with The Orchard, Queens’ tallest building to date. Officially topping out this week at an impressive 823 feet, this 70-story rental tower developed by BLDG Management Company and designed by Perkins Eastman is redefining the skyline and luxury living in the borough.

Located at Orchard Street and Jackson Avenue in the Court Square neighborhood, The Orchard will feature 824 apartments, ranging from studios to three-bedroom units, with 248 designated as affordable housing. The development strikes a balance between luxury and accessibility, adding to the neighborhood’s transformation into a dynamic urban hub.

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Rendering of The Orchard in Long Island City: Photo by Binyan
The building boasts over 100,000 square feet of amenities, offering an unparalleled living experience. Outdoor features include a massive backyard with a swimming pool, three pickleball courts, an outdoor movie theater, a running track, an orchard grove, and green spaces for yoga, children’s play, and dogs. Residents will also enjoy private cabanas with grills and fire pits.

Indoor amenities are equally impressive, with a sky lounge on the 70th floor providing panoramic Manhattan views, a bar, chef’s kitchen, and private dining space. Wellness options include an indoor pool, basketball court, state-of-the-art fitness center, spa, steam room, and fitness studios. Entertainment spaces include game rooms, private theaters, and multimedia rooms.
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Rendering of The Orchard in Long Island City: Photo by Binyan

Designed with modern professionals in mind, The Orchard features conference rooms, work pods, a business center, and even a podcast studio. These spaces make it easier for residents to work from home while enjoying a dynamic and community-oriented environment.

Joining Long Island City’s growing skyline, The Orchard rises above neighboring towers like Skyline Tower (778 feet), Sven (755 feet), and Lumin LIC (731 feet). The tower is expected to welcome its first residents in January 2026, with marketing and leasing managed by Corcoran New Development.

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Rendering of The Orchard in Long Island City: Photo by Binyan
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New Renderings Unveiled for 450 Union Street, a 19-Story Residential Development in Gowanus, Brooklyn

10/31/2024

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450 Union Street - Renderings by SO-IL

By Colin O'Leary


Exciting new renderings have emerged for 450 Union Street, a 19-story residential building poised to rise in the Gowanus neighborhood of Brooklyn. Designed by SO-IL in collaboration with Magnusson Architecture & Planning, with development led by Tankhouse and McArthur Holdings, this 203,000-square-foot project will bring a mix of market-rate and affordable rental units to the area, complemented by ground-floor retail spaces. Located at the prominent intersection of Union and Bond Streets, the development aims to enhance the local landscape with a thoughtfully designed, visually compelling structure.

The aerial renderings present a stunning view of 450 Union Street from across the Gowanus Canal, revealing a landscaped public waterfront plaza that will serve as a welcoming communal space. At the heart of the building’s eastern façade, a two-story glass volume highlights the main entrance, adding an inviting, modern aesthetic.


A street-level view from Union Street showcases a unique architectural element: a cutout separating floors three through seven, with balconies bridging the space across the void. Additional renderings reveal the building's cascading design, with angled volumes climbing from the base to the top. This dynamic structure combines tiered setbacks and terraces that create a striking play of light and shadow, lending both depth and vertical emphasis to the overall design. The lower levels align with the adjacent two-tower residential complex at 313-315 Bond Street, while setbacks push the upper stories toward the center of the site, offering a blend of privacy and visual intrigue.

The building’s façade features gray brick accented by a grid of floor-to-ceiling windows framed by slender white mullions. Close-up renderings spotlight the ground-floor retail frontage, the striking cutout between the second and third floors (complete with terraces and hanging vegetation), tree-lined sidewalks, and a garden-inspired streetscape. This unique brickwork pattern and attention to detail make 450 Union Street a distinct addition to Gowanus.

Drawing from SO-IL’s previous Brooklyn projects like 9 Chapel Street, 144 Vanderbilt Avenue, and 450 Warren Street, the design reflects a familiar architectural language while introducing fresh elements to the neighborhood. Residents will have access to a wide range of amenities, including private parking, a fitness center, a children’s playroom and art studio, lounge areas with a commercial kitchen, and flexible workspace designed for remote professionals.

Conveniently located just blocks from the Union Street R train station, 450 Union Street will provide residents with quick access to public transportation and the surrounding community. The project is scheduled for completion in 2026, promising a vibrant new chapter for the Gowanus landscape.

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Discover 7 Up-and-Coming Neighborhoods in NYC You Should Know About

10/23/2024

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Photo by Tom Ritson on Unsplash

By Colin O'Leary

New York City is a dynamic landscape, where real estate markets are constantly evolving and new neighborhoods rise to prominence. If you're looking to invest in property, rent, or simply explore a fresh part of the city, here are seven up-and-coming neighborhoods you need to keep an eye on.


1. Bushwick, Brooklyn

Bushwick has transformed from an industrial zone into one of Brooklyn’s trendiest enclaves. Known for its vibrant street art, burgeoning culinary scene, and a strong community of creatives, Bushwick offers a unique blend of grit and charm. The neighborhood is becoming increasingly popular with first-time homebuyers and renters due to its relatively affordable prices compared to neighboring Williamsburg. Trendy coffee shops, art galleries, and boutique stores are constantly popping up, making this a prime spot for future growth.

2. Mott Haven, The Bronx

Located just across the Harlem River from Manhattan, Mott Haven is experiencing a rapid revitalization. With its proximity to the 4, 5, and 6 subway lines and direct access to the expressways, it’s perfect for commuters. The neighborhood is now seeing the development of luxury waterfront condos, trendy bars, and art spaces. As The Bronx begins to shed its old reputation, Mott Haven is emerging as one of the most exciting investment opportunities in the city.

3. Bedford-Stuyvesant (Bed-Stuy), Brooklyn

Bed-Stuy has a rich history, known for its beautiful brownstone-lined streets and cultural significance in the African American community. Over the past few years, the neighborhood has seen a surge in development, with new condos, co-ops, and rental buildings offering a variety of living options. The arrival of new restaurants, coffee shops, and vintage boutiques has attracted a younger, more diverse crowd. While prices are rising, Bed-Stuy remains a more affordable alternative to nearby neighborhoods like Clinton Hill and Fort Greene.

4. Ridgewood, Queens

Ridgewood is a neighborhood that has flown under the radar for years but is now drawing attention. Located on the border between Brooklyn and Queens, this residential area combines the quiet charm of Queens with the cultural buzz of nearby Bushwick. Ridgewood offers more space for your money, with a mix of old-world charm in its pre-war apartment buildings and modern developments. The neighborhood has seen an influx of young families and professionals, drawn to its community atmosphere and local businesses.

5. East Harlem (El Barrio), Manhattan

East Harlem, or "El Barrio," has been a cultural hub for NYC’s Puerto Rican and Latinx communities for decades. Now, with ongoing rezoning efforts and increased real estate interest, the area is poised for significant development. New condos and mixed-use buildings are changing the landscape, while local cultural institutions and long-standing eateries continue to preserve the neighborhood’s unique identity. East Harlem is becoming more appealing to those seeking affordable living options in Manhattan, with new dining and retail spots appearing regularly.

6. Greenpoint, Brooklyn

Once an industrial hub, Greenpoint has grown into one of Brooklyn’s most desirable waterfront neighborhoods. Known for its Polish roots and creative community, Greenpoint offers stunning views of Manhattan, a thriving nightlife scene, and a growing selection of luxury condos. New developments along the waterfront are transforming the neighborhood into a residential hotspot, attracting professionals and families alike. While prices are increasing, Greenpoint still offers more space and a quieter atmosphere compared to Williamsburg.

7. Woodside, Queens

Woodside is one of Queens' hidden gems. With a strong Irish, Filipino, and South Asian community, this neighborhood boasts a rich cultural heritage and a diverse range of dining options. Its location along multiple subway lines and the Long Island Rail Road makes it an appealing option for commuters. The real estate market in Woodside is growing, with new residential projects offering affordable living spaces. As more people discover Woodside’s charm, the area is poised to become a top choice for NYC homebuyers and renters.

Conclusion:

These seven neighborhoods offer unique opportunities for those looking to live, invest, or explore New York City’s real estate market. Whether you’re drawn to Brooklyn’s artistic scene, the Bronx’s evolving waterfront, or Queens’ diverse communities, NYC has something for everyone.

If you're in the market for a new home or an investment property and are in need of assistance, contact Colin O'Leary at 646-300-2012 for a complimentary consultation. 


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Billy Joel's Long Island Estate Lists For $49.M

10/2/2024

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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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By Colin O'Leary


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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By Colin O'Leary

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

By Colin O'Leary


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

By Colin O'Leary

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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Condos or Co-ops in New York City: Which Is Right for You?

4/29/2024

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Photo by Rafael Leão on Unsplash

In the New York City real estate market, two popular housing options stand out: condos and co-ops. While they may look similar from the outside, their ownership structures are very different, each with its own advantages and drawbacks. Understanding these differences is important before starting the home buying process.

When you buy a condo, you own your individual unit outright and share ownership of common areas such as lobbies, gyms, and rooftop spaces. Condo owners are responsible for maintenance inside their units and pay property taxes separately. Co-ops work differently. Instead of buying a unit, you purchase shares in a corporation that owns the entire building, giving you the right to occupy a specific unit. Co-op owners pay a monthly maintenance fee that often includes property taxes, building upkeep, and amenities.


The approval process for condos and co-ops can vary greatly. Condos usually have a straightforward process, with boards having limited power to reject applicants, mainly through the right of first refusal. Co-op boards, on the other hand, have significant control and may reject applicants for various reasons. The process often involves detailed financial disclosures, references, and interviews, which can make co-op purchases more complex.

Financing and costs also differ between condos and co-ops. Condos generally offer more flexibility, with lenders sometimes allowing down payments as low as 10 percent. Co-ops are often more affordable in terms of the sales price but usually require higher upfront costs, typically at least a 20 percent down payment. Both condos and co-ops charge monthly fees for building maintenance. Condo owners pay a common charge, while co-op owners pay a maintenance fee, which may include property taxes and other building expenses.

Resale value and rental potential are another important consideration. Condos often have higher resale value and fewer restrictions on renting, making them appealing for buyers interested in generating rental income. Co-ops may provide long-term value appreciation and stability, especially in desirable neighborhoods, but stricter subletting policies can limit rental opportunities.

Choosing between a condo and a co-op depends on your lifestyle, financial situation, and long-term goals. If you value ownership autonomy, flexible financing, and rental potential, a condo might be the better fit. If you prioritize community, building oversight, and stability, a co-op could be the ideal choice.

For personalized advice and assistance navigating the NYC real estate market, contact Colin O’Leary at 646-300-2012 to schedule a free consultation.

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Exploring New York City's Summer Street Fairs: A Guide to the Best Events Across the Boroughs

4/26/2024

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Photo by Taylor Heery on Unsplash


New York City in the summer is a vibrant playground of culture, food, and fun, and street fairs are one of the highlights. These events, spread across the city's five boroughs, offer a plethora of experiences, from delicious food to unique shopping and lively entertainment. In this guide, we'll take you through the best upcoming street fairs in each borough, so you can make the most of your NYC summer.

Street Fairs in Manhattan:

April:
  • April 26: Hester Street Fair (18 Fulton St)
  • April 27: 8th Ave-Chelsea Spring Fair (8th Avenue from 14th St to 23rd St)
  • April 28: Lexington Ave Festival (Lexington Ave from 79th St to 86th St)

May:
  • May 1: 45th St Fair (45th St from 3rd Ave to Lexington Ave)
  • May 4: MCC 2nd Avenue Festival (2nd Avenue from 86th St to 66th St)
  • May 5: 45th Annual Plantathon Festival (Broadway (E) from 73rd St to 82nd St)
  • May 8: 52nd St Fair (52nd St from 3rd Ave to Lexington Ave)
  • May 11: 6th Avenue Fair (6th Avenue from 23rd St to 32nd St)
  • May 11-12: Hester Street Fair (89 South St)
  • May 12: Lincoln Square Fair (Broadway from 60th St to 65th St)
  • May 15: Liberty Street Fair (Liberty St from Church to Broadway)
  • May 18: Park Ave – Artist Stroll (Park Avenue (W) from 34th St to 40th St)
  • May 22: 40th Street Fair (40th St from Madison Ave to Park Ave)
  • May 25-26: Memorial Day Hester Street Fair (89 South St)
  • May 26: Washington Sq N. Fair (Washington Square North from University to MacDougal)

June:
  • June 1: First Avenue Festival (1st Avenue from 68th St to 79th St)
  • June 1: St. Nicholas Ave Festival (St. Nicholas Avenue from 181st St to 188th St)
  • June 6: Liberty Street Fair (Liberty St from Church to Broadway)
  • June 8: 8th Ave-Midtown Festival (8th Avenue from 55th St to 42nd St)
  • June 12: 40th Street Fair (40th Street from Madison Ave to Park Ave)
  • June 15: Bleecker BAMRA (Bleecker St from Broadway to 6th Avenue)
  • June 22: Washington Sq N. Fair (Washington Square North from University to MacDougal)
  • June 23: Amsterdam Ave Fair (Amsterdam Avenue from 79th St to 86th St)

Multiple Dates:

  • Uptown Night Market:
    • What: A nighttime food market celebrating Harlem and Uptown’s culture
    • Where: Harlem Arches – 12th Ave. & 133rd St.
    • Dates: Every 2nd Thursday of the month from April to October
    • Hours: 4 pm – 10 pm
  • Vegan Night Market:
    • What: A vegan’s fantasy of a night market
    • Where: Columbus Circle, Central Park
    • Dates: Every first Tuesday of the month from May to October
    • Hours: 12 pm – 8 pm
  • Smorgasburg WTC:
    • What: A popular open-air food market showcasing various vendors
    • Where: The Oculus – Fulton & Church St.
    • Dates: Every Friday
    • Hours: 11 am – 6 pm

Street Fairs in Brooklyn:

May:
  • May 18: Graham Ave Fiesta (Graham Avenue from Broadway to Boerum)
  • May 19: Fab 5th Ave Street Fair (5th Avenue from 12th St to Sterling Pl)
June:
  • June 8: 28th Annual Brooklyn Pride (5th Avenue from 9th St to Union St)
  • June 16: 7th Heaven Street Fair (7th Avenue from Flatbush Avenue to 16th St)
  • June 22: Coney Island Mermaid Parade (Surf Avenue from West 10th St to West 21st St)
  • June 23: Smith Street Fun Day (Smith St from Union to Bergen St)

Multiple Dates:

  • Brooklyn Night Market:
    • What: A nighttime food market celebrating Brooklyn’s culture
    • Where: Industry City, 36th Str. between 2nd & 3rd Avenues
    • Dates: Every last Monday of the month from April to October
    • Hours: 4 pm – 10 pm
  • Williamsburg Smorgasburg:
    • What: A popular open-air food market showcasing various vendors
    • Where: Marsha P. Johnson State Park – 90 Kent Ave.
    • Dates: Every Saturday
    • Hours: 11 am – 6 pm
  • Prospect Park Smorgasburg:
    • What: A popular open-air food market showcasing various vendors
    • Where: Breeze Hill
    • Dates: Every Sunday
    • Hours: 11 am – 6 pm

Street Fairs in Queens:

April:
  • April 27: Grand Avenue Festival (Grand Avenue from 72nd St to 69th St)
  • April 28: Steinway Street “Astoria Cultural” Fair (Steinway St from 28th Avenue to 34th Avenue)
May:
  • May 4: 63rd Drive Festival (63rd Dr from Austin St to Queens Blvd)
  • May 25: Woodside Festival (Woodside Ave from 63rd St to Roosevelt Ave)
  • May 27: Broadway Astoria Memorial Day Fair (Broadway from Crescent St to 42nd St)
June:
  • June 2: Queens Pridefest (37th Road from 73rd to 77th Streets)
  • June 9: Forest Hills Festival of the Arts (Austin St from 69th Road to 72nd Road)
  • June 30: Broadway Astoria Summer Jam (Broadway Astoria from Steinway to 47th St)

Multiple Dates:

  • Queens Night Market:
    • What: A nighttime food market celebrating Queens’ culture
    • Where: Behind the New York Hall of Science in Flushing Meadow Corona Park
    • Dates: Every Saturday
    • Hours: 4 pm – 12 am

Street Fairs in The Bronx:

May:
  • May 11: Castle Hill Spring Fair (Castle Hill Ave from Starling Ave to Westchester Ave)
June:
  • June 15: Fair in the Square (Tremont Ave from Saint Raymonds Ave to Frisby Ave)
  • June 15: Fair Sq Lane (Lane Ave from Tremont Avenue to Westchester Avenue)
  • June 22: Da Bronx Pride (Westchester Avenue from Brook Avenue to Third Avenue)

Multiple Dates:

  • Bronx Night Market:
    • What: A nighttime food market celebrating The Bronx’s culture
    • Where: 1 Fordham Plaza
    • Dates: Every first Saturday from April to October
    • Hours: 4 pm – 10 pm


Street Fairs on Staten Island:

August:
  • August 6-10: Richmond County Fair

With this comprehensive list, you're fully prepared to make the most of your summer in New York City. Whether you're in Manhattan, Brooklyn, Queens, The Bronx, or Staten Island, there's a street fair waiting for you with delicious food, unique finds, and vibrant community spirit. And if you're looking to make a move or find the perfect place to call home in the Big Apple, remember that The Big City Team is here to assist with all your real estate needs. So, mark your calendars, gather your friends, and dive into the rich tapestry of culture that NYC has to offer this summer!


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Embrace Spring in the Big Apple: 7 Fun Activities in New York City

4/18/2024

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Photo by Ahmer Kalam on Unsplash

As the chill of winter fades away, New York City awakens to the vibrant colors and energy of spring. From strolling through blooming parks to exploring cultural festivals, there's an abundance of delightful activities to enjoy. If you're looking to make the most of the season, here are seven fun things to do in the springtime in the city that never sleeps:

1. Central Park Picnic

Central Park comes alive with the arrival of spring, offering a picturesque backdrop for a leisurely picnic. Grab a blanket, pack some delicious snacks, and head to Sheep Meadow or the Great Lawn. Bask in the sunshine, surrounded by blooming flowers and the soothing sounds of nature. It's the perfect way to relax and soak up the beauty of the season.

2. Cherry Blossom Viewing in Central Park

While the Brooklyn Botanic Garden boasts a stunning display of cherry blossoms, you can also enjoy these delicate flowers right in the heart of Manhattan. Take a stroll through Central Park and discover cherry trees in full bloom, along with a myriad of other colorful flowers bursting to life. Head to the Conservatory Garden or the Reservoir for particularly beautiful floral displays. Central Park transforms into a floral paradise in the spring, offering a serene escape from the hustle and bustle of the city. Don't miss the chance to immerse yourself in the natural beauty of one of New York's most iconic landmarks.

3. Rooftop Dining

As the weather warms up, rooftop bars and restaurants across the city open their doors, offering stunning views of the skyline. Sip on cocktails or enjoy a delicious meal while soaking in panoramic vistas of iconic landmarks like the Empire State Building and the Statue of Liberty. It's the ultimate way to elevate your dining experience and celebrate the arrival of spring in style.

4. Brooklyn Botanic Garden

Immerse yourself in the wonders of nature at the Brooklyn Botanic Garden, which bursts to life with colorful blooms and fragrant blossoms in the spring. Explore themed gardens like the Japanese Hill-and-Pond Garden and the Shakespeare Garden, each offering a unique sensory experience. Be sure to check the garden's calendar for special events and guided tours.

5. Outdoor Markets

Browse eclectic outdoor markets scattered throughout the city, where local artisans showcase their handcrafted goods. From jewelry and clothing to artwork and gourmet treats, you'll find a treasure trove of unique finds. Check out popular markets like Smorgasburg in Brooklyn or the Union Square Greenmarket for a taste of local flavor and culture.

6. Bike Ride Along the Hudson River

Rent a bike and embark on a scenic ride along the Hudson River Greenway, a picturesque path that stretches along Manhattan's west side. Marvel at stunning views of the river, the Statue of Liberty, and the skyline as you pedal through parks and waterfront promenades. It's a refreshing way to explore the city and stay active during the spring months.

7. Cultural Festivals

Celebrate the diverse cultures of New York City at springtime festivals and events held throughout the five boroughs. From the Tribeca Film Festival to the Sakura Matsuri Cherry Blossom Festival, there's something for everyone to enjoy. Immerse yourself in music, art, food, and traditions from around the world, all while soaking up the festive atmosphere of the season.

Spring is a magical time in New York City, filled with endless opportunities for adventure and discovery. Whether you're a longtime resident or a first-time visitor, these seven activities are sure to make your springtime in the Big Apple unforgettable.

So, dust off your sunglasses, grab your camera, and get ready to embrace all that spring has to offer in the greatest city in the world!

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Upper East Side Co-op Near Central Park – 1 Bedroom Apartment for Sale

3/15/2024

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Just listed! Experience the best of Upper East Side living in this bright and spacious 1-bedroom, 1-bathroom co-op at 333 East 66th Street, priced at $650,000. Apartment 3L offers a private and peaceful retreat while keeping you right in the heart of Lenox Hill, just steps from the beauty and greenery of Central Park. Enjoy morning walks, weekend picnics, or a quick jog in one of the world’s most iconic parks—all right outside your door.

The Bryn Mawr makes city living effortless with full-service luxury. A 24-hour doorman, on-site superintendent, and full staff provide convenience and peace of mind every day. Residents have access to a stunning rooftop deck with an outdoor shower, an attached garage, laundry facilities, bike storage, and a fully renovated fitness center with cardio machines, weight equipment, a yoga area, and saunas. Commuting and getting around the city is easy with N/Q/R/4/5/6/F & Q trains, buses, and nearby CitiBike stations just steps away.

Apartment 3L is tucked at the end of the hall for extra privacy. The southwest-facing living room is bright and perfect for entertaining. The windowed kitchen includes a top-quality Sub-Zero refrigerator, and the spacious bedroom easily fits a king-size bed or a home office, with plenty of closet space. Hardwood floors run throughout, and two AC units keep the apartment comfortable all year.

The Bryn Mawr allows up to 80% financing, and one-year sublets are allowed with Board approval. Co-purchasing, guarantor financing, and gifting are possible on a case-by-case basis. Parents buying for children, corporate purchases or leases, short-term rentals, and Airbnb are not permitted.

This is a rare opportunity to own a 1-bedroom co-op in one of Manhattan’s most vibrant neighborhoods, with Central Park at your doorstep, top restaurants and cafes nearby, boutique shopping, and cultural hotspots all around. Don’t wait—schedule your private showing today! Contact Jonathan Ettricks with The Big City Team at 347-470-2272 for more information.



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4717 Avenue N, Brooklyn, NY 11234
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