Why Live on the Upper East Side?

The Upper East Side is known for its neighborhood feel and expensive Park Avenue apartments, steeped in rich history dating back to America’s most prominent families. The Carnegies, 

Rockefellers, and Kennedys have all called the Upper East Side Home. Today, the neighborhood attracts a variety of different demographics and has housing options that span many price ranges.

People are attracted to the Upper East Side and call it home for a myriad of reasons ranging from selection of schools to restaurants, shopping, and culture. It is a great neighborhood for first-time city dwellers as well as established families because of the diversity of properties available in the area. The neighborhood feel of the Upper East Side extends a welcoming hand to all.

Some felt that the Upper East Side was somewhat out of reach because the 4/5/6 was the main artery in and out of the neighborhood, leaving people on the east side of the area having to walk to Lexington Avenue to get downtown. With the opening of the Second Avenue Subway, the neighborhood and all of its perks have become even more accessible, and properties on the far east side of felt a positive impact.

Whether you are looking for home close to great close, coffee shops, museums, or shopping, the Upper East Side offers it all! Download our Upper East Side neighborhood guide to learn more about the neighborhood and why we love it.

Some of our neighborhood favorites include:

Restaurants:

• Mr Chow
• Flex Mussels
• Haru
• Philippe
• Elio's
• Campagnola
• Sushi by Gari
• Jo Jo's
• Cafe Boulud
• Morini
• The Mark Restaurant
• La Goloue
• Jade Sixty

Coffee:

• Nespresso boutique on 74th and Madison
• Joe's Coffee
• Birch Coffee
• Sant Ambroeus

Workouts:

• Equinox
• Soulcycle
• Flywheel
• Rumble
• Hot Yoga
• Ripped

Gourmet Grocery:

• Citarella
• Whole Foods
• Fairway
• Dean & Deluca

Salons:

• Warren Tricomi
• Drybar

Museums:

• Metropolitan
• Jewish Museum
• Frick Collection
• Met Breuer
• Neue Galerie
• Guggenheim

Schools:

• Chapin
• Brearley
• Buckley
• Spence
• Dalton
• Garden House School
• Town
• Lycee Francais

Parks:

• Central Park
• John Jay Park
• Carl Schultz Park

Featured Upper East Side Listings:

 408 East 79th Street, 17AB

Convertible 5 Bed | 5 Bath | $7,395,000

Apartment 17AB is a convertible five bedroom, five bathroom home with a private elevator landing in one of the Upper East Side's best condominium buildings. Meticulously designed by Weitzman Halpern, this 3,836 square foot home with 10 foot ceilings offers soaring views in every direction. Generously proportioned living and entertainment rooms make this home ideal for gatherings and entertainment. The Arcadia was designed by famed architectural firm Costas Kondylis and includes a private gym with beautiful skylight, stretching room and massage room, children's playroom, newly developed teen game room, bike room, storage, library and 24 hour doorman and concierge. 

SEE FULL LISTING

1355 First Avenue, 6th Floor

4 Bed | 4.5 Bath | $6,995,000

The 6th Floor at The Charles Condominium is a spectacular full-floor home with four bedrooms, four and half bathrooms, and complete luxury design work from Interior Design Aman Meeks. At 3,637 square feet, this is truly a special opportunity to own a gracious and pristine condo unit on the Upper East Side.

SEE FULL LISTING

Valentine's Day: Fall in Love with New York City

We love New York City for many reasons. It is the place we call home and live our passion - real estate. It is also full of so many cultures and experiences. Falling in love with New York City is easy, although everyone loves it for a different reason. Perhaps it is your neighborhood, the restaurants, the array of different types of people you meet, museums, or shopping.

Below are some ideas of ways to celebrate the day that is all about love - Valentine's Day. If you are single this year, that doesn't mean you can't have some fun. Grab a friend and take one of our suggestions to fall in love with New York City!

Romantic Things to Do:

Ice Skate in Wollman Rink - Wollman Rink is one of the most iconic skating rinks in the city. Set just inside Central Park off of Central Park South, therink is positioned to take in beautiful skyline views of the 57th Street corridor. Wollman is hosting a Valentine's Day special which includes admission for 2 adults and 2 skate rentals for $35.

The Love Of Chocolate Class - The L'Ecole Valrhona in DUMBO will be hosting a "Love of Chocolate Class" which will teach attendees how to make treats such as macarons and bonbons. The class will be led by an expert chef who will guide attendees as they enjoy chocolatey cocktails, share hors d'oeuvres, and make a Valentine's dessert. For $119 the class includes champagne, a recipe book, apron, and 20% off the Valrhona website.

Romance Under the Stars- This swanky soiree will be held at the American Museum of Natural History’s Rose Center for Earth and Space. It will feature an open bar with cocktails and hors d’oeuvres with a jazz quartet before the show. After mingling, guests will move to the planetarium while Astronomers tell love stories based on the methodology of the cosmos.

L’Atelier de Joel Robuchon: Mr. Robuchon was anointed “Chef of the Century” in 1989 and has become the most awarded chef alive. After his Atelier closed in New York City in 2012, he is back in the Meatpacking District! Those who have gone have described the experience at Atelier like none other, finding themselves smiling the entire time throughout the dinner. There are tables that offer views of the kitchen so you can see how the magic happens. Additionally, the interiors are outfitted with a red and black geometric design, perfect for the occasion. A special 4-course Valentine’s Day menu with optional wine pairing is available for $275 per person.

Gift Ideas:

Landeau - Landeau has made 25 the new dozen when it comes to giving a "dozen" roses. The delivery will arrive in a Parisian-style hatbox that makes quite the statement. Roses are available in 8 different colors and varieties. The box is also perfect for reusing as storage or a chic addition to a room's decor.

Vosges Chocolates - Haut Chocolate house led by founder Katrina Markoff who, while studying at Le Cordon Bleu in Paris, became inspired by Truffle Beignets at Place Des Vosges. This, in addition to her travels throughout Europe, inspired her company here in the States and her Travel the World Through Chocolate collections. She has won numerous awards, and Vosges Chocolates is now best known for its use of exotic ingredients such as spices, flowers, roots, and herbs.

Fragrance: Treat your loved one to a new fragrance. Perhaps is your favorite on them or their favorite. We love Creed Aventus for Men with notes of Bergamot and Blackcurrant Leaves and apple. For her, we pick Kilian Straight to Heaven. This sensual fragrance features base notes of Amber Gris and Cedar. It comes in a lockable display case.

Creed Aventus: Creed

Kilian Straight to Heaven: Saks

Fall In Love with New York at The Arcadia

408 East 79th Street, 17AB - 4 Bed (convertible 5) | 5 bath | $7,395,000

Fall in love with New York City with our beautiful listing at the Arcadia on the Upper East Side. Enjoy the exquisite interior design from Weitzman Halpern set against the backdrop of floor-to-ceiling windows with skyline views throughout.

Views from apartment 17AB

Ready to Fall in Love with New York? Arrange a confidential appointment with us to find your perfect home.

What to Expect When Buying a Property for Investment Purposes

Recent stock market volatility have you concerned about your portfolio? Real estate is one of the largest sectors of investment, both public and private. In times of volatility and uncertainty, we are reminded about the safety of a real estate holding. While it could never be guaranteed that something will definitely appreciate in price, the long-term trend suggests that real estate does appreciate in value over the long-run while not being subjective to wild price swings that you might see in an equity.

Many financial planners would argue that real estate should be a holding in any well-balanced portfolio. Additionally, real estate has the potential to create substantial yield while you hold the asset thanks to the ability of renting the property. Thinking about investing in real estate and planning to rent it out? We assist many clients with buying, whether resale or preconstruction, as an investment vehicle to rent out. It is always recommended that you speak to your financial planner and tax advisor to understand the role of real estate in your portfolio and tax situation.

We can help you hone in on an apartment that meets your needs for an investment, and additionally, can help you successfully rent it as we understand what prospective tenants are looking for and what they value.

So, you made your investment purchase and want to rent your apartment, what are prospective tenants looking for? What can you do to extract more value out of your investment?

What Prospective Tenants are Looking For:

Value- The state of the rental market will dictate just how much value a prospective tenant may seek, but value is always something a renter will be looking for. Hire a broker to help position your apartment on the market to remain competitive with other listings in the building and within a similar price range.

• How much are the application fees? Should you consider paying them as a concession to remain competitive?
• Will you pay the broker’s fee?
• What are the building amenities? Is access to them an additional fee?

Aesthetics- While this is something more personal, we do see, however, that the majority of renters are looking for a unit that offers light and some views as well as an overall clean condition. If you bought preconstruction, your unit should be in brand new condition for the first tenant. On the other hand, if you bought a resale unit, be sure to make sure the unit has a clean appearance to attract as many prospective tenants as possible.  They will be paying attention to things such as:

• Condition of bathrooms, kitchen, and flooring – are edges of doors, counters, etc. clean? Do the appliances function properly? Is the flooring cracked?
• Does the apartment need a fresh coat of paint?

While some of these may seem like small items, they ultimately influence a prospective renter’s decision to pick one apartment over another, especially if they are deciding between units within the same building.

Ways to Extract Additional Value out of Your Investment:

There are additional ways to squeeze a bit more rent out of your unit and also have an increased likelihood to win over a prospective tenant as they are shopping around. While some of them are an expense upfront, they are some of the most common requests we see from prospective renters. Thus, you will most likely recoup the cost of these investments into your property.

• Consider building out the closets to maximize storage with systems such as California Closets
• Install Electric Shades/Window Treatments
• Ensure the washer/dryer are good machines. It may be worth it to upgrade the machines from the base units that came with the apartment

Hiring a broker will be crucial to maximize the rent received. They are able to position your apartment on the market to appeal to the right audience and spend the time to understand the intricacies of the board package and fees.

• Price correctly! Rely on your broker’s expertise to price correctly so you can rent sooner rather than later.
• Get the condo leasing application to review the fees. That way, your broker can speak to prospective tenants about all fees associated with the unit. Additionally, this is important to understand in case you need to offer concessions to remain competitive
• Good photos matter!
• Get a floorplan of the unit to place online with the listing

We currently have a wonderful selection of apartments on the market for rent:

50 Riverside Boulevard, 11L

4 Bed | 4.5 Bath | $24,995/MO - View Listing

One West End Avenue, 28C

3 Bed | 3.5 Bath | $14,995/MO - View Listing

188 East 64th Street, 2603

1 Bed | 1 Bath | $3,995/MO - View Listing

Additionally, we have successfully executed leases for our clients around the city including:

• One Beacon Court - 32C, 39D, and 34B
• 255 East 74th Street, 5B
• 20 Pine Street, 1007
• One57

Questions about investment in property with the goal of renting the unit for income? Contact us to arrange an appointment to discuss your goals and we can tailor a collection of units to meet your needs.

Escape the Cold: The Best of Miami Real Estate

For those in the Northeast East and Midwest, winter can be quite brutal and feel seemingly longer than any other season of the year. The winter season thus far has been brutally cold in New York City, yet those looking for an escape only have a 2.5-hour plane ride to be transported to sun and sand.

Miami is often times referred to as the 6th borough of New York City given the quick and easy plane ride. Some of the hottest developments are under construction or nearing completion in South Florida. Similar to New York, some of the biggest names in architect and design are backing these new projects in Miami.

Looking at the Miami luxury market, we see some similar themes to what we have previously shared for our outlook for the Manhattan luxury market. One of those is opportunity as a result of uncertainty. There is no doubt that cranes have been dotting the South Florida skyline from Sunny Isles to Brickell. Some of these projects have foreign investment, with a large proportion in Miami being from South America, which has caused concern for some as it relates to foreign exchange rates and the ability of those invested to maintain their stake and close. We do not feel overly concerned about this, but rather look at the opportunity of a Buyer’s Market that has resulted in South Florida and the opportunity to purchase some of the best product the area has seen at the best prices.

The Victoria Shtainer Team is pleased to market 3 of the most notable new developments in the Miami area – The Ritz Carlton Residences Sunny Isles, Muse Sunny Isles, and Echo Brickell.

The Ritz Carlton Residences Sunny Isles

The Ritz Carlton Residences is a collaboration between some of the best names in the industry including development by Chateau Group and Fortune International, Architecture by Arquitectonica, design by Michele Bönan, and lifestyle services by the renowned Ritz Carlton Hotel Company. The property is situated on 2.2 acres with 250 feet of pristine beachfront. Rising 52 stories tall, the Residences will be a new landmark along the Sunny Isles shore, positioned between Bal Harbour and the Aventura Mall. The property will be managed by the Ritz Carlton Hotel Company, offering residences an unparalleled collection of lifestyle amenities and services. 

Notable Features:

• Each Residence has a private elevator lobby
• Italian designed kitchens outfitted with Gaggenau appliances
• Ceiling Heights clear 10 feet in residences and 13 feet in penthouses
• Very extensive amenity and service list including cabanas with butler service, club level lounge and fitness center, housekeeping, yacht charter, and restaurant
• Ocean, City, and Intercostal views

We are pleased to market one of only a few of the crowning penthouses in the building. Penthouse 5002 is a full-floor 5 bedroom comprised of 6,085 interior square feet with 3,730 exterior square feet. 

Residence Features:

• Ceiling height clearing 13'
• Summer Kitchen
• Enormous Terraces
• Private Garden
• Private Swimming Pool
• Service Quarters
• Italian designed kitchen with Gaggenau appliances including wine cooler and cappuccino maker

Muse Sunny Isles

Muse, a monumental gem in the heart of Sunny Isles Beach, co-developed with partner S2 Development, offers the most unique living experience.  Soaring more than 650 feet high, this boutique residence will offer curated amenities and large living spaces exclusive to only 68 residents. With a focus dedicated to the highest level of luxury, comfort, and service, Muse is a boutique oasis, reflecting the grace and style of the discerning few who call it home. Muse offers residents’ unobstructed views and a variety of spacious floor plans from two to five bedrooms starting at 2,360 square feet. In addition, Muse consists of two- full floor penthouses with five bedrooms, four and a half baths, a den and a service suite totaling more than 5,800 square feet. With east and west views, these penthouses have been built for only two lucky buyers. The residences at Muse are delivered fully finished, with up to 12' ceilings with floor-to-ceiling windows, outdoor living spaces complete with summer kitchens, 2 private elevators with biometric technology, marble/wood floor throughout, and a midnight bar in master suites.

Notable Features:

• 12-ft ceilings with floor-to-ceiling windows
• Outdoor living areas spanning 60 feet
• Interior design by Antrobus + Ramirez
• Wellness Living from renowned Deepak Chopra
• Amenities include vanishing edge infinity pool, fitness center, resort-style poolside food and beverage service, and automated parking system

Echo Brickell

Echo Brickell is the result of a first-time collaboration between conceptual designer Carlos Ott and the esteemed innovators at yoo Studio. With only 180 residences, Echo Brickell is the most exclusive architectural icon south of New York. Echo Brickell will further distinguish itself by offering larger floor plans than those that are typically found in the Brickell and Downtown condominium markets.  Featuring a variety of one-, two- and three-bedroom floor plans from the 9th to 42nd floor, 28 opulent penthouses will sit atop the highest floors of the sculpturesque tower. Echo Brickell’s state-of-the-art residences will redefine the standard of excellence for South Florida high-rise living. 

 Notable Features:

• Residences delivered fully finished with high tech security
• Expansive terraces
• Ceiling heights between 10-14 feet
• Top penthouse designed by acclaimed architect Carlos Ott
• Amenities include 4,000 square foot fitness center, spa, resort-style poolside food and beverage service, and pet walking services.

Interested in these properties or others in South Florida? Contact Us:

 

NYC Restaurant Week: Everything You Need to Know

Everything You Need to Know About NYC Restaurant Week

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If you have ever been to New York City, New York, you know that there is prestigious food at every corner. But for a price. The city that never sleeps is saturated with many people which means high demand, and ultimately, higher prices on food and things to do around the city. No need to worry. The food is incredible. New York City knows this and wants to allow people to be able to get the incredible savory food for a cheaper price. This is where New York City restaurant week comes in. Twice a year, the New York City restaurant week is held to allow people from all over to come and try delicious food for a fair price. However, there are many things to consider when attending the restaurant week.

What qualifies a restaurant

There are just about 400 restaurants that participate in the infamous restaurant week. Not every restaurant is able to participate though. In order to participate, NYC takes a few things into account. The chef’s background, the overall restaurant rating and reviews, and awards or other information. This makes it something that restaurants desire to become a part of. On top of that, the restaurant must offer a discount of 20 to 50 percent off the regular menu price to be picked.

The discounted food is pre-chosen

The menu will be chosen by the restaurant which is known as a prix fixe menu. It must include a three course meal and three choices for appetizers, three choices of entrees, and at least two dessert options. All participating restaurants will price their three-course prix fixe menus at $29 for lunch and $42 for dinner. You should be aware that not all restaurants will offer dinner and lunch at a special price. That’s why one should check ahead of schedule. You could also come across some restaurants with discounts on drinks as well. It is delightful to be able to have a choice of what kind of food you can have. You will also be able to find the NYC restaurant week dining guide in all participating restaurants a week before the event. Just keep in mind that beverages, gratuity, and taxes are not offered in the price.

Times

Restaurant week will take place from January 22, 2018 to February 9, 2018. During this time, you will find all the affordable, awesome meals. Just be sure to reserve your spot because all restaurants will most likely be very packed. Just in case one is looking to walk in, the discounts still apply.  There is a little bit of a catch. The restaurants will not offer the discounts on Saturdays, and Sundays are completely optional.

How to ensure a good time

Restaurant week is packed and hectic. You want to be sure that you could have the best possible experience. Most would start with choosing the kinds of foods they would desire to eat. This will help you get closer to which restaurants to choose. If you already have a specific restaurant in mind, then you should set your sights on it. Once reservations open (January 8th) you should try to book that specific restaurant immediately. Try to keep your options realistic. It might be very stressful to get a restaurant that is very prestigious and just ruin the thought of it all together. When you make your reservation, try to confirm what exactly they will be serving so you have an idea. Most menus are available for viewing online in advance. 

The best restaurants to visit

Most restaurants are going to be very rewarding when you take in their savory flavors, but you might want the challenge of getting to taste the best of the best. There are lists that you can find all throughout the internet of which restaurants should be chosen. Maybe classic New York City restaurants are on your mind and your taste buds, or perhaps those ranked as the best experience, and taste. There are even lists for getting the options that only go for lunch. No matter what you choose, you are going to find some incredible meals.

The Victoria Shtainer Team Picks:

• Tao Downtown
• Lavo
• Bagatelle
• Fig & Olive
• Mr. Chow

Broadway

How about a dinner and a show? Luckily, this year, broadway week is going on during the same time as New York City Restaurant Week. This will create the ultimate dinner and a show date scene. Tickets will be two-for-one to the best Broadway shows you can think of! This combination of 380+ restaurants and 19 Broadway shows will have you and a partner hitting the city almost every day. Try out this guide to see some awesome combinations of food and Broadway shows. It’s all about the experience in the end. 

All-in-all, the Restaurant Week in New York City is an incredible time. You get to enjoy food from all over that most never thought they could afford. So, whether you live in New York City, or live far away, attending the experience of restaurant week should really be considered. Hopefully, you  will have a wonderful time in the city that never sleeps.

Guest blog by Jeremy Alderman

LEED Certification: Sustainable Developments Building the Future

In a world where global warming and climate change headlines have gained more and more media presence and the top industrial nations gather to discuss climate, sustainability is a topic that is not only top of mind but one that is here to stay.

From corporations to individuals, the movement to live a more environmentally sound and sustainable is a priority for many. The movement towards sustainable living has trickled into the real estate industry in the form of “LEED.” From new developments to existing constructions, LEED certification is a mark representing a degree of sustainability.

So, what is LEED and how is New York City getting on the map with one of the highest LEED certified buildings?

What is LEED?

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You may notice when shopping for real estate in New York City, whether a new development, condo, or rental building, a mark stating that the building is LEED Certified – what exactly does this mean?

LEED stands for Leadership in Energy and Environmental Design and was devised by the United States Green Building Council. This rating system is the most widely used green building rating system in the world, and the LEED certification is a globally recognized sustainability achievement.

The rating system evaluates the environmental performance of a building, and through this process, encourages market transformation. The evaluation looks at things such as materials, water efficiency, and performance such as indoor quality for occupant comfort.

Sustainability has been a growing area of interest for developers to appeal to the needs of environmentally conscious consumers. The biggest development project in New York’s history thus far, Hudson Yards, is, in many way, one of the greenest projects as well.

Hudson Yards

Continued progress on the far west side mega project is something to look forward to in2018. 15 Hudson Yards is expected to top out while construction will begin on the 30 Hudson Yards sky observation deck. Landscaping is expected to arrive around the much talked about Vessel.

What do we expect from buildings that are surrounded by lush, green parks? Sustainability of course! All  buildings within Hudson Yards have been strategically designed in pursuit of the highest levels of certification by LEED.

10 Hudson Yards, the fully rented office building that really put Hudson Yards on the map, is the first commercial office in New York to achieve the coveted Platinum rating from LEED. This is the highest rating available under the program. As one can imagine, the list to achieve this distinguished award is lengthy. Some examples of how 10 Hudson Yards is leading the green initiative include a system for hot and cold water that is twice as efficient as a traditional one and a storm water retention system that is used to water the building’s landscaping.

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The Platinum status of 10 Hudson Yards shows the commitment of the project to be innovative and forward thinking while establishing it as a model of what great buildings should strive to be.

Of course, the Hudson Yards project is not the only LEED certified one in New York. If sustainability is important to you and your next home, we can discuss other buildings that meet the LEED certification requirements. 

Want to live in a LEED certified building? Please contact us.

2018 Outlook: What to Expect for the New York City Real Estate Market

Many people have been asking what we expect for the Real Estate market in 2018. While it is a bit early to tell the impact of one of the major items at play in 2018, namely tax reform, 2018 looks to be favorable for the real estate markets largely due in part to a strong job market and strengthening economies globally. We have broken down our 2018 outlook into 4 key areas – tax reform, economic backdrop, inventory, and rentals

Tax Reform

The new tax law is likely to be the most impactful to the 2018 real estate market compared to our other key areas, and is a large element of uncertainty for the housing market. This sweeping overhaul with changes from personal to corporate taxes has provisions that are expected to impact real estate markets, especially in high tax states such as New York, New Jersey, and California.

The 2 changes to be most aware of in the bill are the capping of State and Local deductions to $10,000 and the reduction of the Mortgage Interest Deduction from $1MM to $750,000. Both of these changes could make owning a home more expensive than previously planned for some individuals and impact the amount being considered to mortgage a home.

We are only 10 days into the New Year, so the impact of changes are still unclear. Q4 2017 activity was strong, and historically Q4 momentum carries in to the beginning of the following year. We see 2 possible scenarios that could unfold as a result of the tax changes:

• Pace of sales slows at the beginning of 2018 as buyers might pause and speak to their accountants in an effort to try to better understand their new tax picture before making a purchase. In this scenario, we see downward pressure on pricing.
• Volume and Pace of transactions from Q4 continues into 2018 as buyers may recognize that the uncertainty that may be instilled in some regarding tax reform creates opportunity, and they seize this opportunity. Additionally, buyers are likely armed with padded investment accounts and year-end bonuses.

Regardless of scenario, the largest impact of the tax bill is likely to influence buyers in the $1M+ to $5M price range.

Economic Backdrop

Moving into 2018, there are a lot of favorable economic indicators that create a favorable backdrop for housing. It is important to remember that the real estate markets are highly correlated to both the job and stock markets. Economies around the world are expected to grow in 2018 with some foreign economies outpacing U.S. growth – could foreign buyers increase in 2018?

Here in the U.S., the Fed increased their growth outlook for 2018 in their minutes released in December. Their notes utilize language that suggests a job market that will continue to remain strong, and, perhaps, grow slightly while being accompanied by rising wages. This is a positive for the housing market. Additionally, the Fed is currently suggesting 3 rate hikes in 2018 as Yellen’s term comes to an end.

The consensus among analysts is that equity markets will continue to rise in 2018. While the magnitude of the rise may not be as large as in 2017, gains will continue to add to already large investment accounts.

Inventory

We expect high inventory in the luxury market to persist in 2018, or increase with additional new condo inventory coming to market.  Developers are continuing to reshape the New York City skyline in partnership with some of the best names in architecture. Projects like 125 Greenwich and 262 Fifth Avenue will increase luxury condo inventory. Increased inventory at the higher end of the market will continue to pressure pricing at this level.

To remain competitive with the pool of wealthy buyers, we expect developments to continue to push the bar. Central Park Tower is a great example of this as they are trying to allure global titans to call the building home for their pied-a-terres or place to park money in the US market. Over-the-top amenities will continue to be the norm in both condo and rental buildings.

Rentals

The rental market peaked in 2017 after being on a march higher for quite some years. We all saw the rental market take a turn in 2017 with rents seemingly dropping across the board. We expect concessions to remain at all-time highs throughout 2018. Landlords will need concessions to lure tenants to their units. The continued pipeline of new inventory that will come on the market should cap rental prices from overly rises in 2018. However, the continued attraction of New York – labor market, culture, etc. will serve as a floor for rental prices so we do not expect any large scale drops in 2018. 

6 New Year's Eve Parties to Ring in 2018

It is hard to believe it is time to say farewell to 2017 and raise a glass to welcome 2018 with open arms. New Year’s Eve parties will take place in cities around the globe, from New York to Tokyo. Everyone rings in the New Year a bit differently, from quiet dinners to champagne parades as clubs and everything in between!

Deciding on New Year’s Eve plans can be stressful, especially if friend groups want to head in different directions. If you are looking for a way to say goodbye to 2017 and hello to 2018 in New York City, we have curated a list of a few happenings around the city. Of course, these are just a drop in the bucket of all the events taking place on New Year’s Eve in NYC.

Top of the Standard with Gloria Gaynor

Singer Gloria Gaynor will be hosting a NYE Bash on the top of The Standard Hotel in the Meatpacking District. The glitzy black-tie party will feature DJs all evening as well as a countdown and performance by the Disco legend herself. The venue is sure to offer a backdrop of spectacular skyline views in all directions. Tickets start at $275.

Spa of Sensorium

NYE at a secret spa in Brooklyn? That is an option! Drink, Dance, and even detox at Spa of Sensorium. The Russian Turkish bath house will be transformed into a Sonic Jungle. Party goers can recharge in saunas, steam room, Jacuzzi, and cold plunge pools, and then dance the night away with 2 rooms of music. Tickets start at $125.

The King’s Winter Masquerade

The McKittrick Hotel, of Sleep No More Fame, will be hosting their final masquerade of 2017. The opulent masked soiree will include a large feast, open bar all night, live entertainment, and other curiosities throughout the hotel. Tickets start at $295.

Gatsby Party at Catch Rooftop

Say goodbye to 2017 in Gatsby style at Catch in Meatpacking. The party will be Gatsby themed with 1920’s style cocktail attire and décor. Wear your glitziest and most glamour attire as you enjoy a 2-hour open bar. Tickets start at $125.

Black Tie Gala at The Carlyle

Head to the Upper East Side and ring in 2018 with Steve Tyrell at Café Carlyle. Enjoy a four-course prix fixe menu that will be followed by dancing in the lobby with the Peter Duchin Orchestra. 8pm and 8:30pm seatings are available. $730 per person.

Midnight Run

Partying not your thing? Dancing in Central Park and take a run that event counts as credits towards the NYC Marathon with NYRR. The evening starts at 10pm with dancing, then at midnight hundreds of festive joggers embark on the run while taking in the Central Park fireworks. Participation starts at $45.

Inside: Central Park Tower Rises on Billionaire's Row

The 57th Street corridor in Manhattan became synonymous with Billionaire’s Row when One57 pushed prices received for condos to new limits at the time. Since One57 rose to new heights above Midtown Manhattan, a new wave of construction has been occurring along West 57th Street. New supertall towers coming to Billionaire’s Row include 220 Central Park South, 111 West 57th Street, and 217 West 57th Street, or Central Park Tower. The latter is sure to push the boundaries of “Billionaire’s Row” to new limits with exclusive and pricey pads that are unrivaled by other projects.

Central Park Tower, from the same developers as One57 – Extell, will rise high above 57th Street and literally tower over Central Park as it climbs 1,550 feet tall. The building, designed by Adrian Smith and Gordon Gill Architects will surpass nearby neighbor 111 West 57th Street in height as well as 432 Park Avenue. Central Park Tower is expected to be completed in 2019, and construction progress suggests that it is on track for a 2019 completion.

The base of the building will be home to a 7-level flagship Nordstrom store as well as other office and amenity space for the condos above. The current plan for the building shows 183 residences which will start from the cantilever up. Of the units, the largest on the plan is the uppermost penthouse which is currently configured as a triplex on floors 129-131 spanning 17,000 square feet.

In an ultra-luxury market that has slowed since the peak of One57 in 2014, Central Park Tower aims to once again push the limit for Manhattan real estate. The exclusiveness of the property as well as the location and trophy apartment offerings, Central Park Tower is attracting the world’s elite. 20 units are expected to have asking prices of $60M+ and price per square foot throughout the building will be $7,000+.

Of the units listed in the offering plan filed with the New York Attorney General, the smallest is a studio asking $1.542M ranging to the most expensive listed on the plan, Unit 53. Unti 53 spans over 7,900 square feet with a private terrace complete with an outdoor pool asking $95M. The largest units of the building still appear to be held based on the offering plan filed.

Interiors are sleek and luxurious as expected. The signature "Extell Choice" will be available with a selection of light or dark wood kitchen as well as brass. Additionally, buyers have the choice of either a light or dark bathroom finish as well. 

The amenities will be as luxurious and lust worthy as the apartments themselves. Most notably, perched on the 100th floor will be grand ballroom with a bar, cigar bar, and private dining – imagine those views! The Michelin Star restaurant will have seasonal farm-to-table style menu. Other amenities within the Central Park Club include a resident’s lounge, conference room, and play area. The 16th floor will include an indoor pool, and there will also be an outdoor, landscaped terrace with a 60-foot pool. Both pools will be salt water while the outdoor cabanas will offer butler service.

Questions or interest in the ultra-exclusive new development? The Victoria Shtainer Team has exclusive access to the Central Park Tower sales gallery and additional information. Please contact us to schedule your appointment or to request additional information.

Header Image Courtesy of Central Park Tower

6 Things To Do in New York This Winter

Things to Do in New York City this Winter

We know it’s cold outside and there are fewer things nicer than watching New York City streets through your frosted window while you cuddle under a fuzzy blanket and drink hot cider, but New York City in the wintertime is worth venturing out into the cold for.

Chill is in the air, but holiday music can be heard on every street corner and the city is aglow with lights and winter decorations that you won’t soon forget. So, tip your doorman and leave the building. Venture to 1251 Sixth Avenue, near Rockefeller Plaza and look out for the glowing giant red orbs reminiscent of pomegranates, or the gigantic Christmas tree ornament sculpture popping out of a city fountain on 6th avenue. There are endless events and festivities as the new year approaches, and unless you have a friend who can get you into The Metropolitan Club, it can be difficult to choose where you’ll spend your time. That’s why we’ve done all the work for you and put together a list of some of the most exclusive activities and events in and around Manhattan and New York City to keep you in the know this winter.

Window Shop on Saks 5th Avenue

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One of the best things to do in New York City during the holiday season is wander through Midtown to check out extravagant window displays at stores like Macy’s, Bloomingdale’s, Saks Fifth Avenue, and more. Every winter, the shops on Saks 5th Avenue compete for the best window display by bringing to life fairy tale panoramas, winter wonderlands, and otherworldly scenes of grandeur and winter cheer. Curbed, a New York Neighborhood guide, curated this user-friendly map of the best holiday window displays in the area, so they’re easier to find than ever.

See the World-Famous Nutcracker Ballet

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Ah, a night of beautiful dancing, magnificent costume design, and high-end musical composition is in store for you at the NYC Ballet’s rendition of the Nutcracker. Running until December 31, this globally acclaimed ballet will delight and surprise regardless how many times you’ve seen the ballet before. All 90 dancers, 62 musicians, 40 stagehands and more than 125 children, in two alternating casts, from the School of American Ballet join forces to make each performance as magical as possible. Tickets range from $89-290, depending on the seats you choose. We recommend sitting as close to the orchestral pit as possible, to get a glimpse of both the dancers and musicians alike.

Enjoy a festive dinner at Old Homestead Steakhouse

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The Old Homestead is the perfect place to flock to on a wintery night with friends and loved ones. Located in the heart of the former meatpacking district, this old-world steakhouse was made famous as the first restaurant in the United States to import Japan’s fabled kobe beef for use as the feature in its sumptuous steak dishes. The interior is plush and comforting, perfect after a chilly evening trek through the city.  Menu features include the Oyster Rockefeller Royale topped with a simmering pernod cream, the filet mignon for two with golden Yukon potatoes, aged cheddar spinach, sour cream and Asian vegetables, and the deliciously famous Homestead chopped salad.

Escape for a Weekend at the Windham Mountain Resort

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The Windham Mountain Resort, a true gem hidden away in the great northern Catskills, is only three hours from New York City and offers everything from skiing and boarding to spa relaxation and delicious dining opportunities. It’s the perfect place to escape for the weekend when you need a break from the droves of winter tourists flocking to New York to see the famous city decorations and the NYE festivities. Packages are varied, so whether you need to play hooky in the middle of the week or want to embark on a weekend getaway, Windham has an option for you to enjoy.

Get Your Groove on at NYC Winter Jazzfest

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Each January, Winter Jazzfest hosts the genre’s top talent over the span of several evenings. Its signature two-night Greenwich Village marathon brings vets and up-and-comers, hordes of music fans and a palpable air of excitement to an array of cozy downtown venues. The shows aren't individually ticketed, so a wristband grants you access to any of each night's shows—as long as venues don’t fill to capacity. This is a model built for venue-hopping and exploration. If your preferred show is full, pull out the schedule, and head to one of the nearby spots for something unexpected. This event happens after the New Year celebrations, which can be a downtime for happenings around the city. So grab yourself a ticket before they sell out and get your winter groove on to combat the post-NYE blues that can set in.

Drink in a Rooftop Igloo

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This is one experience you won’t want to miss. 230 Fifth declares itself “New York's largest outdoor Rooftop Garden and fully-enclosed Penthouse Lounge.” One floor is fully enclosed, while the rooftop garden is open to the sky. If it’s raining, the venue will provide umbrellas and keeps it cozy by heating the place on cooler evenings. This venue is a marvelous place to sip cocktails before making your way to one of many New Year’s Eve happenings around the city, if you need a pre-party.

Guest Blog by Jeremy Alderman