New Appraisal Rules Irk Some Brokers Changes Backed by Cuomo Target Inflated Property Values; Critics Complain Sales Can Be Derailed The ink had just dried on a contract last month for the sale of a two-bedroom…... Read more >

New Appraisal Rules Irk Some Brokers

Changes Backed by Cuomo Target Inflated Property Values; Critics Complain Sales Can Be Derailed

The ink had just dried on a contract last month for the sale of a two-bedroom Harlem apartment when real-estate agent Charlie Lewis got the bad news: The co-op at Ellington on the Park was appraised at a value around 15% below the agreed-on sales price.

An appraisal that low usually meant one thing—the planned sale would go bust. But Mr. Lewis of Warburg Realty Partners says he appealed to the lender, arguing that the apartment was compared with those in older buildings, that its outdoor space wasn't given enough consideration, and that the appraiser from outside the city had misconceptions about Harlem prices.

"We knew something was wrong," Mr. Lewis recalls. The bank agreed to send another appraiser, who valued the apartment at close to the contract price. Mr. Lewis says the deal is expected to close soon.

Not every broker has been that lucky. Since changes adopted a year ago in the way appraisers are appointed, New York real-estate agents have been complaining about an influx of outsiders who don't understand the intricacies of Manhattan real estate and have repeatedly low-balled prices in their appraisals.

Under the new industrywide rules, mortgage brokers, real-estate agents and loan officers are banned from choosing their own appraisers. The result has been an increase in the use of out-of-town appraisers and—brokers and developers say—a greater likelihood of lower-than-expected property estimates that can put agreed-upon sales deals at risk.

"It's gone from a very smooth process to a bumpy one," says Ron Moelis, chief executive officer for L + M Development Partners, a New York firm that specializes in affordable housing benefiting from government subsidies and tax abatements.

He says that out-of-town appraisers can't get up to speed quickly enough on the city's complex regulatory environment, leading to repeat appraisals and a few deals falling through.

The new rules went into effect in May 2009 after they were adopted by Fannie Mae and Freddie Mac as part of a settlement with the New York Attorney General Andrew Cuomo's office, which was examining their appraisal process.

John Milgrim, a spokesman for the attorney general's office, said Fannie Mae and Freddie Mac have found that the code "has protected home buyers and has improved the independence of appraisers by reducing opportunities for fraud [and] protecting consumers in the mortgage process."

But many in the real-estate industry dislike the new appraisal rules. House and Senate negotiators on Tuesday appeared likely to roll back at least some of these new appraisal rules, known as the Home Valuation Code of Conduct, as part of a federal financial-overhaul bill.

The new appraisal rules are in effect nationally, but real-estate professionals say the impact has been particularly acute in New York, where appraisals can vary widely from block to block and many individual properties are unique.

Measuring an apartment's square footage is straightforward, but determining how much value to assign to a partial park view or how much renovations will likely cost can require local knowledge, brokers say.

Some think the brokerage industry brought this on itself. Appraisals are supposed to offer an unbiased assessment of a home's value to protect a buyer from overpaying and banks from making risky loans. It's widely believed that inflated appraisals contributed to the housing bubble when loan officers or brokers selected friendly appraisers in hopes of getting a high enough valuation to close a deal.

Even so, many New York real-estate professionals complain that the solution has created its own set of problems. While the new code permits banks to set up internal controls for selecting an appraiser, most larger lenders have opted instead to farm the choice out to an appraisal-management company. These companies—which are often owned by large banks—select their own roster of appraisers.

"These management companies often decide who to pick based on who will work for the lowest fees," says Michael Vargas, principal at the New York City-based Vanderbilt Appraisal Co. "That doesn't foster the highest quality appraisals."

 Jeff Schurman, executive director of the Title/Appraiser Vendor Management Association, a national trade group that represents appraisal-management companies, disagrees.

 "An appraiser has to decide if he knows the area and has the data sources to do it," he says. "An appraisal-management company won't continue to use an appraiser if it's not getting quality."

 

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Five Ways for Buyers to Outsmart the Market TRYING to pinpoint what’s going on with the New York City real estate market right now can be like standing at the shoreline and determining the exact moment…... Read more >

Five Ways for Buyers to Outsmart the Market

TRYING to pinpoint what’s going on with the New York City real estate market right now can be like standing at the shoreline and determining the exact moment the tide turns — without a tide chart.

But as sales pick up and open houses draw dozens of prospects instead of single-digit groups, one thing is clear: the rules of the game have changed — in some ways, for good. The recession has brought about many of the biggest changes, like lower prices, tighter lending standards and historically low interest rates. But technology, too, has had a large impact on the way deals get done, giving everyone access to information that brokers once held close to the vest, and revealing details even they may not have known. (A buyer involved in multiple lawsuits? Thanks, Google!) As buyers and sellers make their way down the path to move-in day, what once seemed like a well-marked highway has become more like a labyrinth. Here are guideposts that can help make sense of the maze:

MORTGAGE HURDLES

If there’s one word that sums up the current mortgage application process, it’s paperwork. And tighter lending standards mean that many buyers will need more of it. The traditional starting point for buyers has been securing a simple preapproval letter for a mortgage. Now lenders recommend having detailed discussions about a loan before heading to open houses. This way, you can get a jump on collecting all the documents the bank will want to see. “Three years ago, I got a mortgage literally after conducting a phone call while I was driving,” said Peter Hamarich, who closed on a studio apartment in Chelsea in April after he and his partner sold their one-bedroom near Lincoln Center. This time, though, things were different. “I’d bet 90 percent of the documents we submitted we had to submit twice, or submit updated copies,” Mr. Hamarich said. That paperwork includes tax returns, bank statements and pay stubs, all of which will probably have to be resubmitted as newer versions arrive during a process that can take up to six months. “Putting the right paperwork together up front really can save you some trouble at the end of the transaction,” said Bob Donovan, a senior vice president of Bank of America, which recently revamped its Web site to offer buyers more preapplication advice. Another change is that the mortgage commitment letter that banks give to buyers once they have a signed contract is now likely to have conditions attached — meaning that before the bank will actually issue a check, you may have to undergo a more detailed review of your finances. An unusual deposit in your checking account, for instance, could raise questions about whether someone was helping you with the purchase. Richard Martin, a senior vice president of DE Capital Mortgage, said the goal of gathering up records early on was to head off questions later in the process.

“As loan officers, we have to be incredibly detailed and prepared to be able to answer these questions,” Mr. Martin said. “We’ve stepped into a whole new era in the mortgage business, which in a sense we’ll never turn back from. All of this stuff is here to stay.”

THE SEARCH

The rule of thumb used to be that spring was the busiest time to buy or sell in New York City, but shifting financial winds have changed that pattern. “Seasonality has been less important in the past couple years,” said Kenneth Scheff, an executive vice president of Stribling & Associates. “It’s more about the economic news. When the news is good and people feel more secure, there’s a rush to buy.”

Mr. Scheff said pent-up demand led to a strong fourth quarter of 2009, and other brokers reported an earlier-than-usual flurry of spring shoppers hoping to take advantage of the home buyers’ tax credit that expired at the end of April.

That was the motivation for Anne Hunnell Chen and her husband, Cory Chen, first-time buyers who started looking in January and closed on a two-bedroom apartment in lower Harlem on May 10. Although the apartment they bought was one of the first that they saw, they took their time before submitting a bid.

“I think we came back to this place three times before we put in an offer,” Ms. Hunnell Chen said. “We spent a lot of time walking around the neighborhood, checking out the grocery stores and the commute and things like that.”

That care reflects today’s more cautious buyers. In the boom years, people bought homes without thinking about how long they planned to live there or how long a property might take to sell. Some brokers say they are now advising clients to plan on staying put for at least five years — or rent instead.

And when the time does come to sell (you have considered transaction costs, haven’t you?), properties that will appeal to a broad base of buyers are looking better than ever.

Andrew Bartfield, who accepted an offer in April on the Hell’s Kitchen loft he put on the market in December, said that the apartment’s open floor plan and setting in a converted armory were a draw when he bought it in 2003, but that “glass and metal” seemed like the hot thing now. Still, he is happy he has a deal and comfortable with the price.

“I don’t think it’s the same thing I would’ve gotten two years ago,” Mr. Bartfield said. “But I wasn’t selling two years ago.”

PRICING AND NEGOTIATING

Probably no other factor has affected the negotiation process more than the wealth of real estate data now available online. Web sites like NYTimes.com, StreetEasy and Zillow let buyers in on previously guarded details like how many times a property’s price has been cut, how long it has been on the market and how much the owner paid.

A few more mouse clicks might bring up the recent sales history of every apartment in a given building, and spirited discussions at sites like Brownstoner and Curbed can reveal things like whether a nearby school is noisy.

Douglas Heddings, the founder of the Heddings Property Group and a blogger about industry ethics at TrueGotham.com, said the new availability of information had foiled some old tricks of the trade. “Some brokers would take a listing off the market and put it back on as if it were new,” he said.

Now, buyers can see the history, and this type of data has given them new ammunition at the negotiating table.

“What you’re doing is playing poker,” said Spencer Rascoff, the chief operating officer of Zillow. “You want to have as much information as possible about what the other person is holding.”

Tools on Zillow help pinpoint market value by showing the listing discount — the sales price compared to the last list price — for similar properties that have recently changed hands. But for those tempted to lob a low-ball offer, brokers report that as prices have come down, deals are happening within 10 percent of the list price and that good, well-priced apartments can generate multiple offers since there are so few of these gems for sale.

“We kept hearing, ‘It’s a buyer’s market’ — well, I’m not feeling that,” said Wendy Weissman, who with her husband has been looking for a one-bedroom prewar apartment in a doorman building since September. They thought for a time in the winter that they had found what they were looking for. But that deal, an estate sale, fell through because the seller lacked a document showing that he was the sole owner, and they began house-hunting again in March.

“When I first started to look,” Ms. Weissman said, “there seemed to be a lot more inventory. I don’t know if we’re asking for too much, but I just don’t want to settle.”

THE CONTRACT

When half a dozen buyers were rushing to outbid one another, the eagerness to get a contract signed could make the review process seem almost a formality. But banks are subjecting buildings as well as buyers to greater scrutiny, and lawyers are advising clients to do the same.

Along with the well-publicized reluctance of banks to finance purchases in new developments when they are less than 50 percent sold, standards on the financial health of older co-ops have tightened as well. Lenders prefer to see 10 percent of the property’s outstanding mortgage in its reserve fund; they also favor owner-occupied buildings over ones with lots of renters.

Paul Wolsk, a real estate lawyer with Hartman & Craven in Manhattan, said buyers should make sure their lawyers were undertaking similarly detailed due diligence. They should for instance ask about sublease rules and examine the building’s financial statements, with an eye toward anomalies like an accounts-receivable change.

“Maybe a couple of owners have stopped paying their maintenance because they’re protesting some leaks in the building,” Mr. Wolsk said, adding that the minutes of board meetings could reveal issues like bedbugs, noise problems or an assessment under consideration.

The biggest sticking point in contract negotiations, he said, is the closing date. Typically 60 to 90 days after the contract is signed, it is subject to delays: a seller who is not ready to move, or a bank that is not ready to issue a check. Most contracts now have a clause making the deal contingent upon the buyer’s getting a mortgage.

“Three or four years ago, contracts had no contingencies,” said Dottie Herman, the president of Prudential Douglas Elliman. “Now, sellers are more amenable to having a mortgage contingency because most attorneys for buyers say we’re not going to let you sign a contract without one.”

GETTING TO CLOSING

If there were a sign flashing above the road to the closing it would read, “Be prepared for delays.”

“The single thing that’s extending the period from contract to closing is the lenders,” said Jesse Gordon, a real estate lawyer at Costello & Gordon in Manhattan, explaining that any conditions in the commitment letter must be addressed before the lender issues a check — and that these conditions could multiply.

“You meet one condition, whether that be providing copies of tax returns or a gift letter, and that leads to five more conditions that need to be satisfied,” he said, citing as an example questions about deductions on a tax return.

Appraisals that come in too low and rejections by newly cautious co-op boards are also scuttling deals. In Manhattan, about 65 contracts a month are falling through, according to reports collected by StreetEasy. So buyers should not necessarily feel excluded by an “in contract” stamp on a listing, or be surprised if a broker does not add that label to a property that has an accepted offer.

“When we contact the broker, usually the broker says, ‘I’m showing it for backup,’ ” said Michael Smith, the chief executive of StreetEasy, who joked that there should be a new label saying, “in a committed relationship, but interviewing others.”

But for all the ways the real estate game has changed, with higher hurdles to jump and a longer course to run, many brokers say that the new data transparency and due diligence in financing have contributed to a healthier housing market for buyers and sellers.

“It’s a new day out there,” said Diane M. Ramirez, the president of Halstead Properties. “I think we have had some good eye-opening days, and it’s probably going to serve all of us long term.”

 

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Brokers Weekly Wednesday, April 28, 2010 The Top 10 best selling condos By Jason Turcotte Across the board, New York brokers are attesting to the rebirth in sales activity, and now there are a number…... Read more >

Brokers Weekly
Wednesday, April 28, 2010

The Top 10 best selling condos
By Jason Turcotte

Across the board, New York brokers are attesting to the rebirth in sales activity, and now there are a number of them who can put their money where their mouth is.

Based on StreetEasy sales data tracking the number of closings from Jan 1 through April 12, the following are Manhattan’s 10 hottest condominium projects of the year – and why the insiders believe they’ve been such a success.

ELLINGTON ON THE PARK
Bradhurst Avenue
Harlem
       From hip downtown developments, Upper East Side towers to West Side luxury there’s something for everybody on the list of most active condo buildings, but Harlem’s Ellington on the Park has amassed the most closings this year, thus far.

       According to StreetEasy, 78 condos have closed at the 133-unit Bradhurst Avenue complex overlooking Jackie Robinson Park since January 2010.

       For those wondering why we’ve been hearing the buzzword “value” over the last 18 months, look no further that the 421A approved Ellington, which features 23 market-rate condos and 110 affordable units.

        But the sales team said the value of the affordable units (starting at $375,000 according to StreetEasy) not only spurred the sales of the lower-priced product but the marker-rate units as well.

       “In today’s economy where obtaining financing in a new development has been quite a challenge, the affordable units…has made this building a viable option for buyers who want the market-rate units and do not have to wait until the building reaches a certain percentage sold in order to obtain financing,” said Charlie Lewis and Robert Williams, both of Warburg Realty Partnership, the exclusive agent for Ellington.

       “This gave the market-rate buyers the confidence to move forward with their purchase knowing they can close immediately.”

       In addition to its own roster of private amenities, including fitness center, courtyard and community room, buyers essentially have a 12-acre park as a backyard. The proximity to Jackie Robinson Park has provided a “hotbed” of Harlem activity, with buyers taking advantage of a number or recreational opportunities there including baseball fields, basketball courts, volleyball courts, playgrounds, a concert band shell and an Olympic sized pool. As a result, Lewis and Williams noted that Warburg has just 20 Ellington units left to sell.

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Priciest, cheapest units to hit the market The priciest Manhattan home to hit the market this week is an 11th-floor seven-bedroom, eight-bathroom Upper West Side co-op at 101 Central Park West, according…... Read more >

Priciest, cheapest units to hit the market

The priciest Manhattan home to hit the market this week is an 11th-floor seven-bedroom, eight-bathroom Upper West Side co-op at 101 Central Park West, according to Streeteasy.com. The home is on the market for $24.3 million and is listed by Anne Snee of the Corcoran Group. The co-op has a view of the park and a wood-burning fireplace. Snee told The Real Deal that the no expense was spared during the approximately 3,200-square-foot unit's renovation, making it "an incredible opportunity for someone who doesn't care about financing."

The second most expensive home to come online is an identical unit on the floor above at 101 Central Park West, which was in the middle of a gut renovation by the current owner -- "a distinguished gentlemen," listing agent MacRae Parker of Brown Harris Stevens told The Real Deal -- who, midway through the process "decided he would live abroad." This co-op unit has park views and a wood-burning fireplace, and is "a clean palette" for buyers, MacRae said. It's on the market for $11 million.

The third priciest home is a three-bedroom, three-and-a-half-bathroom co-op at 84 Mercer Street in Soho. Siim Hanja and Confidence Stimpson of Stribling & Associates have the $10.25 million listing. 

The cheapest Manhattan unit to come online this week is a one-bedroom, one-bathroom cond-op at 130 Bradhurst Avenue in Harlem. The $217,000 unit is being marketed by Charlie Lewis and Robert Williams of Warburg Realty.

A studio at 457 West 57th Street in Midtown West is the second least expensive home to hit the market. Mark Weinstock of Kurland Realty has the $230,000 co-op unit.

The third least expensive home to become available this week is a one-bedroom co-op at 317 East 18th Street in the Gramercy Park area. The $239,000 unit is listed by Edward Poplawski and Kathleen Rupy of Prudential Douglas Elliman. TRD

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Fresh Start Fridays: Four car-friendly apartments Friday, April 9, 2010 One-bedroom, one-bath Park Slope condo has a virtual concierge for deliveries, an outdoor roof lounge, a walk-in closet, washer/dryer,…... Read more >

Fresh Start Fridays: Four car-friendly apartments
Friday, April 9, 2010

One-bedroom, one-bath Park Slope condo has a virtual concierge for deliveries, an outdoor roof lounge, a walk-in closet, washer/dryer, a storage unit included in the sale and an on-site garage spot for an additional $55k.  $395,000, $528/mo cc + $21/mo r.e. taxes.  [Corcoran]

One-bedroom, one-bath doorman condo on East 24th Street near Second Ave has a 400 square-foot private terrace, recently renovated kitchen and bathroom, a Juliet balcony, washer/dryer on floor, a communal outdoor deck and an indoor parking space in the building for an additional $350/mo. $749,000, $1,400/mo maintenance. [Prudential Douglas Elliman]

Three-bedroom, two-bath condop in a West Harlem doorman building available for immediate occupancy includes a terrace, washer/dryer, and a garage space for $250/mo extra.  $774,400, $1,336/mo maintenance.  [Warburg]

Two-bedroom, two-bath co-op in a postwar doorman building on East 15th Street at Fifth Avenue has an extra space for a playroom or office, a renovated kitchen, a walk-in closet, and a garage space available. $1.325m, $1,770/mo maintenance.  [Halstead]

As New York gears up for warm-weather weekends, the frantic curbside loading ritual begins.  For those of you looking to bookend your getaways with a more zen docking experience, this Fresh Start Fridays deals up four apartments that let you stash your wheels an elevator ride away.

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Time to relist? More sellers now consider putting apartments back on the market Positive signs in the market are attracting the attention of the many New Yorkers who wanted to sell their apartments, but…... Read more >

Time to relist?
More sellers now consider putting apartments back on the market

Positive signs in the market are attracting the attention of the many New Yorkers who wanted to sell their apartments, but took them off the market last year in the midst of the recession.

With the market now showing signs of improvement, many of these homeowners are considering relisting their homes.

"Sellers feel the market is stronger than it was last year," said Kyle Blackmon, a vice president at Brown Harris Stevens.

Their decisions could have far-reaching consequences for the Manhattan market in the coming months. Inventory has declined for the past few quarters (see "The inventory squeeze"), which has helped to create urgency in the market and prevent further price drops. But a large number of units reentering the market at once could reverse some of that progress.

In deciding whether to put their homes on the market, sellers are weighing several factors. Now that prices have stabilized -- for the time being at least -- those who bought several years ago feel comfortable that they won't lose money on the sale.

"Most homeowners who purchased before 2005 are in a perfect position to sell for profit and 'trade up' for a larger apartment," said Sara Rotter, a sales manager at Citi Habitats.

Those who bought more recently, however, realize they won't be so lucky. (See "Can't win for losing.")

"Sellers are, in general, still coming to grips with the price drops since the recent boom years," said Bradley White, a vice president at Halstead Property.

Some have gotten used to the idea that they are not going to make money on their sale, however, and are deciding to sell anyway.

"Sellers are finally accepting that if they bought two years ago, they will have to take a loss or break even," said Antonio del Rosario, the president of sales at A.C. Lawrence Real Estate.

Others are hesitant to list their homes, but for entirely different reasons. 

Now that the market has picked up, they're not so worried about finding a buyer. Rather, they're concerned about their own options for finding a new home, brokers say. Even if they are able to get a mortgage, is it wise to take on higher payments in the still-uncertain job market?

"Some sellers are still hesitant to list their homes, but not because of the market or pricing," said Eric Benaim, the president and CEO of the Long Island City-based brokerage Modern Spaces. "They are hesitant to list because of job uncertainty and their own ability to secure a larger mortgage for a larger or better condo or co-op. Many sellers are asking themselves, 'Yes, I could sell, but what would I buy? Could I buy what I wanted?'"

Ironically, Benaim said, inventory has grown so tight in some areas that more listings are desperately needed. In Long Island City, for example, there is a shortage of three- and four-bedroom units, he said.

"What would help the recovery would be more sellers taking a chance on listing this spring," he said. "The buyer demand is there, for the right homes." 

Other brokers agree that the heightened level of demand means the market could easily absorb new listings, at least in prime areas.

"Inventory will come on, but well-priced properties will go to contract faster in high-demand areas," said Maggie Kent, a sales associate at Core Group Marketing. "It's inevitable, with the amount of activity we're seeing."

She added: "Buyers are jumping out to see new inventory, which makes sense because many buyers have been on the sidelines and are now pulling the trigger."

But in other areas, adding more inventory could be a problem.

One is the Financial District.

"The big growth spurt in the Financial District from a few years back has provided for a good amount of inventory on the market from investors and the developers who still have units left to sell," Kent said.

Harlem is another. The neighborhood "was going through revitalization when the bubble burst, and therefore you have a lot of inventory on the market and coming on the market," said Charlie Lewis, a senior managing director at Warburg Realty Partnership.

These conflicting forces have, understandably, left brokers optimistic, but cautious.

"Brokers seem pleased with the amount of activity going on, but everyone still seems like they're looking over their shoulders a bit," White said.

But with spring approaching and with its warm Sunday afternoons perfect for browsing open houses, brokers are hoping for a flurry of sales activity.

"I expect April to pick up, due to the increase in temperatures," Lewis said. "More people are expected to be out and visiting open houses and making more phone calls."

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Bradhurst renewal almost complete with Ellington on the Park Back in 1997, the City Planning Commission and the City Council approved the Bradhurst Urban Renewal Plan. Its goal? To develop new residential,…... Read more >

Bradhurst renewal almost complete with Ellington on the Park

Back in 1997, the City Planning Commission and the City Council approved the Bradhurst Urban Renewal Plan.

Its goal? To develop new residential, commercial and community space for 34 designated sites in the area marked by West 155th Street to the north,West 138th Street to the south, Adam Clayton Powell Jr. Blvd. to the east and Bradhurst and Edgecombe avenues to the west. The end of the renewal project is nearing its completion and is looking great for all involved.

Up to this point, the project has created close to 2,500 units of mixed-income and new rental space. The cornerstone of this plan, Ellington on the Park, is surrounded by 800 new units of housing and occupied retail space, including The Sutton, a 135-unit co-op at West 147th Street and Bradhurst Avenue, and Bradhurst Apartments, a 23-rental unit building located at West 148th Street and Frederick Douglass Boulevard. Ellington on the Park is a 133-unit complex located at 130 Bradhurst Avenue on the corner of West 148th Street.

The building includes a fitness center, a community room and a parking garage. Each unit is equipped with high-speed Internet wiring and a washer-dryer closet. Located across the street from the renovated Jackie Robinson Park, Ellington on the Park has already attracted buyers, many of whom are from the neighborhood. According to the Bradhurst Renewal Plan, 100 percent of Ellington on the Park residents are first-time homeowners.

Among this group, 50 percent of the residents are from the surrounding neighborhood and 63 percent are Harlemites. Nine of the purchasers work in education, 10 purchasers are public employees and 12 purchasers are medical professionals. Gale Kaufman, of Duvernay & Brooks, the developers of Ellington on the Park and several other projects in the area, spoke about the building’s beginnings.

“Well, this was developed under the Cornerstone Program,” said Kaufman. “Back in 2003, the HPD [New York City Department of Housing Preservation and Development] issued an RFP [request for proposals] back in 2003 and it included a number of sites on the two blocks bordering [West] 147th and 149th streets, with

Bradhurst [Avenue] on the west and Frederick Douglass Boulevard on the east. Number of sites the city owned.” Some of the sites were also owned by the Harlem Congregations for Community Improvement and they worked with Duvernay & Brooks in development plans. With the renovation of Jackie Robinson Park and amphitheater, Ellington on the Park appears to be the perfect setting for families. Kaufman, however, couldn’t take credit for the development across the street.

“I’d love to take credit for the Jackie Robinson Park and amphitheater, but I would say we were fortunate that all of this was happening around the same time,” Kaufman said. “We converted the co-op on January 28. And we have already closed on well over 70 apartments. They’re all in the process of moving in. It’s a nice, new, clean space with concierge services, and the fact that we’ve been able to sell and close means that financing is getter much better.”

Citibank and JPMorgan have been the prime lenders for buyers of Ellington on the Park, but with the state of the economy over the past couple of years, things did become difficult for a while. Some interpreted this as a problem; one saw it as par for the course.

“It’s just like any other project,” said Charlie Lewis, senior managing director of Warburg Realty, the broker that dealt with potential buyers. “When the market changed, banks tightened up on their credit and it was very difficult for people to get proper financing. It also made people less likely to purchase based on a floor plan. That whole practice has changed. They wanted to see a finished product.”

Lewis handles the marketrate co-ops, and according to him, there are about 20 more available for purchase. Lewis isn’t worried. “There’s been a lot of interest, with about seven to 12 people coming to each open house,” Lewis said. “As soon as spring happens, more people will come.”

Kaufman felt that a major burden was lifted off their shoulders when the first buyers of Ellington on the Park spaces were pursuing the affordable units. “That helped stabilize this building,” she said. “They all had contracts and financing. It made this viable and put it in a position where it is ready for future buyers.” Kaufman understands that location and timing are the most important things when it comes to the market.

“The views and the outdoor space? You can either offer that or you can’t,” she said. “You can’t design that.”

 

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Ellington is a Harlem success The developers of Ellington on the Park, Harlem's newest co-operative building, have announced that residents have begun moving in. Located at 130 Bradhurst Avenue at West…... Read more >

Ellington is a Harlem success

The developers of Ellington on the Park, Harlem's newest co-operative building, have announced that residents have begun moving in.

Located at 130 Bradhurst Avenue at West 148th Street, the Ellington is comprised of 133 homes, 3,420 s/f of ground floor retail, a gym, courtyard, and underground parking garage. 
 
It is one of the last properties to be developed under the Bradhurst Urban Renewal Plan in Harlem, a multi-year redevelopment of 34 sites in a 30-block area that has turned once-vacant, city-owned land into a mixed-income, private residential neighborhood.
 
With 133 homes, more than 80% of which are under contract and closings underway, Ellington is among Harlem's most successful new real estate developments. A mixed-income development, the sales of 110 affordable units have helped acnhor its success -- the Offering Plan has been declared effective and occupancy began in late January.

Fewer than two-dozen units remain and financing is available for all .purchasers.

Warburg Realty Partnership is the exclsuive agent.< Read less

Emerging Neighborhoods “Harlem is becoming an extension of the Upper West Side, really,” said Dawn Tsien, executive vice president with Prudential Douglas Elliman. “I call it the upper, upper West…... Read more >

Emerging Neighborhoods

“Harlem is becoming an extension of the Upper West Side, really,” said Dawn Tsien, executive vice president with Prudential Douglas Elliman. “I call it the upper, upper West Side. Particularly along Frederick Douglass Boulevard, the resurgence continues – and that contributes to all of central Harlem, even in these times when people have been hesitant to move forward on purchases.”

Harlem has a host of new properties and conversions coming on the market just at the right time for cost-conscious consumers. “It appears as if consumer confidence is finally increasing, and we are seeing people coming to Harlem looking for value, space and a good price- and we can offer all those here,” added Tsien. “Harlem is close to great public transportation. An express train can reach Wall Street in 15 minutes and a local can reach midtown in ten.”

Although January is never a good time to open sales for a new building, it did not seem to hurt the Livmor, a new condominium at 301 W 115th Street, five blocks from Central Park in Central Harlem, with 73 residences ranging in size from 808 to 2,100 square feet. Most of the interest is coming from professional couples and families, some of whom hope to qualify for the expanded federal tax abatement that is scheduled to expire at the end of April. The building also has a 431A tax abatement, which helps hold down the monthly costs for purchasers. Prices start in the mid-$400,000s.

The sense of community that makes Harlem a special place for both longstanding residents and newcomers is part of the neighborhood’s appeal. The Ellington on the Park, a 133-unit cond-op at 130 Bradhurst Avenue at 148th St is now 80 percent sold. Homes there start at an affordable $370,000 for a one bedroom, and $497,000 for a two bedroom. Three bedrooms start at $708,000 and go up to $774,000.

Serviced by the A,B,C and D subway lines, the Bradhurst renewal area – which includes new construction buildings like the Sutton, the Langston, and the Ellington – has created an affordable oasis of smart new apartments in a calm and up and coming area of Harlem quite different from the hustle and commercial bustle of 125th St. “Harlem is a place where buyers know they are going to find good value, and that is what is driving our sales today,” said Charlie Lewis, senior managing director, Warburg Realty. “We have so many units with park views and terraces and outdoor space right above Jackie Robinson Park and 10 blocks from Yankee Stadium. It is a very quiet place with a true sense of community, and now it comes with all of the services that new buyers expect.”

 

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The developers of Ellington on the Park, Harlem’s newest cooperative building, have announced that residents have begun moving into their homes. Located at 130 Bradhurst Avenue at West 148th Street,…... Read more >

The developers of Ellington on the Park, Harlem’s newest cooperative building, have announced that residents have begun moving into their homes. Located at 130 Bradhurst Avenue at West 148th Street, the Ellington is comprised of 133 homes, 3,420 square feet of ground floor retail space, a gym, a courtyard, and a 31-car underground parking garage.

Ellington on the Park is one of the last properties to be developed under the Bradhurst Urban Renewal Plan in Harlem, an extensive, multi-year redevelopment initiative led by New York City’s Department of Housing Preservation and Development. The plan’s intent was to provide Harlem residents with opportunities to develop equity and this goal has been achieved through a sustained and expansive revitalization effort on 34 sites in a 30-block area. In the immediate, three-block vicinity of Ellington on the Park, once-vacant, city-owned land is now home to a mixed-income, private residential neighborhood that offers roughly 800 new units of housing and significant new retail space.

With 133 homes, more than 80 percent of which are under contract and closings underway, Ellington on the Park is among Harlem’s most successful new real estate developments. A mixed-income development, the sales of Ellington on the Park’s 110 affordable units have helped anchor the building’s success – the Offering Plan has been declared effective and occupancy began in late January. With fewer than two-dozen units remaining, financing is readily available for all purchasers.

“Ellington on the Park is a final step in what has been an incredibly productive transformation of the Bradhurst neighborhood,” said Gale Kaufman of Duvernay + Brooks, one of the project’s developers. “Where once stood blighted buildings and vacant lots, there is now a vibrant residential community nestled alongside the beautifully renovated Jackie Robinson Park.”

There are currently 22 premier collection residences available at Ellington on the Park. These homes feature double hung oversized windows, French doors, hardwood oak flooring throughout, generous closet space and separate washer-dryer closets. Kitchens come equipped with Daltile stone countertops, solid cherry cabinetry, and stainless steel GE Profile and Monogram appliances. Bathrooms offer Kohler fixtures, marble countertops and elegant white & black tile flooring.

Amenities in the pet-friendly Ellington on the Park include a 24-hour attended lobby, a 4,000-square-foot landscaped courtyard, a fitness center, an indoor parking garage, and a resident community room. While it is located in a particularly bucolic sliver of West Harlem, the property has great access to the FDR/Harlem River Drive, Major Deegan, I-95, West Side Highway and Henry Hudson Parkway. New York’s A, B, C, D and 3 Subway lines are just three blocks away.

Homes at Ellington on the Park range in size from 637 to 1,413 square feet and are priced from approximately $375,000 to $775,000. Warburg Marketing Group is the exclusive sales and marketing agent. For more information about the building please contact Charlie Lewis at 917-407-4248 or Robert Williams at 347-371-1220 or visit www.EllingtonOnThePark.com or www.WarburgRealty.com. Offering by prospectus only.

In addition to Ellington on the Park, Duvernay + Brooks, together with Pennrose Properties, developed two other buildings within the Bradhurst Urban Renewal Area. These buildings, which sit alongside Ellington on the Park, include The Sutton, a 135-unit cooperative building at West 147th Street and Bradhurst Avenue, and Bradhurst Apartments, a 23-unit rental building located at Frederick Douglass Boulevard and West 148th Street.
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Harlem - Ellington on the Park - Complete and Welcoming Residents Symbolizes Success of the Bradhurst Urban Renewal Area 24.02.10 | 20:03 Uhr The developers of Ellington on the Park, Harlem's newest…... Read more >

Harlem - Ellington on the Park - Complete and Welcoming Residents Symbolizes Success of the Bradhurst Urban Renewal Area
24.02.10 | 20:03 Uhr

The developers of Ellington on the Park, Harlem's newest cooperative building, have announced that residents have begun moving into their homes.

Located at 130 Bradhurst Avenue at West 148th Street, the Ellington is comprised of 133 homes, 3,420 square feet of ground floor retail space, a gym, a courtyard, and a 31-car underground parking garage.

Ellington on the Park is one of the last properties to be developed under the Bradhurst Urban Renewal Plan in Harlem, an extensive, multi-year redevelopment initiative led by New York City's Department of Housing Preservation and Development. The plan's intent was to provide Harlem residents with opportunities to develop equity and this goal has been achieved through a sustained and expansive revitalization effort on 34 sites in a 30-block area. In the immediate, three-block vicinity of Ellington on the Park, once-vacant, city-owned land is now home to a mixed-income, private residential neighborhood that offers roughly 800 new units of housing and significant new retail space.

With 133 homes, more than 80 percent of which are under contract and closings underway, Ellington on the Park is among Harlem's most successful new real estate developments. A mixed-income development, the sales of Ellington on the Park's 110 affordable units have helped anchor the building's success " the Offering Plan has been declared effective and occupancy began in late January. With fewer than two-dozen units remaining, financing is readily available for all purchasers.

"Ellington on the Park is a final step in what has been an incredibly productive transformation of the Bradhurst neighborhood, said Gale Kaufman of Duvernay + Brooks, one of the project's developers. Where once stood blighted buildings and vacant lots, there is now a vibrant residential community nestled alongside the beautifully renovated Jackie Robinson Park."

There are currently 22 premier collection residences available at Ellington on the Park. These homes feature double hung oversized windows, French doors, hardwood oak flooring throughout, generous closet space and separate washer-dryer closets. Kitchens come equipped with Daltile stone countertops, solid cherry cabinetry, and stainless steel GE Profile and Monogram appliances. Bathrooms offer Kohler fixtures, marble countertops and elegant white & black tile flooring.

Amenities in the pet-friendly Ellington on the Park include a 24-hour attended lobby, a 4,000-square-foot landscaped courtyard, a fitness center, an indoor parking garage, and a resident community room. While it is located in a particularly bucolic sliver of West Harlem, the property has great access to the FDR/Harlem River Drive, Major Deegan, I-95, West Side Highway and Henry Hudson Parkway. New York's A, B, C, D and 3 Subway lines are just three blocks away.

Homes at Ellington on the Park range in size from 637 to 1,413 square feet and are priced from approximately $375,000 to $775,000. Warburg Marketing Group is the exclusive sales and marketing agent. For more information about the building please contact Charlie Lewis at 917-407-4248 or Robert Williams at 347-371-1220 or visit www.EllingtonOnThePark.com or www.WarburgRealty.com. Offering by prospectus only.

In addition to Ellington on the Park, Duvernay + Brooks, together with Pennrose Properties, developed two other buildings within the Bradhurst Urban Renewal Area. These buildings, which sit alongside Ellington on the Park, include The Sutton, a 135-unit cooperative building at West 147th Street and Bradhurst Avenue, and Bradhurst Apartments, a 23-unit rental building located at Frederick Douglass Boulevard and West 148th Street.

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Ellington on the Park – Complete and Welcoming Residents – Symbolizes Success of the Bradhurst Urban Renewal Area The developers of Ellington on the Park, Harlem's newest cooperative building, have…... Read more >

Ellington on the Park – Complete and Welcoming Residents – Symbolizes Success of the Bradhurst Urban Renewal Area

The developers of Ellington on the Park, Harlem's newest cooperative building, have announced that residents have begun moving into their homes. Located at 130 Bradhurst Avenue at West 148th Street, the Ellington is comprised of 133 homes, 3,420 square feet of ground floor retail space, a gym, a courtyard, and a 31-car underground parking garage.

Ellington on the Park is one of the last properties to be developed under the Bradhurst Urban Renewal Plan in Harlem, an extensive, multi-year redevelopment initiative led by New York City's Department of Housing Preservation and Development. The plan's intent was to provide Harlem residents with opportunities to develop equity and this goal has been achieved through a sustained and expansive revitalization effort on 34 sites in a 30-block area. In the immediate, three-block vicinity of Ellington on the Park, once-vacant, city-owned land is now home to a mixed-income, private residential neighborhood that offers roughly 800 new units of housing and significant new retail space.

With 133 homes, more than 80 percent of which are under contract and closings underway, Ellington on the Park is among Harlem's most successful new real estate developments. A mixed-income development, the sales of Ellington on the Park's 110 affordable units have helped anchor the building's success - the Offering Plan has been declared effective and occupancy began in late January. With fewer than two-dozen units remaining, financing is readily available for all purchasers.

"Ellington on the Park is a final step in what has been an incredibly productive transformation of the Bradhurst neighborhood," said Gale Kaufman of Duvernay + Brooks, one of the project's developers. "Where once stood blighted buildings and vacant lots, there is now a vibrant residential community nestled alongside the beautifully renovated Jackie Robinson Park."

There are currently 22 premier collection residences available at Ellington on the Park. These homes feature double hung oversized windows, French doors, hardwood oak flooring throughout, generous closet space and separate washer-dryer closets. Kitchens come equipped with Daltile stone countertops, solid cherry cabinetry, and stainless steel GE Profile and Monogram appliances. Bathrooms offer Kohler fixtures, marble countertops and elegant white&black tile flooring.

Amenities in the pet-friendly Ellington on the Park include a 24-hour attended lobby, a 4,000-square-foot landscaped courtyard, a fitness center, an indoor parking garage, and a resident community room. While it is located in a particularly bucolic sliver of West Harlem, the property has great access to the FDR/Harlem River Drive, Major Deegan, I-95, West Side Highway and Henry Hudson Parkway. New York's A, B, C, D and 3 Subway lines are just three blocks away.

Homes at Ellington on the Park range in size from 637 to 1,413 square feet and are priced from approximately $375,000 to $775,000. Warburg Marketing Group is the exclusive sales and marketing agent. For more information about the building please contact Charlie Lewis at 917-407-4248 or Robert Williams at 347-371-1220 or visit www.EllingtonOnThePark.com or www.WarburgRealty.com. Offering by prospectus only.

In addition to Ellington on the Park, Duvernay + Brooks, together with Pennrose Properties, developed two other buildings within the Bradhurst Urban Renewal Area. These buildings, which sit alongside Ellington on the Park, include The Sutton, a 135-unit cooperative building at West 147th Street and Bradhurst Avenue, and Bradhurst Apartments, a 23-unit rental building located at Frederick Douglass Boulevard and West 148th Street.
 

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February 24, 2010 Ellington on the Park - Complete and Welcoming Residents - Symbolizes Success of the Bradhurst Urban Renewal Area   NEW YORK--(BUSINESS WIRE)-- The developers of Ellington on the…... Read more >

February 24, 2010

Ellington on the Park - Complete and Welcoming Residents - Symbolizes Success of the Bradhurst Urban Renewal Area

 

NEW YORK--(BUSINESS WIRE)-- The developers of Ellington on the Park, Harlem's newest cooperative building, have announced that residents have begun moving into their homes. Located at 130 Bradhurst Avenue at West 148th Street, the Ellington is comprised of 133 homes, 3,420 square feet of ground floor retail space, a gym, a courtyard, and a 31-car underground parking garage.

Ellington on the Park is one of the last properties to be developed under the Bradhurst Urban Renewal Plan in Harlem, an extensive, multi-year redevelopment initiative led by New York City's Department of Housing Preservation and Development. The plan's intent was to provide Harlem residents with opportunities to develop equity and this goal has been achieved through a sustained and expansive revitalization effort on 34 sites in a 30-block area. In the immediate, three-block vicinity of Ellington on the Park, once-vacant, city-owned land is now home to a mixed-income, private residential neighborhood that offers roughly 800 new units of housing and significant new retail space.

With 133 homes, more than 80 percent of which are under contract and closings underway, Ellington on the Park is among Harlem's most successful new real estate developments. A mixed-income development, the sales of Ellington on the Park's 110 affordable units have helped anchor the building's success - the Offering Plan has been declared effective and occupancy began in late January. With fewer than two-dozen units remaining, financing is readily available for all purchasers.

"Ellington on the Park is a final step in what has been an incredibly productive transformation of the Bradhurst neighborhood," said Gale Kaufman of Duvernay + Brooks, one of the project's developers. "Where once stood blighted buildings and vacant lots, there is now a vibrant residential community nestled alongside the beautifully renovated Jackie Robinson Park."

There are currently 22 premier collection residences available at Ellington on the Park. These homes feature double hung oversized windows, French doors, hardwood oak flooring throughout, generous closet space and separate washer-dryer closets. Kitchens come equipped with Daltile stone countertops, solid cherry cabinetry, and stainless steel GE Profile and Monogram appliances. Bathrooms offer Kohler fixtures, marble countertops and elegant white & black tile flooring.

Amenities in the pet-friendly Ellington on the Park include a 24-hour attended lobby, a 4,000-square-foot landscaped courtyard, a fitness center, an indoor parking garage, and a resident community room. While it is located in a particularly bucolic sliver of West Harlem, the property has great access to the FDR/Harlem River Drive, Major Deegan, I-95, West Side Highway and Henry Hudson Parkway. New York's A, B, C, D and 3 Subway lines are just three blocks away.

Homes at Ellington on the Park range in size from 637 to 1,413 square feet and are priced from approximately $375,000 to $775,000. Warburg Marketing Group is the exclusive sales and marketing agent. For more information about the building please contact Charlie Lewis at 917-407-4248 or Robert Williams at 347-371-1220 or visit www.EllingtonOnThePark.com or www.WarburgRealty.com. Offering by prospectus only.

In addition to Ellington on the Park, Duvernay + Brooks, together with Pennrose Properties, developed two other buildings within the Bradhurst Urban Renewal Area. These buildings, which sit alongside Ellington on the Park, include The Sutton, a 135-unit cooperative building at West 147th Street and Bradhurst Avenue, and Bradhurst Apartments, a 23-unit rental building located at Frederick Douglass Boulevard and West 148th Street.

 

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ELLINGTON ON THE PARK 130 Bradhurst Avenue, New York, NY ELLINGTON ON THE PARK – COMPLETE – SYMBOLIZES SUCCESS OF THE  BRADHURST URBAN RENEWAL AREA New York, February 24, 2010--The developers…... Read more >

ELLINGTON ON THE PARK
130 Bradhurst Avenue, New York, NY

ELLINGTON ON THE PARK – COMPLETE – SYMBOLIZES SUCCESS OF THE
 BRADHURST URBAN RENEWAL AREA

New York, February 24, 2010--The developers of Ellington on the Park, Harlem’s newest cooperative building, have announced that residents have begun moving into their homes. Located at 130 Bradhurst Avenue at West148th Street, the Ellington is comprised of 133 homes, 3,420 square feet of ground floor retail space, a gym, a courtyard, and a 31-car underground parking garage.

Ellington on the Park is one of the last properties to be developed under the Bradhurst Urban Renewal Plan in Harlem, an extensive, multi-year redevelopment initiative led by New York City’s Department of Housing Preservation and Development. The plan’s intent was to provide Harlem residents with opportunities to develop equity and this goal has been achieved through a sustained and expansive revitalization effort on 34 sites in a 30-block area.  In the immediate, three-block vicinity of Ellington on the Park, once-vacant, city-owned land is now home to a mixed-income, private residential neighborhood that offers roughly 800 new units of housing and significant new retail space.  

With 133 homes, more than 80 percent of which are under contract and closings underway, Ellington on the Park is among Harlem’s most successful new real estate developments. A mixed-income development, the sales of Ellington on the Park’s 110 affordable units have helped anchor the building’s success – the Offering Plan has been declared effective and occupancy began in late January.  With fewer than two-dozen units remaining, financing is readily available for all purchasers. 

“Ellington on the Park is a final step in what has been an incredibly productive transformation of the Bradhurst neighborhood,” said Gale Kaufman of Duvernay + Brooks, one of the project’s developers. “Where once stood blighted buildings and vacant lots, there is now a vibrant residential community nestled alongside the beautifully renovated Jackie Robinson Park.”

There are currently 22 premier collection residences available at Ellington on the Park. These homes feature double hung oversized windows, French doors, hardwood oak flooring throughout, generous closet space and separate washer-dryer closets.  Kitchens come equipped with Daltile stone countertops, solid cherry cabinetry, and stainless steel GE Profile and Monogram appliances. Bathrooms offer Kohler fixtures, marble countertops and elegant white & black tile flooring.

Amenities in the pet-friendly Ellington on the Park include a 24-hour attended lobby, a 4,000-square-foot landscaped courtyard, a fitness center, an indoor parking garage, and a resident community room.  While it is located in a particularly bucolic sliver of West Harlem, the property has great access to the FDR/Harlem River Drive, Major Deegan, I-95, West Side Highway and Henry Hudson Parkway.  New York’s A, B, C, D and 3 Subway lines are just three blocks away.

Homes at Ellington on the Park range in size from 637 to 1,413 square feet and are priced from approximately $375,000 to $775,000. Warburg Marketing Group is the exclusive sales and marketing agent. For more information about the building please contact Charlie Lewis at 917-407-4248 or Robert Williams at 347-371-1220 or visit www.EllingtonOnThePark.com or www.WarburgRealty.com. Offering by prospectus only.

 

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Real Estate BISNOW November 17, 2008 The audience turned to the Alliance for Downtown NY’s Elizabeth Berger, Marcus & Millichap’s Marco Lala, Warburg Realty’s Charlie Lewis, Dewey LeBoeuf’s…... Read more >

Real Estate BISNOW
November 17, 2008

The audience turned to the Alliance for Downtown NY’s Elizabeth Berger, Marcus & Millichap’s Marco Lala, Warburg Realty’s Charlie Lewis, Dewey LeBoeuf’s Stuart Saft and Swig Equities’ Kent Swig for the lowdown on Manhattan’s two renaissance markets—Harlem and Downtown. There’s still interest in Harlem, despite a financing standstill. Buyers and developers are slowing down, and sellers are not being realistic with prices, but it’s just a waiting period for all of them. Downtown Manhattan is in a unique position, because it’s not seeing Midtown’s compression in office rents, and lack of inventory has made it a stable submarket.

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Warburg Realty Partnership has announced that Charlie Lewis has joined the firm as a new senior vice president and sales manager of the Harlem office, located at 2235 Frederick Douglass Boulevard. Lewis…... Read more >

Warburg Realty Partnership has announced that Charlie Lewis has joined the firm as a new senior vice president and sales manager of the Harlem office, located at 2235 Frederick Douglass Boulevard. Lewis has been associated with The Corcoran Group and Citi Habitats where he served as managing director in their Upper West Side office.

He is a specialist in new residential construction, and has developed numerous relationships with landlords and developers. Lewis earned his Master of Business Administration degree from the University of Texas, Austin and a Bachelor of Business Administration degree from Howard University, Washington, DC.

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