Warburg Blog

The area from 40th Street to 48th Street between Third Avenue and the river was originally know in 1639 as the Deutal Bay Farm and had a small bay with a prolific turtle population.  In 1868 it was covered over and the North garden of the United Nations now stands on the site.

 Today this thriving community boasts luxury apartment buildings, townhouses, excellent restaurants, quiet parks and many historical and landmarked sites.

 Starting on 43rd Street between United Nations Plaza and Second Avenue is the landmarked Ford Foundation with a vast atrium.  Across the street the United Nations spans from 42nd Street to 48th on First Avenue.  One can visit and observe some of the sessions at this international institution dedicated to world peace.  In the summer the lovely rose garden overlooking the East River is truly wonderful as is the Delegates’ Dining Room opened to the public Monday to Friday with a reservation.

 Dag Hammarskjold Plaza is located on 47th from First to Second Avenues.  The very active community association, the Turtle Bay Association, was instrumental in creating this park. With fountains and the beautiful Katharine Hepburn gardens it is a quiet respite from the bustle of NYC.  It is also the venue of a green market, street fairs and cultural events.  Sit quietly in the outdoor café under a market umbrella and enjoy some refreshments and a snack or go across 47th Street to the Japan Society for their exhibits and Zen Garden with an atrium waterfall.

 Number 227 – 247 East 48th Street and 236-246 East 49th Streets are famous remodeled brownstones which surround a private common garden and are the former homes of Dorothy Thompson, Katharine Hepburn, Stephen Sondheim, Maggie Smith and Tyrone Power.

 Also on 49th Street between Second and Third Avenues is the restored and reconstructed Amster Yard where small brick buildings surround a verdant courtyard.  It is the home of the Instituto Cervantes which hosts lectures, art exhibits, poetry readings, language classes and cultural events.

 For a specular view of the neighborhood go to the Top of the Tower in the Beekman Tower Hotel, one of the city’s great Art Deco skyscrapers. Enjoy a drink or some food and take in the special views of the UN gardens, East River and the rest of the surrounding area.

 Not only is Turtle Bay an interesting place to visit and walk, but also a terrific place to live.  Check out this apartment on 49th Street.

http://www.warburgrealty.com/property/102015020120301

ALL AROUND THE TOWN

Ok. So you’ve decided to take the plunge and purchase a New York City apartment, but don’t have a clue where to look.  Over my years of experience as a real estate broker, I have found that the best approach is to make a list of priorities before you even go out to look at properties.

Here are some helpful tips to think about in compiling your list:

•   Location – Do you need easy access to work and or schools?
•   Neighborhood Service – Which ones are important to you? Food shopping, recreational facilities, parking, place of worship, pharmacy, dry cleaner, shoe maker etc.
•   Entertainment – Parks, movies, theatre

After you determine the needs of your neighborhood lifestyle, think about the building amenities:

•   Do you require a large or small staff
•   Recreational facilities such as a health club, roof deck or playroom
•   Ease of purchase – a condo will have less purchase requirements than a coop and will usually permit unlimited subletting.

Obviously these factors will affect the purchase price.

The last item on your list should address the apartment space:

•   Size – Do you want something that will satisfy your present needs or do you prefer something you may grow into.
•   Light – If this is important to you, don’t assume that a South and East exposure will give you the most light. There are many North and West facing apartments which have open views and are very bright.
•   Outside space – Do you want a balcony or terrace?
•   Washer and Dryer machines – Although almost all buildings have laundry rooms, not all buildings permit them in the apartment

This is a good staring point to get you on your way.  As you look at properties you will refine your list to what is the most important to you, but regardless think of this as an adventure.  Make it a fun experience and always remember your home should be a place in which you enjoy living.

 ….which was a commentary on peoples’ dress.  Today the neighborhood between 72^nd and 79^th Streets from Fifth Avenue to Park is still one of the most prestigious locations in Manhattan. It’s a block from one of the most fantastic parks in the world, is overflowing with fine shops, hotels and all kinds of eateries. 

 This is a sampling of some of the great amenities on this strip:

 Starting at 72^nd and Madison Ralph Lauren has just built a townhouse to house his women’s store.  It is across the street from his other store which is in the famous Rhinelander townhouse.  Give it a few years and the new one will look like it’s been around for a long time too.

 Moving uptown – do you need some superior produce or take out?  Try Marche Madison.  The fruit is luscious enough to photograph and eat.

 You can fill a prescription at Clyde and Zitomer Pharmacies as well as buy handbags, toys and a whole host of personal products.

 Three of New York’s most luxurious hotels are on this route, The Surrey which houses the famous Café Boulud, The Carlyle with not only their legendry restaurant, but also the Café featuring renowned performing artists and the newly renovated Mark with the Jean Georges’ restaurant.

 Looking for some culture? Visit the Whitney Museum with one of the finest contemporary art collections in the world.

 For an informal bite try the Greek influenced 3 Guys Restaurant or Café Viand known for great turkey sandwiches.

 Have a sweet tooth?  Sant Ambroeus, Lady M and La Masion du Chocolat have outstanding gelato, pastry and chocolate.

 The New York Society Library on 79^th between Madison and Park is a membership library with a large collection and interesting events.

 More shopping?  J.Crew and Brooks Brothers anchor 79^th and Madison.

 In addition to all these luxuries, some of the tree lined side streets with rows of brownstones feel like they are out of Henry James. If you think you’d enjoy living in this ambience, contact me and I can show you some wonderful properties in the neighborhood.  Also check out my listing at 42 East 73^rd Street.  This charming one bedroom with high ceilings and a wood burning fireplace in a brownstone makes a great full time home or pied d’ Terre.

Most people assume that the board of directors runs the building. Actually the responsibilities for maintaining the building are usually divided between the board of directors and the managing agent. Both parties perform their functions with the advice and help of many support professionals. Typically the board establishes the policy and expenditures; and the managing agent or property manager actually runs and manages the procedures in the building. It’s important that the manager understand the philosophy and culture of the building in order to be able to implement the style the board desires.

For example, the board will make decisions about the rules and expenditures of the building. The managing agent is concerned with not only carrying out these requirements, but performing the administrative work as well, such as collecting maintenance, carrying charges and sending out notices.

Selecting Vendors

The managing agent is responsible for selecting and prescreening vendors including architects, engineers, heating suppliers, insurance and repair personnel. Their credentials are then presented to the board who will select the vendor.

Most management firms work off site, but there are companies who work on-site. The advantage of an on-site representative is that the shareholder can easily go into their office to discuss any topics and concerns. Of course, the building needs to be able to provide the space for the on site representative and not all buildings have available space for them. In some cases a small management firm will operate out of a building they manage and pay the building rent because they are also managing other buildings as well as the on-site one.

Some buildings are self-managed. This requires a good deal of work, expertise and dedication from the shareholders. Frequently this works well in a small building where the shareholders feel a strong sense of ownership and run it as though it were a private home.

Most boards of directors have a regularly schedule monthly meeting to deal with subjects as well as an annual meeting to elect directors and officers. The agenda for these meetings is usually prepared by the managing agent with input from the board. Both parties will have issues, which need to be discussed and examined in order to decide on the procedure. Many buildings also have standing and ad hoc committees who meet at different schedules and report to the board. Committees are assigned specific tasks.

Affairs of the Board

Typically the building’s attorney will attend both the monthly and annual meeting to assist with any legal issues. Also the attorney is very helpful in determining policy on topics which are not necessarily legal, but political in nature.

Architects and engineers are consulted on a per job basis. Their expertise is required to keep the building in good physical condition and as well as approve any structural changes the board or shareholders wish to make. They also insure that any of these changes will meet the required New York City building codes.

One of the most difficult things for a board to do is to assess the managing agent’s performance. One aspect must be that the individual manager understands the character of the board and the clientele they are serving. It requires sensitivity and good listening skills. Another concern is availability.

The managing agent’s work flow widely varies and cannot be controlled or anticipated, such as emergencies or the amount of purchase or rent applications which can change markedly from month to month. The same amount of staff has to deal with these issues making it difficult to juggle the work load well. When evaluating the managing agent some of the factors the board should consider are obviously cost. Is the manager or management firm producing adequately given the fee they’re charging? Savings are another issue to consider in cost.

A knowledgeable managing agent can save the building substantial amounts of money by hiring well priced, but good consultants. An experienced managing agent knows how to find these vendors. Is the managing agent sufficiently available when things need to be discussed? Are they courteous to the shareholders as well as the board? Are they helpful and efficient in processing purchase and rental applications? If they take too long to process a purchase application, the purchaser has to reapply for a mortgage creating additional expense and sometimes a higher rate of interest.

Whatever style the board has when choosing a managing agent or property manager, it’s important to interview a few companies and thoroughly check their references. Remember to ask specific and in depth questions about the company’s style and responsiveness when checking references.

Lenore Barton is a contributor to The Cooperator and an associate broker at Warburg Realty.

Who Really Runs the Building?
Who’s in Charge
By Lenore Barton
http://cooperator.com/articles/1884/1/Who-Really-Runs-the-Building/Page1.html

Although it is frequently assumed that Coop Boards of Directors are totally responsible for all building decisions, typically they are assisted by a large group of professional consultants who not only guide them but also sometimes make the day to day decisions on their behalf.  When a shareholder has an issue or a proposal, it’s wise to try to determine the best course of communication before contacting the Board.

Beginning with the most basic day to day issues, such as repairs, the resident manager or handy man would be the primary point of contact.  Boards typically do not become involved with the daily maintenance of a building and should be contacted about these matters only as a last resort and after contact with the resident manager and managing agent have been fully exhausted.

If a shareholder is planning to renovate their apartment or install major equipment, the managing agent in concert with the building architect and resident manager will approve the plans in the name of the Board.  Every building has its own renovation guidelines and typically there is an alteration agreement between the building and shareholder which outlines the building’s requirements and must be approved by the managing agent.

Some of the best ideas for building amenities come from the residents of a building.  Want a gym, roof deck or playroom?  Having some concrete idea of how to accomplish the project will help your dreams come to fruition.  During my tenure as President of my Coop, one of the Board members wanted a gym.  Because he was a developer, he presented the Board with very specific information about the area in the building which could be converted to a gym and sources to purchase the equipment.  Since no one else on the Board had this expertise, it made us very comfortable going forward with the idea.

Boards also look to shareholders for input in major projects.  When undertaking a lobby or hallway renovation, some buildings will form a committee to oversee and report back to the Board, while other Boards will coordinate on their own.  Either way, it is essential to give the shareholder the opportunity for input.  Ask the designer to submit three designs with a variety of finishes and invite the shareholders to vote for their favorite.  Open communication can foster excellent results.

Be sensitive to the form you use to communicate with a Board member.  Remember this is a voluntary position.  Try writing a note or if possible send an email outlining the idea with some plans for carrying it out.  It may take some time to get a response because the member will want to consider and discuss the concept with the rest of the Board.  With some forethought about how to interact with your Board, you will find the experience rewarding.  Boards truly appreciate input and guidance so provide it to them in a helpful way.

In the same regard Board’s interaction with the shareholders is equally important.  Residents want to know what’s going on in their building and do not want to be surprised with an announcement of maintenance increases, assessments or new projects by simply revealing them at the Annual Meeting. 

There are many tools available to facilitate communication – the most popular are newsletters or more recently building websites.  Websites provide an interactive forum for the shareholders and Board members to communicate and also can become the go to source for floor plans, publishing the House Rules or even maintenance payments.  Since not everyone is computer literate, it’s important that information be provided in print as well.  Some Boards are fortunate enough to have a member volunteer to produce the newsletter, while others will look to the shareholders for volunteers.

The responsibilities of serving on a Board are not to be taken lightly. You have a great deal of expertise in your building. Take advantage of any help people can provide.  Some buildings find committees very helpful, but others find the running of a committee in addition to the Board work more time consuming than it’s worth.  Committees are an opportunity to establish support and to groom future Board Members.

 In the end, communication is the key.  Remember everyone wants to live in the best building possible.

Published in The October, 2008 issue of The Cooperator by Lenore Barton, Associate Broker, Warburg Realty