May 12th 2011
New York Times - Homes Magazine
Deborah Lupard one of the broker co-hosts of “Selling New York” on HGTV, is a top producer in Warburg Realty’s TriBeCa office.
What are the most exciting emerging neighborhoods in New York City?
FiDi was on the climb before the decline, and its population has doubled over the past decade. Now, with Condé Nast leasing 85 percent of the World Trade Center, and with the Beekman Tower – the Frank Gehry 76-story rental building – changing the skyline, people will follow.
The least obvious emerging neighborhood is Midtown West. The 7-train extension should be done in five years. There will be a new public school built there and a 26-acre West Side park. And you can’t go wrong with river views like that. So, this is a neighborhood I am keeping my eye on.
Next would be Ft. Greene, a tree-lined neighborhood similar to Harlem, with a lot of beautiful architecture and low-rise buildings, It’s desirable for many reasons, including proximity to transportation. It’s also becoming very racially and economically diverse, with many student’s – which bring youth and life to a neighborhood.
The remaining two are Harlem and Williamsburg. The fallacy about Williamsburg is that it’s only for young people. My most recent buyers were not 20—somethings, and they are very happy that I kidnapped and brought them there. And I have high hopes fro Harlem. A lot of students and young professionals live there. You can get on the subway at 125th Street, an your next stop is 59th Street – so it is close to everything.
Besides lower real estate prices, what makes an emerging neighborhood appealing?
The questions that people always ask are, “What is the closest supermarket?” What is the transportation situation?” and, “Where are the restaurants?” If you can convince them that they can buy groceries, go out to dinner and get somewhere quickly, you can at least get them to look at the neighborhood. Families also want to know about the schools. Once you bring them to a space that is far superior for the money – more square footage, more light, better views – that brightens them up. There is no such thing as flipping an apartment anymore. If you can say to yourself, “I can be here for 10 years,” that is a good gauge.
Your bio mentions your strategy of “integrative bargaining.” How does it work?
Here is an example: I was working with a client for an overpriced apartment, and both brokers knew the fair price. It was our job to get both parties to the price. It is not about winning, or which broker is better. It is about two smart people making a deal happen that is fair. It is not about negotiating tactics, or waiting the other party out. That is silly. There is a real price, a value, for an apartment – and that is the price that you should end up with.
In a world where buyers and seller have access to the internet, what is the value of a broker?
Brokers are mediators who make deals happen between people. It’s our job to know things about buildings that other people just don’t know. You don’t find that on the Internet. People will say, “Why didn’t you take me to this buildings or that building.” And then we will tell them why – like, the central air conditioning vibrates the entire apartment. If you look by yourself, you wouldn’t necessarily know that because it’s winter. We learn, and we remember. Our job is to educate clients about the fair price, and make sure that both buyer and seller feel it is a win-win.