Fernando Branco, Principal Broker
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Fernando Branco Realty - 162 Huntington St, Brooklyn NY 11231
Looking for the best deal in New York City? As an active member of the Real Estate Board of New York, I can help you.
I also help Brazilians relocate to Manhattan, New York!
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$48M Plaza condo buy sets new city record
There's a new record in town. Russian composer Igor Krutoy has closed on the 6,000-square-foot Plaza Hotel condominium he chose last month after an epic search for Manhattan trophy apartments, and according to the Post, he paid $48 million for the 12th-floor pad. That's the priciest single condo ever sold in New York -- and the musician isn't even getting the whole floor in the deal. As the Wall Street Journal reported when the contract was signed, Krutoy and his wife, Olga, had been making offers on all the big-ticket condos in the city -- including the $55 million, two-unit combo at 15 Central Park West and equally stunning listings at the Time Warner Center -- before settling on the Plaza spread, which has views of Central Park but wasn't officially on the market. The couple apparently grew tired of losing out to higher bidders, which is why they were willing to pony up the cash for the 1 Central Park South home, sources told the Post.
April Market Reports: 3 Important Takeaways to Share With Your Clients May 30, 2019 OVER 1,000 MANHATTAN HOMES ENTERED CONTRACT IN APRIL. According to the StreetEasy April 2019 Market Reports, the New York City sales market may be strengthening. This news comes after months of weakening prices across the city, rising share of price cuts and growing days on market. Read on for three takeaways from our most recent report that will offer you and your seller encouraging signs. Nearly 1,200 Homes Entered Contract in Manhattan This April The context: The number of pending sales in Manhattan rose by 26.6% year-over-year to 1,193 in April. That marks an annual increase of more than 250 and the most homes to enter contract since 2015. Upper Manhattan saw a lot of contact activity with pending sales doubling to 132 from 66 the year before. Washington Heights and Central Harlem led the charge with 53 and 29 homes entering contract, up by 104% and 53%, respectively. The takeaway: M
A design revolution in New York City is taking place, as the Chelsea neighborhood transforms from a derelict wasteland to a thriving nexus of art and architecture. The Hotel Americano, the first U.S. outpost of the splashy Mexican hotel chain Grupo Habita, recently materialized on Manhattan’s West 27th Street. It’s situated between 10th and 11th Avenues, at the northern frontier of the Chelsea art district, in the middle of a block best known for its cacophonous, warehouse-scale nightclubs. Why, you might wonder, would anyone want to build a hotel here? But the unpromising appearance of the location is part of the allure. “It’s gritty,” says owner Carlos Couturier, “and I like that grittiness. It feels like what the Meatpacking District was ten years ago. Very authentic.” Yes, Way-West-27th is authentic—some of the nearest residents are in a cluster of city-owned housing projects—but here, as elsewhere in Manhattan, grit is an endangered species. Just down the block from the
Legal Line Question of the Week - REBNY Transfer Taxes and Grossed up Consideration I represent the prospective purchaser of a new construction condominium unit. In speaking with the sales office for the sponsor, I was informed that my purchaser is responsible for paying both the New York City and New York State transfer taxes. I thought that the obligation to pay transfer taxes was the r esponsibility of the seller. Can you please explain? Generally, when real property (or a co-op apartment) is sold in New York City, the seller is responsible for paying both the New York State and New York City transfer taxes. In residential real estate transactions where the purchase price is greater than $500,000, the New York City transfer tax equals 1.425% of the purchase price (and where the purchase price is $500,000 or below, the New York City transfer tax is 1% of the purchase price). The New York State transfer tax is .4% of the purchase price. New Yo