134 West 88th St., PH4A: Gorgeous Penthouse Duplex with Two Private Roof...

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NYC Sales Market Strengthens in April!!

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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 AprilThe 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: More so than ever,…
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Design Revolution in New York City's Chelsea

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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 hotel is t…
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Legal Line Question of the Week: Transfer Taxes and Grossed up Consideration

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Legal Line Question of the Week - REBNYTransfer Taxes and Grossed up ConsiderationI 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 responsibility 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 York state law permits a seller to shift the…
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