The Jetson's Floorplan...

Just when you thought you'd seen it all in Manhattan, something comes along that blows your mind. At first glance, you could mistake the floorplans to the left for a birds-eye view of a pinball machine. The duplex apartment conversion at 123 W 15th Street has been described as "Wonka-riffic" on the popular blog, Curbed.com. I couldn't think of a better word to describe this floorplan. The duplex boasts 2,054 square feet and is asking $2,995,000. Own a piece of history today, before flying cars and robot maids take the world over.

Are people really willing to pay $1,953 s/f?

You better believe they are. If you thought the market was flatlining, think again. NY Post reports that the Lucida, the Upper East Side's first LEED-Certified Green Building on the southeast corner of 86th Street and Lexington Avenue, is approximately 69% sold after two months of sales! There have already been four pricing amendments and rumor has it that they are considering a fifth. Apartments in the family-friendly Lucida are fetching a staggering $1,953 per square foot. Who's paying these egregious prices? Lawyers and private equity hedge fund managers. Some are buying multiple units and combining them. I can't wait to see how the combined units appreciate in years to come. It will certainly be interesting to see. Apparently, the "sterile" Upper East Siders have been longing for the hip, glass-facade developments only seen south of 59th Street, until now.

“I’ll have Johnny Walker… Blue Label”

New Yorkers have always been a couple of notches above the average consumer. Their desire for the best is apparent in all the aspects of day-to-day life in the big apple, and more recently, in the real estate market. David Rockwell, Andy Pepper, Phillipe Starck, Richard Meier, Deborah Berke, Costas Kondylis, Bruce Fowle and Ismael Leyva, to name a few, have revolutionized how Mr. and Mrs. Jones feel when they enter their designer homes at the end of a busy day. What’s in a name? The arguments both for and against are compelling, and we will make no attempt to address the matter here, other than to say that there is indeed something that we associate with these “designer” names, which continues to drive the buzz and hype around these starchitecturally designed buildings, more so than their no name counterparts.

Authored by Matthew Knee (Guest Author)

South Beach comes to South Manhattan...

The developers of the Setai, Miami are altering the condo's South Beach Art Deco aesthetic for a classier corporate look, with wood and stone for the Setai, New York. After two months of sales, the Setai, New York is 30 percent sold. The 30-story condo conversion is located at 40 Broad Street, between Beaver Street and Exchange Place, with prices averaging $1,350 s/f to $2,000 s/f. The real selling point is the outdoor terrace (common area), which has tropical bamboo, oversized daybeds (think Duvet, NY and Nikki Beach, FLA), 2 Jacuzzis and gas grills. Word has it that the co-founder of the Setai Group is "trying to get a cigar room there." This condo conversion has done a spectucular job differentiating itself, hence the surging sales in a two-month period.

For more information, visit http://www.setainy.com.

Left the A/C on? No problem! Deactivate it remotely...

New developments are in a race to provide a better mousetrap, and those without a differentiation strategy are having trouble moving apartments. The recent frill-frenzy™ we've witnessed has us wondering, "What's next?" I'll tell you what's next...computers that control EVERYTHING in your home. Not cool enough? Don't worry, it gets cooler. These computers can be accessed via the Internet, remotely. Want a cool (temperature) apartment when you walk in the door? Turn on the A/C and lower the shades remotely before leaving work. Can't be home for the handyman in the afternoon? Unlock your apartment and watch them on camera remotely from work.

And you thought Bill Gates had all the fun in his hi-tech residence! Stay tuned for more "technomenities"...

Mortgage Contingency Clause Got You Down?

Weary about waiving the mortgage contingency clause? Try this...

First, a little bit about the mortgage contingency clause. A "mortgage contingency clause" is a provision in the home purchase contract that says that if the prospective buyer can’t get a mortgage within a fixed period of time, s/he can call the whole deal off. In other words, the agreement is conditional on the buyer being able to obtain a mortgage on the property.

Given the current seller's market, it is assumed that the buyer will waive the mortgage contingency clause, forfeiting their down payment if they can't get a mortgage. If this has you worried, take comfort in that you're not alone and there is a workaround!

If you have a great mortgage professional, they can "rush" the appraisal of the property and produce a commitment letter within 24 hours of receiving the appraisal report - this all happens before contracts go out to the buyer's attorney. At that point, the mortgage contingency is a moot point and can be waived with the confidence that you are guaranteed a mortgage for a proper amount. As always, consult your attorney and mortgage professional before heading down this road, and make note that this workaround isn't recommended when there are multiple bids on the table (a.k.a. "bidding war"), as the seller will likely entertain the offer that waives the mortgage contingency without any "headaches."

"I have a blue house with a blue window...I'm blue (da ba dee)"

The Lower East Side's Blue Condo sticks out like a sore thumb. It would seem more appropriate along the water on the West Side, across from Chelsea Pier and adjacent to the Nouvel Chelsea new development. Nonetheless, it makes it's mark on the Lower East Side's skyline and could be an indication of what's to come for this slow-to-modernize neighborhood. The average unit in the Blue Condo sells for $1,200 to $1,300 per square foot, a lofty sum for the neighborhood, but in tandem with the rest of the city.

There's no doubt about it, when friends and family visit for the first time, it'll elicit a, "Wow." The question is, will it be a good "wow!" ("Very cool!") or a bad "wow" ("You live in that thing?")? For more information, visit http://www.bluecondonyc.com.

Cold Storage is an amenity?

Yes, cold storage is an amenity...and a practical one, at that. Say you shell-out $15.99/lb for some Porterhouse Steaks from Fresh Direct. What are you going to do when the delivery guy shows up in your condominium lobby at 1:34PM EST and you're working until at least 9PM? Or how about that "Love's First Bloom" rose bouquet from 1-800-Flowers for your fiancee? Problem solved...you have your doorman/concierge conveniently stash it in the cold storage room to preserve freshness. New developments, such as the Element Condominum, are the first to offer this amenity, and they definitely won't be the last.

So, you've moved into a "green" building, now what?

So, you've moved into a "green" building, now what? Now it's time to furnish your new nest with environmentally-friendly products. The easiest way to do that is to visit Low Impact Living on the Web. Pick out a set of organic bed linens, a water-saving showerhead, an energy-saving lightbulb (mind you, it lasts 10x as long as a typical lightbulb and uses 1/3 of the energy!), among other products. You're halfway there [to "going green"]...now go all the way!

Shop online at http://www.lowimpactliving.com.

Plastic Mortgages = FREE Vacations!

American Express is rolling out what is likely the first program in the country to let homeowners charge their monthly mortgage payments to a credit card, allowing borrowers to earn reward points on their loans. "[It's] just another progression for us in the real-estate area and in the luxury space," said an American Express executive. Mortgage giants American Home Mortgage Investment Corp. and IndyMac Bancorp are the first two lenders that have signed up for the program.

Black Label suits, Occhiali specs, Aqua di Gio scents...furniture?

"You buy furniture. You tell yourself, this is the last sofa I will ever need in my life. Buy the sofa, then for a couple years you're satisfied that no matter what goes wrong, at least you've got your sofa issue handled. Then the right set of dishes. Then the perfect bed. The drapes. The rug. Then you're trapped in your lovely nest, and the things you used to own, now they own you." (~Chuck Palahniuk, Fight Club)

Well, if you're going to be owned by your possessions, they may as well be Armani Casa. With pieces for every room—from open-edged vases for the library to mother-of-pearl chopstick rests for the dining room—the collection furthers the designer’s streamlined aesthetic far beyond the cramped confines of your walk-in closet. Furnishings like an irregularly woven dressing screen or a sculptural bed nod to Near- and Far-Eastern traditions (especially the Japanese) as readily as tableware or textiles. If you’re not looking to refurnish the whole penthouse or Hampton villa, less dramatic touches can be made via small luxury items like leather key wallets or an array of fine candles.

For the modern-minimalist in all of us. To view their entire line of home decor, visit http://www.armanicasa.com.

The most innovative new development EVER...

I can't say it better myself, so here is an excerpt from the Web site:

100 Eleventh Avenue is a "vision machine," with every angle and structural detail designed to create visual excitement. Approximately 1,650 different windowpanes comprise the most highly engineered and complex curtain wall ever constructed in New York City.

Every apartment will feature floor-to-ceiling window walls including operable windows oriented to the south and west. Along these window walls, floors will be finished with an extra layer of nearly imperceptible transparent gloss, to boost incoming sunlight into rooms.

Sun-lovers rejoice! Your new address awaits on the West side. Not to mention, it's LEED Green certified, so you're doing the environment justice.

For more information about this astonishing new development, visit http://www.nouvelchelsea.com.

"One day we'll all live in pods..."

Well, that day has come, thanks to Mick Jagger's (The Rolling Stones frontman) daughter, Jade Jagger, and her new development, Jade at 16 W 19th Street. According to the Web site, they are "jewel-like lacquered boxes that seem to float in each residence. Enclosed within this single cube are your meticulously laid-out kitchen and bathroom. When opened, the pod reveals a glamorous interplay of sparkling tiles, vivid colors and textures." An interesting option for those who like to think outside of the box...but who like to live inside the box.

To learn more about this new development, visit http://www.jadenyc.com.

"Toto, I don't think we're in Kansas anymore..."

In the age of designer floors, moldings, paints, counters, sinks and appliances, toilets were bound to flush their traditional yet functional role in the home, and redefine themselves as tastefully created masterpieces with astronomical price tags. Toto, one of the leaders in high-end residential construction, offers a full line of power-gravity, low-water consumption units, which are not only asthetically pleasing but have features such as automatic lids, seat warmers and self-cleaning. Watch out George Jetson, Toto's in town!

For more information, check out http://www.totoneorest.com.

Authored by Matthew Knee (Guest Author)

"People who live in glass houses, shouldn't walk around naked..."

When world-famous architect, Philip Johnson, built his New Canaan Connecticut home in 1949, he was light years ahead of his time. The Glass House, as it was called, was a turning point in American architecture - a house built with a floor-to-ceiling, wall-to-wall glass exterior. Nearly 60 years later, that vision is commonplace here in New York City and all over the world, as vertical versions of Johnson's glass house stretch toward the sky. Some New York examples include Richard Meier's Perry Street towers, which give the illusion of floating on the Hudson; Gwathmey Siegel's Astor Place condos, with it's curved glass facade; and Ian Schrager's 40 Bond Street, designed by Pritzker Prize-winning Herzog & deMeuron. The only drawback for these see-thru gems is that squeegee's are not included.

Authored by Matthew Knee (Guest Author)

Honey, I Blew Up The Townhome...and now it's going green!

Just when you think there's not one more parcel of land in Manhattan to develop on, somebody creates one. Recall, Dr. Nicholas Bartha, who intentionally blew up his $6 million townhome on the Upper East Side (34 East 62nd Street), as an act of retribution against his ex-wife, who had won a divorce judgment.

Now, RIGroup is building a green townhouse on the site of the (once inhabited) vacant lot. Greening the townhouse is cost-effective (lower energy bills) and should add significant value to the property. In particular, RIGroup plans on installing water conservation and energy efficient features and finishes, and using formaldehyde-free products and recycled materials, in the hopes of earning the coveted LEED (Leadership in Energy and Environmental Design) designation. According to The Real Deal, it will be a 6-story, 8,000 square foot single-family home.

Only in New York City...

It's Schrager Time...

Rumor has it that a high-end hotel is planned for the one-time tallest building in New York. One Madison Avenue's iconic clock tower has long been known as the MetLife building and served as world headquarters for the insurance giant until 2005. Yay Snoopy! According to world renowned hotelier Ian Schrager, in an April 07' interview, "we are going to make a hotel there, a very high-end hotel, more like a private club." Also in that same interview, Schrager told the Observer, "I might sell [The Building] if we have the right price. We have been getting unsolicited offers." And that may just be the case. The company Africa Israel, led by real estate guru Lev Leviev, have reportedly named their number and are in negotiations for this timeless classic. Will this prime park location become one in the impressive Africa Israel real estate portfolio, or a new New York boutique masterpiece by Ian Schrager? Only time will tell...

Authored by Matthew Knee (Guest Author)

Versace debuts its long-awaited Home Collection...

The first model private residences at The Plaza, and the first model private residences anywhere with furnishings and accessories designed by Versace Home, are making their debut at the iconic castle on the park. The designs contrast with the restored glory of the great landmark public rooms, like The Palm Court and the Oak Room, defining a standard of sophisticated elegance. Fans of Philip Starck and Ian Schrager's design will have a field day furnishing their modern home with Versace's elegant contemporary twist.

To see the entire line of the Versace Home Collection, visit the Web site at http://www.versacehomecollection.com. FYI, Versace can also be commissioned to design custom interiors for private jets (starting at $25,000).

SoHo/TriBeCa loft-like living in Midtown East...

Finally, Midtown East has something to brag about. Thought you couldn't find loft living anywhere but downtown? Think again. Enter...310 East 53rd Street (corner of 2nd Avenue), a stellar new development by renowned developer, Macklowe Properties.

This is a luxury doorman building, a stone's throw from the E, V, and 6 Subway entrance beneath the Lipstick building on 53rd and 3rd Avenue. It features a 24-hour doorman and concierge, Zen garden/courtyard, state-of-the-art fitness center and valet parking in the building. The handsome loft-like apartments (pictured) feature soaring 17' ceilings, Carrara marble kitchen and baths, and oversized windows, which allow the natural sunlight to radiate throughout the apartment. The coolest feature is the automated window treatments that descend over the windows at the push of a button. A perfect bachelor pad, if you ask me.

To learn more about this new development, visit http://www.threetencondo.com. And if you bump into Bill Macklowe on the street, give him a pat on the back and congratulate him on a job well done.

"My budget is..."

"My budget is $995,000." Before you pick a somewhat ambiguous budget to abide by, consider first, the cost of ownership. This is significantly more important. Let me make my case.

The monthly cost of ownership for properties of similar size and quality may vary dramatically from one development to another. Consider the following: an apartment purchased for $995,000 with $1,600 in carrying charges will have the same monthly outlay ($6,078) as an apartment purchased for $1,084,000 with $1,200 in carrying charges (examples are based on 75% financing at a 6% mortgage rate for 30 years). So, keep your mind open when apartment hunting, as there are many ways to view a situation.

Check out the mortgage calculator at Bankrate.com (http://www.bankrate.com), to play with some numbers and determine what your threshold is, in regards to monthly payments (+ carrying charges).

Penchant for debauchery? Buy here now...

"New York is the ultimate power city. And now, with the introduction of Platinum, New York has its signature power residence." Please join me in welcoming Midtown West's hippest new glass tower by Costas Kondylis, with a holier-than-thou attitude. Don't drive a Ferrari? You need not apply. Life in the fast lane, baby. You wouldn't expect a hotshot hedge fund trader to move to your Grandmother's pre-war co-op on the Upper East Side, would you? If you thought Atelier was cool, wait 'til you get a load of this one.

For more information about this new development (floorplans, amenities, luxury appointments), visit http://www.platinumnyc.com, or call me on my mobile phone at (631) 848-8868 to arrange a viewing.

$2,000 per SF? Only in Manhattan...

Soaring 60 stories over Madison Square Park and at the foot of the Avenue will be a building with unparalleled views, luxury, services and amenities. Edging upwards of $2000 per square foot (!) for 1 and 2 bedroom residences, and even more for high-floor, full-floor residences and the crown jewel triplex penthouse, One Madison Square is sure to make quite a splash on the New York City real estate scene when it’s seventy or so units debut in the summer of 2007. According to developer Marc Jacobs, “this building is going to be like the Time Warner Center on Madison Square Park.” Along with his business partner Ira Shapiro, Marc hopes to hit the ground running with their development company Slazer Enterprise’s first marque on Manhattan soil. Keep your ears open and your eyes to the sky, this one’s going to be great!

Authored by Matthew Knee (Guest Author)

Goodbye 421A...

Buyers, grab your checkbooks! The finite life of the 421A tax abatement is coming to an end. The 421A tax abatement has become a valuable marketing tool for new condo projects and saves thousands of dollars in monthly taxes for buyers. It drastically reduces monthly tax payments over a 10-year period, with monthly taxes increasing incrementally every 2 years (until fully adjusted by the tenth year). For example, 421A taxes on a $2,500,000 3BR/2.5BA at 310 East 53rd Street are only $231 (monthly, for the first 2 years)! I'm not sure how much longer it'll be around, but the rumormill foresees its extinction sooner rather than later. For more information about the 421A tax abatement, Google "421A tax abatement" and read to your heart's content.

I'll bet nobody ever told you what to expect at closing...

So, here goes. When buying new construction, you can anticipate many or all of the following costs:

• Real Estate Attorney: approximately $1,500 to $3,800
• Mansion Tax: 1% of the purchase price (if the property is over $1 million)
• Financing Application Fee: approximately $1,000
• Mortgage Recording Tax: 1.8 to 1.925 percent of the mortgage
• New York City Real Property Transfer Tax: 1 to 1.425 percent of the purchase price (yes, transfer tax is paid by the BUYER, when purchasing direct from the Sponsor of a new development)
• New York State Real Property Transfer Tax: 0.4 percent of the purchase price
• Title Insurance: 0.5 to 0.8 percent of the purchase price
• Recording Fees: $5 per page or $17 per document
• Move-in Fee: approximately $1,000
• Contribution to the Building Reserve/Working Captial Funds: 3 to 5 months' common charges
• Contribution for the apartment of the live-in Superintendent: approximately $4,500
• Portion of the Developers' Legal Fees: approximately $1,500 to $3,000

I like to prepare all of my buyers with this information up-front, so they can determine what type of apartment they can REALLY qualify for. A good rule of thumb is as follows: Add 4 to 5 percent of the purchase price for closing costs if paying all cash, and add 6 to 7 percent of the purchase price for closing costs if financing...this applies to purchasing new construction ONLY!

The Stone-Cold Truth...

Marble and granite are both popular, but which is the best all-around and why? There are two issues here, hardness and durability. Harder than a knife, more powerful than a locomotive, able to…well, harder than a knife and able to resist chipping due to bumps, is one key element. Granite, which is composed of silicate minerals, silica and oxygen, is pretty tough stuff, while marble made of calcium carbonate is much softer than, say, a steel blade. Round one to granite.

The second determining factor is chemical resistance. As we said before, marble is made of calcium carbonate, the same stuff that limestone caves are made of, and will dissolve in water after a relatively short span of time. Granite on the other hand, composed of silicate minerals stands up to the test. The winner and champion, rocking the competition by a landslide, is granite! No pun intended of course.

Authored by Matthew Knee (Guest Author)

The first of its kind...

It was only a matter of time before the Upper East Side caught on. The conveniently-located Lucida condominium will be the first LEED-certified "green" building on the Upper East Side. It is across the street from the 4, 5, nd 6 Subways, not to mention a stone's throw from Starbucks, Best Buy, Staples, Barnes & Noble, Best Cellars, Jamba Juice, Victoria's Secret, ALDO, Steve Madden and more. The 86th Street area is starting to feel a bit like the 59th Street area, with its desirable shopping and dining.

For more information, visit http://www.thelucida.com.

Banking-it with Banksy...

A few years ago, the artist known as "Banksy" was just another anonymous graffiti punk plastering his work on London city streets. Today, Sotheby's auctions off his art for six figures, and early collectors are taking their Banksys to the bank. If you're seeking something unique to grace the walls of your home, look no further. Who doesn't love a shadowy British graffiti artist with the chutzpah to hang his own works at the Museum of Modern Art, the Metropolitan Museum of Art, the Brooklyn Museum, the American Museum of Natural History, the Louvre and the Tate?

For more information about Banksys, visit http://www.banksy.co.uk.

The English Bulldog of the Upper East Side...

Finally, a proper English-themed condo on the Upper East Side, 30 seconds from the 4, 5 and 6 train. Not to mention, a stones throw from Central Park and Museum Mile. Rumor has it that the doormen will sport Burberry coats and umbrellas. Cool. As the push toward lifestyle condominiums continues, Related makes its mark, appealing to the high-end, family-oriented buyers on the Upper East Side, seeking that international flavor.

For more info, visit http://www.thebromptonnyc.com. Cheerio!

Poggen-who?

Nevermind. All you need to know is that these folks are in the business of creating kitchens. Not just any kitchens; these are a mish-mash of modern purism and classicism for the style-conscious individual who "knows what counts." If you like to cook, and you can't stand your white formica kitchen any longer, Poggenpohl's for you.

For more information, visit http://www.poggenpohl-usa.com. That's a rap...a nice sundried tomato wrap, with roasted turkey, sprouts, avocado and honey mustard. Time to get cooking.

Image is EVERYTHING...

Your parents' condominium is out. Lifestyle condominiums are in. What's your lifestyle? Are you an uber-hip trendsetter who attends chic gallery events and mingles with the fashionistas? If so, the Chelsea Modern in West Chelsea is just your speed.

For more, visit http://www.chelsea-modern.com.

Starck Madness...

Love him or hate him, he's here to stay. Philippe Starck's "New Design" style is off the deep end, literally (see his indoor pool design for Yoo Downtown in Manhattan at left). Owning in Starck condo is a good deal, as his designs of the common areas add value to your property. In an age (and town) where unique features create buzz and demand, a Starck condo is a sure thing.

For more information about Starck's brilliant projects, visit http://www.philippe-starck.com.

How cool is your condo?

Probably not as cool as the new Atelier condominium, a towering glass structure in Midtown West by architect, Costas Kondylis, and developer, The Moinian Group. The lobby of the Atelier was packed with fashion insiders for the Alice + Olivia show, the closing show at Fashion Week in 2007. Celebrities Carmen Electra and Molly Sims sat front row as models paraded in Andy Warhol-inspired outfits. A fashion show and celebrity endorsement that fit the new development's chic image...can you think of a better publicity play?

The coolest thing that happens in my lobby is when the delivery guy from Fresh Direct shows up. Not cool.

For more information, check out http://www.ateliercondos.com.

It's getting hot in here...

Everybody's heard of a wood-burning fireplace...but have you heard of a glass-burning biofireplace? Didn't think so. These fireplaces burn on FANOLA fuel, a special eco-friendly biofuel. While burning, biofuel is more energy-efficient than wood by about 40%. While burning, no smoke or smell is given out, but merely steam and CO2 in proportions similar to those contained in air exhaled by humans.

These decorative pieces are sure to astound guests and add value to your home. There's nothing better than a nice, "Holy $@#!" when your guests first lay eyes on your magnificent eco-flame. For more information, check out http://www.ecoflames.com.

All-inclusive, resort-style living in Manhattan...

Miraval Living. Lucky owners in this awesome Upper East Side condominium will be pampered to their heart's content. So, what makes this condo so special? Hold your breath - here's a partial activity schedule: Aqua Circuit (a combination of cardiovascular and resistance work in a non-impact water environment), "Dive In" Movies (float around the pool on an innertube on a Friday night while watching a movie projected on the wall), Digital Photography Workshop, "Artists In Residence" Showcase (a showcase of the artwork done by Miraval residents), Latin/Rhythm Dancing Lessons, Poetry Reading & Writing, Scrapbooking, Ashtanga Yoga Intensive, Tea Ceremonies, among others. Mind you, this all takes place on the condominium premises! These high-end spa amenities are just an elevator ride away...

Apartments range in price from $645,000 to $4,285,000. For more information about this unique lifestyle condominium, visit http://www.miravalliving.com.

This Just In: President Elects New World Cabinet...

Founded in Italy in the early 1980’s, Valcucine cabinets immediately distinguished themselves by refining the design and quality of their product and thereby revolutionizing the standard for residential kitchens. With over sixty styles available you’re sure to find something that is not only fine-looking but functional. Their trademark Lift-up Door wall cabinets are a great space saver as they can be attached to walls or hang freely over center islands. Or, for something more traditional, their “Ricicla” cabinet doors are made of all recycled materials and use only 1/10 of the resources needed in other types of doors.

Valcucine is dedicated to ensuring that their products don’t endanger the health of anyone, from those who make them to those who use them, they don’t’ use formaldehyde or synthetic varnishes. Valcucine is also a supporter of Bioforest, an association dedicated to biodiversity and the regeneration of natural environments.

One of the most notable purchases, perhaps of Valcucine kitchens, and a testament to their fine quality was by the Extell Development company for use in one of their flagship buildings, The Orion Condominium. Soaring sixty stories above Manhattan’s west side and appropriately nicknamed “Hell’s Kitchen,” is one of the finest examples of craftsmanship and design I have seen in a long long time, and oh yeah some of the nicest kitchens I have seen yet.

For more about Valcucine, visit http://www.valcucine.it.

Authored by Matthew Knee (Guest Author)

Going...going...GREEN!

According to Bruce Fowle, Senior Principal of FXFOWLE Architects, "There's a greater concentration of green buildings here (Manhattan) than anywhere else." Consumers are increasingly eager to "green" their environment and new developments are meeting those demands in high style. Some of the coolest advances in "greening" new developments include: ventilation systems that provide filtered and humidified air, photovoltaic cells that generate a percentage of the building's electric load, on-site water treatments, recycled steel/wood/concrete drawn from local resources, solar rooftop panels, and landscaped rooftop gardens that capture rainwater for re-use.

Most importantly, green homes are much healthier than standard homes, because they are constructed without traditional toxic building materials -- like formaldehyde-laced particle board, toxin-laden insulation, and dioxin-filled vinyl flooring -- that have been shown to cause everything from sore throats to asthma and other repiratory illnesses, and even cancer. Not to mention, green homes mean lower energy bills!

For more information on "going green," visit the following sites:
http://www.nyc.greenhomeguide.com
http://www.earthpledge.org

Is there a parking garage somewhere around here?

Every once in a while, certain advances in technology really excite me. Enter http://www.nycgarages.com. Not only does this Web site plot each and every garage in Manhattan on a Google map (by neighborhood), but it compares the daily and monthly rates for different vehicle types. A simple scroll of the mouse over a particular parking garage on the map pops up a small window with more information about the garage, including capacity, contact phone number, hours of operation, etc. Totally awesome.

Inclement weather...good or bad for business?

Some seem to think that inclement weather keeps people indoors and hurts business. Others seem to think inclement weather brings out the "serious" home hunters. I'm interested to know what home hunters think? Do you brave the storm with the best of 'em or are you a couch potato when there's inclement weather?

It is my personal opinion that the best deals are to be had on days where there is inclement weather. Most people will stay indoors, affording you the opportunity to be the first to view an apartment that just hit the market and avoid crowded open houses and sales centers. That's just my two cents.

The next level in hygienic chambers...

A long time ago, in a galaxy far, far away...I thought to myself, "Why can't my bathroom at home mimic those of the 5-star hotels I've stayed in?" I miss that feel good, bubbly, butterflies-in-my-stomach feeling that I get everytime I set foot in those lavish chambers. Is it the lighting? Is it the pressure of the water? Is it the fixtures? Is it the luxury furnishings?

Enter...Waterworks. Tell the Mandarin Oriental they can keep their bathrooms, you don't want 'em. Waterworks affords its customers a hygienic experience unlike that of any other - most importantly, in the comfort of their own home. For more information about the Waterworks line of products/fixtures, visit their Web site at http://www.waterworks.com.

"Water is their muse."

Feng-Schrager...

A poor attempt at a play on words ("Feng-Shui")? Yes. A brilliant interior designer? Yes. For all those who aren't familiar with Ian Schrager - shame on you. Some of his projects include the Gramercy Park Hotel (pictured left), 50 Gramercy Park North and 40 Bond. In an age where selling is increasingly difficult and differentiation is the key to success, an Ian Schrager-designed residence will do the trick.

Check out more about Mr. Schrager at http://www.ianschragercompany.com.

PS...If you're reading this Ian, how about a pro bono re-design of my living room? If you don't ask, you dont get...

Renovating your kitchen?

Not without an RFID refrigerator. Well, at some point in the near future, at least.

This techno-monument to food preservation can purportedly send a shopping list to your cell phone or directly to the supermarket when it detects your milk, juice, eggnog, or assortment of critical condiments are reaching dangerously low levels. It is also designed to track each item's expiry date and display information about its nutritional value. Moreover, it can provide recipes for dishes that can be prepared with the ingredients in the fridge. Antennas will transmit signals to products with embedded RFID transponders and retrieve important information about the product. The only thing this uber-fridge can't do is cook for you - but I'll bet that's not too far off. Move over Sub-Zero.

More to come as the RFID fridge hits the market...

The Great Condop Misunderstanding...

As condo sales transactions catch up to co-op sales transactions, I get more and more clients asking about the mysterious condop form of ownership. It's time to dispell the myths and bring truth to the light.

By legal definition, a condop is...an apartment building, which has been partitioned into mixed-use segments (typically, commercial and residential space); with each segment receiving a condominium deed. In turn, one of these segments is identified as a residential component that is owned by a cooperative corporation. This residential component is therefore referred to as a condop since the cooperative corporation effectively owns a condominium unit deed rather than a fee simple interest in the land. Pretty straightforward, right?

A condop is not...a cooperative apartment building that does not have board approval requirements or restrictions on rentals. These buildings are viewed as hybrids wherein the ownership form is a cooperative corporation but the procedural characteristics are similar to a condominium. In this case, the term "condop" is incorrectly used to reflect this hybrid character. It wouldn't be the first time brokerspeak was misleading.

Waive "bye-bye" to the Mortgage Contingency clause...

It is once again a seller's market in Manhattan. Open houses are like cattle calls and bidding wars are more common than not. When submitting an offer for an apartment, sellers will typically require that you specify one of the following: 1) This offer is contingent upon financing, or 2) This offer is not contingent upon financing and I am willing to waive the mortgage contingency clause in the sales contract (a.k.a. this deal is getting done come hell or high water). Sellers prefer the latter, as it conveys the seriousness of the buyer's offer. Don't be surprised if your lower bid is accepted over a competing higher bid, simply because you are willing to waive the mortgage contingency clause in the sales contract and the competing bid is not. Buying in Manhattan is a unique opportunity, to say the least.

I don't recommend that you waive the mortgage contingency clause if you don't have sufficient cash reserves to cover any discrepancy between the mortgage you were pre-approved for and the actual mortgage you are awarded (based on the appraisal of the premises). You may be pre-approved for a $350,000 mortgage, but upon receipt of the appraisal report, you may only receive $300,000 from your lending institution. You'll need to come up with that $50,000 difference out-of-pocket, if you waive the mortgage contingency clause in the sales contract. If you can't come up with the $50,000, your 10% down (good faith deposit submitted with the signed contracts) is gone forever. Ouch!

And yes, I've intentionally mispelled "Waive" in the title of this blog entry. How's that for a play on words?

What the f@#! does "No Fee" mean?

1) The Legitimate "No Fee" - The landlord has a 2BR penthouse apartment in their building and they are asking $5,995/mo for rent. This apartment will be very difficult to rent because of its high price; there are only so many people who are looking to spend $5,995/mo to rent a 2BR. Therefore, the landlord will pay the broker $5,995 (1-month) as an incentive to bring a qualified tenant to the table and rent the apartment expeditiously.

2) The "No Fee" Roll-up - The rent for the apartment is $3,000. The 15% broker fee is $5,400 ($3,000 x 12 months = $36,000 x 15% = $5,400). The broker will advertise the net effective rent at $3,450 ($5,400/12 months = $450 + $3,000 = $3,450). In essence, the broker is rolling the fee into the monthly rent.

3) The 1-Month Free "No Fee" - Many landlords will offer tenants 1-month free when they sign a 13-month or 2-year lease. Often times, brokers will advertise a property as "No Fee" and expect that you'll apply the 1-month free toward the broker fee.

4) The Blatantly Illegitimate "No Fee" - The broker will post a "No Fee" ad to peak your interest. When you call, or even worse, once you're out on the appointment, the broker will mention that "the landlord is no longer paying the broker fee" or, "Did I post the apartment as 'No Fee' in the ad? That was a mistake."

The "No Fee" tactic has been used by numerous brokers as a lead generation tool on Craigslist, in particular. The reality is that the majority of apartments in Manhattan are not "No Fee" apartments, as most landlords will not pay the broker fee. This is especially true, given that we are in a landlord's market at the moment, with vacancy rates falling below 1% in some neighborhoods. Typically, the landlord will pay the broker fee on high-priced apartments that are difficult to rent or during a slow period (winter). There are only a handful of buildings/landlords in Manhattan that continue to pay the broker fee on a rolling basis.

"That's a fact."