2003 Mar
2003 Mar Vol. 23, No. 3
Focus on...Market Review & Forecast
MLS-Less
The road toward having a single, comprehensive Multiple Listing Service, or MLS, in New York City has so far been long and arduous. Most major U.S. cities have had their own version since the 1970s, but for a host of reasons - size, sheer number of listings, and fierce competition for listings among brokerages - an MLS for Gotham has never really gotten off the ground. Here's a quick look at the concept's stop-and-go history, and at some of the alternatives vying with MANAR's efforts to fill the void. Read More
Manhattan Association of Realtors
If you're house hunting anywhere outside of Manhattan, you can waltz into pretty much any real estate office in the town of your choice and, within minutes, with a click of the mouse, your agent can produce a list of every available property in your price range. Even in less technologically advanced offices, your agent can leaf through listing books to find all available choices. Read More
Mi Casa Es Su Casa
Subletting your co-op or condo apartment in the city is a lot like subletting a rental - but with a few important differences. Many co-op apartment boards flatly refuse to allow subletting, and of those that do allow it, nearly all have strict guidelines about how long a shareholder can sublet, and to whom. Condos - over which the owner maintains more direct control - often prove easier to negotiate. Read More
Legislation Helps Senior Homeowners
Mayor Michael R. Bloomberg recently signed legislation increasing the income exemption eligibility levels to help reduce the tax burden on senior homeowners. Read More
A Meeting of the Minds
The Cooperator recently hosted the first of what is hoped to be an ongoing series of casual, roundtable-style forums in which co-op and condo presidents from all five boroughs met to discuss issues and concerns of particular interest to shareholders and unit owners. The brainchild of the Federation of New York Housing Cooperatives and Condominiums (FNYHC) and The Cooperator, the roundtable idea was pitched to a cross-section of building presidents ranging in size from fewer than a dozen units to multi-unit high-rise complexes. They were invited to sit down with their colleagues to share experiences, air concerns, trade ideas, and even vent a little. Read More
Harlem Song
Just about every neighborhood in New York City has had its ups and downs and its own particular stereotypes. Areas rise and fall as centers for culture or as fashionable places to live. For whatever reason, few places have been on the roller coaster longer than Harlem. Harlem is home to both jazz and hip-hop, the rich artistic history of the Harlem Renaissance, and the stereotypical concept of the urban ghetto. Read More
Bye-Bye Birdie
When you think of household pests - that's pests, not pets - it's usually bugs and rodents that come to mind. In New York, however, birds are pests too; especially the overabundance of pigeons that congregate on buildings seeking food and shelter and leaving their feathers and droppings behind. Read More
No Easy Task in Today's Market
Back in the days of irrational exuberance, co-op board directors would occasionally contact me to inquire about investing in stocks to achieve higher rates of return on reserve funds. I believed it was an unwise move then and my advice would be the same today. Read More
Developing the Downtown
The Lower Manhattan Development Corporation (LMDC) and the Port Authority of New York and New Jersey (PANYNJ), the agencies charged with overseeing the rebuilding of the World Trade Center site, have narrowed the field from nine design concepts to two, both of which contain varying residential components. Read More
My Green Heaven
When someone says the words "tree-lined street," what comes to mind? Whatever you're envisioning, chances are it's easy on the eyes and the spirit. The phrase connotes a certain placid, upscale sensibility, which can translate neatly into rising property values. (There's a reason realtors are so fond of the expression.) But if you're amongst the ranks of the treeless, maybe this is the year to do something about that. Planting trees is a dramatic and inexpensive way to give your building a major makeover. The following tips and wisdom may help you begin to turn your block into a leafy wonderland. Read More
Construction Activity in New York Remains Steady
While the year 2002 was marked by the economic ups and downs of a turbulent stock market, the lingering effects of September 11th and fears over new terrorist attacks and impending war in the Middle East, the real estate market and the construction industry showed remarkable stability. Read More
Living Downtown
Eventually, Manhattan's lower tip could have an economically diverse population, a variety of new retail shops to service them, and more green space. If things go as Mayor Michael Bloomberg hopes, that is. Today, the region's weekday streets turn dark and empty shortly after the sun goes down, while on weekends, they teem with thousands of World Trade Center site tourists. Stabilizing and revitalizing Lower Manhattan is a task that is occupying the efforts of a score of government and community organizations; some focusing on attracting and retaining the downtown residential community, others on reestablishing commercial concerns below Houston and Canal Streets. Read More
You Can Go Home Again
As we head towards the second quarter of 2003, the world is a very different place than it was at the turn of this new century. Back then, New York City was riding high on the crest of the "New Economy," toasting success in a rocket-fueled, dot-com stock market, making money hand over fist, and sinking multimillions into super-luxe, showpiece apartments in Manhattan's most fashionable neighborhoods. Read More
