303 Greenwich Street – 8AB – coming to market on 10/19

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The Tribeca

303 Greenwich Street – Living Room

The Tribeca

303 Greenwich Street, living room and dinning shot

No Access till 10/19 Open House 12pm – 130pm – no exceptions, so please don’t call or email asking for appointments before 10/19. SF 1518 (usable SF measured from inside face of the wall or glass, not Gross SF measured from outside of the exterior wall). Located in a full service condo building in Tribeca, comes a three bedroom and two bathroom combination (units A & B) apartment with East and West Exposure. The apartment can use upgrades and offers partial river views West with plenty of natural sunlight to the East and West. The layout offers a lot of space and flexibility to contour to your needs. Currently you have two bedrooms in the rear of the apartment with East exposure and a large master in the front of the apartment facing West with en suite bath. You can expand the kitchen if you desire, as other combination units have doubled the current kitchen size. Current layout has a Sauna in master bathroom, that can be removed to create more space for kitchen expansion. The Tribeca has a full time doorman, live in super, storage and bike room. You are steps from subways A,C,E,1,2,3, Whole Foods, Garages and many other amenities of Tribeca.

303 Greenwich Street, The Tribeca

2014 Tribeca Condo Sales Chart

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448 Greenwich Street Loft

Notes:

  • Closed sales volume in Tribeca Condos eased in September when compared to past 4 months
  • The most active segment in 2014 has been the 2MM – 3MM segment followed by the 3MM – 4MM segment
Strata Avg $ Avg PPSF Avg SF
1MM – 2MM $1,528,793.88 1413.414 1103.918
2MM – 3MM $2,532,157.62 1668.562 1521.514
3MM – 4MM $3,544,851.56 1736.337 1962.5
4MM – 5MM $4,536,031.11 1922.199 2417.944
5Mm+ $7,587,408.13 2454.629 2954.625

Finding information on Tax Abatements – 421A and J-51

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No longer will you have to ask anyone and rely on their faulty knowledge or lack of knowledge as the info has been online this who time about tax abatements like 421A and J-51.

The New York City Department of Finance provides it here

It tells you everything from base year, to how many years are left and more. Now whenever you represent a condo with a 421A or J-51, you will have all the information you need about the abatement to be more transparent to consumers.

Your Tribeca condo offering plan uses Net Square Footage – How to market that like a Pro

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For new condo developments today, the standard operating procedure is to use Gross Square Footage in the offering plan Schedule A. Back in the 80’s and a smattering in the 90’s some developers used net square footage in their offering plan schedule A. Why is this important? Because if you live in a condo where the square footage is quoted in Net numbers, then your sale’s price per square foot will be skewed higher making your apartment look more expensive to some buyers (who use the metric of price per square foot as a measuring rod) versus the competing units for sale using gross square footage. If you should be selling a condo in an older building you need to:

1) check to see if they use net numbers for square footage and how they measured the units (read the offering plan)

2) denote in marking materials & web that the SF is usable and not gross. I would tend to list square footage in text and not put the number in the SF box on the web so you can guide people away from inaccurate comparisons.

3) provide examples to show the difference of a gross square footage apartment vs your net square footage apartment for showings. This way you can visually display/show the difference in the listed square footage vs the larger room sizes your apartment possess.

sales launch at 11 Beach Street – Tribeca

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Via the Real Deal:

“Prices start at $4.5 million for the 27 apartments. The first three condos to hit the market are a five-bedroom, 3,844-square-foot unit asking $7.75 million; a four-bedroom, 3,191-square-foot unit asking $6.65 million and a three-bedroom, 2,361-square-foot unit asking $5.3 million.”

11 Beach Interior - Via Real Deal

11 Beach Interior – Via Real Deal

coming to market in tribeca – 303 Greenwich Street, 8AB

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303 Greenwich Street

303 Greenwich Street, The Tibeca, a full service condo building in Tribeca, NYC.

We will be the exclusive agent for 303 Greenwich Street, unit 8AB, coming on the market soon.  The Tribeca, formerly known as the Dalton, is a combination of 3 buildings.  303 Greenwich is the new building featuring 11 stories and 73 apartments.  147-149 Reade Street was an existing building folded into the development comprising 5 floors and 8 units.  165 Chambers was an existing building folded into the building featuring 5 floors and 4 apartments.

The building features doorman & concierge service, laundry, live in super and storage room.

We are targeting a price of 2.45MM for the 3 bedroom and 2 bath apartment.  Approx SF is 1520.

For Building info: 303 Greenwich Street

Listing info to follow on 303 Greenwich Street, apartment 8AB, soon.  Stay tuned.

We Hear: Coming to Market – 3 bedroom, 2 bath in Tribeca

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We have heard that there is a forthcoming property, 3 bedroom and 2 bath, condo coming to the market in Tribeca.  The apartment can use some work in the kitchen and baths and the floor plan provides solid space.  Pricing estimates are running from 2.44 – 2.45MM and the unit has approx. 1520 SF.

How do you find the Real Estate Tax bill for a Condo

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This is very simple and should be done before putting an apartment on the market.

1) go to the Department of Finance Dept. of Finance NYC

2) Click on Property on the Side links

3) Under the heading, Online Tools, click on Account History

4) Click on the top link to Search by Address

5) Enter in the address and Unit Number (condos only)

6) Then click on the most recent statement to see the last quarterly tax bill

Note:

  • Tax cycle begins July 1
  • Properties are assessed value January 1 for the up coming tax cycle
  • You can dispute your assessed value up until March

Tribeca Condo Abatements, Top 3

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For condos in Tribeca, they are all open to abatements, even pre existing condos that have been in existence for years can get an abatement providing it is the owner’s primary residence.

Let’s start with New Developments

Scenario 1 – new development, built from the ground up, got a 421A tax abatement.  A 421 tax abatement is: (in general – there are nuances that differ)

It is an abatement (reduction) of the total tax on the unit to a lower level to start the ownership period of the condo.  Every 2 years 20% of the real tax amount is realized as the tax climbs back to full value in 10 years.

Scenario 2 – conversion of a pre existing building to condos gets J-51 tax abatement.

A J-51 tax abatement is:  (in general – there are nuances that differ)

is 15 year tax abatement, where the first 5 years you pay either no taxes or a fixed amount and then the last 10 years the full amount of taxes are phased in 20% every two years unit the 10 years expires.

For any owner of a condo that uses it as primary residence and does not have either of the above abatements, you can get the coop/condo abatement.

From NYC Dept of Finance:  Owners of cooperative units and condominiums who meet the requirements for the Co-op/Condo Property Tax Abatement can have their property taxes reduced. The amount of the abatement is based on the average assessed value of the residential units in the building.

Abatement percentages are shown in the following table:

Average Assessed Value

Benefit Amount Per Year

 

2012/2013

2013/2014

2014/2015

$50,000 or less

25%

26.5%

28.1%

$50,001 – $55,000

22.5%

23.8%

25.2%

$55,001 – $60,000

20%

21.2%

22.5%

$60,001 and above

17.5%

17.5%

17.5%

For NYC pruposes you would be getting the 17.5% off your yearly taxes, which is nice.  You just have to make sure you send in the paperwork to get the abatement.  All available at NYC dept of finance.

 

An Example of Pricing A Town House at 415 Greenwich Street

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Since there have been no recent Town Houses sold in 415 Greenwich Street, you can use the recent sales to find their over all level of appreciation from initial purchase to the current sale.  Take the average of their appreciation and then add on additional percentages to adjust for the differences in units, such as an extra bathroom and outdoor space.

This method would be useful when there are no “in line” comps or in this case other Town Houses in the Full Service building.  Since this is a unique offering, a Town House within a full service building, you’d be best served to gauge the over all level of appreciation within the building and factor in adjustments for the differences than to look outside the building.

So to finish the example of a Town House at 415 Greenwich Street we would look at acquisition price, factor in average appreciation of sold units and add in adjustments.  This is not the ideal approach but will still provide relevant data since the absence of the like kind sales in the building.  The most recent sales are below.  For our example they are smaller (1 less bathroom) and no outdoor space, so we would factor that into the average appreciation below to come up with an adjust PPSF for the 415 Greenwich Street Town House.

Closed Sales – 2014

date unit Sold $ % Off Ask $ Status BR BA SF PPSF
7/15/2014 #7C $5,150,000 3.00% $4,998,000 Sold 3 beds 3.5 baths 2,279 $2,259
6/5/2014 #3C $4,930,000 0.60% $4,900,000 Sold 3 beds 3.5 baths 2,279 $2,163
All over asking price – strong Demand.  Supports solid pricing strategy.

Original Closed Sales of same units

11/20/2008 #7C $3,334,768 -6.20% $3,555,000 Sold 3 beds 3.5 baths 2,279 $1,463
5/20/2008 #3C $3,054,750 -12.70% $3,500,000 Sold 3 beds 3.5 baths 2,279 $1,340
appreciation
7C 54.43%
3C 61.39%
Avg Apprec addl bath outdoor Adj Apprec.
57.91% 5.79% 5.79% 69.49%

Final calculation for PPSF

Unit Acq $ Appreciation Selling Price PPSF
TH $3,762,344.00 $2,614,562.72 $6,376,906.72 $2,358.32

 

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