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

 

415 Greenwich Street Townhouse Supposedly Coming to Market

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via an inside tip we have heard that a townhouse within the Full Service Building 415 Greenwich Street in Tribeca will be coming to market.  The 2700+ sf townhouse offers buyers two entrances via the manned front door and also by street entrance from the townhouse to the streets of Tribeca.  When the building was converted, they used the former loading docks as entrances to the townhouses at 415 Greenwich Street while still having them connected to the main entrance.  This 415 Greenwich Street condo should be priced in the 5.9MM – 6.3MM range based on closed sales within 415 Greenwich Street.

For more info – 415 Greenwich Street 

New Addition to 172 Duane Street, Tribeca

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The Tribeca Citizen brings for the details:

“That’s the two-story building many folks around here remember unfondly as the home of Damon Dash’s Warholian nightmare. Back in 2008, the owner got approval from the Landmarks Preservation Commission for a four-story addition (the top floor being set back). That permit was set to expire on August 14 of this year, so they filed for an extension, which was granted. The permit is now good for another three years, till Aug 16, 2017. In other words, the owner is reserving the right to do that design for three more years.”

“The Department of Buildings website, meanwhile, shows a permit approved Aug. 8: “SUBSEQUENT DOCUMENT FILED FOR FOUNDATION WORK AND SEPARATE FOUNDATION PERMIT. EXISTING TWO STORY STRUCTURE TO REMAIN AND A NEW 4 STORY ADDITION TO BE ADDED ABOVE. CONSTRUCTION OF NEW FOOTINGS AND REINFORCEMENT FOR NEW COLUMNS.” (The DOB application seems to require capital letters.) Anthony Coll, listed as the representative for owner 172 Duane Realty LLC, has not responded to an email or voice mail, but it seems safe to say that the addition is progressing.”

Source – The Tribeca Citizen

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Tribeca Condo Lofts Sales data for the Summer

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FISCHER MILLS LOFTS, 62-BEACH STREET

FISCHER MILLS LOFTS, 62-BEACH STREET

Even with the low inventory, Tribeca Condo loft sales chugged along with an emphasis on larger units and higher price points.  Price Per Square foot in Tribeca continues it’s upward trending.  With high demand for Tribeca condo lofts and low inventory, there currently will be no break in upward movement.  As rates change in the coming year, we will need to observe the effect on the market.

Price Points Avg Price PPSF SF
1MM – 2MM $1,375,428.57 $1,620.95 853
2MM – 3MM $2,586,446.83 $1,626.69 1,645
3MM – 4MM $3,571,250.00 $1,721.87 2,061
4MM and up $6,530,950.75 $2,290.76 2,382

Tribeca continues to be slanted to larger more expensive units.  With more new development units in Tribeca in the pipeline coming soon, all will be in the higher price stratas.

For info on Specific Buildings in Tribeca:

415 Greenwich Street

7 Hubert Street

The River Lofts: 416 Washington St & 92 Laight St

4 important points to remember when pricing your apartment

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Pricing your apartment is one of the most important steps in the marketing process. Price too high and no one will come and the apartment will languish on the market. Items to consider:

1) In Line Comps: You want to look at “like kind” units within your building that are in the same apartment line. So if you live in 12A, you want to look for sales in the A line that have the same floor plan. If nothing exists then you would move to similar units that have sold within your building. You only move outside your building for closed sales if there is nothing within your apartment line or in the entire building.

2) Like Kind: All the closed sales you look at and evaluate for pricing should be like kind apartments. So the level of renovation, view, size, and layout should be evaluated to ensure an apples to apples comparision.

3) Timing: You want to select comps from the most recent time period. For the most accuracy, the past 6 months will suffice and the more recent the better.

4) Contract Signed: Since there is a lag time in the recording of sales and the time from contract signed to closing, you should look at the contract signed date as that tells you the most accurate info as to what someone was willing to pay on that date. The date the sale is closed and recorded could be 3-5 months later and the market may have changed during that time.

6 Steps to Correctly Doing the Financial Section in a Board Package

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Correctly doing the financial section in a board package is a key element to progressing to a closed sale. The top 5 things you will need to do in this section of the board package are:

1) Create a spread sheet of all you assets, line by line and present a snap shot of what you are about to show in the package. For example you would break out all you cash in banks + total, stocks and any other accounts. You would list bank, last 4 digits of account number and total of the statement you are providing.

2) Add to the spread sheet in number 1, you post closing liquidity as pertaining to how many months mortgage and maintenance you will have liquid + you debt to gross income ratio (mortgage & maint vs gross income)

3) You will identify if you earnest money deposit (10%) has been removed from the statements you are providing for the package and if not – you will make the subtraction on the spread sheet to show the current balance.

4) You will fill in the whole financial statement. Stuff that is empty, you will put in 0.00 or na and you will fill out every field.

5) All the totals you put into the financial statement will match to the penny, the sum totals of you back up statements. For example if you have 100.25 in cash, the bank statements you provided will add up to that number

6) You will create sub dividers so to differentiate which statements pertain to which sections. This will make reading and comprehending the section easier.

February YoY Sales of Tribeca Condo lofts

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Price Strata Avg Sold $ Avg Disc. Avg PPSF Avg SF
5MM + $7,591,907.77 -1.71% 2130 3672
4MM – 5MM $4,356,494.40 3.73% 1670 2659
3MM – 4MM $3,470,286.58 2.21% 1622 2206
2MM – 3MM $2,552,083.74 1.24% 1493 1389
1MM – 2MM $1,646,069.12 -2.52% 1364 1073

Once again you can see the averages show that 3 out of the 5 segments for sales of Tribeca Condo Lofts are going over the asking price.  This show the strong demand and low inventory levels leading to such bidding wars.  Buyers need to be alert and aggressive when finding properties in Tribeca as they are not lasting long on the open market.

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