Interesting Home in New York Vacationland

Donald Deskey designed furniture and other household items and was one of the first industrial makers to have international currency in the 20th century.  See below, from the fabulous CURBED,  about a house of his that was built in the late 30s and is now being sold by clothing designer Cynthia Rowley. This is an example of a trophy home - small, but trophy! 

Fashion designer Cynthia Rowley's home in Montauk has hit the market for $1.1 million, Curbed reported. The bungalow was designed in the late 1930s by architect Donald Deskey for the 1939/1940 World's fair. The idea was to "overcome the public's aversion to factory-built homes by using open spaces, new materials, and practical decor," according to Curbed. The 500-square-foot property was built in the 1940s, but could be expanded because it's on a .93 acre lot. Rowley already has plans for a 2,500-square-foot house, plans that she could share with the new owner. Rowley is likely to renovate and move into the property on Seaside Avenue in Montauk that she bought for $820,000 in June after the sale. [Curbed]

NEIGHBORHOOD FOCUS: Hell's Kitchen

The neighborhood fondly nicknamed Hell's Kitchen runs between 34th and 57th Streets and between 8th Avenue and the Hudson River.  Also known as Clinton and Midtown West, the area provides hospital and warehouse infrastructure to the midtown business district and figures big in many Damon Runyon stories.  Its earlier ethnic conflicts spawned the musical WEST SIDE STORY.

In the last decade, development has come to the Kitchen.  High rises dot 9th and 10th Avenues, while on most of the side streets the building limit of 6 stories remains intact. Because it's close to the Broadway theater district, you find actors and theater-related people living in the tenements and townhouses that fill those streets (there are also plenty of restaurants, especially on 9th Avenue and in the Forties, all geared to the theater crowd). 

This is a neighborhood where you can buy a building in the 2-3 million dollar range, considerably lower than Chelsea to the south and the Upper West Side to the north.  Granted, the property may not be as manicured as in those two other areas, but there is almost always a rental upside because of proximity to midtown business.  In terms of condos, studios begin in the 400,000 range and you can still find a decent two bedroom at or under a million dollars.  These, again, have considerable rental potential.

For more information, please send us a message and we'll get back to you.

The Five Cardinal Rules of Purchasing Real Estate in NYC (if you don't live here full time)

1. Find a broker you trust.  Nothing can replace neighborhood and market knowledge for pinpointing the right property for you, especially if you are a first time buyer.
2. For a first purchase, think small.  If you are buying for yourself, try something that you can manage without too much fuss or worry.
3. Buy places that are easily rentable so if you cannot be here for any length of time, your investment will pay for itself.
4. Find someone you trust to manage the property.  This person should have some experience, be known to you either directly or through people who have used him/her, and should be accessible when needed.
5. ENJOY BEING A PROPERTY OWNER.  We used to say this was the American Dream, but in our experience it is truly an International Desire! 

MORE FOREIGN BUYERS COME TO NEW YORK AND ELSEWHERE

So we just lived through the debt ceiling debate, our stock market is having some sort of nervous breakdown, and banks offer little or no incentive to keep your cash tucked away inside them.

So what's an investor to do?  Foreigners are opting for American real estate, often at rock bottom prices.

A large residential development at 20 Pine Street in Manhattan, a conversion of a 1920s era commercial building, has a buyer demographic of 40% foreigners - mostly Italian, Chinese and Russian.  The building has a pool, a golf simulator and a billards room - accourtrements one might find at a grand hotel but in this case the visitors OWN the space. 

As of three months ago, foreigners accounted for nearly 8 percent of home sales throughout the United States in the previous year.  According to experts, this number is going to rise as the dollar stays weak and real estate closer to these buyers in Europe is promising a very, very long recovery.  These buyers also tend to pay cash, as this is an investment of equity outside their homeland and financing can be difficult to find in the States for foreigners.

But not impossible.  Call me at 212 906 0572 or email me at dgimelson@bhsusa.com and I will be glad to speak with you about financing options for foreign nationals. 

Have a prosperous and inspiring weekend! 

A HORSE IS A HOUSE, or something like that

Two closings caught our eye this week.  Both indicate the intrepidness of New York developers and inhabitants, and their amazing ability to transform fairly nasty environments into luxury living spaces.

The stables at 136 West 24th Street were built in 1898 and used by the ladies who lunched set visiting the nearby tony department stores between the Civil War and World War I.  Now, they are fabulous lofts, the manual elevator notwithstanding, and the area has been dubbed The Flatiron after the eponymous building. One loft here just closed for well over its 2.35 asking price (according to the broker) and all we can say is we are assuming no residue from its former use remains.

Another horsey listing that just closed was the Upper East Side house/gallery of the late, great art dealer Allan Stone.  Stone collected everything, and real estate was part of this. The building was once a firehouse AND a stable.  Selling price:  9.9 million. 

More Investment for New York Real Estate

This week Crain's reported that Hines, the Houston law firm, and the New York State Common Retirement Fund, the third largest pension fund in the country, will partner on purchasing U.S. office and medical buildings in anticipation of an imminent recovery in commercial real estate. They will spend more than a billion dollars.

Hines and the NYSCRF have partnered before quite successfully in similar ventures.