Halstead Property

Welcome to the official Halstead Tumblr Blog, where our local agents are your local experts. Halstead Property is the largest privately owned real estate firm in the New York Metropolitan Area and we strive to innovate and modernize your real estate experience. Through this blog, we aim to act as your neighborhood and real estate ambassador. We have daily contributors whose primary goal is to investigate and produce daily commentary and rich content that will give you a taste of the areas we service and you live in. If you have any feedback we invite you to contact us at social@halstead.com.

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616 posts tagged nyc

Halstead Helping Hands & New York Cares Partner At Red Hook Community Farm

Halstead Property and our philanthropic arm, Halstead Helping Hands, was proud to partner last weekend with New York Cares for a successful day of volunteering to help beautify green spaces around New York City. Over 5,000 New Yorkers were out in full force with a goal to “green up” 68 parks throughout NYC as we approach the warmer months.

Over 20 members of Halstead Property including sales directors, agents, and staff concentrated on the Red Hook Community Farm (Added Value). The group assisted in various compost-related tasks like soil bed building, seed starting, turning the compost, and helping get the farm ready for spring. After our agents were done the farm was ready to use for the Spring/Summer for Added Value. 

Added Value is a non-profit organization whose mission is promoting farm-based learning and youth empowerment. By promoting the sustainable development of Red Hook and nurturing a new generation of young leaders, they enable the youth of South Brooklyn to expand their knowledge base, develop new skills and positively engage with their community. 

Thank you to the following Halstead Agents, Execs and Staff:

John Wollberg, Trish Martin, Gerard Splendore, Janette Young, Amanda Barnes, Kris Kruse, Kim MacConnell, Fern Todman, Francine Port, Margaret Anna, Elaine Tross, Rachel Wood, Frank Assini, Lisette Gonzales-Cortes + her parents, Diane Longo, & Kirsten Syrett

We look forward to sharing more success stories from the next Halstead Helping Hands event, and are reminded that it’s never too late to pitch in. To find out how you can help today, connect with New York Cares on Facebook, Twitter, and learn about attending an orientation by visiting their official website

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To learn more about Halstead Helping Hands email us at helpinghands@halstead.com

TEN THINGS YOU DIDN’T KNOW ABOUT…THE APPLE BANK CONDOMINIUM

with Jill Sloane, Licensed Associate Real Estate Broker at Halstead Property

1.   The Apple Bank Condominiums are located at 2112 Broadway between 73rd and 74th Streets.

2.   It was originally built as the Central Savings Bank in 1928. 2112 Broadway  is an 8 story limestone beauty that occupies an entire block.

3.   Built in the Italian Renaissance Palazzo style by Architects, Edward York and Philip Sawyer. York and Sawyer are best known for the NY Athletic Club, the NY Historical Society, the Greenwich Savings Bank on 36th and Broadway, many “house” structures at Vassar College, the Bowery Savings Bank, now home to Cipriani on 42nd Street (where we regularly hold our Annual Meetings for Halstead Property), and more.

4.   Apple Bank was founded in 1863 as the Haarlem Savings Bank. It acquired Central Savings Bank in 1981 and took over the “Apple Bank Building” which had already become a designated historic landmark building.

5.   In 2006, the building was converted to a condominium and 29 luxury homes were created on the top 7 floors. The homes ranged from 1360sf one bedrooms to 4055sf four bedrooms. The condominiums have their own private entrance and lobby.

6.   The Apple Bank branch still operates on the ground floor under a dramatic and stunning 65 foot barrel vaulted ceiling. The words “Industry”, “Thrift”, and “Prosperity” are carved into the walls. It is definitely worth walking into the bank to see, just once.

7.   The Apple Bank building is not the 1st bank-turned-condo conversion. The NY County National Bank at 14th Street and 8th Avenue and the Williamsburgh Savings Bank Tower in Brooklyn, now known as One Hanson Place is another.

8.   The amenities are 2nd to none in this condominium. There is a 24 hour doorman and concierge. The fitness center is located in what used to be the bank’s vault featuring 21 foot ceilings, state of the art equipment and a chandelier! Your mail is delivered to your own personal mailbox right outside your door. The Baseball Center NYC also operates a 15,000sf indoor facility in the building with an entrance on 74th Street.

9.   Stahl Real Estate Company is the holding company of the condo’s developer. They own the building and the Apple Bank chain which they acquired in 1990 for $174M. Stanley Stahl founded Stahl Real Estate in 1949. He was a real estate and banking magnate who owned the Ansonia, the Lunt-Fontanne Theatre, the Brooklyn Trust Building and more.

10.   Currently on the market is a gorgeous 4055 sf 4 bedroom duplex with outdoor space for $10M, a 2200 sf 3 bedroom for $4,850M and a 1710 sf 2 bedroom for $4M! (as of April 15, 2014)

Be sure to check out 2112 Broadway, the Apple Bank Building as you are running to Fairway, Trader Joe’s, the Beacon Theatre or the 72nd Street subway station. It is just another Upper West Side Architectural gem!

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To network with Jill, you can email her, head to FacebookTwitter, or her official website.

Content of 10 Things are those of Jill Sloane and do not necessarily reflect the opinions of Halstead Property, LLC.

"The Game Changers of New York Real Estate"

Did you happen to see the feature story in this month’s Avenue Magazine presenting Halstead Property as the lead in their feature on the firms and agents on the top of New York City Real Estate.

The feature photo above displays (left to right) our Chief Executive Officer Diane M. Ramirez, Most Sales Deals Closed Award in 2013 Winner Brian Lewis, 2013 Listing Broker of the Year Louise Phillips Forbes, Top Grossing Agent of the Year for 3 straight years Richard Orenstein, President James M. Gricar, and EVP/Managing Director Richard Grossman.

Photo Courtesy of Avenue Magazine, April Issue

EYE CANDY OF THE DAY: TRUE WILLIAMSBURG LOFT

This enormous duplex loft is a true gem nestled on the south side of Williamsburg. The entry foyer opens into a custom built dining banquette, glowing from within by dimmable LED’s. Four oversized windows line the northern wall and are bolstered by a unique built-in workspace housing a deep lounging couch, under window cabinetry, and sprawling desk. The modern chef’s kitchen also boasts stainless steel appliances, wine fridge, bar, and abundant cabinet and counter space. A step up from the kitchen is an expansive living area bathed in southern light from floor to ceiling glass doors that lead out to the upper deck.  A projector and screen, built-in day bed nook, and modern chandeliers from built in tray ceilings make this a perfect space for entertaining or relaxing. A full bath with Jacuzzi tub and separate stall shower complete the upper level.

The spacious lower level offers a full European-style bath, huge fitted walk-in closet, and a customized sleeping area created by ceiling high bookcases. The concept of the lower level is that of a hotel suite, where one can have every luxury in the space between four walls. With floor-to ceiling doors opening onto the lower level patio, this authentic, factory conversion is a true sanctuary from the bustle of the City.

Click here to learn more about this Brooklyn based loft home.

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 Sample all of our Real Estate Eye Candy Powered by Pinterest here.   

 Don’t miss our Snapshot of the Day for more stunning imagery, find us on Instagram @Halstead or visit our online gallery here. 

EYE CANDY OF THE DAY: European Invasion

No boarding pass in needed to experience the fine design of your favorite European regions. Park Avenue’s signature style is full of poise and sophistication, and the regal Parquet de Versailles floors in this home combined with an Imported Italian Fireplace create an environment that will make anyone feel like royalty. An unheard of 60 feet of open space beckons you into the flowing entertainment space that we promise doesn’t exist elsewhere on the Upper East Side . Mirrored walls, French doors, and romantic garden views describe the rest of what this dreamy home has to offer.

 Click here to learn more about this Park Ave gem.

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 Sample all of our Real Estate Eye Candy Powered by Pinterest here.   

 Don’t miss our Snapshot of the Day for more stunning imagery, find us on Instagram @Halstead or visit our online gallery here. 

NEIGHBORHOOD SPOTLIGHT: Silvana-NYC

By: Ann Deane, Licensed Real Estate Salesperson, Halstead Property Westside Office. 

Open since last June, Silvana in Harlem features live music 7 nights a week and is the sister club of Shrine that’s located further north on Adam Clayton Boulevard and 133rd Street. These two venues represent the last of a dying breed of night clubs featuring  live music in what used to be a rich culture. When I was at Silvana I had the treat of hearing Afro-pop music of Timbila that featured sounds from Mali and Madagascar. They jammed well and featured the Kora, a finger guitar-harp instrument from West Africa.  Afterwards, Feedel, an Ethiopian band that hails from Washington, DC took the stage and played a full hour and a half set. 

In addition to enjoying great music, we ate falafel with a creamy tahini sauce that was light and airy, and Sabich which is a traditional egg sandwich that features a fluffy potato chip as a Silvana touch (pictured above). Another must try is the lamb shawarma, every bite was tasty and juicy. The venue also  features a boutique and café upstairs. 

Connect with Ann on her agent website to learn more about her and the neighborhood. 

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 Find Halstead Property on Foursquare to learn more about the best of dining in Harlem, and for hundreds of other neighborhood tips. 

Thoughts and opinions presented in this post are those of Anne Deane and do not reflect the opinions of Halstead Property, LLC.

NEW YORK IS… AN ACRYLIC PAINTING

By: Kleopatra Phili, Licensed Real Estate Salesperson Halstead Property Westside Office. 

In an effort to share a variety of experiences with you, and do something other than take photos of upcoming new residential developments, I took an art class called “Koi Fish With Flowers” at the Painting Lounge in Manhattan’s Greenwich Village neighborhood.

I thought there would be very little variation to the final paintings, since the outline was provided for us, and instructions were given on how to mix the paints and where to apply them.  But the end result was 26 very different works, like 26 different personalities, or 26 different new construction residential condominium buildings. 

“Everyone is guaranteed to leave with a painting they can be proud of”– that’s a quote from the Painting Lounge website. And this is true.  I was very proud of my painting.  It was only when I got home and propped it up on the windowsill that I realized … two of my Koi fish looked like parrots doing a backstroke.

From my experience, I’ve concluded that I like to draw within the lines (but I can still be creative within those lines); the same task, in different hands, comes out quite unique; and there is joy in creating something that requires the hand to coordinate with the eye and the mind.  But, the greatest insight I gained is, New York is an acrylic painting. 

There are outlines within which a developer may draw, to adhere to lot size, and zoning regulations (or get a variance).  But within those boundaries, there are admirable modifications to existing structures (15MSW), or details as delicate as cherry blossoms (441 E. 57th St.), or iconic works in progress (400 PAS).  There are steady changes underway in Manhattan, like a steady stream of art students taking a class at the Painting Lounge.

I’m more inspired now than ever to keep taking photos of upcoming new developments and determine what will emerge on those sites, and who is redefining New York. I aim to be the first one in the door to represent you if you wish to buy pre-construction. Because the early Koi-parrot gets the apartment – at the best price. 

Learn more about Greenwich Village and all of New York City’s neighborhoods by connecting with Kleo on her agent website.

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Thoughts and opinions presented in this post are those of Kleo’s and do not reflect the opinions of Halstead Property, LLC.

 

Greening Your Home 

By: Jason Christie, Licensed Real Estate Salesperson from our Harlem Office.

In my life as a Real Estate Agent, homeowners are always asking me about ways to make their properties stand out.   Greening your home through home improvements that improve it’s energy efficiency is a great way to increase the value of your home for sale and lower expenses while you are there. 

Only 6% of American homeowners heat their homes with oil but 80% of these homeowners live in the Northeast.  Oil prices may fluctuate but they always trend up and these homeowners are feeling the squeeze as they watch their heating budgets balloon as oil prices rise to over $4.00/gallon. Natural gas customers also have a lot to be concerned about. According to the United States Energy Information Administration, pipeline constraints in the northeastern States combined with increased cold-weather-driven demand helped to push natural gas prices up 75% in New England last year and 61% in NY.  The price will continue to get worse with colder weather in the region. 

Natural gas prices in America have remained historically low due to our huge bounties of it and the energy boom led by hydraulic fracturing. Drillers have actually shut down their wells because it costs more to pump the gas than it can be sold for. The fix for them is, in a word; export. These natural gas producers can make three times more money shipping their supplies to Europe and five times as much shipping it to Japan. These profits are compelling incentives and after a two year study by the Department of Energy asserting exports would be a net gain for our economy, export licenses have already been issued and industry experts expect the pace of licensing to quicken.  Say goodbye to low gas prices in the U.S. 

So what’s a homeowner to do?  Join the heat pump revolution. There are two types of heat pumps: air-source and geothermal heat pumps (GHPs).  Air source pulls heat indoors from the outdoor air in winter and from the indoors to the outside during summer. A GHP extracts heat from indoor air when it’s hot outside but when it’s cold outside it draws heat into the home from the ground.   Either would do the trick of keeping your family warm in the winter and cool in the summer.   GHPs can be prohibitively expensive though and are usually considered during a new construction.  Air-source heat pumps (also called mini splits or ductless mini splits) are less expensive to install and with today’s technology,   they can extract heat from ambient air at temperatures as low as -5° F.  

This technology has been around for about 50 years and has been very popular across Europe and Asia for the last 30. Many warm-state U.S. residents will recognize the wall mounted indoor units as they are frequently used for air conditioning in those areas.   Even third world countries are beginning to leap frog over the U.S and using this technology over oil or gas based systems.  On a recent trip to Jamaica I saw them being used in commercial establishments all over the island including the resort in Kingston where my friends and I stayed.  Another trip to Costa Rica had us trekking into the jungle where a local cabin proprietor promised us air conditioning.  We were doubtful but very happy to find a heat pump air conditioner in our little cabin; we were very comfortable during our stay.  

To connect with Jason and continue the conversation, email him or visit his agent website.

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Thoughts and opinions presented in this post are those of Jason Christie and do not reflect the opinions of Halstead Property, LLC.

Spring Cleaning

By: Amy HermanLicensed Real Estate Salesperson, Halstead Property Park Avenue Office.

Spring is finally here! There was a collective sigh in my yoga class yesterday when the instructor said, "Set your intention and just as a bonus she added,It appears light coats from this day onward. We can be extra grateful after our beyond freezing winter.” Alright so now I am that girl whose mind doesn’t stay on yoga and races to sorting my closets and bringing my spring wardrobe up to it’s spot front and center and putting away the artillery of down coats, wool and cashmere items, etc. Thank goodness for all the storage in my new co-op apartment.

Perhaps your mind is now on your own closets or even spring cleaning. It is that time of year again. April showers bring May flowers. I am all about spring cleaning, in fact, I recommend to all my clients they do this annually so that when they do decide to sell again they don’t have a huge mess to juggle both time and energy-wise.

So that’s my first tip to sellers who are just putting their properties onto the market now.

1. Organize and sort your closets. People do look inside them! The more organized the better plus if you are able to show off the space this way (by de-cluttering the rest of the apartment), you are ahead of the game!

Five is a great number so here are my top 4 additional tips for staging:

2. After you put all of the unnecessary books and such away, color-code bookshelves (Did you ever see this done? Somehow the bookshelf becomes art and every time I walk inside a home where a seller or designer has done this, things seem orderly and stunning).

3. Make sure the kitchen is spotless and potentially add a few topiaries or small potted greenery on a windowsill if you have one! The green reminds people that it’s spring time and adds a little extra special touch no matter what type of kitchen you own. Stage your kitchen like it’s a little showroom. Buy a simple white pretty dish towel to place over the oven handle and put all pots away in an organized fashion.

4. Small investments go a long way! If you have been thinking your place will show dark, it probably will. A few ways to lighten up the space include buying white or natural colored linen pillows (you can find them in all shapes and sizes online). Now, if you have super dark furniture be careful with this one, in fact, go for something in between your furniture color and white, please). You can also take dark curtains or blinds down and replace them with white or off-white window coverings.  (I know this is easier said than done but it all depends on how much of a bidding war you want to get into!)  Additionally you can certainly easily purchase white towels and lighten up the bathroom by discarding any dark or colored towels. I also tried something really fun recently in my own bathroom which I love to look at. I matched my super tailored bath mat with the color of the gray slate floor. The bathroom looked 3 feet larger immediately and less messy. So matching the mat with the actual floor color is my new hot tip! 

5. Add a few more elegant and simple touches if you have the budget. Try and find a new entryway runner which may update the home (if you don’t have one already). Take everything off the coffee table and grab a beautiful thick coffee table book from the bookstore or a friend (again if you don’t have one already). Possibly grab a new white duvet cover or something light and airy looking along with pillowcases to match so the bedroom looks put together and polished). Maybe even get rid of that unsightly lamp and get a new contemporary one with a crystal base and neutral shade. You can always take all of these beautiful and clean additions to your new home so the more neutral the better! People seem to always love a neutral palette. 

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Connect with Amy on her agent website or find her on twitter to ask her a question of your own.

Thoughts and opinions presented in this post are those of Amy Herman and do not reflect the opinions of Halstead Property, LLC.

UPPER WEST SIDE’S TOP PLAYGROUNDS FOR KIDS

By Lilyan Bell, Licensed Associate Real Estate Broker – West Side Office and Devoted Mom

Because 9 is my lucky number, I’m sharing 9 fun playgrounds in NYC worth visiting because Spring is HERE ! It’s possible they are only steps from your door! The area I concentrated on the West Side ranges from West 50s to West 100s and Central Park West to Riverside Drive. So get ready, here are my top playgrounds for my son on the Upper West Side.

1. Elephant Playground

West 75th and Riverside

This playground is so much fun they have swings, climbing sculptures for kids under 4 years old and new renovated ones for the kids over 5 years of age. The elephant sprinklers are a hit and let’s not forget a gated sand box for tots! Bathrooms on Premises.

2. HiPPo Park Playground

West 93rd and Riverside Park

Wonderful squirting hippos, turtles, oh my. They even have trapezee swings that aren’t hard to reach even for a 4 year old! No more breaking your back lifting our loved ones! Tons of trees giving shade. They even have an arts and crafts indoor area that you can rent for parties!

And don’t miss the 91st Street rose garden just up the path, which bursts into bloom every spring. Bathrooms on Premises.

3. Heckscher Park

Central Park

Central Park’s oldest and largest playground connected to Umpire Rock. Tons of rocks to scale, tunnels, moats and bridges. You can stay here all day long. There is an area for the bigger kids and one for the smaller kids.  A huge metal slide and 2 tire swings adds to the appeal. Bathrooms on premises.

4. Tarr Family Playground

Central Park (W. 100th St.)

This playground has tunnels and slides, a net climber, a concrete maze and swings for all ages. Refreshing in the summer from the jets that shoot up with water and the playground even has a light mist for the adults!

5. Wild West Playground

West 93 & Central Park West

This playground has all wood structures. It’s all about the water channel that weaves through the play area in the middle of the park. There are slides, steps, poles and a tire swing.

6. Tecumseh Playground

West 77th street & Amsterdam Ave

One of our favorites! Features sprinklers, metal climbing sculptures of all different sizes, and even poles for those who dream of one day firefighting. This playground is attached to a huge yard so bring your skateboard, rollerblades, kickball, soccer ball and scooters. Bathroom on Premises.

7. Diana Ross Central Park

West 81st Street

Tons of sand and wooden sculptures to scale make this area stand out. Also on the premises are tire swings, double length slide, a metal tunnel slide and bridges. All of those child amenities leave them in imagination mode. Hoist the sails, this playground is a sure adventure!

8. River Run Riverside Park

82nd & 81st Streets

This is good for kids younger than 8 years old. The river runs through the playground which is a treat for the little ones. With the huge sandbox it feels like you are at the beach, perfect ages 4-8. This playground has tons of sun so on a hot day I would go at a certain time. Bathrooms on premises.

9. Adventure Playground

West 65th Central Park West

This playground has a stone pyramid slide. It even has a tree house all in the sand. It’s shady and has sprinklers adding to the fun! Across the way is a smaller playground for infants. It’s close to a food court, strawberry fields lawn for a picnic and bathrooms.

To learn more about the author of this post and to work with Lilyan, visit her website or contact her at lbell@halstead.com.

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Thoughts of this post are of Lilyan Bell and do not necessarily reflect official opinions of Halstead Property, LLC 

JEANNE BYERS INSTAGRAM SNAPSHOT OF THE WEEK

Monday, April 4th 2014

Thank you once again to Jeanne Byers from Halstead Property’s Downtown Office for sharing with us on this Friday her favorite Instagram Snapshot she took this week.

"One of the perks of being a real estate agent is venturing beyond the familiar and discovering great streets and neighborhoods a short subway ride away. Take the 2/3 train to Bergen Street for this colorful stretch of shops and restaurants. ”

We invite you to Like and Comment on the photo here.

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Jeanne is a past Executive Creative Director of Arnold/New York Advertising Agency and brings her trained eye and quality orientation to her social media marketing as well as to her exclusive property marketing.  Follow all of Jeanne’s amazing instagram visuals here.

DRY DAY IN PARIS THANKS TO HALSTEAD PROPERTY

Always nice to share how the Halstead Umbrellas we gift to our clients are being put to good use! We received this photo via twitter to @Halstead today from NYC based Director/Producer Ann Marie Duross who is travelling through Paris today and luckily we kept her dry in her travels!

Have fun, Ann Marie, enjoy your time in La Ville-Lumière!

ASK AMY - April 3rd, 2014

Dear Amy,

I’m in the market for a newish one-bedroom condo in Manhattan, but I don’t want to pay extra common charges every month for amenities that I don’t want. I’d like a doorman, but I’m not interested in a pool, gym or other fancy stuff. What are my options?

- Buy Curious

Amy Herman: The average price for a one-bedroom condo in Manhattan is $922,000, but doorman condos can range from $650,000 to $1.4 million, depending on location and age. Midtown East and Midtown West will be cheaper than the Upper West Side, Upper East Side and certain downtown areas (such as the Flatiron District, Chelsea, Noho, Gramercy Park and the Village). North of 96th Street used to be a more reasonable option, but these days, some Harlem units are selling for around $900 to $1,100 a square foot, making them comparable to Midtown options. Newer condos will almost always be more expensive than older ones except with a prime location off Central Park or a place with spectacular views. But before we get into finding a no-frills condo, consider this:

It’s true that amenity-rich full-service buildings often have higher fees (which go to the upkeep of said amenities), but they don’t necessarily translate to higher purchase prices. For example, many of the buildings built in the 1980’s have state-of-the-art health clubs with pools, yoga rooms and saunas, but the average price per square foot is less than the brand-new boutique condos that have only a doorman and a small gym. In many buildings, fitness center fees are actually separate from monthly common charges and an option for residents who want to use the facilities. 

Often buyers think they’ll never use the on-site Pilates studio or the 50-foot lap pool—until they see them. That could happen to you, too. Even if you don’t use the gym or pool, these types of offerings are attractive to many buyers and could prove a positive when it comes time to sell your home.

Bottom line: it’s a better strategy to view everything in your budget and see which place feels the most like home. That said, if you’re still set on a building sans extras, you might want to focus your search on buildings constructed in the 1940’s through 1960’s. Many of these older structures have had doormen for years, but few of them have taken the time to add other amenities like gyms. Smaller buildings could also work, since the annual cost of high-end amenities is so much steeper when split between fewer homeowners. Many newer condo buildings with fewer than 50 units don’t leave extra space for an amenity floor, while places with 20 units or less are often so bare bones that they have a virtual or part-time doorman.

If you’re set on a no-frills building:

Upper East Side one-bedroom/one-bathroom condo, $799,000: Recently renovated, this pet-friendly one-bedroom at 300 East 62nd Street at Second Avenue has a wall of closets, a wall of windows and a balcony with wood floors. The doorman building has a bike room, a laundry room and a live-in super. Monthly common charges are $689, while taxes are $668.

Want amenities after all?

Upper West Side one-bedroom/one-bathroom condo, $1.195 million: This Trump Place one-bedroom at 220 Riverside Boulevard between West 70th and West 71st streets has an open kitchen, floor-to-ceiling windows, a marble bathroom and a brand-new washer/dryer. Building amenities include a 24-hour attended lobby, a health club with an indoor pool, a children’s playroom, a billiards room and an attached garage. Monthlies are relatively low—common charges are $753 and taxes are $534—but a 421a tax abatement expires this year, so even if you act fast, you won’t be able to enjoy the low taxes for very long.

Upper East Side one-bedroom/one-bathroom condo, $875,000: Recently redone, this 35th-floor one-bedroom at 301 East 79th Street between First and Second avenues offers a stainless steel kitchen with granite countertops, a spacious foyer, hardwood floors, crown and baseboard moldings, deep closets, built-in shelves and central heat and air. Building amenities include a doorman, a concierge, a landscaped roof deck, a fitness center and storage. Monthlies are on the low side—you’ll pay $518 for common charges and $599 for taxes.

Excerpts taken from a recent Brick U Column titled “Buy Curious”

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Amy Herman is a Licensed Real Estate Salesperson from Halstead Property’s Park Avenue Office.

Connect with her on her agent website or find her on twitter to ask her a question of your own.

FROM THE DESK OF OUR CHIEF ECONOMIST

By Greg Heym, EVP and Chief Economist at Halstead Property

1st Quarter 2014 Manhattan Market Report Update

Luxury new development closings helped push the average Manhattan apartment price to a new record in the first quarter. At just over $1.7 million, this figure was 7% higher than the previous quarter, and 30% higher than a year ago. It’s important to remember that the first quarter of 2013 was a relatively weak quarter, due to the rush of high-end tax-related closings at the end of 2012.

The median price of $935,000 in the first quarter was also 7% higher than the previous quarter, and 18% higher than a year ago. Despite lower inventory, there were 25% more closings reported in the first quarter than a year ago.

The condominium average price of $2,368,077 in the first quarter was clearly elevated by a large number of closings at luxury new developments. These included Walker Tower, 737 Park Avenue, One Madison, 135 East 79th Street and One57. The average price for new development condominiums was $3,182,185, a figure that is 11% higher than the prior record, set during the fourth quarter of 2013. Cooperative prices were also strong in the first quarter, averaging $1,219,269. This was 6% above the prior quarter, and 23% more than during the first quarter of 2013.

Over the past 6 months we’ve seen a sharp increase in the average apartment price in Manhattan, due in large part to an uptick in high-end new development closings. This included 2 sales over $40 million in the first quarter, after having just 1 sale over $40 million for all of 2013. This trend should continue in the coming months as closings continue at these buildings and start in several more.

We shouldn’t overlook the strength of the resale market however, where the average price of $1,467,714 was 19% higher than a year ago. The low levels of inventory over the past few years combined with strong demand are finally beginning to translate into sharper price increases.

The full version of the 1st Quarter Manhattan Market Report can be found by clicking here. For the next Behind the Numbers Webshow, please check back on Halstead ProperTV in coming days for its release.

WHICH HALSTEAD EXCLUSIVE IS THE REAL DEAL’S PRICIEST HOME OF THE WEEK?

Rosemarie Deane’s 555 Park Avenue 1E of course. This beautiful Park Avenue triple mint duplex was renovated in magnificent European style and feels like a townhouse. The best features of the home is the Parquet de Versailles floors laid throughout and the original First Empire fireplaces imported from Italy. We also cannot forget to mention the three spacious reception rooms that offer 60 feet of palatial entertaining space, separated by columns. A gorgeous home for the most discerning buyer.

See the Real Deal Article Here.

See more about the listing here.

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