Tax Overhaul Plans Make New York Home Buyers Think Twice

Brokers say buyers are worried as House and Senate proposals would increase the cost of owning many residential properties. 

There are signs home buyers in metropolitan New York are pausing to consider the effects of proposed federal tax law changes, setting the stage for a possible chill in the market, brokers say.

The changes, in versions of bills in both the House and the Senate, likely would increase the cost of home ownership and reduce after-tax discretionary income for many mostly affluent home buyers in New York and other states with high state and local income and property taxes, brokers and analysts say.

Those taxes now can be deducted from income on federal tax returns. The proposals would reduce or eliminate that benefit, though some of the benefit already is offset by another federal tax provision known as the alternative minimum tax.

The proposed tax changes are threatening the already vulnerable high-end housing market in New York City and the surrounding suburbs, brokers say, as some prospective buyers put off decisions.

“People are worried,” said Donna Olshan, president of Olshan Realty Inc. in New York, who follows trends in the luxury market. “They want to know how much less money is going into their pockets every year. The tax changes proposed in the House and the Senate mean a pay cut for New Yorkers.”

Dawn Knief, a broker in the Scarsdale, N.Y., office of Julia B. Fee Sotheby’s International Realty, said buyers aren’t panicking, but they were closely watching what was happening in Washington.  Many communities in Westchester are known for their quality public schools and high property taxes that pay for them. “People are still digesting all of this,” said Ms. Knief. “If this comes to pass, there might have to be some price adjustments.”

Brokers said the tax issue regularly comes up in conversations with buyers, particularly more sophisticated ones who work in finance, and some people have put plans on hold.

In New York City, budget analysts said they might have to reduce revenue forecasts from the city’s transfer taxes on residential property sales because of expectations of fewer sales and lower prices. In Florida, where there is no income tax, brokers say they expect to see a new wave of buyers from New York and California looking to move there to reduce taxes.

“If legislation like this passes, I think people will be running for Florida, that is a perfect escape route,” said Pamela Liebman, president of New York-based Corcoran Group, which also operates in South Florida. “We have seen it all before, and it will escalate.”

The proposed tax changes are complex and will affect home buyers in different ways. They were designed to reduce taxes for many middle-income families, by lowering rates and doubling the standard deduction that reduces taxable income.

But both the Senate and the House proposal reduce or eliminate deductions for state and local taxes that are important factors in high-tax states. The House version would preserve a deduction on up to $10,000 in property taxes.  Deductions of interest paid on loans totaling up to $1 million would be preserved in the Senate bill but would be capped at $500,000 in the House bill for new buyers.

The alternative minimum tax would be eliminated, blunting a portion of the impact of other tax changes. According to new estimates from New York City’s Independent Budget Office, deductions by city residents for state and local taxes reduced their federal tax bills by $11.1 billion in 2015, but 24% of that was offset by $2.7 billion collected through the AMT.

The AMT totaled 30% of the savings from state and local tax deductions for taxpayers earning $200,000 or more, and 7% for earners making between $100,000 and $200,000, the budget office said.

Frederick Peters, the chief executive officer of Warburg Realty, said some proposed tax changes for business owners and partners could benefit the after-tax earnings of some New York buyers in the luxury market.

But most worrying to industry professionals were proposed changes that raise the direct cost of home ownership and likely reduce the value of a home. For example, ending the deduction on every $10,000 of local property taxes of a house would cost a homeowner in the 33% federal tax bracket $3,300 the first year. The budget of that added tax liability year after year, plus future property tax increases, could limit how much buyers are willing to pay for properties today, brokers said.  Likewise, the loss of the deductibility of $100,000 in mortgage interest would increase the after-tax interest costs on a jumbo loan by more than $1,200 a year. 

Hall Willkie, president of brokerage Brown Harris Stevens, said the potential impact of tax changes is adding to uncertainty that has already led buyers to delay decisions and made them price sensitive.  “It is an uncertain time in the world,” he said. “This is going to create another little pause until people get their hands around it.”

Soon after the House tax plan was announced, Jeff Miller, a Miami broker, said he fielded several phone calls from New Yorkers who had looked at Miami Beach property in the past and were now getting serious.

One couple, who looked for homes in the area last year, is coming down to see a house on an island off Miami Beach listed for $22.5 million over the summer, Mr. Mille said.  “People I have been working with were on the fence,” he said. “Now they want to move. The new tax bill was the nudge they needed to push them over.”

Source: The Wall Street Journal

www.RubenPerezNYC.com

Market Update Manhattan – 3rd Quarter 2017

The third quarter of 2017 was marked by a 5% increase in the number of closed sales from 3,483 to 3,657 over the prior year. This is the third consecutive quarter of growth in the number of sales. The average sale price was down 3% while the median sale price was up 11%. Closed sales for the third quarter of 2017 totaled 3,657 compared to 3,483 during the same quarter the prior year. The under $3mil market made up 84% of all sales activity and posted 5% more sales than the prior year. This segment posted an 8% increase in the average sale price and 11% increase in the median sale price. The average and median sale prices in the $3mil to $10mil category increased 4% and 8% respectively while the $10mil+ category reflected a 9% drop in the average sale price and an 7% drop in the median sale price.

The average sale price of all recorded Manhattan apartment sales was $1,985,000, a 3% decline over prior year. The median sale price of $1,185,000 was a 2% decline over the prior quarter and an 11% gain over the prior year. The median sale price for all of Manhattan has registered over $1mil for the 9th consecutive quarter.

Inventory is at 6,397 listings which is 3% higher than the 6,209 listings in the prior quarter and 12% higher than at the start of 2017. This level of inventory is still below normalized supply levels of 8,000-9,000+/- listings.

CONDOS & CO-OPS (based on 6 months of closed sales 03/01/2017-08/31/2017)
The overall Manhattan absorption is 6 months which in a general sense signi es a market in “equilibrium”. The historic range of equilibrium for the market area is 6-9 months. The absorption rate is calculated by taking the total number of currently active listings and dividing by the average number of closed sales over the 6-month period. The lower price segments continue to expe- rience shortages of inventory with $1mil at 4 months of supply and from $1mil- $2mil at 5.6 months of supply. Units priced from $6mil to $10mil have a 10.4 month absorption rate. The top two price tiers above $10mil both have an over one year supply, signi- fying an oversupply that has resulted in discounts and longer marketing time for the highest valued properties. As the oversupply continues in the highest price brackets it is increasingly more di cult for sellers in the top price segments to remain in exible in their price expectations.

Please visit us at www.RubenPerezNYC.com

Here’s why American cities are safe from housing bubble speculation

Despite housing crises in San Francisco, LA and New York, we don't live in bubbles. No American cities made UBS’s annual “bubble risk” index this year, though several of cities like San Francisco, LA, and, of course, New York are in the midst of local housing crises. Here’s how the Swiss bank’s index assessed them:

The case for San Francisco

Even though the city saw real prices go up by 65 percent since 2011 — 15 percent more than the average city UBS qualified as a bubble risk — the Swiss bank isn’t concerned about the tech town. It’s overvalued, but its booming tech companies, and the strong local economy that accompanies them, means San Fran’s soaring prices are unlikely to crash suddenly.

Ditto for LA

Though prices have climbed by 45 percent since 2012, Los Angeles’ star-studded local economy shows no signs of faltering, so UBS isn’t worried — despite LA being well above the national average increase for U.S. home prices, which currently is hovering at 23 percent.

New York’s mixed bag

Here’s the good news for buyers: New York is “fairly valued,” according to the Swiss bankers’ assessment of the city, which, even they admit, is “one of the most expensive and unaffordable markets in the world.” For four quarters in a row, New York prices rose less than 3 percent and have only risen 10 percent since 2013.

The bad news: if you’re actually working in New York, salaries are not increasing enough to make a difference. The average income went up by only 7 percent since 2013; so, if you couldn’t afford prices then, you still can’t now. The report also notes rising costs associated with financing and a decline in population as factors hampering demand.

Then there’s the issue of high-end units not selling. Since 2015, deals in the luxury market have “declined considerably,” according to the report, and average selling time has doubled in comparison to 2013.

The combination of an oversupply of luxury units, too-low local salaries and the still yet-to-come units in development, lead UBS to conclude their report by observing that “buyers will likely require additional discounts from developers.” [UBS] — E.K. Hudson

Source: The Real Deal

Please visit us at http://www.rubenpereznyc.com/

15 Central Park West Remains Manhattan’s Most Expensive Condo

The building’s eight sales in the last 12 months averaged $7,227 per square foot, CityRealty finds.

 

The Zeckendorf family-developed 15 Central Park West remains the most expensive condo in New York, claiming the top three sales by price per square footage within the 12 months up to June 30,  according to a CityRealty report released Tuesday.

During that period, there were eight sales in the Robert A.M. Stern-designed building—home to celebrities like Sting, fashion designer Elie Tahari, Goldman Sachs CEO Lloyd Blankfein and Russian billionaire Dmitry Rybolovlev—with an average sales price of $7,227 per square foot, up 10.1% from the $6,735 a year ago.

Despite the newer luxury condos being built on Billionaires’ Row, 15 Central Park West has been consistently ranked No. 1 since 2014 in The CityRealty 100, a bi-annual index tracking the performances of top 100 condominium buildings in Manhattan.

The second and third most expensive condos in New York are 432 Park Avenue (45 sales with an average price of $5,930 per square foot) and Residences at the Mandarin Oriental at 80 Columbus Circle (four sales with an average price of $5,215 per square foot), according to CityRealty, a New York-based real estate web site.

Overall, the 100 buildings had an average price per square foot of $2,788 from July 1, 2016 to June 30, 2017, increasing 9% year-over-year.  

“Prices rose in part because of closings recorded in very expensive newer developments such as 432 Park Ave. and One57, as well as continued high prices in properties such as 15 Central Park West,” said Gabby Warshawer, director of research and communications at CityRealty.  

“There has been some softness in luxury condos, but these buildings in the Index have retained their value,” Ms. Warshawer said.

Other findings in the report include:

• The number of condo sales was largely unchanged, with 1,098 apartments changing hands in The CityRealty 100 condos, a 3% decrease from the same period a year ago
• The most expensive sale by unit price was a penthouse in 15 Central Park West, averaging $9,581 per square foot and totaling $50.55 million
• 432 Park Ave. had the most expensive single sale. An anonymous buyer dropped $65.6 million on a full-floor unit in January 2017
• Midtown East is the most expensive neighborhood, with an average price per square foot of $4,185, followed by Central Park West ($3,758) and Greenwich Village ($3,570)

Among the CityRealty 100 condos, 30 East 85th St. had the best 10-year compound annual growth rate at 5.61%, followed by Trump Park Avenue (4.8%), The Park Belvedere (4.4%), 3 Lincoln Center (4.3%) and Time Warner Center (4.2%).

Source: Mansion Global

Please visit us at: www.RubenPerezNYC.com

NYC New Development: Soft in the Middle, Splashy Up Top

Three years ago, Soo K. Chan, an architect well known in Singapore but new to the Manhattan luxury condo scene, posed a question to jaded New Yorkers: How about a pool in the living room?
Well, why not? It was a hit overseas, where Mr. Chan had designed pools for luxury apartments in Southeast Asia, and at the time the New York City condo market was on fire.

So Soori High Line, the new 31-unit luxury mid-rise in West Chelsea that Mr. Chan designed and developed, will have four-foot-deep saltwater pools in more than half of its apartments. The 24-foot-long pools, surrounded by a glass enclosure, are heated and partially open to the outdoors, enticing residents to swim even during a snowstorm.

The apartments — which range in price from about $3 million for a two-bedroom to $22.5 million for the five-bedroom, triplex penthouse — have ceilings as high as 18 feet, heated limestone floors, gas fireplaces and doorknobs wrapped in hand-stitched leather.

 “Our approach is not to cut back,” Mr. Chan, also known as Chan Soo Khian, said of the shifting market. “In fact, what I’ve done is up the ante. A well-crafted building will speak for itself in a difficult market.”

In Manhattan’s new development scene, there are bold bets aplenty, but 2014 it is not. The ultraluxury market, with prices north of $10 million, has softened since the rise of billionaire’s row along 57th Street, and developers are taking note: Some are doubling down on ultraluxury and seeking new ways to stand out, while others pursue an underserved group – buyers willing to shell out between $1 million and $3 million for an “entry-level” home.

Builders who aim somewhere in the middle — in the $5 million to $10 million range — are feeling the tightest squeeze, because of oversupply and a dearth of buyers. And those with buildings under way are facing a tough choice: stay firm on pricing set when the market was stronger, with the risk of getting lost in the mix, or offer concessions to move what hasn’t sold?

Recent data tell a tale of two markets. The median sales price for new development in Manhattan rose to $3.3 million in the second quarter, up a staggering 22.8 percent from the same period a year earlier.  At the same time, the average listing discount, or price drop, for new development was 7.5 percent — far more generous than it was the first quarter, when brokers discounted an average 2.8 percent. A year ago, agents were seeking an average of 1 percent above asking price.

“The expectation was that there are so many billionaires in the world, they’re a dime a dozen – and that’s not what happened,” said Jonathan J. Miller, a New York real estate appraiser.
The record prices of the last few years were driven in large part by contracts for exceptionally expensive units signed as far back as 2013, often before construction began, and because they have taken years to close, “they’ve been padding the market,” Mr. Miller said.

The market peaked in 2014, he said, when cranes seemed to dominate the city skyline. “It completely removed that sense of urgency” to buy, though builders have been slow to respond to the drop in demand, he said, adding that high land prices pushed them to build bigger, more expensive units to hit their margins, leaving less room for flexibility in price.

Now that is catching up with them. About 2,800 new units are expected to come onto the market in 2017, said Kelly Kennedy Mack, president of Corcoran Sunshine Marketing Group, which is about half the original projection.

Recent sales also suggest a shifting focus in the city: The Upper East Side is the top-selling neighborhood for new development this year, she said, with 12 percent of total sales, thanks in part to the new Second Avenue subway line. Midtown West and the Financial District rounded out the top three areas, and half of all new construction in the pipeline will be downtown.

The slowdown hasn’t deterred some very ambitious projects that developers hope will break records with nine-figure price tags. Central Park Tower, a new addition to billionaire’s row on West 57th Street, between Seventh and Eighth Avenues, anticipates total sales in excess of $4 billion, according to documents filed with the State Attorney General. That would make it New York’s most expensive residential tower ever. The mixed-use tower, which will have a Nordstrom department store at its base, will have 179 condos, according to paperwork filed by Extell, the developer.

In Lenox Hill, the developer Zeckendorf filed to list a $130 million triplex apartment at the under-construction 520 Park Avenue. Not to be outdone, Vornado Realty Trust, the developer at 220 Central Park South, has filed to list a $250 million, 23,000-square-foot quadruplex apartment in the limestone-clad tower. The current sales record, set in 2015, is a $100.5 million sale at Extell’s One57 tower.

Others are raising the stakes in different ways. Robert Gladstone, chief executive of Madison Equities, is betting that buyers in his Beaux-Arts conversion at 212 Fifth Avenue, in NoMad, will want bragging rights. He decided to scrap plans for two penthouses and create one ultraluxury triplex apartment with 10,000 square feet of living space and a 5,700-square-foot terrace. The asking price: $68.5 million.

“There are fewer people in the world who can buy it. But it’s the penthouse, not a penthouse,” he said. “If someone can spend $50 million, most of them could spend $70 million on an apartment.”
The space will have chevron-patterned flooring, a grand staircase and, as in all the units, a special air-filtration system. “People really dig that kind of detail,” Mr. Gladstone said.

Source: The New York Times

Please visit us at http://www.rubenpereznyc.com/

Manhattan Super-Luxury Rental Market Remained Robust in August

The number of new leases valued at $10,000 per month or more surged 29%

Unlike its sales market, the Manhattan luxury rental market saw a sizzling hot August, as both the number of new leases and median rents rose sharply.  

The number of luxury rentals, defined as the top 10% most expensive leases with a threshold of $6,250 per month, rose to 708 in August, representing a 12.6% increase year-over-year. Median luxury rent edged up to $8,000 per month, up 1.8%.

The luxury rental market in Manhattan also gained more ground compared to July. The number of luxury leases jumped 15.1% month-over-month in August while median rent rose 1.6%.

The average apartment size for luxury rentals was 1,704 square feet, increasing 6.7% year-over-year and almost double the size of apartments in the remaining 90% of the market, which averaged 805 square feet, according to Jonathan Miller, chief executive of real estate appraisal firm Miller Samuel and author of the reports.

“Last month, there were more closings in the new rental developments, which tend to be larger and more expensive than the average stock,” Mr. Miller said.

Super-luxury rentals, those with a monthly rent of  $10,000 and up, saw a sharper increase in leasing activity. The number of new leases signed during August increased 29.4% year-over-year to 211.

This segment accounted for 3% of all the new leases in August, with a median rent of $13,500, according to Mr. Miller.

In the overall Manhattan rental market, 7,061 new leases were transacted in August, rising 12.3% from a year ago and marking the largest number in over nine years. Median rent for all Manhattan was $3,442 per month, up 1.3% from August 2016.

Source: Mansion Global 

Please visit us at: www.RubenPerezNYC.com

Open Houses Fizzle for Manhattan Condos and Co-Ops

New listings, and listings with significant price cuts, brought out fewer buyers this spring than in the past and attendance at open houses for Manhattan co-ops and condominiums slowed this spring despite strong recent sales and record high prices, brokers said.

Showings declined, as did bidding wars with multiple bidders making offers on the same property.  “Buyers have been both scarcer and slower this spring than in past years,” noted in a market commentary on second-quarter activity. “Buyer velocity has slowed considerably.”  New listings, and listings with significant price cuts, brought out fewer buyers than in the past, especially among the priciest apartments.

In one case, agents put out a listing for an apartment identical to one that had sold quickly six months earlier, but it garnered little interest. “Week after week they have few showing requests and no offers”.  Buyers show less urgency than in the recent past, as contract negotiations stretch out many weeks and potential buyers delay making offers.

At the same time, the number of deals hasn’t declined dramatically because the buyers still in the game were serious about buying. Price cuts by sellers also spurred deals.

“In today’s world, with both political anxiety and global safety concerns at high levels, our market cannot support aspirational pricing by sellers waiting for that ‘one buyer’ who will overpay for their home “Buyers are as price conscious as I have ever seen them.”

The market has cooled, even in apartments priced below $1 million, though in that price range properties still attract multiple bids, especially among lower-price apartments in Brooklyn.

Source: The Wall Street Journal

Please visit us at: www.RubenPerezNYC.com

Staging’s a Necessary Expense When Selling Luxury Real Estate

Successful projects often include custom-made artwork and furniture.

Whether it’s for a $500,000 South Florida condo or a $100 million-plus Beverly Hills mansion, hiring an interior designer to temporarily furnish, or stage, a property before it’s listed is a necessary expense in today’s real estate market, experts say.

That’s because staging is what tells the property’s story and wordlessly conveys information about the lifestyle a buyer could have if he or she lived there. 

“It’s not enough to just walk into a beautiful home and see the rooms. Buyers want to know how they’re going to live in that space,” she said. “Staging does that, and gives them a way to fall in love with the property.” Staging enhances a property’s beauty while masking its imperfections.

 “If most people walk into a barren room, it can feel very forlorn and lonely,” he said, noting that most people also can’t understand the scale or the flow of the space. “But if you walk into a space that feels inspiring, you carry that energy with you.”

Staging at the Higher End

Although staging is important at both moderate and ultra-luxury price points, the design process can be significantly different, from the initial pitch to the price to the choice of furnishings and artwork, experts say.

While an initial meeting with a seller or developer for a more modestly priced property might involve a quick walk-through of the space and conversation about who the potential buyer is, at the luxury level, the start of the process is more tailored, and akin to working with a private interior design client.

How Much It Costs… and Why It’s Worth It

Then there’s the price. At the lowest end, when staging for a home that’s $500,000 to $750,000, the typical fee is $3,500 to $5,000, which includes the design, installation and three months for furniture rental. After three months, the monthly rental fee is 10% of the initial charge—in this case, $350 to $500 per month—until the furniture is returned. But from there, these costs go up substantially.

While some designers price staging services by the size of the home, others go on the list price or sales price. In both cases, the cost works out about the same, with a $4 million home costing about $35,000 to stage—or just under 1% of the total cost—and much larger and more expensive homes costing $100,000 or more. Although expensive, it’s money well spent, because staging can help sell a home much faster, and contribute to a higher sales price.

Source: Mansion Global

Photography: Evan Joseph Photography

Please visit us at www.RubenPerezNYC.com

Reasons Why the Upper East Side is New York City’s Hottest Neighborhood Right Now

With an influx of new luxury addresses and must-try restaurants, and updates to some of our favorite hotels, the UES is the place to be.  A leafy haven known for its venerable museums, high-end boutiques, and close proximity to Central Park, the Upper East Side has a reputation for being one of Manhattan’s most charming –and, admittedly, staid-neighborhoods.  Recently, however, the entire city seems to be heading uptown.  With the opening of the first phase of the long-awaited Second Avenue subway line earlier this year, an influx of new establishments with a downtown sensibility is turning this sleepy enclave into the city’s hottest place to be.  Here’s a look at the restaurants, hotels, and museums that are defining the new Upper East Side.

The Surrey
The elegant 76th Street building that houses Surrey hotel was built in 1926 as a residential apartment complex, and over the years has served as the home of notable names like Bette Davis and John F. Kennedy. Today, as New York’s only Relais & Chateaux hotel, the boutique property still boasts that intimate, residential feel, thanks to its quiet location and plush, oversize rooms. At street level, you’ll find plenty of neighborhood residents at Daniel Boulud’s chic Café Boulud and Bar Pleides.
On select evenings, a jazz trio helps set the scene both in the bar and up at the 17th-floor seasonal Private Garden, where hotel guests mingle with members of the Patron’s Club—an invitation- and referral-only private club for local residents—over light bites and signature cocktails. Also open to outside guests: the Cornelia Spa, where every treatment starts with a glass of bubbly.

The Lowell
Built in the 1920s as an “apartment hotel,” the Lowell has long been a favorite bolthole for Upper East Siders, thanks in large part to its oversize rooms that feature perks like appliance-stocked kitchens and working fireplaces. Add to that personalized service and long-time staffers who know guests (and their dogs) by name, and it’s clear why the family-owned hotel attracts such a regular clientele.
There’s also plenty to enjoy without checking in. The ground floor—which was redesigned earlier this year under the direction of owner Dina De Luca Chartouni, London-based architect Mark Pinney (who has envisioned stores for Armani and Harrods), and interior designer Michael S. Smith (who worked on the Obama White House)—now features an elegant Club Lounge, the cozy Jacques Bar, and the gourmet Majorelle restaurant from restaurateur Charles Masson and Chef Christian Delouvrier. All have been instant hits with area residents, some of whom dine here several times a week. Another insider’s secret is the tucked-away Pembroke Room—great for brunch, afternoon tea, and pre-theater bites.

The Met Breuer
Art lovers know well the Upper East Side’s Museum Mile, spanning from 70th Street’s Frick Collection to the Museum of the City of New York on 103rd Street, and featuring world-renowned institutions like the Solomon R. Guggenheim Museum and the Metropolitan Museum of Art in between. In 2014, the district’s iconic Brutalist landmark, the Breuer, which was designed by the architect Marcel Breuer in 1966 and home for nearly 50 years to the Whitney Museum of American Art, shuttered. But the iconic structure was not empty for long; last year, the Metropolitan Musem of Art moved in, opening the Met Breur, a contemporary offshoot that explores 20th- and 21st-century art. The opening marked a vital addition of modern art to the diverse cultural offerings of Museum Mile.

Dining Developments
An influx of downtown-transplant eateries has recently arrived, planting roots alongside the Upper East Side’s elegant bistros, gourmet cafes, and cozy neighborhood joints. The culinary migration started in 2014 when the West Village fixture August moved its brand of re-imagined comfort food up to Lexington and 62nd Street, where it’s already become a fast favorite. Since then, Soho hotspot La Esquina—a pioneer of the “no signage” restaurant trend—has opened a new location on Second Avenue and 73rd Street; the team behind Brooklyn’s El Atoradero has brought their casual, Cal-Mex-style Ziggy’s to Second Avenue and 77th Street; and, a block away, a new outpost of Culinary Institute of America–trained chef Daniel Holzman and restauranteur Michael Chernow’s the Meatball Stop has arrived. Upping the ante further are restauranteur Thomas Carter and Chef Ignacio Mattos—the duo behind the much-lauded Estela on Houston Street—who brought their brand of downtown cool to the Met Breuer with the opening of Flora Bar and Flora Coffee, an airy spot for caviar snacks, lobster and crab dumpling dinners, and drinks at the long bar.

The Mark
With its Jean-Georges Vongerichten–helmed restaurant, chic bar, and understatedly elegant rooms, the Mark has long been a preferred choice for boldfaced guests looking to fly under the radar (except during high-profile events like the Met Gala, when it’s VIP central.) As of this summer, film and fashion types have two new Terrace Suites to fight over. Designed by Jacques Grange, the airy suites—one with three bedrooms, the other with five—feature living and dining areas, kitchenettes, and furnished terraces with views of Central Park and Madison Avenue. Guests also enjoy signature Mark amenities like 24-hour access to Bergdorf Goodman and shoe shines by John Lobb.

Cocktail Hotspots
The land of classic hotel lounges, quiet wine bars, and sports-themed beerhalls is suddenly in the mood for a stiff drink. One of the first cocktail bars to settle on the UES was Infirmary, which opened in 2013 with a long list of craft cocktails to complement its Southern-accented dishes. Since then, a steady stream of hip new watering holes like Seamstress—a speakeasy-style venture from former Dead Rabbit bartender Pam Wiznitzer—and Sugar East have only added to the hype. The latter, which opened on First Avenue last spring melds Mad Men–like mid-century style with nods to Old Havana. The bar caused quite the scandal among locals when it made use of its grandfathered-in tobacco license, making it one of the city’s only venues—downtown or uptown—where drinkers can smoke inside.

The Carlyle, A Rosewood Hotel
Enjoying a prime perch just off Central Park on 76th Street, the venerable Carlyle has hosted generations of discerning travelers, including a long list of royalty, celebrities, and devoted regulars who come for the apartment-style suites (some with pianos or kitchenettes) and fine dining at the gracious Carlyle Restaurant.
Guests new and returning will have a lot to look forward to in 2018, when the hotel will undergo a partial renovation. Mum’s the word on details of the redo, but, until then, there’s still plenty of reasons to check in. Grab a drink at the famed Bemelmans Bar, where you’re sure to spot at least a few tuxedoed guests, or catch a show at the Café Carlyle, where everyone from Eartha Kitt to Woody Allen has taken the stage. This fall’s schedule includes performances by Grammy- and Tony-winning singer/composer Duncan Sheik, singer/actress Rita Wilson, and Grammy-winner Steve Tyrell, who will be bringing a new show to the Café’s coveted holiday season slot for the 13th year in a row.

Source: The Robb Report

Please visit us at:  http://www.rubenpereznyc.com/