Wednesday, August 23, 2017

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

Wednesday, August 16, 2017

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

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Thursday, August 10, 2017

New York Metro Area Had Most Ultra-Wealthy Residents in 2016


The world’s ultra-high-net-worth individuals grew 3.5% to 226,450, Wealth-X says

The New York metropolitan area remains the top magnet for the world’s ultra rich, attracting 8,350 residents with a net worth of at least $30 million in 2016, according to a Wealth-X report released Tuesday.

Compared with 2015, the ultra-high-net-worth individuals residing primarily in New York, New Jersey and Pennsylvania grew 9.6%, according to the World Ultra Wealth Report 2017 by Wealth-X, a global wealth information and insight business provider.
Hong Kong and Tokyo remained the second and third most popular global cities for the ultra rich; London and Paris ranked fifth and sixth.  

London was the only top-10 city to register a decline in its ultra wealthy population, as wealth levels took a hit from currency weakness and Brexit-related concerns.
Worldwide, the ultra-rich population grew by 3.5% to 226,450 in 2016, representing a strong rebound from last year’s sharp fall of 7.1%.

However, there were significant regional fluctuations, with North America and Asia Pacific recording a rise in the number of the ultra rich and their overall fortunes, while the rest of the world saw a decrease in wealth creation.

Other major findings in the report include:

  • The combined wealth of the ultra rich, which comprises just 0.003% of the global adult population, increased 1.5% year-over-year to $27 trillion.
  • Almost half of the global ultra wealthy population (108,610) had a net worth of between $30 million and $50 million.
  • The number of billionaires declined 3.1% to 2,397; their combined net wealth dropped 3.1% to $7,400 billions.
  • Latin America and the Caribbean suffered double-digit falls in its ultra wealthy collective wealth, with the population decreasing 3.4% to 6,850.
  • Liquid assets, primarily cash, owned by the ultra wealthy stood at $9.6 trillion in 2016, accounting for the largest share (35.4%) of their holdings.
  • U.S. Dominate the top 10 cities
  • The strong U.S. dollar was a major factor in lifting North America as the top destination for the ultra-high-net-worth individuals. There were 81,700 people with a net worth of $30 million or more there in 2016, a 5.1% increase from a year ago. Their combined fortune, $9.633 billion, accounted for 35.6% of global wealth.
  •  The region’s dominance is driven by the U.S., with 73,110 ultra wealthy people in 2016, rising 6.7% year-over-year. Canada saw a decline in the number of ultra wealthy individuals (-1.5%) and their combined wealth (-2.4%), hampered by a weaker Canadian dollar and the still subdued trend in global oil prices, according to the report.
  •    U.S. cities made up half of the 30 leading cities with the highest ultra rich population and accounted for five of the top 10. In addition to New York, metro areas around Los Angeles, Chicago, Washington D.C. and Dallas also squeezed in the top 10.

Source: Mansion Global


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Tuesday, August 1, 2017

Is Your Dog a Good Neighbor?




New Yorkers will tell you that passing a co-op board interview can be as tough as getting into Harvard. But it may be rougher still for Rover.
In addition to answering endless questions about your finances, what you do and who you may or may not know, many co-op boards now require dog interviews in hopes of avoiding distressing problems down the line. Those problems might include dogs that bark all day, frighten neighbors and other pets with aggressive behavior, or even bite.
How should you prepare your dog for a co-op board interview? Some owners rely on simple approaches like making sure their pets are well fed or tired from a long walk beforehand. The process has led some to take more drastic measures, though, including DNA testing to prove a dog’s pedigree, Xanax or therapy to keep a dog calm, photo shoots to show its best side, letters of recommendation and, increasingly, certificates of good behavior. The pet industry, naturally, has responded to the need with special boot camps and programs that will declare your dog a model citizen.
The American Kennel Club offers one such certificate for graduates of their Canine Good Citizen program. About 1,300 dogs across the country graduated from the program in 1989, when the kennel club began offering it, according to Dr. Mary Burch, the program director. Last year there were 65,000 graduates.
Certifying your dog’s good behavior isn’t just a New York experience, Dr. Burch said; “the legislatures of 42 states have passed resolutions endorsing the program.” More co-ops, condos and rentals across the country, she added, “like a vacation rental agency in North Carolina and a condo in Oregon, ask for this more frequently.”
New York City has 75 approved American Kennel Club instructors and evaluators who conduct approximately 2,500 tests a year, Dr. Burch said. Instinct Dog Behavior & Training, in East Harlem, is one, founded in 2009 by Brian Burton and his wife, Sarah Fraser, both certified dog behavior consultants and professional dog trainers. They work regularly with dogs whose owners are seeking certificates to help pass apartment interviews.
The couple have also been asked to write letters of recommendations for dogs they have trained. When Instinct opened, Mr. Burton said, he would see “a handful a year” of people getting their dogs ready for interviews. Those clients have since tripled.
It’s not just New York, or eventhe United States, that is scrutinizing dogs as a part of resident evaluation. Melissa Ayre and her husband, Eric Welles, encountered screening for their dachshund-hound mix, Mr. Milo, when they moved to Sydney, Australia, late last year.
First there was a quarantine to deal with, then approval from “the strata,” the board of the rental building’s management company. “We worked with a relocation specialist who warned us that strata are notoriously unforgiving when it comes to renting with animals in an apartment,” Ms. Ayre said. “The strata doesn’t meet with the animal personally; they look over the dog’s résumé and letter of recommendation and approve or deny from there.”
Before moving, the couple enrolled Mr. Milo in classes at Instinct. “Sarah wrote a glowing letter of recommendation and luckily, Mr. Milo was approved almost immediately,” Ms. Ayre said. He now spends his days happily bounding along Bondi Beach.
The Canine Good Citizen program teaches a dog how to master 10 skills, from sitting when asked to playing well with others. “The dogs pass in usually three or four sessions,” Mr. Burton said. One-hour private lessons cost $175, but Instinct also offers group “training camps.”
Some pet owners take the quick and easy route to get their dogs interview-ready. “They sedate them,” said Darryl Vernon of Vernon & Ginsberg, a lawyer in Manhattan who has represented several owners and tenants in pet issue cases.
Others resort to exhaustion. A broker of high-end rentals and sales in NYC, had a client who had to go before a co-op board that had a weight restriction on animals. The client was concerned that her dog might be too heavy and too energetic to pass. “She was nervous so we strategized,” The broker said said. “She ended up taking the dog for a two-hour run right before the interview.” It worked: “The dog fell asleep and it lost a few ounces.” Pass!
Some New York buildings are strictly pet-free, while others impose weight restrictions or prohibit certain breeds: Dogs, of course, are not a protected class. “A board can reject a dog because they don’t like it,” “or the building has too many dogs already or you’re moving into an apartment next to someone who doesn’t like dogs.”  Rentals, too, have the right to know what dog they are allowing in “When a building rents it does not only a credit check but a criminal-background check, to know that people coming into the building aren’t convicted felons,” “You’re bringing someone into the building who will not cause a problem.” Same with their dog.
Breeds that are often banned from buildings include chow chows, Doberman pinschers, pit bulls and Rottweilers, Dr. Burch said. These are the same breeds that can be difficult to insure, and are often reported by insurance companies, she added, “as ones that when there has been an incident such as a bite, someone was hurt and the claims were costly.”
But Dr. Burch offered a solution: “Some of the country’s biggest insurance companies, such as Allstate, Liberty Mutual and the Hartford, will insure breeds of dogs they wouldn’t otherwise if the dog has Canine Good Citizen training.”
Breed might have been a problem for Hudson, the dog that Sean McNeal and his wife, Melissa, adopted from a city shelter. “He was on the list to be euthanized,” Mr. McNeal said. The couple was hoping to rent an apartment on the Upper West Side that limited dogs to 60 pounds, which happened to be Hudson’s weight, and that also assessed pet behavior.
The McNeals enrolled Hudson in Instinct to teach him some manners. And they went the extra yard. The shelter had told them that Hudson was a German shepherd and pit bull mix, which the McNeals were afraid would quash their chances. “I knew we had to do something,” Mr. McNeal said. On the hunch that the shelter had gotten Hudson’s breed wrong, he had the dog DNA-tested. The result: “Hudson is a mastiff-Akita,” Mr. McNeal said.
When the McNeals had the testing done four years ago, their veterinarian sent a blood sample to a genetic testing lab, which charged the McNeals $150. Online businesses like Wisdom Panel sell kits, starting at less than $100, that involve swabbing a dog’s cheeks for cells and mailing the sample in for testing.
“Co-op boards can deny a pet for any reason, but not the wrong reason,” said Steve D. Sladkus, a founding partner of the law firm Schwartz Sladkus Reich Greenberg Atlas who specializes in real estate issues. “One of the wrong reasons is disability discrimination. If I need a pet because of a physical or emotional disability, like depression, and I’m rejected, the board could be faced with a discrimination suit.”
But the disability ruling can be abused. “Some people try to skirt the issue by citing disability depression,” Mr. Sladkus said. “People are increasingly making requests, some bona fide, some not.” Those citing disability need to provide a letter from their doctor, stating that an emotional support pet has been prescribed.
One co-op building, 1150 Fifth Avenue, has a dedicated dog interviewer, Hilary Adams Zwicky, who is affectionately known in the building as “the dog whisperer.” “I was asked to do it because I was the only one on the board who had dogs,” she said. “And I love dogs, all dogs,” including the two Shih Tzus, Poppy and Lucy, she shares with her husband, Henry.
Ms. Zwicky’s interview process is friendly. “I’ll have them over for cocktails,” she said, referring to the owners. The dog is invited, too. “Sometimes I introduce the dog to the girls, my little helpers, to see how they get along.” If the dogs sniff one another, things are going well. “I’ll touch the dog, to see how it reacts to a stranger. I’ll ask if it’s had its proper shots, if it’s been spayed.”
So far, in the five or so years she has been screening pets, she has interviewed about 10 dogs and not rejected one, although she has recommended that some “attend boot camp to calm down energetic behavior. But I’ve never had a problem; they’re all nice dogs.”
“Hilary believes that nice families have nice dogs,” said Lisa Macris, a resident of the building. She and her husband were living in Connecticut when they applied to buy an apartment at 1150 Fifth Avenue, and Keeler, their papillon, stayed home during the board interview.
But Ms. Zwicky grilled Ms. Macris about Keeler. “Hilary talked with me about our dog, a lot,” she recalled. “We talked more about our dog than about our kids.” All went well. “I showed her pictures,” Ms. Macris added. “And I might have mentioned that Keeler came from the same breeder whose papillon had won Best in Show at Westminster.”
Source: The New York Times
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