All Forum Posts by: Brandon Cohen

I haven’t been to 77 Clarkson but did tour 111 Montgomery back when it was still getting framed out…seemed like it was going to be a quality finish.  Seems like @Eric Hajdu gave some solid advice.  I would only add that another option would be to buy an older unit in a good building and renovate if that option is doable.  For example, I have a client on Prospect Park West that just finished up a super high end Reno that I’ll be bringing to market where she forced appreciation as opposed to waiting out a short time period.  

I’m biased as an agent here, but the person above who said that NYC had its day in the sun likely isn’t living here.  I’ve had multiple bids on the last 4 properties I’ve listed and am selling in all price points.  

For you, on a 5 year horizon I would probably rent and go buy elsewhere.  Unless you can find a condo that will suit your needs that you can rent or sell when it’s time for you to move on.  Coops are great (I just sold mine) but the lack of flexibility to hold isn’t ideal.  

I'm not sure what the right scenario is, but you benefiting from all of the appreciation doesn't seem fair to your folks since the major asset is theirs. I would find out the amount of value you added to the apartment with the renovation…looks like you'll be adding about 5% value. My first thought is you get 5% of the appreciation plus the amount of HOA you paid. Good luck!

@Punit Kaishap I’ve seen the usual slowdown that leads in July 4th weekend, though overall the market is very active…especially in the high end market.  In the last 3 weeks my team and I have had multiple bids on condo listings priced at: $1.495m, $2,450,000, and $8,800,000.  If you’re considering selling, it’s a good time if you have a good time depending on what you have to sell at least.

@Ben Lin there are a lot of factors you should be looking at: what are the comps in the building selling for?  What’s a lot of work look like and what’s that going to cost?  

I just represented a buyer who closed on a condo on east 60th a few weeks ago (401) and the apartment didn’t need a lot of work and we got it for less than $1,150/sqft.  Feel free to share more details but I would advise enlisting an agent if you haven’t already.  

Have a couple of recs if you want to dm or email.  Rather not put info right into the thread 

This depends on what your goals are.  Are you looking to live in one unit and rent out the other, or strictly rental?  I’ve seen some decent deals on 2-4 families in bedstuy but I agree that the rental market has taken a hit (all over NYC).  If you’re coming from Manhattan and looking to live in one unit then the offset of rent may be a nice addition.  

@Lyle Cooper agreed with above from @Julie Hartman that you should have the conversation with the tenants as they may have other plans.  It’s not too late, I’d just sent an email saying you sent the renewal and wanted to check in to see if they had any questions.  

DM or email me I can do a few intros for you

@Howard Gorman depending on what neighborhood they’re in it may be a great time to sell it, if that’s what you prefer.  

From my experience, the rental market activity is increasing across all budgets (I have listings from $4500-$30k) and we’re actively showing all of them.  There are still low offers and concessions being made, but activity is way up.  Hopefully that continues.  

The sales market appears to be in fire in some price points and neighborhoods.  I just yesterday repped the seller in a 7 way bidding war (2 bed condo in BK) and accepted an offer on a near $1m Manhattan coop.