All Forum Posts by: Steven Greenhill

 Brownsville and ENY are super dangerous still... wouldn't risk it... Bed-Stuy is perfect though

Co-ops with no flip tax or condos -- all in estate condition -- JUNIOR 4's that you can convert to official 2 beds and add a bathroom; pre-wars where you can rip down walls to make a more open space; everything in estate condition of course.

Our prices double every 8 years on average... although cap rates are 3%, we make money on appreciation, not cash flow necessarily.... This is still true. Just gotta know where to purchase. I can help. Reach out. 

 Hunter's point in LIC just went over $1 million median price! I think this is where it's going to go b/c of the L train shutting down in 2019.... Further in Brooklyn will be excellent too.

Look for awesome apartment combinations too... These always do well.... add lots of value... sometimes you can find a studio + 1 bed both under a million and avoid mansion tax!

 This is an excellent strategy -- 2-3 bedrooms for sure -- emerging areas -- don't go to Tribeca where it's topped out. Condos only. Don't spend more than $5 million per condo -- these aren't moving. 49 Chambers has an excellent deal right now -- 1800/ft in "East Tribeca"; East Village; Crown Heights; Bed-Stuy; Prospect Lefferts Gardens; area around Prospect Park; Fort Greene; Greenpoint; SOUTH BRONX! $10 million+ market is so horrible right now.... DO NOT BUY A PENTHOUSE by any means -- these are the worst investments -- just good layouts with lots of light -- usually split 2 bedrooms is best. Open floor plan, no galley kitchens. Properties on the Highline too, if not already ridiculously expensive.... go for those -- Soori High Line is excellent (pools in every unit! but unsure how much they will make on rent in those so far!)

SELL, SELL, SELL. Co-ops are not doing well -- especially UWS and UES. They're super safe but not appreciating. You do realize you probably need to pay 2-3% FLIP TAX to co-op board, 6% to broker who lists++++, almost 10% to sell that. I suggest moving that to a condo in an emerging area or if you think California multi families are on the rise more, go for it! Condos in South Bronx, Brooklyn (not the super hot areas -- BoCoCa, Williamsburg, etc), and Queens are skyrocketing

 Where is property, what's price point -- no granite nowadays, go with Caesarstone (or Corinthian) -- less than marble but a little more than granite -- don't get granite -- not so hot anymore; change cabinets; open kitchen; LESS rooms is desired -- if you have formal living and dining and separate kitchen, see if the architect will let you tear down all these walls. .All you want is a GREAT ROOM with kitchen, living, dining, separate bedrooms -- AND MAYBE -- if you have room, a home office/den/office (no windows needed).... appliances -- Viking/Wolf will do -- no need to go to Miele or Gaggenau for middle of the road.

Fresh coat of paint of course. Just go with plain white -- STAGE property if you can afford but try to use some of your own stuff too so it's not too expensive.... MOST IMPORTANT: DECLUTTER, DEPERSONALIZE -- the buyer wants to envision themselves in your household --- this article may help too: https://www.nytimes.com/2015/04/26/realestate/small-projects-big-payoff.html

 Eric, in co-ops, we don't count # of sq ft, so whoever gave you this number is calculating it in some way. It really depends on extent of work, how high end you want to go, etc. I've seen condos and co-op renos for $500 a foot even! But, you know when you buy co-op you don't ever get square footage numbers -- just shares -- you don't own the walls, floor, ceiling, you own the proprietary right to live there. You also have to pass an alteration agreement with your co-op board which may cost money -- money to contractors, EXPEDITERS, sub-contractors.... what's the extent of the work you're doing. Also, how do you know your co-op will allow it?? I've seen $25,000  renos to $4 million renos.... need more details.

 Know all about this. reach out to me.