The Essential Guide to Luxury Real Estate in New York

New York is widely known for its staggering skyscrapers, bustling city life, and, of course, its famous homes. However, with the city's vibrant culture and endless opportunities, it is no surprise that the cost of living in New York is significantly higher than the national average. 

One key factor contributing to this increased cost of living is the luxury real estate market, which extends far beyond the bounds of Manhattan. In this article, we will explore the reasons behind the high cost of living in New York, the types of luxury real estate found in the city, and some notable examples of opulent properties outside of Manhattan.

Factors Contributing to the High Cost of Living in New York

High Demand for Luxury Real Estate

One of the main reasons for the high cost of living in New York is the sustained demand for luxury real estate. The city's thriving economy, diverse cultural scene, and global status as a financial and fashion capital attract high-net-worth individuals from around the world. 

This demand for luxury properties drives up prices, making it more expensive for average residents to live in the city.

Limited Supply of Land

New York's geography is another factor that contributes to the high cost of living. The city is surrounded by water, which limits the amount of available land for development. 

This scarcity of land drives up the prices of luxury real estate as developers and investors compete for prime locations to build new developments.

High Construction and Development Costs

The construction cost in New York is also higher than the national average. This is due to a combination of factors, including high labor costs, strict building codes, and the need for specialized equipment and materials to build in the city's unique environment. 

These high costs are passed on to buyers, increasing the overall cost of luxury real estate.

Varieties of High-End Properties in New York

New York City boasts a wealth of history, leading to a plethora of old buildings and houses. Property investors might be taken aback to find these aged properties listed as luxury real estate, but many have undergone extensive renovations and restorations. 

These properties are deemed luxurious due to their prime NYC locations and spaciousness compared to newer condos or apartments. Another type of luxury home in the city includes newly built developments, often in high-rise buildings with breathtaking views and state-of-the-art amenities. 

These prestigious residences are conveniently situated and usually feature 24-hour doormen, along with extra amenities such as gyms or swimming pools. However, these properties tend to be smaller, as developers aim to maximize the expensive New York land they have purchased.

In a bustling metropolis such as New York, every bit of space is precious, resulting in intense rivalry for real estate and giving Manhattan its moniker as a "concrete jungle." When new land opens up, investors typically choose to build towering structures rather than parks or green areas in order to boost their earnings. Acquiring or leasing a high-end residence in New York is an extraordinary chance that should be carefully considered.

Luxury Real Estate Outside of Manhattan

1. Brooklyn

Brooklyn is home to several luxury real estate options, ranging from historic brownstones in neighborhoods like Park Slope and Brooklyn Heights, to contemporary condos with waterfront views in Williamsburg and DUMBO. One notable example of a famous home in Brooklyn is the $15.5 million limestone mansion in Park Slope, which features a stunning central staircase, seven bedrooms, and a private roof terrace.

2. Queens

Queens offers a diverse range of luxury real estate, including waterfront properties along the East River, historic mansions in neighborhoods like Forest Hills, and modern condos in Long Island City. An example of a famous home in Queens is the $5.9 million waterfront mansion in Whitestone, which boasts panoramic views of the Throgs Neck Bridge and Long Island Sound.

3. The Bronx

The Bronx is home to several affluent neighborhoods, such as Riverdale and Fieldston, where you can find luxury real estate in the form of stately mansions and modern condos. The historic Alderbrook Mansion in Riverdale is a prime example of a famous home in the Bronx, listed at $5 million and featuring a grand marble staircase, multiple fireplaces, and a private pool.

4. Staten Island

Staten Island offers luxury real estate in the form of grand estates and modern waterfront properties. One famous home in Staten Island is the Vanderbilt Mausoleum, a historic landmark designed by renowned architect Richard Morris Hunt. This majestic structure sits on a 42-acre plot of land, offering privacy and serenity. Other notable luxury neighborhoods in Staten Island include Todt Hill, Emerson Hill, and Lighthouse Hill, where you can find upscale homes with stunning views of the New York City skyline and the Verrazzano-Narrows Bridge.

Conclusion

Several factors drive the high cost of living in New York City. Despite the high prices, New York offers many luxury real estate options. 

While Manhattan is known for its luxury real estate, other boroughs also offer opulent homes with stunning views and amenities. Owning or renting a luxury home in New York is a unique opportunity that allows residents to experience the vibrant culture and endless possibilities that the city has to offer.

Off The MRKT serves as a fantastic tool for those searching for a new residence in the New York City vicinity. We offer a wide range of home and apartment listings, including an extensive collection of celebrity-owned properties and commercial property developments in New York. 

Our listings help prospective buyers gain insight into the variety of homes available in the city. Regardless of your preference for a lavish penthouse or a snug studio apartment, explore our real estate updates today.

Luxury Sips for Summer: Best Rosé Wines to Try in Hamptons and Mykonos for National Rosé Day 2023

As we usher in the season of sun-kissed landscapes and languid beach days, it's time to commemorate a beloved tradition – National Rosé Day. This special day celebrates the exquisite variety and refreshing appeal of rosé wines. Whether you're lounging in a sophisticated beach club in the Hamptons or watching the sunset from a hilltop villa in Mykonos, the occasion calls for a glass of the finest rosé wine. To help you elevate your celebration, we've curated a list of the best rosé wines to enjoy in 2023, perfect for the discerning palate of luxury travelers and wine connoisseurs. Let's dive into this vibrant and enchanting world of rosé, finding the perfect pour that will elevate your summer in these exclusive destinations.

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Our Favorite Listings For The Week

Looking for a new place to live or just curious about what's on the market? Check out our favorite homes you should make an appointment for this week. 

Have a listing you think should be featured? Submit your open house or contact us to tell us more! And be sure to view our new Listings Calendar


773 Dune Rd - Westhampton

Perfectly situated overlooking world-class beaches, a brand-new modernist oceanfront property at 773 Dune Rd is now on the market for $6.5M. This architectural marvel offers 5 bedrooms, 4.5 bathrooms, and countless luxurious amenities. As you enter the home, you're met with a grand foyer featuring a soaring 17.5 ft. ceiling and exposed steel structural elements. The first floor boasts an open floor plan, seamlessly blending the living and dining areas with a state-of-the-art chef's kitchen equipped with top-tier Thermador appliances. The living room, adorned with a porcelain-wrapped fireplace, opens onto a back deck, which presents a heated gunite infinity pool with hot tub jets, an outdoor kitchen, beach walkway, and an outdoor shower, all overlooking the majestic Atlantic Ocean. Built with steel core construction and custom European aluminum windows, this home ensures both safety and durability. The property, listed by David Barkstedt of Serhant, is slated for completion in June 2023 and offers a rare combination of timeless beauty and expert craftsmanship.


This luxurious full-floor penthouse located in the vibrant Hudson Yards at 360 West 36th Street has just hit the market with an asking price of $6.595M. The listing is represented by Ariel Cohen from Douglas Elliman. This stunning residence boasts a generous 3,941-square-foot interior living space and features an expansive 1,285-square-foot planted rooftop oasis, presenting panoramic views of the city. The penthouse offers four bedrooms, 3.5 bathrooms with radiant heat, multiple office spaces, and a vaulted atrium/sunroom with heated floors. Among its notable features are 10 ft ceilings, rich walnut Chevron herringbone wood flooring, a massive living room, and a chef's kitchen equipped with high-end appliances. The ultimate pièce de résistance is the light-drenched top-floor sunroom accessed by a floating staircase, along with a fully restored rooftop featuring multiple sitting areas for the perfect alfresco experience.


Photo Credit: Brown Harris Stevens

This historic six-story, 8500 sqft Upper West Side townhouse located at 45 West 70th Street has been recently listed for $15.999M. The property, represented by Anne Prosser from Brown Harris Stevens, is set on a tree-lined block adjacent to Central Park. This impressive townhouse built in 1891 by architect Gilbert Schellenger in the Neo-Renaissance and New-Romanesque style has been fully renovated and fitted with modern amenities. The home features 7 bedrooms, 5 bathrooms, and an elevator that connects all the floors. Standout amenities include a 33-foot long, six-foot deep lap pool, a jacuzzi, and a steam shower located on the excavated lower spa level. This townhouse is complete with smart home wiring, eleven zones of central air-conditioning, radiant heating with forced air backup, three air exchanges, and a front patio snow-melting system, presenting an exquisite living experience in the heart of Manhattan's Upper West Side. The possibility of creating a beautiful rooftop garden further adds to its appeal.


Photo Credit: Compass

A magnificent Manhattan condo designed by renowned architect Richard Meier awaits at 165 Charles Street, Unit 12 in the West Village. Priced at $7,950,000, this exceptional property, listed by Mary Barbrack, Michelle Flikerski, and Julia Hoagland of Julia Hoagland Team at Compass, offers an unparalleled living experience. With 2 bedrooms and 2.5 bathrooms spanning over 2,300 square feet, the residence showcases breathtaking Hudson River views through floor-to-ceiling windows that blur the line between interior and exterior.

The expansive interior features a welcoming gallery, a spacious living room, a dining area with a bar closet, and soaring ceilings over 10 feet tall. A 20-foot covered balcony adds to the allure. Custom finishes, artisanal millwork, ample storage space, and high-end fixtures define the home. The primary bedroom boasts a king-sized bed capacity, an open-concept spa bathroom with a soaking tub and curbless shower, while the second bedroom also features an en-suite bathroom. The prestigious condo building at 165 Charles Street offers white-glove amenities including 24-hour door staff, concierge service, an infinity-edge lap pool, a fitness center, and exclusive restaurant service from Jean-Georges Perry St located next door. Immerse yourself in luxury and style with this extraordinary West Village gem.


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How to Find a Condo or Co-op with Lower Carrying Costs

New York City is known for its high cost of living, and finding affordable housing can be a daunting task. For those looking to purchase a home in the city, condos and co-ops can be a great option.

However, it’s important to consider the monthly carrying costs associated with these types of properties. In this article, we’ll explore some tips on how to find a condo or co-op with lower carrying costs in New York.

1. Look for Buildings with Fewer Amenities

One of the biggest factors that can drive up carrying costs for condos and co-ops is the number of amenities in the building. While having a gym, pool, and doorman may seem luxurious, these features come at a price. Buildings with fewer amenities will typically have lower monthly maintenance fees or common charges.

2. Consider Older Buildings

While newer buildings may seem more attractive, older buildings can often offer lower carrying costs. This is because older buildings may not have as many amenities or have already paid their underlying mortgage. Additionally, older buildings may have lower property taxes.

3. Look for Co-ops with Lower Flip Taxes

Co-ops often have flip taxes, which are fees paid by sellers when they sell their units. These fees can be a percentage of the sale price or a flat fee. If you’re considering purchasing a co-op, looking for buildings with lower flip taxes is important, as these can add up quickly.

4. Check the Building’s Financials

Before purchasing a condo or co-op, reviewing the building’s financials is important. This includes the budget, reserve fund, and outstanding loans or debts. A building with a healthy financial situation typically has lower carrying costs, as it won’t need to charge as much to cover expenses.

5. Consider a Smaller Unit

While it may be tempting to purchase a larger unit, a smaller unit can often mean lower carrying costs. This is because smaller units typically have lower monthly maintenance fees or common charges. Additionally, smaller units may have lower property taxes.

6. Look for Co-ops with Lower Down Payment Requirements

Co-ops typically require a larger down payment than condos, as the building’s board will need to approve the sale. However, some co-ops may have to lower down payment requirements, which can make purchasing a unit more affordable. It’s important to note that co-ops may also require buyers to have a certain amount of liquid assets or income.

7. Consider a Fixer-Upper

While a move-in-ready unit may seem like the best option, purchasing a fixer-upper can often mean lower carrying costs. This is because the purchase price will typically be lower, and you can improve over time as your budget allows.

Additionally, you may be able to negotiate a lower sale price if the unit needs significant repairs or updates.

8. Look for Buildings with Lower Property Taxes

Property taxes can be a significant expense for condo and co-op owners. When considering a building, it’s important to check the property tax rates. Buildings in certain neighborhoods or boroughs may have lower property tax rates than others.

9. Check for Rent Restrictions

Some co-ops may have rent restrictions, meaning you won’t be able to rent out your unit. While this may not be an issue if you plan to live in the unit long-term, it can limit your options if you need to move or rent out the unit. If you’re considering purchasing a co-op, it’s important to check for any rent restrictions.

10. Work with a Real Estate Agent

Finally, working with a real estate agent can be a great way to find a condo or co-op with lower carrying costs. An experienced agent can guide you through purchasing and help you find properties that fit your budget and lifestyle.

Final Thoughts

Purchasing a condo or co-op in New York City can be a significant investment, but it’s essential to consider the monthly carrying costs. By following these tips, you can find a property that fits your budget and lifestyle while still enjoying all that the city has to offer.

Are you looking for the best guides to real estate and property management tips in New York? Off The MRKT is the perfect website to check out! Explore our articles and sign up for our mailing list to keep yourself updated with every post!

Outdoor Grilling Spaces to Host Your Memorial Day Barbecue

With Memorial Day right around the corner, backyard barbecues are sure to be on your weekend agenda. Instead of traveling this year, invite friends and family to celebrate the holiday at your place in one of these new developments that have incorporated outdoor grilling and recreational spaces to accommodate resident’s desire to entertain at home.

5 Best Places to Make a Home in New York City: A Guide

New York City is a melting pot of cultures and opportunities, making it a popular destination for people from all around the world. With its vibrant energy, endless entertainment options, and booming economy, it's no wonder why so many people want to call the city that never sleeps their home. 

However, with so many neighborhoods to choose from, finding the perfect place to settle down in can be overwhelming. In this guide, we'll take a look at the five best places to make a home in New York City.

1. Upper West Side

The Upper West Side is one of the most desirable neighborhoods in New York City, and for good reason. Located between Central Park and the Hudson River, this area is known for its stunning architecture, tree-lined streets, and family-friendly atmosphere. 

The Upper West Side is home to some of the city's best schools, making it an ideal place for families with children. It's also home to the American Museum of Natural History, Lincoln Center, and some of the city's best restaurants and bars.

2. Brooklyn Heights

Brooklyn Heights is a historic neighborhood located just across the East River from Manhattan. This charming area is known for its beautiful brownstone buildings, tree-lined streets, and stunning views of the Manhattan skyline. 

It's also home to some of the best schools in the city, making it a popular choice for families with children. With its abundance of parks, playgrounds, and outdoor spaces, Brooklyn Heights is a perfect place for those who enjoy an active lifestyle.

3. Astoria

Astoria is a diverse and vibrant neighborhood located in Queens. This area is known for its excellent restaurants, nightlife, and cultural attractions. Astoria is home to a large Greek community, which means you'll find some of the best Greek food in the city here. It's also home to the Museum of the Moving Image, a must-visit for movie buffs.

Astoria is an affordable alternative to more expensive neighborhoods in Manhattan, making it a popular choice for young professionals and families.

4. Harlem

Harlem is a historic neighborhood located in Upper Manhattan. This area is known for its rich cultural heritage, stunning architecture, and vibrant music scene. Harlem is home to some of the city's best jazz clubs, making it a popular destination for music lovers.

 It's also home to the Apollo Theater, which has hosted some of the biggest names in music over the years. Harlem is a great place to live for those who want to be close to the action but still enjoy a more laid-back atmosphere.

5. Battery Park City

Battery Park City is a modern neighborhood located at the southern tip of Manhattan. This area is known for its stunning waterfront views, green spaces, and upscale shopping and dining options.

Battery Park City is a popular choice for families with children, as it's home to some of the best schools in the city.

Conclusion

New York City is a diverse and exciting place to call home. Whether you're looking for a family-friendly neighborhood or a vibrant nightlife scene, there's something for everyone in the city. The Upper West Side, Brooklyn Heights, Astoria, Harlem, and Battery Park City are just a few of the best places to make a home in New York City. With so many options to choose from, you're sure to find the perfect place to call home in the city that never sleeps.

Start your New York City real estate journey with Off The MRKT. We have all the resources for you, from property management tips to renting property in the city. Browse our guides today and gain valuable insights before your big move.

Sara Golan Joins SERHANT., Adding Valuable Expertise in the Brooklyn Market

SERHANT., has announced the addition of esteemed associate broker, Sara Golan. Known for her significant contributions to the Brooklyn real estate market, Golan will bring her extensive experience and industry acumen to SERHANT.

Sara Golan SERHANT - Off The MRKT

Sara Golan

Previously serving as Managing Director at Nest Seekers, Golan has specialized in residential sales across several Brooklyn neighborhoods. With a career spanning over a decade, she has worked with a diverse range of clients including buyers, sellers, and developers. As a brownstone specialist in Brooklyn, Golan's expertise in design, construction management, and her ability to navigate and succeed in challenging market conditions have earned her a notable reputation in the industry.

Throughout her career, Golan has been involved in over 350 real estate transactions. She is known for her hands-on approach, guiding sales processes from inception to execution and ensuring smooth closings. To date, she has amassed over $500M in sales.

Golan's interest in real estate was sparked during her upbringing in the Bushwick neighborhood of Brooklyn, with its unique character and charm inspiring her future career. As an immigrant from Guyana, Golan has made real estate her life's work, operating on the belief that every client deserves equal measures of trust, integrity, and respect. Her passion for the industry, coupled with her dedication to making a positive impact on the lives of her clients, has been a cornerstone of her successful career.

Golan's entry into real estate was through an assistant position with a real estate developer and investor in Queens and Brooklyn. This role provided her with extensive knowledge in construction, management, and sales. Golan also spent five years as a closing manager in the lending industry, where she gained valuable insights into the mortgage and home financing process. Following this, she became an owner and partner in a real estate development office, investing in projects and managing their private portfolio.

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Growing Old in NYC: What to Know

New York is one of the biggest cities in the world. People from worldwide come to visit or live in the Big Apple every day. As an NYC resident, you may wonder about some of the challenges of growing old in such a big city. Read on for some insight that can help with such a transition.

Take Care of Your Health

One of the best ways to handle your aging health in NYC starts with what you put in your body. As a New York resident, you may be very familiar with the city's famous street food, which can be tasty but not healthy. If you indulge in the famous local hot dogs, do so sparingly or not at all, as processed food can negatively affect your health.

New York is a big city with plenty of food stores ranging from small neighborhood bodegas to large superstores like Whole Foods, Trader Joe's, and other regular markets. You can also find farmers’ markets around the city, which are great places to buy fresh fruit and vegetables from Upstate farmers. Putting healthy foods in your body isn't only great for your physical health, but also helps the aging brain. According to the American Health Care Association, four in 10 residents living in assisted living facilities have Alzheimer's disease or other dementias. Reduce the risk of cognitive decline by consuming foods that are helpful for your body.

Understand Your Housing Options

While being a homeowner is great, most New York residents of all ages tend to rent. As you grow older, your income may reduce, especially if you're on a pension or Social Security. Luckily, New York City has special housing options set aside to ensure senior populations have affordable housing. Affordable senior housing is available to you regardless of race, color, religion, sex, or national origin, thanks to the Civil Rights Act of 1964. If you develop dementia, other cognitive issues, or have physical ailments, the city has assisted living facilities, nursing homes, adult homes, and a home-sharing program to meet your needs.

Avoid Driving

The traffic in NYC is notorious and can lead to accidents. So, it's best to play it safe and avoid driving as you grow older in the city. If you become the victim of a vehicle-related accident, the statute of limitations is three years for personal injury cases in the state. You can safely get around by taking advantage of the city's walkability. The sidewalks are huge, and the city is planned on a grid, so it's impossible to get lost. NYC also encourages residents to use biking for their health and eco-friendly transport thanks to more bike paths and accessible bike rental programs.

Utilize the Parks

Central Park is one of the oldest parks in the country. If you look at a map of New York City, you'll notice how massively big the park is. So, it's easy to exercise, enjoy nature, and take in seasonal events like Shakespeare in the Park and outdoor movies. You can also hop on the train or bike to enjoy parks over in Brooklyn and other boroughs as well.

Living in New York City can be a thrilling experience at any age. If the Big Apple will be your home into your senior years, there are ways to utilize all the city has to offer to make the transition an easy one. Whether it's going for frequent walks, avoiding driving, accessing adequate housing, or taking advantage of the vast food markets, you can age with grace and be as healthy as possible for a long time.