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New York Post
4 days ago
- Business
- New York Post
NYC's charming, pre-war apartment buildings still reign supreme over modern luxury: ‘True history you can actually live in'
In an era when Manhattan's skyline seems to sprout glass-and-steel towers by the week, a devoted subset of buyers is looking in the opposite direction, toward buildings erected long before World War II. These apartments, built between the 1880s and the early-1940s, are prized for their craftsmanship and character — things that modern construction often struggles to match. 'Pre-war apartments continue to attract a very specific type of buyer in New York City, someone who values history, craftsmanship, and architectural charm over the sleek amenities of new developments,' Ben Jacobs, a luxury real estate broker at Douglas Elliman, told 6sqft. 8 While glossy new towers dominate New York's real estate headlines, a loyal segment of buyers is seeking the charm and craftsmanship of pre-war apartments — properties built between the 1880s and mid-1940s. Christopher Sadowski Many clients, he added, are drawn to the high ceilings, thick walls, and intricate moldings that 'just 'feels like New York.'' The appeal is more than aesthetic, brokers say. Steven Gottlieb of Coldwell Banker Warburg told the outlet, 'So many of the apartments boast high ceilings, grand room scale, and details like crown moldings, beams, and elegant hardwood floors.' 8 Brokers say these homes, with their high ceilings, thick walls, original moldings, and grand layouts, offer a sense of history and 'true New York' character that modern developments can't replicate. Dona Dotan at DD Reps 8 Practical perks include soundproofing and traditional floor plans, but drawbacks range from outdated plumbing and wiring to restrictions on renovations in landmarked buildings. Evan Joseph Studios Ellen Sykes, also with Coldwell Banker Warburg, pointed to practical benefits such as thicker walls for soundproofing, built-ins, and formal dining rooms. Yet the same age that gives these homes their charm can complicate ownership. 'A lot of pre-war buildings haven't been kept up to date with plumbing, electrical, and overall infrastructure,' Gina Conzo, another Coldwell Banker Warburg broker, said. For landmarked buildings, she added, renovations 'can be difficult and even sometimes limited.' Corcoran's Kirsten Jordan cautioned that older systems can hide costly surprises, with repairs often running higher than expected, along with restrictions on washers, dryers or plumbing changes. 8 Most pre-war units are co-ops, offering perceived financial stability but with strict boards, high entry requirements, and limits on subletting, though some rules are loosening to stay competitive. Francois Roux – Ownership structure adds another wrinkle. Most pre-war properties are co-ops, which operate under a different set of rules than the condos common in newer buildings. 'Since most pre-war apartments are in co-ops, this is really a co-op vs condo question,' Clif Thorn of Douglas Elliman told 6sqft. He argued that co-ops can be 'more financially stable overall,' citing the 2008 financial crisis, when 'more condos suffered financial hardships than co-ops.' 8 Many celebrated examples — such as 740 Park Avenue, The Beresford, and The Apthorp — have been updated to blend historic elegance with modern comforts, attracting buyers who value architectural legacy as much as livability. Bloomberg via Getty Images Still, co-ops often impose strict financial disclosures, lending rules and limits on subletting. 'The barrier of entry to get into some of these co-ops is very high,' Conzo said, adding that most do not permit subletting, limiting investment potential. Thorn noted that 'shareholders in co-ops are having to loosen the reins a bit…in order to compete and maintain their values.' Some pre-war icons have been updated to meet modern expectations without sacrificing their period character. 8 740 Park Avenue Dona Dotan at DD Reps 4 East 70th Street and 740 Park Avenue, for example, are considered buildings where 'stepping into these lobbies, you immediately feel how meticulously they've been preserved,' Kirsten Jordan of Corcoran said. 580 Park Avenue is also 'a classic pre-war that underwent a spectacular gut renovation' and sold quickly at strong prices, Jordan said. 8 The Apthorp, located at 390 West End Avenue. Christopher Sadowski 8 A bedroom inside The Apthorp. Photos courtesy of Douglas Elliman Other Roth landmarks include The Ardsley, The San Remo, The Shenandoah, The Beresford, and The Normandy. The Apthorp, The Belnord, and The Majestic also remain high on buyer wish lists. For those seeking a lower-profile option, Coldwell Banker Warburg's Veronique Perrin endorsed Tudor City as 'the best-kept secret for first-time buyers.' For Jordan, the draw comes down to scarcity. 'Pre-war apartments offer something rare in New York: True history you can actually live in. The supply is finite—you can't just build another 1920s gem,' she told the outlet. 'There's magic in owning a piece of architectural heritage…there's a story and a soul behind every stone.'
New York Times
14-06-2025
- Business
- New York Times
I Want to Use a Co-op as a Pied-à-Terre. Do I Need to Tell the Board?
Q: I don't live in New York, but I'm interested in buying a one-bedroom co-op in Manhattan so I can visit my son in Brooklyn or use for vacations. I'd also like to let relatives or very close friends stay there occasionally when I'm not around. I know that some co-ops allow, while others do not. But how do I find out without leading the co-op board to falsely believe that I would turn it into a short-term rental? When I ask listing agent if visitors can stay in the unit when the owner isn't there, they quickly tell me that it's better not to ask. How can I find out without tanking my application? A: There is a way to get an answer without alerting a co-op board to your intentions, but you need to be cautious and do your due diligence. Make sure that your desire to use the apartment as an occasional home is permitted in the co-op's proprietary lease and the house rules. You can ask your broker to get the governing documents from the seller's broker. Once you establish that it is allowed, look to see what the rules are about guests. Who is allowed to stay? And can they be there when you are not? 'If you see pieds-à-terre are allowed, and there aren't any restrictions, don't ask the board if there are restrictions,' said Lisa Chajet, a broker at Coldwell Banker Warburg, who specializes in co-ops. 'It's nothing a buyer brings up to a board under any circumstances.' But this might be tough to find, said Andrew B. Freedland, who practices condominium and cooperative law at Herrick. The law firm represents many co-ops in Manhattan. 'I can tell you that the overwhelming majority of them would not be OK with various relatives coming in and out of an apartment when the lessee is not there,' Mr. Freedland said. 'I would be very cautious about this sort of setup.' In many buildings, rules against overnight guests were put in place long before the city passed Local Law 18 restricting short-term rentals in 2023. This means that even if there is no short-term written agreement with your guests, and even if no money is changing hands, lending your apartment to them would still be against the building's rules. You might consider a condominium instead. The rules might be more flexible when it comes to overnight guests when you aren't there, Mr. Freedland said. A knowledgeable real estate agent or broker could help you find the right building.
Yahoo
19-04-2025
- Business
- Yahoo
It was supposed to be the best spring homebuying season in years. Then came the tariffs.
All the ingredients for a busy spring homebuying season were there: Buyers had more inventory to choose from, mortgage rates were holding steady, and showings and mortgage applications were picking up. Now, the volatility that gripped financial markets after President Trump announced sweeping tariffs on US trading partners — and continued even after he delayed many of the higher levies — threatens to upend it all. Consumer confidence has plummeted as buyers fear the tariffs will lead to inflation and a recession. Prospective homebuyers, fretting about their job security and investments, are rethinking their searches, and sellers are worried too. 'Sellers are concerned about their home values,' said Jacob Barker, a New York-based broker at Coldwell Banker Warburg. 'Buyers, even if they are not personally worried about their own financial position, are loath to put in an offer when the price might be 7% less a few months from now.' Another weak spring would put the country on course for a third straight year of dismal home sales. Just over 4 million previously owned homes were sold last year, the lowest level since 1995. Early signs, including an uptick in sales in February, suggested this year would be better. Now, no one is sure. On some corners of the internet, tongue-in-cheek posters have long rooted for a recession, saying they'll be ready to jump into the market as soon as home prices crater. But what happens to home sales and prices during and immediately after a major stock market decline is more complicated. With the exception of the 2008 financial crisis, which was caused in part by the housing market, home prices have risen through past stock market corrections and in the 24 months that followed, Morgan Stanley analysts led by James Egan wrote in a note last week analyzing 50 years of data. Home sales also usually drop during that period and then rebound sharply when the correction ends. The steepest sales declines typically happen during periods when stocks fall but mortgage rates rise. That's where the housing market finds itself now. The S&P 500 (^GSPC) has entered correction territory, down 10% year to date and off 14% from its all-time high. Mortgage rates, meanwhile, have risen more than 20 basis points in recent weeks to 6.83%. Read more: Historical mortgage rates: How do they compare to current rates? Some level of buying and selling has to persist no matter how high mortgage rates and home prices go, Egan's team argues. After all, people relocate for jobs or see their housing needs change after big life events like marriage, divorce, births, or deaths. But the combination of falling stock prices and rising rates 'could be an argument for further declines in sales volumes from their already rather anemic levels,' the analysts wrote. The market volatility has had mixed effects on buying and selling around Seattle, said Jacob Weaver, an agent in Bellevue, Wash., who specializes in luxury properties. Interest has been steady in homes below $1.5 million, and some entrepreneurs who think they can make more money during volatile financial markets are eager to explore purchasing in the ultra-high-end segment. But demand has been weaker for homes between $1.5 million and $3 million — a price point many of the area's tech workers target. 'There's a lot more hesitation,' Weaver said. 'Buyer decisions in that price range have a lot to do with how people are feeling about their own bank accounts.' A Redfin survey conducted from April 10 to 14 found that 24% of respondents are canceling plans to make a major purchase like a car or a home due to tariffs, and 32% of those surveyed say they're planning to delay. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Despite the recent market volatility, homebuying is still fiercely competitive in much of the country. Inventory is still low in many markets, especially along the coasts and in the Midwest, and home prices remain near all-time highs. In Detroit, Redfin principal agent Desiree Bourgeois said that the tariffs may have slowed down the start to spring selling season, but sellers still maintain an upper hand. Many listings in the area still command multiple offers and sell for over their asking prices. 'I think it shows a lot of confidence in the market, even though there are some wild things going on with our trade wars right now,' she said. Read more: What is the best time of year to buy a house? Sara Kronon, a Chicago-based management consultant hunting for a home in the city, is also no stranger to bidding wars. She's seen properties listed at $600,000 that end up selling for $675,000. Now, the market volatility and potential for a looming recession have her questioning what she should look for. After initially targeting larger homes, she's begun viewing smaller one- and two-bedroom options that would come with a lower monthly mortgage payment, with plans to upgrade later when she knows the economy is on firmer footing. At the same time, to hedge against a possible job loss, she's seeking to boost the income she brings in from side gigs like running an Airbnb in Italy, consulting with prospective international homebuyers, and selling vintage housewares. 'Should I really sign up for a mortgage that's that expensive?' said Kronon, 37. 'Now, I'm rethinking my strategy.' Sign up for the Mind Your Money newsletter Sign in to access your portfolio
Yahoo
19-04-2025
- Business
- Yahoo
It was supposed to be the best spring homebuying season in years. Then came the tariffs.
All the ingredients for a busy spring homebuying season were there: Buyers had more inventory to choose from, mortgage rates were holding steady, and showings and mortgage applications were picking up. Now, the volatility that gripped financial markets after President Trump announced sweeping tariffs on US trading partners — and continued even after he delayed many of the higher levies — threatens to upend it all. Consumer confidence has plummeted as buyers fear the tariffs will lead to inflation and a recession. Prospective homebuyers, fretting about their job security and investments, are rethinking their searches, and sellers are worried too. 'Sellers are concerned about their home values,' said Jacob Barker, a New York-based broker at Coldwell Banker Warburg. 'Buyers, even if they are not personally worried about their own financial position, are loath to put in an offer when the price might be 7% less a few months from now.' Another weak spring would put the country on course for a third straight year of dismal home sales. Just over 4 million previously owned homes were sold last year, the lowest level since 1995. Early signs, including an uptick in sales in February, suggested this year would be better. Now, no one is sure. On some corners of the internet, tongue-in-cheek posters have long rooted for a recession, saying they'll be ready to jump into the market as soon as home prices crater. But what happens to home sales and prices during and immediately after a major stock market decline is more complicated. With the exception of the 2008 financial crisis, which was caused in part by the housing market, home prices have risen through past stock market corrections and in the 24 months that followed, Morgan Stanley analysts led by James Egan wrote in a note last week analyzing 50 years of data. Home sales also usually drop during that period and then rebound sharply when the correction ends. The steepest sales declines typically happen during periods when stocks fall but mortgage rates rise. That's where the housing market finds itself now. The S&P 500 (^GSPC) has entered correction territory, down 10% year to date and off 14% from its all-time high. Mortgage rates, meanwhile, have risen more than 20 basis points in recent weeks to 6.83%. Read more: Historical mortgage rates: How do they compare to current rates? Some level of buying and selling has to persist no matter how high mortgage rates and home prices go, Egan's team argues. After all, people relocate for jobs or see their housing needs change after big life events like marriage, divorce, births, or deaths. But the combination of falling stock prices and rising rates 'could be an argument for further declines in sales volumes from their already rather anemic levels,' the analysts wrote. The market volatility has had mixed effects on buying and selling around Seattle, said Jacob Weaver, an agent in Bellevue, Wash., who specializes in luxury properties. Interest has been steady in homes below $1.5 million, and some entrepreneurs who think they can make more money during volatile financial markets are eager to explore purchasing in the ultra-high-end segment. But demand has been weaker for homes between $1.5 million and $3 million — a price point many of the area's tech workers target. 'There's a lot more hesitation,' Weaver said. 'Buyer decisions in that price range have a lot to do with how people are feeling about their own bank accounts.' A Redfin survey conducted from April 10 to 14 found that 24% of respondents are canceling plans to make a major purchase like a car or a home due to tariffs, and 32% of those surveyed say they're planning to delay. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Despite the recent market volatility, homebuying is still fiercely competitive in much of the country. Inventory is still low in many markets, especially along the coasts and in the Midwest, and home prices remain near all-time highs. In Detroit, Redfin principal agent Desiree Bourgeois said that the tariffs may have slowed down the start to spring selling season, but sellers still maintain an upper hand. Many listings in the area still command multiple offers and sell for over their asking prices. 'I think it shows a lot of confidence in the market, even though there are some wild things going on with our trade wars right now,' she said. Read more: What is the best time of year to buy a house? Sara Kronon, a Chicago-based management consultant hunting for a home in the city, is also no stranger to bidding wars. She's seen properties listed at $600,000 that end up selling for $675,000. Now, the market volatility and potential for a looming recession have her questioning what she should look for. After initially targeting larger homes, she's begun viewing smaller one- and two-bedroom options that would come with a lower monthly mortgage payment, with plans to upgrade later when she knows the economy is on firmer footing. At the same time, to hedge against a possible job loss, she's seeking to boost the income she brings in from side gigs like running an Airbnb in Italy, consulting with prospective international homebuyers, and selling vintage housewares. 'Should I really sign up for a mortgage that's that expensive?' said Kronon, 37. 'Now, I'm rethinking my strategy.' Sign up for the Mind Your Money newsletter
