From the New York Times: A Studio Apartment Transformed
We recently enjoyed reading this article published in the New York Times, about a Manhattan couple who were determined to make the most of the space in their 400 square foot studio apartment. They managed it with the help of a Brooklyn architect, who remodeled the tiny space to include folding beds, hidden closets, and even a retractable television, in order to turn a cramped space into an ingenious creation of modern architecture. We hope it can provide some creative inspiration to anyone looking at the smaller pieces of New York City real estate.
Suffolk County Increases Mortgage Recording Fees
Due to a new rule that took effect on January 1st, mortgages recorded in Suffolk County must now pay a new verification fee of $300 for each mortgage-related document recorded. This is in addition to any fees and/or taxes already required by the county.
For further reference, a full list of current recording fees, including the new verification fee, can be found on the Suffolk County website here.
Manhattan Resale Prices Fall in Beginning of 2017
Resales of coops and condos in Manhattan are seeing their lowest median prices since 2012, according to Bloomberg. As the number of options have increased, purchasers are more aggressive in seeking lower prices, and sellers have been finding it more and more necessary to negotiate–the percentage of sales in which the asking price was exceeded by the purchasers fell by more than half in the last quarter, from 29% to 13%. Overall, 2017 could become a good year for sellers, with a greater number of available options and more realistic prices.
From the NY Times: What to Expect when You’re Closing
The closing is the climactic moment in a Real Estate transaction, when the deal is finalized and the money finally changes hands. However, the big moment can be daunting, especially in New York, where the large cast of characters can include not just the seller, purchaser, and their attorneys, but possibly several brokers, a lender, the lender’s counsel, a management company, and title company as well. But what really goes on, and what should a prospective buyer or seller prepare for to make sure that the final step goes smoothly? This article, originally published in the New York Times, offers a helpful guide for first-timers.
NYC Real Estate Attorney’s Closing Report: February 2017
Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.
| Property | Value | Transaction |
| 139 East 33rd Street, NY, NY | $440,000 | Coop Sale |
| 3840 Greystone Avenue, BX, NY | $190,000 | Coop Purchase |
| 55 Liberty Street, NY, NY | $999,000 | Coop Sale |
| 171 West 131st Street, NY, NY | $687,000 | Condo Purchase |
| 135 Ocean Parkway, BK, NY | $125,000 | Coop Refinance |
| 242 South First Street, BK, NY | $570,000 | Condo Sale |
| 30 Park Place, NY, NY | $5,200,000 | Condo Purchase |
| 35-44 75th Street, Jackson Heights, NY | $380,000 | Coop Purchase |
| 310 West 85th Street, NY, NY | $1,750,000 | Coop Purchase |
| 85 8th Avenue, NY, NY | $525,000 | Coop Purchase |
Fed Raises Interest Rates–Market Remains Steady
As expected, the Federal Reserve raised benchmark rates by 1/4 point on Wednesday, amid optimism due to steady job growth and economic recovery. This is the second increase to take place in the last three months.
The initial response to the increase was a healthy one, with mortgage rates decreasing slightly after the change took place, and the Fed Chair Janet Yellen has hinted that more increases are to be expected in the future if economic growth continues.
Source: Reuters
WHFirm Attorneys Teach CE Course at TitleVest
Congratulations to all of the brokers who recently completed a 3.75 credit hour course on the subject of Real Estate Due Diligence. The course, which was taught by Firm Partner Jack Harari and Associate Caroline Malapero, was presented in cooperation with TitleVest, Inc., and took place at their corporate offices on February 28th. We appreciate all who attended, as their input helps us to gauge the educational needs of the Real Estate community. We hope to be able to give many more similar courses in the future.
From Bloomberg: Fed Chief to Speak Regarding Interest Rate Increase
According to Bloomberg, Federal Reserve Chair Janet Yellen and Vice Chair Stanley Fischer will speak in New York and Chicago today to address an expected increase in interest rates during March. Keep an weather eye out for new developments!