WHFirm Attorneys Give NYC Real Estate Lecture at AgentStudio
Firm Partners Jack Harari and Michael Zadjelovich recently presented a lecture in partnership with AgentStudio, aimed at familiarizing NYC Realtors with the Due Diligence process.
We would like to extend out thanks to the attendees, and for AgentStudio for organizing and hosting the event!
The Long View: A Note on Mortgage Rates for Prospective Real Estate Purchasers
Freddie Mac recently posted an update on mortgage rates, noting that as of December 6, 2018, the recent trend toward rising rates was punctuated by a welcome pullback amid a steep sell-off in U.S. stocks. However, the informative chart that accompanies their report makes an interesting point that we believe is worth exploring.
This chart, while showing recent trends in mortgage rates, goes back much further – all the way to 1970. Despite the recent talk about rising rates, it is worth noting that even though current rates are up relative to the past 8 years, they are still lower than they were 30-years prior. For example, interest rates peaked in October 1981 at almost 19%, and during the 20-year period from 1973 to 1993 were over 8% – nearly twice the percentage at the time of the December 6 update.
From that perspective, interest rates are currently at a historic low, the lowest 10-year average in the last 42 years.
Even though recent financial news usually concerns rising rates, it is also worth mentioning that within these trends there are often pullbacks, such as the one referred to in the December 6 update.
NYC Real Estate Attorney’s Closing Report: August 2018
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 |
| 204 West 85th Street, NY, NY | $2,050,000 | Coop Purchase |
| 24-12 42nd Road, LIC, NY | $583,000 | Condo Purchase |
| 261 West 25th Street, NY, NY | $1,325,000 | Condo Purchase |
| 100 Riverside Boulevard, NY, NY | $2,150,000 | Condo Sale |
| 244 Madison Avenue, NY, NY | $735,000 | Coop Sale |
| 170 South 1st Street, BK, NY | $1,824,000 | Condo Purchase |
| 1536 Brooklyn Avenue, BK, NY | $830,000 | House Purchase |
| 205 West 54th Street, NY, NY | $530,000 | Coop Sale |
| 460 Ovington Avenue, BK, NY | $348,000 | Coop Sale |
| 70 East 10th Street, NY, NY | $1,200,000 | Coop Purchase |
We Have (Not) Moved!
As recent visitors to our office will no doubt have noticed, our building has been undergoing extensive renovation and re-branding during the last couple of months. Not only will the existing lobby be upgraded, but a state-of-the-art lounge area will soon open on the 7th Floor.
As part of this upgrade, our building has officially changed its address. It is now:
10 GRAND CENTRAL
155 East 44th Street
New York, NY 10017
Don’t worry though: mail sent to “708 Third Avenue” should still reach us, and our office location on the 19th floor remains the same as ever it was.
See below for some pictures of the improvements in progress:
Concept for the new main entrance
The newly finished 7th-floor lounge
The outdoor portion of the new lounge
NYC Real Estate Attorney’s Closing Report: July 2018
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 |
| 415 Grand Street, NY, NY | $785,000 | Coop Purchase |
| 300 East 85th Street, NY, NY | $1,250,000 | Coop Sale |
| 264 Lexington Avenue, NY, NY | $915,000 | Coop Purchase |
| 66 Overlook Terrace, NY, NY | $639,000 | Coop Purchase |
| 250 East 87th Street, NY, NY | $1,785,000 | Coop Purchase |
| 420 East 58th Street, NY, NY | $640,000 | Condo Purchase |
| 16 Tremper Avenue, Phoenicia, NY | $297,500 | House Purchase |
| 273 6th Avenue, BK, NY | $1,600,000 | Coop Purchase |
| 1054 Mora Place, Woodmere, NY | $685,000 | House Refinance |
| 105 Park Place, BK, NY | $780,000 | Coop Purchase |
NYC Real Estate Buyers and Sellers Breathe Easier as L Train Shutdown Called Off
As reported by the New York Times, Governer Cuomo has called off a planned shutdown of the L subway track, which would have lasted 15 months. The shutdown, which was intended to repair structural damage caused by Hurricane Sandy in 2012, will be replaced by a program of gradual repairs, and will accommodate full weekday service with some partial weekend closures.
The cancellation of the long-awaited (and dreaded) track closure is a cause for cautious celebration in neighborhoods such as Greenpoint and Williamsburg in Brooklyn, which rely on the L train for convenient access to and from Manhattan. While the future of the track will be fully revealed in time, as work continues assess and repair the remaining structural damage, the new plan is likely to be a boon to those looking to buy or sell near the L train’s route.