Kristin Jordan

Six Queens neighborhoods rank among those with most excessive property fees in NYC: report Contact me to discuss the latest scoop in real estate! #yaelshaneerealtor #yaelshaneeprimerealty #buyeragent #queensrealestate #sellerspecialist #newyorkrealestateagent #longislandrealestate #nyrealestate #realestateny #newyorkrealestate

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Analyzing the worth of outdoor space in NYC apartments, the value comes to about 25-50% of the interior price per sq. ft. Regardless of the increased pandemic-induced demand, this valuation hasn't shifted much. The outdoor space's quality makes a difference in its desirability and value. #RealEstate #PropertyValuation

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The Hudson River Park, a remarkable 500-acre development extending 4 miles along Manhattan's waterfront, stands as the largest park project in Manhattan since Central Park. Created on a previously neglected and perilous area, this park has revitalized the Hudson River estuary, safeguarded maritime commerce, and provided recreational opportunities to millions, significantly boosting tourism and the city's reputation. Additionally, it has spurred economic redevelopment in neighboring districts. However, the park's future faces uncertainty without continued community engagement and a focus on public benefit. Its inception followed the collapse of the Westway project—an ambitious $2.3 billion initiative proposed in 1974 to replace deteriorating infrastructure and introduce commercial and residential spaces topped with a park. The project's failure led to a more community-focused redevelopment process starting in 1986, culminating in the establishment of the Hudson River Park by the 1998 Hudson River Park Act. Despite the initial public investment and creation of the Hudson River Park Trust to manage the park, subsequent leadership, including mayors Giuliani and Bloomberg, shifted focus towards commercial real estate development, often neglecting the park's funding needs. This approach was exemplified by the Trust's strategy to enforce self-sufficiency for the park, further endangering its financial sustainability. The Friends of Hudson River Park, a nonprofit formed in 1999, has played a crucial role in advocating for the park, raising funds, and ensuring its preservation and enhancement. Yet, recent leadership changes and legislative amendments have intensified pressures to commercialize the park, risking its integrity and public accessibility. As the park approaches its 25th anniversary amidst these challenges, there is a pressing need to reestablish a dedicated funding mechanism, such as a park improvement district, to ensure its long-term maintenance and benefit to the community. This will require renewed civic engagement and governmental commitment to protect and prioritize this vital public space. #HudsonRiverPark #ManhattanWaterfront #CommunityEngagement #PublicSpaces #UrbanGreenSpace #EnvironmentalProtection #NYCRecreation https://lnkd.in/etg8qy5R

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New development won the week of 4/22-4/28 in Manhattan’s luxury market with 14 contracts signed over $4 million. 29 contracts signed last week in Manhattan at $4M+. That was 1 more than the previous week. Condos outsold coops 21-3 with 5 townhouses making the list. More numbers: - Avg. condo asking price: $8,927,481 - Avg. condo price per SF: $3,211 - Avg. coop asking price: $6,036,667 - Avg. townhouse asking price: $11,430,000 - Avg. townhouse price per SF: $1,765 - Avg. discount from original asking price to last ask: 12% - Total weekly asking price sales volume: $263,547,100 #ny #newyork #newyorkcity #brooklyn #miami #miamibeach #palmbeach #fortlauderdale #boca #tampa #fisherisland #nyrealestate #nycrealestate #luxury #lux #luxuryrealestate #luxurylifestyle #architecture #interiordesign #invest #investor #fashion #luxepropertiesmia #luxelivingmiami #bocaratoncommunity #floridarealestate #florida #finance #miamirealestate

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Brooklyn's transformation has been nothing short of a fairytale—a tale of grit, vision, and ambition. Business owners, expansion seekers, landlords, and relocation experts, have you ever wondered about Brooklyn's secrets to successful commercial conversions? Flashback to the early 2000s: Warehouses stood silent, and docks were deserted. Fast forward to 2024, these spaces buzz with life, housing trendy offices, bustling restaurants, and vibrant retail spaces. The metamorphosis of Brooklyn's waterfronts and warehouses into goldmines of commercial opportunity is a playbook for smart investment. 🔍 Here's a glimpse into the "Great Brooklyn Expansion": 🌟 Old Warehouses = New Creative Hubs: Entrepreneurs are seeing beyond the rust and grime to convert these spaces into innovative workplaces. 🌟 Waterfront Wonders: These areas are not just for views; they're now premium locales for hospitality and entertainment industries. 🌟 Community Spaces: The need for shared spaces has never been higher. Think beyond the conventional; every neighborhood needs a heart. So, what's our role in this? We serve as the bridge between vision and reality. We help clients not just find space but find potential. We guide you through every step to lease or buy commercial properties that match your growth trajectory. Remember, the Brooklyn of tomorrow is being built today. It's space waiting for a story. Your story. Seeking to expand your business, or contemplating a strategic investment in Brooklyn? Let's talk strategy, locale, and logistics. Drop a comment below or DM me. Brooklyn's best chapters are yet to be written. Be a part of the story. 🏢✨ #BrooklynBusiness #CommercialRealEstate #InvestInBrooklyn #BusinessGrowth

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Town Spotlight: Montclair, New Jersey I owned a house in Montclair for six years. It's a great town. However, home buyers often need help understanding the heat of the market when they want to move. The list price is entirely irrelevant. Check out these 2024 statistics pulled directly from the MLS: - 98 homes sold that were four bedrooms or more - only 6 of the 98 homes sold for less than the list price - the median sale-to-list price ratio is 127% - only 15 of the 98 homes sold for under $1,000,000 - the median sale price is $1,501,000 - the lowest sale was for $649,900 (4 beds, 1.1 baths) - the highest sale was for $3,850,000 (5 beds, 5.2 baths) and it sold for $900,000 over the list price - the highest sale-to-list price ratio was 174% ($1,562,700 sale on a list price of $899,000) - one home sold for $1,000,000 over the list price ($3,350,000 on $2,350,000) So, if you are looking in Montclair, you can't trust the list price. You need a real estate agent who understands the market, or you have no chance. #montclairnj #njrealtor #realestatemarket

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Join us on Tonight Monday, August 5, 2024, for the ICOR x REIA NYC - Fractional Community Meet Up! 🕖 Time: 7:00 PM - 8:00 PM EDT, Online! This monthly meet-up is designed to foster partnerships, share investment opportunities, and inspire collaborative ventures in real estate. What to Expect: Mini Networking Opportunities: Meet and connect with other motivated real estate investors in focused breakout sessions. Explore Potential Partnerships: Discover opportunities for co-owning properties with fellow investors. Insightful Discussions: Engage in dynamic conversations and share insights on fractional real estate investing using the Fractional Platform. This is your chance to expand your network, discover new investment opportunities, and collaborate with passionate investors who share your vision. Don’t miss out on this opportunity to build meaningful connections and take your real estate investments to the next level! Please register for the event to gain access: https://lnkd.in/ev2tDpHS We look forward to seeing you there and working together to create successful real estate ventures! #realestate #realestateinvestors #networking

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Whole Foods is set to breathe new life into a long-vacant East Village space at 409 E. 14th St., which has been empty since December 2019 following the closure of an Associated supermarket. This move aligns with Whole Foods’ strategy to introduce smaller-format stores, with their first "Whole Foods Market Daily Shop" scheduled to open later this year at 1175 Third Ave. The East 14th Street location, encompassing 10,000 square feet at street level and an additional 10,000 square feet in the basement, remains a mystery regarding its specific format. The space, owned by Blackstone and part of Stuyvesant Town, represents a significant investment in a neighborhood that has faced challenges with crime and vagrancy. Despite these issues, nearby retailers like Trader Joe’s have thrived, indicating potential success for the new Whole Foods. This development is part of a broader narrative in Manhattan’s retail sector, which is experiencing significant flux post-pandemic and amidst the rise of online shopping. Notably, Trader Joe’s has expanded its presence in Harlem with a new store at the Urban League Empowerment Center, and Target is set to join the area soon. Meanwhile, other major retailers, including JPMorgan Chase, are closing large branches, highlighting the ongoing shifts in retail dynamics. Recent data from the Real Estate Board of New York (REBNY) and CBRE suggests cautious optimism. Although retail rents remain 20% to 30% below pre-2020 levels, there is strong but uneven demand, particularly in food-and-beverage and apparel sectors. Leasing activity has been buoyed by luxury tenants in prime areas like upper Madison and Soho. However, the leasing landscape is complicated by extended buildout times, licensing and permitting delays, and elevated construction costs, leading to seemingly vacant but leased storefronts. This has been evident in deals like the new Mermaid Inn on Columbus Ave., which has faced over a year of construction delays. Despite these challenges, the second quarter of 2023 saw new-to-market retailers leasing substantial space, such as Hotel Lobby's 70,000 square feet at 270 Greenwich St. The retail sector's resilience, as evidenced by these new leases and continued demand, offers hope for a robust recovery. #RetailRevival #WholeFoods #EastVillage #ManhattanRetail #UrbanDevelopment #RealEstateTrends #NYCRealEstate #CommercialLeasing #REBNY #CBRE #RetailInnovation https://lnkd.in/eeS_M5mG

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Big Changes for NYC Housing: Tax Breaks, Conversions & Rights and more! On Saturday, state lawmakers brought back a property tax break, added tenant protections, encouraged office-to-residential conversions, and changed renovation rules for rent-stabilized apartments — all in one monster budget bill, but the response from different groups has been mixed. Here’s what you need to know. 1.    From 421a to 485x: This new tax break replaces 421a with stricter affordability and wage requirements. The program removes the highest-income option and increases the tax exemption from 35 to 40 years, ensuring that income-restricted units remain permanently affordable. Additionally, it introduces wage requirements for projects over 100 units, with wages increasing annually by 2.5%. 2.    Office-to-Residential Conversions: With a goal to mitigate the housing shortage, the new policy is set to convert office spaces into potentially 20,000 new homes within a decade.   •    Twenty-five percent of the new apartments must be affordable at a weighted average of 80 percent of the AMI, including 5 percent at 40 percent of the AMI.     •    The length of the benefit ranges from 25 to 35 years, depending on when the application is filed. The exemption, generally, starts at 90 percent off the tax bill in areas of Manhattan south of 96th Street, and at 65 percent outside Manhattan. For any project, the tax break phases out in its final years. 3.    Basement Apartments Pilot: The pilot program would allow basement and cellar apartments to be converted into legal units in 15 of the city’s 59 community districts: four each in the Bronx and Brooklyn, six in Manhattan and one in Queens. 4.    Good Cause Eviction: The bill implements a version of good cause eviction like California's: tenants can challenge evictions resulting from rent increases greater than 10 percent, or 5 percent plus inflation, whichever is less. However, there are many carve-outs, including buildings constructed in 2009 or later and apartments affordable to households’ earning 245 percent of the area median income.  5.    Individual Apartment Improvements: The bill increases the amount that landlords can recoup for renovations in rent-stabilized apartments from $15,000 to $30,000 over 15 years. 6.    Squatters: The budget clarifies that squatters do not have the rights of tenants under state law. I'm curious to hear what you all think. How do these changes affect you or your perspective on NY real estate and housing? Source: The Real Deal #RealEstate #NYC #HousingPolicy #UrbanDevelopment

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REAL ESTATE SERIES: HUDSON YARDS ON THE WEST SIDE OF MANHATTAN IS STILL THE HEAVYWEIGHT CHAMP ON LIST OF NYC'S 50 PRICIEST NEIGHBORHOODS As pricey New York City neighborhoods go, Hudson Yards continues to eclipse the competition when it comes to the heftiest median sales price.  Having held the top spot since 2019 on PropertyShark’s ranking of the 50 most expensive NYC neighborhoods, in the second quarter of 2024, Hudson Yards’ $7.5 million median sales price more than doubled #2 Soho’s $3.1 million median price. In the #3 spot was Tribeca, with a median price of $2.9 million. The city’s top 10 most expensive neighborhoods were a familiar mix, the report found. Eight were in Manhattan and two were in Brooklyn, however most recorded only a handful of sales. Six of them had fewer than 20 sales in the second quarter. hashtag#listings hashtag#apartments hashtag#manhattan hashtag#residentialrealestate hashtag#onthemarket hashtag#sellers hashtag#average hashtag#inventory hashtag#price hashtag#active hashtag#closings hashtag#ny hashtag#newyorkcity hashtag#report hashtag#months hashtag#apartmentsforsale hashtag#market hashtag#resale hashtag#pricedown hashtag#lowerprice hashtag#buyersmarket hashtag#bestopportunity hashtag#linkedin hashtag#buyersmarket hashtag#listings hashtag#realtor hashtag#realestate hashtag#apartmentsforsale

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🏢 -> 🏡 Transforming NYC: Turning Empty Offices into Homes? What will happen to the rental market? With office vacancy rates over 17% nationwide, many cities are looking to turn empty office spaces into homes, and NYC is leading the charge. As part of the "City of Yes" initiative, Mayor Eric Adams launched the Office Conversion Accelerator to make converting big office buildings into residential units easier. This plan could create up to 20,000 new homes by allowing pre-1990 offices to be turned into apartments. The city is also working on updating zoning rules to make conversions easier across the board. This is exciting news, as it means more housing options and livelier neighborhoods! Of course, turning offices into homes isn't a walk in the park. There are lots of challenges, like figuring out the layout, costs, and dealing with zoning regulations. But even with these hurdles, the potential is huge. NYC's new initiatives could really change the game, making our city a more vibrant and livable place. #NYCRealEstate #OfficeConversion #UrbanLiving #CityLife

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New York City Mayor Eric Adams announced a $22.6 million funding boost for NYC cultural institutions, to be distributed over three fiscal years. $18.3 million is allocated for performing arts centers, historical societies, museums, zoos, and botanical gardens, with an additional $4.3 million earmarked for the Cultural Development Fund. The list of recipients was not immediately available. Adams emphasized the importance of arts and culture in NYC's economic recovery, noting their significance for both locals and tourists. The funding injection reinforces the city's recognition of the vital role cultural institutions play in revitalizing New York's economy post-pandemic. Beyond monetary support, it highlights the city's commitment to preserving its rich cultural heritage and ensuring accessibility to arts for all. This move also aligns with larger efforts at the federal level, such as the proposed STAGE Act, indicating a multi-tiered approach to supporting the arts sector's recovery. #NYC #culture #funding #economicrecovery #STAGEAct #artsandculture #tourism #COVID19 https://lnkd.in/eBEhvfpD

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Good Cause Eviction. Good for Who? In simple terms, the new law in New York City that was signed on April 20, 2024, by Governor Hochul states that landlords must have a valid reason, called "Good Cause," to evict a tenant from their apartment. This law applies to most residential apartments in New York City, and other areas in the state can choose to adopt it. "Good Cause" includes reasons like not paying rent or breaching important rules of the lease. (To read the full BLOG click below) https://lnkd.in/evhGjZqP

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🚀 Hey Fordham Prep Fam! 🚀 I’m reaching out to see if any fellow Rams are interested in growing their wealth through commercial multifamily real estate. This is a powerful way to build long-term wealth and make a real difference. Here’s why it might be the right move for you: 🏢 Steady Cash Flow: These properties generate regular rental income, giving you a reliable stream of cash. 📈 Growth Potential: Multifamily properties often appreciate faster and offer more opportunities to add value compared to single-family homes. 💼 Diversification: It’s a great way to diversify your investments, spreading out risk while aiming for higher returns. 🔧 Low Hassle: Our team handles everything—from property management to renovations—so you can enjoy the benefits without the day-to-day stress. 🌍 Make an Impact: Your investment doesn’t just grow your wealth; it helps create better living spaces for families. 💵 Start Small: You don’t need a fortune to get started—invest as little as $1,000 and be part of something bigger. Whether you’ve been investing for years or you’re just curious about getting started, this is a chance to partner with other Fordham Prep alumni and build something meaningful together. If you’re interested, let’s chat! Drop me a DM, and we can set up a time to talk. Fordham Preparatory School #FordhamPrep #RealEstateInvesting #MultifamilyRealEstate #WealthBuilding #AlumniNetwork #InvestSmart #CommunityImpact

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