New York renters may see large rent increases or a change of heart with their current building. Some may have realized they are paying way too much for what they’re getting for their money. 

With their annual Subway Median Rent Map, RentHop provides a detailed report to help renters visualize where they can save by riding the train to affordability.

This year, 84% of Subway Stops saw increases in rent. This is lower than last year, but the median rent is currently at $4,400, 3.5% higher than the same time last year.

New developments and renovated units caused spikes in rent in the outer boroughs, so for renters concerned about their rent changing in the coming years, keep an eye out for construction and updates.

Tenants with lower rents aren’t moving, which is decreasing the current inventory for lower-priced units. This could cause problems in the future if these tenants move out and owners renovate and charge higher rents.

Where to Live if You Work Remotely or Hybrid in NYC

With remote and hybrid work becoming more popular, does it make sense to shell out for an apartment in the city’s heart with a quick commute that may only happen 1-2 times per week? Increasingly, renters look to their local neighborhood communities to find nightlife, meals and social happenings. If one’s community provides everything they need, why fork over large amounts of rent?

Below, CitySignal looked at some of the best stops to live off of for renters wanting to be in proximity to a certain Subway line.

Best NYC Subway Stops to Live Off the 1-2-3 Line

Apartments off the Cathedral Pkwy 1 train stop at 110th Street saw a 1.4% dip in rent. While the median rent is higher at $3,450, you’re farther down in Manhattan and are in proximity to several parks.

135th Street Station (2-3) in Harlem has a median rent of $2,567 and only saw 2.9% growth last year. This may mean you can snag a better deal in the area.

Best NYC Subway Stops to Live Off the 4-5-6 Line

Rent along the 6 train saw the most drastic rental decreases, with some rent near stations coming down over 6%. 

Brook Ave off the 6 train in Mott Haven in The Bronx. The current median rent is $2,369, with rent dropping 6.4% since last year. 

The Franklin Ave stop for the 2-3–4-5 had one of the lowest rent growths in the Crown Heights, Brooklyn area at 2.9%. Median rent sits at $2,910 but you have access to the S train which can connect you with other Brooklyn lines.

Best NYC Subway Stops to Live Off the N-Q-R-W Line

If your budget has room to grow over the coming years, check out Astoria Blvd ($2,750/6.8%) or Broadway ($2,650/6%) off the N/W. Rent is still proportionately low; however, the area is seeing major growth, which may impact your lease during re-signing. Make sure to read the terms of your lease carefully.

Best NYC Subway Stops to Live Off the B-D-F-M Line

While 155th Street (B-D) in Harlem saw 19.3% growth this year, the rent is still sitting at $2,600. This is a great stop to live off of if you’re a Yankee’s fan, you could even walk to a game!

F Ditmas Ave (F) is a Brooklyn stop in the quaint neighborhood of Kensington.

Newkirk Ave ($2,379/-1.9%) on the B–Q lines will send you straight into Lower Manhattan or give you the chance to transfer in Downtown Brooklyn to another line.

Best NYC Subway Stops to Live Off the A-C-E Line

The A stop at 190th Street in Washington Heights, just south of Inwood. With access to green space on the west side of Manhattan, current median rent sits at $2,300 with a -2% change since last year.

Utica Ave (A-C) in Bed-Stuy has a median rent of $2,600. There are many small local businesses that you can enjoy instead of traveling into the city.

Grand Ave-Newton in Queens ($2,200/0%) gives renters access to the E–M–R trains but is also two stops away from the 7 train. 

Best NYC Subway Stops to Live Off the J, G, L & 7 Trains

J train riders should look around Kosciuszko St. in the Bed-Stuy/Bushwick area, where the median rent is $2,850, a 1.1% drop since last year.

For G train lovers, check out the Myrtle-Willoughby Ave ($2,850/3.6%) or Ft. Hamilton Pkway ($2,838/-4.9%) stops in Brooklyn. Queens G stops have seen large rent growth, and apartments near those stops have an average rent of over $3,800!

The L train is a pricey line to live off of (thanks to going through Williamsburg), but the first stop to see a bit of rent relief is Dekalb Ave ($2,728/1%) in Bushwick. How trendy.

The 7 Train has quickly become a favorite of many renters, so look to 33rd St in Queens for a median rent of $2,750.

Best Neighborhoods to Live to Have Access To All Subway Lines

For access to multiple Subway lines, consider apartments in FiDi, SoHo/Chinatown, Downtown Brooklyn, or Hunters Point/Long Island City in Queens. These are not the friendliest for budget-conscious people, but if one needs to travel, access may be helpful.

The post Which NYC Subway Stop Is The Best to Live Off Of? appeared first on CitySignal.

Spanning from the north side of West 70th Street to the south side of West 79th Street, the West End Collegiate-Historic District is known for its breathtaking architecture dating back to the 19th century. This area offers a close-knit community at the forefront of art and culture, where business owners know their patrons and where real estate brokers live where they sell. 

A rich architectural history 

In the mid-1880s, real estate developers and property owners employed prominent NYC architects to design buildings, particularly single-family row houses and townhouses. By the 1890s, apartment living in NYC became more popular, leading to the development of “French flats” that contained multiple units in one building and often had an elevator. The addition of the subway to the Upper West Side in 1904 popularized the area and led to schools, churches, clubs, and larger residential buildings with as many as 20 stories being built. 

Many of the buildings in this area today are historic buildings that have been converted into condominiums or apartments and renovated. However, new rental laws in 2019 made it nearly impossible to convert historic buildings, so the market for older, renovated houses is now more competitive. 

Old-world charm with modern convenience

Recently this neighborhood has grown in popularity over the past few years as New York has experienced a “tech boom.” While it may be expected that these workers would live downtown in trendy neighborhoods such as the East Village, TriBeCa, or Chelsea, many of them are seeking the confluence of quiet and convenience that is offered in the West End Collegiate-Historic District. 

Louise Phillips Forbes, leader of sales at 393 West End Avenue and longtime Upper West Side resident, shared that the neighborhood has such an allure because it offers “intimacy and [a] quiet neighborhood with access to the pulse of the city.” There is quick and easy access to the 1, 2, and 3 trains, giving residents quick commutes to their office jobs, while still offering reprieve from the noisy midtown area. In fact, many tech buyers flock to residences such as 393 West End Avenue (from 2021-2022, 22 of the condo’s sales went to tech buyers), where they can enjoy modern conveniences and amenities in the luxury and beauty of a restored pre-war building. 

A lively neighborhood

According to Forbes, “there is an intimacy and friendliness that you don’t always experience” in New York City in the West End Collegiate-Historic District. Within this neighborhood, many neighbors and residents know each other, and shop and restaurant owners remember patrons who visit frequently.  

Though the West End Collegiate-Historic District is quiet and laid-back, residents enjoy the many local restaurants and proximity to parks and recreational spaces such as Central Park or the nearby Hudson River Greenway, which offers paths for cyclists, skateboarders, and runners, as well as basketball and tennis courts, baseball diamonds, and dog runs. For artistically minded folks, there is just a short walk to Lincoln Center, the Natural History Museum, the American Folk Art Museum, and the many architectural additions. 

While NYC is packed with restaurants, the areas near the West End Collegiate-Historic district are quickly growing to become a food capital of the city, with streets like Amsterdam Avenue becoming a new “restaurant row.” The development of the neighborhood can be seen in the example of Salumeria Rosi, an Italian restaurant and salumi shop owned by Andrea Loscalzo. Andrea has a background in the tech world but left the industry to pursue the restaurant industry. Andrea also opened The Wallace Lounge, a swanky spot for small bites in the Wallace Hotel. While some tech workers move to the neighborhood to enjoy the quiet atmosphere and rich community, some fall in love with other pursuits and settle down for a lifetime in this unique neighborhood. 

When thinking of the West End Collegiate-Historic Districts allure, Louise brought up the iconic Levain Bakery. Louise knows the founders of the bakery and reminisced on their meeting, saying, “I met them when they were making homemade bread when they stumbled upon the quarter-pound chocolate chip cookie.” At restaurants around the neighborhood, Louise says that the restaurant owners and staff “know your name.” New York City can turn into a land of overpopulated anonymity, with solitude being found in crowds of strangers, but in the West End Collegiate-Historic District, there is a community of individuals that know each other intimately and grow together through years spent in New York City. This community and intimacy found in the neighborhood is what continues to draw new residents to the area and keep long-term residents happy. 

Notable Architectural Marvels in the West End Collegiate-Historic District

393 West End Ave

While there are many converted pre-war buildings in the neighborhood, one of the last converted residences is 393 West End Ave due to the rental restriction laws.

A 96-year-old building originally built by architects Goldner & Goldner, 393 West End Ave has been renovated with what Forbes calls a “respect for history” by award-winning CetraRuddy Architecture. The historic exterior is echoed through the interior despite having modern updates and matches the Upper West Side’s acclaimed rowhouses and apartment buildings.

There are antique bronze doors with distinctive lion medallions, lantern ironwork, and plaster tassels and a scalloped cornice referencing the great opera houses of the era. 

The Apthorp

This historic condominium building was designed by architects Clinton & Russell for William Astor and was constructed in 1908. Known for its Italian Renaissance Revival Architecture, it occupies an entire block, with wrought-iron gates marking the entrance to the property. With limestone sculptures and an impeccable interior courtyard, this impressive building has been home to notable figures such as Cindy Lauper, Robert De Niro, and Al Pacino. 

Three Riverside Drive

Once the residence of William Guggenheim, this iconic building was constructed in 1895 and is a must-visit for any architectural tour of the area, C.P.H. Gilbert designed the 37-foot wide, ornate limestone mansion.

The Willard 

The Willard at 252 West 76th Street is a pre-war building that is popular amongst many new residents of the area due to its many amenities, such as a fitness center, a playroom for children, a bike room, storage, and an elevator.

This building combines convenience and beauty, reflecting the duality of the surrounding neighborhood. 

Alfie Arms

This sprawling building is an “elegant brick, limestone and terra-cotta co-op built in the Neo-Classical style by Sugarman, Hess & Berger in 1923.” This restored co-op building attracts young buyers from the tech world and growing families, offering a mix of uptown luxury with contemporary updates such as stainless steel appliances, wine refrigerators, and in-unit laundry. 

The West End Collegiate-Historic District may be tucked away in NYC, but should not be underestimated. It has a way of making the big city feel like a small town. 

The post West End Collegiate-Historic District Neighborhood Guide: The Architectural and Artistic Neighborhood appeared first on CitySignal.

The rental forecast for commercial spaces remains grim as city officials warn Manhattan’s abnormally high vacancy rate should persist well into 2026. As of August 2023, Manhattan is currently at 22.7% office vacancy with little hope of recovery anytime soon.

New York City commercial vacancy rates typically hover at a steady 11%, but as the pandemic continued into the early 2020s, those rates climbed to 15% and beyond. Currently, the national average for 2023’s first quarter is 18.6%, with cities like Denver and Seattle squarely at 20% vacant.

For many, these vacancies hit close to home- shuttered bodegas, struggling independent shops, and the loss of retail storefronts continues to alter the dynamic of neighborhoods throughout the city. Look closer, and empty offices bleed into transport as well; rush hour subways are only half full, a far departure from an overcrowded past.

Lower and midtown Manhattan and downtown Brooklyn have seen the highest turnover and climb in vacancy rate changes to speak of. Despite receiving the most COVID-19 grant and loan money, businesses and offices continue to empty out.

Manhattan’s Troubled Rental Landscape

Spikes in vacancy affect not only landlords and building owners but the city as well. One of New York’s most important revenue sources is property taxes. Nearly 20% of New York City’s total tax revenue comes from commercial property taxes, with 10% attributed straight to office building rentals. In the first quarter of 2023, 4.6 million square feet were leased in the city, while asking rents for offices in NYC were priced at $78.35 per square foot. In April 2023, the price was at an average of $75.13 per square foot, down 50 cents in a YoY comparison, according to a Colliers market report.

Officials estimate that over half of Manhattan’s 450 million square feet of office inventory is practically obsolete.

Manhattan isn’t an easy place to open a business. Especially for family-owned shops, the regulatory hoops, and hurdles of rising rent, taxes, and industry competition challenge even the most genuine intentions. Inflation has taken its toll and led to genuine change across the city landscape. Take a walk down Third Avenue in midtown and you can see for yourself. Empty storefronts and boarded windows have sucked the magic out of New York’s once-energizing presence.

How Much NYC Office Space Is Actually Being Used? How Much Is Under Construction?

A major contributing factor to vacancies is the underperformance of aged commercial spaces. The shift into remote working left many businesses reconsidering their needs and desires for office space. Pandemic downtime made room for major remodels and full or partial fit-outs as companies dreamed of an eventual return to normalcy. The demand for older buildings- many with poor energy performance and outdated design- began to plummet, leaving skyscrapers and roadside shops alike empty around the city.

Officials estimate that over half of Manhattan’s 450 million square feet of office inventory is practically obsolete. Newer buildings with energy-efficient systems are more desirable to renters than older buildings. With 14 million square feet of modern office space under construction, it’s anticipated tenants of older buildings will continue trickling into newer energy-efficient builds long past the vacancy crisis.

Remote Work Is a Major Contributor To the Decline In Commercial Building Values

Recent studies highlight remote work as a major factor in declining building values. Estimates blame the shift into remote work for cutting building values by half. What was once a temporary fix has become the norm. This trend is not unique to New York alone; nationwide, businesses and landlords struggle to find a solution to emptying spaces.

“We now estimate a more persistent work-from-home regime, which has more of an impairment of office values even in the long run,” Arpit Gupta, co-author of the study, “Work From Home and the Office Real Estate Apocalypse.” told The Real Deal.

Post-pandemic rates of office return have reached no higher than 50%, severely lower than anticipated and hoped for by employers and landlords alike. Because of this, official estimates that NYC office stock loss would be 28% have been updated to reflect a 44% loss in value. New York has been on track to recover by the second quarter, with 1 million jobs lost due to the pandemic shutdown, but this is not reflected in local rental markets.

A major decline in worker spending is another backlash stinging local business. Without workers traveling to their offices, who will buy coffee, lunch, and run errands nearby? Less commuting means less commuter-based revenue; workers have spent $12.4 billion less annually compared to pre-2019.

Landlords are defaulting on loan payments. With more than $16 billion in loans due this year, many landlords are in a bind for alternative cash flow as renters continue to dwindle. The Fed’s rising interest rates and tight lending standards jeopardize the ability for older office buildings to refinance, ultimately putting their ownership at stake. Nationally, this is a loss of $506.3 billion in value and has affected the state of local public finances.

Commercial East Village and Lower East Side Hardest Hit From Pandemic

The residential market has also experienced a major shift from the old norm. The residential vacancy rate is currently above 2%, where it has stood for nine consecutive months. The highest vacancies are concentrated within the East Village and Lower East Side with a rate of 3.25% compared to the lowest in the Upper East Side at 1.34%. That said, close to 3,704 new leases were signed in Manhattan by February 2023 compared to 1,000 in Brooklyn.

“In Manhattan, the vacancy rate ticked up from January to February as apartments took longer to find tenants and leasing activity slowed. These are all positive signs for apartment seekers,” says Chief Operating Officer Gary Malin of The Corcoran Group. “However, the median rent has remained unchanged since October 2022, which shows that owners still remain hesitant to reduce pricing.”

The median rent in Manhattan was $4,200 monthly as of February, unchanged since late 2022. Pricing is 12% higher than in February of 2022, making average rent higher than last year. In contrast, the median rent in Brooklyn was $3,500 a month in February 2023.
“Meanwhile, in Brooklyn, rents in February cooled just enough to encourage tenants to take action. In contrast to Manhattan, the number of signed leases in the borough increased monthly, hitting 1,000 for the first time since November.”

Sadly, areas with the highest concentration of low-income residents face higher vacancy rates than elsewhere as businesses and landlords struggle to maintain profit margins that are quickly falling out of reach.

What Is The Status of NYC’s Housing Affordability?

The 2021 Housing and Vacancy Survey, collected every 3 years, summarized the state of the rental landscape throughout the boroughs. The most recent report confronted increases in New York apartment vacancies since 2021. Rent regulation can be drastically affected by these numbers, and rates of 5% and higher constitute an official “housing emergency.”
These surveys help representatives defend low-income residents and their rights. Members of CHIP (Community Housing Improvement Program) have challenged the city’s rent stabilization laws in court. Low-cost apartments appear on the outs as the city lost 96,000 units at $1,500 or less since 2017.

But many are fighting. Vacancies in commercial space have advocates looking at new opportunities for affordable apartments and urban housing. Real estate groups, urbanists, and market experts wonder at the possibility of reinventing Manhattan and Brooklyn. Older buildings, in particular, seem nearly perfect for housing conversion.

“Landlords are being very creative trying to improve their buildings, amenitize their buildings, improve the air quality systems,” said Peter Riguardi, chair and president of real estate services firm JLL’s New York tri-state region. “But at this point, without any unforeseen change, there’s still going to be some empty [office] space when we cycle through this, and some of those buildings are going to be ripe for conversion to residential.”

Still, hurdles persist as Albany failed to pass legislation helping with the conversion of office buildings to residential use, stoking the anxiety of many. In some cases, banks may eventually gain ownership of the building should loans go unpaid. As affordable housing continues to slip away, many wonder at the persistent inflation present in rent prices but absent in wages.

In the last year, the city gained 107,000 units with rents of $2,300 and up, bringing the median asking rent of vacant apartments to $2,750 in 2022, up 46% from 2017. To afford this, a household would need to earn $110,000 or more. The 2021 survey found over 50% of renters paid upwards of 30% of their income toward rent. This severe rent burden signals an affordability crisis that is pinching the lowest earners in the city.

As buildings continue to empty and New York’s population continues to increase, pressure is mounting on the affordable housing market. As of July 2023, there are 8.948 million inhabitants, up 0.37% from last year.

The high vacancy rates are not present for low-income apartments but are found for the most expensive. Deregulation of apartments from pre-2019 rent laws and the focus on high-end apartment buildings are partially to blame. Despite all this, outsiders continue to move to New York City in droves, ensuring demand never falls too low.

The post City Predicts Building Vacancy Struggle To Persist Through 2026 appeared first on CitySignal.

This neighborhood borders Prospect Park and is characterized by its local businesses, restaurants, and bars. Walking through Prospect Lefferts Gardens, you will quickly notice the beautiful architecture and tree-lined streets. This neighborhood is popular amongst growing families for its walkability, family-friendly activities, and laid-back lifestyle.

History of Prospect Lefferts Gardens

Prospect Lefferts Gardens was originally the property of farmer James Lefferts. His son, John Lefferts, invested in the Brooklyn, Flatbush, & Coney Island Railway Company in 1878, leading the neighborhood to grow exponentially due to access to transportation. Over time, the Lefferts family began to sell land for residential purposes with the notion that it was “too desirable” to be used for farming. Single-family homes began to pop up all over the neighborhood in varying styles of architecture. Today, the neighborhood reflects its residential roots, with many families choosing to settle down in the area. 

Where to Shop in Prospect Lefferts Gardens

 

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Prospect Lefferts Gardens is the perfect place to shop locally. 

Awesome Brooklyn

Awesome Brooklyn is not your average NYC gift store – this local shop has home goods, stationery, clothing, stickers, accessories, and more. Awesome is run by a couple and their daughter, Athena – the entire family is dedicated to helping you find the perfect souvenir or gift for a loved one. 

GranRU Market

This local, black-owned thrift store is founded on the principles of family, giving back to the community, and celebrating individual style. GranRU sells clothing, candles, and art created by local artists.

Greenlight Bookstore

Greenlight Bookstore is an iconic spot in Prospect Lefferts Gardens, known for community events such as Staff Storytime, where Greenlight staff members read aloud to young book lovers. Greenlight has also collaborated with GranRU Market to celebrate black literature and creatives. 

Landmarks and Notable Places of the Neighborhood

Prospect Lefferts Gardens is full of history, and its proximity to Prospect Park makes it a great place to enjoy nature. 

Lefferts Historic Home

Prospect Lefferts Gardens’ history is rooted in the Lefferts family, and their historic home has been converted into a museum. The museum inside of the 18th-century farmhouse “focuses on the lives of the people that lived and worked on the land,” including the Indigenous peoples, Dutch colonizers, and enslaved Africans. 

Brooklyn Botanic Garden

On the edge of Prospect Park is the Brooklyn Botanic Garden, the perfect spot for a long walk or romantic date. This garden provides a reprieve from city living with its rock gardens, sprawling fields of roses, and outdoor activities for children.

Brooklyn Museum

The Brooklyn Museum is NYC’s second-largest museum with permanent and seasonal exhibits. General admission for adults is $16, but with a student ID it is only $10. Those ages 19 and under get free admission! 

Where to Eat in Prospect Lefferts Gardens

 

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Prospect Lefferts Gardens has many local restaurants with a quaint, familial atmosphere. 

Loud Baby Cafe

This family-owned cafe is easy to miss (it’s tucked away on the street with little signage), but for those willing to look, a great cup of coffee can be found at Loud Baby Cafe. They also sell children’s clothes, mugs, and delicious pastries. 

Peppa’s Jerk Chicken

Serving Brooklyn since 1995, Peppa’s Jerk Chicken is located on Flatbush Avenue and is a tentpole of the Prospect Lefferts Gardens food community. The restaurant is cash-only – so be sure to bring an empty stomach and a full wallet! 

Scoops Ice Cream

Scoops Ice Cream is a local small business that is so beloved that when faced with financial hardship, the community of Prospect Lefferts Gardens rallied to save it. Scoops also has vegan options and small snacks, so anyone is sure to find a delicious treat here. 

Bars of Prospect Lefferts Gardens

 

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Prospect Lefferts Gardens may not be known for noisy clubs, but it’s a great spot to grab a cocktail or glass of wine. 

Midwood Flats

This “rustic-chic” gastropub is a great place to find local craft beers, specialty cocktails, and burgers. They also have a happy hour from 4-7PM on weekdays with $5 draft beer and $6 mixed drinks! 

& Sons Ham Bar

This small and cozy wine bar is famous for its antique flywheel slicers that produce translucent slices of American country ham. Between the hams, wines, and fine cheeses, you can build the charcuterie board of your dreams! 

Fiona’s Bar

Fiona’s Bar on Flatbush Avenue was created with comfort in mind. The cozy couches, ambient lighting, and kind staff create a familial atmosphere, and you can grab a bottle of beer for as low as $4. 

Where to Live in Prospect Lefferts Gardens

Prospect Lefferts Gardens is highly residential and has both luxury homes and affordable options. 

250 Winthrop Street

Though 250 Winthrop Street was constructed in 1901, the building is newly renovated and has one, two, and three-bedroom layouts. The units overlook greenery and have large closets and storage spaces. 

150 Hawthorne Street

This co-op building has laundry in-building, a private parking garage, a courtyard and garden, and is just a short walk away from Prospect Park. Some units also feature private outdoor space.

82 Rutland Road

This sprawling 5-bedroom single-family home is 125 years old and has a mix of historic character and modern updates. 

Traveling in Prospect Lefferts Gardens

Trains

There are four subway stops in Prospect Lefferts Gardens – Prospect Park, Parkside Avenue, Sterling Street, and Winthrop Street. You can take the A, C, or G trains to reach the neighborhood.

Buses

The B41, B43, and B44-SBS all serve Prospect Lefferts Gardens. 

Bike Rentals

Prospect Lefferts Gardens is a great place to ride a bike due to the short distance from Prospect Park. There are 21 CitiBike docks in the neighborhood, so it’s always convenient to grab a bike.

Prospect Lefferts Gardens is a highly desirable neighborhood for families and those looking to lead a quieter lifestyle while still benefiting from the culture in the city. With the Brooklyn Museum and Prospect Park so close, there is always something to do, and the local restaurants and shops keep the community strong in this historic neighborhood. 

The post Prospect Lefferts Gardens, Brooklyn Neighborhood Guide appeared first on CitySignal.

Connected to Manhattan by the George Washington Bridge, Fort Lee is home to nearly 40,000 residents and covers approximately 2.6 square miles. While many think of Fort Lee in the context of the Revolutionary War, the neighborhood has grown exponentially in the past 200 years. 

History of Fort Lee

The first people to inhabit Fort Lee, NJ, were the Lenni Lenape indigenous peoples. However, Dutch colonizers took control of the land in the 1600s, with the British inhabiting the area shortly after. Fort Lee was named after Charles Lee, a General who defended New York from the British. Though the battle of Fort Lee resulted in a retreat of American troops, it is still regarded as an important historical site. 

Where to Shop in Fort Lee

 

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Shopping in Fort Lee can be found in sprawling department stores, mall complexes, and local boutiques. 

COSMOS

COSMOS is a premier luxury goods store that has served the New Jersey and New York Metro areas since 1979. With brands like Cartier, Hermes, and Swarovski, COSMOS is the perfect place to find a luxury gift for someone else or to pamper yourself with a special treat. 

Shops at Hudson Lights

For a one-stop shop in dining, entertainment, and services, look no further than the Shops at Hudson Lights. This complex contains a coffee shop, Mexican grill, nail salon, CVS, movie theatre, liquor store, and more. 

Kuun

At 200 Main Street sits Kuun, a local womenswear store with luxury textiles and a minimalist interior. 

Landmarks and Notable Places of the Neighborhood

Fort Lee has a rich history that is reflected in its community and art spaces. 

Fort Lee Historic Park

Fort Lee Historic Park has scenic overlooks of the Hudson River and is the home of historic reenactments. There is an authentically reconstructed encampment area on the park grounds where visitors can step inside the history of the Revolutionary War and a visitor’s center with historical artifacts and more information on the battle fought at Fort Lee. 

George Washington Bridge

The George Washington Bridge connects New Jersey to New York City and is the busiest bridge in the world. You can view the bridge from the riverbank of Fort Lee, or you can walk the bridge for scenic views of upper Manhattan and the Hudson River. The pedestrian entrance to the GWB is located on Hudson Terrace. 

Barrymore Film Center

When you think of New Jersey, you may not think of the home of film, but some of the earliest films in America were shot in Fort Lee. The history of cinema in Fort Lee is immortalized through the Barrymore Film Center Museum, and admission is just $15. After watching a movie, walk down Main Street and grab some food at many of the local restaurant options.

Where to Eat in Fort Lee

 

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Fort Lee has a diverse array of cuisines and local restaurants. 

Ventanas

Located between the two twin residential buildings, The Modern, is the restaurant Ventanas. This American-Asian-Latin fusion restaurant has signature dishes such as Lobster Dumplings, Tuna Tartare Tacos, and “K-Town” Wings & Calamari Rings. The restaurant also has a large patio facing a nice small park, perfect for sitting outside on a sunny day. 

Menya Sandaime

This restaurant serves traditional Japanese Ramen with Tokyo-style pork broth prepared for over 12 hours. With in-house-made noodles and natural, fresh ingredients, you can taste the care that goes into food preparation at Menya Sandaime. 

Hiram’s

Hiram’s may seem like just a roadside food stand, but this spot has been in Fort Lee, NJ since 1932 and is renowned for its delicious hot dogs, fries, onion rings, and more.  

Bars of Fort Lee

 

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Fort Lee has everything from brew pubs to wine bars. 

City Perch Kitchen + Bar

Located in the same space as the IPIC Theater, the City Perch Kitchen + Bar offers a great happy hour Monday through Friday from 3pm to 6pm with $7 signature cocktails/wines and $5 draft beers. Feeling peckish? Try their chicken wings or for something a bit heavier, the Perch Burger is amazingly delicious and comes with shoestring fries. 

Jumong Pocha 

This Korean restaurant and bar specializes in Poktan-ju, a combination shot of soju and beer. With nine flavors of soju, any guest is sure to find one they enjoy. They also offer traditional Korean rice wines and bottled beers. 

In Napoli

In Napoli is a traditional Italian restaurant, but also has a bar with a happy hour Monday through Friday from 3:30pm-6:30pm with $5 domestic beers and $8 cocktails. In Napoli also has an extensive wine list, making it the perfect place to enjoy a weekend night or romantic date. 

Where to Live in Fort Lee

Fort Lee is highly residential and has both luxury homes and affordable options. 

1600 Parker Avenue

This co-op was built in 1979 and has a pool in the building. Prices for units in this building have previously ranged from $140,000 to $618,000, depending on size. Due to the variance in price points, this building is perfect for both first-time buyers and experienced homeowners. 

2214 Linwood Avenue

This small home has two units, one on the first floor and the other upstairs. It features renovated kitchens with updated appliances and is located near Fort Lee High School. 

200 Old Palisade Road

This condo building on 200 Old Palisade Road has luxury apartments with stunning views of the Manhattan skyline. It also has a pool in the building, a fitness center, and 24/7 concierge service. 

Traveling in Fort Lee

Though Fort Lee is in New Jersey, it is a quick commute from Manhattan. If you are driving, it takes just 15 minutes to go across the George Washington Bridge and into New York City. 

Trains

New Jersey Transit has no stops in Fort Lee, but there are stops nearby at New Bridge Landing, Anderson Street, and Essex Street. 

Buses

Buses stop off Interstate 95 and through downtown Fort Lee and run routes that connect to the 175th Street George Washington Bridge Terminal in Washington Heights, Manhattan. Buses 182, 175, and 186 all run to Fort Lee.  

Bike Rentals

The streets of Fort Lee are generally occupied by cars, but bikes are welcome in places such as Fort Lee Historic Park, where there is a mile-long loop for pedestrians and bikers. 

Fort Lee is a family-friendly neighborhood that is perfect for those looking for a quieter, residential neighborhood that is still close to Manhattan. With trendy restaurants with a variety of traditional cuisines, wine bars and gastropubs, shopping centers, and local boutiques, there is always something to do in Fort Lee. If visiting, you should try to check out the “retreat weekend” with historical reenactments and get immersed in American and Fort Lee History. 

The post Fort Lee, New Jersey Neighborhood Guide: A Battleground-Turned Residential  appeared first on CitySignal.

If you’re unfamiliar with the real estate world, it is not uncommon for agents to move firms. Just like any job, finding the right fit can make all the difference in job performance and perception, just ask Russell Westbrook of the LA Clippers. But in the case of one Millennial Broker, or TMB, if you’re looking to save on characters, listeners of his podcast “Self Starters,” got a unique and practically real-time insight into how this real estate agent meshes with both his former and current bosses and why he had to move on.

The bosses in question? Just Robert Reffkin and Ryan Serhant. You may have heard of them.

Two Real Estate Moguls in A Podcast Hot Seat

The Millennial Broker, Steven Clair, has been a real estate agent for more than 14 years, and like many agents in the New York area, he’s been finding his place to thrive and, until recently, has been listing property under the real estate tech firm, Compass, led by CEO Robert Reffkin. 

Yet shortly after interviewing Reffkin on his podcast (but prior to the release date), Clair announced his transition to the up-and-coming firm, SERHANT, led by Ryan Serhant. However, many would argue this firm isn’t on its way, it’s already arrived and is challenging Compass for its title of industry disruptor.

A Quick Look at Robert Reffkin and Ryan Serhant

Robert Reffkin is an entrepreneur who first got a taste of real estate from his mother, Ruth, who was and is an agent. After his time at Columbia and Columbia Business School, he had an impressive resume, working on Wall Street, as a White House Fellow under the Secretary of the Treasury John W. Snow, later becoming the Chief of Staff to the COO at Goldman and founding a nonprofit. In 2012, Reffkin and Ori Allon founded Compass, an online real estate tech company designed to address the hardships that agents like his mother experience while working as real estate agents. Compass went public in April 2021 and has been the topic of conversation ever since due to the incredible amount of money lost in the last several years. In 2022 they lost $602 million dollars, up from $494 million in 2021, most recently reported a $150 million loss, and cut 800 employees as of January 2023. Even so, Compass is currently in 72 markets with 300+ offices and 28,000 agents and continues to expand across the US.

Ryan Serhant rose to notoriety on the reality show Million Dollar Listing, where viewers watched him sell, you guessed it, multi-million dollar properties around New York City. Previously a hand model who also had a role on the soap opera As The World Turns, Serhant joined the real estate firm Nest Seekers International in 2008 to help pay the bills. After many successful years selling real estate (both on and off screen), Serhant opened up his own real estate firm, SERHANT, in September 2020. By April 2021, the brokerage reported consistently averaging $100 million in sales volume per month in its first 6 months of business. Serhant has continued to grow his presence by releasing two books, sharing countless clips of listing tours and agent advice on various social media platforms, and currently holds the exclusive marketing and sales rights for one of the most expensive listings in NYC, if not the world, a $250 million penthouse apartment at the top of Central Park Tower. SERHANT has its flagship office in the trendy NYC Soho neighborhood and has just announced an expansion into Florida, Pennsylvania, New Jersey, North Carolina, South Carolina, and Connecticut. This means SERHANT is listing in some of the least affordable cities in the United States, with high price tags and a lot of legwork needed.

Why Would an Agent Leave Compass?

So how did a real estate agent like Clair leave one of the top established brokerages in the country for a self-titled “unbrokerage”? Without even knowing it, Reffkin answered that question. 

“No one manager is going to be able to click even just on a personal level, much less the business level with everyone,” Reffkin said during his interview. While this was his response to Clair’s less-than-ideal experience with a Compass sales manager, it gives insight into the whole decision an agent has to make when finding the right company and the right manager.

From the start of each of Clair’s interviews with the brokerage heads (his past and current bosses), some cues may point to his ultimate decision to leave Compass. With Reffkin, Clair jokes about his struggle to find an empty block on the CEO’s calendar, which is met with perhaps a brief bit of terror from the founder, thinking his calendar might be public. Of course, would you expect easy access to the head of a company valued over a billion dollars? 

 

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 But when he speaks with Serhant, there is a more laid-back banter, and you hear that this is not the first occurrence of face time with the big boss. All newly onboarded agents get a protocol meeting with Ryan when they first start, and TMB was wise enough to, again, use the modern powers of online calendaring, check the CEO’s schedule, and put some elbow grease into getting face-to-face.

Direct interaction aside, for years, Compass was at the forefront of the industry, poaching agents from other firms with the promise of new and exciting tech and equity. In addition to perks and benefits, the brokerage offered digital tools like a customer relationship management platform (CRM) and marketing assistance with tools for digital ads, videos, and newsletters.

On top of Compass’ large losses mentioned above, this has been a hard year for real estate as the low-interest rates of 2021 and the impacts of the market’s boom have faded. As Reffkin put it to Clair, “Agents are all small business owners and entrepreneurs… just like our agents are bringing down their expenses, at Compass, we brought down our expenses.”

And bringing them down they are. 

Over the summer, Compass announced that it will no longer offer equity or cash incentives to new agents, inducing rumors of slower hiring and exodus. There was also talk from Reffkin that the firm would be reducing technology and incentive-related expenses but “not reducing agent service levels.”

When asked about an exodus by Clair, Reffkin shared that Compass has had a consistent principal agent retention rate of 98% across Q3 and Q4 of 2022. Compass currently has 13,000 principal agents, which is the term they use to refer to team leaders or individual agents operating independently on the platform. It does not seem they share statistics on the 30,000 agents not considered principal agents.

What Does Ryan Serhant Think About Compass?

Serhant has spoken about what he thinks Compass’ place is in the real estate world and how they have acted as a disruptor and pushed the industry towards a more tech-focused approach, all while putting the agent first. He claims that Compass has been great for the industry and the agent, finally giving them power and not treating them like a number. This aligns with how Reffkin sees his company as a “reverse triangle” where the sales managers work for the agents,  and he himself is essentially everyone’s employee working to take feedback and improve the company. At Compass, the logo is black and white for a specific reason, they want the agent and the listing to be the color, not the firm.

As Serhant says, everyone wants to hate on the “rich kid” because they want them to fail

Open Houses Don’t Sell Homes Anymore

It’s a different world than it was two years ago in terms of social media and internet usage. As of 2022, the average daily social media use was around 147 minutes a day (up 2 minutes from the year prior). With about 10% of one’s day spend scrolling through Instagram, TikTok, and yes, even LinkedIn, integrating marketing and business with social media seems like a no-brainer. Most real estate companies, Compass included, have touted their marketing and technology tools and features as a means to recruit agents to their firms to help reach clients virtually. 

But are cutting-edge tech and helpful marketing tools enough? In this different world, social media marketing in the form of house tours, funny anecdotes, and advice aren’t just marketing in the moment; it’s an investment for future business. As Serhant told WSJ in 2020, “The brokerage company, open houses, and pretty photos don’t sell homes today the way they did 10 and 20 years ago,” he said. “Buyers of high-end real estate, and their children, go to YouTube and social media on their phones to research homes and agents now.” 

Passive social media consumers turn into buyers spending hours scrolling and saving features of their dream homes. Cold calls and emails go unanswered as the younger generations won’t interact with anyone who they haven’t made the subject of a solid internet stalk, and for Serhant and his team, there is plenty of media out there for viewers to dive into.

Buyers, especially New Yorkers, want to have their cake and eat it too. Let them shop for homes, but also let them be entertained.  Outdated newsletters with a few choice listings and events happening in the local market, paired with center-aligned text and random and off-focus statistics about happenings in the country, are not what today’s buyers are looking for. In real life, this is demonstrated by the agent from a smaller firm who sent out their recent newsletter detailing stories of local crime and death that then transitioned into why you should buy an apartment in his market. That’s like home shopping on CNN. 

Even the tried and true market reports that are expertly crafted with bolded letters don’t give the same thrill they used to. By the time they’re released, they are already outdated, bland and provide zero context to the buyer and their situation. Real estate has shown that it can be flashy and fun but also cutting-edge and efficient. 

“Aligning With Greatness” Why An Agent Would Work With SERHANT.

From where TMB stands, it seems he’s moved past the tech and benefits that Compass can offer. For years, followers of @themillennialbroker have gotten a distinctive look as Clair worked on his own to bring in a team for his content production, creating the media consumers and buyers so desperately want. Who wouldn’t want to purchase a West Village carriage house when you’re first introduced to it via drone?

As an agent who is growing and ready to explore new and more creative ways of his trade, Clair now has access to an in-house media company, is surrounded by a “smaller group of highly producing professionals,” and is getting to learn from one of the biggest names in real estate who has been known for flipping the script on how real estate should be done. The splashy SERHANT branding and all the help that goes into that is no doubt an attractive offer if an agent is looking for exposure.

To Clair, switching to SERHANT ‘“aligned with [his] business perfectly” and fit great on a SERHANT x TMB branded hat, coupled with Clair’s signature hand rub that starts all his videos. The branding is strong with this one.

Sure, Ryan Serhant has touted similar promises as Reffkin’s of creating a brokerage for the agent, but there is a different spin that appears to have clicked with The Millennial Broker on a more personal level. Serhant believes his firm is set apart because, on top of him being an agent, the “whole company was built by agents, for agents, for what agents want in 2023 and beyond. This is not like a fundraise, [where we say] hey, what do we think agents need, we’re going to disrupt the real estate game and then lose all our money.”

Seems familiar. 

Compass and SERHANT. now

While SERHANT agents may be splashed across your phone, they still have some catching up to do. In April 2023, The Real Deal ranked SERHANT #8 in NYC in terms of single-family home sales over $5 million, with 3 sales totaling $67,450,000, a pretty impressive spot to be in as a fairly new brokerage. However, there has been recent news of SERHANT agents returning to Compass despite being high performers with the firm. This could become a theme as the shiny blue allure wears off of Serhant’s brand. 

Conversely, Compass was ranked #3 with 22 deals and a staggering $209,514,990 in sales. On July 24th, they released the Performance Tracker, a “game-changing tool designed to revolutionize how Compass agents track and analyze their business metrics,” proving that they are still pushing ahead to give agents a leg up with helpful tech to provide a transparent picture of where they stand. 

But with SERHANT’s recent NYC onboarding push with agents like Clair, that gap could quickly close as Serhant begins his mission to “help every agent and every team build their own brands to help generate more business, make more money for the rest of their lives.” More exposure means more deals, which brings even more cash, and with Instagram growing tired and TikTok bans looming, who wouldn’t want to be on the path to creating a legacy and finding a nice little penthouse to hole up somewhere? Or at least the promise of that sounds nice.

WATCH THE REFFKIN AND SERHANT EPISODES

The post “Aligning With Greatness”- An Inside Look At An Agent’s Decision to Move from Compass to SERHANT appeared first on CitySignal.

Known for its cuisine and rich history, Little Italy is a top tourist attraction in New York City. Whether you’re grabbing a cannoli, homemade pasta, or a glass of red wine, Little Italy has a place for you. 

History of Little Italy

Little Italy began developing in the 1840s when Italian immigrants began to settle in the area. Famine and failing agriculture led Italians to New York City, and many families settled in “Mulberry Bend.” The neighborhood was popular amongst immigrants because of its population of local Italian speakers and traditional Italian culture. By 1910, almost 10,000 Italians lived in the two square miles of Little Italy. While Little Italy originally reached from Lafayette Street to the Bowery and from Kenmare to Canal, the area of Little Italy has decreased due to increasing rent prices and the expansion of bordering neighborhoods. Today much of the area is gentrified, but some original establishments and historic sites remain. 

Where to Shop in Little Italy

 

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Little Italy may be known for its food and culture, but there are also some eccentric and unique shops in the neighborhood. 

Di Palo’s Fine Foods

This locally-owned grocery has been family owned and operated since 1925. Specializing in the foods and wines of Italy, this is a perfect place to grab ingredients for a home-cooked meal.

Christmas In New York

Located at 142 Mulberry Street, this store brings Christmas joy to New York City. This store has jolly decorations and ornaments and New York City-specific goods. Though it is popular in the winter, this store is a sight to see all year round! 

Mulberry Street Cigars

With a bright red light hanging above the door, reading “Cigars,” you can’t miss this unique store on Mulberry Street. This home for hand-rolled cigars was incorporated in 1999 and sells quality cigars from its cozy shop. 

Landmarks and Notable Places of the Neighborhood

 

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Little Italy has a rich history that is reflected in art and architecture.

The Center For Italian Modern Art

At 421 Broome Street, The Center for Italian Modern Art is an affordable NYC museum that is rich in history. Since 1983, founder Laura Mattioli has curated the collection of her father, Gianni Mattioli, which is “considered to be one of the most important aggregations of Italian avant-garde and modern art.” Laura founded CIMA in 2013 to spread awareness about Italian Art and preserve Italian history and culture.  

Feast of San Gennaro 

While it isn’t a physical landmark, the Feast of San Gennaro is a yearly celebration. This street festival began in 1926 and celebrates the life of San Gennaro, known as a protector and patron of Naples, Italy. The event has evolved into an 11 day festival that creates a confluence of food, culture, and music, celebrating the ancestry and traditions of Italy. 

St. Patrick’s Old Cathedral 

St. Patrick’s Old Cathedral was the first cathedral in New York City and was originally the home of the Archdiocese of New York. Though the cathedral is home to the Catholic religion, you don’t have to be Catholic to enjoy the beautiful architecture and history. 

Where to Eat in Little Italy

 

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New York City is known for pizza, and there is no better place to get Italian food than Little Italy. 

Ferrara Bakery

If you are looking for cannolis in Little Italy, look no further than Ferrara. Ferrara’s origins date back to 1892, and this bakery serves over 200 unique Italian specialties. This bakery also offers cannoli kits, so you can bring the Italian treats home with you!

Il Cortile

This traditional Italian restaurant has been family owned and operated since 1975 by the Esposito family and serves a wide variety of Italian platters. The beautiful patio with skylights makes it the perfect place for lunch or family dinner. 

The Original Vincent’s 

Founded by Guiseppe and Carmella Siano, this restaurant is known for its homemade “Vincent’s Sauce.” Invented in 1904, this sauce has been imitated by many but never replicated! 

Bars of Little Italy

 

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Little Italy is known for laid-back wine bars and local brews. 

Compagnie des Vins Surnaturels 

Wine is the perfect compliment to Italian food, and this bar brings fine wine to the heart of Little Italy. They also feature “Wine Boot Camp,” where patrons can spend an hour with a sommelier tasting wines with a food pairing. 

Mulberry Street Bar

Mulberry Street Bar is one of the oldest bars in New York City (first established in 1908) and offers local brews and delicious pizza. Make sure to try the garlic knots! This establishment is a must-visit, after all, there’s a reason why they’ve been around for so long, right? 

Botanica Bar

This local bar is open late and has outdoor seating year-round. While there is no kitchen, outside food is welcome, making it the perfect place to sit down with a slice of pizza and a drink. 

Where to Live in Little Italy

Little Italy is a desirable place to live due to its downtown location and proximity to great bars, nightlife, and cultural hubs. 

120 Mulberry Street 

This building at 120 Mulberry Street was built in 1910 and features balconies, in-unit washer/dryer, exposed brick, and hardwood floors. 

123 Baxter Street

While Little Italy is full of old constructions from the 20th century, this building was built in 2003 and has a plethora of amenities, such as a doorman, fitness center, parking, and a roof deck. 

189 Hester Street 

This historic home was constructed in 1900 and has beautiful exposed brick, marble bathrooms, and (non-functional) fireplaces. 

Traveling in Little Italy

Little Italy is conveniently located and easy to travel to from many points in NYC.

Trains

The most accessible trains to Little Italy are the Q, 5, 6, J, and Z trains at Canal Street or the B and D trains at Grand Street. 

Buses

The M1, M103, M14A-SBS, and M15-SBS all make stops throughout Little Italy. 

Bike Rentals

Little Italy has four CitiBike stops within its small borders, although the streets in the neighborhood can be crowded, making it a precarious place to bike. 

While Little Italy was originally a home for Italian immigrants, the neighborhood has expanded and grown over the years. The neighborhood may not look the same as it did in the early 1900s, but Little Italy is still home to some of the best food and culture in NYC and is a must-visit for any tourist visiting the city. 

The post Little Italy, Manhattan Neighborhood Guide: A Hub of Food and Culture appeared first on CitySignal.

Though Windsor Terrace may be tucked away just south of Prospect Park, this small neighborhood should not be underestimated. Windsor Terrace is known for historic brownstones, unique shopping, and laid-back dining options.

History of Windsor Terrace

The land we know as Windsor Terrace used to be inhabited by the Wepos and Gowanus tribes of the Canarsee indigenous peoples. After Europeans colonized the area, they named the neighborhood Windsor Terrace after a town called Windsor in England. It has also been the shooting site of famous films such as The Amazing Spider-Man and Brighton Beach Memoirs. 

Where to Shop in Windsor Terrace

 

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Windsor Terrace has a variety of shops that offer local and unique goods. 

Windsor Place Antiques 

Though Windsor Place Antiques regularly sets up shop at Brooklyn Flea, you can find their brick-and-mortar store in the heart of Windsor Terrace. This eclectic store has vintage prints, furniture, and decor curated by owner Rebecca Rubel, an independent dealer and member of the Appraisers of America. 

True Love Always

A short walk away from Windsor Place Antiques, True Love Always offers a myriad of home goods and small gifts. Many of the goods sold in True Love Always are made by local and independent artists, and the selection of items is frequently changed to provide a fresh shopping experience every time. 

Terrace Books

Any avid reader should pay a visit to Brooklyn’s oldest operating bookstore, Terrace Books. Selling new, rare, and used books, any reader is certain to find a page-turner here. Terrace Books also hosts events such as book clubs and book readings, and they offer virtual programming for those unable to attend in person. 

Landmarks and Notable Places of the Neighborhood

Windsor Terrace is notable due to its closeness to Prospect Park, but the neighborhood also boasts other landmarks and places to visit. 

Prospect Park

Prospect Park is a beacon of activity for many Windsor Terrace visitors and residents. Whether you are birdwatching, playing sports, or going on a picnic, Prospect Park is a perfect place to enjoy a sunny day. 

Kensington Stables

New York City may not seem like the place to go on a horseback ride, but at Kensington Stables you can live out your Kentucky Derby dreams. This stable has been in operation since 1930 and offers private and group lessons, therapeutic riding programs, and trail rides through Prospect Park. You can schedule a ride or contact the stable here.

Green-Wood Cemetery

Green-Wood Cemetery was founded in 1838 and is now a national historic landmark. Priding itself on memorializing the dead and bringing art and history to life, this cemetery has earned a reputation for far more than burials. In the 19th century, families would enjoy carriage rides and family outings in the 478-acre landscape. Green-Wood’s famous “permanent residents” include Leonard Bernstein, Charles Ebbets, famous politicians, sports players, artists, and inventors. 

Where to Eat in Windsor Terrace

 

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Windsor Terrace is known for delicious food and quiet ambiance in restaurants. 

Windsor Cafe

This local cafe offers a traditional diner feel with great prices and service. They also offer free delivery for up to two miles – though if you choose delivery, they recommend going through their website instead of through a third party to support local businesses. 

Della

For delicious Italian food in Windsor Terrace, look no further than Della. This cozy spot offers indoor and outdoor dining with craft cocktails and delicious but affordable entrees. This is a perfect spot for a date night, whether you’re enjoying the duck ragu, roasted eggplant, or diving into a scrumptious lemon parfait. 

Le Paddock

This laidback spot is perfect for a weekday dinner, as they don’t take reservations. Le Paddock offers different specials each night of the week, from fondue to $1.50 oyster night. With covered outdoor seating, this is a perfect place to spend a summer night. 

Bars of Windsor Terrace

 

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Windsor Terrace may not be known for its nightlife, but some wonderful bars are tucked away in this quiet neighborhood. 

The Adirondack 

This neighborhood bar offers craft brews, many of them from local breweries in Kings County and the greater New York area. For non-beer drinkers, they also have a variety of cocktails, food, and wine. 

Shenanigans Pub 

This local pub may seem like a traditional Irish bar, but on Saturdays, Shenanigans erupts with a Karaoke-loving crowd. This bar has live music frequently and offers low prices and local brews. 

Farrell’s Bar and Grill

Dating back to 1933, this historic bar offers neighborhood and community events. It has long been a place for residents and visitors to gather and have a pint of beer or a classic cocktail and enjoy a weekend night out. 

Where to Live in Windsor Terrace

Windsor Terrace homes are highly desirable because they are close to the park and the quiet suburban atmosphere. 

564 19th Street

Though many Windsor Terrace homes are older constructions, the home at 564 19th Street was built in 2019 and offers private balconies, updated appliances, and lots of natural light. 

286 Windsor Place

Located right at the edge of Prospect Park, this sprawling brownstone offers approximately 3000 square feet of living space with “old world charm” and private outdoor space. 

651 Vanderbilt Street

Park Vanderbilt is a co-op building built in 1963 with doorman service, bike storage in the building, and a private parking garage. It also offers a garden and courtyard and is pet friendly, making the home ideal for many types of residents.  

Traveling in Windsor Terrace

Windsor Terrace is close to Prospect Park but is a slightly farther commute by train to Midtown Manhattan than its neighbors, Park Slope or Crown Heights. 

Trains

The F and G trains are accessible at the 15th Street Prospect Park Station and the Church Avenue Station. 

Buses

The B16, B48. B67, and B69 buses all serve Windsor Terrace. 

Bike Rentals

Though Windsor Terrace is a small neighborhood, it has 14 CitiBike docks and is bike-friendly due to the nearby bike paths in Prospect Park.  

Windsor Terrace may not offer the nightlife appeal of the Lower East Side or the hustle and bustle of Hell’s Kitchen, but this quiet neighborhood is perfect for a growing family or someone seeking a quaint lifestyle in NYC. Neighboring Prospect Park, Windsor Terrace, provides residents with easy access to green space, and the bars and restaurants provide a plethora of places to go for dinner or date night. 

The post Windsor Terrace, Brooklyn Neighborhood Guide: A Quaint and Suburban Neighborhood appeared first on CitySignal.

But rumors don’t always reflect the reality of rent-controlled versus rent-stabilized apartments in NYC. Yes, they exist, though the odds of snagging one make it likelier to win the Powerball. That they go for peanuts is another common misconception.

The reality is that the rent for a rent-stabilized unit can range from around $1,000 to upwards of $3,000, depending on the building’s age, whether it has any tax abatements, and other statutory rules.

So, how does one go about finding a rent-regulated apartment in New York City? We’ll get to that in a moment.

First, let’s clear up the confusion between the terms “rent-regulated,” “rent-controlled,” and “rent-stabilized,” as well as explain how they came to be.

What Are Rent-Regulated Apartments, and Where Did They Come From?

“Rent-regulated” is an umbrella term that refers to both rent-controlled and rent-stabilized apartments, similar to how “tubers” may refer to both Idaho potatoes and sweet potatoes.

What Is A Rent-Controlled Apartment?

Rent-controlled units are perhaps the most enigmatic of the two. For starters, they’re among the oldest type of rental dwellings in NYC, having been established in 1943. In November of that year, the city’s Office of Price Administration (OPA) froze rental rates in New York at the same level they were on March 1st, 1943. The OPA emerged from then-U.S. President Franklin D. Roosevelt’s Emergency Price Control Act, which sought to prevent inflation during World War II. The price administration office has since dissolved.

Rent-controlled apartments must be continuously occupied since July 1, 1971, but if the tenant moves out or dies, another family member or person is eligible to continue the rent-controlled status if they lived there for 1-2 years prior.

In 1950, when rent-control laws were formally codified in New York State, there were approximately 2.1 million apartments in NYC that were subject to rent regulation. 

In 2021, however, the city’s Housing and Vacancy Survey reported fewer than 17,000 rent-controlled units in the city.

What Is A Rent-Stabilized Apartment?

Rent-stabilized apartments, on the other hand, made up roughly one-third of the city’s rental stock, with about 1.1 million units. The Rent Stabilization Act of 1969 defined them as apartments in buildings with six or more units built before January 1st, 1974. Tenants who took occupancy after June 30th, 1971, are considered rent-stabilized. Those who maintained occupancy before July 1st, 1971, are generally considered rent-controlled.

While rent-stabilized apartments are typically found in buildings built after 1947 and before 1974,  there are some exceptions for newer buildings that have J-51, 421-a, and 421-g tax benefits. Developers who renovate existing buildings and/or designate 20% of new-construction units as rent-stabilized may qualify for these benefits. The period for these incentives lasts roughly 10 to 35 years, depending on the building’s qualifying status.

What Are the Benefits of Rent-Regulated Apartments?

Besides paying below-market rent, one of the key benefits of living in a rent-controlled or rent-stabilized apartment is that the landlord can’t increase the rent beyond a marginal percentage, as set by the New York City Rent Guidelines Board.

Each year, the board votes on a percentage increase cap for one- and two-year leases that fall under rent stabilization laws. On June 21st, 2022, the board voted to cap rent increases at 3.25% for one-year leases and 5% for two-year leases signed between October 1st, 2022, and September 30th, 2023.

Another benefit is that landlords can’t evict tenants from rent-regulated apartments without a compelling reason, such as nonpayment of rent or violating the lease terms. Stabilized units are also guaranteed a renewal offer with one- and two-year terms, depending on the renter’s preference.

By contrast, tenants in rent-controlled apartments are considered “statutory,” meaning they’re still protected by the Emergency Housing Rent Control Law of 1946. This law doesn’t require landlords to offer renewal leases and makes it even harder for them to file eviction proceedings.

How Much Do Rent-Regulated Apartments Cost in NYC?

Rent-controlled apartments typically have the lowest rental rates in NYC. A 2022 article by The Guardian found that long-term renters in sought-after areas of Manhattan (think: East, West, and Greenwich villages) were paying as little as $820 a month for their rent-controlled units. Most of these were unrenovated and came with little-to-no amenities. But that didn’t stop their leaseholders from staying put since the ’60s and early ‘70s, if not before.

Rent-stabilized apartments, on the other hand, can range from around $1,000 to a max of $2,700 per month, unless the building was built after 1974 and has the 421-a tax abatement. In that case, tenants may sign a rent-stabilized lease with a rent amount that reflects the current market rate.

In other words, rent-stabilized apartments in NYC can cost more than $2,700 a month, so tenants need to do their research and understand what they’re signing before they move in.

The good news is that market-rate units that offer stabilized leases enjoy regulations enforced by the NYS Division of Housing and Community Renewal (DHCR). These include a renewal offer if the resident is in good standing and an annual rent increase percentage cap.

Do I Have a Shot at Finding a Rent-Controlled Apartment?

Given the scarcity of rent-controlled units in NYC, it’s highly unlikely that a new renter without ties to the unit’s original occupant will find one.

The same can be said for rent-stabilized units, except that these are not as rare. After all, rent-stabilized apartments make up roughly 30% of rental units in NYC.

But winning the “Powerball” of affordable housing in the Big Apple isn’t impossible. Those with family members who already live in stabilized units can benefit from the DHCR’s Succession Rights. The law states that family members have the right to a renewal lease or protection from eviction if they resided with the tenant as a primary residence for two years immediately before the permanent departure from the apartment by the original tenant.

A family member can be a spouse, stepson, father-in-law, or anyone else who can prove an “emotional and financial commitment and interdependence between such person(s) and the tenant.” This means a roommate may be eligible if they can prove a close relationship with the leaseholder.

How Can I Tell If an Apartment Is Rent-Stabilized?

We know that rent-stabilized apartments are more commonly found in buildings built before 1974 and that they’re probably not as renovated as newer, fair-market units.

But how can a prospective renter be sure? According to the NYC Rent Guidelines Board, the only way to know for sure is to contact the Office of Rent Administration.

This can be useful when dealing with a landlord who either refuses to confirm whether the apartment is rent-stabilized or claims it isn’t when in fact it is.

It can also clear up any confusion about the units in older buildings that may appear to be stabilized because they haven’t undergone a complete renovation over the years but are, in fact, fair-market or market-rate units.

How To Find a Rent-Stabilized Apartment in NYC

There are several ways prospective renters can hunt for rent-regulated apartments in NYC. The first is to run a rent-regulated building search on the DHCR’s website. Before that, however, renters should take note of the county names and zip codes they’re interested in and narrow their search to those areas. This can save them a lot of time, especially if they’re looking for rent-stabilized units in the highly competitive Brooklyn and Manhattan markets.

Another way to find rent-stabilized apartments in NYC is by checking NYC Housing Connect. This website allows prospective renters to apply for lottery-based affordable housing based on their household count and income levels. The lottery usually precludes applicants who earn more than 80% of the Area Median Income (AMI) for their area, but this varies from building to building. It’s also important to note that these rent-regulated units are in high demand, with long waiting lists and thousands of applicants vying for a single spot.

Lastly, renters can try their luck with online rental platforms. Typing in “rent-stabilized” or “rent-regulated” into the search engine might yield some promising results. When reaching out to the landlord or listing agent, it’s important to ask what type of lease they’re offering and any potential limitations or benefits that come with it.

Is it possible to find a rent-stabilized or rent-controlled apartment in NYC?

Although it may be difficult, it is not impossible to find rent-stabilized and rent-controlled apartments in NYC.

Thankfully, the city has passed numerous laws to protect rent-regulated tenants from eviction and provide some rights for family members of current leaseholders. Additionally, landmark decisions like the Housing Stability and Tenant Protection Act of 2019 prevent landlords from deregulating newly vacated units or charging more than 20% upon vacancy.

By utilizing the DHCR website for building searches, Housing Connect for affordable housing lotteries, and online rental platforms for rent-stabilized units, there’s yet hope for prospective renters who want to live affordably in NYC. Word-of-mouth can also be a powerful tool in the search, so New Yorkers who are in it for the long haul should keep their eyes and ears open.

Good luck!

The post Everything You Need to Know About Rent Control vs. Rent Stabilized in NYC appeared first on CitySignal.

NoHo, meaning “north of Houston Street,” is a historic neighborhood that dates back to the early 19th century but has been revitalized to become a hub of real estate and retail. A close neighbor to Washington Square Park and NYU, this is a popular neighborhood for young people, but it also offers rich history and culture that attracts all ages. 

History of NoHo

The neighborhood of NoHo dates back to 1748 when New York’s first botanical garden found its home at what is now the intersection of Lafayette and Astor Place. This spot became a place for New Yorkers to enjoy socializing, culture, food, and drink. In 1825, Astor Place cut the garden in half, but this didn’t stop the neighborhood from growing. Real estate boomed over the next few decades, and NoHo quickly became home to major retailers. NoHo has historical ties to artists such as Andy Warhol and has been the home of famous families such as the Vanderbilts. 

Where to Shop in NoHo

 

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Though every neighborhood in NYC has great places to shop, NoHo is historically known for its major retailers. 

Dienst + Dotter 

For New Yorkers looking to furnish their home with unique, antique pieces, Dienst + Dotter is the perfect spot to look. The owner, Jill Dienst, worked previously as a curator at the Metropolitan Museum of Art, and her expertise in curation and design shines through at Dienst + Dotter. Specializing in Scandinavian antiques, paintings, and objects from the 17th to 20th centuries, pieces from different periods are frequently mixed and matched to create unique combinations of curated styles. 

Boglioli

Italian design company Boglioli has been making sophisticated and tailored clothing since the early 1900s. Boglioli opened its first brick-and-mortar store on Bond Street, boasting 1000 square feet of brushed metal shelving and luxurious detail to support the upscale garments sold there. 

Dashwood Books

Dashwood Books may have an unassuming storefront but don’t underestimate this shop. The shelves of Dashwood have a myriad of art books, and this store is a haven for photography and visual art lovers. Founder David Strettel specializes in “finding what people want,” spanning genres of fashion, food, architecture, and more. 

Landmarks and Notable Places of the Neighborhood

 

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Though NoHo may seem like a trendy neighborhood, it has a rich history and many historical landmarks.

Merchant’s House Museum

The Merchant’s House Museum was the first building designated as a NYC landmark. This museum preserved the original house built in 1832 and is one of only six residential landmarks in Manhattan. The museum tells the history of the wealthy merchant family that lived in the home from 1835-1865, as New York City expanded and was established as a commercial hotspot of America. 

The Public Theatre

Though the Public Theatre is now one of NYC’s most popular non-profit theaters, the building used to be the United State’s first public library and has landmark status. Food and drink at The Public is now known as The Library, as a nod to the building’s original purpose. 

Small Is Beautiful

NoHo has plenty of older landmarks, but some contemporary buildings and museums are worth visiting. Take Small Is Beautiful, for example, which houses over 143 miniature artworks created by artists from all over the globe. The museum also offers creative workshops for kids, making it a great place for families or visitors to the city. 

Where to Eat in NoHo

 

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While NoHo may be known for extraordinary retailers and rich history, there are some wonderful restaurants to eat at once you’ve “shopped ‘till you’ve dropped.”

Il Buco

Dating back to 1994, Il Buco is now one of the most beloved restaurants in New York City. Il Buco began as an antique store, and founders Donna Lennard and her partner Alberto Avalle would invite their customers to join them for lunch, curating a Mediterranean menu with Italian and Spanish influences. Il Buco prides itself on ingredients sourced locally and directly from Italy, and the dining room has a rustic but upscale feel. 

Lafayette

At Lafayette, France is brought to NYC at this grand cafe and bakery. With mahogany floors and grand arches, Lafayette features a large dining room, bakery, and two private dining suites. The bakery also stays open late for those with a sweet tooth after dinner. 

The Grid at Great Jones Distilling Co.

Great Jones Distilling Company is Manhattan’s first whiskey distillery since prohibition, and The Grid is its companion restaurant. With ingredients sourced straight from New York, the restaurant says it “honors New York on every plate.” 

Bars of NoHo

 

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NoHo is home to an eclectic array of bars, from upscale spots to downright dives. 

The Wren

The Wren is one of the most versatile bars in NoHo. Perfect for a birthday with an open bar, a draft beer for as low as $8, or a boozy brunch (featuring cocktails like the “mid-day espresso”), The Wren can easily become your new go-to spot.

Bleeker Street Bar 

This sports bar inside a landmark building is a popular dive bar amongst the college-age crowd. This bar has served NoHo since 1990 and is open 365 days a year. With beer and shot combos and bucket deals for beer, this is a great spot to watch a sports game or enjoy a rowdy night out.

Von

Von is a relaxed wine bar with a speakeasy feel. Offering classic cocktails, fine wines, and craft beer, this is a great spot for a happy hour or quiet drink. Von has a second space, however, that has a raised stage, DJ equipment, and private party options. 

Where to Live in NoHo

NoHo boasts some of the oldest residential buildings in NYC, though many of them have been renovated. 

1 Astor Place

Located in the heart of NoHo, 1 Astor Place has 12 floors and was built in 1883. Some units even have access to a private terrace. 

704 Broadway

This 128 year old building was renovated in 1998 and is home to luxurious condominiums. While it has been renovated and restored, the building still pays homage to its roots with beautiful molding, hardwood floors, and massive windows overlooking the neighborhood.

307 Mott Street

Constructed in 1880, 307 Mott Street is a pet-friendly building in the center of the neighborhood. Units feature exposed brick, built-in bookshelves, and updates like laundry-in-unit and dishwashers. 

Traveling in NoHo

NoHo is centrally located between some of downtown’s most popular neighborhoods, and multiple subway and bus lines run through the area. 

Trains

The B, D, F, M, 5, R, W, and 6 trains are accessible through the Astor Place, Broadway/Lafayette Street, 8 Street NYU, and Bleeker Street stations. 

Buses

The M1, M3, M103, M21, and M55 run through or around the neighborhood’s outskirts.

Bike Rentals

NoHo has five CitiBike stations scattered around the small area, making it easy to travel through on a bike. 

NoHo is a versatile neighborhood and one of the only places to find landmark buildings and trendy, contemporary bars on the same block. Though real estate can be expensive in this area, it is a rewarding neighborhood to live in due to its central location and history. Whether you are shopping, eating, drinking, or signing a lease, NoHo is a neighborhood that truly has something for everyone. 

The post NoHo, NYC Neighborhood Guide: The Stylish and Historic Neighborhood appeared first on CitySignal.