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What $2.7 Million Buys You in Oakland, South Pasadena and Sonoma
WDC News 6 Staff Posted On October 18, 2021



Tasting rooms related to most of the space’s wineries could be discovered alongside Broadway, town’s foremost drag. Sonoma Plaza, a five-minute drive from this home, is without doubt one of the oldest plazas in California, surrounded by historic buildings just like the Mission San Francisco Solano. San Francisco is about an hour and quarter-hour away, relying on visitors.

Dimension: 2,515 sq. toes

Value per sq. foot: $1,072

Indoors: A brand new wooden gate opens to a gravel courtyard in entrance of the home, framed by mature bushes and drought-tolerant crops.

The principle entrance is thru glass doorways that slide open to an ethereal front room with a hearth topped by a polished-concrete mantel created by Fu-Tung Cheng, a Bay Space designer. Extra glass doorways line the wall reverse the doorway, flooding the house with pure gentle.

Refinished cherry hardwood flooring lengthen from the lounge into the kitchen and the eating space that faces it. The kitchen has stainless-steel home equipment, together with a six-burner Viking vary, and an island topped with extra polished concrete. Behind the kitchen is a sitting space with views of the rear backyard.

Off the lounge are two bed room suites: The first suite has excessive ceilings, a walk-in closet and a rest room with a soaking tub and a customized tansu vainness made within the Japantown part of San Francisco; the opposite suite has extra excessive ceilings, one other walk-in closet, a separate house that might be an workplace or a sitting room and a rest room with a walk-in bathe and one other tansu vainness.

Additionally on this facet of the home is a powder room with a sliding door that conceals a laundry room.

A separate workplace house is linked to the primary home by a deck. Farther within the yard is a guesthouse arrange as a studio residence, with its personal kitchen. The flooring are cork, and a sleeping nook is giant sufficient to comfortably maintain a queen-size mattress.

Outside house: The massive deck capabilities as an out of doors eating room. The yard has gravel paths that wind round, connecting a pond to a patio space and a gasoline firepit. A shed holds a pump that provides water to the pond, and there’s a carport outfitted with an electrical car charger.

Taxes: $33,684 (estimated)

Contact: Avram Goldman, Compass, 707-934-2323; compass.com

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Real Estate
Once Offices, Now Rental Apartments
WDC News 6 Staff Posted On October 18, 2021



Creating rental residences in former workplaces, factories and different nonresidential buildings is nothing new, however a latest improve in vacant industrial areas because of the pandemic has fueled a surge in conversions, based on a brand new examine by RentCafé.

The examine checked out rental initiatives with not less than 50 residential models developed in buildings initially designed for different functions. In 2010, 5,271 such rental models had been created throughout the nation, kicking off a pattern that grew every year by way of 2017. After a lull in 2018, 11,788 models had been created in 2019, adopted by one other 11,838 in 2020.

This 12 months, a whopping 20,122 are slated to be completed.

A bulk of the conversions have are available former workplaces and accommodations. Amid the pandemic, many corporations are downsizing as distant work turns into extra prevalent, and accommodations — already kind of arrange for residential use — are faltering as tourism continues to endure.

Again in 2010, accommodations had been the most well-liked kind of property to be transformed to leases. For the following few years, factories took the lead. Since then, workplace house has been essentially the most transformed kind. In accordance with RentCafé, transformed workplaces make up about 25 p.c of the greater than 52,700 rental models slated to develop into out there in 2022 in properties constructed for different functions.

The pattern of adapting industrial house to rental properties is well understood in {dollars} and cents: Empty workplaces and accommodations generate no hire, and it’s normally cheaper to transform an current constructing than to demolish it and construct a brand new one. However there’s an environmental upside too: Demolishing and changing buildings strains pure assets and produces extra waste in contrast with changing them for residential use.

So the place are these conversions taking place essentially the most? This week’s chart reveals the ten cities with essentially the most rental residences accomplished in 2020, and accomplished or anticipated to be accomplished in 2021, in properties initially designed for different makes use of.



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Real Estate
Homes That Sold for Around $1 Million
WDC News 6 Staff Posted On October 17, 2021



Every week, our survey of latest residential gross sales in New York Metropolis and the encompassing area focuses on houses that offered round a sure value level, permitting you to check single-family houses, condos and co-ops in several locales.

The “checklist value” is the asking value when the property got here in the marketplace with the latest dealer. The time in the marketplace is measured from the latest itemizing to the cut-off date of the sale.

New Jersey | 4 bedrooms, 3½ baths

A 34-year-old, 3,608-square-foot, contemporary-style home, with a front room that has a vaulted ceiling and stone fuel fire, and a kitchen with a breakfast bar and sliding doorways to a deck on 1.35 acres.

18 weeks in the marketplace

$975,000 checklist value

4% beneath checklist value

Prices $16,073 a yr in taxes

Itemizing dealer Coldwell Banker

Orange County | 4 bedrooms; 3 full and a pair of half baths

This 21-year-old, 5,978-square-foot home has a kitchen with stainless-steel home equipment, a proper eating room with a coffered ceiling, and a main suite with a two-sided fire on about two-and-a-half acres.

14 weeks in the marketplace

$965,000 checklist value

3% above checklist value

Prices $28,403 a yr in taxes

Itemizing dealer Howard Hanna/Rand Realty

Connecticut | 4 bedrooms, 3 baths

This 59-year-old, 1,894-square-foot, split-level-style home has a front room with a skylight and a hearth, a kitchen with a skylight and granite counters, and a partially-finished basement on greater than an acre.

15 weeks in the marketplace

$875,000 checklist value

5% above checklist value

Prices $10,856 a yr in taxes

Itemizing dealer Berkshire Hathaway HomeServices New England Properties

Queens | 3 bedrooms, 3 baths

An 81-year-old, 1,330-square-foot, connected single-family home, with a front room that has hardwood flooring, an eat-in kitchen, a completed basement and a parking house, on 0.04 acres.

16 weeks in the marketplace

$888,888 checklist value

4% above checklist value

Prices $7,142 a yr in taxes

Itemizing dealer Douglas Elliman

Manhattan | 1 bed room, 1 tub

A 650-square-foot prewar co-op, with hardwood flooring, beamed ceilings, a kitchen with a breakfast bar and stainless-steel home equipment, and 4 closets in a doorman constructing with an indoor pool.

29 weeks in the marketplace

$1,075,000 checklist value

6% beneath checklist value

Prices $2,437 a month in upkeep

Itemizing dealer Warburg Realty

Lengthy Island | 3 bedrooms, 2 baths

This 64-year-old, 1,634-square-foot, vinyl-sided home has a mixed dwelling and eating room with a vaulted ceiling, a kitchen with a breakfast bar, a koi pond and a dock, on 0.17 acres.

11 weeks in the marketplace

$879,000 checklist value

Lower than 1% above checklist value

Prices $15,453 a yr in taxes

Itemizing dealer Douglas Elliman

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Real Estate
Today’s Must-Have Amenity? A Little Green Space.
WDC News 6 Staff Posted On October 17, 2021



RockFarmer Properties put the same emphasis on weaving landscaping into the center of its new constructing, the Rowan, a 46-unit condominium at 21-21 thirty first Avenue in Astoria, Queens, designed by the structure agency DXA Studio, with the horticultural designer Patrick Cullina. There, residents returning residence will move via a street-side backyard to a green-roofed, glass-walled foyer with a non-public courtyard backyard. About half of the residences have non-public outside house, and about half of these outside areas are sizable, stated John Petras, a founding father of RockFarmer Properties — “wherever from 500 to, in some instances, 1,500 sq. ft.”

When the pandemic caught quickly after gross sales began final yr, the builders fearful. “However after a couple of month, I used to be simply shocked,” Mr. Petras stated. “We have been promoting models each week.” He attributed the exercise to the mission’s give attention to outside house and nature, in addition to its location and the corporate’s early adoption of digital showings.

Greater than 80 % of the constructing’s models are actually in contract (models presently out there are priced from $789,000 to $2.549 million), as are all 5 of its rooftop cabanas, priced at $65,000 every.

“Final July, in the midst of all this, we truly raised costs on about 15 of our models,” Mr. Petras stated, whereas different builders have been providing reductions.

He’s now within the early phases of planning the Rowan’s second part, which is able to contain a bigger constructing with extra models, and he’s considering a couple of strategic modifications.

“We’re going to look to include outside house, if not in each unit, in virtually each unit,” he stated. “We’re going to attempt to incorporate plenty of what we name ‘particular’ outside house, the place it’s 500 to 800 sq. ft. We’re going to look to panorama these at a excessive degree, as a substitute of leaving it as much as the customer.”

All of that can value extra, he stated, however he’s sure the funding will repay: “Any kind of out of doors house, even when it’s a small little terrace, is extra vital at this time than it was 18 months in the past.”

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Real Estate
What’s Going on With Halloween This Year?
WDC News 6 Staff Posted On October 16, 2021



Q: My youngsters have been asking me for weeks: Will trick-or-treating occur this Halloween? Our Higher West Facet co-op has been silent thus far, however what’s the phrase on the road? Are buildings planning to permit youngsters to take the elevator from ground to ground to get their loot? Personally, I’ve blended emotions about all this. I would like my youngsters to take pleasure in one thing regular, however I additionally fear in regards to the potential for an outbreak within the constructing. So how are buildings approaching this sticky topic?

A: I hate to be the bearer of unhealthy information, however this Halloween is shaping as much as be a dud for condominium dwellers.

“I’d be stunned if buildings permit younger trick-or-treaters to run round, even with masks, as a result of they can’t but be vaccinated,” stated Steven D. Sladkus, an actual property lawyer and associate on the Manhattan regulation agency Schwartz Sladkus Reich Greenberg Atlas. “We’re not out of the zone of Covid.”

Final fall, throughout the pandemic’s second wave, the Facilities for Illness Management and Prevention discouraged trick-or-treating, describing it as a high-risk exercise to keep away from. In flip, New York condominium buildings nixed the annual custom of kids driving their condominium elevators searching for sweets.

However this 12 months feels completely different. Colleges have reopened, many workplace staff have returned to their desks and eating places are crowded. Final Sunday on CNN, Dr. Anthony Fauci instructed Individuals, “Go on the market and revel in Halloween.”

The operative phrases: “Exit.” Halloween could also be again in neighborhoods the place youngsters can roam the streets, however the situations should not the identical in condominium buildings. Though 76 percent of adults in New York are totally vaccinated, youngsters 11 and below should not. With the rise of the Delta variant, buildings that had relaxed their masking guidelines within the early summer time have reinstated some social-distancing insurance policies.

“No constructing desires to be the constructing that allowed Halloween and there was an outbreak due to youngsters working round with Covid,” Mr. Sladkus stated.

So what are they doing as a substitute? They’re all around the map, in response to Dan Wurtzel, the president of the property administration firm FirstService Residential New York. On one finish of the spectrum are the buildings suspending the vacation till subsequent 12 months. On the opposite are buildings with ample out of doors house, like a courtyard or communal roof deck, the place they’ll host occasions like spooky film nights or costume events. Some buildings are attempting to string the needle, doling out goody luggage within the foyer or permitting restricted trick-or-treating, as long as the youngsters put on masks and solely knock on the doorways of neighbors who’ve opted into the occasion.

Mr. Wurtzel doubts that many residents will take part in trick-or-treating, given the selection. “I don’t know the way nicely that goes over with the resident inhabitants,” he stated. “Opting in means you will have lots of younger youngsters who’re unvaccinated coming to your entrance door, and would you like that?”

For weekly electronic mail updates on residential actual property information, enroll right here. Observe us on Twitter: @nytrealestate.



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Real Estate
In the Bronx, Mott Haven Suddenly Gets a Skyline
WDC News 6 Staff Posted On October 16, 2021




A building growth might convey greater than 5,000 rental flats to some 20 improvement initiatives within the neighborhood over the following couple of years.



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Real Estate
A Sprawling Co-op at the Majestic Is Listed for $25 Million
WDC News 6 Staff Posted On October 15, 2021



The sprawling Higher West Aspect residence the place the footwear govt George Malkemus had lived along with his husband and enterprise associate, Anthony Yurgaitis, is coming to marketplace for the primary time in almost twenty years.

The asking value is $25 million, with $13,781 in month-to-month upkeep, in accordance with John Burger, a dealer with Brown Harris Stevens, which is advertising and marketing the property.

The itemizing comes nearly a month after the death of Mr. Malkemus, who, together with Mr. Yurgaitis, ran the high-end shoe model Manolo Blahnik in america for 37 years. Mr. Malkemus additionally helped the actor Sarah Jessica Parker, who wore numerous pairs of “Manolos” on and off the set of “Intercourse and the Metropolis,” begin her own footwear line.

The co-op residence occupies the northeast nook of the 18th ground on the Majestic, the twin-towered, prewar skyscraper at 115 Central Park West, between 71st and 72nd Streets. It’s a mixture of two models acquired by the couple in 2002 and 2004, then meticulously mixed with the assistance of the architect Annabelle Selldorf.

Credit score…Craig Barritt/Getty Pictures North America, through (Credit score Too Lengthy, See Caption)

“We absolutely reconfigured the whole house,” Mr. Yurgaitis mentioned in an e-mail, calling it “the final word New York house.”

“The second I stepped foot in our new house,” he mentioned, “I felt absolute pleasure.”

However Mr. Yurgaitis says he has determined to promote the residence as a result of he’s spending a lot much less time there. His major residence is now at Arethusa Farm, the 300-plus-acre dairy farm in Litchfield, Conn., that the couple had bought in 1999. The enterprise has since grown to incorporate a full line of dairy merchandise bought at its retail retailers and eating places.

The Manhattan house encompasses round 5,000 sq. toes. It options 4 primary bedrooms, one in every of which is getting used as a library, with an ornamental fire and wooden paneling; 4 full bogs; two powder rooms; employees quarters; and a examine/sitting room that could possibly be transformed right into a fifth bed room.

There are additionally 4 terraces, lined in bluestone and totaling round 850 sq. toes, that present beautiful views of Central Park in addition to the neighboring Dakota residence home.

“It seems like a penthouse,” Mr. Burger mentioned, “although technically it’s not a penthouse.” He mentioned being on the 18th ground of the Majestic “needs to be probably the most good spot. You get that good relationship between park, skyline and sky. If you happen to’re too excessive on Central Park, you’ve misplaced the park while you sit down.”

From a personal elevator touchdown, the residence is entered right into a lobby and gallery. On the north finish is a front room with an ornamental fire and a music room/library, located aspect by aspect. Every has French doorways that open to a terrace. The northern portion additionally features a formal eating room, with a terrace, the powder rooms, and a big eat-in kitchen clad fully in stainless-steel, in addition to wine storage. Off the kitchen is a laundry room and the employees quarters.

A lobby off the gallery results in the residence’s south finish, which accommodates the bedrooms. The large major suite, additionally with a terrace, has a sitting room, twin bogs of darkish marble, two spacious dressing rooms, a walk-in closet and a moist bar. Two of the opposite spacious bedrooms have en-suite bogs of sunshine Carrara marble.

All through the residence are mild oak flooring in a herringbone sample, oversize home windows and almost 10-foot ceilings.

Mr. Yurgaitis says the principle bed room suite was his favourite a part of the residence. “It truly is a house inside a house,” he mentioned. He particularly appreciated the terrace there. “I all the time take pleasure in stepping out with my morning espresso and a paper,” he mentioned, “and as soon as the celebs come out, a night cocktail on the terrace is all the time the proper nightcap.”

He and Mr. Malkemus additionally loved entertaining on the residence through the years. “We held many great dinner events,” he mentioned.

The Art Deco-style Majestic, 32 tales excessive, was accomplished in 1931 simply steps from Central Park and transformed to a co-op in 1958. Notable residents there have included the actors Milton Berle and Zero Mostel, the style designer Marc Jacobs and the comic Conan O’Brien.

For weekly e-mail updates on residential actual property information, sign up here. Comply with us on Twitter: @nytrealestate.





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Real Estate
Homes for Sale in Brooklyn, Manhattan and the Bronx
WDC News 6 Staff Posted On October 15, 2021




This week’s properties are in Sundown Park, the Higher West Facet and Riverdale.



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Real Estate
‘Living at the Office’ Takes On a New Meaning During the Pandemic
WDC News 6 Staff Posted On October 14, 2021



Creating rental residences in former places of work, factories and different nonresidential buildings is nothing new, however a current enhance in vacant industrial areas on account of the pandemic has fueled a surge in conversions, in response to a brand new examine by RentCafé.

The examine checked out rental tasks with no less than 50 residential items developed in buildings initially designed for different functions. In 2010, 5,271 such rental items had been created throughout the nation, kicking off a development that grew every year by means of 2017. After a lull in 2018, 11,788 items had been created in 2019, adopted by one other 11,838 in 2020.

This 12 months, a whopping 20,122 are slated to be completed.

A bulk of the conversions have are available in former places of work and inns. Amid the pandemic, many corporations are downsizing as distant work turns into extra prevalent, and inns — already kind of arrange for residential use — are faltering as tourism continues to endure.

Again in 2010, inns had been the preferred kind of property to be transformed to leases. For the following few years, factories took the lead. Since then, workplace house has been probably the most transformed kind. Based on RentCafé, transformed places of work make up about 25 % of the greater than 52,700 rental items slated to grow to be obtainable in 2022 in properties constructed for different functions.

The development of adapting industrial house to rental properties is definitely understood in {dollars} and cents: Empty places of work and inns generate no lease, and it’s often inexpensive to transform an present constructing than to demolish it and construct a brand new one. However there’s an environmental upside too: Demolishing and changing buildings strains pure assets and produces extra waste in contrast with changing them for residential use.

So the place are these conversions occurring probably the most? This week’s chart exhibits the ten cities with probably the most rental residences accomplished in 2020, and accomplished or anticipated to be accomplished in 2021, in properties initially designed for different makes use of.



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Real Estate
House Hunting in the Seychelles: A Coral Island Paradise for $2.7 Million
WDC News 6 Staff Posted On October 14, 2021



“Resales have been ongoing for the previous few years, too,” Mr. Gradner stated, some to buyers and others for private use. Costs begin at $400,000 for a one-bedroom condominium, $550,000 for a two-bedroom, and $700,000 for a three-bedroom. Homes, referred to as “maisons” start at $900,000, and villas begin at $2.95 million. Facilities embody a marina, clubhouse with health club, swimming pools, tennis courtroom and 4 secluded seashores.

Foreigners might also buy in high-end developments on Mahé resembling Royal Palm Residences or Westview, the place costs vary from $5 million to $15 million for a villa.

For leasehold properties, just like the Desroches Villa, the vendor owns the lease. Consumers “pay upfront to lease the land and property for X years,” Mr. Inexperienced stated. “On the finish of the time period, the land and property reverts again to the federal government except a brand new lease is negotiated.”

Plots and homes on the market exterior the gated resorts are “for the home purchaser,” Mr. Inexperienced stated. “It’s extra sophisticated for foreigners.” Alternately, “patrons arrange a Seychelles firm and purchase by that,” he stated. “It’s simpler. We now have folks to deal with that.”

Credit score…Courtesy of Sphere Estates

Shoppers from Russia and the United Arab Emirates discover shopping for in the identical time zone fascinating, Mr. Maurel stated. Consumers additionally come from South Africa and Europe, which have two- to three-hour time variations.

People and Canadians are additionally among the many patrons, Mr. Inexperienced stated, whereas some from China are “beginning to pay extra consideration.” European patrons come from Britain, Belgium, Luxembourg, Switzerland, Germany and Scandinavia.



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