Nice Place You Got Here....

Yesterday I had my first visit to the MiMA building on 42nd Street off Times Square. As someone whose areas of specialty are below 34th Street, it just hasn't been that high on my must-see list. But I have to say I was impressed. I had in my head that the building was all the way on the Hudson. This isn't true. It's actually at the corner of 42nd Street and Dyer Ave (which is basically 4-block long access road to the Lincoln Tunnel that intersects between Ninth and Tenth Avenues). So it's about 1.5 blocks from the nearest subway stop, and 2.5 blocks from the majority of subway lines that run through the city. That's not bad! Also, it's near the Playrights New Horizons Theater, and the new Pershing Square Signature Theater. Those are two buildings I wish I got to more. You're off Times Square, so no hordes of tourists, but you're nearby for those few times you feel the need to, you know, remind yourself why you love New York City so much. Also, there's two Starbucks about one block away. A very important consideration to me! MiMA was developed by the Related Companies, and they are known for doing upper to ultra-luxury apartment buildings (doorman, etc), but I liked the floorplans I'm seeing - particularly that for the studio - it actually has a separate sleeping area; in some buildings the studio layouts actually force you to put your bed right up under the breakfast bar (at least you don't need a night table that way). Also nice is that that there is laundry in EVERY apartment, even the studios. I really liked the common areas. There are several large rooms that you can book (My meeting was in club room M-1, which had a large conference table, comfortable looking couch and a raised bar/table). Also there is onsite pet care (Dog City they call it). The health club is impressive. The terrace is large and they have a separate area they call "the lawn" which also has a seating area and an outdoor movie screen! (There is also an indoor screening room, and a catering kitchen!) I loved the lobby, which was very large with several groupings of bright, comfortable seating. I appreciated that after I identified myself to the doorman as having business in the building, he didn't begrudge me lingering a few minutes to check email and pack a few things away before I left. When people are looking for very luxurious accommodations (and this building definitely is very high end - studios starting around $4500/month), often they don't want to be west of Ninth Avenue - either because they want to be closer to the action or because they don't want to be near traffic. I'd say this building really isn't affected by those things, and anyone with a budget of $4500 or higher should check it out.

Dogs Are Classic New York...

NYC Real Estate Goddess entertained some family from out west over the last couple weeks. It's always fun to have the perspective of non-New Yorkers. Our own 1 bedroom apartment is about 750 square feet, so our cousins had some space to stretch out. I didn't take them "sight-seeing" - my version of showing them the quintessential tiny New York - particularly Manhattan - apartments that we're so famous for.

One thing they did notice was how many New Yorkers had dogs. Big dogs, little dogs, all kind of dogs. As mountain-dwellers with their own dogs, they wondered how we New Yorkers manage to care for their dogs. Answer: an elaborate system of housebreaking, strict scheduled walks, alternative transportation and/or totable dogs, and additional support. We love our canine friends. They brighten up our day. We bring them with us on the subway in approved (and not-so-approved) carriers. We have dog walkers shuttling them while we're at work so their not too uncomfortable. And of course, wee-wee pads have helped immensely. 

New York is such a dog town that the Westminster Kennel Club holds its annual dog show in New York's Madison Square Garden every year. This year - the 136th annual dog show, was where NYC Real Estate Goddess went to get her fix. Usually we just content ourselves with standing outside the Garden and peering at the specimens being walked. But not this year - we had to be in the thick of it. And so we were:

Scottish Terrier breed competition at 136th Westminster Kennel Club Dog Show

Here you see my favorite breed being judged - the Scottish Terriers. Truly these are a dog after my own heart. They are described on the Scottish Terrier Club of America as "aloof" and the breed introduction in the group competition says they feel "openly superior to their owners". But they are great little creatures - equal parts smart and cute, and very loyal. I was able to figure out which one would be named the winner (it's #6 - in the center of the photo). But I loved them all!

Backstage at the Westminster Kennel Club Dog Show is the best place to be - it's very hectic and crowded, especially as there was a lot of renovation going on at Madison Square Garden. They were shoehorning the benching areas everywhere they could, including behind the judging areas in the theater, and grooming was happening up in the wings!

Norwich Terriers in the Wings at the 136th Westminster Kennel Club Dog Show   

Here you see several of the Norwich (pronounced "NOR-itch") terriers getting ready for their show. They are shoehorned up into the wings of the theater stage left - luckily they are small and resilient, as are their groomers!

Backstage in the arena, the big dogs were on display. These guys have tons of personality and their owners give them lots of love.

Great Pyrenees Playing on the Bench at the  136th Westminster Kennel Club Dog Show   

I think this is a Great Pyrenees Mountain Dog - not sure as I couldn't get close to that bench, but it sure looks like one to me. 

I guess I'm a sucker for large dogs. I mean, they were so cute!  

Mastiff backstage at 136th Annual Westminster Kennel Club Dog Show

I mean, how do you resist this beautiful (and friendly) mastiff face?

Or this?

A Young Girl Plays With a Leonberger entry at the 136th Annual Westminster Kennel Club Dog Show.

There were some great creatures in general. As a close second to my beloved Scottie, I really liked the Sky Terrier in the Terrier Group.

A Sky Terrier chills out in the benching area at the 136th Westminster Kennel Club Dog Show.

The ears are the pointy things behind the pigtails.

There's no end to the gorgeous dogs, and most of the animals you see at home are just as wonderful. Yes, we New Yorkers love our dogs and Westminster is right at home among us (even more so when they move the preliminary judging and benching to Piers 92-94 in 2013, thus alleviating some of the incredible crowding we experienced this year and allowing more dogs to enter!). 

New Yorkers love their dogs so much, in fact, that it's known pet owners will pay a premium in rent to have their beloved friends with them. In fact, an apartment my firm listed recently did not rent - in part, we believe, because all cat and dog owners were turned away.  So, landlords, food for thought: better rents to let these adorable creatures keep their masters company.

Do you have a story about how you successfully deal with pet owner tenants? Let me know!

THAT's 700 Square Feet!?!

Found this post on the other day that highlighted a great issue: measuring square footage of a property and whether, or how, to report it.

With prices above $1000 per square foot in many parts of Manhattan, we care about every inch! As mentioned in this blog post, square footage is measured in several ways. In new development condos, for instance, the square footage is measured by the floor plate. That means some of the square footage in the apartment is between the drywall and the studs, unfortunately.

In prewar apartments, square footage is often (but not always) measured from interior wall to interior wall. Why the difference?  Because floorplans for the prewar buildings are often not available. As a result, new layouts are drawn using interior wall measurements only.  So next time you see a 650 square foot prewar and a 650 square foot recent development listing, and one feels a lot bigger, you know why.

The actual issue discussed in this blog post is whether to list the square footage of a property in the marketing materials. The author tells a story of a very particular buyer who tried to back out when the actual square footage differed from the listed amount by less than 1%.  That's a pretty extreme example to me, but it happens.

A colleague of mine doesn't list square footage because she finds that people have different opinions of the same number. Instead, she asks them to tell her how much they think the space is. Predictably, answers vary all over the map.

The truth is that layout greatly affects the perception of square feet. In my opinion, potential buyers will tell you how much usable square footage they see. Does the unit have a long hallway from the entrance to the foyer? Wasted Space. Square bathroom or narrow rectangular bath? The wide square shape may be perceived as larger. Galley kitchen or open kitchen with breakfast bar? That's a toss-up. Some will count the separate kitchen as more space, while others will perceive the narrow kitchen as smaller than it really is.

I've gotten pretty good at figuring out - within 50 square feet or so, how big an apartment is. Sometimes I work forwards. For instance, if a prewar apartment has a 12' x 22' living room and a 12' x 15' bedroom, then total square footage is likely between 750 (if a galley kitchen) and 850 (if eat-in kitchen).  Other times, I work backwards. For instance, if an apartment is a full floor of a townhouse, then you take the size of the town house (ie, 20' wide by 40' long, a typical size in the West Village) and subtract 50-100 square feet for the interior staircase. A longer house makes for a bigger apartment with an interior dining room and/or a second bedroom.

One thing I do not recommend is using a "rule of thumb" or "legendary" square footage. I once knew a seller who represented that his apartment was a certain square footage because "the coop assigns one share per square foot". Unfortunately, the buyer's appraiser found that the real number was nearly 300 square feet less. The buyer cared very much about the square footage and wanted a huge price drop. Turns out he cared about the price per square foot, even though the property appraised for the contract price. He didn't want it unless he was getting a deal, even though he'd been through the apartment several times and felt it met his needs. Ultimately, the sale died.  Moral of story: do take a measuring stick and measure the apartment yourself, even if you "know" what the rough number is.

As a broker (and a person with a decent - though hardly perfect - spatial perception), I appreciate an approximate square footage in the listing information. It helps me understand whether I should even bring a customer to a specific listing, or if it would be too small. I use floorplans and photos to help me make that decision (and the more information a listing has, the more likely I am to shortlist it for a customer).

Bottom line: Measure the property, even if you have documents stating a particular square footage. Always use the word approximate. Provide more visual information to complement the square footage information (floorplans, photos, etc.). It could save your sale.

2 Easy Extras to Keep Up with the Times

When I first moved to New York, I heard all the cliches about New York apartments. They can be small, dark, dingy, etc.  And they had no amenities at all. No air conditioning, no garbage disposal, and absolutely no dishwasher.

Fast forward a decade or so. Landlords now have plenty of very inexpensive options when it comes to two amenities: air conditioners and dishwashers. And, I have to wonder if it's not time that all landlords realized how easy it is to upgrade all units if possible to include those two amenities.

Permanently plumbed dishwashers come in sizes as narrow as 18", which is appropriate for a studio or 1 bedroom apartment. Permanently installed dishwashers are the lowest maintenance option (as opposed to countertop or portable dishwashers) because the hose and drain connections do not have to be touched by the tenants, thus cutting down the possibilities for leaks. Basic models are very affordable . Installation may require the removal of the current counter top and cabinet base, but the look is far more modern, and tenants who would have objected to a lack of cabinet space in general will be less likely when they realize they are giving it up for an amenity. Overall, landlords looking to add a sense of the upscale to their apartments can accomplish it fairly cheaply.

Air conditioning is another amenity I would love to see included. Tenants expect to be running in the summer. Window units are very affordable and much appreciated in each bedroom and living room if possible. Have them installed securely with brackets and good insulation by a super - in the top of the window frame if possible -  so tenants will not be tempted to remove them. Landlords who don't want A/C units hanging out of windows can consider Floor A/C units, which are more expensive but completely interior. The ultimate is installation of Mr Slim ductless A/C units.  Though it is more expensive, the unit lasts much longer, and energy efficiency rebates are available for many of the models.

When I was in college, I sublet a room for a summer share with two other female roommates. Fresh out of the dorms, I was amazed to find out this apartment had a rare commodity - a portable dishwasher. My new prospective roommate said the three girls had each agreed to pay an extra $10 a month - total $30 a month - for a dishwasher. The landlord had agreed and provided a roller-type dishwasher that fit in a corner when not in use but had to be positioned in front of and hooked up to the kitchen sink to operate. The landlord spent $300 on this, made it back in 10 months, and had an amenity that she could tout to future tenants for the next 5-8 years. If she had installed it under the counter, it could have lasted longer. So in the long run, dishwashers pay for themselves.

Certainly there are still many "budget" New York apartments out there, but as the high end gets pushed higher, little traces of luxury in less expensive apartments will raise the bar. Universal dishwashers and A/C are a great place to start. These are the sort of amenity that is still rare enough to be highlighted in the pay-by-the-line newspaper ads, and apartments equipped with these small concessions to modernity will rent faster and for more.