new york city: The intense interest in m127 auction is ironic - 07/08/10 02:35 AM
When my recent posts on the auction of six condos in a new development called m127, at 127 Madison Avenue, generated a record number of page views on my blog, I was struck by an irony.
What hit me – ouch! – was the difference between the number of people who registered to bid for the apartments, which were developed between 30th and 31st streets in Manhattan, and the number of buyers who rush headlong from competition in other purchase situations.  To them, the very idea of a bidding “war” is anathema.
But I’ll bet many of these same potential buyers … (0 comments)

new york city: How does your garden grow? - 07/02/10 03:20 AM
Humboldt Spotted Lily (Photo by Jon Siess)
Nearly as rare as a Humboldt Spotted Lily is the city dweller who doesn’t yearn for outside space.
More often than not, it is garden space that buyers crave, a chance to dig into friable earth, raise a crop of juicy tomatoes and impress neighbors with a postage stamp lush with fragrant iris, iridescent roses or plumes of ornamental grass.
Ah, but the price such buyers pay!  Not only do such places command a premium – there is only so much vacant land in Manhattan – but the tradeoff for a garden may be … (2 comments)

new york city: Guest post: 10 rules for renting your condo right - 06/30/10 10:50 AM
What appears to be the beginning of a beautiful landlord-tenant relationship can turn ugly faster than you think.  So notes seasoned real-estate lawyer Ron Gitter, whose sage advice has graced this blog before and whose Web site contains much more valuable information. 
"Perform your due diligence when you intend to hand over your precious property to a stranger, or even a friend or relative," he counsels.  Ron continues:
"For your peace of mind and financial security, consider all the issues that might have an impact the tenancy.  Be upfront about any conditions in the apartment that may be of concern … (3 comments)

new york city: If you just can’t get enough of the m127 auction in Manhattan, read this - 06/28/10 03:52 AM
 
This poorly illuminated photo may give you some idea of the crowd.
In the event you want to see the official press release from Paramount Realty USA on yesterday’s auction of six condos at the building called 127m, at 127 Madison Ave. in Manhattan, I figured I’d make available the first of nearly two and a half pages of the eight-page press release issued by its public relations firm (the remainder being even more fluff).
But first, I’d like to point out that I’m always tempted to say an auction can be the best determinant of market value.  Unfortunately, there … (2 comments)

new york city: m127 auction in Manhattan enjoys brisk bidding, modest prices - 06/27/10 12:21 PM

Hiding in the dark at the left is the auctioneer (thanks to my limited flash).
An estimated 250 individuals filled the room in which six new condos listed for a total of $12.25 million in a building called m127 went up for auction today.
In bidding that accelerated in mere seconds before nearly reaching the final price, the units at 127 Madison Ave. in Manhattan sold for $8,431,500 including a 5 percent buyer’s premium.  The total represented a discount of 31 percent.
Excluding the penthouse, the price per square foot averaged $821, which strikes me as rather low for a … (0 comments)

new york city: Terms of condo auction at m127 are changed - 06/26/10 03:21 AM
Purchasers who forked over $30 for a bidding package learned minutes ago that the developers of the building at 127 Madison Avenue in Manhattan no longer face foreclosure.
According to an announcement by Paramount Realty, which is conducting the auction, “as of Friday, June 25, 2010, Bank of Smithtown has been satisfied in full.”  The statement continues:
The Sponsor wants to assure you that they can and will close with every buyer at today’s auction.
Referring to today’s lending environment, the announcement said further that the seller will grant a 30-day extension to the original 30-day closing date provided that the … (0 comments)

new york city: Interest is heats up for absolute auction of condos - 06/24/10 08:25 AM
Flickr photo by Capture Queen.
Although I have been writing about real estate auctions for some time, the interest that I have observed in the selling of six condos at 127 Madison Avenue in Manhattan this coming Sunday at the Roosevelt Hotel has been intense.
Hundreds of readers have looked at my posts on the auction, an unprecedented four readers have called me for advice on the sale, and two asked me to represent them at the auction (before I explained to them the hazards that they faced if their bids were accepted).
Paul Jaber, a hedge fund executive who studied … (0 comments)

new york city: New York City is to auction off apartments and houses in Queens, Brooklyn - 06/14/10 12:23 AM
The minimum bid for this Bayside property is $338,000.
The public administrator in Queens is auctioning off 10 co-ops, one condo and 18 single-family houses, each of them left by owners who died without a will.
The estate auction takes place June 29 at 11 a.m. at 88-11 Sutphin Blvd., Room 62, Jamaica.  Inspection will be June 26-27 between 10 a.m. and 1 p.m.
Regarding the co-ops below, the contracts will be nullified and deposit returned in the event that a board rejects a successful bidder.
Apartments (upset prices provided):
87-15 204th St., Apt. B57, Hollis, $64,000 86-15 Dongan Ave., Apt. … (0 comments)

new york city: What to make of a Times story on stalling sales? - 06/11/10 10:52 AM
An article in the New York Times today does little to inspire confidence in the Big Apple’s housing market.  In case you missed it, the long piece by Vivian Toy begins this way:
This year, the burst of real estate action that marks the spring season came early in New York. Manhattan saw a big sales spike in March, well before the market’s usual busy season in May and June. But now, instead of going into the expected overdrive, some brokers say, sales have started to stall.
That could simply mean that spring arrived and ended early, as buyers gained confidence … (0 comments)

new york city: Why I write what I write - 06/11/10 01:47 AM
(Flickr photo by NIOSH)
I am living proof that old journalists won’t even fade away.
Years after I left traditional journalism and went on to at least three other careers, I can’t seem to stop writing.  In fact, I am writing so much that I have developed a mild case of carpal tunnel syndrome.
Unshackled from the restraints of editors and the necessity of charming sources, I am free to write what I want when I want – and write and write.
I produce two publications: my e-newsletter, Realty Digest, which I started in Washington, D.C. as a modest weekly exercise … (1 comments)

new york city: There is nothing like a closing. Thankfully. - 06/08/10 11:06 AM
The truth is I hate closings, which are as ritualized as a religious service. They never start on time. A key individual always is late. The amount of paperwork is oppressive, and the time taken for lawyerly explanations and writing signatures drags as slowly as a dial-up connection.
Photo by Orin Zebest on Flickr
What brings up this topic is the closing I attended in a stuffy office in lower Manhattan not long ago. I always go to see a transaction through to its conclusion and provide whatever comfort I can to invariably anxious clients.
Along with the buyer, whom I … (13 comments)

new york city: With bargains at auction, there often is more than meets the eye - 06/07/10 02:29 AM
 
Model apartment at the m127 condominium.
Potential bidders may snag a baragain in the auction June 27 of unsold condos in a small new development in the heart of Manhattan. 
Or, they may get more than they bargained for. 
Indeed, winning bidders may well regret their success at the absolute auction of five of the condos plus the penthouse (subject to the seller’s confirmation and, therefore, not an absolute sale) at 127 Madison Avenue, dubbed m127.
It turns out there is much information about the auction that perhaps will proves instructive regarding auctions in general, a veritable testament to caveat … (0 comments)

new york city: Is it a losing battle for brand-name brokerages? - 06/03/10 03:37 AM
Are new business models winning a fight with older brokerages? (Flickr photo by red betty black.)
The new June issue of the Real Deal has a piece about an unsurprising development among brokers.  In the article, which correctly quotes me, writer Candace Taylor notices that many brokers are questioning the value of their affiliation with name-brand firms in New York City.
Referring not only to commission splits but also to annual fees up to $5,000 that brokers must pay their firms, plus errors and omissions insurance, Taylor notes:
Most agents are willing to fork over the cash in exchange for the … (48 comments)

new york city: Price can cause stumble in running board gauntlet - 06/02/10 02:56 AM
 
"Running the Gauntlet" by amber in norfolk on Flickr.
One of the most pernicious aspects of purchase approvals by the boards of co-operative apartment buildings in Manhattan has to do with price.
Boards have an obvious interest in analyzing whether prospective shareholders have the financial resources to keep their monthly maintenance charges from falling into arrears.
They also want to ascertain, so far as possible, whether the buyers will be involved and pleasant members of their small community.  Are they nice?  Do they give big parties?  Are they noisy?  Does their application appear to be truthful?
Some boards also like … (0 comments)

new york city: With little to fear, Manhattan brokers test ethical standards - 05/30/10 12:35 AM

Flickr photo by marttj
BROKER WARS: Tales from the Front
This is Part 2 of a my three-part series on broker ethics in New York City.
State law outlines a real estate agent’s fiduciary responsibilities to their clients, including obedience, loyalty, disclosure of information, confidentiality and accountability as well as reasonable care, skill and diligence.
Yet not one of the brokers in Part 1 of this series has complied with his or her obligation to serve the best interests of their clients.  They are not alone, and the widespread practice of ignoring the law’s strictures is deplorable and disgraceful.
To … (1 comments)

new york city: The price is right, isn’t it? - 05/28/10 01:37 AM
Do sellers understand that. . .
. . . prices have. . .
 
. . .fallen?
I’ve written in the abstract about sellers who don’t grasp the true value of their properties.
Welcome now to the real world.
A former client of mine–twice!–has been telling me she wants to trade for another place on one level the duplex co-op that I sold her almost three years ago.  She and her husband paid $2 million for the two-bedroom, two-bath unit on Manhattan’s Upper West side, and they have invested another $100,000 in improvements to what already was a lovely apartment.
If … (2 comments)

new york city: Buyers in Manhattan greet city concerns about balcony safety with big yawn - 05/25/10 02:19 AM
Nice balconies and views, but the city demands, "Keep off."
A woman I know called me in great distress last week to ask whether there was some way she could back out of her contract to buy a $560,000 one-bedroom co-op in a building that the city has cited for having potentially unsafe balconies.
Of course, I told the woman, who is not my client, to consult her attorney since the contract would provide the last word and it is not my habit to jeopardize my license by practicing law.
At the same time, I expressed doubt that there was any … (0 comments)

new york city: Condos slated for auction in Manhattan, Brooklyn - 05/24/10 02:17 AM
On Wednesday, a two-bedroom unit in this Canarsie condominium goes on the block. As for the Manhattan units, June 27.
A foreclosed 1,063-sf apartment that has two bedrooms and one bath in the 1989 Brook Club Condo, which has a pool, is to be auctioned on Wednesday.  At 1229 E. 80th St., unit 180 will go on the block with an opening bid of $50,000.
Monthly fees of $185 include  common area maintenance and insurance, exterior maintenance and insurance, lawn care, snow removal, trash and water.
An outfit called Williams & Williams is conducting the auction at 4:30 p.m. on May … (0 comments)

 
Malcolm Carter (Charles Rutenberg Realty LLC)

Malcolm Carter

Manhattan, NY

More about me…

Charles Rutenberg Realty LLC

Address: 127 E. 56th St., New York, NY, 10025

Office: 212(688) 100-0355

Mobile: (347) 886-0248

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