Paul Macapagal's (pmacapagal) Blog

New York Income Tax Changes for 2009

Paul Macapagal, NYC Sales Expert (Town Residential) — Wed, 10 Jun 2009 02:39:35 -0700

Recently, New York State enacted new tax laws that include a significant increase in personal income tax for upper-income taxpayers.Personal Income Tax IncreaseRetroactive to January 1, 2009, two new personal income tax brackets are established on top of the current top tax rate of 6.85%. The rate increases to 7.85% for married couples filing joint with incomes over $300,000; for head of household filers with incomes above $250,000; and for single filers with income over $200,000. The rate increases to 8.97% for all filers with incomes above $500,000.Phase-out of Itemized DeductionsRetroactive to January 1, 2009, taxpayers with a New York adjusted gross income over $1 million may not claim any itemized deductions except for 50% of their charitable deductions. Previous law for taxpayers earning $525,000 or more allowed 50% of all NY eligible itemized deductions.Supplemental Wage Withholding RatesEffective May 1, 2009, for all supplemental wages, (bonuses, stock award vesting's, option exercises, etc.) - regardless of amount - the New York State withholding rate will increase to 11.03% from 7.35%. This applies to all supplemental payments, regardless of one's adjusted gross income. The New York City supplemental wage withholding rate remains unchanged (4.0%). Quarterly Estimated TaxesAll New York taxpayers (resident and non-resident) must now be current on their tax liabilities based on the new rates. As a result, you may need to adjust your 2009 New York income tax withholdings and/or make estimated tax payments during 2009 to avoid any penalties. Note that if you are basing 2009 estimated tax payments on the 2008 "safe harbor amount", the 2008 tax must be recomputed using the new 2009 tax rates. If you have any questions please contact your personal tax advisor

Average prices per foot in the first quarter

Paul Macapagal, NYC Sales Expert (Town Residential) — Thu, 09 Apr 2009 01:59:17 -0700

The Real Estate Board of New York has weighed in on the local housing market in the first quarter, presenting a rather comprehensive body of stats that spills out into all boroughs and that shows, like reports last week covering Manhattan, drooping sales and largely steady prices. Average prices per foot in the first quarter:Manhattan $1,162Bronx $240Brooklyn $368Queens $316Staten Island $262Median prices:Manhattan $846,000Bronx: $360,000Brooklyn: $457,000Queens: $390,000Staten Island: $369,000

This is great!!! vents!

Paul Macapagal, NYC Sales Expert (Town Residential) — Tue, 03 Mar 2009 00:07:48 -0800

Dispute Between Neighbors A city councilman in Utah , Mark Easton, had a beautiful view of the east mountains, until a new neighbor purchased the lot below his house and built a new home. The new home was 18 inches higher than the ordinances would allow, so Mark Easton, mad about his lost view, went to the city to make sure they enforced the lower roof line ordinance. The new neighbor had to drop the roof line, at great expense. Recently, Mark Easton called the city, and informed them that his new neighbor had installed some vents on the side of his home. Mark didn't like the look of these vents and asked the city to investigate. When they went to Mark's home to see what the vents looked like, this is what they found... SCROLL DOWN!!!!!!!

Interesting facts About NYC

Paul Macapagal, NYC Sales Expert (Town Residential) — Wed, 18 Feb 2009 11:00:48 -0800

New York City is the most populous city in the United States. The city was the capital of the US for 5 years, 1785-1790. NYC is one of the most energy efficient cities in the US due to a high population density, low automobile use, and easily accessible public transit. The most visited city park in the US is in NYC - Central Park. New York is one of the only major cities in the US with drinking water that doesn't require water treatment plant purification.

Free Mini Cooper....Go get'em What a great marketing ploy

Paul Macapagal, NYC Sales Expert (Town Residential) — Tue, 10 Feb 2009 04:17:58 -0800

The broker who leases a retail space at 717 Madison Avenue will receive a 2009 Mini Cooper in addition to his or her commission, according to the exclusive agents for the space, Faith Hope Consolo, chairman, and Joseph Aquino, executive vice president of Prudential Douglas Elliman's retail leasing and sales division. The Mini Cooper is valued at approximately $25,000. The 4,400-square-foot space, which has an asking rent of $2 million per year, consists of 1,900 square feet at ground level, 1,900 square feet on the second level, and 600 square feet in the basement of the building, which is between 63rd and 64th streets. The entire space would have to be leased for the broker to get the car, according to Consolo. The broker's commission would depend on the size of the deal.

Price cuts in Manhattan?? where??

Paul Macapagal, NYC Sales Expert (Town Residential) — Tue, 10 Feb 2009 04:14:10 -0800

Manhattan neighborhoods with the most price cutsThese neighborhoods have seen the highest percentage of sellers cutting prices from quarter three to quarter four 2008:Beekman - 50.6% of listings cut pricesManhattan Valley - 45.7%East Village - 43.1%Central Park South - 41.9%SoHo - 41.7% Manhattan neighborhoods with the deepest price cutsThese neighborhoods have seen the most significant price cuts from quarter three to quarter four 2008:Clinton - 10.93% average discountTribeca - 10.83%Flatiron - 10.35%Central Harlem - 8.58%East Harlem 9.98%

NorthSide Piers Price Drop

Paul Macapagal, NYC Sales Expert (Town Residential) — Tue, 10 Feb 2009 03:54:23 -0800

With the second Northside Piers tower rising fast on the Williamsburg waterfront, the nearby Edge providing stiff competition and the rent-to-own thing having perhaps run its course in terms of marketing bang, developer Toll Brothers is relying on an age-old strategy to clear out inventory: pure, uncensored PriceChoppage. While the penthouses and most-expensive units at One Northside Piers were left unharmed, a large crop-over 30 units-are a bloody mess. A quick scan of StreetEasy to survey the wreckage shows reductions up to 25 percent in some cases, including this 11th-floor 3BR unit, marked down to $894,990 from an ask of over $1.2 million. For any cautious Northside Piers observers, dare we say that now is the time to buy?

Kravitz Tribeca Pad Now off the Market...

Paul Macapagal, NYC Sales Expert (Town Residential) — Tue, 10 Feb 2009 02:44:03 -0800

Even the Celebrities are have Real Estate Troubles. I guess it goes to show that a celb owned apt are not immune to declining prices. Lenny Kravitz has been trying to sell his penthouse at 30 Crosby Street for the past few years; most recently, he slashed the price of the loft from $18.75 million to $14.995 million. Is he now planning to give up entirely? Over the weekend, the listing for Kravitz's 6,000-square-foot pad was pulled down from the Corcoran website, although whether the rocker plans to try again with a new broker is any body's guess

Toll Brothers Slashes Brooklyn Condominium Prices by Up to 37% ...Northside Piers

Paul Macapagal, NYC Sales Expert (Town Residential) — Tue, 10 Feb 2009 02:05:08 -0800

Toll Brothers Inc the largest U.S. luxury homebuilder, is slashing prices on its Brooklyn condominiums by as much as 37 percent to spur sales after its unsold inventory spent two years on the market.Prices at the eastern tower of the waterfront Northside Piers project in Williamsburg were reduced starting Feb. 3 for all types of apartments, Toll is now selling two-bedrooms starting at $690,000, down 21 percent from $869,000 at the beginning of last week. Three- bedrooms now start at $860,000, down 20 percent from $1.075 million. Penthouses now cost $950,000, down $1.5 million Units at One Northside Piers have been on sale since January 2007

Video on Twitter

Paul Macapagal, NYC Sales Expert (Town Residential) — Mon, 09 Feb 2009 10:23:27 -0800

Have you ever wondered how to be a little more personal on Twitter. Well now you can. I came across www.bubbletweet.com. It allows you to connect with your readers with a personal 30 sec video message recorded by you. It was so very easy to set up and I have had a lot of positive feedback from the viewers that have viewed my Twitter page. So get out there and start giving your Twitter page a more personal touch

Free Website.... no really its free!!!

Paul Macapagal, NYC Sales Expert (Town Residential) — Mon, 09 Feb 2009 10:06:44 -0800

Ok here is the scoop I was surfing the web and I came across a website, www.synthasite.com This site enables anybody to have create and host a site, and yes.... for free. They make desiging a web site very easy. If you have ever designed a blog this will be a piece of cake. Also the fact that you do not have to pay hosting fees, kinna takes the excuses out of the equation. This site will give you your own url but if you have a special one you would like to use, you can transfer it also at no charge. Imagine making a personal website for every listing you have. You can upload video, pictures, and picture slideshows. So go out there and start making a branded website. last but not least...."sell like hell"

NYC New York City Buildings with Golf Amenities

Paul Macapagal, NYC Sales Expert (Town Residential) — Mon, 09 Feb 2009 09:42:21 -0800

If you have a passion for the greens, and no I am not talking about money or eating your vegetables. I am talking golf. For those of you who practice your swing in your sleep, this is for your. Here is a list of buildings in NYC that will fix your itch to hit the links. If you are looking to rent or buy... I've got you covered!!!Platinum - 247 West 46 St - condo -Virtual Golf Simulation1600 Broadway - condo -Virtual Golf Simulation and Outdoor Putting greens20 Pine St - condo - Virtual Golf Simulation1 River Place - rental - 42nd St between 11 Ave & 12 Ave - Practice Green111 Worth St/Broadway & Lafayette -rental - driving range150 East 44 St - rental - driving range90 Washington St - rental - outdoor driving range

Stimulus Package Explaned....

Paul Macapagal, NYC Sales Expert (Town Residential) — Mon, 09 Feb 2009 09:39:24 -0800

I received this in my email and I found it very interesting. I am sure you can draw your opinons..... "This year, taxpayers will receive an Economic Stimulus Payment. This is a very exciting new program that I will explain using the Q and A format: Q. What is an Economic Stimulus Payment? A. It is money that the federal government will send to taxpayers. Q. Where will the government get this money? A. From taxpayers. Q. So the government is giving me back my own money? A. Only a smidgen. Q. What is the purpose of this payment? A. The plan is that you will use the money to purchase a high-definition TV set, thus stimulating the economy. Q. But isn't that stimulating the economy of China ? A. Shut up. Below is some helpful advice on how to best help the US economy by spending your stimulus check wisely: If you spend that money at Wal-Mart, all the money will go to China . If you spend it on gasoline it will go to the Arabs. If you purchase a computer it will go to India . If you purchase fruit and vegetables it will go to Mexico , Honduras , and Guatemala (unless you buy organic). If you buy a car it will go to Japan . If you purchase useless crap it will go to Taiwan . And none of it will help the American economy. We need to keep that money here in America . You can keep the money in America by spending it at yard sales, going to a baseball game, or spend it on prostitutes, beer and wine (domestic ONLY), or tattoos, since those are the only businesses still in the US

New York City Buildings with a Pool

Paul Macapagal, NYC Sales Expert (Town Residential) — Mon, 09 Feb 2009 09:30:26 -0800

165 Charles Street200 Chambers Street15 Broad Street2000 Broadway2770 Broadway1 CPW15 CPW25 Columbus Circle80 Columbus Circle325 Fifth Avenue425 Fifth Avenue630 First Avenue7 Hubert Street421 Hudson Street1 Irving Place79 Laight Street3 Lincoln Center40 Mercer Street280 Park Avenue South200 Rector Place280 Rector Place380 Rector Place200 Riverside Boulevard220 Riverside Boulevard240 Riverside Boulevard845 United Nations Plaza200 WEA25 West Houston Street2 Worldwide Plaza3 Worldwide Plaza143 E 34415 E 37330 E 38250 E 40235 E 40240 E 47250 E 5460 E 55117 E 57151 E 58340 E 64200 E 65220 E 65304 E 65422 E 72524 E 72530 E 76300 E 77404 E 79171 E 84350 E 82455 E 86120 E 87170 E 87200 E 89350 W 42635 W 42500 W 43150 W 56146 W 57301 W 57161 W 6120 W 6443 W 64201 W 72225 W 83250 W 90275 W 96

Maple Syrup Smell... Mystery Solved

Paul Macapagal, NYC Sales Expert (Town Residential) — Thu, 05 Feb 2009 23:40:41 -0800

Ok the case is now solved. New York City officials have discovered the source of a mysterious maple syrup smel that has enveloped the city (Manhattan in particular) at various times since 2005. The culprit: a New Jersey facility that processes flavors and fragrances. The company processes fenugreek seeds which is responsible for that sweet aroma in NYC. I dont know about you, but I am going to miss that smell.

The Williamsburg Bridge

Paul Macapagal, NYC Sales Expert (Town Residential) — Fri, 30 Jan 2009 06:27:45 -0800

I did a little post processing on this image. know it looks a bit artificial, but i just wanted to point out the power of a DSLR camera. In the original picture, the underside of bridge was black. But with the aid of photoshop lightroom, the underside of the bridge became visible

Picture of Battery Park City and a Sail Boat

Paul Macapagal, NYC Sales Expert (Town Residential) — Fri, 30 Jan 2009 06:19:40 -0800

I was attending a party on a party boat going around New York City . I managed to snap this shot with my DSLR Canon camera. You are looking at the very southern tip of NYC, Battery Park City. In my past life I worked in finance and actually worked in the round building..17 State St.

Facebook and Twitter Working as one

Paul Macapagal, NYC Sales Expert (Town Residential) — Mon, 26 Jan 2009 13:40:17 -0800

As we all know that Facebook is a great networking marketing tool. Now Twitter has become the next best thing. Both have the capability to update your followers with what you are doing. I am going to show you how to work smarter not harder. In Facebook you have the ability to add Twitter to your applications. Once you have it installed and you have put your Twitter user name and password.... They are now linked. If you update your Facebook status, your Twitter acct. will be updated automatically. And vice versa. Just another way to save time from your buzy lives

You know you are a New Yorker when.....

Paul Macapagal, NYC Sales Expert (Town Residential) — Thu, 08 Jan 2009 07:32:37 -0800

1.You say "the city" and expect everyone to know that this means Manhattan. 2.You have never been to the Statue of Liberty or the Empire State Building. 3.You can get into a four-hour argument about how to get from Columbus Circle to Battery Park at 3:30 on the Friday before a long weekend, but can't find Wisconsin on a map.4.Hookers and the homeless are invisible. 5.The subway makes sense. 6.You believe that being able to swear at people in their own language makes you multi-lingual. 7.You've considered stabbing someone just for saying "The Big Apple". 8.The most frequently used part of your car is the horn. 9.You call an 8' x 10' plot of patchy grass a yard. 10.You consider Westchester "upstate". 11.You think Central Park is "nature." 12.You see nothing odd about the speed of an auctioneer's speaking. 13.You're paying $1,200 for a studio the size of a walk-in closet and you think it's a "steal." 14.You've been to New Jersey twice and got hopelessly lost both times. 15.You pay more each month to park your car than most people in the U.S. pay in rent. 16.You haven't seen more than twelve stars in the night sky since you went away to camp as a kid. 17.You go to dinner at 9 and head out to the clubs when most Americans are heading to bed. 18.Your closet is filled with black clothes. 19.You haven't heard the sound of true absolute silence since the 80s, and when you did, it terrified you.20.You pay $5 without blinking for a beer that cost the bar 28 cents. 21.You take fashion seriously. 22.Being truly alone makes you nervous. 23.You have 27 different menus next to your telephone.24.Going to Brooklyn is considered a "road trip." 25.America west of the Hudson is still theoretical to you. 26.You've gotten jaywalking down to an art form. 27.You take a taxi to get to your health club to exercise. 28.Your idea of personal space is no one actually standing on your toes. 29.$50 worth of groceries fit in one paper bag. 30.You have a minimum of five "worst cab ride ever" stories. 31.You don't notice sirens anymore. 32.You live in a building with a larger population than most American towns. 33.Your doorman is Russian, your grocer is Korean your deli man is Israeli, your building super is Italian, your laundry guy is Chinese, your favorite bartender is Irish, your favorite diner owner is Greek, the watchseller on your corner is Senegalese, your last cabbie was Pakistani, your newsstand guy is Indian and your favorite falafel guy is Egyptian. 34.You're suspicious of strangers who are actually nice to you. 35.You secretly envy cabbies for their driving skills. 36.You think $7.00 to cross a bridge is a fair price. 37.Your door has more than three locks. 38.Your favorite movie has DeNiro in it. 39.You consider eye contact an act of overt aggression. 40.You run when you see a flashing "Do Not Walk" sign at the intersection. 41.You're 35 years old and don't have a driver's license. 42.You ride in a subway car with no air conditioning just because there are seats available. 43.You're willing to take in strange people as roommates simply to help pay the rent. 44.There is no North and South...45.It's uptown or downtown. 46.When you're away from home, you miss "real" pizza and "real" bagels. 47.You know the differences between all the different Ray's Pizzas.48.You're not in the least bit interested in going to Times Square on New Year's Eve. 49.Your internal clock is permanently set to know when Alternate Side of the Street parking regulations are in effect. 50.You know what a bodega is. 51.You know how to fold the New York Times in half, vertically, so that you can read it on the subway or bus without knocking off other passenger's hats. 52.Someone bumps into you, and you check for your wallet..... 53.You cringe at hearing people pronounce Houston St. like the city in Texas 54.Film crews on your block annoy you, not excite you. 55. People from other states cant tell a polar bear from a peanut, but they know you're from NY the second you open your mouth.56. When you are able to make a right turn at a red light.. you think it's the best thing ever.57. Rather than waiting safely on the sidewalk to cross the street, you wait inches away from speeding traffic waiting to cut through it.58. Your local news is national news.59. You walk a mile in 13 minutes and think that everything should be open 24/7.60. You know who Dr. Z is...61. You think you know better than everyone else in the world.. when in reality.. well.. you do.62. Yellow light means speed up.63. Red light means speed up because you know have that 1 second pause until the other light turns green.64. Communicating with people on the road only takes one finger.65. You order your dinner and have it delivered.. from the place across the street.66. You cross the street on a greenlight, and if you get hit by a car you blame the driver for "not watching where they're going.67. You can tell a gunshot from a firecracker and not get scared, but when you go to the burbs you get scared of hearing a cricket.68. You know the lights above the skyscrapers is the closest thing we have to stars.

Alternatives to foreclosure are;

Paul Macapagal, NYC Sales Expert (Town Residential) — Thu, 23 Oct 2008 01:52:09 -0700

1. A workout: this involves restructuring the loan with the loan holder; this can be done many ways which usually involves either lowering interest rates (don't count on it), accruals of interest, or extended maturity dates. Ultimately, most lenders don't want to have a mortgage in default and have to foreclose; they would prefer to work something out with the borrower. 2) Transfer of the mortgage to a new owner (transferability is dictated by the mortgage signed at closing); Mortgagors that are unable or unwilling to meet their mortgage obligations may be able to find a purchaser who can purchase the property from them before foreclosure happens. Of course, this may come at a huge loss of equity and possibly the mortgagor having to bring some funds to the closing, but it is more attractive than a foreclosure that ruins credit. I have also seen someone buy the place and leave the mortgagor in place as a rental tenant; it all depends on the price, etc. 3) Friendly foreclosure: This is a mortgagor who submits to the jurisdiction of the court and any right to assert defense or claims. This shortens the time a foreclosure takes. As a mortgagor, this should be one of the last resorts, next to a bankruptcy. 4) Prepackaged bankruptcy; This is very detailed and I would advise someone speaking with a Bankruptcy attorney. 5) Voluntary conveyance of the title to the mortgagee. Still ruins credit. The best possible alternatives to foreclosure are the first two options above. I have helped people find investors who were willing to buy properties at the balance of the note amount, sometimes a little less, and this has saved the mortgagor. It most likely is a tougher road to home in the co-op market.

My quote of the day!!!!

Paul Macapagal, NYC Sales Expert (Town Residential) — Wed, 22 Oct 2008 05:51:15 -0700

Hello fellow brokers out there. I just wanted to share a quote the I heard the other day. Some of you may have heard it before but when I heard it, it made me stop what I was doing and think really hard. I hope it will do the same to you. "In order to achevie the goals you have never reached.... you must do, what you have never done!!! Especially in a market like this.. I hope you will be inspired like i was!

Top broker ....Dolly Lenz....... says Blackberry!!!!

Paul Macapagal, NYC Sales Expert (Town Residential) — Tue, 21 Oct 2008 07:04:02 -0700

He is a link to the Blackberry website. http://www.blackberry.com/select/realestate/?CPID=BAC-ST-Q3-RE-02&cp=BAC-ST-Q3-RE-02 This is impressive. Basically Dolly Lenz states that her Blackberry and her hard work is the key to her success. I actually agree with her. Once i got my hands on a Blackberry, I never looked back and I probably never will. Go Blackberry......

Almost another record sale in NYC for 2008...

Paul Macapagal, NYC Sales Expert (Town Residential) — Wed, 07 May 2008 05:44:16 -0700

According to city records, on April 7 a deal was finalized for a condo at the Plaza Hotel at 768 Fifth Avenue for an asthonishing price of$45.1 million dollars. The record so far this year was $46 million for a duplex penthouse co-op that boasts 17 rooms at 1060 Fifth Ave. This just goes to show that New York City is still basking in a very healthy market. It really doesn't look like NYC has even skipped a beat. Congrats to these top notch brokers.

NYC Tax photographs from 1939 and 1941 for sale...

Paul Macapagal, NYC Sales Expert (Town Residential) — Tue, 08 Apr 2008 10:04:19 -0700

Between 1939 and 1941, the city photographed every house and building in the five Boroughs. Copies of these unique images are now avaliable for purchasehttp://mail.elliman.com/exchweb/bin/redir.asp?URL=http://www.nyc.gov/html/records/html/taxphotos/home.shtml These could make an amazing closing gift.... Let them know that you care

Top 50 Real Estate Websites.....

Paul Macapagal, NYC Sales Expert (Town Residential) — Tue, 08 Apr 2008 09:55:41 -0700

Hello fellow buyers, renters, sellers, investors...A colleague of mine sent me this to me in an email and thought it would be a great resource to share with the real estate community. If there is anything you are looking for realestate wise, I am pretty sure you could find it in this list. Check them out!!!!http://www.intlistings.com/articles/2008/top-50-web-20-real-estate-sites/