Everything seems brighter in New York City today; the sun is bursting over the fabulous skyscrapers populating the radiant and inviting blue sky. Aside from the warm climate, the sales market is leading with a healthy uptick in movement and pricing. While there are factors that can contribute to the shift in pricing each quarter, in 2014 there seems to be a trend – inventory is low and prices are in the upswing. There are factors that contribute the market conditions, and there is an underlying cycle to the degree that eventually prices will reach a stasis. Subsequently, there is still technically a window of “opportunity” for real estate players. Cash is king, and that is true for buyers who do not need financing. What may be “too expensive” for some, can be an opportunity for others in our global economic landscape. Additionally, in Manhattan, the complexity of zoning and air rights, price for the land, as well as historic landmark allocation in some areas will continue to generate demand for land where development can occur. There is a nice segment of new construction, but in the high-end market, because the incentives to build “affordable” housing have diminished. Companies spend millions trying to crunch numbers and data to hedge identify the exact time, space and mobility of an asset– not even for a solid rock of gold do we know the trajectory, or do we?. The NYC real estate market is fascinating, dynamic, and the exact future of its peak or lack there of, somewhat evasive, but while in the moment – just a slice of the macro dynamics here in NYC.
What makes a restaurant/artistic venue successful in a competitive environment? I do not know. What I do know, however, is that globalization and the continuous erosion of borders, gives an infusion to a contextual and rich multi-layered diaspora in New York City.
I believe that the Lower East will continue to see a dramatic shift in its socioeconomic and artistic position in the coming years. Recent real estate news announced commercial and residential plans for the area. Property owners of small buildings have seen a sharp increase in the resale returns of their assets in the past two years. Transformation is inevitable at a local and global level. Thus, we just have to artistically incorporate the history of each space – the old with the new. We have to test the boundaries by allowing and supporting the opening of venues that might push the limits of what is already in the neighborhood.
What does all of this have to do with Moscow 57? It is a new, and vibrant restaurant/entertainment venue that recently opened in the Lower East Side on Delancey Street. As a local resident, passionate about my neighborhood, I decided to visit the venue. I wondered how I would feel at Moscow 57 – what they had to offer me. Words do not suffice to describe not only the remarkable interior design, but also the people that make the venue. It encapsulates with it, part of the Lower East Side’s rich history and culture, while bringing with it a post-modern and magnificent energy to our neighborhood. Moscow 57 is a not only a host for art, music, and interpersonal expression, but it pours eclectic joy over my beloved Delancey Street. I was able to personally speak to the owners, Ellen Kaye and Seth Goldman – who had time for a little local like me. Peter and Jahad behind the bar, made my world go around, with the infused vodkas and beyond this world martinis; to top the whole enchilada (ok no enchiladas) but the mouth watering Baklava – was a heart felt and outstanding performance by Ms. Ellen Kaye hosting and preforming with the M57 Band that includes Ethan Fein and Benjamin Franklin Brown. This is what dreams are made of, and this is the type of venue that I want to stay forever open in the LES.
Visit Moscow 57 at 168 ½ Delancey Street, New York, NY www.moscow57.com
We are all busy it seems. New York City is a very fast-paced city. Recently, I have noticed, that people are constantly so distracted, they do not listen, they do not take time to respond properly. We are heading towards a speech style that is going to sound more like text. That is, short chopped up sentences that leaves us confused as to the intended meaning of the message. Imagine what would it be like if people paused in the first contact of interaction to say: “hello, how are you today?” pause, and then go on. It is something to think about…..
The Lower East Side continues to move forward in development. Within the next ten years, the area adjacent to the Williamsburg Bride – South, North and East will continue at a similar pace as the land lease on the West 30s of the Hudson. While new apartment buildings will be a mixture of affordable and market rate residencies, the air-rights of existing older walk-ups will be bought and built. One example is the corner retail space of Delancey and Clinton in the Lower East Side. Similarly so, the Seward Park area, will see an influx of new retailers, with concessions to match the residential additions.
Here is the link to the open bid to work on this amazing trajectory …
“http://www.nycedc.com/project/seward-park-mixed-use-development-project”>here is the link to the bid
I was watching a video by Danny Hillis, discussing what would happen if the Internet crashed. He talked about the origins of the infrastructures, and systems, and basically the fact that the Internet as a communications system can be attacked, disrupted – in essence crash. We have found ways to protect information on machines, and structures, but we are still in essence over dependent and vulnerable.
How this relates to real estate? Well, it can relate to anything, I have however noticed a tremendous continuation of dependence on everything on the web to do a transaction. From the databases with listings, to the exchange of documents, to electronic signatures, to the most basic dependence of looking for properties on various websites. I think it is helpful to have a back up system – perhaps not note cards stashed with addresses and prices, but something where if the Internet goes down, we can still manage
I realize that the real estate landscape will continue to change, because of tech innovation, communication, mediums, and choices that people currently have. Most buyers and renters, start their process, with an online-search, and there are a variety of sources, that allows him or her to search for their apartment of their dreams. Part of our philosophy, includes being able to be open to new ways to service our prospective consumers. Manhattan Life Real Estate, is able to provide that prospective renter, seller, or buyer, choices. If you are a seller, and want to just utilize part of our services, that we, as licensed real estate brokers, can provide, then, he or she can pay a monthly fee, a consultation fee, or a percentage of a broker’s fee at closing, that will be contextually relevant to that deal. We do not believe in “general” rules, as they apply, we believe in being able to respond to the budgets, and needs of each person in a real estate transaction. We are looking forward to being part of an innovative solution to the high brokerage prices, being able to respond to the change in the landscape. Feel free to inquire about our real estate menu.