Brooklyn Real Estate Q&A and Info

On April 22, 2009, the City Council approved Bicycle Parking Text Amendment that goes into effect immediately.  What does the amendment do?

It requires indoor, secure bicycle parking in all new developments.  The new regulation applies to multi-family residential buildings (such as condos and coops), community facilities (such as strip malls & shopping centers), and commercial buildings (such as office building), including public parking garages.

This is a fantastic step towards decreasing the greenhouse gases being released into the air here in Brooklyn, as well as the rest of the city. By having secure places for cyclists to place their bicycles both at home and at their place of employment, more people will use cycling as a means of transportation.  Great for the environment and great exercise.

Kudos to the City Council

Here’s a little article posted in the New York Times about the proposed Fulton Street Business Improvement District (BID).

The BID will run along Fulton Street from Rockwell Place all the way to Classon Avenue which passes through both Ft Greene and Clinton Hill. Business that are located in the BID will be required to pay a fee. The fee covers extra security, street cleaning and holiday decorations as well as marketing efforts and other items to improve the area.

Opponents of the BID, particulary in the Clinton Hill end of the mile long stretch the BID covers, are worried that the cost will cause their already failing business to totally collapse.

To see the benefits of a BID, you just have to walk a few blocks over to Myrtle Avenue. When I first moved into the area, Myrtle was not a very inviting place to shop, and I would typically either go to Downtown Brooklyn, or Manhattan to buy what I need. Now, Myrtle Avenue is well lit and cleaner with many new shops and restaurants.  I can now say I shop on Myrtle Avenue weekly.

The Myrtle Avenue BID helps merchants get new signage and provides other benefits that, from my consumers point of view, has only helped to make Myrtle Avenue more vibrant, which in turn must have helped merchants make more money.

Time will tell whether or not a Fulton Street Bid will help do the same for the ailing portions of Fulton Street that the Myrtle Avenue BID has done along Myrtle Avenue.

US News and World Report has published its latest list of the top 100 Public High Schools in the nation. They compiled the list by examining the data from 21,069 schools from the 2006-2007 school year. They used a three step process to determine a schools eligibility for the list, and the schools ranking. For a detailed explanation of the criteria they used, go to usnews.com.

Eight High Schools in New York City made the list, one right here in Brooklyn. Brooklyn Technical High School in Fort Greene Brooklyn ranked #67. The other New York City Public High Schools that made the top 100 are as follows:

#23 – Stuyvesant High School – New York, NY 10282
#29 – High School of American Studies at Lehman College – Bronx, NY 10468
#31 – Dual Language and Asian Studies High School – New York, NY 10002
#32 – Staten Island Technical High School – Staten Island, NY 10306
#33 – Bronx High School of Science – Bronx, NY 10468
#48 – Queens High School of Science of York College – Jamaica, NY 11451
#67 – Brooklyn Technical High School – Brooklyn, NY 11217
#71 – Townsend Harris High School – Flushing, NY 11367

The inclusion of so many New York City Schools on this list, 8 out 27,000 schools nation wide, is a big accomplishment and shows that the city’s public school system, though not perfect, does have some bright spots.

This question comes up all the time, especially when I am working with a buyer who is looking to purchase a property that has “rent regulated” apartments, a term that encompasses both rent controlled and rent stabilized apartments.

The New York State Division of Housing and Community Renewal (DHCR) is responsible for the enforcement of the rent regulation laws, and can reduce rents and/or penalize owners that break them.

Rent Control

The older of the two rent regulation laws, rent control generally applies to buildings constructed before 1947.  It limits the amount an owner can charge tenants for rent, restricts their ability to
evict tenants, and ensures that they provide their tenants with essential services.

A maximum base rent (MBR) is established for each rent controlled apartment and if the landlord provides essential services and has no violations, every two years the rent can be adjusted up to 7.5 percent to reflect changes in operating costs.   Tenants can challenge the rent adjustments if they are not receiving the services they are entitled to.

With DHCR approval, rents can also be increased because of increased fuel costs, owner hardship, if the owner increases services or equipment, makes capital improvements to the entire building, or makes improvements to an apartment.

Rent Stabilization

Generally, rent stabilization covers buildings built after 1947 and before 1974, and apartments removed from rent control.  There are approximately one million rent stabilized apartments in New York City.

Rent stabilization also limits the amount an owner can charge tenants for rent, restricts their ability to evict tenants, and ensures that they provide their tenants with essential services.  Once a year the Rent Guidelines Board sets rates for rent increases in stabilized apartments.

Like rent control, rents for a rent stabilized apartmnet may be reduced if the owner fails to provide required services.

So, as you can see, there are not a lot of differences between rent control and rent stabilization.  For even more information about rent control and rent stabilization, go to DHCR Factsheets.

With all the dire financial news, it might seem that the wisest course would be to sock your money away in a mattress, but that is far from the case. The wise person knows that the best investment is something tangible like real estate.

654 people and groups purchased property in Brooklyn during the month of September. Are the numbers down from the same time last year? Yes, but still, the best investment when the stock market is unstable and interest rates are fluctuating is real estate.

For full information on house, condo and coop sales in Brooklyn in the month of September, click here.

A perspective buyer asked me this question the same day it was reported on New York 1 News that three young women robbed a cab driver in “Clinton Hill”.  The women robbed the cabbie on the corner of  Franklin and Lafayette Avenues.  

Well, I’ve lived in Clinton Hill for seven years now, and when I ask the old timers, people who have lived in Clinton Hill for 25 years or more, they all tell me that the borders of Clinton Hill are Park Avenue to the North, Atlantic Avenue to the south, Vanderbilt Avenue to the west and Classon Avenue to the East. 

Of course if you ask some of my fellow realtors, they will probably tell you a different story.  They will often move boundries around so that they can advertise that a property they are selling is in a “hot neighborhood” even if its not.  Let the buyer beware.

Regarding the news story I talked about earlier, the corner of Franklin and Lafayette Avenues is in Bedford Stuyvesant, not Clinton Hill.

According to an article posted on the New York Post Website, home sales in Brooklyn have dropped sharply compared to the same time last year.  “They’re down a staggering 43.6 percent in the last 12 months” the article states. 

The article futher adds that some of the hardest-hit neighborhoods in Brooklyn are Crown Heights, East New York and Bedford-Stuyvesant, where the number of sales dropped 53.7 percent and median prices plunged from $561,350 to $499,902.  

What does this mean for you?  If you plan on selling a property in Brooklyn it means that you’ll be getting less money then you would have a year ago.  If you’re serious about selling, putting your property up for sale at the correct price is essential.  For a comprehensive evaluation of how much your property is worth right now, fill out my Home Evaluation Form.  Its free and there’s no obligation.

If you’re planning on buying, it means a property in Brooklyn, in Crown Heights or Bedford Stuyvesant in particular, are more affordable then ever.  Its a great time to buy!  If you’re interested, use the form below to set up an appointment so we can get the ball rolling and get you into your new home.

On April 29, 2008 according to the New York Post, Rep. Anthony Weiner (D-Brooklyn/Queens) said in just nine years, the number of renters paying half or more of their income to their landlords has surged nearly 15 percent.   29.9 percent of Brooklyn renters pay more then half their paycheck to rent, up from 25.5 percent nine years ago.

Financial planners say a rule of thumb is that you should not spend more then a third of your income on rent.  What is the reason for this increase?  Affordable housing is ever shrinking in the five boroughs.  This is all the more reason for renters to start saving their pennies and purchase a home.  Owning is better then renting about 95% of the time.