Manhattan's famed Sloane mansion going on the auction block
Posted by reptilemind on May 27, 2011
Look back into the history books of New York Society in the late 1800’s and read about Henry T. Sloane and the infamous Sloane mansion in Manhattan.
Henry T. Sloane was a wealthy carpet manufacturer who furnished the new mansions, hotels and clubs of the New York City. He was also known as a philanthropist who donated two physics laboratories to Yale University.
In 1898 a scandal flew through New York society circles in 1898 when Sloane deeded a mansion on the Upper East Side to his wife.
Soon after, life became less than idyllic when Sloane’s wife, Jessie, had an affair with the very handsome and wealthy Perry Belmont (son of August Belmont) and married him just five hours after divorcing Sloane. Henry Sloane set out to build himself a new mansion at 18 East 68th Street, off Fifth Avenue.
Sloane moved into the Beaux-Art mansion with his two young daughters, preventing his former wife from writing to them or even speaking to them on the street until they reached the age of 21, or she could prove she had led a moral life, whichever came first.
The Henry T. Sloane mansion was designed specifically for Sloane by architect Charles Pierrepont H. Gilbert the heir to a furniture empire, in 1905. It spans over18,500 square feet and stands over five stories high. Two of the stories have 17-foot ceilings. There are 15 bedrooms and 17 bathrooms, seven fireplaces, a ballroom and a rooftop garden.
Fast Forward to 2007 when investors paid $20 Million for the property, only to have grandiose plans of flipping it for a huge profit by listing it for $64 million. But it didn’t sell at the asking price and lingered on the market with an asking price of $64 million, to $54 million, to $39 million after the fall of Lehman Brothers … and now to the current price of $37.9 million. Due to the fact the owners are in default of more than $28 Million in loans the famed house is scheduled for auction on June 22nd Street, Room 130 at 50 Centre Street at 2PM.
Calin Onet, a marketing analyst said bidding would likely start 10 to 15 percent higher than the $28.2 Million currently owed on the property.
If the mansion had sold for $64 million in 2008, it would have become the most expensive single residence in city history.
First time home buyers: How to make an offer
Posted by RossEllis on October 10, 2010
You’re buying your first home and you want to make†† sure you make an offer that is right for you!
Of course the first step is to determine your budget. Will you be making an all cash purchase? How much cash will you be able to put down? How much of a mortgage will you need from the bank? Have you been pre-approved for a mortgage?
Most first-time home buyers have no idea what to expect. And that’s to be expected. Thus my recommendation for working with a professional and experienced real estate agent†– whether you’re buying your first home or your tenth.
A good real estate agent will help you throughout the entire transaction and the offer is critical. You can make an informed decision on the seller’s asking price by reviewing recent, comparable sales in the area, the market, and other variables by working with your agent.
Based on many factors, no two home purchases are alike. This information will help you to be well positioned in making a “smart offer” on the home you want to purchase.
I use the term “smart offer” because too often people get carried away with “the bargain.”
I had a client who made a $900K offer on a $1.6M home which I advised him against and of course, he lost the home. When we found him the next apartment, he listened to my advice and made a “smart offer” which saved him over $300K with various negotiations.
Real estate agents: Ask to see their license so you know they are professional and legitimate
Posted by reptilemind on September 19, 2010
According to the NY Post and the Manhattan District Attorney’s office, Lawrence Paul posed as a real estate agent and escorted a potential renter to an apartment on East 116th Street with the promise that a similar property would be available in a week and accepted their deposit check of $2,900.
On moving day, the apartment hunter learned that the apartment was already occupied and that the real estate agent was nowhere to be found.
As reported by the NY Post Paul was arrested on Monday and was charged with grand larceny.
As a professional and licensed real estate agent in the State of New York, I am appalled by this story and the fact that anyone would commit such a horrible act.
You will find that the majority of real estate agents and brokers in Manhattan are very reputable and take pride in their work!
To be sure you are working with a real and professional real estate agent, ask to see your agent’s license card. We are required to carry it with us at all times. Most of us are also proud members of the REBNY – the Real Estate Board of New York and take our licensure and our work very seriously.
Be sure your agent or broker is with a legitimate real estate firm and a member of REBNY. Check out their web sites with those companies.
If you are looking to rent or purchase an apartment in Manhattan, call me. I’d be proud to show you my license and assist you in finding a legitimate home where you can build your dreams.
For more information or a consultation feel free to email me
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Visit my Website and blogs at New York City Real Estate News and Active Rain
Ross Ellis is a proud member of the Real Estate Board of New York
New York Luxury Real-Estate
Posted by reptilemind on September 5, 2010
As much as the nation is in an economic turndown, Manhattan is a completely different market.
And while some are making the decision to downgrade from their classic six or larger apartments to smaller homes in the city, there will always be those who want the ultimate in luxury.
From a 6-story townhouse in lower Manhattan priced at $25,500,000, to a 3 bedroom/3 bath condo on the Eastside priced at $7,000,000, to a 2 bedroom/3 bath Soho loft priced at $4,350,000 some still want their luxury.
And for those who want the ultimate – their very own private island, there’s an island in the thousand island region of New York that comes with a 6,500-square-foot mansion on 1.3 acres — ten bedrooms, four bathrooms, plus a boat house and dock for a mere $1,950,000. About an hour-and-a-half drive from either Syracuse or Montreal.
These are just a sample of New York luxury properties, and there are more on the market.
And for those who don’t want luxury and prefer smaller more affordable homes – no worries. They are available in Manhattan.
No matter what type of property you’re considering, if you’re in the market I would be delighted to assist you. Do feel free to E-mail me.
Visit my Website and blogs at newyorkcityrealestatenews and Active Rain
Ross Ellis is a proud member of the Real Estate Board of New York
Painting your NYC apartment used to be easy, now you need to know the rules!
Posted by reptilemind on June 27, 2010
New York City has always had the one of the strictest lead-paint laws in the country and now according to a new Environmental Protection Agency, there’s a new regulation put in place as of April 22nd which has contractors and building managers concerned.
Since April 22nd, all professional renovation projects in apartments and homes built before 1978 (when the use of lead in paint was banned) that test positive for lead have had to meet federal guidelines and be performed by workers certified in lead-safe practices.
The new rule “The Renovation, Repair, & Painting Rule” requires owners to follow lead safe work practices when disturbing a painted surface (sanding, demolition, renovation, repair, etc.) in pre-1978 housing (“target housing”) and child occupied facilities. The rule will change make a remarkable difference in the way property managers, renovation and remodeling contractors, maintenance workers, painters and other specialty trades do business in housing built before 1978 and child occupied facilities. It includes new training requirements, additional notifications and disclosures, new work practices, new clearance requirements and expanded records requirements. Property managers and owners should be diligent in making sure their building staff and outside contractors thoroughly understand their obligations under the new EPA rule.
Tipping in Manhattan Apartment Buildings for the Holiday
Posted by reptilemind on December 9, 2009
The holiday season is here and it’s time to start thinking about tipping for services in our apartment buildings.
For those living in Manhattan, holiday tipping is the norm and can seem endless.
While it’s important to be generous, it’s also important to be realistic about what you can afford. Especially in our current economic climate.
Tips in decent class buildings (not Park and Fifth Avenues) run between $20 and $300 and it’s not uncommon for supers to accumulate well into the five figures.
Porters and doormen see anywhere between $2,000 and $10,000, depending on the size of the building.
Holiday tipping is a way to say ‘thank you’ for services. And it’s a big part of apartment service worker’s compensation.
Some Manhattan apartment buildings pool tips so the workers receive one lump sum. Most leave it up to the individual resident.
I hope you will find the information below useful when tipping in your apartment building this holiday season!
Apartment Building Superintendent
$50-200. Tip less if you tip throughout the year.
Apartment Doorman/Concierge
$10-80 or more each, depending upon building. Those who serve you more should get a bigger tip.
Apartment Building Handyman And Porters
$15-40 each
Apartment Building Elevator Operators
$15-40
USPS Mail Carrier
Non-cash gifts with value up to $20. This is for mail carriers that you know and see regularly.*
UPS – Regular Driver
Has no formal policy. Drivers don’t expect tips but can accept them.
Fedex
Not allowed to accept anything over the value of $75. No cash gifts accepted.
Newspaper Carrier
Daily – $25 – 50, weekend – $10
Regular Overnight Delivery Person
$10-30
Parking Attendants
$10-30 each
These are suggested tips for Manhattan. Tips will vary throughout the rest of the country. Most importantly — give what you can. If you are giving less this year, include a postscript saying “Wish it could be more” and your gift will be very appreciated.
During this holiday season, remember to take time for yourself so that you’re not frazzled when entertaining.
And keep in mind – if you’re planning on putting your apartment on the market, the holidays are a great time to do this. People who look for a home during the Holidays are more serious buyers! Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!
Wishing you all the blessings of the holiday season,
Ross Ellis
Licensed Real Estate Agent
Halstead Property, LLC
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