Deanna E. Kory

NEWSLETTERWinter 2006

Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 E-mail: [email protected] www.corcoran.com In this issue: Third: The general economic trends inventory now from which to choose. • Market News and the steady demand for luxury • Legal Issues for Sellers apartments have encouraged devel- Buyers who need to buy may do well • Innovative Marketing by purchasing now for a number of • Historic District opers to start scores of new projects • Townhouse Interiors throughout the city in the last 12 good reasons, including securing a • Featured Properties months. The fact that more than low interest rate, having a better • Meet the Team 25,000 new units will be available in selection of properties, buying into 2006 and early 2007 does not new development projects, and pur- appear to have dampened the confi- chasing in a more positive environ- dence in the uniqueness of ment for buyers. The Market Today: City and its continued growth. 131 Riverside Drive Striking a Balance Fourth: There is now a clear consen- Apartment 9-10C he question that most prospec- sus that there is no real estate bubble tive buyers and sellers are ask- to burst. In Manahttan the market Ting, as we enter the spring sea- underwent a natural adjustment and son, is whether this is the right time to overpriced properties have gone buy or sell. Some speculate that if it down 10% on the average. As a is a good time to sell, then it may not result, a growing number of sellers be a good time to buy, and visa have listed their properties during the versa. To provide, however, an past three months and an increasing answer that truly reflects not only the number of apartments and town- current real estate market condition houses are currently being listed. but market trends for the next six to twelve months, one must survey sev- Fifth: The psychological disparity eral critical market indicators: between buyers and sellers has now narrowed dramatically. Buyers are realizing that prices may not go down First: Interest rates, which directly Triple Mint Home in the Sky! effect borrowing, remain relatively much further and sellers concede that prices are not likely to escalate. 10 Room Duplex Home - 4 Bed / 4.5 Bath low. Because inflation is tempered Web # 841316 $6,200,000 and it is an election year, economists That is, the influx of new inventory project that interest rates will remain and the growing demand seem to be relatively low throughout 2006. reaching a rough equilibrium. Although this may sound self-serving, choosing a top-notch real estate bro- Second: All other economic indica- Putting it all together, the overall con- ker to help you buy or sell is critical- tors, including new jobs and con- dition of the market translates into ly important. Buying or selling is not struction of new houses, as well as the following: If you need to sell, do only a major financial transaction, it's the manufacturing and banking sec- not wait, list your property now but emotionally taxing; a professional tors, are strong as reflected in the be cognizant of what the market can and sensitive broker on your side can stock market. The Dow surpassed the bear. Overpriced properties will not make the whole experience not only 11,000 mark for the first time in sell even in the high season, espe- pleasant but most rewarding. more than three years. cially because buyers have a greater Legal Issues for Sellers the property. Is it being purchased Legal Issues Sellers May Face for use as a primary residence, as a pied-a-terre, as a live-work situation, in Today’s Market or for the buyer's child? Different By Serena R. Brownell coops have different rules, and not all of these reasons are acceptable to ven in a seller's market, selling in his account, or by mistakenly all coops. Do not assume it is being an apartment in assuming some portion of his assets purchased for use as a primary resi- E can be challenging. The are liquid, when in fact they are not. dence - you may want to have your majority of apartment buildings are Another issue that may arise is the broker elicit that information from the coops that require board approval of prospective buyer depleting existing purchaser prior to accepting an offer, a prospective purchaser, and the cur- funds prior to obtaining board and speak with your attorney about rent real estate market, with its limit- approval - such as by making a having a provision added to the con- ed inventory and hordes of prospec- major purchase after signing the tract of sale specifying the buyer's tive purchasers, seems to have made contract, and thus changing his intention of use, so that if the buyer's many coop boards even more strin- financial picture and jeopardizing intentions change in a manner that gent about whom they accept. There his chances of obtaining board could lead to a board turndown, it are also numerous other potential approval. One way to attempt to could be considered a default under pitfalls that can befall a seller. Below avoid these situations is by having the contract. are five issues that savvy sellers your broker obtain back -up docu- should be aware of. mentation from a prospective pur- The fewer contingencies the better. chaser, such as his last two years tax Contingencies of any sort, especially Know the buyer's finances. With returns and most recent bank state- those involving financing, can be coop boards being as demanding as ment. Another suggestion is to have both stressful and detrimental to a they are, it is of the utmost impor- the purchaser prepare and sign a seller. This holds true even when the tance for a seller to know a buyer's financial statement affirming that it is prospective buyer has been pre- true finances when deciding whether a true and accurate representation of approved for a mortgage. In today's to accept an offer. Typically the his finances, and that his finances will market, it is not uncommon for prop- buyer's broker will provide the seller's not diminish/change in any substan- erties to sell at or even above the ask- broker with a written offer outlining tial manner prior to the closing of ing price. If a buyer is planning on the buyer's finances, and this is relied said property. financing a property that appraises upon by the seller in determining below the selling price, the bank may whether the buyer is an appropriate Know how the buyer intends use the not lend the buyer the full amount he candidate to purchase the apart- apartment. In addition to being was planning to mortgage, or the ment. However, a buyer may mis- concerned about a prospective pur- bank may deny the mortgage alto- lead the seller, even unintentionally, chaser's finances, it is important for gether. If the contract contains a such as by including a sum of money the seller of a coop to know why the mortgage contingency clause, the that will be gifted to him but is not yet prospective purchaser wants to buy buyer may be able to get his deposit back and simply walk away from the deal, leaving the seller back at square one with an apartment to sell in a market that may have changed for the worse. Timing may become an issue. Many sellers are also simultaneously pur- chasing another property, and need the funds from the sale in order to effect the purchase of their new home. It is important for sellers to understand that the closing date specified in the contract may not be the actual closing date. The closing [ continued on page 6 ] Selling Real Estate in style Transcending the Ordinary in Marketing Properties

ur dedication is unfaltering when it comes properties. We hosted a beautiful cocktail party to achieving the widest exposure possible at a residence featuring a profes- Ofor our exclusive properties. We offer inno- sional quartet with opera singers, including one vative and creative ideas to showcase the prop- of our own team members….Karen Kelley (our erties such as special events where we gain the team is comprised of limitless diversity and tal- attention of potential buyers, the brokerage ents)! community, and the media. Not only did we gain exposure from the event, Deanna was recently quoted in New York our efforts were doubled with the attention of the Magazine regarding special events to expose media.

JANUARY 9, 2006 Let's Put On a Showing! Nobody's turning up at your open houses? Bring in a soprano, a fancy chef, or Quincy. BY S. JHOANNA ROBLEDO Deanna entertaining guests

s mezzo-soprano Anna Tonna launched into the final few notes of Handel's sweeping "Ombra Mai Fu," accompanied by the Figaro Quartet, a cluster of audience members stood in one corner discussing the condition of the her- Aringbone floors. Anywhere else-Lincoln Center, perhaps, or Town Hall, where Tonna has performed before-this behavior would've been inexcusable. But this was no ordinary show; this was "Figaro on Fifth," where the bait was a recital but the prize was Tonna's performance space, an eight-room Fifth Avenue co-op on the market for $4.8 million. "It was a way to showcase the space," says Karen Kelley and soprano Raymond Aparentado Corcoran's Deanna Kory, who has the listing. When it comes to high-end properties, fancy brochures, newspaper ads, and a Tenor Raymond Aparentado performs with the Figaro Quartet at flowery description on 1060 Fifth Avenue open house a Website may not always be enough. When a broker wants to nab the attention of colleagues, he has to go to greater lengths to stand out-and that can mean a stunt. Kory says she received many calls after "Figaro on Fifth" from agents congratulating her on the event. Deanna Kory and Karen Kelley with guests Featured NYC Neighborhoods Romanesque Revival style building Hidden Treasures: used for domestic purposes. Along Stuyvesant Square Historic District with St. George's Church, the former Rectory is one of the earliest build- By Christine K. Morgan ings in the Historic District. Both were Stuyvesant Square Historic District designed by Leopold Eidlitz, as was 1856 and designated a the former parish house next to the takes its name from Peter Gerard landmark in 1967, it is a fine example Rectory. Built in 1888 on land donat- Stuyvesant (1777-1846), who donat- of early Romanesque Revival style and ed to the church by J. P. Morgan, the ed land for the creation of a public was designed by architects Blesch and parish house was known as the St. park at Stuyvesant Square in 1836 Eidlitz. Viewed from the park, St. George's Memorial House and it and for St. George's Church in George's is poised majestically above served as a community center for the 1846. This land was originally part of the nearby three- and four-story build- neighborhood. No longer connected a 120-acre farm belonging to his ings, just as church buildings in the to St. George's Church, this dramat- great great grandfather, Peter 19th century were designed to be, but ic Romanesque Revival brownstone Stuyvesant, the governor of New rarely are today. The financier J. P. structure is now the Abbey Amsterdam who handed over the Morgan was an active parishioner of Condominium. Dutch colony to the British in 1664. St. George's for many years. The charitable impulse behind his The Friends' Seminary and Meeting generous gift was most likely com- Next door to St. George's Church on House, also designated a New York bined with the foresight that a public Rutherford Place is St. George's City landmark in 1967, is one block square and fashionable church south of St. George's Church on would increase the value of his Rutherford Place. The work of remaining property and stimulate Charles Bunting, himself a development. Quaker, the austere and conser- vatively designed red brick build- Although he may have acted out ings were built in 1860-61 and of enlightened self-interest, are reminiscent of Federal and Stuyvesant's gift was nonetheless Greek Revival styles that were a gesture with long-term benefits popular two to three decades for the neighborhood. Stuyvesant earlier. The Meeting House is set Square Park is a lovely example back from the street and connect- of a 19th century English-style ed to the T-shaped Seminary to city park. It is actually twin parks the north. There is a certain irony bisected by Second Avenue, with that the Society of Friends settled each park surrounded by a on the former as Federal style cast-iron fence and Governor Stuyvesant disliked any adorned with an elegant foun- religious order except his own tain. The park's unusual split design Chapel which was built in 1911-12. Dutch Reformed Church and actively was stipulated in Stuyvesant's deed to The last of four church buildings con- harassed the Quakers. the city, as were the fences that structed over the course of some sixty enclose it. Today Stuyvesant Square years, the chapel is stylistically very Although graced with many notewor- Park and its original cast-iron fences much in keeping with St. George's thy religious buildings, Stuyvesant are considered the centerpiece and Church although it is more lavish in Square Historic District has always glory of the Historic District. detail and more Byzantine in charac- been predominately a residential ter. It was designed by Matthew and neighborhood. The character of the The park also serves as a beautiful Henry Emery. neighborhood was assured by deed setting for several of the Historic restrictions on the Stuyvesant proper- District's most significant buildings-St. Around the corner on 16th Street, the ties that prohibited construction of George's Church complex and the former St. George's Church Rectory, any "dangerous, noxious, or offen- Friends' Seminary and Meeting now called the Henry Hill Pierce sive establishment" on any of the lots. House. The handsome St. George's House, was constructed in the early Throughout the second half of the Church faces the park from 1850's and is a rare example of a 19th century many fine homes were Rutherford Place. Completed in [ continued on page 6 ] Townhouse Renovation The Heart of the Home…..the Kitchen By Regina Bilotta

ave you noticed the proliferation rounds, inlay floors and coffered ceilings While the selection has nothing to do of articles about townhouse liv- that often fill these homes, guide the with the age of the building, it successful- H ing? New Yorkers are infatuated kitchen style, both for cabinetry, mold- ly blends old and new with the use of with the single-family townhouse lifestyle. ings, accessories, furniture and decora- color and materials. In another East Side Once considered strictly a suburban ben- tive finishes. Another approach is to mansion our client asked us to stay true efit, townhouses and brownstones are ignore completely the home's age and to the rich details, picking up on the four- beckoning families away from high floors style. What a treat to walk through an piece, 16" crowns and Corinthian style with views, to multiple floors with base- elaborately detailed traditional carved columns in the three-story entrance way. ments and roofs, backyards and front limestone façade, complete with large Complementary moldings, corbels and doors, not to mention unparalleled priva- mahogany front doors, and discover a columns were worked into the kitchen, cy. Renovations of these townhouses are sophisticated, simple, wholly modern library and media rooms. A Federal Style happening more and more everyday. kitchen space, defined by a warm neutral mansion was similarly renovated to While the architect and interior designer color pallet made of wood and metals. accommodate a family intent on doing ponder the enormous square footage of The later townhouse styles of the 1950's plenty of entertaining. This large kitchen the townhouse, homeowners are visiting and 60's, renovated to maintain their holds a 5' range, a working island, ban- places to seek help from other specific "modern" aesthetic, utilize the latest in quette with seating for 8, an adjacent professionals such as kitchen designers. materials like exotic wood veneers mixed butler's pantry with wine storage and with interesting metals and manufactured locked drawers for silverware and silver My experience with townhouse living materials like concrete. services. Many new kitchens stay true to started 25 years ago, when my husband the Victorian period with almost Shaker and I purchased a brownstone on the Blend old and new with styles, simple but elegant moldings, arch- Upper West Side. With limited widths and es and mullions. The white painted, the multi-level layouts, (both typical the use of color and materials recessed panel, inset door style, with aspects of city houses) the challenges dif- double-stacked wall cabinets, is a fered from the New York apartment favorite. spaces we were considering. However, the idea of having a large eat-in kitchen, The townhouse craze is bound to contin- flanked by French doors leading to a ue. Even the most discerning client can sunny terrace and garden, was a dream "have it all" with little compromise, even come true. We craved big city life, but in the middle of New York City. For those wanted the privacy and space of a family who want an urban lifestyle, but are home. desirous of that special space that only a house can offer, the townhouse can pro- Kitchen designers are sure to be success- vide the best of both worlds. ful with the recent surge in townhouse kitchens, especially those who have mas- Regina Bilotta is the owner (along with her sister tered all sorts of designs in suburban and brother, Maria and Jim Bilotta) of Bilotta houses. Whether it's a brick Federal Style Regardless of style, all townhouse Kitchens, a high-end cabinet company with five home in Greenwich Village, a Beaux Arts kitchens have the potential to offer space showrooms: four in New York and a Clive Christian showroom in Greenwich, CT. Featuring the most mansion on the Upper East Side or a and function to satisfy the desire to cook, traditional designs of Rutt Handcrafted Cabinetry Victorian brownstone on the Upper West eat and entertain in the kitchen. No longer limited to country estates, kitchens and their private Bilotta Collection, to the more Side, one thing is sure, the kitchen is the contemporary SieMatic and Artcraft Kitchens, are often large enough to hold an island heart of the home. It is often the focus of Bilotta is a resource for the finest cabinetry available the layout, just as it will be the focus of and table and specific task areas such as for kitchens, baths, entertainment centers, wine cel- the homeowner's daily routine - where a baking center or a homework area. It is lars, libraries, etc. It has been a trusted and well- they will spend the majority of their time not uncommon to include the latest and known name in the industry since 1985 and in con- with their family and where friends will largest appliances, such as 5' ranges, two struction since 1955. 36" built-in refrigerators and multiple gather to be fed and entertained. Showrooms located in: sinks and dishwashers. The possibilities Architects & Designers Building, New York City In most cases, the kitchens reflect a cer- are endless. Mamaroneck, NY*Mt. Kisco, NY*Briarcliff, NY tain aesthetic of the homeowner. The Greenwich, CT most popular approach is to stay true to For example, an East Side mansion, gut- 212-486-6338, 866-BILOTTA, www.bilotta.com the home's architectural period and renovated to accommodate a new 6th mood. Architectural details like wainscot- floor with a pool, includes a rift cut cher- ing, window shutters, stone fireplace sur- ry high-gloss, contemporary kitchen. Legal Issues - Hidden Treasures LEGAL ISSUES SELLERS HIDDEN TREASURES 320 Central Park West MAY FACE [continued from page 2] [continued from page 2] date is described in the contract as constructed, with Greek Revival and occurring "on or about" a specific Italianate styles predominating. date, which typically means it can be Although many of the houses have adjourned for an additional 30 days since been converted to multiple without penalty. dwellings, some facades were altered, and a few original structures Some prospective purchasers can be were replaced by apartment build- pesky about accessing your apart- ings, on the whole the neighborhood ment. Once a contract has been has retained the intimate residential signed, there will be times sellers scale and quiet charm of the 19th must allow the buyer access to their Classic Seven on the Park! century. apartment, such as for an appraisal, Grand 3 Bed/3.5 Bath Corner Home an inspection, walk-through, etc. Web # 767414 $3,490,000 Stuyvesant Square Historic District Many sellers and buyers also man- received its designation from the age to coordinate, through their bro- Landmarks Preservation Commission kers, an additional time or two for in 1975. In its report, the commission the buyers to have access to the 1080 Fifth Avenue apartment as well. On occasion, buyers may try and take advantage of sellers by repeatedly demanding access to bring in decorators, designers, architects, etc, and spend- ing hours at a time in the apartment. If the sellers have young children, or are elderly and/or invalid, they may want to consider specifying/limiting in the contract the amount of access the buyer may have to the apartment. Selling an apartment in Manhattan can require a tremendous amount of Gorgeous Park Views! Exceptional 3 Bed in prestigious Carnegie Hill time, energy and expertise. These praised the neighborhood's "build- are merely some of the issues owners Web # 814257 $3,595,000 ings and other improvements which may encounter while selling their have a special character and special home in Manhattan. Using an expe- historical and aesthetic interest and rienced real estate broker and an 180 East End Avenue value…Among its important quali- experienced real estate attorney can ties, the Stuyvesant Square Historic certainly help streamline the process, District has roots extending back to resulting in a smooth transaction to the mid-17th century, it is named for the seller's satisfaction. the Stuyvesant family, which for sev- eral generations played a significant role in the history of the area, it is a Serena Brownell is a real charming residential neighborhood estate broker with the focused upon Stuyvesant Square...an Corcoran Group, as well as usually good example of the city an attorney. square as developed in the 19th cen- Extraordinary River Views! tury, and the District remains a fine Wonderfully bright 6 rm/2 Bed. Fabulous roof-deck residential community." [email protected]. Tel. 212.605.9228. & outdoor pool in building. $2,100,000 the Deanna Kory Team Meet the Brokers Deanna E. Kory Senior Vice President

An absolute professional, Deanna of the industry and an unmatched expertise in never departs from the highest ethical marketing properties and selling them in standards, while thriving on the remark- record time and at record prices. She has ably productive relationships she devel- also shown herself to be a superb negotia- ops with whomever she deals with pro- tor, able to represent both buyers and sellers fessionally. Before entering the real with great success. Deanna has consistently estate industry, Deanna worked in public relations, ranked in the top five brokers in Corcoran. Deanna promoting classical musicians, honing her inter- stands out in the industry for her staging ability to show personal and marketing skills that have proven properties at their best to obtain the highest possible invaluable. Besides her intelligence, intuition, price. She is most attentive to the unique qualities of empathy, and sensitivity to her clients' specific each property, and ensuring that all transactions pro- requirements, Deanna possesses vast knowledge ceed smoothly; always putting her clients' needs first.

Christine K. Morgan Karen Kelley Vice President Senior Associate Broker

Coming to real estate from a successful Though Karen has enjoyed traveling the career in publishing, Christine Morgan world as an opera singer, Manhattan is brings to her clients and customers a still by far her favorite place. As far as reporter's attention to detail and an orderly approach to possibilities, there's simply no better place, and she realizing their real estate goals. It makes her especially always looks forward to helping our clients find their effective in helping people focus their objectives, think own special niche here. Buyers and sellers rely on her creatively about their options, and find the best ways to high energy, creative problem solving skills and strong close a deal. business mind to assure a fruitful deal.

Erika Rayman Meghan Kelly Anna Makarova Sales Associate Sales Associate Sales Associate

The most recent A graduate of the Since moving to addition to the London School of New York, Anna Deanna Kory Economics, Meghan has immersed her- Team, Erika has displayed an worked for three years in finance self in the culture of this city, honing impeccable professionalism by and marketing at a top Wall Street her knowledge and expertise in which she provides clients with an investment firm before joining the sales, acquired a Bachelors in added level of comfort and ease Corcoran group. Caring and sensi- Finance and Investments, devel- in the often overwhelming real tive, Meghan has also demonstrated oped a natural aptitude for the real estate market. With a strong a keen insight into her customers' estate market in Manhattan, and is financial background, Erika pro- and clients' needs. currently studying to become a vides added insight to our clients. Chartered Financial Analyst.

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DeeDee Tiller Fabio Carli Franklin Angeles Joanne Abrahams Marketing Director Art Director Administrative Director Office Coordinator Deanna Kory’s

NEWSLETTERWinter 2006

Deanna’s team updates you with a monthly market analysis email. We offer up-to-date information on inventory, sales, & market trends. We can help you navigate the market whether you are buying, selling, or merely interested in remaining current. New York Real Estate

Deanna Kory’s survey The Deanna of the market, the Kory Team’s community, and the Upper East Side unique qualities of Condominium Manhattan’s Report- Review of Riverside Drive the current Condo market trends

The Deanna The Deanna Kory Kory Team’s Team’s full overview seasonal analysis of the townhouse of what’s market including happening on one historical of New York’s most perspective & cur- prestigious avenues rent trends

DEANNA E. KORY • the corcoran group real estate 660 Madison Avenue, New York, NY 10021 • Tel. 212.937.7011 • Fax 212.230.8191 [email protected] www.deannakory.com Owned and operated by NRT Incorporated