The Brian Phillips Team, Real Estate In The Big Apple & Beyond

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As the 2024 presidential race heats up, Vice President Kamala Harris and Minnesota Governor Tim Walz sat down for their first joint interview since President Joe Biden announced his decision to exit the race.

The interview, conducted by CNN's Dana Bash, aired on Thursday night and offered insight into Harris's evolving campaign strategy and Walz's handling of personal controversies. Here are the five key takeaways from the interview and their broader implications.

1. Harris Addresses Shifting Positions

Throughout her 2020 campaign, Harris was known for her progressive stances on key issues like climate change, immigration, and healthcare. In this interview, Harris clarified her current positions, emphasizing that her values remain unchanged despite evolving political strategies. She reiterated her commitment to clean energy, referencing the impacts of the Inflation Reduction Act, and defended her stance on fracking as consistent. On immigration, she pledged to revive the bipartisan border bill that was recently blocked, signaling her approach to blending progressive ideals with pragmatic governance. Harris’s commitment to transparency and adaptability in a complex political landscape highlights her focus on balancing idealism with practical solutions.

2. Harris's Inclusivity in Leadership: Open to a Republican Cabinet Member

In a surprising yet strategic move, Harris expressed her willingness to include a Republican in her Cabinet, underscoring her dedication to bipartisan governance. By drawing parallels to previous administrations, Harris aims to create a leadership team that reflects diverse perspectives, which could resonate with moderate voters looking for unity and compromise in Washington. This approach marks a potential shift from current trends and reinforces her narrative of inclusivity and bridging political divides.

3. Walz Confronts Military Service and IVF Controversies

Governor Walz addressed the scrutiny over his past statements on military service and confusion between IVF and IUI treatments. His candid responses emphasized his authenticity and relatability, though they also highlighted challenges in communicating complex personal narratives on the national stage. By confronting these issues directly, Walz aimed to connect with voters on a personal level, particularly those who have faced similar fertility struggles, while also standing firm against Republican attacks on his character.

4. Harris Reaffirms US Policy Toward Israel Amid Criticism

As pro-Palestinian protests and progressive voices call for changes in U.S. policy towards Israel, Harris reiterated her stance of supporting Israel's right to self-defense while acknowledging the humanitarian toll on Palestinian civilians. This nuanced position seeks to maintain traditional U.S. alliances while addressing the growing concerns among younger and more progressive voters who are critical of the current approach. Harris’s ability to articulate a balanced perspective on such a polarizing issue could be key in shaping her foreign policy credentials.

5. The Moment Biden Stepped Back

Harris shared a personal moment when President Biden informed her of his decision to withdraw from the race. Her recounting of the conversation while spending time with her grandnieces painted a picture of humility and deep respect for Biden's legacy. Harris's focus on Biden’s well-being rather than her own ambitions showcased her loyalty and emotional intelligence, traits that could bolster her image as a compassionate leader ready to guide the nation through transition and change.

As Harris and Walz continue to navigate the complexities of the 2024 campaign, this interview underscored their commitment to transparency, inclusivity, and resilience. With the stakes higher than ever, their ability to connect with voters on key issues while addressing personal and political challenges will be crucial in shaping the future of their campaign.

5 takeaways from Kamala Harris and Tim Walz's first joint interview since launching their campaign Kamala Harris and Tim Walz sat for a joint interview on Thursday — their first since Joe Biden dropped out of the race.

In today's post-pandemic economy, the rise of dual job holders like Sam Lalevee exemplifies the financial challenges faced by many Americans. Working in a call center in Raleigh, N.C., Sam’s rent surged from $800 to $1,000, prompting him to take on a second job at a comedy club. This juggling act is becoming increasingly common, as more individuals need multiple incomes to make ends meet. Sam, a 25-year-old with a communications degree, now works 60 hours a week, earning around $45,000 annually, with little time for personal activities.

This trend is reflective of broader economic shifts. Job growth slowed in July, with the national unemployment rate reaching its highest level since 2021. Meanwhile, the proportion of people with more than one job rose to 5.3% in July, up from 5.2% in June, marking a significant increase from the pandemic low of 4% in April 2020, according to the U.S. Bureau of Labor Statistics. This growing reliance on multiple jobs reflects the rising cost of living, with higher prices on essentials such as rent and insurance, despite a still-expanding job market.

Economists like Christopher Taber of the University of Wisconsin, Madison, note that the gig economy and remote work have facilitated this trend. People now have easier access to secondary jobs, from driving for ride-shares to delivering food, or working from home, reducing commute time and logistical barriers. Taber suggests that even if the job market softens, the prevalence of dual jobholders may persist, driven by long-term shifts in the nature of work.

Data shows that those holding multiple jobs are often in precarious situations, disproportionately Black and Brown, divorced, or widowed. For example, Chanda Corkrean, 41, balances her primary job at a medical-supply distributor with a second job at Pizza Hut to move out of her parents’ home. Despite working 60 to 65 hours a week, she finds it challenging to maintain her independence. Similarly, Naomi Harris, a 22-year-old labor activist, splits her time between substitute teaching and working at a senior-living facility. Despite completing a certification in phlebotomy, she has yet to secure a job in her field and lives with her mother to manage costs.

Others, like Rick Wilson from Iowa, turned to second jobs due to unforeseen health challenges. After battling a serious illness and accruing significant debt, Rick and his wife, Becky, both work additional jobs to support their family. Despite earning $84,000 from their main jobs, they rely on supplemental incomes to cover living expenses and pay down debt.

This trend highlights the mixed reality of the current economy, where the pursuit of financial stability often requires individuals to stretch their time and energy across multiple roles. As we navigate these economic shifts, it's essential to recognize the resilience and adaptability of those who are redefining work-life balance in an era of rising costs and economic uncertainty.

For More Americans, One Job Isn’t Enough The job market is softening, but more Americans are holding down multiple jobs. That speaks to both rising living costs and a bountiful market for gig-economy work.

In the bustling neighborhoods of Clinton Hill and Bedford-Stuyvesant, a young couple set out on a quest for a sunny abode with a functional kitchen and minimal stairs. This wasn’t just about finding a home; it was about discovering a new way of life. Emily Porat, 27, a user-experience designer, and Chris Smith, 28, a software engineering manager and part-time musician, were no strangers to moving. They had met at Carnegie-Mellon University and built a life together in Washington, D.C. But a chance visit to a friend in Fort Greene, Brooklyn, transformed their perception of New York City from a chaotic, crowded metropolis into a surprisingly livable destination that sparked their desire for a fresh start.

Their initial move to a spacious, yet problematic, two-bedroom rental in Clinton Hill at $4,200 per month tested their patience with a leaky ceiling, a faulty dishwasher, and a relentless rent increase. The solution? Buying their own place where they could finally take charge. With a budget of $1.4 million, they sought a property close to the C and G trains, offering ample light, separate workspaces for their remote jobs, and a kitchen spacious enough to avoid their rental’s awkward “shimmy” routines.

Three contenders emerged:

1. Clinton Hill ‘Soulful’ Condo: This modern 1,200-square-foot unit boasted floor-to-ceiling windows, a walk-in closet, and high-end amenities, but faced a back view of a parking lot and imminent tax increases. Priced at $1.295 million, it offered luxury with a twist of practicality.

2. Bed-Stuy Loft With Industrial Feel: A rare gem, this 1,000-square-foot condo in a converted factory near the Clinton Hill border captivated with its sunlit kitchen, exposed brick, and unique glass-divided spaces. It lacked the traditional polish but delivered character and openness at $1.395 million.

3. Clinton Hill Co-op With Classic Charm: This timeless co-op, filled with high ceilings, decorative mantels, and intricate moldings, exuded old-world charm. However, its zigzagging kitchen and shared laundry in a nearby cellar hinted at potential inconveniences, listed at $1.4 million.

The couple meticulously weighed their options. The Clinton Hill condo, despite its allure, fell short due to its uninspiring back view and costly fees. The classic co-op, though full of personality, was undermined by the impracticality of a cellar laundry. It was the Bed-Stuy loft, a true “unicorn” of loft-style living, that stole their hearts—and Ms. Porat's carefully calculated spreadsheet confirmed it, scoring an impressive 88 out of 100.

This loft wasn’t just an apartment; it was a story of transformation and heart. Priced at $1.246 million, it offered them a canvas for ownership and a space uniquely suited to their needs, complete with a sunlit kitchen and modern finishes. Arriving with their two tuxedo cats, they immediately started making the space their own, from carving a passage for litter boxes to grappling with appliance hiccups like a leaky fridge and a jostling washer-dryer. Yet, every challenge became a badge of their new life as homeowners.

With each small improvement, the couple found joy in the sense of ownership and the promise of "sweat equity." Their journey reflects the broader narrative of New York real estate: a mix of aspiration, reality checks, and the unyielding pursuit of a place to truly call home.

In Brooklyn, Two First-Time Buyers Weigh Classic Charm vs. Industrial Chic Searching in Clinton Hill and Bedford-Stuyvesant, a young couple endeavored to find a sunny place with a decent kitchen and not too many stairs.

The orientation of your kitchen—whether it's north, south, east, or west-facing—plays a crucial role in determining the best paint colors. Natural light significantly impacts how colors appear, with northern light often being cooler and southern light warmer. To create a harmonious kitchen space, balance the light with appropriate hues: warm shades for north-facing kitchens, soft neutrals for south-facing, tailored neutrals for east, and cool blues for west-facing kitchens. Test swatches throughout the day to ensure your chosen color complements the room's natural light and enhances your kitchen's ambiance.

These are the best colors to paint your kitchen depending on its orientation, according to color experts Here's why it's important to know whether your kitchen is north, south, east, or west-facing

The iconic Flatiron Building, a beloved Manhattan landmark known for its distinct triangular shape and historic significance, is set to undergo a transformative conversion from outdated office space to luxury residential condominiums. Official filings reveal plans to repurpose the 200,000-plus-square-foot building at 175 Fifth Avenue into 60 high-end units, marking a significant shift in its use as it faces Madison Square Park. This conversion is part of a broader trend as the city grapples with an oversupply of office space and a pressing need for housing.

The development, led by the Brodsky Organization, GFP Real Estate, and the Sorgente Group, represents a strategic pivot for the Flatiron, which has stood mostly vacant since British book publisher Macmillan vacated the premises in 2019. The decision to convert the 122-year-old steel-framed tower into residences follows a dramatic court-ordered auction in 2023, during which a failed $190 million bid by Jacob Garlick ultimately led to GFP securing the property for $161.5 million.

While specifics about the new units, including their size and layout, remain under wraps, the developers have emphasized that the building’s unique floor plates will enable larger-than-average residences compared to typical office-to-residential conversions. The project plans to offer 60 condos across the second through 21st floors, all at market rate, with a slight reduction in retail space on the ground floor. The anticipated completion date for the project is late 2026, pending city approval, which the developers hope to secure by the end of this year.

The conversion project is set against the backdrop of a wider trend in New York City, where a declining office market is prompting a wave of similar transformations. The Flatiron’s renovation will include window replacements and other minor exterior work, all of which have already received the green light from the Landmarks Preservation Commission.

This redevelopment aligns with ongoing efforts to repurpose underutilized office buildings into much-needed housing, responding to both market dynamics and urban housing challenges. The Flatiron Building’s transition into residential use is not just a real estate story; it’s a reflection of New York’s evolving landscape, balancing preservation with progress.

As this architectural icon prepares to welcome new residents, it stands as a testament to the city’s resilience and adaptability. The transformation of such a storied landmark emphasizes the creative reimagining of New York’s built environment in response to contemporary needs.

Flatiron Building to be Converted to 60 Luxury Condos Developers filed an application to convert the Flatiron Building’s 204,593 square feet of aging office space into 60 luxury condo units.

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New York City's ambitious plan to revitalize Park Avenue, a historic stretch north of Grand Central Terminal, is set to transform one of Midtown's iconic corridors. The city's Department of Transportation has called for design proposals worth up to $1.5 million to reimagine a linear park that would stretch 11 blocks from East 46th Street, enhancing the Park Avenue median with green spaces, bike paths, and pedestrian-friendly features. This initiative aims to restore the grandeur of Park Avenue before city planners reduced its median to add a traffic lane in 1927, aligning with Mayor Eric Adams' vision to reinvigorate commercial corridors and build a safer, more vibrant city for all New Yorkers.

Mayor Adams emphasized that high-quality public spaces are essential, not just a luxury, and are integral to the city's strategy to revitalize Midtown and foster economic development. This redesign is part of broader efforts, including similar plans for Fifth Avenue, reflecting a shift in urban planning priorities heightened by the pandemic's impact on business districts. With the mayor's recovery plan from 2022, the focus is on creating public spaces that encourage both economic activity and community engagement.

The redesign will navigate around some of Midtown's most significant properties, such as the iconic RXR's Helmsley Building, which could see a residential conversion under Adams' push for rezoning to accommodate new residents. The area also includes L&L's 425 Park Avenue and towering developments like J.P. Morgan Chase’s future 270 Park Avenue and the new office tower at 350 Park Avenue. RXR CEO Scott Rechler praised the redesign as a forward-thinking initiative that will benefit businesses and the broader public alike.

Additionally, the project highlights a collaborative effort between city and state agencies, particularly with the Metropolitan Transportation Authority (MTA). The MTA is currently overhauling the subterranean train shed serving Grand Central Terminal, addressing infrastructure issues such as a leaking roof. This major renovation is expected to be completed next year, paving the way for the above-ground work funded by the East Midtown Public Realm Improvement Fund, which manages the transfer of development rights from properties like 270 Park Avenue and 415 Madison Avenue.

As the city looks to implement these enhancements, the request for proposals has been sent to eligible firms with a tight four-week deadline to respond, as reported by Crain's New York Business. The redesign of Park Avenue is not only about restoring its historic charm but also about paving the way for a more sustainable, pedestrian-friendly, and economically vibrant Midtown.

NYC Seeking Bids to Restore Park Avenue Mall to Former Glory The DOT asked for bids of up to $1.5 million Tuesday to design a new linear park on a stretch of Park Avenue in the heart of Midtown.

As the fall season approaches, Manhattan's real estate market is experiencing a noticeable shift. Following a subdued spring, buyers are increasingly coming off the sidelines, driven by decreasing mortgage rates and the anticipation of a Federal Reserve rate cut. This surge in activity is already sparking bidding wars, even in a traditionally slow August.

The co-founder of Urban Digs, John Walkup, observed that the first half of August saw buyer activity surpassing levels seen in recent years. While this uptick is subtle, it signals a potential resurgence in demand. Historically, August has been a quiet month for Manhattan real estate, but the current landscape is defying that trend.

Real estate professionals are witnessing firsthand the effects of this shift. For instance, in Tribeca, three units in the same building went to bidding wars, a stark contrast to the buyer scarcity seen just a month earlier. One of these properties, a three-bedroom apartment listed at $4.795 million, attracted multiple offers, eventually leading to an off-market sale for a leftover bidder.

This increase in luxury sales is backed by data from Olshan Realty, which reported 73 contracts signed at $4 million and above in the four weeks ending August 25, outpacing last year by 20%. The broader market also reflected this trend, with 680 contracts signed through August 25, compared to 671 for the entire month of August in the previous year. This surge makes August 2024 one of the most active months for Manhattan luxury sales in the last decade.

The drop in mortgage rates below 6.5%—a level not seen since early 2023—coupled with an ongoing inventory crunch, is fueling this newfound activity. Buyers are motivated by the fear that prices will rise as inventory remains low and interest rates potentially decrease further. The recent bidding war over a $16 million West Village home, which had languished on the market for over a year, exemplifies this trend. Once two all-cash buyers entered the fray, the final contract neared the reduced asking price.

It's worth noting that this surge isn't just about buyer demand; sellers are also adjusting their strategies. Properties that had been sitting on the market for months are now attracting offers after price reductions. For example, a Flatiron District unit, initially listed at $3.25 million, saw renewed interest and two offers after the price was lowered to $2.65 million.

While this uptick in activity is predominantly a Manhattan phenomenon, the broader implications for the fall season are clear. With buyers eager to secure homes before a potential influx of competition, the market is at a critical inflection point. As Walkup noted, this could signal a rebound in sales volume as we transition into the fall.

Manhattan’s Real Estate Market Usually Goes to Sleep in August. Not This Year. Buyers are coming off the sidelines to land a home before fall, with mortgage rates decreasing to the lowest level since 2023 and a a Fed cut looming

New York City's rental market remains one of the most dynamic and challenging in the country. As of July, the median asking rent in the city climbed to $3,421, marking a 2.2% increase from the previous year, according to a Realtor.com report. This rise comes at a time when rents across the U.S. have generally been on a downward trend, highlighting the unique pressures in the Big Apple.

Despite steep rent declines during the COVID-19 pandemic, New York City's rental market quickly rebounded, with rents surpassing pre-pandemic levels by spring 2022. The current median rent is $413 higher than in 2019, reflecting a 13.7% increase, emphasizing the ongoing demand for housing in the city. As Jenny Lenz, managing director of Dolly Lenz Real Estate, notes, the market is "very strong," with properties moving quickly, often at or above asking prices, even in the typically slower summer months.

Interestingly, Manhattan, traditionally the most expensive borough, saw its rents dip for the 13th consecutive month, with the median rent in July down 2% year over year to $4,489. This suggests a shift in demand as renters seek more affordable options. To comfortably afford a typical Manhattan rental, a household would need an income of nearly $180,000 annually, far above the national median income.

Meanwhile, the outer boroughs—Queens, the Bronx, and Brooklyn—are experiencing substantial rent increases, signaling stronger demand in these areas. Queens, in particular, saw an 8.2% jump in rents, reaching a historic high of $3,380, while the Bronx and Brooklyn also recorded significant year-over-year increases. This trend spotlights the growing appeal of these boroughs as more renters prioritize affordability amid economic uncertainty.

Moreover, the demand for smaller rental units, such as studios and one-bedroom apartments, has risen, with their median rent increasing by 2.2% to $3,322. Conversely, larger units with three or more bedrooms saw a decrease in median rent, indicating a shift in preferences among renters.

As the rental landscape in New York City continues to evolve, affordability remains a crucial factor influencing where people choose to live. With rents rising across the outer boroughs, the market dynamics suggest that renters are increasingly looking beyond Manhattan for more budget-friendly options.



https://nypost.com/2024/08/26/real-estate/the-best-boroughs-to-live-in-nyc-based-on-your-salary/

The best boroughs to live in NYC — based on your salary Renting in some areas of the city is much more cost-effective than in others. We crunched the numbers to pinpoint the Big Apple’s biggest bargains.

Uptown Madison Avenue, renowned as New York City's premier luxury shopping corridor, is on the brink of significant transformation. Nestled where East Midtown meets the Upper East Side, this gilded stretch of Manhattan is witnessing the demolition of two major office retail buildings, paving the way for new, yet largely mysterious, mixed-use projects. This development has left both fashion aficionados and high-profile real estate investors questioning the future of this iconic avenue, particularly with the vacant former Barneys building, which has been unoccupied for the past four years.

In July, it was first reported that Related Companies would be demolishing 625 Madison Avenue, located between East 58th and 59th Streets, to make way for a mixed-use supertall tower that could soar beyond 1,200 feet. Jeff Blau, CEO of Related, shared that it would take nine months to demolish the current structure, along with an adjoining building, to make room for a skyscraper featuring luxury condominiums, retail spaces, and potentially a hotel. Currently, scaffolding has enveloped the entire property, signaling the beginning of this ambitious project.

Adding to the upheaval, demolition plans have also been filed for the 24-story 655 Madison Avenue, situated between East 60th and 61st Streets. The building's owners, a joint venture including Jamestown and Williams Equity, plan to introduce a mix of retail, hospitality, and residential spaces, according to Michael T. Cohen, co-principal at Williams Equity. Retail tenants, including the prominent Marc Jacobs store, have already vacated the premises, leaving the future of this block in a state of flux. Although a sign indicates Marc Jacobs will be relocating to Fifth Avenue, no new lease has been confirmed, leaving speculations about its next move.

The uncertainty extends across the street to the once-elegant but now empty 10-story former Barneys building at 660 Madison Avenue. Real estate insiders and investors alike are puzzled by its continued vacancy. Owner Ben Ashkenazy has hinted at plans to sell the property to a major retailer for $1 billion, yet no concrete developments have been announced. The surrounding area, including the block between East 60th and 61st Streets, has taken on a forlorn air, despite the recent arrival of a large Valentino boutique in the former Calvin Klein space at 654 Madison Avenue.

Amidst this uncertainty, Madison Avenue Business Improvement District President Matthew Bauer offers an optimistic perspective. He emphasizes that what sets Madison Avenue apart from other luxury retail destinations is its predominantly local customer base. Bauer believes that these new developments will not only introduce fresh shopping and hospitality options to the district but also attract new residents, who will become regular patrons of the local stores, restaurants, spas, salons, and galleries. He notes that the inclusion of a major residential component in both 625 and 655 Madison reflects a growing trend, with high-end retail on the lower floors and luxury residential spaces above, similar to the nearly completed Giorgio Armani residences at 760 Madison Avenue.

A retail broker, choosing to remain anonymous, sees a silver lining in this wave of change. According to the broker, the closure of stores due to new development creates business opportunities for other landlords, as these stores will need to relocate, and there are plenty of available spaces on Madison Avenue.

As these developments unfold, the future of Madison Avenue as a luxury shopping destination will be reshaped, potentially redefining the landscape of East Midtown and the Upper East Side.

NYC’s most fashionable shopping corridor is getting a mystery makeover Two large office retail buildings are being demolished for new, mixed-use projects where East Midtown meets the Upper East Side.

The upcoming auction of 300 W. 114th St., a Harlem building that has long housed the beloved American comfort restaurant Melba's, marks a significant moment in the neighborhood's real estate landscape. This development follows a foreclosure initiated by U.S. Bank National Association in early 2023, after the building's owner, Harlem-based developer Sugar Hill Capital, defaulted on a $3.9 million mortgage. The building, located between Frederick Douglass Boulevard and Manhattan Avenue, has been a staple of Harlem's vibrant community, and Melba's is renowned for its Southern cuisine, featuring dishes like catfish strips, fried shrimp, and dry-rub wings.

While the foreclosure lawsuit does not directly name Sugar Hill Capital, it targets several LLCs associated with the property's address, as well as individuals including David Schwartz, Alex Friedman, Margaret Grossman, and Jeremy Salzberg—all former Sugar Hill employees now working at a new firm, T30 Capital. Despite the legal turmoil, Melba's is not named in the lawsuit, and its owner, Melba Wilson, was reportedly unaware of the impending auction. Wilson's attorney is currently reviewing the situation, but as is typical in foreclosure cases, tenant operations are generally not directly impacted.

The foreclosure of this mixed-use property not only highlights the financial challenges faced by developers like Sugar Hill but also raises concerns about the future of iconic establishments like Melba's in Harlem. As Sugar Hill Capital ceases to take on new business, the shift of its key personnel to T30 Capital suggests broader changes in the local real estate market, potentially influencing other developments in the area.

The case highlights the ongoing pressures in New York City's real estate market, where rising costs and financial mismanagement can lead to significant shifts in ownership, even for properties with deep community ties.

Harlem home of Melba’s restaurant to be sold at auction Wednesday U.S. Bank National Association moved to foreclose on the property owned by Sugar Hill Capital through various limited liability companies.