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1 Willoughby Square – Downtown Brooklyn's Tallest Office Building

Jemb Realty has reached an important milestone with their office building located at 1 Willoughby Square. The building is now 60% leased. Brooklyn's tallest office building is the 1st to be built since the 2004 rezoning of Downtown Brooklyn, NY. Considering the struggles Manhattan office buildings are having, losing tenants and unable to lease vacant spaces, 1 Willoughby Square is doing well. Companies leasing in the building are in architecture, healthcare and consulting industries. Some of the tenants are for example, FXCollaborative (the architecture firm that designed the building), Gemic, Big Spaceship and nonprofit for women called Ms. Foundation For Women. Not surprisingly, many of the tenants at 1 Willoughby Square were in Manhattan and chose to move over to Downtown Brooklyn, New York.

Midtown Manhattan South Proposed Rezoning Plan

Mayor Eric Adams is proposing to update decades old zoning rules for new housing to be allowed in parts of Midtown Manhattan. The new zoning will include a 42 block area from 23rd Street to 40th Street and from Fifth Avenue to Eighth Avenue. Currently zoned and designed for manufacturing use, this proposal lines up with another of the mayor’s proposals to facilitate and expedite office to housing conversions in all NYC boroughs as we continue to face a housing crisis.

The Midtown South Neighborhood Plan would update zoning rules to literally transform four areas in Midtown South into a vibrant, live/work community with affordable housing and good jobs. This plan would boost economic growth, support local businesses, and create jobs.

Investors Focus On ESG To Increase Property Values

Especially today, when interest rates are so high, vacancy rates are at an all time high for office buildings, commercial real estate values have taken a hit.

Some of the ways investors are working toward stabilizing and increasing property value is a focus on Environmental, Social and Governance factors (ESG). What this translates into is reducing asset risk by being environmentally responsible, sustainable and reducing hazards and future costs associated with climate change.

By enacting energy efficient measures, property owners can realize measurable and significant cost savings in the long term. For example, a more energy efficient building can reduce utility costs and lowers operational costs and in turn increase Net Operating Income for a higher property value.

Office To Residential Conversion

New York City is facing a housing crisis now more than ever. There may be some relief in sight. There has been a growing trend of office to residential conversion, with some gutsy NYC developers taking on projects.

According to Jesse Schmidt, Senior Vice President of Sales at The Guarantor, ( a company servicing operators and renters) “We have been seeing this trend develop for years, the pandemic really accelerated the pace and made it a necessity for a lot of office owners to look for alternative ways to market their properties”.

According to recent research from the National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC), the U.S. Needs to build 4.3M more apartments by 2035 to meet demand for rental housing.

New York City Life Sciences in 2022- a 2nd Record Year

The Life Sciences sector in NYC has now enjoyed it's 2^nd straight boom year in 2022 with tenants leases for 455,000 square feet. Leasing volume was up 5% from 2021 with 433,000 square feet leased.

Average rent in this sector also broke a record last year at $108.47 per square foot.

Manhattan's West End Labs came to market with very high asking rents. The biggest lease of the year came from King Street Properties 45-18 Court Square West in Long Island City. New York University took 92,000 square feet at the building known as Innolabs. New York University also took the 2^nd largest lease of the year for it's School of Medicine with 56,000 square feet at Deerfield Management's 345 Park Avenue South.

Distressed Commercial Real Estate Sales on The Rise

According to Colliers (a leading diversified professional services and investment management company) citing MSCI (Morgan Stanley Capital International – an investment research firm) data, sales of distressed commercial real estate assets will soon spike.

MSCI estimates put the dollar volume of these assets at $2T + of debt maturities due by 2027. Refinancing is no longer the easy and cheap option that it was.

Interest rates are high and the Fed will not be cutting interest rates to provide easing any time soon.

2022 Brooklyn Investment Sales Soar

Brooklyn investment sales year over year, from 2021 to 2022 saw a 28% increase, reaching just above the $10B mark. Transactions in Brooklyn increased 20% year to year to 1,226 transactions.

The asset classes leading the way were Multi Family and Industrial/Warehouse, with their best year.

Multi Family investors have been shifting their preferences to smaller (fewer than 6 units) free market buildings with no rent stabilization regulations. These transactions accounted for more than 50% of total Multi Family transactions in 2022. Most likely this trend will continue into the future. Investors want value add opportunities.

Brooklyn, NY Neighborhood Rezoning Gains Support

Mayor Adams proposed Atlantic Avenue rezoning in Crown Heights and Bedford Stuyvesant have the support of local Councilmembers.

The upzoning is part of the mayor's “Moonshot” goal of 500,000 new housing units. The “Get Stuff Done” plan is meant to speed up the land use planning process and make it less expensive for developers to build with changes to environmental review rules and Department of Building permitting requirements.

Adams says “We need more housing. We don't have enough housing to meet the need that we have”. “Safe, stable, affordable housing cannot be a privilege. It is the foundation of a prosperous society”.

There Is a Housing Crisis In New York

Real Estate Developers have long been the target of elected officials in New York. Politicians would say they were protecting a neighborhoods character and property values while routinely quashing good projects.

What has changed is a real housing shortage and an affordability crisis. Politicians may not be such fervent critics of the real estate industry much longer if they want those serious housing problems solved.

Legislation Proposed Giving Non Profits The Opportunity To Develop NYC Owned Land

For profit developers have a history of getting first crack at purchasing and developing NYC owned land.

According to Council member Lincoln Restler, “Public land is a treasure that we need to maximize for truly affordable housing”.

Restler's proposed bill would prevent the city from selling off land to private, for profit developers, unless no qualified non profit group makes an offer. Restler wants things to change here, so that New York City Community Land Trusts and non profit developers get the first crack at securing publicly owned land for truly affordable housing.

Historic Residential Sales Gains In Brooklyn

In case there was any doubt about Brooklyn as the center of the real estate universe in New York City, according to Greg Heym, chief economist for the prestigious real estate brokerage and consulting firm, Brown, Harris, Stevens and former chief economist for the Real Estate Board Of New York “Brooklyn had the most active 4th Quarter in the history of Brooklyn”, “continuing powerful growth and sustainability particularly in Condos and Coops”.

In addition, this Brown, Harris, Stevens market report indicates a price increase of 11% year to date for Condos and Coops.

Accord Real Estate Group Closes on Washington Heights Assemblage

As many Real Estate Brokers and Real Estate Agents come to know, some transactions are much more difficult to keep on track towards a closing, through many twists and turns, ups and downs than other transactions.

We at Accord Real Estate Group are pleased to announce that the sale of 636 and 640 West 158th Street, New York, NY which closed in 2019 has now been accompanied with the sale of the most critical part of the assemblage, 638 West 158th Street which includes a townhouse and a 50x150 rear lot which closed yesterday, Thursday, April 8th 2021.

Office Building Owners Must Adapt Post Pandemic

No, the office isn't dead, but building owners face the challenge to optimize the digital revolution of work. Office designed from a pre covid status quo must change. While some will resist change, other owners must offer work spaces that embrace the neighborhoods they are located in.  Owners are increasingly realizing the value of fluid spaces that allow for an urban campus that represents the future of work, not a field of desks.

The best example of this digital work transformation can be taken from Apple, Google and Amazon who have built campuses for their employees with variety and flexibility to suit a range of work styles.

New York Hotels Are Covid 19 Casualties

The New York Hotel Industry has come under tremendous pressure due to the Coronavirus Pandemic and has almost completely stopped travel to New York City.

Construction at 159 Broadway, across from Peter Lugar restaurant, planned as a 26 story tower with apartments, 235 room hotel with a restaurant, sky bar, pool and condominiums has filed for bankruptcy. Just as the Tillary Hotel in Downtown Brooklyn at 85 Flatbush Avenue has also filed for bankruptcy.

It is estimated that possibly 20% of New York City hotel rooms could close permanently. According to The Wall Street Journal, hotels such as the W Hotel at 8 Albany Street and the Maxwell Hotel at 541 Lexington Ave have closed permanently. According to the Real Deal Magazine, Sunstone Hotel investors gave the 478 unit hotel The Hilton Times Square back to it's lender, saying it would not reopen.

Parking Lots and Parking Garages – History and Update

There was a time in Brooklyn, New York, probably 20 years ago more or less, when parking garages and parking lots were a great convenience and in terms of a Commercial Real Estate investment, a safe bet. The attraction of owning and investing in this asset type was the ability to adjust parking rates and the garage or lot had low upkeep compared to an apartment building or an office building.

As new residential condominium buildings sprouted up in many prime Brooklyn's neighborhoods, garages gained in value. However, as land and development sites in prime locations became scarce, investors had to look elsewhere for opportunities to build.

According to Jeff Grandis, broker at Accord Real Estate Group and a lifelong Brooklyn resident, “In the Midwood neighborhood, specifically the Kings Highway East teens area, over the last 15 to 20 years several parking lots and parking garages have been sold to developers”.  For example, the huge parking lot between East 14th Street and East 15th Street, between Kings Highway and Avenue P was purchased from the city by developers who built a 4 story commercial building with the tenants T.J. Maxx on the 1st floor retail, New York Sports Club on the 1st floor and Visiting Nurse Service occupying the top floors. Also, between East 13th Street and East 14th Street, between Kings Highway and Avenue R, there was originally a parking lot that was purchased by developers who built a multi level outdoor parking garage, which was 6 or 7 years later sold to another developer who build a commercial building which now houses a Target Store on the 1st and 2nd floor, a Marshalls Store in the basement and offices on the several remaining upper floors with a separate lobby entrance on East 13th Street.

Residential Developers Adapt to Covid Crisis

Residential Developers are planning their new projects based on the current and future needs of buyers and renters coming from a pandemic experience.

How long will the pandemic remain a part of our culture or fade away? Those questions go hand in hand with the questions of what design layouts and amenities will buyers and renters’ value and pay a premium for?

Some of the must have amenities being considered and planned for by developers are multiple gym rooms, a home office, re engineered ventilation systems, windows that open, lounges with glass dividers, balconies on all units, multiple lobbies with elevators, touchless entry, wider lobby stairs and separate entrance for deliveries.

Brooklyn NY Real Estate Brokerage, Part 2

On February 6th of this year, we blogged about Brooklyn New York Real Estate Brokering Pre Covid 19 – do's and don'ts.

Since February 6th, the business of doing the real estate brokerage business has changed, yet it has remained the same in many ways. In this especially challenging time for our industry due to the Covid 19 pandemic, the biggest asset we have is our attitude.

As New Yorkers, we have already proven that we can do what was and is necessary to flatten the curve of this vicious virus and keep it down. New York has proven to the rest of the United States and to the world that we are a smart, focused, tough, resilient and caring city.

Some Banks Thawing On Loans With Multi Family

Over the last several months, the lending market has been frozen. In many cases the banks that were doing loans had restricted commercial loans to 50% down clients with 1 to 2 years in reserves because of the wave of late or non payment on loans as a result of the pandemic.

As the pandemic has eased somewhat in New York due to New Yorkers focus and determination to shelter at home, social distance from others and wear masks in public, the banks have shown more interest in placing loans, especially with the multi family market. We seem to be headed back on track, hopefully to some sort of normalcy in the near future.

What Does The Future of New York Real Estate Look Like?

Over the past 2 months we've blogged about the Industrial Market as a bright spot, difficult changes coming for the commercial real estate market and mixed news for the residential market depending upon property type.

The fact is that no one, no matter how much wisdom they possess, has the answer to what the future has in store for New York real estate.

The 3 scenarios of the current market and potential outcomes are the following:

The worst case scenario is that major companies will downsize and fire thousands of workers. These thousands of workers will face evictions from their apartments.

Many retailers, big and small will not survive the economic fallout from this pandemic and will close their doors. J Crew, Neiman Marcus and J.C. Penney have filed for bankruptcy, Pier 1 Imports is out of business and brands are planning to close hundreds of stores.

New York City's Industrial Market Update

It's still too early to make predictions in the face of the Covid 19 pandemic, but there are good reasons to believe that the NYC's industrial sector is well positioned to weather the Corona crisis.

Industrial and warehousing businesses have essential services status and are allowed to conduct their daily operations. These services include warehousing, distribution, logistics and fulfillment, the manufacture of food, medical & other essential goods, telecommunications and data centers, auto repair, select construction sites and construction supply, skilled trades including electricians and plumbers, business storage, mail and shipping services, trash recycling and building repair, maintenance, security and disinfection services.

A recent market report by Prologis indicates that the logistics sector is positioned to handle inventory supply and demand disruptions due to standard long term occupancy contracts which serve to buffer cash flows from short term disruptions. While property values in the Investment sales market peaked in 2014/2015, the Industrial sector continued in a steady climb in values through the start of this year. The average price per square foot has increased by 10% per year since 2011.

Real Estate Deals In Today's Market

There are many challenges to closing a deal in today's market, from underwriting to completing due diligence virtually, with social distancing restrictions. Many investors have halted all acquisitions, but for those still trying to transact, it can be a very tough road. How some investors are approaching their business is to do less renovations since they are getting less rent. What has gone away for now for some investors is buying a property and putting lots of money into it to achieve certain rents. Today's market is dictating to not over improve the property beyond market demand. You want to keep rents workforce affordable.

According to Gene Reilly, Chief Investment Officer of Prologis, a global real estate company whose portfolio spans approximately 1B square feet of space around the world “ we have stopped all spec development for now”. “ we are trying to figure out where the rents and occupying will be a year from now”.

According to Mark Weinstein, founder and President at MJW Investments “ this is not going to go on forever, but it's going to go on for a while”. “ Owners planning to sell assets this year have pushed back plans as part of a strategic shift to respond to the pandemic.

According to Bill Shopoff, President and CEO of Shopoff Realty Investments”many of our properties that we had planned to sell this year will now have their disposition timelines pushed back a quarter or two depending on the market's future recovery”. “ In addition, properties we are considering for acquisition will now have to be further evaluated as determining valuations is nearly impossible in the current market”.

New York City Rent Laws Impact Update

This past June the New York City legislature agreed on a package of tenant protections and rent regulations that are the biggest change in tenant law in decades.

Some of the changes in the new law are:

Repeal of provisions that remove units from rent stabilization when rent crosses a high threshold or when the unit becomes vacant or if the tenant’s income is $200,000 or higher in the preceding 2 years.

The elimination of the “vacancy bonus” provision that allows a property owner to raise rents as much as 20% each time a unit becomes vacant.

Tenants in rent regulated apartments would see

Washington Heights New York, NY

Vibrant and thriving, Washington Heights has a rich history, cultural diversity and gorgeous parks.

Washington heights is located on the North end of Manhattan from 190th Street to 150th Street. It is bounded by the Harlem River to the East and the Hudson River to the West.

Washington heights has been hailed as the new hipster haven. There are more millennials in Washington Heights than any other New York neighborhood including Bushwick, Crown heights and Williamsburg.

Washington Heights draws nearby Columbia Medical school students, professors, young professionals and young families with children.

By day, locals and tourists visit 8 parks in Washington Heights. Historic Bennett Park is located at 183rd Street and Pinehurst Avenue. The park was once home to the Munsee Native Americans and the headquarters for George Washington’s army during the revolutionary war. It is here that you can visit the highest natural point in Manhattan at 265 feet above sea level. Other must see attractions are the Little Red Lighthouse, directly under the George Washington Bridge and the High Bridge and the High Bridge Water Tower at West 172nd Street.

Understanding Air Rights In New York

All 5 boroughs of New York City, Manhattan and the surrounding boroughs of Brooklyn, Queens, The Bronx and Staten Island are densely occupied with buildings of every property type whether single family residential, multi family residential, mixed use, commercial, industrial, condominium or cooperative buildings or skyscraper office buildings. For this reason, air rights have become so very important to property owners, investors and developers.

Air rights allow property owners to maximize the square footage that can be built on their property based on zoning regulations. The city has placed some restrictions on zoning in some neighborhoods and increased or up zoned in other neighborhoods. For example, the Downtown Brooklyn rezoning

Are You Planning To Sell Your Property in 2019?

 

 

Whether you are a property owner planning on selling your residential, commercial or investment property in Brooklyn, Manhattan, Queens, the Bronx or Staten Island, you need every advantage possible to locate the best qualified buyers who are motivated to purchase your property.

Just a few weeks ago we at Accord Real Estate Group announced the launch of our latest website and mobile version. We continue to be a technologically advanced real estate brokerage company year after year. We are internet marketing experts dedicated to bring the absolute best exposure to our client’s properties to locate interested and qualified buyers.

Our company motto is Experience, Integrity, Results. What this means to our clients is a thoroughly professional, personalized experience with our real estate brokers and agents, who bring exceptional service and who have

Brooklyn Real Estate Brokerage – Branding Yourself

The importance of branding yourself in today’s real estate industry can not be overstated.

In our everyday lives we approach everything that we do and all of the daily interactions that we have with people in our own unique way, leaving our own personal touch and impression.

In business, no matter what the profession, whether it be Banking, Medicine, Law and certainly real estate marketing and sales, branding

Top 9 tips to sell your Brooklyn property

Whether you are a a property owner or an experienced investor who is planning to sell a property we have the following top 9 real estate tips for you. We hope that you will find them useful. 

1. Make absolutely sure that all parties involved in the decision making

Brooklyn Investment Property Sales

Investment Property sales for the 1st half of 2014 is up 38% from the first half of 2013.

Brooklyn Real Estate Brokers have a lot to be proud of so far this year. In addition, the dollar volume of these sales rose 73% to more than $3,033 Billion. Property types included in the investment property category are development, multi family, industrial and other commercial property sales over $850,000.Multi family sales led the way with 66% of Brooklyn's investment property transaction volume. For example, a newly constructed 49 unit rental building in Williamsburg sold for $35.6 Million,

Greenpoint Residential Developers Clean Up Polluted Properties

Two pollution plagued properties in Greenpoint Brooklyn have been sold to developers who must go through a costly cleanup process.

The vintage Arte Modern style former Harte & Co. factory building property located at 280 Franklin St. has been sold. The buyer, Bo Jin Zhu plans to build a 400 unit apartment building with 200 parking spaces. The building will have affordable apartments as well as market rate units.

The property was sold for $23.25 Million. The seller, 49 Dupont Realty Corp

Accord Reaches Everywhere in Brooklyn

If you read our blogs you know that as Brooklynites Anna and I truly enjoy the uniqueness, history and wonderful energy and diversity of Brooklyn New York neighborhoods. We as real estate brokers marvel at the tremendous demand and interest there is in Brooklyn Real Estate.

We at Accord Real Estate Group are proud to say that our services are sought after by and respected by property owners who reach from one end of Brooklyn to the other. At any given point in time we handle the marketing and sale of properties in Sheepshead Bay, Fort Greene, Bedford Stuyvesant, Stuyvesant Heights, Midwood, Homecrest, Red Hook and East Flatbush, just to name a few.

Many years ago when I worked for another brokerage company,

Real Estate Long Term Investment

According to a Gallup Poll conducted in April of 2014, people owning real estate properties and people who are homeowners have what is viewed as the best investments for the long term.

This comes as no surprise to us, your local real estate brokers who have listed and sold thousands of Brooklyn properties over the course of 27 years.

What Makes The Best Real Estate Broker

When representing property owners in the marketing and sale of their Brooklyn property the most direct answer to this question is of course exceptional results and outstanding service. Beyond the obvious qualities that make for the best real estate brokers are the following that will ensure even the toughest client's satisfaction:

1. Superior real estate market and product knowledge will always separate the best brokers from the rest. Knowing what is selling and for how much is crucial information for a client to hear from their broker. Being knowledgeable about neighborhood trends

Prospect Lefferts Gardens Brooklyn, another great choice to live

Just stroll up and down the tree lined streets of this wonderful Brooklyn neighborhood, very close to Prospect Park and you will be very pleased to see magnificent housing stock of Romanesque Revival, Colonial Revival and Neo-Federal style Limestone, Brick, Brownstone and Victorian homes. Priced out of nearby Park Slope and Crown Heights, many people looking to purchase a house found that Prospect Lefferts Gardens offer great value homes with terrific amounts of living space, gorgeous period details and nice backyards to plant, play or just relax in. The neighborhood of Prospect Lefferts Gardens is bordered by

Dumbo Brooklyn Buildings/ Neighborhood Update

On July 18th of 2013, we reported that developers RFR and Kushner Companies had purchased 6 buildings in the Dumbo neighborhood of Brooklyn from The Jehovah Witnesses. It is expected that this project will produce as much as 1.2 million square feet of commercial space. This commercial space would be a tremendous boost for the Brooklyn push to create a Tech Triangle in the Dumbo, Brooklyn Navy Yard and Downtown Brooklyn neighborhoods where technology companies large and small could find a home.

According to the latest information on this project, the buildings will include a residential component. So far the building department has approved plans for removal of interior partitions at 55 Prospect St., 81 Prospect St., 117 Adams St., 77 Sands St., and 175 Pearl St. This deal also includes a hotel

Atlantic Avenue, Brooklyn Attracts Developers

In Downtown Brooklyn, on the corner of Boerum Place and Atlantic Avenue, there are currently 3 projects planned with 2 projects of the 3 already underway that will dramatically spruce up this corner of the neighborhood.

At 66 Boerum Place Midtown Equities is building

Red Hook Brooklyn Real Estate In Demand

Red Hook, Brooklyn, New York  has been a growing and expanding neighborhood with real estate in high demand before hurricane Sandy occured. Home to a Fairway supermarket on the water,an Ikea superstore with a waterfront park as well as a ferry to Manhattan, the demand is still strong for Red Hook properties and Red Hook continues to attract homebuyers and investors despite hurricane Sandy.

Some buyers with a vision of building both residential housing and commercial buildings believe in the unique and trendy feel of Red Hook. Two brothers, Robert and John-Tom Seetin who for years have been doing high end custom metal fabrication,architectural metals and millwork are building a new home for their business on Coffey Street in Red Hook.The Seetin brothers decided to Relocate their business from Williamsburg, where have been running their business for the last 15 years. Sandy was not going to stop them from relocating to Red Hook. Their new three story building will have a fortified foundation, strong grade beams and piles, flood vents on the walls and a crane to lift up factory equiptment if there is a threat of flooding.

Brooklyn's Barclays Center Spurs Construction of Trendy New Hotels

Brooklyn's Barclays Center has created a synergy of Real Estate forces in Downtown Brooklyn which is undeniable. The neighborhood is undergoing an amazing transformation as a result of Barclays being the #1 concert venue in America today. Many investors, developers, small and big retailers want to capitalize on the tremendous amount of travel traffic that Downtown Brooklyn now attracts.

There are two new trendy hotels being planned for construction just blocks away from Barclay's Center.

Gowanus Brooklyn Attracts Investors/Developers

The Gowanus neighborhood situated between Park Slope and Carroll Gardens is gradually becoming gentrified and attracting the attention of investors. Large developers have been land banking commercial properties hoping for a rezoning of the neighborhood and thus allowing mixed use and residential projects to take the place of old warehouses and loft buildings.

Two developers named Aaron Lemma and Asher Abesera formerly with Two Trees Management have purchased 68 and 80 Third Street (The former New York Vitrified Tile Co. building) off of Hoyt Street with the intention of creating boutique office space and artisanal shops.  The location of these buildings is excellent, as a connecting street between Park Slope and Carroll Gardens.

Another project

Economic Boost For Brooklyn Neighborhoods

Brooklyn has been an attraction for tech companies for decades. Now with the plan to create millions of square feet of commercial space in Brooklyn Tech Triangle it should change New York City position in the country as the second largest tech hub after the Silicon Valley to number one! The Brooklyn Tech Triangle consists of the space between Downtown Brooklyn, DUMBO and the Brooklyn Navy Yard.

The Jehovah's Witnesses' just sold six buildings in Dumbo with a total of 1.2 million square feet of commercial space that gives a tremendous boost in the creation of Brooklyn's Tech Triangle. The buyers are New York City developers RFR and Kushner Companies. Office space has been so scarce in Dumbo that if these buildings are used for office space, the buildings

Brooklyn Real Estate Top Brokers

Accord Real Estate Group is a boutique size Real Estate Brokerage Company, representing property owners planning to sell their properties. We are experienced and have a successful track record of selling Commercial, Residential and Investment properties in many Brooklyn neighborhoods.

What makes a top real estate broker? It is not what real estate brokers say but it is what their clients say about them. Over the course of many years our clients have been very happy with our dedication to providing them with the best personalized and professional brokerage service and we often exceed their expectations. How are we able to provide our clients with service and results that they expect from a top real estate broker? The answer to this is simple. At Accord Real Estate Group we specialize in one extremely important part of the real estate profession that is representing property owners in the marketing and sale of their properties. We proudly stand for our company motto – Experience, Integrity, Results.

Coney Island Brooklyn Real Estate News

Amongst Brooklyn's many historic and wonderful neighborhoods, Coney Island has a rich and varied history. Coney Island was at one time the playground for the very wealthy, then a gathering place for the masses and then experienced a decline. Today Coney Island is attracting a new wave of retailers and restaurants. According to Mr. Zane Tankel, owner of the Applebee's restaurant chain, "Coney Islands time has come. It's the renaissance of the neighborhood". Mr. Tankel has just signed a 20 year lease on a Surf Avenue spot and this newest Applebee's location was set to open on June 17th.

Boerum Hill Brooklyn - Suburban Charm and Urban Sophistication

In our blogs we occasionally like to glowingly describe some of Brooklyn's many amazing neighborhoods. The subject of today's neighborhood blog is Boerum Hill. There is an incredible variety of homes for sale in Brooklyn, NY.

Bedford Stuyvesant Brooklyn Real Estate

Bedford Stuyvesant is one of the 5 quickest growing neighborhoods in Brooklyn at this time. With a 19.4% population increase, there is no other Brooklyn neighborhood growing quite as quickly as Bedford Stuyvesant. As a result of this tremendous growth in population the demand for housing is very high and cannot match current inventory levels of both rentals and residential properties for sale. The reasons for this boom in population growth are a short commute by subway into Manhattan, prices for apartments for rent that are 10 to 30% cheaper than in Manhattan. Gorgeous tree lined blocks with magnificent and historic Brownstone, Limestone and Wood Frame houses on the market for sale have

The Future of Fort Greene Brooklyn - A Cultural and Residential Hub

Fort Greene Brooklyn, a historic neighborhood, considered to be part of Brownstone Brooklyn, has many gorgeous tree lined streets exhibiting an absolutely magnificent array of homes in the Neo Grec, Romanesque Revival, Queen Anne, Italian and Federal style.

Fort Greene, Brownstone

The price range of these incredible homes has gone up dramatically and is in the multi-million dollar range. The rental prices in this neighborhood have also skyrocketed. For example, a studio apartment now rents for approximately $2,500.00 per month, one bedroom asking $3,500.00 and two bedrooms asking $4,700.00. Because of Ft Greene's popularity with renters and new home buyers there is high demand for new housing and several major residential projects are underway and set to launch in this neighborhood.

Landmarked Waterfront Warehouses in Dumbo Brooklyn

The Empire warehouses are located in the Empire Fulton Ferry section of Brooklyn Bridge Park at 53-83 Water Street. These buildings were built by architect Thomas Stone in 1869 and feature distinctive brick walls with round arch openings and iron shutters. The warehouses consist of seven contiguous buildings, four and five stories in height.

Ten design firms have submitted proposals to the Community Advisory Council (CAC). These proposals are aimed at generating income for the Brooklyn Bridge Park maintenance, preserving, restoring and reusing the landmarked buildings and transform the buildings into an exciting and dynamic destination that will work well with the park and the surrounding area. The designs include retail, office and cultural space.

Come to Visit or to Live in Prospect Heights, Brooklyn NY

If you want to have a wonderful, fun and interesting day whether on the weekend or during the week please come to visit Prospect Heights in Brooklyn New York. Prospect Heights is one of many beautiful Brooklyn neighborhoods.

The two main streets that run parallel to one another through Prospect Heights are Vanderbilt Avenue and Washington Ave. You can stroll for hours amongst the magnificent trees, pastures and gardens at the 52-acre Brooklyn Botanical Garden or take a walk or bike through the gorgeous and sprawling Prospect Park designed by Frederick Law Olmsted and Calvert Vaux after they completed Manhattan's Central Park.

Brooklyn Real Estate's 2013 Comeback

While a lack of a listing inventory of properties for local Brooklyn Realtors and real estate brokers to sell continues to be a problem, according to The Real Estate Board of New York in a recent published report, Brooklyn residential sales prices and activity are up.

Comparing the number of residential sales in first quarter of last year to the first quarter of residential sales this year, Brooklyn showed a 21% increase or $1.6 Billion while residential sales in New York City was up 23.4% or $8.1 Billion.

Brooklyn Residential Development Projects, Rental vs Sale

The construction of new Brooklyn residential properties had been greatly affected by the last recession. As a result, we are seeing much more development of rental units as opposed to condominium units. A slow economy and low consumer confidence along with the banks tight lending practices resulted in some development projects that were originally planned as condos to be switched to rentals. For example, one of the development opportunities that we at Accord Real Estate Group have in our inventory was planned as a high end condominium project.

Estate Property Sales - Experience Matters

The sadness of a loved one passing away is unmatched. Sometimes there is an additional burden of having to deal with the sale of the loved ones real estate property. This is where our experienced real estate professionals are here to help you and your family and lessen the weight of this important matter at this most difficult time. Professionalism and Compassion are the core of how we help our clients when selling estate properties.

Having marketed and sold hundreds of estate properties over the course of many years, we at Accord Real Estate Group have the experience to insure the sale of the property will be smooth and with least amount of distress for you. We are experts at the appraisal, marketing and sale of estate property.

The brokers and agents at Accord Real Estate Group bring solid guidance and close

Selling a Property in Brooklyn New York?

How to decide on which Real Estate Company to Hire

The National Association of Realtors show through the years that 80-90% of property owners who sell their property worked with Real Estate Brokerage companies.  Experienced realtors will achieve a much higher sale price for their client’s property compared to the sale price by the property owners on their own. What are the reasons for this high percentage of success that sellers have with experienced realtors?

1) The majority of real estate brokers and agents take pride in their profession and have years of valuable experience.

2) Many realtors are technologically savvy and have all of the latest gadgets to access information and communicate with buyers and sellers instantly.

3) Many real estate companies have a hardworking, dedicated staff of brokers and agents who provide personal attention to their buyers and sellers.

4) There are a select few real estate companies who have a custom built real estate website that is not a boiler plate web site and that truly communicates their company’s goals and message to their clients.

The above is true for many real estate companies and their brokers and agents. Now, you need to decide who to choose to be hired as your real estate broker to handle the marketing and sale of your most valued asset - your home and or your investment property.

The answer to this question is, believe it or not, relatively simple.

Current Housing Inventory Shortage Big Plus For Sellers

There is no doubt that the housing market in Brooklyn New York has improved over the last 2 years. Sales of residential, commercial, mixed-use and investment properties have increased.  However, many Brooklyn neighborhoods have a low inventory of properties available for sale at this time, especially Brooklyn neighborhoods in the Northern section of the borough such as the neighborhoods of Williamsburg, Greenpoint, Bedford Stuyvesant (Bed Stuy), Bushwick, Clinton Hill, Downtown Brooklyn, Brooklyn Navy Yard, Brooklyn Heights, Fort Greene (Ft Greene), Prospect Heights, Carroll Gardens, Cobble Hill and Boerum Hill. These Brooklyn neighborhoods are in very high demand for housing and investing because of their close proximity to Manhattan (NYC) and their uniqueness of character.

Brooklyn Real Estate Year End Thoughts

Firstly, Anna and I want to wish everyone Happy Holidays and a Healthy, Happy and Prosperous New Year! The Accord Real Estate Group real estate brokerage company was blessed with a successful year of a great inventory of homes, investment properties and several development opportunities that we successfully marketed and went to contract on and closed on. We thank our wonderful clients for the opportunity to represent them in the sale of their Brooklyn real estate. We have experienced in this past year that the Brooklyn Residential and Development Opportunity segments of the Brooklyn Real Estate Market are strong and the new year will be a strong one as well.

Hurricane Sandy 10-29-12, Brooklyn NY

Dear Brooklynites

Hurrican Sandy has deeply affected the lives of so many people, it was the largest Atlantic hurricane on record. Most of us did not want to believe that it would be as devastating as it was. Although power has been restored to many areas affected by Sandy there are still thousands of Brooklynites without power or running water or even worse - without a roof above their heads.

As a lifelong Brooklyn resident, I lived with my identical twin brother Jay and our parents in Brighton Beach when we were young children. I have many very happy childhood memories of those years going to Manhattan and Brighton beaches, the boardwalk, Coney Island, Lundy's restaurant (designated as a landmarked building) on Emmons Avenue, in Sheepshead Bay for the best seafood dinners around. As an adult and a licensed real estate broker for the past 25 years, I have been servicing the coastal neighborhoods of Manhattan Beach, Brighton Beach, Sheepshead Bay, Sea Gate, Coney Island and Red Hook amongst many other non coastal Brooklyn neighborhoods that were also badly affected by the super storm.

After driving around these neighborhoods, seeing for myself, and talking to many neighborhood residents about  the devastation that Hurricane Sandy left behind, at Accord Real Estate Group our hearts go out to the many, many folks whose lives were changed by Sandy from losing family members, having their home and personal property destroyed and dreams shattered.

We sincerely want to help our neighbors and friends and anybody in needs in any way that we can. Whether it be by giving helpful information, referring good plumbers or electricians or just to listen to you. We understand you maybe more because unfortunately some members of our team are also suffering the devastating effects of the hurricane.

Please click on the links below for some helpful information.

Hurricane Sandy Emergency Information:

For online registration go to www.disasterassistance.gov/ or
call FEMA Helpline - 1-800-621-FEMA (3362) (TTY -1-800-462-7585 for the hearing impaired) in addition to having a pen and paper, please have the following information ready:
your Social Security Number
A description of your losses that were caused by the disaster
Insurance information
A telephone number where you can be contacted

• Find Overnight Warm Shelter location list
• Find daytime warming center locations
• Find Disaster Assistance Service Center location
• Mobile Mediacal Van Location

We will be honored to help you. Do not hesitate to call us at 917-804-3198 or 718-375-2065.

Thank you.

Growing demand for vacant land and development sites in Brooklyn

The popularity of Brooklyn real estate is undeniable and growing. In the last several years investors/ developers have shown increasing interest in purchasing vacant land and development sites.

We, at Accord Real Estate Group, are currently representing two property owners for large development opportunities in two Brooklyn neighborhoods, Park Slope and Prospect Heights. We have also recently closed on sales of 2 pieces of vacant land on Classon Avenue in Prospect Heights at 516 and 518 Classon Avenue, Brooklyn NY 11238.

If you interested to learn more about this trend in Brooklyn New York real estate please read this article from The Real Deal Magazine

If you have any questions please feel free to call or email us. We will be happy to assist you.

Real Estate in Brooklyn New York

Growing up in Brooklyn, New York as a kid and then young adult, graduating from Brooklyn College and now as a licensed real estate broker marketing and selling properties in Brooklyn for over 25 years, I have had a unique opportunity to witness the evolution of Brooklyn, New York real estate.  Even as a young kid, my identical twin brother and I would ride our bicycles through different Brooklyn neighborhoods to visit our friends. Things were much different then. Real estate in many spectacular Brooklyn neighborhoods has a rich historic architectural mixture influenced by residents from countries as varied as new comers who came here to live. Brooklyn New York real estate is in high demand like never before! While Brooklyn real estate has seen years of incredible value appreciation and sky high prices as well as a decline in value as a result of the economic, mortgage and housing crisis of 2008-2009, the market forces unique to Brooklyn real estate have stabilized since late 2011. The Brooklyn real estate market continues to remain stable resulting in increased selling and buying activity in many neighborhoods.

Williamsburg Brooklyn - Young Families Moving in

Williamsburg is one of many spectacular neighborhoods in Brooklyn New York that is in high demand by young families who are looking for a great place to live, raise their families and put down roots. And it’s easy to understand why. Besides an easy commute to New York City, families can choose from gorgeous new condominium constructions that have a spectacular views of Manhattan as well as coop apartments and 1,2 or 3 family houses.

Best Results in Real Estate Sales

When you are planning to sell your Brooklyn New York property for the highest, yet a realistic price, it's best to get advice from experienced Real Estate Brokers and agents. Please keep in mind that your property is worth, the most that the real estate market will bear at any given point in time, according to where the property is located (location, location, location), what the property type is (residential, commercial, mixed use, co-op, condominium, vacant land or a development opportunity) and what the current market conditions are in your specific neighborhood in Brooklyn.

Award Wining Brooklyn Construction Projects

The Real Estate and Development Committee of The Brooklyn Chamber of Commerce, held its 12th annual Building Brooklyn Awards Ceremony on July 12th.

The following are Brooklyn Building Award recipients for their innovative and neighborhood enhancing construction projects:

1. Award category Civic/Institutional, award recipient is BLDG 92, located in The Brooklyn Navy Yard and details the history and current use of the yard with an interesting and fun emphasis on ships.

RE Opportunities for Investors and Developers in Brooklyn New York

There has always been a group of "players" so to speak, that is in the business of Buying, Fixing and Selling properties and a group specializing in developing new condominium and mixed use projects in many established and emerging Brooklyn, NY neighborhoods.

We are seeing an increase in recent months in the number of people looking for investment and development opportunities in Brooklyn. There are several reasons for this like the weak economy and unpredictable stock market has created the necessity for many people to find alternative careers and ways to invest their money.

Positive changes in the Real Estate Market in Brooklyn, NY

In the last six months, Accord Real Estate Group, which primarily markets and sells an inventory of residential, commercial, mixed use, investment and development properties, has successfully sold most of their inventory. We are experiencing a noticeable increase in the number of transactions in all property types and investment opportunities. It is a clear indication that the Brooklyn Real Estate market is showing signs of improvement. We just closed on a lovely, brick two family house in good condition in Gravesend, where the purchaser's interest rate on their loan

Release of our New Website

Jeff Grandis and Anna Kader Broker/Owners of Accord Real Estate Group are very proud to introduce their new company website Accord Real Estate Group that was released in the beginning of May 2012. The main purpose of the new web site is to provide our clients with a cutting edge internet marketing exposure for their properties. Our website consistently achieves high search engine position results, which is a tremendous benefit to our clients. The new site is also very easy to navigate around and will provide visitors with a user friendly Real Estate website experience.

What to do in Boerum Hill Brooklyn New York

Had a rough week? Looking to pamper yourself, explore an amazing Brooklyn Neighborhood, be entertained by world class, cutting edge artists, dine on scrumptious and healthy food? Well according to Jeff Grandis Broker Co- Owner of Accord Real Estate Group, a licensed Real Estate Broker, Boerum Hill fits the bill just fine.

Boerum Hill is easy to get to via the subway, with the F and G trains stopping at Carroll Street and Smith Street. What you can expect  when you arrive is a treat for all of your senses. Smith Street, an incredible main street in this neighborhood, is lined with some of Brooklyn's finest restaurants such as Wild Ginger located at 112 Smith Street. Wild Ginger serves a wonderful Pan Asian cuisine. The ambiance is soothing and lovely. Take a table in the rear for more privacy. You may want to try the seaweed salad, ginger pumpkin soup and for the main course the Malaysian Curry Stew is out of this world! The deserts are equally as delicious. You should try the peanut mouse chocolate cake.

Brooklyn Real Estate Market Update - March 15, 2011

With Spring just around the corner, many Brooklyn home owners want to know about recent market changes regarding their Brooklyn property values. A home owner may want to know if the substantial number of short sales or foreclosures that are taking place in their neighborhood  and surrounding Brooklyn neighborhoods will effect their home's value. Other homeowners who are more knowledgeable about the Brooklyn real estate market want to know if the real estate cycle trending down for the past 3-4 years has come to an end. Has the market finally stabilized or are we headed for a further decline in home values?

Brooklyn New York Real Estate and Short Sale

The vibrant and diversified Brooklyn Real Estate Market is not a recession proof market. Experts and everyday people agree that the poor condition of the economy has had a dramatic effect on the housing market. The Brooklyn Real Estate Market has experienced a downturn in property values for some time now as well as in other US cities. Some homeowners who can no longer meet their monthly mortgage payments for an extended period of time because of hardship, i.e. due to job losses or reduced income, medical emergency, etc. face the possibility of their property going into foreclosure, where the bank takes back the property to be sold.

Brooklyn Realty for sellers and buyers

Whether you are searching for a reputable and reliable Brooklyn realtor to give you an accurate opinion of your home's value in today's market and to assist you with the sale of your property or if you are planning to purchase a house, commercial property, mixed use building, vacant land to develop, a condominium, a co-op apartment or a multi family property Jeffgrandis.com might be your #1 web destination on the internet. We have in our company inventory real estate listings that have good value for what they are, where they are and for the kind of market that we are currently in. For example, we are now offering 2 parcels of vacant land at a very reasonable price with great zoning for development in Clinton Hill, a very desirable and up and coming Brooklyn neighborhood. Also in our inventory of properties for sale is a large brick vacant 4 family house with good income potential at a very reasonable price located in East Flatbush. This property is perfect for a handy, do it your self investor looking for a low risk high return first investment property or an investor with a large portfolio of properties. We also have several listings of great values in co-op apartments for sale. One apartment is completely renovated and 2 blocks from the beach in Brighton Beach.

Brooklyn NY Real Estate

With its amazing choice of neighborhoods and lifestyles, shopping and transportation conveniences, majestic parks, a rich diversity of architectural styles, world class entertainment and dining choices Brooklyn NY real estate has become the number one choice for home buyers, business owners and investors to buy real estate properties. At Accord Real Estate Group we are proud of our long standing track record of excellent results in representing sellers and assisting buyers with their sale or purchase of Brooklyn New York real estate. From Sheepshead Bay to Bensonhurst, from Dyker Heights to Sunset Park, from Brooklyn Heights to Windsor Terrace, from Manhattan Beach to BoCoCa and many other Brooklyn neighborhoods, we at Accord Real Estate Group know Brooklyn NY real estate and we know that you deserve only the finest personal attention from experienced real estate brokers and agents when you are planning to sell or to purchase a property. If you are planning to sell real estate in Brooklyn New York you can rely on us to bring you the best price possible in today's market. If you are planning to buy real estate in Brooklyn NY for the 1st time, shopping for a Brownstone, Co-op, Condominium, Brooklyn Townhouse or if you are an experienced investor looking for a multi family, mixed use or commercial property or if you are a business owner, looking for a building to set up your business, we listen very carefully to your needs and expectations to find just the right property for you. In addition to our brokers and agents we are working with a wide range of professionals, who can assist you with every aspect of preparing to sell or to purchase real estate properties in Brooklyn NY including cleaning out and cleaning up a property in preparation to sell, staging and making necessary renovations to make the best 1st impression when showing your property, real estate attorneys, movers, mortgage brokers etc.

Brooklyn Real Estate Market Outlook 2010 for Residential Property Sales

Residential property sales for the first quarter of 2010 showed bright spots in several Brooklyn neighborhoods, based on the business transactions made through the efforts of Accord Real Estate Group. For example, a detached brick two family house in Sheepshead Bay, sold in one week at full price, and there were many other interested, qualified buyers in need of a good house. Another example is a brick 3 family house in Bensonhurst, that sold relatively quickly at close to asking price and again there were many other qualified buyers interested in this house. Still another example of a Brooklyn neighborhood bright spot is a handyman's special brick 3 family house in Ft Greene. The house is located just 2 blocks from Fort Greene Park on the Myrtle Avenue side of the park and it was sold relatively quickly for a great price considering the amount of work needed to bring the house up to good condition. These sales, in my opinion as a Brooklyn Real Estate Broker, are a direct indication that the Brooklyn Real Estate Market is improving.