Page 4 - NY Cooperator October Expo 2019

4 THE COOPERATOR — OCTOBER 2019 COOPERATOR.COM Tuesday, October 29, 2019 The Cooperator Expo New York Jacob Javits Convention Center, 655 W. 34th St., New York, NY 10:00 a.m. - 4:30 p.m. Learn about the latest building services from more than 250 exhibitors, attend educa- tional seminars, get free advice from industry experts, and network with your peers at this leading real estate trade show in New York. For information, visit coopexpofall.com. Wed., October 16, 2019 CNYC’s Proprietary Lease for the New Millennium Location TBA 7:00 p.m. Attorney Marc J. Luxemburg, who is presi- dent of CNYC, led the development of a model Proprietary Lease and Shareholders Agreement, adapted to the 21st century needs of New York housing cooperatives. Version 2.20 includes suggestions received from many experts in the course of the development of this document. Luxemburg will discuss the major innovations of the new lease and will offer advice for ensuring its adoption. There is no cost for CNYC members and subscribers to attend this class, but advance registration is required. Others are welcome at a fee of $60 if paid in advance or $75 at the door. Call 212-496-7400 or send e-mail to workshops@ CNYC.coop to reserve your place. Thursday, October 17, 2019 Anderson Kill’s Co-op and Condo Group Presents a Seminar Series Part V: “Licensing Agreements” Anderson Kill P.C., 1251 6th Ave., New York, NY 4:30 p.m. - 5:30 p.m In this lecture, attorneys will highlight what to watch out for, what to negotiate for, and when it may be better to stand one’s ground and let a judge decide. From access concerns to zoning issues, you will leave this seminar with a firm understanding of what to negotiate for and how to select the right attorney to handle the job. For information, visit www.andersonkill.com. Wed., October 30, 2019 Bisnow: New York City State of the Market Location TBA 7:30 a.m. - 5:00 p.m. This event will examine how the city can stay competitive and what it needs to do to drive the market. It will also look at the biggest proj- ects and the biggest deals that have defined 2019, and touch upon the dynamic factors across the major assets classes as well as the hottest topics facing the Big Apple. For infor- mation, visit www.bisnow.com. Sat., November 2, 2019 CAI-LI Board Leadership Development Workshop for Community Association Board Members Belfore Property Restoration, 60 Raynor Ave., Ronkonkoma, NY 8:00 a.m. - 2:00 p.m. Registration required. For information, visit www.cai-li.org. CAL EN D AR Industry Pulse Oct-Nov Community Associations FHA Releases Updated Approval Rules for Condominiums In a press release, Community Associa- tions Institute (CAI) applauded the actions by the U.S. Department of Housing and Ur- ban Development (HUD) to streamline the Federal Housing Administration’s (FHA) condominium project approval process. HUD data shows condominium unit mortgages currently account for fewer than 2% of all FHA-insured mortgages, exposing a critical failure of federal housing policy. The changes announced by FHA are intend- ed to allow the agency to expand homeown- ership for many Americans. Millions of homebuyers could benefit from the changes, said CAI. The Founda- tion for Community Association Research (FCAR) estimates 40% of the nation’s 27 million community association households call a condominium home, accounting for approximately 10% of the nation’s housing stock. Key elements of the newly released ap- proval process include: • Single-unit approvals allowed : FHA will insure up to 10% of mortgages in condo- miniums without FHA approval provided the condominium is financially stable. This is a game-changer for expanding the access to FHA-insured loans for condominium buyers, especially for smaller condominium projects. It is costly for a condominium as- sociation to become FHA-certified. This will allow owners to access FHA-insured loans without the burden of requiring the associa- tion to become fully certified. • Project approvals extended: FHA ap- provals for condominium projects extended from two to three years. • Recertification process simplified: Con- dominium projects seeking recertification are only required to update new informa- tion rather than resubmit all project infor- mation. • Commercial space restrictions eased: Mixed-use condominium projects with up to 45% commercial space will be eligible to apply for approval. FHA recognizes the changing nature of mixed-use projects that are prevalent in many urban areas. • Owner occupancy rates lowered: Cond- ominium projects with owner occupancy rates as low as 35% will be eligible for FHA approval based on the project’s financial and operational stability. FHA previously required at least 50% of units in a condo- minium to be owner-occupied. • FHA concentration rate increased: FHA will now insure up to 75% of condominium unit mortgages in a condominium project. • Future policy changes opened to public comment: FHA will provide a 30-day public comment period prior to implementing fu- ture changes to the condominium approval process. Transactions Former Rangers Star Zuccarello Lists Manhattan Condo for $3.2M Mats Zuccarello, who once played right wing for the New York Rangers, is selling his two-bedroom/two-bathroom Manhat- tan condo for $3.2 million, the New York Post reported. Measuring 1,228-square feet, the apartment at 345 West 14th Street features an open kitchen, double-paned windows, and views of Gansevoort Square. Zuccarello first purchased the unit for $3.15 million four years ago. Having played eight years for the Rangers before being traded this past February to the Dallas Stars, Zuc- carello signed with the Minnesota Wild as a free agent. Joe Namath to Sell UWS Co-op for $1.19M New York Jets great Joe Namath has put an Upper West Side co-op that he purchased for his daughter Jessica on the market for $1.19 million. According to the New York Post , the iconic quarterback first bought the two bedroom/one bathroom apartment at 345 West 70th Street three years ago. High- lights of the duplex apartment includes a windowed kitchen, an entertaining area, and a garden. Namath, who led the Jets to victory 50 years ago in Super Bowl III, ac- quired the home in 2016 for $1.01 million. Renzo Piano-Designed SoHo Penthouse Lists for $42.5M A Renzo Piano-designed penthouse in SoHo was scheduled to go on the market for $42.5 million, according to Mansion Global. Located at 565 Broome Street and measur- ing 30 stories, the 6,655-square-foot duplex apartment features four bedrooms, a roof- top terrace, and floor-to-ceiling windows; the building’s amenities include automated parking on floors five and six. The 115-unit building is reported to be architect Piano’s debut in the New York residential market. Bette Midler Puts Up Her Penthouse for Sale Legendary singer and actress Bette Midler is listing her Upper East Side pent- house for $50 million, The New York Times reported. The apartment at 1125 Fifth Av- enue, which Midler and her husband Mar- tin von Haselberg purchased in 1996, con- sists of two combined units that takes up three floors; they add up to four bedrooms and six-and-a-half baths, and comes with a greenhouse, wood burning fireplaces, and a home gym. Midler told the Times that she and her husband plan to decamp to a smaller place in Manhattan: “It’s time for another family to enjoy it.” Trends Over 25 Percent of NYC Luxury Condos Remain Unsold Since 2013 It has not been a good time for Manhat- tan luxury condo sales. Citing a reports by StreetEasy, Curbed said that more than 25 percent of the 16,242 condos built in the last six years are still on the market—indicatived of how dire the luxury condo glut is in the city. Meanwhile, according to the Times , Jonathan Miller of real estate appraisal com- pany Miller Samuel estimated that there are more than 9,000 new condos that have not yet been purchased. In StreetEasy’s study, the Lower East Side is where a majority of the unsold units are situated. The reason for this trend, said Curbed: “There aren’t enough people who can afford to buy these high- priced condos. The median home price is currently $1.1 million citywide, and $2.3 million in Manhattan alone.” NYSAR: Home Prices Continue Upward Climb as Sales Fail to Keep Up With the median sales price in New York State rising for 43 consecutive months to nearly $300,000, sales are struggling to keep pace, according to the July 2019 hous- ing market report released by the New York State Association of Realtors. NYSAR made the announcement in a news statement. The median sales price in July 2019 es- calated to $299,950 – a 7.1-percent increase in year-over-year comparisons. With an economy growing slower than the prices of homes, it is still leaving buyers struggling with affordability in some markets. The good news for home buyers continues to be interest rates. In July, a 30-year fixed mort- gage rate fell to 3.77 percent, according to Freddie Mac. Pending sales did climb 5 percent to 13,355 sales and are still 1.7 percent ahead of last year’s pace at 82,499 units. Closed sales fell 2.1 percent to 12,733 houses. New list- ings, however, are still up in year-over-year comparisons, 1 percent to 132,918 units. Days on the market remained un- changed from July of 2018 at 63 days and months supply of inventory fell 1.5 percent to 6.5 months. Data and analysis compiled for the New York State Association of Realtors by Show- ing Time Inc. Debt, Financial Obstacles Keep Millenni- als From Owning Homes: Report A recent New York Post article offers a bleak picture for millennials looking to buy a home. Citing a report by student loan marketplace LendEDU, home ownership appears out of reach for millennials due to heavy student debt and other financial ob- stacles. In the study, 26 percent of millen- 2019 PULSE/CALENDAR continued on page 38