We are proud to announce that after only one week of marketing, Awaye Realty provided an all cash buyer for 54 1st Place a 5-Family Brownstone in Carroll Gardens. The seller was ecstatic at the final sale price which was also the asking price. Multiple buyers counter-offered to create a competitive atmosphere, which brought about the outstanding price for this gorgeous brownstone. Congratulations to both the buyer and seller, they realized that this was the perfect opportunity for an outstanding sale and purchase. The charm of Carroll Gardens has a strong pull on buyers looking to join this vibrant community on the rise; properties in the area are extremely desirable.
Values continue to rise with the tremendous growth and redevelopment of this beautiful neighborhood.
It is impossible to overlook the changing face of Brooklyn. As if overnight, a crop of high rises has sprouted along Flatbush Avenue. Downtown Brooklyn suddenly boasts a skyline that puts many American cities to shame, and the development of new residential and mixed-use properties is not slowing down. As the building boom continues, real estate speculation pushes deeper into the borough. Today, one would be hard pressed to find an area garnering more interest than our very own Gowanus.
Tucked between the affluent, in-demand brownstone streets of Park Slope and Carroll Gardens, the manufacturing-zoned area surrounding the Gowanus Canal is a potential goldmine for builders.
Whispers of a Gowanus rezoning have been heard for almost a decade. In 2008, the New York City Department of City Planning, under the stewardship of the Bloomberg administration, commissioned a series of cultural and environmental assessments to begin the Gowanus Canal Corridor Rezoning Project. This project would lift several plots of land abutting the Gowanus Canal from their current M-1 industrial zoning to allow for residential development.
The 2010 designation of the Gowanus Canal as a Superfund site stymied the city’s rezoning plan, but with the high stakes and big money involved, it did not stop the hopeful prospecting in the area.
Some of New York’s largest and most powerful real estate players now have skin in the Gowanus game. Alloy Development, Property Markets Group, Lightstone Group, Two Trees Management, Kushner Companies, Atlantic Realty Development, and Hudson Companies have collectively spent over $250 million snatching up Gowanus properties that were zoned for garages and industrial use.
There is, of course, an element of risk for those looking to delve into the Gowanus frenzy. Alloy Development’s properties at 234 Bond Street and 242 Nevins Street might be seized, under eminent domain, to install a sewage tank that would aid in the Gowanus Canal clean up. Is this very likely? No one knows.
It’s not all doom and gloom. Lightstone Group’s Gowanus acquisition is now 365 Bond Street; a 70% leased, 430-unit luxury rental building with studios starting at $2500 per month. Construction is underway at adjacent 363 Bond Street, which Atlantic Realty Development acquired in 2015 for a cool $75 million (along with plans for a 12-story, 268-unit rental building).
Surely the risk must be worth the reward. How else can we explain the involvement of some of the biggest names and power brokers in real estate? With Mayor de Blasio’s self-imposed pressure to build more affordable housing, it seems that rezoning along the Gowanus is all but inevitable.
This month Awaye Realty Management, LLC celebrates its 10 year anniversary as one of Brooklyn’s premier providers of real estate and property management services. Based out of Carroll Gardens, Awaye Realty has weathered the housing and financial crash of the mid-2000s and has prospered despite the difficult economic climate for small businesses. Awaye Realty attributes its success to a heavy investment in technology and a staff of seasoned professionals.
“We are celebrating this amazing 10-year milestone by re-launching the website for the sales arm of our company,” says principle and founder Arlene Waye. “We strive to be a resource for our clients, and the new awayerealty.com will offer our visitors the ability to search over 20,000 listings in Brooklyn, Manhattan, Staten Island, and the Bronx.” A proud member of the Real Estate Board of New York (REBNY) since the start, Awaye Realty is also a member of Multiple Listing Services in Brooklyn, Manhattan, and Staten Island, which also feed their site.
Arlene Waye founded Awaye Realty Management, LLC in 2003. Prior to this, Ms. Waye held the position of Vice President of Operations for a major Brooklyn developer for sixteen years. She was employed in the capacity of real estate broker, property manager, and CFO, and was responsible for the operation of his real estate property management and development portfolio. Ms. Waye has been instrumental in the construction, management, conversion, and development of many condo, co-op and rental projects. She works hand-in-hand with developers creating offering plans, Schedule B’s, and consulting on project finishes. Ms. Waye then sells the projects, and continues to manage them. “My background as a developer’s broker and property manager allows me a unique insight into the real estate market, that’s a real edge for our clients and one of the secrets to Awaye Realty’s success,” says Ms. Waye.
Awaye Realty was the exclusive leasing agent for the former Watchtower properties at 6-10 Clark Street and 169 Columbia Heights (The Standish), where Awaye Realty Management also oversaw an extensive renovation of the building. The company also handled the renovation and conversion 26 and 34 Butler Place Condos, 172 Sterling Place Condos, and many others. Awaye Realty Management was also responsible for the renovation and conversion of 505 Court Street (Court Street Lofts) from a rent-stabilized building into a thriving luxury condo project. Arlene Waye was instrumental in the conversion and rehab of the adjacent property at 204 Huntington Street (Hunt Lofts) from the former Borden’s Candy Factory into a 60-unit luxury loft rental building. More recently, Awaye Realty Management overhauled the property at 149 Marine Avenue into one of the premier luxury cooperatives in Bay Ridge.
Awaye Realty Management, LLC offers a full range of real estate brokerage and property management services. The company has a proven record of success in selling and leasing both commercial and residential property, and is offering a reduced commission through February to mark their 10-years of business success. Call 718.488.0800, or visit them on the web at www.awayerealty.com for more information.
In September 2009, Awaye Realty Management, LLC took over the management of two 18-unit buildings at 427 and 433 Dean Street. At the time, rents were at a minimum and credit-worthy tenants were unknown to the building.
In November 2012, the buildings were sold for a record price of $8.7 million. This can be directly attributed to the management techniques of Awaye Realty Management, and the leasing procedures of Awaye Realty. Together, we substantially increased the value of the buildings for both the landlord and the tenants.
Awaye Realty Management was responsible for not only maintaining the properties, but for giving them a facelift, as well. We encouraged renovations of all apartments that became vacant. Units were cleaned, painted, and equipped with top-of-the-line appliances and finishes. This created a wealth of Park Slope rental units that are on par or beyond anything else on the market in the neighborhood. Naturally, this was reflected by a much higher rent roll.
Awaye Realty was able to successfully market vacant units, and fill the buildings with qualified, quality tenants. We reduced apartment vacancies, eliminated rent loss, drove additional creditworthy renters to the buildings, expedited leases, and removed financial and credit risks on new tenants.
427-433 Dean Street has been acquired by an investment firm that pored over the numbers for months prior to making their purchase. Awaye Realty facilitated the sale, and we are proud to say that all parties walked away happy.
Thanksgiving is upon us, and though it hasn’t been the easiest time, we at Awaye Realty are finding so much to be grateful for.
It’s been three weeks since Hurricane Sandy, and we’re still reeling.
Like many of our fellow New Yorkers, the Awaye Realty family has seen our share of devastation. Many of us live in hard-hit areas like Sea Gate, Bensonhurst, Brighton Beach, Staten Island, and Mill Basin. We’ve seen the water rise, braved the darkness and the cold caused by electrical outages and broken boilers, and have had to pump water out of our basements. We’ve endured the gas lines and struggled with public transportation in the aftermath of the storm. Yet all in all, we feel very fortunate.
We have friends and family in Belle Harbor, Breezy Point, and New Dorp that were not as lucky. Thousands have seen their lives washed away with their homes. Our hearts go out to them.
As a Brooklyn Real Estate firm, we have been inundated with calls from people who have lost their homes and are trying to relocate. We have stepped up our inventory so that we can better assist our clients in these trying times.
Rentals are going fast, and many are getting frustrated by landlords’ reluctance to rent apartments for short-term leases. We are doing the best we can to help people in dire situations, and last week we had a visit from FEMA agents who informed us that the Federal Government is going to start offering landlords incentives to lease their units for shorter terms. We will keep you abreast of these developments as we become aware of them.
In the meanwhile, we encourage everyone to help in whatever way they can. We have compiled some links to volunteer and donation opportunities. If you are a victim of Hurricane Sandy, we’re providing links to services, as well.
How is the price set?
It is absolutely crucial that the price of your real estate property reflects current market conditions. Your home’s list price should be based on the most recent comparable sales in your neighborhood. Awaye Realty Real Estate Professionals will provide you with a free comparative market analysis.
Be careful to ground the price of your home in facts, not emotions. A home that is priced too high will languish
on the market. The longer your real estate property doesn’t sell, the less attractive it is to real estate buyers who may be wondering if there is something wrong with the property.
What is the difference between a real estate property’s list, sales price, and appraised value?
The list price is how much a house is advertised for and is usually only an estimate of what a seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as the listing price, or higher or lower, depending on how accurately the property was originally priced and on market conditions.
If you are a real estate seller, you may need to adjust the home’s listing price if there have been no offers within the first few months of the real estate property’s listing period.
The appraisal value is a certified real estate appraiser’s estimate of the worth of a real estate property. This price point is based on comparable real estate sales, the condition of the property, and numerous other factors.
How do you prepare a house to sell?
Curb appeal is everything. You should do everything you can to put you real estate property’s best face forward. Though cosmetic, the attractive presentation of a home for sale is crucial to get close to your asking price or sell as quickly as possible. Small, inexpensive changes can make a huge difference in how your home for sale appears to real estate buyers.
Here are some simple steps you can take:
• Make sure that the exterior of your home is neat. If you are selling a home, make sure the sidewalk is swept, there’s no trash around, and that all greenery is pruned.
• Co-Op and Condo owners should make sure the hallways leading to their units are clean
• Be sure that the doorbell works.
• Make sure your real estate property is neat. Clutter can make any space look smaller and less desirable.
• Real estate buyers notice windows and floors first. Make sure they’re clean.
• Clean and spruce up all rooms, furnishings, floors, walls and ceilings. It’s especially important that the bathroom and kitchen are spotless. Organize closets.
• Make sure the basic appliances and fixtures work. Get rid of leaky faucets and frayed cords.
• Make sure the house smells good! Hide the kitty litter, bake some cookies, or light a few candles.
• Put fresh flowers throughout the house. A small touch of elegance goes a long way when selling real estate.
How to sell a slow mover?
Price and condition are the two most important factors in selling a home. If your home is sitting on the market, your first step should be to lower your price. Address all cosmetic defects that can be repaired.
Call us at 718.488.0800 for a FREE market analysis of your home.
It’s been a long time since we’ve blogged, but we have a good reason: We’ve been really busy this summer!
The Awaye Realty Team has rented dozens of apartments all over Brooklyn in these past few months. Since June, we’ve sold a wide variety of properties ranging from co-ops around $100K, to investment properties worth over $10 million. It’s been a stellar season!
We’ve also been busy launching the new and improved awayerealty.com. The site went live August 29th, and we can hardly contain our excitement! We hope that the new awayerealty.com is a boon for you, our clients. We have designed the site to be a resource for home buyers, sellers, and renters.
The new awayerealty.com features information about current real estate market conditions, how home values are calculated, home selling tips, answers to frequently asked questions, and more. We have also researched and written about 46 neighborhoods in Brooklyn, so now you can be a Brooklyn expert just like us.
The most exciting new feature of the new awayerealty.com is that it allows you to become a true real estate insider. We now provide you with access to hundreds of real estate listings all over New York City through our MLS (Multiple Listing Service) partners. That means that you can now browse almost every listing available on the NYC real estate market.
We hope that you take advantage of our new site, and would love to hear your feedback.
We promise to post more frequently, but in the meanwhile, have a wonderful Labor Day weekend, be safe, and enjoy the weather while you can!