All Posts By

Josh Rubin

November 10, 2023
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Wins come in many forms

By | Success Stories, Uncategorized | No Comments

🏀 Wins come in many forms in the wonderful world of real estate. In fact a wiseman once said “sometimes the best listings are the ones you don’t get.” Well this is one that we did get and turned into not one but two deals. A bigger win is our client who is a top tech exec had this to say

“Josh is one of the top real estate professionals in New York City. He has a ton of knowledge, experience, and specialization, which extends to his team. He brings a data driven POV and most importantly always delivers results and proactively communicates each step of the way on his strategy, plan, and execution. If want to work with the best in the business, Josh/team is at the top of the list and also a trustworthy and customer success driven team. Josh has helped rent multiple luxury rentals over the years with quality tenants, and also sold my condo above ask price. ”

He was referred to me and compelled to right a review (never writes online reviews).” 😎🗑🏀â›čïžâ€â™‚ïžđŸ™đŸ»đŸ™đŸ»đŸ™đŸ»

June 6, 2023
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Rubin Team Report, June 04, 2023

By | The Rubin Team Report | No Comments
With the ongoing challenges in the housing market, buyers have been forced to adapt to the current conditions. This article explores various strategies employed by buyers to navigate the competitive market. Some buyers are turning to off-market listings, leveraging personal connections, and even resorting to unconventional tactics such as going to door to door in communities they want to live to secure their desired properties. This strategy always reminds me of selling candy bars to my neighbors when I was in Boy Scouts and one that many of my colleagues in suburban markets engage to great results. The article highlights the resourcefulness and determination of buyers in the face of limited options. It will be interesting to see how these strategies continue to evolve and impact the dynamics of the housing market. —Josh Rubin

The latest release of the Case-Shiller index reveals that the housing market is being squeezed by a lack of inventory, which is driving up prices. This is the case across the country as a number of markets continue to suffer from the same, making it challenging for buyers to find what they’re looking for. Sellers, on the other hand, are benefitting from the high demand and low supply, resulting in increased property values. It will be interesting to see how this situation evolves in the coming months and if any solutions are proposed to address the current housing market challenges.

British actor Kunal Nayyar, best known for his role in the hit TV show “The Big Bang Theory,” has recently listed his penthouse located in NoMad at 225 Fifth Avenue for $2.8 million. The luxurious one bedroom, two bath residence features a large private terrace, stunning views of the city skyline, a spacious layout, and high-end finishes throughout. With its prime location and attractive amenities, this property is expected to attract significant interest from potential buyers. 

New York City is opening 100 community gardens to the public this weekend. These green spaces, located throughout the city, offer a tranquil escape from the urban hustle and bustle. Visitors can enjoy the beauty of nature, learn about gardening, and participate in various community events. The opening of these gardens encourages environmental awareness, community engagement, and the importance of green spaces in densely populated areas. It’s an excellent opportunity for both residents and tourists to experience the city’s natural beauty and foster a sense of community.

The luxury real estate market has shown signs of improvement, with an increase in contracts being signed. The Olshan Luxury Market Report indicates that high-end properties are attracting buyers, and the number of signed contracts has risen compared to previous weeks. There were a total of 32 contracts signed of $4 million or more, with 13 being co-ops, and 21 condos. The average asking price for co-ops was reduced 10% before finding a buyer. This is the highest number of co-op contracts since May 1, 2022. This positive trend suggests that the luxury market is gaining momentum, indicating renewed confidence among affluent buyers. It will be intriguing to monitor whether this trend continues and if it has a cascading effect on other segments of the real estate market.

May 31, 2023
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CelebEstate June 01, 2023

By | CelebEstate, The Rubin Team Report | No Comments

This week’s CelebEstate brings more awe-inspiring deals!

Fresh off Beyonce’s critically acclaimed album, Renaissance, featuring collaborations with Grace Jones and Nile Rogers, the Queen broke another record with her purchase of a $200 million seaside Malibu estate. Earlier this year Beyonce’s husband, Shawn ‘Jay-Z’ Carter, sold his stake in cognac brand D’Usse to Bacardi for a reported $750 million. Not to worry, Jigga Man still has his partnership with Moet-Hennesy in champagne brand Ace of Spades so the Carters will be just fine. 

Drake, the Canadian rapper and former child TV star, is also known for his business acumen, and now he’s testing his skills in the Los Angeles real estate market. After last year’s purchase of UK pop sensation Robbie Williams’ estate for $75 million, Drake has decided to flip the property for $88 million. Williams originally bought the property for $32 million in 2015. Higher mortgage rates be damned!  

Closer to home, legendary musician and Long Island’s own, Billy Joel, has listed his sprawling 26-acre Oyster Bay estate for a staggering $49 million. This magnificent property, complete with a 20,000’ main house, offers potential buyers a tranquil retreat away from the bustling city. Now THAT’s what you get for your money! Joel’s decision to sell his beloved home, with multiple pools and private dock, after decades of ownership is the result of his spending more time in Florida. We look forward to seeing what happens in the estate’s next

Rosie O’Donnell, the beloved comedian and television personality, has put her exquisite Turtle Bay penthouse on the market for $8.3 million. This after her purchase in 2017 for $8 million. The luxurious residence boasts panoramic city views, elegant interiors, and a prime location. As Rosie bids farewell to her lavish abode, potential buyers have the opportunity to acquire a piece of New York City’s elite real estate.

While the celebrity real estate scene thrives, concerns loom over the broader housing market. Experts warn that a potential debt ceiling crisis could have severe repercussions on the industry. While President Joe Biden and Speaker of the House Kevin McCarthy have reached a deal to increase the debt ceiling, members of Congress on both sides of the aisle have expressed concern over the terms. The uncertainty surrounding government debt and the potential economic impact has the potential to dampen consumer confidence and disrupt real estate transactions. Observers are closely monitoring the situation, hoping for a swift resolution. 

New Yorkers, meanwhile, are bracing themselves for an increase in subway and bus fares, proverbially known as the cost of a token, by the end of the summer, according to a proposed plan by the Metropolitan Transportation Authority (MTA). The fare hike, which would raise the cost to $2.90, has sparked concerns among commuters. In addition to buses and subways, fares on the Long Island Rail Road and Metro-North would also go up by about 4%, while keeping the $500 cap on any monthly pass.

From the extravagant purchases by Jay-Z and BeyoncĂ© to Drake’s entrepreneurial ventures in flipping mansions, the market remains dynamic.

May 15, 2023
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Rubin Team Report May 15, 2023

By | The Rubin Team Report | No Comments

New York, the week ending May 12, was bustling with activity. Some noteworthy sales and lawsuits making headlines. From one of our favorite agents in Connecticut selling an entire island to a town to fake sale prices in co-ops being exposed, the industry has seen its fair share of ups and downs.

See All This Week's Listings Over $5M

One standout story comes from our friends on the Connecticut Coast, where Elliman All-Star Jennifer Leahy managed to sell an entire island to the town of Darien for a cool $85,000,000! The island, located in Connecticut, had been on and off the market for several years, through various brokers, with no interested buyers. However, Jennifer managed to convince the township to purchase the island as a public park on the Gold Coast for $15 million less than the $100 million asking price. The agent’s unique marketing approach and persistence ultimately paid off, demonstrating that creative thinking outside the box can yield successful results.

However, not all real estate sales are what they seem. The Real Deal recently reported on a scheme in which co-op sale prices are being artificially inflated to make them appear higher than they actually were. This was exposed as the market began to cool, and brokers became more creative to close deals. Some cooperatives are forcing sellers to record closing prices based on values that happened in the past rather than those supported by current conditions. The situation serves as a reminder to always be vigilant when going through the purchase process, and work with brokers who are familiar with those buildings that are known to occasionally mandate grossing up closing prices to keep up with the illusion of value. This is a practice I refer to as the building playing god for the greater good of the shareholders.

Another legal issue in the industry came to light when the owners of the iconic Flatiron Building known for its unique triangular shape attempted to sell the landmark commercial office and retail landmark at the center of the Flatiron District through auction. The winning bidder was Jacob Garlick who formed a partnership to fund the winning $190M purchase. The owners claimed that Garlick had promised to bring in high-profile buyers but failed to deliver, resulting in a disappointing outcome for the auction. The lawsuit highlights the importance of trust and honesty in the real estate industry and serves as a cautionary tale. 

On a brighter note, comedian Amy Schumer has sold her Upper West Side penthouse for $13 million, a slight profit from the $12.1 million she had paid in 2016, and a sign that blue chip properties hold their value.

Finally, media mogul Rupert Murdoch made headlines last week when he paid nearly $35 million, 20% over asking for a Central Park South co-op in the storied Hampshire House.  The 6,500 square foot home, once owned by investor Julian Robertson and singer Alice Tully, features a 38 foot great room and a large terrace overlooking the park. The purchase is a sign that high-end buyers are still active in the market and willing to pay top dollar for trophy properties.

Overall, the past week has been an eventful one in the real estate industry, showcasing both the potential for success and the need for caution and due diligence. The stories serve as valuable lessons for anyone looking to buy or sell property and highlight the importance of working with trusted professionals who have a strong track record of experience and knowledge in the market.

April 3, 2020
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Selling Today in New York City

By | Newsletter | No Comments

Can you sell in today’s market? The answer may surprise you.

Many sellers have paused their plans given uncertainty as a result of Covid-19 and Governor Cuomo’s mandate that non-essential businesses cease operation as of Sunday, March 22. While this is absolutely the best course of action, are transactions still able to be completed? Yes! Read on for the challenges and solutions to how we can continue to the finish line.

There are three steps to selling in New York City once you have an offer. These are as follow:

  1. Contract Signing
  2. Board Approval
  3. Closing

If you’re lucky enough to have an offer in today’s market, congratulations! Selling a cooperative or condominium? Your buyer’s attorney will need to review the offering plan and last two year’s financials for the building. The attorney will also need to review building meeting minutes and have a building questionnaire completed by the managing agent.

Many property management offices are closed resulting in delays in completing these steps. How do we overcome the delays? Similar to selling a house in the suburbs, where buyers and sellers can be under agreement with a certain number of days providing for home inspection, and addressing related issues, the same can be done for due diligence review in New York City. What could appear in a questionnaire or meeting minute review? Building-wide projects being considered or budget shortfalls that result in maintenance or common charge increases or assessments aren’t uncommon.

If you’re selling a townhouse, your buyers will likely need a home inspection done. Can an inspector come during these times of non-essential business? Not legally, but what people do in the dark of night is up to them. We have seen a handful of townhouses in the city successfully go to contract in the last couple of weeks.

For qualified buyers, applying for a loan is as simple as providing a completed application and supporting paperwork. So where’s the challenge? Banks need to confirm the value of the property that’s serving as collateral to the loan. Many appraisers aren’t scheduling visits though some are. Again, theses delays can be overcome by providing for time to complete the appraisal if your buyer is obtaining a loan.

With more buildings in New York City using online application platforms like boardpackager.com, completing board applications is much easier. Managing agents log into the system and confirm that all requirements are met, then forward to the board for review. Once the board reviews the application, condominiums issue their approval through issuing a waiver of its right of its first refusal — simple enough. Here’s where it gets challenging: co-op boards traditionally meet with the applicants to get a better sense of their background. With social distancing being top of mind, boards are turning to video conferencing solutions like Zoom to meet with buyers. In fact, we just had our first board meeting scheduled via Zoom this past Monday, March 23, resulting in an approval.

Once both parties are ready to close, it’s more important than ever to have hardworking attorneys who are able to think outside of the box representing you. Traditionally, closings are scheduled with the managing agent, lending bank, payoff bank, buyer, seller and their attorneys. The closing is held in a conference room, where buyer and seller sign documents, exchange checks and the buyer gets their keys. In today’s age of social distancing, we are innovating using powers of attorney, bank wires and closing remotely.

While County Clerks and Town Halls across the country are closing, man real estate professionals are finding ways to innovate in order to record closings using new technology and creativity. Hopefully these methods will be here to stay and help New York be stronger than ever!