President Biden has proposed a capital gains tax increase. At the time of writing this blog post, it has not yet passed. But, many are wondering how this increase would affect them when they sell their real estate holdings. When was capital gains tax implemented? Capital gains tax has been in existence as far back as 1913. Taxes were calculated at the ordinary tax rate of the time. The capital gains tax rate has been lower than the top ordinary income tax rate since the 1950s. The percentage of taxation…
Notorious B.I.G. Old Apartment Selling for $1.7 Mil in Ft. Greene Where His Ready to Die Album Was Conceived
Content Provided by BrooklynBuzz.com / Stan Parham The apartment, in Ft. Greene, where the Notorious B.I.G. lived in 1994 with his wife Faith Evans, during the time when he created the famed Ready to Die album, is up for sale for $1.7 million. The gut renovation is thanks to costume designer, Caroline Duncan, who purcahsed …
Is It True? Answering Myths About Real Estate Agents!
There are many myths about real estate agents floating about; many have been hanging around for years. Since 1900 real estate has been a profession, and many myths about real estate agents still exist. Having over 30 years of experience in the Brooklyn real estate market, I can address these misunderstandings. In addition, I think I may have answered questions from family, friends, and clients over the years related to all 15 of these myths. Real estate agents earn a 6% commission. It is important to remember that commission is always negotiable. But, an average commission would be around 6%. That is a contractual agreement between the seller and the listing agent and brokerage they choose to sell their home. After a …
HOUSING ALERT: Section 8 Voucher Applications Available Today Through May 28 So Apply NOW
There is a small window of time that you can apply for a Section 8 Voucher, so do it quickly. You can Apply from May 17, 2021 – May 28, 2021, and it’s a lottery situation. You will also notice that the vouchers are open to people outside of New York City, which makes it …
NYC Program Offers Up to $40,000 Toward Your Down Payment or Closing Costs for 1-4 Family Home CoOp or Condo
Although East New York and Brownsville are not yet seeing home prices in the $2 million range like in Bed-Stuy, the prices are absolutely increasing. As home prices continue to rise in Brooklyn, it is getting harder to come up with that all important down payment, which can typically range from 10% – 20%, and …
2021 Kitchen Trends in NYC in Line with National Trends
Manhattan based renovation company, MyHome Design + Remodeling, reports on 2021 kitchen trends in NYC as compared to the 2021 Houzz Kitchen Trends Study which shared findings from a survey of 2,014 U.S. homeowners about their recent or planned kitchen renovation projects. According to the Houzz Study, U.S. homeowners want more storage, neutral colors, and …
Comings and Goings on Montague Street
This afternoon your correspondent had to walk from his residence to the bank, which entailed going the length of Montague Street. Along the way, he snapped some photos of storefronts either emptied, about to be emptied, or, in one instance, newly occupied, since the outbreak of COVID-19. This doesn’t purport to be an exhaustive survey, but should give a feel for the extent of the pandemic’s effect. Word has it that the Ann Taylor Loft store, at the corner of Montague and Hicks, is …
NYC Housing Connect Offers New “Affordable” Units in East New York – Is The Lottery System Helping All Who Need It?
It’s an understatement to say that housing is hard to come by in New York City’s five boroughs. However, finding housing is a competitive, expensive, and frequently stressful process. The New York Department of Housing Preservation and Development and Housing Development Corporation sought to solve this problem in 2013 when they developed the NYC Housing …
Plans for Luxury Hotel In DUMBO Will Be Changed To Affordable Housing Development For Homeless and Low Income New Yorkers
NYC Newswire Recently the New York City Council approved plans to convert the building at 90 Sands St., a former residence building owned by the Jehovah’s Witnesses, into affordable housing. The building, located in DUMBO, was originally purchased from the Jehovah’s Witnesses by the Kushner Companies (Jared Kushner’s family), who sold it to RFR Realty. …
Around Brooklyn: Legislators seek to extend eviction moratorium
Legislators seek to extend eviction moratorium Two New York State legislators have introduced a bill that would extend anti-eviction measures until the end of December, according to the New York Post. They are Assemblymember Jeffrey Dinowitz (D-Riverdale) and State Sen. Brad Hoylman (D-Manhattan). “The governor’s 90-day eviction moratorium was a good step, but it’s not … The post Around Brooklyn: Legislators seek to extend eviction moratorium appeared first on Brooklyn Eagle.
The hottest home listings in Brooklyn, Iowa
Good news for anyone tempted to take Borough President Eric Adams’s advice and go back to Iowa, but crestfallen at the prospect of leaving Brooklyn: You don’t have to choose. There are plenty of other municipalities named Brooklyn — from the Dutch word “Breukelen,â€� meaning “broken landâ€� — around the globe, as nearby as Michigan and … The post The hottest home listings in Brooklyn, Iowa appeared first on Brooklyn Eagle.
MyHome Completes Co-Op Renovation In Pre-War Building
Sponsored Content MyHome, the Manhattan-based renovation company, recently completed a kitchen and bath renovation at 170 West End Avenue in Manhattan. The remodeling team was tasked with completely transforming an outdated kitchen and bath in a pre-war building to have a lighter, brighter appeal. If you’re looking to have your Brooklyn kitchen, bathroom or entire …
New York’s First LGBT-Friendly Affordable Elder Housing, Opens in Fort Greene
The New York City Housing Authority (NYCHA), BFC Partners, SAGE, the New York City Housing Development Corporation (HDC), and the Department of Housing Preservation and Development (HPD) recently celebrated the opening of Stonewall House, New York State’s first LGBT-friendly affordable elder housing, in Fort Greene, Brooklyn. It is the largest such development in the nation …
Applications Available for 41 New Apartments in East New York With Rents Starting at $590/Mth
Applications opened this week through the NYC Lottery program, for 41 new apartments in East New York at 463 Livonia Avenue. Rents range from $590 per month for a one bedroom and up to $1,449 for a 3 bedroom. (See the income qualification chart below) This development is part of the Livonia Avenue initiative that …
East New York Development Lot Might Be Preparing for Condos
According to YIMBY, permits have been filed for a four-story mixed-use building at 379 Dewitt Avenue in East New York. The lot is located between Hinsdale Street and Williams Avenue, which is just four blocks from the New Lots Avenue subway station on the L line. The proposed development includes 17,562 square feet designated for residential …
Lawsuit inches forward against Franklin Avenue rezoning near Brooklyn Botanic
A Brooklyn judge is taking it one step at a time in a legal challenge to Crown Heights developments that activists say would cast harmful shadows on the Brooklyn Botanic Garden. Brooklyn Supreme Court Justice Reginald Boddie focused on a single procedural issue at a Friday hearing in the lawsuit against rezoning for high-rise apartment construction at 931 Carroll St. and 40 Crown St. Boddie heard arguments solely on whether the Article 78 case should be dismissed because of the manner in which the suit was served on defendant — or respondent, as it’s called in this type of suit — Cornell Realty Management. (An Article 78 proceeding refers to the fact that government entities…
Lawyers trade barbs in 80 Flatbush upzoning case
The City Council’s approval of the upzoning of 80 Flatbush Ave. last year “was anything but a rubber stamp,” a lawyer for the New York City Educational Construction Fund said in a court hearing on Friday. “Public benefits drove this project,” Lawrence Bartelemucci asserted in oral arguments before Manhattan Supreme Court Justice Melissa Anne Crane. The public benefits the 80 Flatbush mega-project will deliver include a new elementary school and a high school to replace Khalil Gibran International Academy, office space and 200 units of affordable housing, he said. The suit brought by the 400 & 500 State Street Block Association and its steering committee seeks the annulment of the upzoning — which changed 80 Flatbush’s floor area ratio, or FAR, to 15.7 from 6.5. Floor area…
Pier Six Towers Update: Developers Busy Building and Advertising Despite No Court Decision
The Brooklyn Paper reports that the developers of the two controversial high rise residential towers on the uplands of Pier Six, near the Atlantic Avenue entrance to Brooklyn Bridge Park and on park land, have already done extensive construction work on one of the two towers (see photo in story linked above) and are, as the story indicates, already advertising to (although not yet accepting any money from) prospective condo buyers. This is despite there is as yet no final ruling on a lawsuit brought by the Brooklyn Heights Association and others to prevent construction of the towers, on the contention that revenue from them is not necessary to fund the park’s maintenance. As it stands, a judge has ordered that, while construction may …
UPS halts demolition of a historic Red Hook factory after Nydia Velazquez intervenes
UPS stopped tearing down a section of Red Hook’s historic Lidgerwood Building that’s dear to preservationists’ hearts on Friday following the intervention of a Brooklyn politician. A high-level executive at the delivery-service giant — which has already demolished part of the iconic Valentino Park-facing side of the 1880s foundry — told U.S. Rep. Nydia Velazquez the company had stopped bulldozing the rest of that section of the building. UPS President of Global Affairs Laura Lane also told Velazquez the company will meet with members of the Red…
NYC DOT Engineer Says Keeping Traffic Off Brooklyn Heights Streets High Priority
The Eagle’s Mary Frost has an excellent report on last week’s Brooklyn Heights Association Annual Meeting. Here are my takeaways from the meeting:1. The featured speaker, DOT Deputy Commissioner Robert Collyer (photo) said at least twice that a primary DOT concern is keeping traffic off Brooklyn Heights streets during the BQE renovation.2. Mr. Collyer said that DOT is considering creating alternate routes for traffic during the BQE project that wouldn’t affect the Heights or other residential areas.3. One of the objectives of the BQE project, according to Collyer, is to “improve vertical clearances” on the highway. Some residents asked if this would necessitate raising the BQE roadways, thereby affecting…
Friend of a Farmer Building On the Market for $3.85 million
Cushman and Wakefield have been retained to coordinate the sale of 76 Montague Street, the two-story building most recently home of Friend of a Farmer.The building will be delivered vacant and could be developed as retail or residential.According to the listing, “76 Montague Street is an incredible opportunity for investors, developers, and users alike to secure an asset with significant upside in Brooklyn’s most affluent neighborhood.”More details here.Massey/Knakel photo from listing.
CB2 Hearing on “Out of Context” Downtown Development Wednesday Evening
The Brooklyn Heights Association and others are urging local residents to attend Community Board 2’s public hearing at 6:00 PM this Wednesday, March 28 at St. Francis College, 180 Remsen Street, on the appliction by a developer to build two residential towers, one 74 and one 38 stories, on a site bordered by Flatbush Avenue, Scheremrhorn and State streets, and Third Avenue. For renderings of the proposed buildings see here (the aerial rendering shows the even taller 9 DeKalb, on which construction began last year, in the background).Although the site is some distance from Brooklyn Heights, the BHA and some local residents…
Is NYC Affordable Housing Plan A Scam? As Increased Shelters and Homelessness Increase Under de Blasio And Cuomo
Courtesy Coalition for the Homeless The Coalition for the Homeless released its State of the Homeless 2019 report, providing a comprehensive look at homelessness in New York City. The report finds that policy failures by the City and State have exacerbated the decades-long homelessness crisis stemming from New York’s severe lack of affordable housing. In January 2019, …
New Brooklyn Building Reaches Record Heights
Standing 720 feet high with 68 stories, Brooklyn’s newest sprawling development can be found in the heart of downtown. Developed by Extell, Brooklyn Point will offer 468 luxury units. Architectural firm Kohn Pederson Fox and Katherine Newman are credited for the futuristic design. “Brooklyn Point represents a milestone for the borough,” Ari Goldstein proclaimed, who …