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Matthew B. Sweeney's Blog

By Matt Sweeney | Broker in 90210

Rich Kids Real Estate Takes Manhattan

March 24, 2010

I apologize for the shortage of posts over the last ten days. In the hopes of being able to better serve my rich kids who are bi coastal, I thought it important to learn a little about how real estate in Manhattan works. The goal is to find an amazing agent in the city who will be able to provide you with the same top notch service that you would get from me here in LA. Ultimately, this person would also help me launch, blog and be the lead for Rich Kids Real Estate NYC. I am looking at a few different prospects and will keep you posted  when I am ready to launch that extension of Rich Kids. In the mean time, I have a referral agent in place ready to help you with leases, purchases, etc. If you have any real estate needs in the city or burroughs, please let me know and I will. be happy to provide you with his contact info.

There is definitely some new construction popping up all over town. I have been to NYC many times, but never paid close attention to the market. My friend just purchased a new construction condo in Chelsea on 19th Street, literally two doors down from G-Bar (gays, you will know what I am talking about). It’s 1200 sq ft, 2br/2ba witha purchase price of $1,200,000 in 2009 with HOA’s of $1200/month. Unit features hardwood floors, floor to ceiling windows, slick bathrooms, Bosche appliances and Sub Zero Fridge. The same condo on say, Croft, might cost you $650,000 - basically double the price. I actually thought he got a  lot of bang for his buck considering the insane market there. My friend works for Goldman Sachs and wanted to graciously thank you for your tax dollars that allowed him to purchase such a showplace for someone in their mid 30’s (just kidding JS - I know you work extremely hard and I couldn’t be prouder for what you’ve achieved).

This particular unit is a condo vs. a co-op, which my friend was intent on purchasing. The quick and dirty between the two is basically with a co-op, you own a share of the building, kind of like purchasing stocks in a company. There are maybe a handful of co-ops in LA, but they are few and far between. Another difference, is that the residents within the co-op decide whether or not you are suitable to live in the building. Your ability to purchase is subject to a popular vote.  Rich Kids is all about diversity and caters to every lifestyle imaginable. To me, this is the beauty part of Los Angeles - we are one huge cast of characters. After knowing the way many of my readers, clients, and friends live their live, trust me, the majority wouldn’t stand a chance of getting into  in a co-op (well at least on the Upper East Side).

I enjoyed my trip to NYC and love the energy that can be felt just being out, walking the streets. On the flip side, I am an Cali boy to the core and was very excited to be back in LA.

Just for fun, here are some differences between LA and NYC that especially stood out to me:

  1. Fine Dining - When they say “jacket attire” for men on the Upper East Side, that does not mean a fun blazer from Fred Segal with a fitted American Apparel T-shirt underneath, designer denim, and Prada Sport loafers (which is what I might wear to a dressy event in LA). It means jacket, tie, and matching slacks. I want to kindly thank the wait staff at Daniel (for which there seemed to be an army per table) for graciously asking “if the temperature of the restaurant was to my liking” and putting the AC on so that I could “make sure my jacket remains on at all times.”  Although stuffy and about as “old money” as you can get, the dining was some of the finest I have ever experienced and seriously, you couldn’t ask for better service.
  2. New Yorkers Get Down to Business and There is No Messing Around…even in yoga: My gym has a sister club in NYC and I thought it would be nice to take a yoga class after my long flight. The studio was at the top of the gym, surrounded by skyscrapers - a truly magical place to take a class. I was quietly telling a fellow yogi (who instigated the talking btw - yes, I am totally passing the buck) about a pose I wasn’t about to attempt or I would dislocated my shoulder. The yoga instructor was having none of it and she quickly shut that convo down by saying “can we please discuss injuries after class and focus on what I am saying”. She was totally in the right, but her no non sense approach to yoga gave me a little chuckle as compared to LA.
  3. Nightlife Stays Open Until 4am - Even on Weeknights - This is probably not a shocker, but one fantastic things about NYC is that you can stay out late and then grab a slice of pizza even at 4am. As most of you know, I work 7 days a week so the likely hood that I will make it past 12:30am is slim to none, but I like knowing I have the option!
  4. Art is Appreciated - We all have our definition of “art”. Two things that made my day were that they were having a  revival screening of a classic piece of cinema - “Showgirls” (which happens to be my favorite movie - no judgement please) hosted by a drag queen with comedic commentary and secondly, I fould hand drawn greeting cards of The Golden Girls (another love of mine) in a small shop in Chelsea next to lubricant and anal beads - thank you for being a friend indeed.
  5. Nibbles Served with Cocktails - I miss the days when someone might give you a cup of pretzels or Chex Mix in a bowl while drinking a martini. I think this is something that needs to resurrected in LA!

Thank you NYC for the amazing weather and the education I received about teaching others how to buy a piece of you!

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