Author Archive for: Ron

Ron Hershco and Real Estate Upgrades

It’s interesting to see how things change over time. Recently, Ron Hershco saw the new One World Trade go up and forever change the NYC skyline. Even more recently, Firemen’s Hall, at 155 Mercer Street went under a few extreme renovations and turned the corner to make some great improvements.

According to The New York Times, here’s a little history on Firemen’s hall:

Firemen’s Hall, used for two fire companies and as the volunteers’ headquarters. The New York Times described the style of the brownstone facade as “Italian, or in other words, a composition of Greek and Roman, applied by the Italians to modern building.”

According to The Times account, written when the cornerstone was laid, the building was to be surmounted with three pedestals, the center one with a full-size statue of a fireman, “the same one who has stood sentry for so many years in front of the old Hall,” which had been on the same site.

At the end of the ceremony, the department was presented with the skiff that in 1842 had floated from the Croton Aqueduct to the new reservoir in Central Park, which greatly improved not only the city’s water purity but its firefighting capacity.

What was once a bit of an eyesore has turned into one of the chic real estate developments on 2013. The building was completely redone with a touch of its old charm. Have you seen any other developments around NYC that have been recast from old to new?

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New York Has a New Skyline says Ron Hershco

Today was a milestone of a day for New York City. One Word Trade Center became the tallest building in the Western Hemisphere, at 1,776 feet tall. The skyline will forever be changed and for those who remember the events on almost twelve years ago, this is a day that they will also never forget.

People say it all the time, and it couldn’t be more true. There’s no place like New York. As someone who has dealt with Manhattan real estate for years, it’s amazing to see the change that took place today.

From the Associated Press’ report of the morning ceremony:

 

A tall, heavy spire was fully installed atop One World Trade Center on Friday, bringing the New York City structure to its symbolic height of 1,776 feet.

Loud applause and cries of joy erupted from construction workers assembled below as the huge, silver spire was gently lowered and secured into place. “It’s a pretty awesome feeling,” Juan Estevez said from a temporary platform on the roof of the tower where he and other workers watched the milestone.

“It’s a culmination of a tremendous amount of team work … rebuilding the New York City skyline once again,” said Estevez, a project manager for Tishman Construction.He said the workers around him were “utterly overjoyed.”

Installation of the 408-foot, 758-ton spire was completed after pieces of it had been transported to the roof of the building last week. It will serve as a world-class broadcast antenna and also as a beacon to ward off aircraft.

Lee Ielpi, whose firefighter son died after responding to the attacks, watched workers secure the spire from his office at the nearby 9/11 Tribute Center, which he co-founded.”The building looks spectacular. … I’m looking forward to the day when the cranes come down and they light the spire at night,” he said. “It’s supposed to be a very moving experience.”

The tower is slated to open for business in 2014.

New York City definitely has a new skyline.

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Ron Hershco Says Downsizing Has Its Advantages

When you live in New York City, the question of space when it comes to real estate is a big one. Whether you’re looking to sublet, rent or even buy, people want to know that they’re getting the maximum space for their buck. While some look at the expensive and trendy West Village, others are looking to move a bit north to the likes on Harlem to get the most bang for their buck.

A recent New York Times article followed a family as they looked to move from their Greenwich Village rental to a three-bedroom two-bathroom co-op. However, it seemed they couldn’t find what they were looking for close by. The family turned to Harlem and found just what they were looking for in a duplex at a building on Fifth Avenue and 127th Street, that was recently converted to condominiums.

The thing you have to remember with New York City real estate is that by staying flexible you’ll be able to have more options and might even be able to find the perfect space that you’re looking for. Don’t be turned off just by the sound of a location. There are renovations taking place across the city – annexes being built and new buildings sprouting up.

Have you ever thought about downsizing a bit and moving to a new location?

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Department of Buildings Cracks Down on Real Estate Agents and Brokers

Ron HershcoSome interesting news came out recently. According to a recent New York Times article, the Department of Buildings has begun issuing fines to agents and brokers who advertise and show illegal apartments for rent. This is a huge deal for not only real estate agents and brokers, but the real estate industry as a whole. The fines have been issued to agents and the companies that they work for and start at $3,600 and can reach as high as 5 times that amount depending on the type of violation.

Here is an excerpt from the article with some further background.

From January to March, inspectors combed through listing Web sites like craigslist, and then, posing as curious potential renters, went to see 50 apartments they considered suspicious. (Telltale signs of an apartment without the proper certificate of occupancy might be a listing that says all utilities are included, for example.)

The department issued fines to 10 agents, including agents at Douglas Elliman and Halstead Property, for listing apartments in a variety of neighborhoods and boroughs, including Park Slope and Brighton Beach in Brooklyn, and Hamilton Heights in Upper Manhattan. All of the apartments were in the basement or the cellar, and most did not have the required two means of egress, the department said. The department says the building code gives it the right to issue fines to agents; in the future, it may go after brokers who supervise the agents as well.

How far the Buildings Department will actually go to crack down and the steps that they will take in the future is still up in the air. However, if this is any indication of how things will be moving as time goes on, real estate agents, brokers and their companies alike will have to take caution in showing or advertising illegal apartments for rent.

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An Empire State Battle

Ron Hershco - Empire State

For those who missed the New York Times’ article this weekend in regards to the recent battle taking place over the Empire State building, you’ll get to see how it plays out today in court. Here is a quick synopsis of what’s about to play out from the Times:

On one side are the New York real estate barons Peter L. Malkin and his son Anthony E. Malkin, who control the landmark tower but are minority owners. They are within a whisker of landing the deal of a lifetime, valued at $5.2 billion, that would offer to the public shares in 19 properties in the New York area that they oversee, including the crown jewel, the Empire State Building.

The offering would catapult the Malkin family into the elite of Manhattan real estate, valuing their stake at an estimated $730 million and installing Anthony Malkin as chairman of a major new company, Empire State Realty Trust.

What some are forgetting in this legal battle is taking into account the celebration of what of New York’s most treasured real estate landmarks. It was yesterday, April 28, 2013 that the Empire State Building celebrated it’s 82nd birthday. It’s a shame that such a legal battle overshadows something that is a staple of New York City.

It’s interesting to see how certain properties around the city actually change to non-other than a piggy bank for folks who are looking to cash in. The time, effort and design that went into these properties seems to be thrown to the background when it comes to cashing in on investments and making some extra money. This is a piece of history and it seems as if sometimes we forget about what’s really important and what matters in times like this.

Either way hopefully a resolution is reached in a quick and orderly manner. Although, it seems as if this is going to be a long drawn out process. Only time will tell.

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Trying to Cope with a Neighbors Renovation

Ron Hershco Renovation

We’ve all be there in the past. One day you’re pulling into your driveway or walking into your building, all things are clear and then the next there’s scaffolding set up and contractors moving about. Unless you’ve put in for some new renovations it can only mean one thing, your neighbors are making a few changes to their place and you have got to grin and bear it until the changes are done.

However, there are a number of things that you can do to help you cope with the noise, debris and other ‘annoyances’ during the real estate makeover. Ron Hershco actually just read a great article in The New York Times about what others can do to help deal with the pains of a neighbors renovation. The highlights are below:

  • Adjacent homeowners ask to be added to the renovating neighbor’s insurance policy, and also have their own architect or engineer review the construction plans. That is especially important if your neighbor plans to dig a lower level deeper than yours, as it may require shoring up your foundation.
  • Take as many pictures as possible just in case any damage happens to your property.
  • People concerned about a renovation project first try to communicate with the neighbor who is doing the work, and then become involved in the permit-approval process.

The New York City Department of Buildings (nyc.gov/buildings) also offers resources for neighbors concerned about construction. On its Web site, you can enter an address and get information about jobs that have been filed for it, a record of any complaints or violations, and whether they have been resolved.

These are only a few tips from Ron Hershco. But there are lots of other things you can do. And remember, if renovations are happening at your neighbors have patience. They are you neighbors and unless you’re renting, you’re going to have to live there for a long time. There are a lot of things worse than a few weeks of renovations, right?

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The Evolution of Manhattan Real Estate

At 1,004 feet the tallest apartment house in New York, will open later this year at 157 West 57th Street. It is going to be the highest and most expensive condominiums in the history of New York. However, what a few folks might not know if that just across the street once housed the long-gone Rembrandt. The Rembrandt was built in 1881, was only six stories high and was New York’s first even co-op.

Hard to believe how far we’ve come in the real estate marketing over the recent years. Ron Hershco has been in the business since 1992, starting his career at a small agency and working his way up through the ranks. In that relatively short time period, Ron has seen prices rise and fall, new buildings sprung up and the evolution of the Manhattan real estate market.

According to a recent New York Times article about the Rembrandt:

The internal arrangements are hard to reconstruct, but the building had at least one elevator and duplex units with as many as 12 rooms.  Various early accounts mention sales of $4,000 to $5,000, and maintenance as low as $50 per month.

It’s going to be interesting to see where the Manhattan real estate market is headed in the future. The market can be touch and go day by day, but Ron Hershco knows a thing of two about real estate. Always looking to the future, Ron has his focus on urban development, affordable housing and high-rise condominium complexes.

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Israelis Continue Activity In Real Estate

Israelis worldwide continue to be very active worldwide in the real estate industry. Ron Hershco of Hershco Properties continues to search more for properties – and Africa Israel USA (AFI USA) announced that they had closed on the sale of the Rialto Building, a landmark turn-of-the-century office and retail property situated in San Francisco’s South Financial District.

They are selling the nine-story building only six weeks after placing it on the market. The Rialto Building, boasts creative, open floor plans, high ceilings and abundant light. Originally built in 1902, the H-shaped Renaissance-style Revival building was designed by architects Meyer & O’Brien. After the great earthquake of 1906, the Rialto Building’s interiors were completely rebuilt, although, the exterior structure made of steel, brick and concrete was left intact.

Located at the intersection of Mission and New Montgomery streets, the Rialto Building is situated in the heart of the South Financial District, one block from both BART and the Transbay Terminal Redevelopment.

For real estate news follow Ron Hershco on Twitter at: https://twitter.com/RonHershco

Soure: http://www.jewocity.com/blog/israelis-continue-activity-in-real-estate/7974

Ron Hershco on Getting Your Start in NYC Real Estate

NYC Real Estate Ron Hershco

So you’ve just landed your first job as an agent. You’re probably wondering how you can work your way up. How you can stop showing run-down rooms in Spanish Harlem and the Bronx and move onto higher-priced properties, or sitting behind a desk while someone else does the showings!

Many people have worked their way up from where you are. Real estate mogul Ron Hershco is just one example. He got his start as an agent. And now he’s developing high-rise condo buildings in the city, as well as affordable housing and charity buildings for art classes for low-income kids. Having inside knowledge of how real estate works is key to climbing up the ladder. You won’t land a job as a higher-up without some real knowledge and a sense of the market. Have you lived in NYC for a long time? If not, you should brush up on the style and character of the different boroughs.  And even all the different neighborhoods within them. Knowing not just the real estate game but also the feel of NYC is important.

Because New York is the busiest and most populous city in the country, there’s always work in real estate. People are always moving in and moving out. But even finding the right company to work for can be difficult. When you are at an interview, be sure to mention that you want to be manager material some day. Showing your ambition is a good way to get your foot in the door. It’s also a way to see if the company is really right for you and open to promoting you. If there’s no way up, you can only go down!

Ron Hershco’s own approach to real estate involves working in several types of markets. He builds luxury condo high-rises as well as affordable housing, so if one market fails, the other might stay strong. Having all your eggs in one basket can be a bad idea. Another tip: be sure to dress your best and to “match” the style and personality of your clients and your bosses. You will sell more units if the people who are interested in renting think you’re friendly, and think you’re like they are. The same goes for managers. You want to act like manager material, dress like manager material, and show that you’re interested. The sky is the limit.

Ron Hershco Admires Chelsea Clintons Purchase of Prime NYC Real Estate

Ron Hershco knows that New York City Real Estate can be incredibly luxurious. This is especially true for the apartment recently purchased by Chelsea Clinton and her husband.

New York City is renowned for its real estate. The reputation is partly built upon the beautiful architecture that can be viewed in any direction, in nearly any area of the city.  The location itself adds incredible appeal to the real estate. NYC Real Estate has also been the vehicle of helping entrepreneurs attain the American Dream, Ron Hershco being a great example of such an entrepreneur. But NYC Real Estate’s reputation isn’t 100% positive. It has earned a degree of notoriety for being one of the highest costing housing markets in the country.

Because of the high price of housing, most people aren’t surprised to hear that Chelsea Clinton and her husband spent $10.5 million on a 5,000 square foot apartment located in the flatiron district of Manhattan.

OMG covered Clinton’s new pad. You can read a portion of the article below:

Ron HershcoChelsea Clinton, Husband Buy $10.5M New York City Apartment

By  | omg! – Thu, Mar 14, 2013 1:59 PM PDT

“…The married couple of three years has traded in their “measly” $4 million apartment for a much more spacious (and much more expensive) $10.5 million pad located in Manhattan’s Flatiron district, a source confirms with omg!.

The new Clinton-Mezvinsky abode is sprawling (and not just by NYC standards) at nearly 5,000 square feet, and is housed inside luxe building The Whitman. The place boasts four bedrooms, six and a half baths, a state-of-the-art kitchen, planting terrace, home office, and media room – not to mention amazing views of Madison Square Park across the street…”

Read the Full Article Here

Sources from OMG confirm that the Clinton Apartment took up 2 levels of the apartment building. And like most high end real estate in New York City, the building the Clinton’s now live in was first erected nearly 100 years ago. Which suggest another appeal of New York City real estate that draws in entrepreneurs like Ron Hershco: there are so many beautifully building available to develop and redesign, blowing a breath of new life into historical buildings of the city.