Tag Archive for: new york

Ron Hershco on Madison Square Garden Losing their Lease

Madison Square Garden

Late last month, when reviewing the lease of Madison Square Garden, the Department of City Planning recommended that its commissioners grant the Madison Square Garden Company a limited 15-year renewal. This means MSG will most likely be leaving the neighborhood in 2029.

The Huffington Post  highlights the current predicament MSG is in:

The Madison Square Company had sought an unlimited extension for The World’s Most Famous Arena, which had been operating under a temporary certificate of occupancy since its 50-year permit expired in December.

Local leaders and community groups, by contrast, had advocated for a 10-year cap, which they said would help force the arena to relocate and make way for an expansion of Penn Station, the busiest and one of the most overcrowded transit hubs in the country. City Planning ultimately tried to find middle ground, Planning Commissioner Amanda Burden said Wednesday.

“The special permit term limit we are approving today recognizes that Madison Square Garden occupies a unique location on top of a major transit hub,” Burden explained, adding that the vote was unanimous.

The City Council has 50 days to vote on City Planning’s decisions, a City Planning spokeswoman said. If it does not, the measures will automatically go into effect.

The Madison Square Garden Company said it was “extremely disappointed” in Wednesday’s outcome.”

Do you think MSG should move from its current home? If so, where should it move to?

Ron Hershco and Living Under Co-Op Rules


Can you imagine being told what shoes to wear in your own building? What about having your umbrella and rain boots taken away when you leave them outside your door to dry for a quick moment? How about being told you can have a dog, just not the breed of dog you currently own? These are just a few examples of harsh co-op board rules that exist in NYC.

Ron Hershco recommends getting a list of the co-op board rules for living BEFORE putting in an application. There most likely won’t be a rule to make you not buy the apartment of your dreams, but if you’re early in your process, a known list of rules could help you narrow down your options.

A recent article in The New York Times gave a more detailed background on where these rules came from:

“The average co-op or condominium has two dozen house rules. “Typically, they’re quality-of-life rules meant to benefit everyone in the closed community,” said Toni Hanson, a vice president and senior managing director of Douglas Elliman.

While there’s good sense behind many of these rules — don’t hang or shake things out the window; lay off the stereo before or after a certain hour — certain strictures can charitably be described as quirky, not to say capricious or overreaching. Your home is your castle? Think again.

It’s all, of course, in the interest of helping a building full of strong-minded New Yorkers coexist in (relative) harmony. Co-op boards have long issued directives about deportment and decorum, and condo boards are increasingly following suit. For the most part, they are well within their rights. Residents can either get with the program or get behind a co-op coup to remove the big-brother board members in their midst.

Generally, thanks to what’s known as the business judgment rule, boards have broad latitude in making, amending and rescinding house rules — the good, the bad and the decidedly wiggy. If board members think a situation needs to be addressed, they can address away without input from residents.”

Have you ever experienced any of these tough co-op rules? Do you think they are fair or unjust? What rules would you make sure to enforce?

Ron Herschco on Illegal NYC Housing Laws

Global rental website Airbnb, which connects short-term renters with budget priced room rentals, has found themselves on the wrong side of the law in NYC. Residents are restricted by NYC law from renting out rooms or apartments for fewer than 30 days, unless they are also living in the home as the same time as the visitor. This is contradicts the basic business plan of Airbnb.

Earlier this month, Ron Hershco commented on the Department of Buildings cracking down on real estate agents and brokers. Now it seems they are heavily pursuing non-licensed renters and average home owners as well.

According to Time Magazine it is not the first time Airbnb has been in trouble:

No stranger to similar controversies in other cities, Airbnb released a statement saying it will continue to fight the legal battle. While its  terms of service say that users are fully liable for complying with local laws, the company maintains that New York City’s laws are not aimed at individual tenants, but instead at preventing landlords from buying residential buildings and operating them as hotels, reports CNN Money. The San Francisco-based company, which currently operates in over 33,000 cities in 192 countries, has raised the ire of authorities elsewhere — most recently in Amsterdam, where the main issue is that local laws, such as paying tourist taxes, are circumvented with Airbnb transactions.

Since New York City’s mayor’s office of special enforcement began carefully scrutinizing short-term rental issues in 2006, it has received more than 3,000 complaints, conducted nearly 2,000 inspections and issued nearly 6,000 notices of violation, according to the New York Times. In January, the travel news site Skift estimated that approximately half of Airbnb’s listings  in New York City “are likely illegal.”

Have you ever rented to or from someone that could violate this new law? Do you know anyone who has?

Manhattan suffers renter fatigue says Ron Hershco

It’s been widely known that rents in Manhattan have been steadily increasing, but there has been a buzz in the industry that the rental market is finally taking a rest for a while.

Rents have been rising 5% consistently year-over-year and then there was a dip in prices between the third and fourth quarters of 2012.

Brokers in the market agree too and they are starting to see stabilization of rents. However, some noted that the market is still strong and argued that the recent change was nothing more than a seasonal downshift. And others say that some renters have decided not to be paying increased prices.

Jonathan Miller, a real estate analyst said that the difference in median rent between Manhattan and Brooklyn has “compressed” slightly last year. There’s a number of Manhattanites who are turning to the outer borough for more affordable rents. And Miller understands that shift, “Anytime you have out-of-control growth that doesn’t self-regulate, it always ends badly,” he says.

Ron Hershco, a property developer in New York believes that the market needs to stabilize itself for a while. Renters don’t want to be always pressured for that 5% increase each year.

Another tactic some renters are doing is that they may attempt to buy a property versus renting, but their lack of qualifying for a loan ends up being a barrier to purchase. Douglas Wagner of Bond New York Properties noted that renters who were fleeing the market in the fourth quarter of 2012 are now returning to our rental offices to sign another lease for a property.

The Manhattan rental market needs a break for a moment, but there’s no doubt that it will pick up and that rents will increase again.

Rising Trends of Real Estate Markets According to Ron Hershco

Real estate economists and industry reports said their predictions depend on next year’s accuracy for mainstream forecast of economic growth and assume that the economy won’t experience an earthquake from falling off the fiscal cliff.  Emerging trends show a sharp turnaround for the upcoming year.  Analysts have officially released important trends and issues of 2013 that you need to know affecting U.S. real estate markets.

Ron Herscho is a distinguished real estate developer, a pioneer in the New York real estate market.  He developed the Meridian a luxury residence overlooking the Atlantic Ocean and 306 Gold Street a 40 story glass building that overlooks downtown Brooklyn’s skyline. Ron focuses on urban development, affordable housing and high-rise condominiums in the New York area. His mission goes hand in hand with 2013 real estate trends by providing high quality affordable living and to make buying a home a simple experience.

The Emerging Trends in Real Estate report has been a reliable forecast for real estate developers and investors across the nation. The rising trends include:

• Focus on maturing infill locations, such as properties near mass transit stations and commercial areas near hip residential communities.

• Construct new-wave office and build to core in 24-hour markets. Build green, tenants will pay higher rent for buildings with efficient design layouts and lower operating costs.

• Develop industrial facilities in major distribution centers near ports and airports.

• Be cautious when investing in secondary and tertiary cities. Partner with local operators who understand the local tenant trends and issues. The leading secondary markets comprise Austin, Charlotte, Nashville and San Jose.

• Steer clear of apartment development in low-barrier-to-entry markets.

• Investing in single-family housing funds, will add to rental supply and compete against apartments.

• Repurpose the excess of out-of-date properties. Facilities such as vacant centers, old office parks and low-ceilinged warehouses are prim candidates for renovation or redevelopment.

Ron Hershco agrees that real estate firms boost profitability at the margins by keeping lean; anticipation of 2013 will be a reasonably good year for bottom lines. Stronger capitalized firms should continue to gain market share, but the overall size of the Industry will not change.

Ron Hershco 5 tips that will ruin your chances of selling your home

The recession has impacted the real estate market for a number of years and it’s not getting better for the foreseeable future. The prospect of selling your home quickly seems far off, but perhaps you’re not using the right approach or strategy to get a quick sell.

Ron Hershco, a real estate developer in New York, has some tips for you to consider if you want to increase your chances of selling your home quickly.

There are no pictures of your home

This is a necessity. In todays competitive world, having no pictures screams out to a buyer “skip me,” I haven’t bothered to market myself properly. Your listing needs to include lots of pictures and they need to be taken with a high quality camera. If you’re using a camera phone, make sure it’s at least 8MP.

You got to have curb appeal

Potential buyers like to scour listings, but the one’s that stand out have a nice landscaped garden in the front. If your house looks nice on the outside, buyers will be more inclined to see what’s in the inside.

Poor description of the property

Write a great description of what you are trying to sell and use some creativity. Remember to stay away from cliché phrases such as “best home on the market.” Be sincere in your words and you can comfortably say that your neighborhood is child friendly.

You priced your property too low

This can be seen as a red flag. Do your research and find out what other homes sold in your area. Understanding your market value is essential in getting your property sold quickly and for the price you want.

You’re home when the home is shown

This is a no-no. Home buyers like to have privacy when they are considering buying a home. Plus, they can’t visualize whether that property can be their home. Give them the space they need to make an informed decision.

Getting a quick sell isn’t difficult to achieve, but with the current economic challenges, it can be if you don’t follow some of the tips above. Essentially, be smart when you list your house and think about if you were a buyer what you would want.

Ron Hershco and the Rush Foundation give New Yorkers a “green” arts facility

In New York City – as in most metropolitan areas – buildings have a significant impact on the environment. Energy used in buildings account for nearly 80% of New York’s greenhouse gas emissions. Buildings also account for most of the city’s water use and waste stream. Additionally, building lots make up half of the city’s land area, thus greatly adding to the landscape of this vibrant city. New Yorkers also spend most of their time indoors; therefore, buildings also contribute to the health of the city’s residents.

In a city with such a huge population, many older buildings, and with so many people in vertical living, it can be quite challenging trying to become more energy efficient and using sustainable building methods. But, owners of both commercial and residential buildings are making a different, one step at a time. Take for instance, the 19th century bank recently donated by New York tycoon Ron Hershco to the Rush Foundation, a non-profit organization created primarily to advance the arts through education.

Mr. Hershco’s architectural team, along with Meridith McNeal, the donated building’s director, are diligently working together to bring to life their combined vision of a green space. The building will boast rooftop gardens as well as green walls, which work similar to green rooftops in providing additional insulation and protection that will reduce energy usage and provide better drainage. In addition to a green space, the bank turned arts education center will also house art galleries, art studio classrooms, artist studios, and more. What a great contribution to art students in the city, as well as to the green movement, creating a better, healthier environment for all!

In keeping with an eco-friendly construction method, the new building was renovated, rather than knocked down, where a lot of material would have to have been disposed of. The upkeep of the new arts center will fall to the Horticultural Society of New York (HSNY), a partner of the Rush Foundation, and a group experienced in environmentally friendly methods of building maintenance.

Mr. Hershco is setting a great example by helping his city be more environmentally friendly. New Yorkers are also doing their part in becoming more green, whether it’s by incorporating sustainable waste reduction methods (recycling and composting), using eco-friendly cleaning supplies, using systems that recycle or reuse water for greater water efficiency, or installing air filtration systems.

Making our city – and our planet – a healthy and safe environment to live and work in is the responsibility of all of us. In order to leave this place a better place for future generations, we need to set a good example of a green ambassador and educate our children in ways to live a more environmentally friendly life. We don’t all have the means or the opportunity to contribute in the scale that Ron Hershco and the Rush Foundation are able to, but we can certainly do our small part in making a huge difference.

Ron Herscho Promotes the Slow But Sure Development of Queens

For architects and building developers, New York is a dream.  This city has ignited turf wars among passionate developers for years – one obvious example being the struggle for control of the World Trade Center site.  Slowly but surely prominent land is being claimed and new buildings are being constructed.  One particular area of interest is Queens.

Queen’s skyline has a very promising future, as many developers  are looking to add new life to the already vibrant area.  There are plenty of industrial and low-scale areas that have enormous potential to be used in much more productive and beneficial ways.  Ron Hershco is excited to be a part of this positive development.

When strolling through a part of New York like Manhattan where there has been plenty of development, turning it into a beautiful and culturally rich part of the city, it can be so easy to forget how it got there.  Developers like Ron Hershco have a unique gift of foresight that allows them to see beauty in otherwise desolate locations.

Everything started as simple land.  It is only through the tireless efforts of building developers that we have stunning cities like New York.  It is important that we don’t become complacent; instead we must strive to improve our surroundings and seek out better options for the generations of tomorrow.

Ron Hershco has an eye for improvement, and he has made a successful living by helping to improve metropolitan New York areas.  Whether it is adding an art center for underprivileged youth in Brooklyn, or building a luxury condominium in Long Beach, he is always looking for ways to make the future brighter.

Queens is currently being approached on a patch-by-pact basis.  This helps to preserve the integrity of the areas, while improving it in the long run.  There are so many unique areas in Queens that it can be a harrowing thought to imagine them being changed.  Fortunately, Ron Hershco understands the importance of quality planning and developing.

The development of Queens is certainly not a new undertaking.  This is a project that will take time.  It is exciting to consider what is in store for this rich and exciting city and Ron Hershco is truly thrilled to be able to be a part of it.  This unique area will certainly benefit from the renowned touch of NYC Real Estate Development mogul Ron Hershco.

While we cannot predict the future, we can certainly look at the track record of companies and see that the future of Queens is a promising one.  This piece by piece approach has been effective so far and there is no doubt that as new buildings are constructed and old ones are improved, New Yorkers will have even more to be proud of.