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Hot off the presses.  The New York Times discusses the history,  the diverse community and real estate scene in the “hidden gem” called Inwood.

My broker from New Heights Realty, Rob Kleinbardt,  has this to say in the Times article, “As more and more people have come up here, it’s always somewhat amusing to me that people say that Inwood is being ‘discovered.’ I’ve been hearing that since 1980. It’s always being discovered by a new crop of people.”

Read the NYT’s article “Northern Zone-South of the Border Flavor.”

Click continue to see more of Inwood In the News.

“For the Brave, the Moment is Now.”   That’s the word from the New York Times.  If you’re a buyer sitting on the sidelines waiting for the perfect moment to move into your new dream apartment, then this article is a must read.

See the New York Times article.

Also,  a recent New York Times article discusses the allure of  living near the natural beauty of Inwood Hill Park.

Read the Times article.

Time Out Magazine recently voted Inwood the most affordable neighborhood in all of New York City. According to the headline, “Quantity and quality come together in upper Manhattan- at a price that won’t make you cry.”

To check out this and more links to “Inwood in the News,” click on the below links.
Time Out New York, Sept. 2008.
Read the article

New York Times, Feb 10, 2008
Read the article

AM New York Inwood write-up from December 5th, 2008
Read the article

MyInwood.net written up in The Manhattan Times.

In 1883 Inwood was to play host to the World’s Fair, a dream that never materialized due to haphazard planning, dissension and general lack of support.

As early as December 10, 1880 a New York Times headline screamed, “Inwood as the Fair Site.” The article cited “communication” and “the character of the place” as key reasons for Inwood’s selection.

1883 World's Fair promotional sketch

Initially, the Exposition’s exploratory committee met their selection with “unbridled satisfaction”. According to the Times article, “this feeling sprang, not simply from the fact that the assault upon Central Park had been successfully repelled, but also from a conviction that Inwood is, in all respects, the most feasible site yet proposed.”

One of the Fair’s strongest advocates was New York Central and Hudson River Railroad Vice-President James Rutter. Rutter believed Inwood’s access to key waterways, and more to the point, railroads made the area a much better choice than Central Park.

"Birds eye view" of intended 1883 Inwood World's Fair site

Said Rutter, “the Inwood site is easily accessible from all points. It is only 53 minutes’ ride by the elevated road from Rector Street, and the road will reach there long before the opening of the Fair.”

Even Isaac Dyckman, a descendant of the Dutch family who initially settled Inwood as early as 1630, joined in on the pitch. According to the Times, the 65-year-old Dyckman, “skipped nimbly over the ground, pointing out its prominent features, and narrating stories of the Revolutionary war.” Dyckman’s rich tapestry of Inwood lore included cannon balls, loyalists, patriots, fields “literally sown with lead” and of course real estate.

Behind the scenes the Fair added a marquis name to its helm; none other than General Ulysses S. Grant. A man without a home since his days in the White House, Grant now filled his hours planning a world expo from his suite in a Fifth Avenue Hotel.

Confident that the location of the Fair was a done deal, real estate speculators began to descend on the area. Inwood at the time was relatively undeveloped. But a Fair meant roads, sewer lines and other infrastructure. Surely property values would skyrocket.

Map of 1883 Fair grounds

But, by early March of 1881, there were beginning to be grave doubts the Fair would be held at all. Four million dollars needed to be raised for the buildings alone, but the commission couldn’t seem to raise even a million dollars to get the project off the ground.

By late March of 1881, disaster struck. General Grant formally resigned his Presidency of the World’s Fair Commission and left the country for Mexico City. Grant wished the commission luck and, in some respect, blamed the venue itself on his decision to jump ship. Said Grant, “…so much opposition has been manifested by citizens to Inwood, the question of the site should be left open…I have no doubt that the Fair would be a success if held in Central Park, but the people are prejudiced against the use of their pleasure grounds, and their prejudices should be respected.”

A friend told the press, “Grant and I had a long talk over the matter across the way in his son’s office, and we both arrived at the conclusion that the people of New York don’t want a World’s Fair.”
Without Grant’s big name support the Fair was doomed.

Leaderless, the planned Expo floundered for months before eventually being abandoned.
According to Exposition Commissioner William H. Strong, the 1883 Fair was fatally flawed from its inception and cited “the choice of Inwood as the cardinal mistake of the commission.”

There would be no World’s Fair that year. It was a black eye for New York as well as the nation.

Inwood was again considered as the site of 1892 World’s Fair, but lost out to Central Park.

(Special thanks to Inwood resident and collector Don Rice for allowing me to use the maps and plans associated with the ill fated World’s Fair of 1883. While the facts themselves are fascinating the sketches brought this history to life. Many thanks Don.)

CLICK HERE TO FOR MORE INWOOD HISTORY AND OLD PHOTOS

Life on the top of the hill has distinct advantages for the residents of Park Terrace Gardens. Built in 1940, the five-building complex is called the “Gardens” for a reason; the entire center of the block is a lovingly landscaped private garden, with much of the planting done by a team of resident volunteers.

This sense of community extends from the annual garden party, where residents get to know one another, to more casual cookouts on the common roof terraces. These specially designed rooftop common areas are equipped with grills and tables so you and your loved ones can have a burger while watching the sun set over the Henry Hudson Bridge. Where else in Manhattan can you do this?

A lucky few even have private terraces attached to their penthouse apartments.

Located just blocks away from two parks, including the breathtaking 196-acre Inwood Hill Park, visitors from downtown often refer to Inwood as “the country.”

But don’t let the clean air, sweeping views and neighborly attitude fool you. Located blocks from two subway lines and a major shopping and restaurant strip on Broadway, Park Terrace Gardens is still is still very much a part of the big city.

The four-hundred unit complex, designed by Albert Goldhammer, sits on the site formerly occupied by Inwood’s legendary Seaman Mansion. Today, the marble arch, which once marked the entrance to the estate, can still be seen from Broadway.

Goldhammer was a renowned architect in New York City and many of his other buildings, including Co-Op Village on the Lower East Side,  still stand today. Goldhammer was perhaps best known for bringing urban landscapes to life by employing art deco style alongside landscaped gardens.

Walking though Park Terrace Gardens today it is easy to imagine the magnificent 19th century estate with its once carefully sculpted grounds. While much has changed, the gardens, were, and remain, the soul of this hilltop property.

Park Terrace Gardens in 1941.

An uptown oasis, Park Terrace Gardens has all the modern amenities one could ask for: new laundry rooms, a T-1 internet line, electronic pass keys, concierge service, live in supers,  24-hours emergency service, security cameras and much, much more.

View of the Henry Hudson Bridge from a private terrace in Park Terrace Gardens located in Inwood, New York City.

Below is a current description of the complex from the Park Terrace Garden website:

“Park Terrace Gardens, Inc. is a 100% shareholder owned housing co-operative located in upper Manhattan. The complex is bounded by West 215th Street and West 217th Street one block west of Broadway. The property is a mid-rise garden apartment complex consisting of five, eight story buildings with a total of 397 units. The buildings were constructed in 1940 and converted to a cooperative in 1976.”

Park Terrace Gardens goes co-op, Village Voice ad, Sept. 27, 1976.

If you are interested in living in Park Terrace Gardens, or have any questions, please drop me a line using the below form.  In addition to living in the Gardens, I am a licensed real estate sales-person with the Inwood firm New Heights Realty.  It would be my pleasure to introduce you to my Inwood.

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Buying a co-op is a unique experience, but don’t let the process overwhelm you. Here is a simple guide to helping get you into the co-op of your dreams.

Financial Review and Qualification: The first question a buyer asks is, “What can I afford?” We must look at your income, assets and current expenses to determine how much you can reasonably afford on your new apartment. This is also a good time for you to contact a lender and get pre-qualified.

Find the Right Apartment: Taking into account both your personal and financial requirements.

Offer and Acceptance: Buyer and seller agree upon a price. At this point you should retain an attorney if you haven’t already done so. Your attorney will review the financial statements, offering plan and amendments, as well as other documents relating to the co-op. In addition your attorney should review the contract before you sign anything.

Signing the Contract: At this time you will make your down payment. A typical down payment is ten percent of the purchase price.

Applying for a Mortgage: The lending institution will require a copy of the fully executed contract along with your completed application. The loan process will take two to four weeks to complete. Often you receive a commitment sooner than this, which will be subject to certain other conditions being met (satisfactory appraisal of the property is a normal condition).

Begin Work on Completing the Cooperative’s Purchase Application: Your goal should be to have your application completed and in good order by the time you receive the commitment letter from the bank.

Submit the Application to the Cooperative’s Managing Agent: We strongly recommend that you let us review a copy of the application once it is complete. This can help prevent problems or unnecessary delays. The entire package is then sent to the managing agent for their review. The agent will order a credit check and may also check references, etc. They will then forward your application to the cooperative’s board of directors for their review. An interview date is then set.

The Interview: The interview typically lasts about a half an hour. This is the time for the board members to ask you questions pertaining to your application.

Board Decision: Usually received within a day or two of the interview.

Closing Date: After an application is approved a closing date can be set. This averages a week to ten days after the interview. In order set a date a time must be coordinated with the buyer and seller, their attorneys, the lending institutions and the managing agent.

Closing: Final transfer of the proprietary lease, stock certificate and keys to the buyer. Balance of funds owed is paid to the seller.

The total process will take about three months from start to finish. If no financing is required then the process is slightly quicker.

-Courtesy, New Heights Realty

A recent news report said that given today’s uncertain economy “720″ is the new magic number when it comes to scoring one’s credit. But what is a credit score?

Often the terms “credit score” and “FICO score”are used interchangeably. They both give creditors the same number when it comes to determining whether or not they will grant an individual credit or not and at what interest rate.

Established in the 1960′s, Fair Isaac Company or FICO, is a credit-reporting agency that assigns a score between 300-850. The better your credit, the higher the number. Having a high credit score does have its advantages, including lower interest rates on loans. On the flip side if you have a low score you may end up paying higher interest rates or having your request for a loan turned down.

There are several factors that determine your FICO score, the top 5 are:

• Payment history on previous and current debt makes up 35% of the score.
• The amount owed to current creditors accounts for 30% of the score.
• The length of your credit history counts 15%.
• New credit will also affect the score and accounts for 10%.
• The type of credit you have accounts for 10% of the score.

As you can see the most important is payment history. By making your payments on time while avoiding hefty outstanding balances you can influence your score automatically. The good thing is, if you have had issues in the past and your credit is less than perfect you can fix it. Fixing your credit and improving your score does take some time but in the long run it is worth it, especially if you plan to make a large purchase such as a home purchase where you will require a large loan.

Improve your score by fixing any errors on your credit report and share information with FICO to help keep your credit histories updated. If you are planning to buy a home, pull your credit report before applying for the loan so you can make sure there are no discrepancies that need to be addressed. Having a high score can save you thousands of dollars in interest payments and could mean the difference between approval or rejection.
-Source: RealEstatePro

Buying and selling real estate in New York City is a unique experience. That’s where I come in, as a licensed New York Real Estate Sales Person, I can walk you though the process. I own property, live and work in Inwood. I love Inwood and its cultural and architectural diversity and can’t wait to share it with you.If you are thinking about buying or selling real estate in Inwood, please shoot me an email. I’m happy to answer any questions you may have.

Cole Thompson
New Heights Realty
Email: cole@newheightsrealty.com
Cell: 646-425-0093

INWOOD OVERVIEW

Once called “God’s Little Acre,” Inwood is located on the northernmost end of Manhattan.  Strictly speaking, Inwood is physically bounded by the Harlem River to the north and east, and the Hudson River to the west. Heading uptown, Inwood extends north from Dyckman Street ending at the northern tip of Manhattan.

Today, the neighborhood is undergoing a modern Renaissance. Affordable prices and striking natural beauty are appealing to apartment hunters around the city.

The quiet streets of Inwood are lined with trees, striking art deco architecture, even rows of Tudor style single family homes. Huge tracts of parkland, a farmers market, easily accessible public transportation and a born again restaurant scene only adds to Inwood’s charm.

ART, CULTURE AND SPORTS

From its early beginnings as an Indian settlement, Inwood has a rich cultural history. Schoolchildren visiting the 196 acre Inwood Hill Park can visit the caves where the Indians who greeted Henry Hudson and his crew on the Half Moon once lived and thrived.

The park itself is the only remaining primeval forest in Manhattan. Designed by Frederick Law Olmstead, who also designed Central Park,  Inwood Hill Park contains miles of jogging paths, tennis courts, and soccer fields and for the first time in decades the American Bald Eagle.

Inwood is also home to a large artist community. While walking the streets you might hear an opera singer or a trumpet player practicing her soulful craft inside her apartment. With new coffee shops and galleries opening every day, Inwood is also host to an annual Uptown Arts Stroll.

THE DINING SCENE

Whether your idea of good food is an outdoor farmer’s market or a sit down white linen meal, Inwood has it all. And the options just seem to get better every day. This summer saw the opening of The Indian Road Café, whose free wi-fi, specialty coffee and wholesome menu have made this new kid on the block a neighborhood favorite.

But the fun doesn’t stop there. Head down to Broadway and you’ll find dozens of restaurants, bars, bakeries, and bistro’s with outdoor seating and even a Moroccan restaurant whose lamb tagine caught the attention of the famed Michelin guide.

Whether it’s brick oven pizza from Grandpa’s or sizzling platter of fajitas and a frosty margarita from Guadalupe, there’s something for everyone in the Inwood dining scene.

SHOPPING

The shopping scene in Inwood is limited. There are plenty of small boutiques and antique stores, but I’ll let you in on a secret…There is both a Target and a Marshall’s a ten minute walk away in the Bronx. Or, jump on a subway and shop your brains out downtown.

There are plenty of grocery stores in the area, so you’ll never go without food.

GETTING AROUND

Getting to and from Inwood couldn’t be easier. Inwood is serviced by the “1″ and “A” trains as well as at least a dozen bus lines and services. Car services are another plentiful and inexpensive way to get around.

Many Inwood residents who work in midtown opt for the 10 minute walk to Metro North’s Marble Hill station for the 20 minute express ride to Grand Central.

SCHOOLS

The Muscota New School, PS 314, is a New York City public “school of choice” which uses a progressive educational approach, rather than follows the standard New York City public elementary curriculum. Admission is based on lottery.

Other public schools include P.S. 98 and P.S. 52, as well as George Washington High School.
Private schools include Good Shepherd, a Catholic School.

REAL ESTATE

Many of the buildings in Inwood are over 100 years old. Many apartments in the neighborhood feature high ceilings, sunken living rooms and are often larger, and certainly less expensive, than their counterparts downtown.

With stunning art deco lobbies, relief work, and even numerous Tudor style single family homes Inwood is a real estate wonderland. Some penthouse apartments have private terraces measuring hundreds of square feet and feature sweeping views of the Hudson River and surrounding parkland.

Co-ops and rentals are numerous in the area and most buildings are pet friendly.

Again, if you are thinking of buying or selling property in Inwood, please contact your Inwood expert.

Cole Thompson
New Heights Realty
Contact me