Page 1

VOLUME 01 ISSUE 02

MARCH/APRIL 2013

www.LLNYC.com

Bidding wars are stressing out buyers p8 Manhattan’s record-breaking rentals p18 The graying of the Upper West Side p26 New condos raise price bar in Village p60 Is New York a bargain compared to other world cities? p84 Battery Park City loses its stigma p88

A PUBLICATION OF

What’s happening in your neighborhood: Upper East Side Upper West Side

p20 p26

Midtown Gramercy

p34 p42

Chelsea

Soho

p52

Greenwich Village

p60

p66

Tribeca

p72

Lower East Side Financial District

p78 p88


Š 2013. Douglas Elliman Real Estate.

Equal Housing Opportunity.

sales | rentals | relocation | new developments | retail | mortgag e | property management |


| title insurance

douglas elliman leads tHe way witH one weBsite and every single listing. You’ll find the most current and complete set of the finest real estate listings in just one place: AskElliman.com. Winner of 9 industry awards, our website invites you inside thousands of available homes throughout New York City, Long Island, The Hamptons/ North Fork, Westchester, and South Florida. An unparalleled force in the industry, Douglas Elliman now reaches even further, allowing you to shop any of these markets from one incredibly versatile website. Leverage the power behind the most powerful name in real estate today.


Manhattan

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B r o o k ly n

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Queens

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long Island

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the haMptons

LITTLE PLAINS NEAR OCEAN

BRIDGEHAMPTON SOUTH ESTATE

Southampton Village | $5,500,000 | A brand new house as it will look when it is finished. 6 bedrooms, 7.5 baths, classic Federal Style with all the amenities for a perfect Hampton summer house, near shops and sea. Web# H53806. Paula I. Hathaway, LBA, SVP 516.319.4223

Bridgehampton | $8,250,000 | This gated 3.7-acre, 10,000 sf estate features 8 bedrooms, 8.5 baths and a 40-ft Gunite pool. Overlooks reserve, magnificent gardens, room for tennis. Special. Web# H54681. Lori Barbaria, VP 516.702.5649

THE WAVE, A MODERN COMPOUND

UPDATED CLASSIC PREWAR 7

TERRACED RIVERFRONT PENTHOUSE

Southampton Village | $5,495,000 | This owner designed and built modern masterpiece is situated near the village center and the ocean. 5 bedrooms and 4 baths plus pool, pool house, garage and gardens, complete. Web# H36915. Paula I. Hathaway, LBA, SVP 516.319.4223

Carnegie Hill | $4,350,000 | Grand home comprised of gallery, living room with wood burning fireplace, office, dining room, eat-in kitchen, pantry, large master bedroom and 2 additional bedrooms, 3.5 baths, and staff room. Web# 1564300. Daniela Kunen 212.891.7611

25 Sutton Place South | $3,800,000 | Glamorous, terraced, 5-bedroom, 3.5-bath with library over the river. Elegant wood-paneled gallery, corner living room, dining room, large terrace and eat-in kitchen. Web# 1409449. Daniela Kunen, Managing Director 212.891.7611

HUGE MEDICAL OFFICE FOR SALE

LUXURIOUS PREWAR 7

TRUMP 2-BEDROOM CONDO

115 East 61st Street, 11th floor | $3,200,000 | Rare opportunity to purchase full-floor medical office in prestigious professional building. Great location between Park and Lexington Avenues. Close to transportation. Liberal sublet policy. Web# 1563664. Sharon F. Aspis 212.692.6139

485 Park Avenue | $2,997,000 | Sprawling and sophisticated, perfect for entertaining. All rooms face West over Park Avenue. 3 master bedrooms, 2.5 baths, kitchen and pantry/wetbar. Open living room, dining room, wood burning fireplace. Web# 1528322. Belinda Brackenridge 212.891.7062

Upper West Side | $2,795,000 | Direct river views, magnificent open state-of-the-art gourmet kitchen, Brazilian cherry wood herringbone floors. Doorman, health club, and pool. Available furnished. Web# 1566606. Robin Liftman, VP 212.350.2237 | Bernie Rubin, SVP 212.350.2282

PRISTINE PARK AVENUE GEM

CHARMING PREWAR DETAILED MANSION

MINT 2-BEDROOM PREWAR

Park Avenue/70s | $2,695,000 | Gorgeous prewar 6-room home with 3 bedrooms and 3 new baths enjoys sunny open South and West exposures over Park Avenue. Meticulous renovation with central air. Web# 1551901. Diane Dickinson, SVP 917.359.7638

6 East 68th Street, 5 | $2,495,000 | Beautiful 2-bedroom, 2.5-bath (currently 1 large bedroom & 2 baths plus a formal dining room and home office) on a private floor limestone elevator mansion located half a block from Central Park. Web# 1534801. Leonel Piraino 212.418.2023

Central Park West at 83rd Street | $1,750,000 | Mint renovated 2-bedroom, 2-bath in prewar white-glove co-op. Bright Southern/Western exposure and side park views, luxurious finishes, W/D, pets ok, stunning roof deck with views. Web# 1566595. Mark Landrey, VP 917.576.2552

PANORAMIC VIEWS Water Mill | $8,875,000 | Gated 12,000 sf estate on 9 acres. Highest point in the Hampton’s with panoramic vistas, 7 bedrooms, newly renovated, magnificent pool. Special. Web# H47461. Lori Barbaria, VP 516.702.5649

For guIdanCe and InsIght on all thIngs real estate, put the poWer oF ellIMan to Work For you. askellIMan.CoM


the north Fork

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rIverdale

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WestChester/putnaM

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FlorIda

© 2013 Douglas Elliman Real Estate. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. Equal Housing Opportunity.

PARK, CITY AND RIVER VIEWS

SOHO TRIPLEX PENTHOUSE

20 MINUTES FROM MANHATTAN

Columbus Circle | $34,500,000 | Superb views and finishes. 4,382 sf 5-bedroom at Time Warner Center. Park facing living/dining room and master bedroom. 6 full and 2.5 baths, chef’s kitchen, den and kitchenette. Web# 1541023. Daniela Kunen, Managing Director 212.891.7611

419 Broome Street at Crosby | $19,500,000 | Rare penthouse with 7,634 sf of raw space and 3,445 sf exterior on 6 terraces. Triplex plus roof, 24-ft ceilings, panoramic views, 2-car parking. Also offered as two separate units, PHA for $8.5M and PHB for $12M. Web# 1486428. Joan Swift, EVP 917.991.1590

Alpine, NJ | $49,000,000 | Magnificent 30,000 sf private estate in exclusive Alpine, NJ. 42-rooms of pristine interiors, 12 bedroom suites, 19 baths, grand reception rooms. Endless details and amenities. Web# DE07907. Oren Alexander 917.769.2210

TRULY UNIQUE FIFTH AVENUE LOFT

MAGNIFICENT 13-ROOM APARTMENT Sutton Place | $18,000,000 | Sweeping river views from all major rooms, this full-floor 5-bedroom, 4.5-bath home is one of Candela’s most prestigious masterpieces. Soaring ceilings and wood burning fireplace. Web# 1558753. Diane Johnson 212.418.2075 | Walter Larkin 212.350.2204

TOWNHOUSE ON GRAMERCY PARK

40 BOND STREET

ENDLESS VIEWS

MONSTER PENTHOUSE CONDO

NoHo | $7,950,000 | Floor-through 3-bedroom, 3.5-bath, 2,637 sf loft in boutique condo designed by Herzog & de Meuron. 11-ft floor-to-ceiling windows, Austrian smoked oak floors, 24 hour concierge. Web# 1517114. Dennis Mangone, Managing Director 212.418.2060 Kirk Rundhaug, Managing Director 917.892.5000

East 70s | $8,795,000 | Sweeping city views, soaring ceilings, wood burning fireplace and 700 sf of terraces compliment this elegant 3-bedroom, 4-bath, 3,650 sf full-floor penthouse in The Belaire. Web# 1250467. Michael Lorber 212.418.2049 | Vincent Santoro 212.319.5842

SoHo | $10,000,000 | Almost 7,000 sf of indoor-outdoor living. Glamour, drama, soaring ceilings, blinding light and glass are key in this triplex. Private terraces has water, gas and electricity. Web# 1560472. Fredrik Eklund & John Gomes, Managing Directors 212.891.7676

PREWAR DECO CONDO, THE CENTURY

MAGNIFICENT 4-BEDROOM PREWAR

A MASTERPIECE OF DESIGN

Central Park West | $8,999,000 | Seamless 4,000 sf combination of 3 apartments. 5 bedrooms, 5.5 baths, terrazzo floors, chef’s kitchen, 2 living rooms, dining room, 3 steam showers, gym on duplex level, W/D. Web# 1422635. Arina Yakobi 917.670.5399 | 212.712.2655

47 East 88th Street | $5,550,000 | Triple mint 4-bedroom, 3.5-bath. Wood burning fireplace, central air, enormous gourmet kitchen, paneled library, spacious formal and informal dining. Exquisite detail throughout. Web# 1538474. Susan Sperber 212.891.7068 | Timothy P. Buckley 212.350.2236

East 91st Street | $6,895,000 | Rarely does a residence with this level of fit and finish become available. This sprawling home occupies the entire south side of the 32nd floor, and offers skyline and river views. Web# 1549884. Jane McEvoy 917.848.6616 | Michael Moran 917.747.7643

Fifth Avenue | $16,000,000 | Exquisite residence located in one of Fifth Avenue’s most exclusive white-glove co-ops. Truly unique, the property combines “downtown loft” appeal with the privacy of “townhouse living” and the luxuries of an exclusive doorman building. Web# 1555552. Kim Shepard 212.224.7325 | 917.797.9001

11 Gramercy Park | $18,000,000 | This exceptional 27-ft wide townhouse is a rare offering, a pristine Anglo-Italiante home adjacent to private Gramercy Park. Built circa 1856 and meticulously maintained. Web# 1479789. Raphael De Niro, Managing Director 212.460.0655


MARCH/APRIL 2013

On the cover: This $49.5 million townhouse in Tribeca (see page 9) is just one of the prime properties featured in Luxury Listings NYC this month. An old rail line gets a new life

58 | On a high: The breathtaking High Line has sparked a West Side renaissance—and spawned more than a dozen copycats worldwide. We break down the numbers and profile three wannabes.

Contents

Home sweet home at the Waldorf-Astoria

18 | Record-breaking rentals: Leases for NYC’s most luxurious homes hit an all-time high in 2012. The priciest reached over six figures a month. Find out exactly what it costs to live in a historic hotel. Locker space

76 | Must-haves: The practical perks that developers are offering to woo tenants.

6

And the winner is...

Taylor Swift

84 | Guess which nabe is New York City’s priciest?: We count down the top 10. Hang on—No. 6 will surprise you.

90 | Say what?: Real estate–related quips from the rich and famous, including a romantic songbird.

NEIGHBORHOODS

20 Upper East Side Agents are knocking on doors, looking for sellers

60 Greenwich Village 150 Charles Street: Refining the West Village

26 Upper West Side A sanctuary for the older generation

66 Soho Sizzlin’ hot with condo conversions

34 Midtown 57th Street is bustling with home building

72 Tribeca A new role for the iconic film festival building

42 Gramercy/Flatiron Park Avenue South goes posh

78 East Village/Lower East Side A starving artist’s haven turns kid-friendly

52 Chelsea The old Nabisco warehouse is growing up

88 Financial District Battery Park City’s location is getting noticed

Luxury Listings NYC | MARCH/APRIL 2013

P8 Manhattan market roundup Too few homes + too many buyers = bidding wars. P14 Profits and pitfalls A roundup of the biggest trends and best advice to help buyers, sellers and renters. P38 This month in NYC history A look back at some of the most interesting real estate stories over the past decades.


EDITOR’S NOTE PubLISHeR Amir Korangy edItoR-IN-CHIeF Stuart W. elliott edItoRIAL deVeLoPMeNt dIReCtoR Melanie Gray CoNtRIbutING edItoR Lauren elkies ARt dIReCtoR Gregory Cullen CoNtRIbutoRS Katherine Clarke, Guelda Voien, Christopher Cameron, Adam Piore, Hayley Kaplan, Adam Pincus PRoduCtIoN MANAGeR Linden Lim dIReCtoR oF MARKetING oPeRAtIoNS Yoav barilan

T

HeRe HAS beeN A Lot oF tALK IN NeW YoRK

CItY LAteLY About “MICRo-APARtMeNtS.”

of course, there is the fantasy, and then the reality. Most of us might be a little stretched to pay just for my mogul’s

You can probably figure out what they are if you don’t

parking space, in a city where a garage costs more than a

know already—reasonably priced homes for anyone (but

lot of monthly rents across the country. Finding a place you

especially anyone younger) who is willing to live in a space

want to call home here is no easy feat, of course.

the size of a postage stamp. oK, maybe a shoebox.

that’s why, besides a look at homes on the market,

the idea got a big push early this year when Mayor

Luxury Listings—its launch was in January, for those of you

ASSoCIAte SALeS dIReCtoR Ross Fox

bloomberg announced the winner of a competition to put

just tuning in—is a cheat sheet for your neighborhood. In

up a building on east 27th Street that will have apartments

these pages, you can find everything from what your home

FINANCe dIReCtoR Ken Cyrus

ranging from the miniscule 250 square

is worth to where the market is headed

feet to the merely tiny 370 square feet.

to new buildings going up on your street.

AdMINIStRAtoR Junaid Zahid dIStRIbutIoN Mitchell’sNY AttoRNeY barry J. Friedberg trachtenberg Rodes & Friedberg LLP ACCouNtANtS William t. McCallum, CPA, P.C., Christine Wang

It was great news for everyone on a limited budget looking to live in Manhattan, but it was also depressing— affirmation that prices keep going up as square footage shrinks. there must be some sort of (negative) correlation between psychological well-being and the use of a Murphy bed. thank goodness, then, that we are bringing you plenty of what I’ll call

Luxury Listings NYC is a registered trademark of Luxury Listings NYC LLC. Copyright 2013. Call 212-260-1332 or email news@LLNYC.com. Warning: It is illegal to photocopy or reproduce any part of Luxury Listings without express written consent. For reprints and duplication rights, call 212-260-1332. Principal office: 158 West 29th Street, New York, NY 10001. Luxury Listings is published bi-monthly. To subscribe or to stop receiving the magazine, email subs@LLNYC.com or call 1-855-703-9671. The magazine is free to residents of Manhattan. For those outside Manhattan receiving the magazine by mail, a yearly subscription costs $95. Paid subscribers can opt-in to receive The Real Deal magazine and The Real Deal’s annual Data Book at no additional charge. Check or money orders for subscriptions can be mailed to 158 West 29th Street, New York, NY 10001.

“macro-apartments.” these homes are the gas guzzlers, not the hybrids, of the

these homes are the gas guzzlers, not the hybrids, of the apartment world.

apartment world. Many are so big that you could sleep in a different bedroom each night of the week or play a game of touch football in the living room.

T

he Manhattan market is getting hotter these days—thanks to a shortage of homes for sale,

partly because the recession put the kibosh on a lot of home construction. bidding wars are becoming the way

of the real estate world, as we find out on page 8. that’s making it tougher for buyers, so don’t miss our tips on how to navigate the city’s real estate terrain on page 14. As the saying goes, if you keep your feet on the ground and aim for the stars,

maybe you’ll land as close as the penthouse suite. enjoy our second issue!

(Put away the vases first!) or you could be generous and give all the “micro-ites” a night off from their Murphy beds. You can probably take pity on the interminably squeezed if you are plunking down $10 million or $20 million. Proceed through our pages with caution, though: these homes can cause daydreaming. My ultimate real estate fantasy was spurred by a story we did in our inaugural issue about the homes of tech moguls: A young idealistic entrepreneur, worth a few billion dollars, buys the floor

StuARt W. eLLIott, Editor-in-Chief

of a massive industrial building in Chelsea. the space is completely open, except for a few structural columns, and furnished with only a bed and standing lamp, with piles of books spread out on the floor to complete the scene.

Luxury Listings NYC | MARCH/APRIL 2013

7


MANHATTAN MARKET ROUNDUP

Going to war over a home Bidding wars are just a fact of life now By Hayley Kaplan

B

idding wars are the new normal in New York City. It doesn’t matter whether the home is a brownstone or an apartment, plush or in need of a little TLC, on the Upper East Side or Downtown. If you’re in the market to buy a place to live, odds are better than 50-50 that you’re going to have to fight for it. At least half of all deals that brokers are closing these days involve several offers and what they call “best-andfinal” negotiations, which require all the homeowner wannabes to submit their final numbers at the same time. The big reason for the stiff competition is simple: a short supply of properties. The number of Manhattan listings, for example, fell by roughly a third from fourth quarter of 2011 to 2012’s last quarter—from 7,221 to 4,749, according to appraisal company Miller Samuel. Douglas Elliman’s Howard Margolis has seen so many bidding wars lately that he calls the number “absolutely insane.” In one instance, three buyers made offers on an apartment during an open house. Bill Bone of Bond New York tells how he and a client “had to compete with 45 other offers”—only to lose out on the deal. Usually, a bidding war drives up the asking price. Another of Bone’s buyers, for example, beat out seven other bidders in a best-and-final negotiation by offering about 10 percent more than the $400,000 asking price.

Some house hunters, though, are anticipating the bidding wars—by looking at cheaper properties. “To ensure my buyers can play by today’s rules I guide them to look in a price range below their target, knowing full well that the final selling price will likely come up,” Bone said. The highest bid doesn’t always win, though. With lending standards still tight, many sellers prefer an all-cash offer over the best offer. “I have had many buyers who lost their deals because a cash bidder jumped ahead of them—and not at a higher offer,” Douglas Elliman broker Jessica Cohen said. Not surprisingly, buyers—and brokers—can get stressed out by the cutthroat competition. All the wheeling and dealing has left more than few of David Kazemi’s clients “utterly frustrated.” Kazemi, a broker at Bond, tells how one buyer “removed himself from the market” after seeing 30 people in 15 minutes at an open house, Kazemi said. For their part, agents have had to develop strategies to keep their clients from getting dragged down by the dog-eat-dog process of home shopping. “Brokers are making sure that customers are well aware of that fact that they have to act fast, ask fewer questions, and place a bid close to [the] asking price,” said Janice Silver, an executive vice president and sales manager at Bellmarc Realty.

Bill Bone, a broker at Bond New York, said a buyer he was representing recently lost out on a new condo in Williamsburg after “we had to compete with 45 other offers.”

19%

Increase in building permits citywide last year

$5.3M

Average sales price of a Manhattan townhouse in 2012

8

Luxury Listings NYC | MARCH/APRIL 2013

$3,794

Average Manhattan rent for the month of January

4,729

Number of new Manhattan rentals that hit the market in 2013

1.54%

Vacancy rate for Manhattan rentals at the start of this year


LISTINGS

NYC’s

Premier

Properties

$49,500,000

144 Duane Street in Tribeca Townhouse (23,100 sf): 8 beds, 10 baths | Amenities: fireplace, prewar, roof deck | Listing ID: S599299

Built in 1862, and recently gut renovated to the highest standards, this exceptional limestone loft mansion located in the heart of Tribeca is a one-of-a-kind masterpiece. This is one of the largest and most beautiful properties to ever become available downtown. Built 41 feet by 109 feet with six floors above grade and two floors below grade, this property has been completely renovated both structurally and cosmetically to retain the structure’s original character. Listed by Leonard Steinberg, (T) 212-727-6164, (E) lsteinberg@elliman.com.

$48,000,000

PH at 145 Hudson Street in Tribeca Townhouse (7,500 sf): 4 beds, 4 baths | Amenities: fireplace, prewar, roof deck | Maintenance: $12,282 | RET: $8,750 | Listing ID: S689046

A Tribeca duplex penthouse masterpiece sheathed in museum-quality, high-performance, insulated glass set atop an historic Art Deco loft building at 145 Hudson Street. The glass envelope of its 7,500 interior square feet was designed to provide the utmost quiet indoor environment, with the maximum exposure to the 4,500 square feet of private, wrap-around terrace and the spectacular 360-degree panoramic views of Manhattan and the Hudson River. Listed by Heather McDonough, (T) 212-321-7164, (E) heather.mcdonough@elliman.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

Luxury Listings NYC | MARCH/APRIL 2013

9


LISTINGS

NYC’s

Premier

Properties

$40,000,000

3 Riverside Drive on the Upper West Side Townhouse (11,000 sf) | Listing ID: S767555

A true work of art inside and out, this exquisite five-story, 37-foot-wide mansion at 3 Riverside Drive simply cannot be rivaled as a showpiece on the Upper West Side. The Kleeberg Residence, built in 1899 in the French Renaissance Revival style and designed by noted architect C.P.H. Gilbert with an American-based plan, boasts the most extraordinary Gothic and Renaissance details. Listed by David Weiss, (T) 212-350-8545, (E) dweiss@elliman.com.

$32,000,000

PH 1NS at 400 Fifth Avenue in Midtown Condo (6,883 sf): 6 beds, 6.5 baths | Amenities: water view, concierge, valet | Maintenance: $9,245 | RET: $1,190 | Listing ID: S663438

This grand full-floor penthouse sits above it all. The diamond-angled floor-to-ceiling windows showcase New York City at its best with clear views of some of our most outstanding landmarks from the Empire State and Chrysler buildings to the Williamsburg and Verrazano bridges. Listed by Gail Sankarsingh, (T) 646-592-3431, (E) gsankarsingh@elliman.com.

10

Luxury Listings NYC | MARCH/APRIL 2013

Log on to LLNYC.com and use the Listing ID to find out more about the listings.


LISTINGS

NYC’s

Premier

Properties

$30,000,000

PH A at 299 West 12th Street in the West Village Condo (6,475 sf): 6 beds, 6.5 baths | Amenities: water view, concierge, prewar | Maintenance: $5,675 | RET: $3,666 | Listing ID: S693541

The jewel in the crown. A penthouse triplex (combined) that has never before been offered for sale is now available in the premier Bing & Bing Building at 299 West 12th Street. This 6,475-square-foot apartment has 4,050 square feet of interior space and 2,425 square feet of terraces on the 18th and 19th floors with spectacular views and vista of the city. Listed by Dee Simonson, (T) 212-321-7165, (E) dee.simonson@elliman.com.

$29,500,000

PH at 1 East 62nd Street on the Upper East Side Condo (5,190 sf): 4 beds, 5 baths | Amenities: fireplace, elevator operator, prewar | Maintenance: $12,600 | RET: $7,500 | Listing ID: S654479

This spectacular terraced 5,190-square-foot penthouse is perched high atop one of the finest limestone-sheathed mansions. Steps from Fifth Avenue, the fullservice prewar condominium was designed by renowned architect Horace Trumbauer in the neo-French Classic style. Listed by Dolly Lenz, (T) 212-891-7113, (E) dlenz@elliman.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

Luxury Listings NYC | MARCH/APRIL 2013

11


LISTINGS

NYC’s

Premier

Properties

54 East 64th Street on the Upper East Side

$28,000,000

16 East 95th Street in Carnegie Hill

$24,900,000

Townhouse (10,500 sf) | Amenities: fireplace, garden, prewar Listing ID: S809906

Townhouse (8,000 sf): 5 beds, 6.5 baths | Amenities: fireplace, garden, prewar Listing ID: S499383

This grand mansion was designed by prominent architects Flagg and Chambers and is located on one of Manhattan’s most picturesque residential townhouse blocks. Listed by Dolly Lenz, (T) 212-891-7113, (E) dlenz@elliman.com.

This newly renovated magnificent sun-drenched Renaissance Revival mansion was built by renowned architect Henry Anderson in 1899. Listed by Dolly Lenz, (T) 212-891-7113, (E) dlenz@elliman.com.

$24,500,000

PH at 76 Crosby Street in Soho/Nolita Condo (6,792 sf): 5 beds, 4.5 baths | Amenities: fireplace, loft, prewar | Maintenance: $9,628 | RET: $4,306 | Listing ID: S793111

An unparalleled penthouse awaits at the pinnacle of 76 Crosby Street Condominiums. With five bedrooms (convertible seven), four and one-half baths, plenty of wide open space, soaring 12’3” ceilings, lit by way of window after window, this space offers room to grow and then some. Listed by Raphael De Niro, (T) 212-460-0655, (E) thedenirogroup@elliman.com.

12

Luxury Listings NYC | MARCH/APRIL 2013

Log on to LLNYC.com and use the Listing ID to find out more about the listings.


LISTINGS

NYC’s

Premier

Properties

PH at 379 West Broadway in Tribeca

$24,500,000

PH 15A at 885 Park Avenue on the Upper East Side

$34,995,000

Condo (10,911 sf): 19 rooms, 7 beds, 4 baths, 3 half-baths | Monthly taxes: $7,926 | Common charges: $9,523

Co-op: 17 rooms, 6 beds, 8 baths | Amenities: fireplaces, doorman, library Maintenance: $18,351 | Listing ID: S755474

Phenomenal finishes abound in this five-story roughly 10,900-square-foot penthouse in the heart of Tribeca. Listed by Stephen McRae, (T) 212-431-2424, (E) stephen.mcrae@sothebyshomes.com.

This exceptional duplex apartment is situated on the top two floors in one of Park Avenue’s most sought after addresses. Listed by Hilary Landis, (T) 212-605-9217, (E) hjl@corcoran.com.

$27,500,000

Apt. 56 at 950 Fifth Avenue on the Upper East Side Co-op (6,000 sf): 12 rooms, 4 beds, 5.5 baths | Amenities: prewar, attended lobby | Maintenance: $16,856 | Listing ID: S696703

Upper East Side grandeur defines this stunning 12-room triple-mint prewar duplex overlooking Central Park and the southern city skyline. The elegant interiors, designed by Mica Ertegun and Chessy Rayner of MAC II, feature a magnificent corner living room with glorious park views from oversized windows, parquet de Versailles floors, a wood-burning fireplace and exquisite architectural details with 10’9” ceilings. Listed by Cindy Kurtin, (T) 212-452-4406, (E) ckurtin@stribling.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

Luxury Listings NYC | MARCH/APRIL 2013

13


TRENDS TO WATCH

Profits and pitfalls Navigating the tricky real estate landscape in NYC By Melanie Gray

C

arving out space for an au pair. Winning the all-too-common bidding war. Forking over more in maintenance fees. Luxury Listings NYC did the digging to give you the scoop on real estate’s biggest trends and to help make your home life—buying, selling and owning—a little easier.

Maintenance fees on the rise

Paying (a lot) more for upkeep The sharp drop in home prices triggered by the housing crash didn’t keep Manhattan landlords from raising their maintenance fees. In the past five years, monthly costs have jumped 30 percent—to an average of $1.70 per square foot, appraiser Jonathan Miller told CNBC. Buildings, as Miller explained it, are simply passing along the higher prices that they’re paying— notably for insurance, fuel and labor. The dollar amounts can be so eye-popping that they can ruin a deal—or even drive the rich to downsize, said Miller, who leads the Miller Samuel appraisal firm. “There was an assumption during the boom that the wealthy didn’t care about maintenance and you could saddle an apartment with high fees and not have an impact,” Miller told CNBC. “That turned out not to be true.”

Ask, ask, ask before buying into a Sandy-damaged building You’ve finally found your dream New York City home near the water. There’s just one problem: The building experienced a lot of flooding during Hurricane Sandy. So do you just walk away? Not necessarily, though you do have to do a little legwork before plunking down that wad of cash, real estate attorney Adam Stone told NY1. First things first: Understand what was damaged, how badly and whether a reputable contractor did the repair work. And be sure to ask the building’s manager who paid for the fixes, said Stone of Regosin, Edwards, Stone and Feder. “If it was not covered by insurance, what does that mean to the owners in the building? Will there be higher monthly fees as a result of the storm, or are insurance premiums going up to result in higher fees?” Stone had a bit of advice for sellers, too: Do your homework, too.

The devil is in the contract’s details That dining room chandelier that you fell in love with during the open house is gone when you move in. Before you call the cops, though, check your contract. If it’s not in there, you might be out of luck. It’s a hard lesson that many first-time buyers learn: Not everything comes with the home and if you see something that you want to stay, you have to negotiate for it and put it down in writing, real estate attorney Adam Stone told Brick Underground website. First, Stone listed the things that are included in nearly every deal: most big appliances like the fridge and stove; anything built in—a microwave or bookcases; wall-to-

wall carpeting; everything that has to do with windows, from window screens and storm windows to curtains and blinds; and all the hardware and fixtures. Now, the six most common things that sellers ask to keep—and that buyers need to spell out in the contract: 1. Lighting fixtures, especially chandeliers and sconces 2. Drapes that the seller really likes or paid a lot for 3. Window-unit air conditioners (make sure to test any that aren’t installed) 4. Wall-mounted flat-screen TVs 5. Closet-organizing systems 6. Outdoor furniture and plants

House hunting goes digital Gone are the days of schlepping from one open house to another or always having to call a real estate agent to schedule a tour of a home. Now, buyers are simply going online or using a mobile app to see what’s on the market, a report shows. The National Association of Realtors partnered with Google to find out how the digital revolution has changed home buying. A few of their findings:

9 out of 10 buyers are logging on to look for a new home

14

2 out of 3 shoppers depend on a mobile app from the time they start their search until they sign a contract

Luxury Listings NYC | MARCH/APRIL 2013

1/2 of all buyers 11 online searches Buyers do an average of

turn to YouTube for how-to videos, such as how to choose an agent or how to apply for a mortgage

before they visit a real estate website

8 out of 10 first-time buyers drove by a home that they saw online


Please, don’t sue the board members Convincing busy Manhattanites to do a term on their co-op’s board has always been somewhat of a hard sell. It’s a time drain. It can be a hassle. And now, it can mean getting socked with a personal liability lawsuit, The Real Deal reported. Lawsuits aren’t new, but a slew of high-profile cases is making residents think twice about volunteering their time for building matters. Board members all over town, from the Upper West Side to Midtown to Greenwich Village, are facing legal action—most for rejecting a prospective buyer. And being sued is not a good time, with lengthy depositions and the such, said Marc Fitapelli, who is representing the plaintiff suing the board of 210 East 36th Street. Another prominent case is happening at the Dakota on the Upper West Side (pictured). “These people are left holding the bag,” he said of board members. “It’s scary.” There is one consolation, which attorney Robert Pariser noted. “It’s hard to sue a board member,” he said. ”You can sue anybody, but 9 times out of 10, individual board members are going to be dismissed.”

Where, oh where to put the au pair?

$7.25/hr for a live-in babysitter

VS.

$20/hr for a nanny

Au pair. Oh, boy! It’s great to have a live-in babysitter from abroad who doesn’t cost a fortune—$7.25 an hour, compared with $20 for a nanny—but that doesn’t mean having one is all smooth sailing. The problem for New York parents: Giving the au pair her own room, something immigration law requires. And the space squeeze is forcing parents to rethink their real estate. Wealthier moms and dads simply move into bigger digs. The less fortunate give up their bedrooms or make the kids double up. Micol Molinari moved her twins into her bedroom to accommodate their Swedish au pair. “I realized I had to have more help and the only help that makes sense is to have a live-in,” Molinari told DNAinfo. “It was the only thing we could afford.”

A not-so-fond farewell to concessions The good ol’ days of developers throwing in a parking space or extra storage to sweeten a deal are pretty much over. They have so many buyers that they don’t need to, real estate agents say. Much of the demand is coming from overseas—“[interest] from Israel as well as BRIC countries (Brazil, Russia, India and China) is enormous,” broker Leslie Hirsch of Brown Harris Stevens told Brick Underground. Mike Akerly of Akerly Real Estate attributed the no-deal climate to the high quality of the homes that are being built. Condo projects like 432 Park Avenue (pictured) and the Touraine in Midtown are seeing lots of sales before the project is built or even before the sales office opens. Many developers, he said, are even filing paperwork that allows them to raise prices later. Real estate attorneys, though, contend the occasional perk is still out there—if the developer has something at stake besides closing the sale. The buyer, for example, stands a chance of finagling something extra if the deal is all cash or if the developer has only a few homes to sell to reach 100 percent occupancy.

How to win a bidding war The chances of a buyer getting into a bidding war are good (see Manhattan Market Roundup). There are a couple of ways, though, to come out on top of the heap. The first: hard, cold cash, according to buyers who talked with the New York Times about the real estate phenomenon. Having the money in hand lets the closing proceed more quickly than one that involves a mortgage. The second, a flexible move-in date, isn’t as sure-fire as greenbacks but can be pretty effective. Sellers like to have a little breathing room in a tight market. Remember, they’re usually looking for a new home, too.

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RENTING

Manhattan’s priciest rental deals Luxe leases set records; one home with a river view tops six figures a month By Hayley Kaplan

W

ith the luxury residential market booming, expensive rentals are more in demand than ever— getting snapped up at lightning speed and even sparking bidding wars. Manhattan rents hit an all-time high last year. One deal

reached six figures, making it the most expensive rental— a unit at the Towers of the Waldorf-Astoria that leased for $135,000 a month. Now, here are 2012’s priciest rental deals in Manhattan, based on data by listings website StreetEasy.

$135k/mo

A three-bedroom home in the 47-story Towers of the WaldorfAstoria, part of the famed hotel at 100 East 50th Street, found a renter in July after sitting on the market eight months. Among the swanky pad’s features are a formal dining room, a maid’s room and views of the Chrysler Building and the East River. All of the residences in the landmark property, a member of the National Trust Historic Hotels of America, are available for long- and short-term leases.

Cassa Hotel and Residences

One Beacon Court

The second highest rental deal shares two things in common with the No. 1 deal: It, too, is in a hotel and found a tenant in July. The home is at 70 West 45th Street in the Enrique Norten–designed Cassa Hotel and Residences. Amenities include maid service, a business center and a fitness room.

A four-bedroom apartment at One Beacon Court, aka Bloomberg Tower, spent less than a month on the market. Amenities at 151 East 58th Street, which has 105 homes, include Sony Cierge’s world of customized home entertainment, a playroom, a business center and a health club.

$90k/mo

$60k/mo

$75k/mo

50 East 73rd Street

Olympic Tower

This five-story townhouse, between Park and Madison avenues, had been for sale in 2011 before being rented last April. The single-family home has an elevator for easy access to its upper levels. The sale list price: $8.95 million. The 6,000-square-foot renovated house was built about 1880.

An 11-room duplex in Olympic Tower found a tenant last February after sitting empty for seven months. Amenities at the luxury condo, at 641 Fifth Avenue near 51st Street, include a recreation room with wi-fi and a bicycle storage area. The building even has its own postage stamp!

$60k/mo

Source: StreetEasy; if there were multiple top deals in a building, the building was only counted once.

18

Towers of the WaldorfAstoria

Luxury Listings NYC | MARCH/APRIL 2013


LISTINGS

NYC’s

Premier

Properties

$22,000,000

Apt. 3W at 1030 Fifth Avenue on the Upper East Side Co-op: 9 rooms, 4 beds, 4.5 baths | Amenities: doorman, library, fireplace | Maintenance/Common Charges: $8,981 | Listing ID: S654999

Stunning! There really is no other way to describe this newly gut-renovated home. It epitomizes an incredible level of taste, style and sophistication, while still retaining a sense of warmth and comfort for day-to-day living and entertaining. Only the finest fixtures and finishes have been utilized throughout, touching every single inch of this 12-into-9-room residence. Listed by Sharon E. Baum, (T) 212-836-1036, (E) seb@corcoran.com.

11 Gramercy Park South in Gramercy Park

$18,000,000

Townhouse (10,100 sf) | Listing ID: S682024 Enter 11 Gramercy Park South and find a historic treasure. Built in 1856, this 27-foot-wide, 10,000-plus-square-foot, brownstone townhouse, spanning five stories plus a cellar, has been beautifully maintained. Set just off the private Gramercy Park, this home is a fine example of Anglo-Italianate architecture. On the first three floors the three-bed, three-full-bath owner’s triplex is a collection of elegant rooms all designed with style and sophistication. Listed by Raphael De Niro, (T) 212-460-0655, (E) thedenirogroup@elliman.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

Luxury Listings NYC | MARCH/APRIL 2013

19


NEIGHBORHOODS

Twisting arms on the Upper East Side In tight market, more brokers cold call owners who weren’t planning on moving The Upper East Side has plenty of buyers. Now, if only it had more sellers.

T

here is a shortage of homes to buy on the Upper East Side, which has more and more bro-

an broker put it. The strategy is one that brokers have used for years

kers making cold calls. Surely, there must be folks

to search for rare gems in exclusive buildings.

in the neighborhood who will at least entertain the idea of selling.

But as the number of homes on the market has dropped, brokers are doing lots more scavenging these days, insiders said.

One couple’s wish was relatively reasonable:

And they’re using a host of tactics: mailing letters, making phone

They wanted a one-bedroom in a doorman build-

calls, tapping social networks and chatting up building residents and

ing for about $650,000. But they didn’t want to take on major renova-

tions or pay more than $2,000 a month in maintenance costs. Still, after several months of hunting, they came up empty-handed.

staff members, who may know of divorces, deaths or job transfers. A letter from Sotheby’s International Realty broker Roger Erickson worked on financier Jeffrey Sobel. He wasn’t going to sell but put

So their agent, Bond New York’s Margaret Garvey, sent about 100

his penthouse at the Verona on the market after receiving Erickson’s

letters to owners whose homes matched the duo’s dream. It worked.

request in the mail. Sobel walked away with $21 million and real

Today, the two own a one-bedroom at the Plymouth House, a post-

estate investor Stephen Meringoff landed a fastastic pad. —Leigh

war building at 235 East 87th Street. And they only paid $618,000.

Kamping-Carder

Where have the apartments all gone? Fewer and fewer homes for sale on Upper East Side Year

Apts. on market

2013

1,823

2012

2,173

2011

2,213

2010

2,170

2009

2,339

Source: StreetEasy. Numbers are for Feb. 15 of each year.

20

Call it a scavenger hunt or “investigative brokerage,” as one veter-

Luxury Listings NYC | MARCH/APRIL 2013

What’s on your real estate radar? Oliver Brown, an agent at Core Q: What is your favorite condo in the neighborhood and why? A: The Chatham at 181 East 65th Street. This building was very well designed and constructed. It has aged well and holds its value better than any other condo in the neighborhood. The architect, Robert Stern, lives in the building. Kevin McManus, an agent at Douglas Elliman Q: Mayor Michael Bloomberg has vowed to push ahead with mega-projects. Which projects in the neighborhood do you think should be first on the list? A: What’s already on top of the list throughout the Upper East Side is the Second Avenue Subway. Say what you want, but it really is happening. The way it will enhance property values in the Yorkville/East End Avenue neighborhoods (long deemed “too far east”) will be transformative. For a neighborhood that prospered despite its inaccessibility, there is excellent upside here.


NEIGHBORHOODS

Pricey neighborhood sales of 2013 so far The mystery buyer behind a $21 million deal for a penthouse duplex at 733 Park Avenue owned by the estate of financier Herbert Allen may be another Wall Street executive. Michael Gelband, a former Lehman Brothers real estate honcho and hedge fund mogul, is the purchasing entity’s trustee, according to The Real Deal. A gutted townhouse at 12 East 82nd Street—known best for its missing rear wall—sold for $15 million. The five-story house was owned by Russian townhouse flipper Janna Bullock.

Snapshot of a recent sale $3,200,000 | 200 East 69th Street The two-bedroom, three-bathroom apartment with views of the George Washington Bridge, East River, Empire State Building and 200 East 69th Street Central Park is in Trump Palace. The buyer wanted a home in the building that had amazing frontrow views and a flexible layout. “My seller was overseas and we negotiated the deal through Hurricane Sandy, but we got it done and closed before the new year!” —Ginger Shukrun, Town Residential

Celeb real estate in the neighborhood

Private equity honcho Thomas Uger snapped up unit 8, a five-bedroom, 4.5-bath home at 823 Park Avenue, from Joseph Oughourlian and Jennifer Banks. The price: $12.9 million.

Though no longer a couple, David Duchovny and Tea Leoni have listed their triplex co-op at 170 East 78th Street for $9.25 million, Curbed reported. The space was originally constructed as three artist’s studios.

Sources: StreetEasy and Luxury Listings NYC research.

Average sale prices on the Upper East Side Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$360,617

$621,908

$1.6M

$3.6M

$8.6M

“Nightline” co-host Cynthia McFadden sold her threebedroom, two bath co-op at 129 East 69th Street. Private equity power couple Susannah and Thomas Carrier bought the home for $3.23 million, according to the New York Observer.

Source: StreetEasy.

Renting vs. owning on the Upper East Side Apt. size

Monthly cost to own

Monthly cost to rent

Which is cheaper (price difference)

Studio

$2,233

$1,900

Renting (by $333/mo.)

1 bed

$3,475

$2,650

Renting (by $825/mo.)

2 beds

$7,284

$4,230

Renting (by $3,054/mo.)

3 beds

$14,309

$8,447

Renting (by $5,862/mo.)

>3 beds

$28,725

$19,000

Renting (by $9,725/mo.)

Note: Median monthly cost to own includes mortgage payment, common charges and real estate taxes for condos, or mortgage payment and maintenance for co-ops. Source: StreetEasy.

Sizing up schools in the neighborhood Number of schools: More than 30 private schools and more than 20 public schools Some top private schools: The Dalton School, the Nightingale-Bamford School, the Brearley School, the Spence School, Convent of the Sacred Heart, the Chapin School Top public schools: P.S. 6 The Lillie Devereaux Blake School, P.S. 77 Lower Lab School, East Side Middle School, Eleanor Roosevelt High School P.S. 6 The Lillie Devereaux Blake School

The takeaway: Parents have lots of education options, both private and public.

Sources: NYC government, Insideschools, GreatSchools and Abacus Guide Educational Consulting.

Luxury Listings NYC | MARCH/APRIL 2013

21


NEIGHBORHOODS

Upper East Side fast facts

$150,000

Monthly rent for one of the two most expensive rentals in New York City, listed on StreetEasy at the end of 2012, at 4 East 80th Street.

$575,000

Median price of an Upper East Side one-bedroom apartment in 2012.

$3,439

Average monthly rent for an Upper East Side apartment last year.

Most expensive condos on the market

Address 25 East 77th Street (Mark Hotel) Size 6 beds, 8 baths Price $60 million Hot Feature A 2,400-square-foot finished terrace

Address 135 East 79th Street

Address 1 East 62nd Street

Size 6 beds, 8 baths

Size 4 beds, 5 baths; 5,190 square feet

Price $50 million Hot Feature The elevator opens into a private foyer

Price $29.5 million Hot Feature Penthouse home perched atop one of finest limestone-sheathed mansions

Sources: StreetEasy and Luxury Listings NYC research.

In the works nearly two years, Harry Macklowe’s condominium conversion at 150 East 72nd Street has officially hit the market, Curbed reported. Listings for the first few homes range from $6.03 million to $13.5 million in the 100-year-old Lenox Hill building.

135 East 79th Street

East 86th Street a dumpsite? With the Doe Fund no longer cleaning East 86th Street, residents are complaining that they have been inundated with garbage. The trash situation has been getting worse since November, when Doe, a workfare program, stopped maintaining the area, citing Hurricane Sandy– related financial concerns. Residents deterred from using privately owned public spaces. A majority of the Upper East Side’s privately owned public spaces, or POPS, discourage public use, research from Hunter College’s urban planning institute shows. At least half of the area’s 76 POPS deterred public use through the use of either explicit or implicit barriers. Mammoth medical center to fix park. Because of complaints that a new 1 million-square-foot medical center campus is like being seated next to a “morbidly obese” person on a plane, the City University of New York and Memorial Sloan-Kettering are promising to pay to fix up a local park if they get zoning approval.

New store in the nabe

New Upper East Side developments starting up sales

150 East 72nd Street

Biggest community news affecting local real estate

Though still under construction, the 30-unit 135 East 79th Street has officially opened and the building is more than halfway sold. Its developer, Brodsky Development, has filed for permission to combine the building’s top two penthouses into a 9,000-square-foot trophy pad (see above on page). The asking price: $50 million.

Children’s apparel store Lucky Wang is opening its third Manhattan store at 1435 Lexington Avenue at 94th Street, Crain’s New York Business reported. The space was once home to Little Nest of Treasures, an antique store.

Average monthly rental prices on the UES Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

n/a

$2,945

$5,192

$10,087

$21,792

Source: StreetEasy.

22

Luxury Listings NYC | MARCH/APRIL 2013


Representing Manhattan’s Finest Properties

LINCOLN CENTER LUXURY CONDO Columbus/W 66th St. Spectacular 10 room, 5 BR, 6.5 bath penthouse duplex. Living rm with double height ceiling, formal DR, chef’s Kit, den/sunroom and 2 private terraces. Master BR suite with sitting room & 2 master baths. 5,500 SF int and 1,100 SF ext. FSB. $29M WEB# 2526262

SENSUOUS SOHO DUPLEX PENTHOUSE

Photo by Plant Specialists

TOWNHOUSE TREASURE E 62nd St. 4-story single family with double height ceiling in LR and S facing garden. LR-DR with wood burning FP. Chef’s kitchen. Master BR suite with terrace. 9 rooms, 6 BRs, 5.5 baths. N/S expos, CAC & elevator. Great value. Just reduced to $9.475M WEB# 2426803

SoHo. Extraordinary renovation. Private, keyed elevator co-op. 10 rooms, 4 BRs, 4.5 baths. Great rm with WBFP, 18 ft ceiling and glass wall. FDR, chef’s open Kit & sunroom. 2 WBFPs & 2 Deco FPs. 2 terraces, outdoor Kit & soaking pool. $17.25M WEB# 2537725

REFINED AT RIVER HOUSE E 52nd St. Elegant 10 room, 3 bedroom, 4.5 bath duplex with lovely river views. Great space, architectural details. LR with wood burning FP, library, formal DR, windowed kitchen with breakfast room. Winding staircase, high ceil & hardwood floors. E/W expos. $5.9M WEB# 2535612

Shown exclusively through Deborah Grubman, SVP Licensed Associate RE Broker 212.836.1055

DG@corcoran.com

David Dubin, SVP Licensed Associate RE Broker 212.605.9287

DDubin@corcoran.com

Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC. All square feet is approximate.


LISTINGS

NYC’s

Premier

Properties

$19,750,000

PH at 39-41 North Moore Street in Tribeca

Condo (4,600 sf): 4 beds, 3.5 baths | Amenities: fireplace, private outdoor space, prewar | Maintenance: $2,330 | RET: $2,166 | Listing ID: S663804 “Best terrace in Tribeca” on the most prestigious block in Tribeca. Entertain your guests on the 2,300-square-foot private landscaped rooftop terrace. This one-of-akind duplex condominium loft penthouse provides lots of indoor/outdoor living and sweeps across two Tribeca buildings: 39 and 41 N. Moore Street. Listed by Robin Hudis, (T) 212-891-7647, (E) rhudis@elliman.com.

$19,500,000

PH at 419 Broome Street in Soho/Nolita Condo (7,634 sf): 5 beds, 5.5 baths | Amenities: fireplace, loft, prewar, garden | Maintenance: $5,491 | RET: $10,769 | Listing ID: S687478

An extraordinary opportunity to create your own Soho masterpiece. This one-of-a-kind penthouse offers 7,634 square feet of raw interior space across the fifth, mezzanine and penthouse floors plus roof with limitless possibilities for a true downtown palazzo. Bask in an outdoor oasis with 3,445 square feet of exterior set around six separate terraces. Listed by Joan Swift, (T) 212-702-4039, (E) jswift@elliman.com.

24

Luxury Listings NYC | MARCH/APRIL 2013

Log on to LLNYC.com and use the Listing ID to find out more about the listings.


LISTINGS

NYC’s

Premier

Properties

38 East 61st Street on the Upper East Side

$13,800,000

176 East 64th Street on the Upper East Side

$17,900,000

Townhouse: 8 rooms, 3 beds, 5 baths | Amenities: fireplace, chef’s kitchen Annual taxes: $37,130 | Common charges: $9,523

Townhouse (6,600 sf): 14 rooms, 5 beds, 5.5 baths | RET: $52,000 Listing ID: S672068

Behind a discreet facade lies the rarest of townhomes. Listed by Stan Ponte, (T) 212-606-4109, (E) stan.ponte@sothebyshomes.com.

A rare, impeccably designed and recently renovated neo-classical five-story elevator townhouse situated on one of the most desirable townhouse blocks. Listed by Dennis Di Lorenzo, (T) 646-942-7327, (E) ddilorenzo@stribling.com.

$18,900,000

122 Waverly Place in Greenwich Village Townhouse (7,000 sf): 12 rooms, 4 beds, 6 baths | Amenities: elevator, fireplace | Annual taxes: $53,000 | Listing ID: S763981

Absolute perfection. A 22-foot-wide Greenwich Village townhouse reimagined into a modern masterpiece of 7,000 square feet. An elevator stretches five floors from the English basement to a stunning roof deck. The entry level boasts a dramatic marble fireplace illuminated from a wall of windows and skylights, plus a chef’s kitchen and breakfast room overlooking a landscaped garden. Listed by Amanda Sawyer, (T) 212-444-7900, (E) amanda.sawyer@corcoran.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

Luxury Listings NYC | MARCH/APRIL 2013

25


NEIGHBORHOODS

The graying of the Upper West Side Seniors are staying right where they put down roots more than 50 years ago The Belnord on West 86th Street has seen its fair share of retirees.

T

he Upper West Side has more than its share of senior citizens.

Lincoln Towers, a residential co-op complex in the West 60s, had one of the first privately run programs. Activities range from monthly

Census numbers show that 22 percent of residents are 60 or older; the figure citywide is 17 percent.

blood-pressure checks to classes taught by retired professors. After the Sept. 11 attacks, the social services agency Dorot set up shop at the Belnord on West 86th Street. Over the past decade,

It’s easy to understand why the older crowd likes the area—easy-to-access mass transit,

shopping and an abundance of cultural activities, the New York

Times reported.

though, the building’s number of senior residents has dwindled and Dorot now serves Belnord residents at its offices nearby. One of the most notable examples of a NORC is the cluster of brownstones and large co-ops bounded by Broadway, Riverside

Many of the seniors moved in during the co-op conversion wave of the 1960s and have stayed put, turning the apartment buildings into what social scientists have dubbed “naturally occurring retirement communities,” or NORCs, the Times said.

Drive and 102nd and 104th streets. The homes’ owners are served by the volunteer effort Bloomingdale Aging in Place. Some of the residents are so happy about that arrangement that they hope they never have to move.

Some buildings are catering to their aging residents.

Where have the apartments all gone? Homes for sale take a nosedive in just a couple of months Year

Apts. on market

2013

1,255

2012

1,642

2011

1,631

2010

1,550

2009

1,721

Source: StreetEasy. Numbers are for Feb. 15 of each year.

26

Luxury Listings NYC | MARCH/APRIL 2013

What’s on your real estate radar? Sofia Song, vice president at StreetEasy Q: Which condo has the best amenities in the neighborhood? A: Overall, I would say 15 Central Park West and the Aldyn. 15 Central Park West is equated with luxury so it’s no surprise. The Aldyn has over 40,000 square feet of amenities, replete with a 75-foot swimming pool, spa, basketball/squash courts, bowling alley and 38foot rock climbing wall. Justin D’Adamo, managing director at Corcoran Sunshine Marketing Q: Where is the greatest dearth of inventory? A: The entire neighborhood, south of 90th Street, has a dearth of apartments for sale. The Upper West Side had just three to six months of supply listed at the end of the fourth quarter, which is a significant shortage. Six to nine months of supply is considered equilibrium.


NEIGHBORHOODS

Pricey neighborhood sales of 2013 so far Bank of East Asia CEO and chairman David Li, a former Hong Kong politician, sold his Time Warner Center duplex for $18.8 million. The buyer is listed in city records as AEH Jay Corp. The listing price was $20 million. Two penthouse units sold at the Laureate at 2150 Broadway, one for just shy of $1 million and the other for roughly $9 million. The $9 million man is Bradley Cooper—no, not Hollywood heartthrob Cooper. A condo unit at the Aldyn, at 60 Riverside Boulevard, sold for $6.4 million in a sponsor sale to an individual named Sheru Chowdhry.

Housing tales from the ’hood Stomach-turning bedfellows in co-op apartment

Money can’t always buy peace of mind. A pricey Upper West Side penthouse has a “mega infestation” of bedbugs, the New York Post reported. The board of the building, 39 West 67th Street at Columbus Avenue, is suing the penthouse’s owner, Judith Newman, and her 91-year-old tenant, Therese Hohmann, to gain access to the home—specifically a bedroom where 5,000 to 10,000 of the critters are living. The board wants to bring in an exterminator to keep the bedbugs from crawling into the tower’s other two-dozen-plus homes, the Post said. 39 West 67th Street

Celeb real estate in the neighborhood “Die Hard” star Bruce Willis has signed an $8 million contract for a threebedroom co-op in the famed El Dorado building, at 300 Central Park West between 90th and 91st streets, according to the New York Post. The sevenroom apartment was listed for $8.695 million.

Gerald Rupp and John Roberts have sold a home at the Century Condominium, at 25 Central Park West. The price: $4.2 million. The buyer: a living trust. Sources: StreetEasy and Luxury Listings NYC.

Average sale prices on the Upper West Side Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$443,570

$691,179

$1.5M

$3.3M

$7.9M

Source: StreetEasy.

Renting vs. owning on the Upper West Side Apt. size

Monthly cost to own

Monthly cost to rent

Which is cheaper (price difference)

Studio

$2,248

$2,200

Renting (by $48/mo.)

1 bed

$3,549

$3,000

Renting (by $549/mo.)

2 bed

$6,710

$4,900

Renting (by $1,810/mo.)

3 bed

$12,459

$7,500

Renting (by $4,959/mo.)

4 bed+

$21,685

$11,000

Renting (by $10,685/mo.)

Note: Median monthly cost to own includes mortgage payment, common charges and real estate taxes for condos, or mortgage payment and maintenance for co-ops. Source: StreetEasy.

New York Yankees Derek Jeter (left) and Alex Rodriguez both checked out a six-bedroom, 6.5-bathroom condo at 111 Central Park North, near 110th Street. The asking price for the home: $9 million.

Songstress Madonna slashed the listing price on her Harperly Hall co-op, at 41 Central Park West, after less than three months on the market. The home is now for sale at $19.9 million, down from $23.5 million.

The family home of late composer George Gershwin is for sale for the first time in seven decades. The apartment is at 25 Central Park West, between 62nd and 63rd streets. The famous residence is on the 12th floor of the 32-story high-rise and faces Central Park.

Sizing up schools Number of Upper West Side schools: 28 Top public schools: Middle School 243 Center School, P.S. 199 Jessie Isador Straus, Special Music School, Anderson School P.S. 334 Top private schools: Trinity School, Ethical Culture, Columbia Grammar and Preparatory School, The Trevor Day School Trinity School

The takeaway: There are lots of types to choose from—gender-based, religious-affiliated, international, and performing arts-focused.

Sources: NYC government, Insideschools, GreatSchools and Abacus Guide Educational Consulting.

Luxury Listings NYC | MARCH/APRIL 2013

27


NEIGHBORHOODS

Upper West Side fast facts

Biggest community news affecting local real estate

$6.3 million

Average sale price of a townhouse in 2012

410

Number of new condo apartments being planned for area

2,009

Number of apartments that sold on the Upper West Side last year Sources: The Real Deal’s 2013 Data Book, appraisal company Miller Samuel.

Most expensive co-ops on the market

Address 115 Central Park West

Address 55 Central Park West

Address 41 Central Park West

Size/Type 5 beds, 6 baths, 5 half-baths

Size/Type 4 beds, 4.5 baths; 5,000 square feet

Size/Type 6 beds, 8 baths; 6,000 square feet

Price $45 million

Price $35 million

Price $20 million

Hot Features All of the furniture and a one-bed, one-bath staff apartment in the building

Hot Features Two terraces

Hot Feature Nearly 110 feet of frontage onto Central Park

Sources: StreetEasy and Luxury Listings NYC research.

An Ivy League growth spurt. Columbia University’s 17-acre expansion project includes a 450,000-square-foot brain research institute endowed by New York Daily News owner Mortimer Zuckerman. Slated to open in 2016, the building is the first of 15 buildings on the school’s new $6.8 billion Manhattanville campus. A big tax break. Residents of Castle Village, the 589-unit cooperative in Washington Heights, won a major victory when a federal appeals court decided the $25 million they paid in 2005 to fix the complex’s retaining wall qualifies them for tax deductions.

A juicy retail rumor

Average monthly rental prices on the Upper West Side Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$2,564

$3,196

$5,557

$8,919

$15,091

Source: StreetEasy.

A new synagogue, Manhattan’s first in 50 years. Lincoln Square Synagogue is finally welcoming worshippers. Work on the $50 million temple took six years to complete. The state-of-the-art Modern Orthodox synagogue, at 180 Amsterdam Avenue near 68th Street, is just south of its old site.

Restaurateur Danny Meyer is eyeing 1991 Broadway, between 67th and 68th streets, home to Ollie’s Noodle Shop and Grille before a fire in January, the New York Post reported. A big part of the space’s appeal in housing a new restaurant is having the Apple store as a neighbor.


14 Room Townhouse Perfection Impeccably-designed,renovatedelevatortownhseonthe mostdesirableUESblock.5BRs,5.5bths,3fplcs&hiceils. $17.9M. Web #1297691. D.DiLorenzo 646-942-7327

14 SPS Stunning Penthouse

Loft-Like West Village Townhouse with Roofdeck

Elegantduplexpenthouse,LR,DR&librallwFrenchcasementdrstofabulouswrapterrace.4BRs,4.5bths,lightall day.$9.75M.Web#3767015.L.Maloney212-585-4527

New. Outstanding architecturally renovated home with minimalist great room, chef’s kitchen, library, huge arched windows & spacious master bedroom. $9.1M. Web #3740878. CB.Whyte 212-452-4446

Dream Prewar Apt in Highly-Serviced Bldg

Historic Carnegie Hill Row House

ClassicBeekmanGoldCoast3BR,3Bath

Elegant Prewar Park Avenue Classic 6

New listing at 435 East 52nd. Grand and gracious, 9 into 8 rms with direct views of the East River, move-in condition. $7.35M. Web #3636001. C.Eland 212-452-4384

148East89th.Newtomarket.5-6bedrooms,4.5baths, 5 floors & garden. 6 gorgeous fireplaces. SO charming. $4.2M. Web #3781425. Cathy Taub 212-452-4387

14thflrwNYCvus.FDR,custpaintedgallery,EIK,MBRste & lndry rm. Hotel-like amens. $3.5M. Web #3506034. M.Chapman646-613-2613/A.Lambert212-452-4408

Carnegie Hill. LR w WBFP, FDR, chef’s kit, 2 MBRs w bths, maid’s . Prime top FS bldg w gym, 50% fin. $2.65M. Web #3502766.C.Kurtin212-452-4406/J.Maher452-4363

88 Central Park West Duplex

31East28th-PrewarCondoLoft

Millennium Tower Penthouse Beauty in BPC

40 Fifth Avenue Views and Light

Lrg, beautiful 9 into 8 rm, 3BRs + large staff rm. HUGE rms, hi ceils, lovely CP views & renov. Truly voluminous. $14.5M. Web #3436285. K.Henckels 212-452-4402

Private and grand 2 bedroom/2 bath, (approximately 2000 sf + balcony). Central AC, concierge. $2.579M. Web #3271701. Brenda Vemich 646-436-3074

Luxury 2 bedroom condo with river and park views. Triple mint, high ceilings. $2.295M. Web #3787811. S.Song 212-434-7060/K.Younger 646-613-2731

2BR, 2 bth, beautifully renov prewar home w WBFP, CAC, EIK,inVillage’smostelegbldg.$3.295M.Web#3442620. C.VanAmburg646-613-2683/K.Wallison646-613-2658

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LISTINGS

NYC’s

Premier

Properties

PH at 55 Warren Street in Tribeca

$11,995,000

Condo (5,924 sf): 4 beds, 4.5 baths | Amenities: elevator, doorman, concierge | Monthly taxes: $3,918 | Common charges: $6,559 | Listing ID: S649523 Stunning and rare, the impeccably designed duplex penthouse loft at 55 Warren presents nearly 6,000 square feet of luxurious, light-filled living space, plus over 1,300 square feet of private outdoor space with an endless swimming pool. Every detail of the living experience—both aesthetic and functional—has been thoughtfully considered and taken to a new level of artistry. Listed by Robert Dvorin, (T) 646-998-7472, (E) rdvorin@townrealestate.com.

PH at 27 West 19th Street in the Flatiron District

$5,900,000

Condo (3,000 sf): 3 beds, 2.5 baths | Amenities: elevator, doorman, health club | Monthly taxes: $1,069 | Common charges: $4,197 | Listing ID: S689616 Spanning two full floors of the Emory condominium, this Colin Cowie-designed penthouse is flawlessly customized. Offering a key-locked elevator, this approximately 3,000-square-foot residence opens to a lounge area with a hidden, fully equipped wet bar. The first floor offers a custom bathroom, an open dining room that flows into a kitchen with high-end appliances and a prep area with endless storage space and two hidden pocket doors that can close off the dining room. Listed by Emily Beare, (T) 212-726-0786, (E) ebeare@corenyc.com.

30

Luxury Listings NYC | MARCH/APRIL 2013

Log on to LLNYC.com and use the Listing ID to find out more about the listings.


LISTINGS

NYC’s

Premier

Properties

36 West 10th Street in Greenwich Village

$17,900,000

PH at 304 East 65th Street on the Upper East Side

$9,500,000

Townhouse (8,500 sf): 14 rooms, 7 beds, 6 baths | Amenities: fireplace Annual taxes: $42,000 | Listing ID: S772994

Condo (4,000 sf): 8 rooms, 2 beds, 4.5 baths | Amenities: outdoor space Maintenance: $4,503 | RET: $4,392 | Listing ID: S548960

Greenwich Village has a storied history and no place exemplifies its splendor more than West 10th Street between Fifth and Sixth avenues. Listed by Eileen Robert, (T) 212-444-7808, (E) erobert@corcoran.com.

Glamorous full-floor two-bedroom penthouse with spectacular views. Listed by Barbara Evans-Butler, (T) 212-452-4391, (E) bevansbutler@stribling.com.

22 Jane Street in the West Village

$9,100,000

Townhouse (3,844 sf) | Amenities: roof deck, library, media area | RET: $39,089 | Listing ID: S810957 Fluid loft-like interior West Village townhouse with roof deck. A glass wall of movable steel-framed doors separates the great room from the foyer. The foyer is a nod to pop art with its multihued tile floor done in an eye-catching pattern. The white minimalist great room, with 12-foot-plus high ceiling, segues into the dining area and the outstanding open white chef’s state-of-the-art kitchen surrounded by a wall of shelves that house a ceramic collection. Listed by C. B. Whyte, (T) 212-452-4446, (E) cbwhyte@stribling.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

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31


LISTINGS

NYC’s

Premier

Properties

$8,750,000

126 West 87th Street on the Upper West Side Townhouse (5,526 sf): 6 beds, 4.5 baths | Amenities: prewar | RET: $1,408 | Listing ID: S802182

In its 125-year history, this stunning Upper West Side brick and brownstone townhouse has never been on the market. Since 1888, this stately home has been well-loved and cared for by just two owners. With a semi-finished full-height basement and penthouse with front and back terraces, each distinctive story of this magnificent house is rich with original details and distinctive finishes. Listed by Deborah Sabec, (T) 646-532-4906, (E) dsabec@townrealestate.com.

$4,950,000

Unit 18B at 410 West 24th Street in Chelsea Condo (2,750 sf): 4 beds, 4 baths | Amenities: elevator, doorman, outdoor space | Maintenance: $6,655 | Listing ID: S665484

The only Chelsea prewar four-bedroom and four-bath full-service home to buy. Known as the jewel in the crown of London Terrace, this exceptional property has south, north, east and west exposures through 19 windows. Unobstructed views of the High Line, Hudson River, Empire State Building and cityscape. Listed by Susan Singer, (T) 646-545-5070, (E) sin@townrealestate.com.

32

Luxury Listings NYC | MARCH/APRIL 2013

Log on to LLNYC.com and use the Listing ID to find out more about the listings.


LISTINGS

NYC’s

Premier

Properties

PH D1 at 75 Wall Street in the Financial District

$7,750,000

Apt. 6 at 350 West Broadway in Soho/Nolita

$7,495,000

Condo (3,433 sf): 4 beds, 4 baths | Amenities: courtyard, concierge, roof deck Maintenance: $3,765 | Listing ID: S681455

Condo (2,875 sf): 6 rooms, 2 beds, 3.5 baths | Amenities: terrace, concierge Maintenance: $5,936 | Listing ID: S485887

This duplex penthouse features 4 bedrooms, 4 bathrooms, private terrace, lush finishes and sleek, fine-crafted interiors designed by Molteni & C Dada. Listed by Ariel Cohen, (T) 212-337-6100 , (E) ariel.cohen@elliman.com.

A warm and sophisticated layout, the sixth-floor residence is a one-of-a-kind full-floor two-bedroom plus windowed study and 3.5-bathroom home. Listed by Shelley O’Keefe, (T) 212-634-6515, (E) sfo@corcoran.com.

$7,800,000

Apt. 10-11E at 131 East 66th Street on the Upper East Side Co-op (3,500 sf): 10 rooms, 3 beds, 3.5 baths | Amenities: beamed ceiling, library, elevator | Maintenance: $9,624 | Listing ID: S621530

This is a unique, dramatic and stylish duplex apartment in an iconic landmarked building. The grand living room with wood-burning fireplace is a Palladian-proportioned, double-height, 24-foot-by-28-foot-by-23-foot space, with an enormous leaded glass north-facing window. A corner carriage red library with south and east exposures and wood burning fireplace is adjacent. Listed by Haidee Granger, (T) 212-893-1403, (E) hsg@corcoran.com.

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33


NEIGHBORHOODS

57th Street’s game of follow the leader Hot sales at swanky skyscraper embolding other developers to jump into action The view from One57 is, in a word, panoramic (artist’s rendering).

N

ew condominium One57 is so hot that it has

do project on the far West Side and the World-Wide Group’s 250 East

turned 57th Street into Midtown’s newest devel-

57th Street, a 59-story residential tower at Second Avenue.

opment mecca.

“The phenomenal success of One57 has launched a slew of highly

With its bird’s-eye views of Central Park, Extell

anticipated new projects along 57th Street,” Mickey Conlon, a senior

Development’s One57 is setting new records for

vice president at Core brokerage, told Luxury Listings NYC. “The en-

residential sale prices for Manhattan. The modern

tire boulevard is enjoying a spectacular renaissance, making it one of

glass tower—at more than 1,000 feet, the tallest

the hottest neighborhoods to watch over the next five years.”

residential property in the borough—has 95 luxury homes above a

210-room hotel called the Park Hyatt New York.

unique confluence of factors: demographic changes in the neighbor-

And the 90-story skyscraper’s success with buyers has been

hood, zoning that allows ultra-tall buildings, nearby Central Park, de-

heartening to other developers in the area. Just two examples of new

velopment of Hudson River Park and, of course, high-end shopping

projects kicking off: Durst Fetner Residential’s pyramid-shaped con-

at the Time Warner Center.

How much is on the market for sale?

What’s on your real estate radar?

Homes holding steady even with high demand

A: With the boom of luxury new development transforming the area between West 57th Street and Central Park South, opportunities to purchase one- and two-bedroom condos in full-service buildings are becoming increasingly rare, [making them a good investment]. Though some of these homes may lack the views or grandeur of the newest luxe skyscrapers, they enjoy the same proximity to the park and neighborhood perks as their more affluent neighbors.

Year

Apts. on market

2013

282

2012

272

2011

282

2010

282

2009

299

Source: StreetEasy. Numbers are for Feb. 15 of each year.

34

Brokers and developers attribute all the action on 57th Street to a

Luxury Listings NYC | MARCH/APRIL 2013

Tom Postilio, a founding member of Core Q: Where are the best investments in Midtown?

Michele Geddes Peck, a director at Kleier Residential Q: What is your favorite co-op in the neighborhood and why? A: 222 Central Park South (The Gainsborough Studios). In addition to being a rare surviving “artist studio” building, this pre-war (1908) gem with an exceptional cultural history is the only “artist studio” building with full and expansive north-facing Central Park views.


NEIGHBORHOODS

Pricey neighborhood sales of 2013 so far

Priciest townhouses on the market

Merryweather Properties-Cps Ltd. sold an apartment at Trump Parc, at 106 Central Park South, for $6.5 million to Mila Jouravleva.

Someone named Wen Ting Ding purchased a pad at the Centria, 18 West 48th Street, for $2 million. Another $2 million sale was for an apartment at 116 Central Park South. Grant Paterson sold the home to an LLC. A co-op at 480 Park Avenue has a new owner. An offer of $1.75 million sealed the deal.

Address 21 Beekman Place

Address 132 East 36th Street

Address 414 East 50th Street

Size/Type 6 beds, 5 baths, 5 halfbaths

Size/Type 6 beds (plus maid’s room floor with private entry), 6 baths, 2 halfbaths

Size/Type 5 bedrooms, 4 full bathrooms and 2 half-baths

Price $14 million

Hot Feature Top floor has a butler’s pantry

Price $49 million Hot Feature Home was redesigned in 1925 by famous landscape architect Ellen Biddle Shipman

Hot Features Banquet-sized formal dining area with customtreated oversized windows and fireplace

Price $9 million

Celeb real estate in the neighborhood Sources: StreetEasy and Luxury Listings NYC research

At Windsor Park, at 100 West 58th Street, a condo unit sold for $1.5 million. The seller was a trust and the buyer was an LLC.

Sizing up schools in Midtown Number of public schools: 17 Top public schools: P.S. 51, P.S. 212 Midtown West, P.S. 111 Adolph S. Ochs, P.S. 59 Beekman Hill International and Professional Performing Arts High School, Success Academy Hell’s Kitchen

Sources: StreetEasy and Luxury Listings NYC research.

Average sale prices in Midtown

Top private school: The Beekman School The Beekman School

The takeaway: There are plenty of good schools

Sources: NYC government, Insideschools, GreatSchools and Abacus Guide Educational Consulting.

Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$540,787

$1.1M

$2.3M

$4.1M

$5.2M

Source: StreetEasy.

Priciest co-ops on the market

Renting vs. owning in Midtown Apt. size

Monthly cost to own

Monthly cost to rent

Which is cheaper (price difference)

Studio

$2,252

$2,412

Owning (by $160/mo.)

1 bed

$3,771

$3,300

Renting (by $471/mo.)

2 beds

$7,236

$5,000

Renting (by $2,236/mo.)

3 beds

$13,328

$6,100

Renting (by $7,228/mo.)

>3 beds

$28,361

$10,450

Renting (by $17,911/mo.)

Note: Median monthly cost to own includes mortgage payment, common charges and real estate taxes for condos, or mortgage payment and maintenance for co-ops. Source: StreetEasy.

Address 435 East 52nd Street, 20TH/21ST

Address 1 Sutton Place South, #5A

Address 1 Sutton Place South, #7A

Size/Type 5 beds, 6 baths and 5 half-baths

Size/Type 5 beds, 4 baths and 1 half-bath

Size/Type 4 beds, 4 baths

Price $25.5 million

Price $18 million

Hot Features A curved staircase and a wine room

Hot Feature A double living room with a wood-burning fireplace

Price $18 million

Celeb real estate in the neighborhood Hot Feature The gallery opens to three huge entertaining rooms

Sources: StreetEasy and Luxury Listings NYC research.

Luxury Listings NYC | MARCH/APRIL 2013

35


NEIGHBORHOODS

Midtown fast facts

$135K

Monthly price of Manhattan’s most expensive rental home of 2012—at the Towers of the Waldorf-Astoria, 100 East 50th Street

$900 million

Cost with inflation to build Grand Central Terminal, which celebrated its centennial in February

3,439

Number of units in the pipeline in Midtown West, the neighborhood with the most development in Manhattan Sources: The Real Deal’s 2013 Data Book and the New York Times.

Most expensive condos on the market

Address 1 Central Park South (The Plaza Residences) Size/Type 4 beds, 4 baths, 1 halfbath; 5,850 square feet Price $55 million Hot Feature Private staff quarters

Address 400 Fifth Avenue Size/Type 6 beds, 6 baths, 5 halfbaths; 6,883 square feet Price $32 million Hot Feature Diamond-angled floorto-ceiling windows

Address 1 Central Park South (The Plaza Residences) Size/Type 4 beds, 6 baths, 5 halfbaths; 4,652 square feet Price $25 million Hot Feature A planting balcony and an entertaining wing

Sources: StreetEasy and Luxury Listings NYC research.

Coming attractions: a hotel’s rebirth and more affordable housing The 46-story Flatotel, at 135 West 52nd Street in Times Square, will be converted by new owners Joseph Chetrit and David Bistricer into a high-end residential condominium building. The homes should hit the market in 18 months.

The Flatotel

Extell is planning to put up an apartment building at West 41st Street and 10th Avenue— and reserve 120 of the 600 apartments for low-income tenants, the Wall Street Journal reported. Ground is slated to break this spring.

Biggest community news affecting local real estate Developer thinks outside the box about post office site. Related Companies is making a wild pitch to try to move ahead on its proposed transformation of the James Farley Post Office into Moynihan Station, an annex to Penn Station just across the street. The developer, picked by the city for the project, wants the Borough of Manhattan Community College to be anchor tenant in a new building that would go up along with the annex, train platforms and tunnels to Penn Station. As part of the move, according to the New York Times, Related Companies, and its development partner, Vornado Realty Trust, would get the school’s existing campus downtown, which spans four blocks near the Hudson River. A brighter, sharper train hall. If all goes as planned, Penn Station will have skylights, more elevators and easier-to-spot signs, according to DNAinfo. The improvements are part of a proposal by Long Island Rail Road, New Jersey Transit and Amtrak for the transit hub, which serves more than 640,000 passengers a day.

New stores in the nabe A stretch of Eleventh Avenue is turning into more of a hotbed for high-end auto dealers, according to the Wall Street Journal. Mercedes-Benz already set up shop along the strip, between 47th and 57th streets. And Maserati and Volkswagen dealerships will be pulling in with their inventories, too. Searching for a spot along the thoroughfare: Porsche. Japanese eatery Kobeyaki is opening at 110 West 40th Street, its second NYC location.

Average monthly rental prices in Midtown Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$3,616

$4,464

$9,098

$27,947

$33,986

Source: StreetEasy.

36

Luxury Listings NYC | MARCH/APRIL 2013


LISTINGS

NYC’s

Premier

Properties

$6,750,000

Apt. #2 at 16 Jay Street in Tribeca Loft (4,000 sf): 6 rooms, 4 beds, 2.5 baths | Amenities: elevator, postwar, library | Common charges: $2,000 | RET: $2,765 | Listing ID: S805085

Every once in a while, a special property comes to market that captures the true spirit and essence of its neighborhood—16 Jay Street is that residence. Tucked away on a quiet cobblestone block in historic Tribeca, this sprawling 4,000-square-foot loft has been meticulously renovated using luxury materials while preserving the character and integrity of its architectural past. Listed by Richard Orenstein, (T) 212-381-4248, (E) rorenstein@halstead.com.

128 East 93rd Street on the Upper East Side

$10,500,000

41 West 11th Street in Greenwich Village

$11,995,000

Townhouse (4,372 sf): 10 rooms, 4 beds, 5 baths | Amenities: elevator, garden Annual taxes: $38,216 | Listing ID: S810187

Townhouse (4,312 sf): 12 rooms, 6 beds, 5.5 baths | Amenities: fireplace, garden | Annual taxes: $40,512 | Listing ID: S784904

Historic 1866 clapboard house with front and rear gardens. This rarely available 25-foot-wide, single-family home offers elegant proportions and is ideal for both easy living and elegant entertaining. Listed by Robby Brown, (T) 212-893-1728, (E) robby@corcoran.com.

Located on the coveted Gold Coast just off of Fifth Avenue, this historic Greek Revival home was built in 1847 and retains many of its original architectural details. The single front door is flanked by sidelights and has a transom above it. Listed by Haidee Granger, (T) 212-893-1403, (E) hsg@corcoran.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

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37


A LOOK BACK

This month in NYC history I n weather lore, March comes in like a lion and goes out like a lamb. And the month has proved to be a roarin’ good time for real estate, too. A half-century ago, the largest office building—now the MetLife Building—debuted. More than two

1963

decades earlier, Rockefeller Center officially opened. And 120 years have gone by since the Waldorf Hotel, eventually torn down to make way for the Empire State Building, welcomed its first guests. Compiled by Adam Pincus

1940

1893

Pan Am Building

Rockefeller Center

Waldorf Hotel

The Pan Am Building became the world’s largest office building when it threw open its doors. It took nearly five years to build the headquarters of Pan American Airways, but the wait was worth it for tenants, who loved its innovative design and location above Grand Central Terminal. Others in the neighborhood, though, panned the 58-story skyscraper, taking it to task for blocking views down Park Avenue and 44th Street. In 1981, Pan Am sold the building to insurance giant Metropolitan Life Insurance Co. Today, the owner is Tishman Speyer Properties.

Rockefeller Center officially made its mark when it granted a temporary certificate of occupancy for its 20-story United States Rubber Building, now the Simon & Schuster Building. The first of 14 buildings in the threeblock complex—bounded by 48th and 51st streets and Fifth and Sixth avenues—opened in November 1933, but the last one didn’t get its sign-off from the city until almost seven years later, the New York Times reported. Since its completion, the complex has been expanded and sold several times.

William Waldorf Astor built the opulent 13-story hotel at Fifth Avenue and 33rd Street, on property owned by his rich and notable family. Astor put up the hotel in part to spite his aunt, Caroline Webster Schermerhorn Astor, who lived next to the site. His aunt eventually moved; then, her son, John Astor, demolished his mother’s home and put up the Astoria Hotel. Eventually, a corridor was built to connect the buildings, which then operated as the WaldorfAstoria Hotel. In 1929, the hotels came down to make way for the Empire State Building. A new Waldorf-Astoria Hotel was opened in 1931 at 301 Park Avenue.

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LISTINGS

NYC’s

Premier

Properties

$11,000,000

Apt. #2122C at 784 Park Avenue on the Upper East Side Co-op: 8 rooms, 3 beds, 2.5 baths | Amenities: prewar, attended lobby, pet friendly | Maintenance: $5,489 | Listing ID: S760929

From your own private landing, step into a beautiful one-of-a-kind penthouse duplex. On the first floor, bathed in light, is the spacious living room with 12foot ceilings, a wood-burning fireplace, oversized windows, and large terrace with stunning park and city views. Listed by Susan V. Ingram, (T) 212-452-4453, (E) singram@stribling.com.

PH at 115 East 67th Street on the Upper East Side

$10,250,000

PH A at 14 Sutton Place South in Midtown East

$9,750,000

Co-op: 14 rooms, 5 beds, 6.5 baths | Amenities: fireplaces, garden Maintenance/CC: $12,906 | Listing ID: S632197

Co-op: 8 rooms, 4 beds, 4.5 baths | Amenities: prewar, attended lobby, terrace Maintenance/CC: $7,364 | Listing ID: S816121

Terraced on every side, this elegant 14-room, full-floor home is ideal for grand-scale entertaining. Listed by Jennifer Bowden, (T) 212-585-4551, (E) jbowden@stribling.com.

This resplendent duplex penthouse in one of Sutton Place’s superior prewar white glove cooperatives feels like a townhouse in the sky with exceptional open exposures and an expansive wrap-around terrace. Listed by Linda Maloney, (T) 212-585-45271, (E) lmaloney@stribling.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

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39


LISTINGS

NYC’s

Premier

Properties

$7,500,000

PH at 456 West 19th Street in Chelsea Condo (2,456 sf): 6 rooms, 2 beds, 2.5 baths | Amenities: attended lobby, outdoor space | Maintenance: $4,409 | RET: $176 | Listing ID: S816118

This dramatic penthouse defies expectations with soaring double-height living room ceilings and astonishing views to the north and south. Architect Cary Tamarkin’s signature style is apparent in every detail from the hand-laid brick exterior and expansive multi-paned steel casement windows to the elegantly minimal and painstakingly crafted kitchens and baths. Listed by Mary Ellen Cashman, (T) 646-613-2616, (E) mcashman@stribling.com.

$4,395,000

Apt. #4S at 340 East 72nd Street on the Upper East Side Co-op (3,000 sf): 9 rooms, 4 beds, 4 baths | Amenities: outdoor space, prewar, attended lobby | Maintenance: $5,166 | Listing ID: S734698

This nine-room home captivates upon entering, with its awesome 37-foot-by-20-foot living room. It has two wood-burning fireplaces and five south-facing double-hung windows. Dining room with bar and wine cave adjoins a chef’s kitchen. With four bedrooms and four baths, the laundry/home office is a practical necessity. Stunning oak parquet flooring and beamed high ceilings provide prewar touches. Listed by Victoria Ghilaga, (T) 212-452-4392, (E) vghilaga@stribling.com.

40

Luxury Listings NYC | MARCH/APRIL 2013

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LISTINGS

NYC’s

Premier

Properties

Unit #4D at 22 Mercer Street in Soho

$4,395,000

Condo (2,392 sf): 2 beds, 2.5 baths | Amenities: prewar, outdoor space Common charges: $2,392 | RET: $1,500 | Listing ID: S754681 With its walnut hardwood floors and 11.5-foot ceilings, this roughly 2,400-square-foot, two-bedroom loft is the definition of downtown chic. Listed by Brett Miles, (T) 646-998-7427, (E) brett@townrealestate.com.

4530 Delafield Avenue in Riverdale, the Bronx

$3,700,000

Tudor (6,070 sf) | Listing ID: S625608 On the first floor are a large entry foyer with cathedral ceiling, a living room with wood-burning fireplace and French doors leading to a windowed loggia and a wraparound flagstone terrace. Listed by Peter K. Browne, (T) 212-613-2718, (E) pbrowne@stribling.com.

Apt. 13E at 44 West 77th Street on the Upper West Side

$17,500,000

Co-op: 3 beds, 2.5 baths | Amenities: fireplace, doorman, prewar | Maintenance: $10,636 | Listing ID: S725541 Become the owner of this absolutely one-of-a-kind, unique, bold, inspired home that affords luxurious entertaining, intimate family gatherings, and gallerystyle art showcases, all in a rare, prestigious Upper West Side address. It’s been said by many experts that is it the best living room in New York City. Listed by Monica Luque, (T) 212-712-6089, (E) monica.luque@elliman.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

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41


NEIGHBORHOODS

Luxury in progress: Park Avenue South Three condo conversions are leading a high-end residential revolution 404 Park Avenue South: An office building gets a homey makeover.

P

ark Avenue South is starting to resemble Park

several years ago. Prices range from $1.95 million for a 1,320-square-

Avenue, with more high-end residential buildings

foot, two-bedroom pad to $7 million for a 3,101-square-foot, three-

and sales prices to match.

bedroom penthouse.

Luxury condominiums under construction

On the southwest corner of 28th Street, the foundation has

along Park Avenue South are classing up the

been laid for 400 Park Avenue South, a 40-story rental and condo

neighborhood, which—until now—was home

tower by Equity Residential and Toll Brothers. Among the amenities:

mostly to offices and restaurants, the Wall Street

a state-of-the-art fitness center, a rooftop terrace with barbecue

Journal reported.

grills and an indoor lap pool. Work isn’t set to be done until June

Developers predict these three projects are the start of a housing boom:

And across the street, 404 Park Avenue South is being converted

A modernist condominium, at 323 Park Avenue South between

from an office building into a 58-unit condo called Huys. The sales

24th and 25th streets, is on track to be finished this summer by

office is already open, even though the transformation won’t be

Tessler Developments, which built 240 and 260 Park Avenue South

completed until early next year.

Where have the apartments all gone?

What’s on your real estate radar?

Homes for sale in Gramercy drop amid tight market

A: Inventory, what inventory? There are just eight apartments for sale in the area. Four are at Zeckendorf Plaza, ranging from a one-bedroom for $869,000 to a three-bedroom for $2.3 million. There is a three-bedroom penthouse at 8 Union Square South for $8,995,000 and two two-bedroom apartments at 15 Union Square West for $5,295,000 and $6,750,000, respectively.

Year

Apts. on market

2013

127

2012

201

2011

199

2010

166

2009

203

Source: StreetEasy. Numbers are for Feb. 15 of each year.

42

2015, but presumably the prices will be up there.

Luxury Listings NYC | MARCH/APRIL 2013

Simone Franco, broker at the Corcoran Group Q: In Union Square, where is the greatest dearth of inventory?

Julie Perlin, senior vice president at Stribling & Associates Q: Which condo has the best amenities in Murray Hill? A: 45 Park Avenue, a Costas Kondylis–designed building of 100 units, is a full-service condo with a gym, on-site parking, outdoor garden, business center and private storage.


NEIGHBORHOODS

Gramercy sales of 2013 so far: a sampler A co-op unit at 13 Gramercy Park South, which has an alternate address of 13 East 20th Street, has sold for $1.7 million. Someone named Chengzhong Sui has purchased a $1.54 million condo unit at Zeckendorf Towers, at 1 Irving Place. The seller of the 1,016-square-foot pad is listed as Tae Sun Yu. Daniel Demba and Beth Demba plunked down $1.38 million for a Gramercy Park Towers co-op. They purchased the 1,500-square-foot pad, at 205 Third Avenue, from an estate. A pre-war co-op unit at 242 East 19th Street was picked up for $1.28 million.

Snapshot of a Gramercy sale $725,000 | 245 East 24th Street This 1,200-square-foot, two-bedroom, twobath condo was a combination of two junior one-bedroom apartments that listing agent Shannon Aalai of Citi Habitats described as 245 East 24th Street “not done very well.” Roughly 30 prospective owners attended the first open house, but none had the “vision” to see beyond the necessary work. “Ultimately the buyer was much like the seller—a single female that wanted a larger one-bedroom instead of a proper two-bedroom apartment.” —Shannon Aalai of Citi Habitats

Celeb real estate in the neighborhood Legendary German fashion designer Karl Lagerfeld sold his Gramercy apartment for $4.5 million—for a $2 million loss—to investor Sebastian Barrack. Lagerfeld bought the threebedroom, sixth-floor unit at 50 Gramercy Park North for $6.69 million in 2006.

In a deal between LLCs, a condo was snapped up at Tempo, at 300 East 23rd Street, for $1.2 million. Sources: StreetEasy and Luxury Listings NYC research.

Average sale prices in Gramercy Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$415,196

$670,865

$1.3M

$3.3M

$7M

Source: StreetEasy.

Renting vs. owning in Gramercy Apt. size

Monthly cost to own

Monthly cost to rent

Which is cheaper (price difference)

Studio

$2,679

$2,650

Renting (by $29/mo.)

1 bed

$3,984

$3,573

Renting (by $411/mo.)

2 beds

$9,564

$6,000

Renting (by $3,564/mo.)

3 beds

$13,150

$5,200

Renting (by $7,950/mo.)

>3 beds

$28,003

$15,995

Renting (by $12,008/mo.)

Note: Median monthly cost to own includes mortgage payment, common charges and real estate taxes for condos, or mortgage payment and maintenance for co-ops. Source: StreetEasy.

A Murray Hill brownstone once owned by actors Hume Cronyn (right) and Jessica Tandy finally has a buyer after two years on the market. The 4,000-square-foot home at 115 East 35th Street, currently owned by painter Patricia Nix, sold for over its $4 million asking price.

Housing tales from the ’hood

A condo, wild parties, shortterm renters and a lawsuit

Gramercy Starck is suing a Houston couple for renting out their condominium to out-oftowners who allegedly hosted wild parties. The board of the condo, at 340 East 23rd Street, claims the pair had no fewer than 27 renters since August 2011 for stays of less than 30 days, and ignored several notices to 340 East 23rd Street stop the short-term deals. A judge has issued a temporary restraining order against the owners, who allegedly rented out the unit through an online apartment service. —David Jones

Luxury Listings NYC | MARCH/APRIL 2013

43


NEIGHBORHOODS

Gramercy fast facts

34

The number of residential buildings surrounding Gramercy Park, Manhattan’s only private park

$910,000

The median price for an apartment on the park in 2012, nearly tripling the 2002 figure of $339,000

2

The number of rental buildings in the neighborhood Sources: The Real Deal, appraisal company Miller Samuel.

Most expensive co-ops on the market

Address 61 Irving Place, #7/8A

Address 134 East 16th Street, #1

Address 61 Irving Place, #7A

Size/Type 3 beds, 4 baths

Size/Type 2 beds, 2 baths

Size/Type 2 beds, 2 baths

Price $4.75 million

Price $2.4 million

Price $2.4 million

Hot Feature 27 vertical feet stretched over the top two floors

Hot Features A private entrance and 1,000-square-foot garden

Hot Feature 12-foot ceilings that can be raised to 15 feet

Sources: StreetEasy and Luxury Listings NYC research. Listings current as of Feb. 22.

New development rising in Gramercy The Whitman, a boutique condominium conversion at 21 East 26th Street between Madison and Fifth avenues, won’t be finished until summer, but sales are already in full swing. The four fourbedroom homes, marketed by Douglas Elliman, range in price from $10 million to $22.5 million.

Community news affecting local real estate National Arts Club saga drags on. Three men are trying to hang on to their below-market-rate apartments in the National Art Club, at 15 Gramercy Park South, between Park Avenue South and Third Avenue. Former club president O. Aldon James, 65, along with twin brother John James and 81-year-old Steven Leitner, filed a petition in Supreme Court seeking to block a February decision by the club to expel them, The Real Deal reported. Turtle Bay developer could lose home. James Kennelly is facing foreclosure on his co-op apartment at 304 East 52nd Street, just steps from the site of a deadly crane collapse five years ago at his Turtle Bay residential tower project, according to The Real Deal. HSBC, the loan trustee, alleges Kennelly defaulted on a $441,900 loan for the apartment in August 2010. Union Square gets more guests rooms. Two hotels are slated to open in Union Square within a matter of weeks. One is the 113-room, 18-story Jade Hotel, which was getting ready to welcome visitors when Hurricane Sandy made landfall; the other is the 178room, 11-story Hyatt Union Square. Jade opens in March; the Hyatt property throws open its doors in April.

New store coming to the nabe Conservatives and oenophiles alike will soon have a new spot to sip a bit of the grape. Kevin and Chis Balfe—executives at Mercury Radio Arts, the publishing, radio and television production company founded by political commentator Glenn Beck—are bringing a wine bar to 284 Third Avenue, between 22nd and 23rd streets.

21 East 26th Street

Gale International has plans to build a 15-story, 12-unit luxury condominium tower at 21 West 20th Street, The Real Deal reported. The investment and development firm also acquired air rights for the project, which is expected to be completed in 2014. 21 West 20th Street

44

Luxury Listings NYC | MARCH/APRIL 2013

Average monthly rental prices in Gramercy Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$2,478

$3,470

$6,618

$7,714

$15,086

Source: StreetEasy.


We define our neighborhoods as much as they define us.

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239 East 79th Street New York, NY 10075 212.929.1400

337 West Broadway, New York, NY 10013 212.924.4200 88 Greenwich Street New York, NY 10006 212.269.8888

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TOWN Residential, LLC is a licensed real estate broker and proud member of REBNY. Town Residential LLC is a partnership with Thor Equities LLC.


170 EAST END AVENUE 5 BR, 5.5 BATH

WEB ID: 833062

$9.995 M

111 WEST 67TH STREET 3 BR, 2.5 BATH

WEB ID: 532833

$3.65 M

99 JANE STREET 2 BR, 2 BATH

WEB ID: 974346

122 GREENWICH AVENUE - PH 2 BR, 3 BATH

WEB ID: 146115

$5.4 M

415 EAST 54TH STREET 3 BR, 3 BATH

WEB ID: 977450

$2.5 M

100 WEST 58TH STREET $2.2 M

2 BR, 2 BATH

WEB ID: 560052

$1.495 M


LISTINGS

NYC’s

Premier

Properties

$12,995,000

307 West 4th Street in the West Village Townhouse (4,360 sf): 4 beds, 6 baths | Amenities: fireplace, garden, prewar, roof deck | Listing ID: S739327

The ultimate in luxury living awaits in the heart of the West Village. Situated on arguably one of the best blocks in the neighborhood, this sun-flooded, 20-footwide townhouse has been lovingly restored and designed to suit even the most discerning palate. Warm radiant quarter sawn white oak flooring is offset by custom-made steel casement windows and doors. Listed by Raphael De Niro, (T) 212-460-0655, (E) thedenirogroup@elliman.com.

PH B at 270 Broadway in Tribeca

$12,500,000

Condo (5,095 sf): 5 beds, 5.5 baths | Amenities: fireplace, concierge, prewar, roof deck | Maintenance: $7,394 | RET: $5,826 | Listing ID: S689351 Perched atop an Art Deco 1930’s A-grade full service condominium building, this remarkable penthouse has been meticulously gut-renovated to the most exacting standards by Steven Harris, one of the premier architects of our time. Occupying an entire peninsula at the top of the building, this duplex home boasts awe-inspiring, protected views south to Downtown Manhattan, sensational sunsets to the west and exhilarating views north. Listed by Leonard Steinberg, (T) 212-727-6164, (E) lsteinberg@elliman.com.

48

Luxury Listings NYC | MARCH/APRIL 2013

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LISTINGS

NYC’s

Premier

Properties

484 Greenwich Street in Soho/Nolita

$12,500,000

Townhouse | Listing ID: S821186 Industrial and modern with prewar bones, Peter Himmelstein created an architectural gem by restoring and enhancing the original brick façade while adding a twostory metal and glass extension with casement windows, topped off by a fabulous roof terrace with New York City skyline views. The roof deck features a unique steel I-beam pergola as well as an outdoor shower. Listed by Steven Gold, (T) 212-321-7152, (E) steven.gold@elliman.com.

Parlor at 15 East 70th Street on the Upper East Side

$10,950,000

Condo: 3 beds, 3.5 baths | Amenities: doorman, prewar | Maintenance: $8,550 | RET: $2,800 | Listing ID: S784166 This sophisticated home located in a double-wide full service mansion off Fifth Avenue features classical turn-of-the-century details with modern conveniences. Occupying the whole floor of this intimate and prestigious mansion, this three-bedroom home with 3.5 bathrooms is perfectly suited for entertaining on a grand scale. Listed by Dolly Lenz, (T) 212-891-7113, (E) dlenz@elliman.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

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49


LISTINGS

NYC’s

Premier

Properties

$10,000,000

81 Hanson Place in Fort Greene, Brooklyn Townhouse (10,564 sf): 5 beds, 4.5 baths | RET: $3,229 | Amenities: outdoor space, prewar | Listing ID: S745818

A true masterpiece! This totally original, one-of-a-kind four-story home has come on the market for the very first time, offering that discerning buyer a rare opportunity. Boasting over 10,550 square feet of impeccably designed living space, two pre-existing buildings—a 19th-century schoolhouse and adjoining townhouse —seamlessly joined to create a flawless flow. Listed by Patty LaRocco, (T) 646-998-7444 , (E) plarocco@townrealestate.com.

Unit #1-2 at 165 Charles Street in the West Village

$9,000,000

9th floor at 31 West 21st Street in Chelsea

$8,100,000

Condo (3,411 sf): 3 beds, 3.5 baths | Common charges: $6,081 | RET: $1,637 Amenities: doorman, prewar | Listing ID: S746286

Condo (4,776 sf): 3 beds, 3 baths | Common charges: $2,350 | RET: $4,250 Amenities: pets allowed, prewar | Listing ID: S697795

An unbelievable opportunity now exists to combine two Richard Meier originals into one of Manhattan’s great loft apartments. Listed by Susan Green, (T) 646-998-7428, (E) sgreen@townrealestate.com.

Consider this—a last large loft in the new Flatiron District priced at under $1,800 per square foot. Listed by Alex Ionescu, (T) 646-300-6038, (E) aionescu@townrealestate.com.

50

Luxury Listings NYC | MARCH/APRIL 2013

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LISTINGS

NYC’s

Premier

Properties

$10,800,000

10th floor at 50 Gramercy Park North in Gramercy Park Cond-op (3,066 sf): 3 beds, 4 baths | Amenities: prewar, doorman, elevator, outdoor space | Common charges: $11,929 | Listing ID: S643993

For those who only want the best … A superior full-floor home at one of downtown’s most sought-after addresses is now available. This luxurious property features spectacular direct southern views of Gramercy Park and beyond. An immaculate home largely designed by the famed John Pawson offers an elegant, airy ambiance complemented by oversized windows looking south onto prestigious Gramercy Park. Listed by Wassim Serhan, (T) 646-588-4025, (E) wserhan@townrealestate.com.

Apt. #5B at 101 Warren Street in Tribeca

$8,780,000

Condo (3,000 sf): 4 beds, 4.5 baths | Amenities: exercise room, doorman, courtyard, garden | Maintenance: $3,099 | RET: $1,628 | Listing ID: S748595 101 Warren Street, one of Tribeca’s most prestigious condominium buildings, offers this rare opportunity of a home with a remarkable 3,000-square-foot interior and 1,600-square-foot outdoor space, making it the largest unit in the coveted townhouse section of the 101 Warren development. This exquisite one-of-a-kind four-plus-bedroom, four en-suite baths and a half-bath duplex apartment (originally five bedrooms, 5.5 baths) is tastefully renovated with many custom touches. Listed by Wing Fong, (T) 212-965-6009, (E) wfong@elliman.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

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51


NEIGHBORHOODS

Changes afoot at Chelsea Market Office towers, more shops have residents on edge about pedestrian, car traffic Nabisco’s old squatty warehouse is sure to be growing up in a few years.

C

helsea Marketplace is heightening its profile. Two

A spokesman for Jamestown Properties told the Times that all

office towers—one eight stories and the other

the tenants for the former bakery location will be start-ups with ties

seven stories—are being added to the historic

to food; a bike shop and a barbershop are slated for the loading

Nabisco site, an expansion that rankles many in

dock and office spaces.

the neighborhood.

All the activity—Jamestown’s office towers, a shopping center

Before construction gets underway in 2015, though, developer Jamestown Properties is ren-

ment—has neighbors worried about both foot and car traffic.

ovating the interior of the squat warehouse, according to the New

“West Chelsea has gone from one of the least congested parts

York Times. The makeover will make room for eight more shops

of Manhattan to one of the most congested parts of Manhattan,

without altering the landmark’s exterior.

which is a pretty dramatic transformation in less than a decade,”

Much of the 5,700 square feet opened up when Amy’s Bread

Andrew Berman of the Greenwich Village Society for Historic Pres-

moved its baking operations; the conversion of a loading dock and

ervation told the Times. “I think at a certain point you can have too

an office also created space.

much of a good thing.”

Where have the apartments all gone? Demand in Chelsea has meant fewer homes on market Year

Apts. on market

2013

320

2012

377

2011

428

2010

434

2009

558

Source: StreetEasy. Numbers are for Feb. 15 of each year.

52

at Pier 57 also set to open in 2015 and the Hudson Yards develop-

Luxury Listings NYC | MARCH/APRIL 2013

What’s on your real estate radar? Adrian Noriega, an associate broker at Core Q: What is the most exciting new development in the neighborhood? A: I think 455 West 20th Street, located on the grounds of the General Theological Seminary, is probably one of the most exciting and most watched developments in the neighborhood. It offers a blend of “old” and “new” New York. The developers have converted some of the old structures and added a new building, making this one of West Chelsea’s most sought-after developments. Jason Saft, senior associate at Citi Habitats Q: Which building is seeing the greatest price hikes? A: I had the first resale at the Caledonia [a condo building next to the High Line] back around 2008 right as the financial markets were imploding. The unit traded at just over $1,500 per square foot. But now another unit just traded at $2,353 per square foot and there is a unit in contract at around $3,000 per square foot (with outdoor space).


NEIGHBORHOODS

Pricey neighborhood sales of 2013 so far Photographer Alice Kandell, who has one of the most comprehensive collections of Tibetan Buddhist art in the West, purchased a full-floor loft condo at 217 West 19th Street for $4.4 million. Enkhmaa Davaanyam forked over $4.35 million for a 1,637-square-foot condo in the Caledonia, at 450 West 17th Street. A three-bedroom penthouse at 224 West 18th Street sold for $3.4 million. The duplex has a rooftop terrace and two balconies that add up to more than 1,000 square feet. The buyer: Grant Greville Biggar. Another high-dollar deal the Caledonia: Omar Kara sold a two-bedroom, two-bathroom loft in the condominium tower for $2.98 million. Designer Karim Rashid sold his home at 251 West 19th Street for $2.7 million.

Housing tales from the ’hood High Line is top date spot

In the mood for love? Take your honey to the High Line. The High Line abandoned rail line-turned-scenic park ranks as the No. 1 place in New York City to go on a date, according to rankings by a dating website. HowAboutWe came up with its list from more than 1 million dates posted by its users, Business Insider reported. Other Manhattan places popular with lovers: Central Park and the Metropolitan Museum of Art.

Celeb real estate in the neighborhood

Actor Ethan Hawke is asking $6.3 million for his two-family townhouse at 353 West 21st Street, near Ninth Avenue. The 3,500-squarefoot home has six bedrooms.

Reality star and broker Ryan Serhant is new in the neighborhood, settling in at Loft25 at 420 West 25th Street. His old digs were at 20 Pine Street in the Financial District. Serhant, of “Million Dollar Listing New York” and Nest Seekers International, is reportedly paying $6,000 a month for his new onebedroom corner apartment.

Sources: StreetEasy and Luxury Listings NYC research.

Average sale prices in Chelsea Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$523,894

$923,045

$1.7M

$3.9M

$6.8M

Emmy-winning writer and producer David Chase has plunked down $9.65 million for a penthouse in London Terrace Towers that late author Susan Sontag once owned. The building, at 435 West 23rd Street, has been home to many well-knowns, including singers Debbie Harry and Rufus Wainwright, “Project Runway’s” Tim Gunn, actresses Katherine Helmond and Nicole Kidman, and “Saturday Night Live” cast members Chris Kattan and Bill Hader.

Source: StreetEasy.

Renting vs. owning in Chelsea Apt. size

Monthly cost to own

Monthly cost to rent

Which is cheaper (price difference)

Studio

$2,497

$2,500

Owning (by $3/mo.)

1 bed

$4,353

$3,550

Renting (by $803/mo.)

2 beds

$9,583

$5,417

Renting (by $4,166/mo.)

3 beds

$14,978

$6,750

Renting (by $8,228/mo.)

>3 beds

$22,533

$13,750

Renting (by $8,783/mo.)

Note: Median monthly cost to own includes mortgage payment, common charges and real estate taxes for condos, or mortgage payment and maintenance for co-ops. Source: StreetEasy.

Sizing up schools Number of public schools: 17 Top public schools: P.S. 11 William T. Harris, P.S. 33 Chelsea Prep Top private schools: Avenues, Corlears, Friends Seminary The takeaway: A new school at the Foundling Hospital site set to open in September 2014 prompted city education officials to change Chelsea and West Village school zones. Avenues: The World School Sources: NYC government, DNAinfo, New York Times, Huffington Post.

Luxury Listings NYC | MARCH/APRIL 2013

53


NEIGHBORHOODS

Neighborhood fast facts

New developments underway in Chelsea

120,000

Number of visitors a week that Chelsea Market draws

General Theological Seminary

The Brodsky Organization is transforming the historic General Theological Seminary at 455 West 20th Street into condos. When marketing officially started in January, half of the 22 homes had already been sold, including the $12.6 million penthouse.

Walker Tower

A building at 212 West 18th Street will house the Walker Tower condominium, converted by JDS Development Group and Property Markets Group. JDS has raised prices on the still-under-construction homes 13 times.

3.7 million

Number of tourists who visit the High Line each year

95

Number of grand larcenies this year (thefts valued at $1,000 or more) in the 10th Precinct, which covers Chelsea and Clinton South, as of Feb. 17 Sources: New York Times, Curbed, New York Police Department.

Most expensive co-ops on the market

Address 253 West 28th Street, #3 (former Remington Factory of Chelsea) Size 1 bed, 2 baths, 1 halfbath; 5,500 square feet Price $5 million Hot Feature Windows on all sides

Address 410 West 24th Street, #18B Size 4 beds, 4 baths; 2,750 square feet Price $4.95 million Hot Feature Custom-arched glass French doors

Address 465 West 23rd Street, #8D Size 4 beds, 3 baths; 2,500 square feet Price $4.4M Hot Feature No board approval required

Sources: StreetEasy and Luxury Listings NYC research.

Priciest townhouses on the market

Address 150 West 15th Street

Address 233 West 20th Street

Address 343 West 19th Street

Size 6 beds, 10 baths; 8,400 square feet

Size 6 beds, 6 baths and 5 half-baths; 7,000 square feet

Size 5 beds, 3 baths and 1 half-bath

Price $15.9 million Hot Feature An eight-person elevator plus a roof terrace and landscaped garden

Price $8.99 million Hot Feature A sunken living room and open chef’s kitchen

Sources: StreetEasy and Luxury Listings NYC research.

54

Luxury Listings NYC | MARCH/APRIL 2013

Price $7.25 million Hot Feature Two wood-burning fireplaces, an all-glass solarium and private garden

New stores in the nabe Hair stylist Paul Labrecque is setting up shop on the second floor of the Sports Center at Pier 60 Hudson River Greenway. The Chelsea Piers salon and spa, the company’s fourth in Manhattan, plans to open in April. Fast-growing grocery chain Fairway Market will open its seventh New York City store in the 406-unit Chelsea Landmark rental building, at 766 Sixth Avenue; the lease is for all of the 33-story tower’s 26,000 square feet of commercial space.

Average monthly rental prices in Chelsea Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$2,739

$3,873

$6,239

$9,862

$12,998

Source: StreetEasy.


EXCEPTIONAL RESIDENCES

Š 2013 Douglas Elliman Real Estate. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the Equal Housing Opportunity. school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert.

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270 Broadway, Penthouse B, TRIBECA

$12,500,000 | Web# 1486232

497 Greenwich Street, 5A, WEST SOHO

$4,250,000 | Web# 1410151

173 Perry Street, 3N, WEST VILLAGE

$4,495,000 | Web# 1332350


LISTINGS

NYC’s

Premier

Properties

166 West 88th Street on the Upper West Side

$6,995,000

Townhouse (5,000 sf): 4 beds, 4 baths | Amenities: fireplace, garden, prewar | Listing ID: S773787 Located in a quintessential Upper West Side location, sits 166 West 88th Street, a renovated landmarked townhouse. Originally built in 1890, this four-bedroom, four-bathroom home seamlessly blends original details with modern-day conveniences. Listed by Dolly Lenz, (T) 212-891-7113, (E) dlenz@elliman.com.

PH at 441 East 57th Street in Sutton Place

$6,450,000

Condo (2,754 sf): 3 beds, 3.5 baths | Amenities: fireplace, water view, private outdoor space | Maintenance: $4,857 | RET: $860 | Listing ID: S746321 This spectacular triplex penthouse with a private roof terrace offers a work-of-art townhome-style residence paying homage to light, luxury, modernity and privacy in a one-of-a-kind new construction in Sutton Place. An elegant play of textures and finishes throughout this home are complemented by charcoal-stained wood floors, custom-designed cabinetry and millwork plus stunning fixtures and finishes. Listed by Katherine Gauthier, (T) 212-769-9832, (E) kgauthier@elliman.com.

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Luxury Listings NYC | MARCH/APRIL 2013

Log on to LLNYC.com and use the Listing ID to find out more about the listings.


LISTINGS

NYC’s

Premier

Properties

$5,300,000

Unit #PH3 at 5 Tudor City Place in Murray Hill Co-op: 6 rooms, 2 beds, 2.5 baths | Amenities: doorman, elevator, gym | Maintenance: $5,400 | Listing ID: S684912

Spectacular French château in the sky with an enormous and private set-back terrace and the most stunning panoramic views of the Manhattan skyline. The dramatic living room has a soaring 18-foot-high ceiling, incredible floor-to-ceiling casement windows that line the walls and have been restored to their original grandeur, plus a wood-burning fireplace. Listed by Pat Slochower, (T) 646-505-2236, (E) pslochower@elliman.com.

$14,500,000

Apt. #56N at 88 Central Park West on the Upper West Side Co-op: 8 rooms, 3 beds, 3 baths | Amenities: prewar, attended lobby, outdoor space | Maintenance: $6,222 | Listing ID: S747532

Located in one of Central Park West’s very best buildings, this beautifully renovated duplex is situated on the perfect floor to watch the annual Thanksgiving Day Parade. Imagine being nose to nose with Snoopy. It enjoys lovely Central Park views, excellent light and huge high-ceilinged rooms with original details, all lovingly restored. Listed by Kirk Henckels, (T) 212-452-4402, (E) khenckels@stribling.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

Luxury Listings NYC | MARCH/APRIL 2013

57


NYC VS. THE WORLD

The highest compliment for High Line: Rail restoration spawns global copycats By Christopher Cameron

I

t’s the high life on the High Line. Redevelopment of the abandoned elevated rail line has sparked a renaissance for Manhattan’s West Side—higher property values, new office buildings and hotels—and has inspired more than a dozen copycat projects worldwide.

From Europe to Asia to South America and back to the United States, investors are using the High Line as their model for how a public-private partnership can truly be a win-win. Today, the green space is nearly complete, but the work has taken time and, yes, lots of money.

Above the hustle and bustle, the High Line provides a bit of peace and quite a bit of beauty.

The timeline

The investment

In 1999, a community-based nonprofit group called Friends of the High Line began lobbying to transform nearly 1.5 miles of old train right-of-way into a stunning park with the Hudson River as its backdrop. A dozen years and $152 million later, two of the three sections of the High Line are open, according to the nonprofit. The third section, with a $90 million price tag, is slated to open in 2014. Already, the High Line is attracting 3.7 million visitors a year.

So far, investors have pumped nearly $2 billion into neighborhoods surrounding the High Line. Nearly 30 developments have been built or are under construction. Surrounding the park now are 2,558 residential units, 1,000 hotel rooms and more than 423,000 square feet of office space, the New York Times reported. Between 2003 and 2011, nearby residential property values grew 103 percent.

The wannabes Imitation, the saying goes, is the sincerest form of flattery. If the adage is true, the High Line is held in high regard overseas and at home. Three examples:

Lowline The “Lowline” would convert a Lower East Side trolley terminal last used in 1948 into an underground park, the Wall Street Journal reported. The project could cost up to $72 million but is expected to increase property values and could generate $5 million to $10 million in tax revenue over 30 years.

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Luxury Listings NYC | MARCH/APRIL 2013

QueensWay Queens wants its own scenic elevated walkway crafted from 3.5 miles of abandoned Rockaway Rail Line. The name, at least for now: QueensWay. The project has drawn both rants and raves. Critics of the project, which would stretch from Rego Park to Ozone Park, want the line reactivated for public transportation, at a cost of $500 million.

Mushroom Mile London has its sights set on creating a mushroom garden in its old Mail Rail tunnel under Oxford Street. The city, according to the Londonist, sponsored a design competition for a High Line–style park; the winner, Fletcher Priest Architects, called its entry “Pop Down.”


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NEIGHBORHOODS

West Village heads further upscale A spate of new high-end condo projects will raise the price bar in the neighborhood 150 Charles Street provides a fabulous view of Manhattan’s skyline.

T

he West Village has a bunch more high-end

33,000 square feet of landscaped private green space and has both a

homes on the market these days.

covered driveway and a covered parking lot.

Marketing is now in full swing for 150 Charles

“Up until now, that part of the far West Village was the only section

Street, the much anticipated condo project by

of the neighborhood that was still a bit ‘raw’ and … [this] project will

the Witkoff Group. Prices for the 91 homes are

impact real estate values for the western parts of West 10th Street

not cheap—ranging from $4.2 million for two-

and Weehawken Street,” Udi Eliasi, a vice president at Citi Habitats,

bedrooms to $8.95 million for four-bedrooms, ac-

told Luxury Listings NYC.

cording to Curbed.

Later this month, the West Village will get another housing in-

The building, designed by Cook + Fox Architects, has a laundry list

fusion when the 64 homes in the rehabbed Printing House, at 421

of comforts: a 75-foot lap pool, interiors by Alan Wanzenberg Design,

Hudson Street, go up for sale. Also happening in the neighborhood is

an entertainment lounge, a playroom and a trifecta of attendants—

Rudin Management’s conversion of the old St. Vincent’s Hospital site

doorman, porter and concierge.

into a posh high-rise. The name of the development is apropos: the

Outside, the building—it takes up the block bounded by West 10th,

West Village Residences.

Charles, Washington and West streets—is surrounded by more than

Where have the apartments all gone? Fewer and fewer homes for sale in West Village Year

Apts. on market

2013

165

2012

199

2011

212

2010

190

2009

288

Source: StreetEasy. Numbers are for Feb. 15 of each year.

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Luxury Listings NYC | MARCH/APRIL 2013

What’s on your real estate radar? William Doscher, a vice president at Nest Seekers International Q: What is the most exciting new development? A: The second phase of the former St. Vincent’s Hospital being converted to luxury condos on West 12th Street.

Marlene Hartstein, a managing director at Warburg Realty Q: With the market getting stronger and apartments getting snapped up, where is the greatest shortage of homes for sale? A: There is not an area that does not have a dearth of inventory in Greenwich Village. From apartments in walk-ups to loft buildings with all amenities, there is little to be had in that area.


NEIGHBORHOODS

West Village sales of 2013 so far: a sampler A two-bedroom, two-bathroom co-op sold at 130 Jane Street for $1.98 million. The duplex has a custom staircase with oak treads and 500 square feet of private space. Two co-op units sold at 708 Greenwich Street, one for $1.5 million and one for $1.48 million. The building’s amenities include a bike room, a live-in super and a roof deck with views of the Hudson River. A co-op penthouse unit sold at 838 Greenwich Street for $930,000. A two-bedroom, onebathroom cond-op, at 442 Hudson Street, has been snapped up for $895,000. The home is on the top floor of a five-story walk-up. Sources: StreetEasy and Luxury Listings NYC research.

Snapshot of a recent sale in the Village $13,000,000 | 38 Bethune Street The buyers were looking at commercial space in the area, when 38 Bethune Street they spotted a “For Sale” sign at 38 Bethune and thought, “‘That would be an easy commute,’” said listing agent Vickey Barron of brokerage Core. They had a lot on their plate and it took some time. In the interim, there were several offers. The owner was emotionally attached to the house and was convinced that the right buyer was out there. “Six months later, they circled back around and the owner sold it to them for less money than he was previously offered because he liked them.” —Vickey Barron, Core

Celeb real estate in the neighborhood Rich Gelfond, the CEO of the Canada-based Imax Corporation, looks like he has a contract on the townhouse owned by actress Milla Jovovich. Gelfond had lived in an apartment at 100 Greenwich Avenue for two years before submitting an unsolicited offer for the home.

Grammy-winning Carly Simon has re-listed her duplex at 46 Commerce Street near Barrow Street. The singer/songwriter is asking $2.5 million for the two-bedroom, two-bath co-op.

Average sale prices in the West Village Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$480,065

$886,348

$2.3M

$3.1M

$11.7M

Source: StreetEasy.

Renting vs. owning in Greenwich Village Apt. size

Monthly cost to own

Monthly cost to rent

Which is cheaper (price difference)

Studio

$2,620

$2,700

Owning (by $80/mo.)

1 bed

$4,135

$3,495

Renting (by $640/mo.)

2 beds

$9,935

$4,700

Renting (by $5,235/mo.)

3 beds

$22,259

$6,000

Renting (by $16,259/mo.)

$20,000

Renting (by $10,155/mo.)

>3 beds

$30,155

Note: Median monthly cost to own includes mortgage payment, common charges and real estate taxes for condos, or mortgage payment and maintenance for co-ops. Source: StreetEasy.

Musician Paul Simon checked out a unit at 166 Perry Street with his son, tipsters told the New York Observer. Simon also was spotted looking at apartments at 250 Bowery, a source told the Daily News.

Ethan Coen, half of the brotherly filmmaking duo behind Oscar-winning “Fargo” and “No Country for Old Men,” has listed his coop at 30 East 10th Street for $2.34 million, according to media accounts.

The Greenwich Village townhouse at 18 West 11th Street, where members of the radical leftist group the Weather Underground accidentally detonated a bomb in March 1970, has sold for $9.25 million. Three people died in the explosion there.

Sizing up schools in the neighborhood Number of public schools: 9 Top public schools: P.S. 41 Greenwich Village, P.S. 3 Charrette School, Simon Baruch Middle School Some top private schools: City & Country School, St. Luke’s School, Village Community School, Little Red Schoolhouse, Xavier High School, Notre Dame School

Xavier High School

The takeaway: For parents going the public school route, a new school opened this year: Harvest Collegiate High School at 34 West 14th Street.

Sources: NYC government, Insideschools, GreatSchools and Abacus Guide Educational Consulting.

Luxury Listings NYC | MARCH/APRIL 2013

61


NEIGHBORHOODS

Greenwich Village fast facts

$475

Monthly rent that the late Ed Koch paid for his rent-controlled apartment at 14 Washington Place when he was inaugurated as mayor in 1978

28 percent

Price cut for the listing with the highest drop in asking price in January—a co-op at 51 Fifth Avenue in Greenwich Village, on the market in February for $925,000

276

Number of new condo apartments being planned by developers for Greenwich Village and the West Village Sources: The Real Deal’s 2013 Data Book, New York Times and StreetEasy.

Priciest townhouses on the market

Address 755 Greenwich Street

Address 340 West 12th Street

Address 85 Charles Street

Size 10,200 square feet

Size 7 beds, 3 baths, 2 halfbaths; 6,200 square feet

Size 6 beds, 4 baths, 2 halfbaths

Price $19 millon

Price $18.5 million

Hot Features A carriage house and a private patio

Hot Features A roof garden with a kitchenette and an outdoor shower

Price $33 million Hot Feature The owner is photographer Annie Leibovitz

Biggest community news affecting local real estate A place for learning. The West Village could get more room for public school kids. Public school officials and members of two community boards told residents that they want to see 75 Morton Street house a large middle school or a combination of smaller schools, such as an elementary-middle combo, DNAinfo reported. Right now, the 177,000-square-foot, seven-story building is used by the state Office for People with Developmental Disabilities. Pols blast latest Pier 40 plan. State Sens. Daniel Squadron and Brad Hoylman don’t like a community advocacy group’s idea to turn a parking lot into 600 homes, with 10.5 acres of open space for parks and sports fields, Crain’s reported. Developer Douglas Durst has floated a plan to carve out pier space for commercial uses; the idea got a big-thumbs down from the park’s trust.

New stores opening doors West Village residents can get their fill of pancakes at the new IHOP, at 80 Carmine Street.

Sources: StreetEasy and Luxury Listings NYC research.

New rental roundup: what’s coming to the neighborhood

555 Sixth Avenue

A teaser website has been launched for the Code, the residential rental portion of a building at 555 Sixth Avenue that once housed staff members of the old St. Vincent’s Hospital. Leasing at the building, which now uses the alternate address of 101 West 15th Street, is slated to start this summer, according to Stonehenge, the conversion’s developer.

Upscale British shoe brand Kurt Geiger just opened its first New York City store at 375 Bleecker Street.

Average monthly rental prices in the West Village Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$3,411

$3,871

$6,270

$11,223

$20,499

Source: StreetEasy.

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Luxury Listings NYC | MARCH/APRIL 2013


LISTINGS

NYC’s

Premier

Properties

$14,900,000

Apt. 22AB at 120 East 87th Street on the Upper East Side

Condo (3,765 sf): 8 rooms, 4 beds, 4.5 baths | Amenities: terrace, doorman, beamed ceiling | Maintenance: $6,300 | RET: $7,857 | Listing ID: S756948 For the first time ever there is an opportunity to purchase this condominium with spectacular views, expansive terraces and soaring ceilings. Currently configured with five bedrooms, this property encompasses the entire southern half of the floor at this premier Upper East Sde full-service condominium building. Listed by Debra LaChance, (T) 212-941-2643, (E) dla@corcoran.com.

351 Riverside Drive on the Upper West Side

$13,500,000

Apt. 34B at 207 East 57th Street in Midtown East

$6,500,000

Townhouse (4,372 sf): 18 rooms, 12 beds, 11 baths | Annual taxes: $33,702 Listing ID: S643838

Condo (2,439 sf): 6 rooms, 3 beds, 3 baths | Amenities: doorman, duplex Maintenance: $3,284 | RET: $1,603 | Listing ID: S677691

Built in 1909 by William Tuthill, the architect who designed Carnegie Hall, is currently the only free-standing single-family mansion in Manhattan. Listed by Tod Mercy, (T) 917-476-3598, (E) tod.mercy@corcoran.com.

Prepare to be dazzled! Completely unique—unlike any other property uptown, this downtown loft-like mindset has been brilliantly translated into a stateof-the art luxury boutique condominium in Midtown East. Listed by Mark Schoenfeld, (T) 212-941-2510, (E) mbs@corcoran.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

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63


LISTINGS

NYC’s

Premier

Properties

$4,250,000

Apt. 5A at 497 Greenwich Street in Soho/Nolita Condo (2,776 sf): 2 beds, 3 baths | Amenities: balcony, courtyard, loft, pool | Maintenance: $2,399 | RET: $1,886 | Listing ID: S750592

Located in this prolific Winka Dubbeldam-designed landmark located on a discreet and picturesque block nestled at the crossroads of Soho, Tribeca and the Hudson River Park, this sensational apartment features a wall of sculptured glass that fills the space with western light all day long. Listed by Leonard Steinberg, (T) 212-727-6164, (E) lsteinberg@elliman.com.

a

85 Charles Street in the West Village

$18,500,000

Apt. 16B at 1049 Fifth Avenue in Carnegie Hill

$13,500,000

Townhouse: 6 beds, 5 baths | Amenities: fireplace, garden, prewar Listing ID: S813161

Condo (3,335 sf): 4 beds, 3.5 baths | Amenities: concierge, prewar Maintenance: $5,279 | RET: $5,683 | Listing ID: S747651

This five-story house has been beautifully and thoughtfully renovated and offers all that is exceptional about a Greenwich Village house. Listed by Leslie Mason, (T) 212-206-2810, (E) lmason@elliman.com.

Breathtaking Central Park and reservoir views from this high-floor rare prewar 3,335-square-foot condo. Listed by Carol Staab, (T) 212-891-7205, (E) cstaab@elliman.com.

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Luxury Listings NYC | MARCH/APRIL 2013

Log on to LLNYC.com and use the Listing ID to find out more about the listings.


LISTINGS

NYC’s

Premier

Properties

Apt. TH at 238 East 4th Street in the East Village

$7,500,000

49 Barrow Street in the West Village

$6,498,000

Condo (5,840 sf): 4 beds, 2.5 baths | Common charges: $1,100 | RET: $1,012 Amenities: outdoor space, postwar | Listing ID: S677890

Townhouse (2,400 sf): 3 beds, 2.5 baths | RET: $1,210 | Amenities: patio, outdoor space | Listing ID: S770135

Effortless elegance, timeless style and modern design. Listed by Wilbur Gonzalez, (T) 646-738-6937, (E) wilbur@townrealestate.com.

As featured in the New York Post Dream Homes—unique and charming— with ivy-covered facade, on the glorious tree-lined Barrow Street. Listed by Danny Davis, (T) 646-588-4052, (E) ddavis@townrealestate.com.

1185 Park Avenue in Carnegie Hill

$5,975,000

Apt. 935 at 360 Furman Street in Brooklyn Heights, Brooklyn

$1,045,000

Co-op (3,400 sf): 5 beds, 4 baths | Maintenance: $6,236 | RET: $3,061 Amenities: pets allowed, prewar

Condo (1,082 sf): Studio, 1 bath | Common charges: $1,106 | RET: $90 Amenities: loft, river view | Listing ID: S766809

New to Fox is this spectacular nine-room apartment on Park Avenue in one of Carnegie Hill’s top prewar co-op buildings. Listed by Barbara Fox, (T) 212-639-9711, (E) bfox@foxresidential.com.

From the moment you enter this expansive loft with home office, you are greeted with views of the harbor and tons of light. Listed by Penelope Stipanovich, (T) 718-330-0030, (E) penelope@onebrooklyn.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

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65


NEIGHBORHOODS

More condos on tap in tight market New projects range from a former Beastie Boy home to a gutted Tootsie Roll factory Homes in the Spice Warehouse at 481 Washington Street are already on the market.

S

oho has plenty of new projects being planned.

the site), 111 Mercer Street and 70 Greene Street. At the Greene Street

Some are in new buildings; others are in old ware-

address sits a five-story loft building that is being converted into three

houses and factories rich with history. And they

homes; two take up full floors and one is a triplex penthouse.

can’t come fast enough given the dearth of overall apartments for sale in the neighborhood.

way is being converted into condos, which should go up for sale in

Renwick Modern is a new condominium, at 22

about a year. The former home of Beastie Boy Adam Horovitz, at 186

Renwick Street near Hudson Square, getting ready

Spring Street, is getting a condo makeover, too. And, at 449 Wash-

to launch sales in just weeks, a spokesperson told Luxury Listings

ington Street, a five-story production studio is being transformed into

NYC. Designed by Philip Johnson/Alan Ritchie Architects, the 12-story

seven floors of homes that go on the market in March.

tower has 18 homes—a few come with private outdoor space.

And waiting for the city’s OK are proposals for 73 Sullivan Street,

Four buildings started marketing their homes last year: Spice

the site of the old Sullivan Street Bakery, and 42 Crosby Street. The

Warehouse at 481 Washington Street, the Arman Building at 482

Crosby project is a design by star architect Annabelle Selldorf that

Washington Street (named for the artist Arman, who had a studio at

needs the go-ahead from the Landmarks Preservation Commission.

Where have the apartments all gone? Number of Soho homes for sale go into a freefall Year

Apts. on market

2013

163

2012

429

2011

464

2010

504

2009

459

Source: StreetEasy. Numbers are for Feb. 15 of each year.

66

In the works: The former Tootsie Roll factory at 325 West Broad-

Luxury Listings NYC | MARCH/APRIL 2013

What’s on your real estate radar? Cosmin Bita, senior associate at Citi Habitats Q: Which condo has the best amenities in the neighborhood? A: 40 Mercer Street. Notably, the building features a 24-hour doorman, concierge, underground parking, pool, sauna, whirlpool, fitness center, landscaped courtyard and rooftop terrace. Prices reflect these amenities accordingly; you can now rent fashion designer Mark Jacobs’ home for only $37,500 a month. Camille Duvall-Hero, a broker at Warburg Realty Q: Mayor Michael Bloomberg has vowed to push ahead with mega-projects. Which projects in the neighborhood do you think should be first on the list? A: It’s hard to say. Mayor Bloomberg’s list was ambitious and all projects worthwhile, especially in the tech and research areas. The Genome Research Center in Soho will help diversify the NYC job pool.


NEIGHBORHOODS

Pricey Soho sales of 2013 so far

Most expensive townhouses for sale

A three-bedroom condo at 104 Wooster Street went for $5.65 million, a little more than the $5.59 million asking price. “It was practically a record for the building,” Jason Saft of Citi Habitats, one of the agents, told The Real Deal.

Two homes in the Spice Warehouse, at 481 Washington Street, brought big bucks. One went for $4.28 million, the other for $4.24 million. A two-bedroom apartment in the Jean Nouveldesigned building at 40 Mercer Street was snapped up for $4.3 million.

Address 484 Greenwich Street

Address 9 Vandam Street

Size 3 beds, 3.5 baths

Size 2,800 square feet

Price $12.5 million

Price $4.75 million

Hot Features Two terraces and a landscaped roofdeck

Hot Feature A large private backyard

Sources: StreetEasy and Luxury Listings NYC research.

Celeb real estate in the neighborhood Talk show host Kelly Ripa and husband Mark Consuelos have listed their 76 Crosby Street duplex condo penthouse for $24.5 million, Curbed reported. The 9,965-square-foot home has five bedrooms, 4.5 bathrooms and a 2,500-squarefoot private roof deck with an outdoor fireplace.

A two-bedroom, two-bathroom co-op was picked up at 22 Wooster Street for $3.9 million. Sources: StreetEasy and Luxury Listings NYC research.

Average prices in Soho, by size of apartment Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$415,000

$1.1M

$4.2M

$3.9M

N/A

Source: StreetEasy.

Renting vs. owning in Soho

Singer Alicia Keys has sold her 30 Crosby Street penthouse for $15 million after slashing the price by nearly $3 million. The home hit the market this time last year. Keys and hip-hop hubby Swizz Beatz bought the fivebedroom penthouse for $12.75 million in 2010 from rocker Lenny Kravitz.

Spotted: One of the Jonas Brothers showed up at an open house for a $2.6 million two-bedroom pad at the Urban Glass House. Joe Jonas toured the 1,700-square-foot condo at 330 Spring Street with model girlfriend Blanda Eggenschwiler, the New York Post reported.

Sizing up Soho’s schools

Apt. size

Monthly cost to own

Monthly cost to rent

Which is cheaper (price difference)

Number of public schools: 0

Studio

$6,646

$2,350

Renting (by $4,296/mo.)

1 bed

$7,557

$3,173

Renting (by $4,384/mo.)

Top private school: Elisabeth Irwin High School

2 beds

$12,000

$7,975

Renting (by $4,025/mo.)

3 beds

$21,510

$18,000

Renting (by $3,510/mo.)

>3 beds

$32,129

$16,750

Renting (by $15,379/mo.)

Note: Median monthly cost to own includes mortgage payment, common charges and real estate taxes for condos, or mortgage payment and maintenance for co-ops. Source: StreetEasy.

The Takeaway: Getting a public education means going outside the neighborhood.

Elisabeth Irwin High School Sources: New York City, About.com.

Luxury Listings NYC | MARCH/APRIL 2013

67


NEIGHBORHOODS

Soho fast facts

Biggest community news affecting local real estate

$80,000

The average household income in Soho.

26

The number of blocks designated in 1973 as a city historic district. Its official name: Soho-Cast Iron Historic District.

39

The median age in Soho. Sources: Historic Districts Council, About.com.

Most expensive co-ops on the market

Address 533 Canal Street, #PH

Address 362 West Broadway, #PH

Address 85 Grand Street, 5th floor

Size 3 beds, 2 baths and 1 half-bath

Size 4 beds, 3 baths and 1 half-bath

Size 4 beds, 3 baths

Price $10.95 million

Price $10.5 million

Hot Feature A kitchen designed by chef Mario Batali

Hot Features A media room and a steam room

Price $6.7 million Hot Features A sauna and a step-out balcony

Sources: StreetEasy and Luxury Listings NYC research.

Average monthly rental prices in Soho Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$3,624

$4,485

$9,313

$19,867

$23,895

Source: StreetEasy.

00

Luxury Listings NYC | MARCH/APRIL 2013

Food cart crackdown. Score one for Soho residents in their long battle to keep half-eaten slices and crumbled paper plates off their streets. The city’s Health Department shut down 20 mobile vendors for operating around the clock and leaving their carts unattended, DNAinfo reported. The food carts can reopen after they correct the violations, pay fees and pass inspection, according to the department. A fashion faux pas. Fashion’s Night Out is off—at least in New York City. The annual party, held in dozens of cities around the world, blew up in Soho last fall. Crowds flooded the streets and marauders did serious damage to an Audi. The extravaganza’s organizers, though, didn’t mention the mayhem in their announcement. They simply explained that they want retailers to “channel their resources towards strategies more in keeping with their current priorities.”

New stores in the nabe Club Monaco is moving a few doors up—from 520 Broadway to 532 Broadway. Michael Kors will take Club Monaco’s old digs, the New York Post reported. Cherrywood Kitchen is opening at 300 Spring Street. The menu, by former Nobu and Jean-Georges chef Chris Cheung, will feature smoked meats, seafood and fresh-baked bread.


EXCEPTIONAL OFFERINGS

manhattan

STOREFRONT &OFFICE LOCATIONS

Full Floor Duplex Penthouse

Townhouse with Private Garden

250 East 49th St, Midtown East, 5 Bedrooms, 7.5 bath, Area: 5500 sf, Lot Size: 1100 sf Web ID # 53734 Price:$13,900,000

420 East 85th Street, Upper East Side, Area: 6200 sf, Exterior Area: 800 sf Web ID # 49233 Price:$6,200,000

Jill Marshall 917.723.4423

Jessica C. Campbell 646.924.4362

hamptons

Kips Bay 3 Br/3 Ba With Terrace In A New Development 132 East 30th Street, Kips Bay, 3 Bedrooms, 3 bath, Area:1706 sf Web ID # 58696 Price:$2,350,000

Amjad Pervez 917.607.0339

E A S T S I D E (212) 252 8772 415 MADISON AVENUE NEW YORK NY

W E S T S I D E (646) 443 3715 100 RIVERSIDE BOULEVARD NEW YORK NY

M I D T O W N (212) 252 8772 20 EAST 49TH STREET NEW YORK NY

V I L L A G E (646) 443 3755 55 CHRISTOPHER STREET NEW YORK NY

T R I B E C A (646) 443 3739 156 READE STREET NEW YORK NY

Upper East Side New 2 Bedroom Condo With South Facing 2 Bed/ 2.5 Bath at Soho's River Views 245 East 93rd Street, Upper East Urban Glass House 330 Spring Street, Soho

2 Bed 2 Bath w/ Brooklyn Bridge Views and High Ceilings Open Floor plan 99 John St,

Side, 2 Bedrooms, 2.5 bath, Area:1357 sf Web ID # 59675 Price:$19,000,000

Tribeca, 2 Bedrooms, 2.5 bath, Area: 1347 sf, Web ID # 59526 Price: $2,700,000

Financial District, 2 Bedroom, 2 bath, Area: 1116 sf Web ID #59748 Price:$1,095,000

Rado Varchola 917.250.2458

Ryan Serhant 646.443.3739

Tali Berzak 212.217.9999

High Floor 4 Bedroom at Prime Lincoln Square Location 61 West 62nd Street, Upper

The Orion Condo-Largest 2 Bedroom/2 Bath Unit with River Views 350 West 42nd Street,

Rarely Available S/W Corner Convertible 3 Bedroom 220 Riverside Boulevard, Upper West

Nick Jabbour 646.443.3713

Loic Kessl 917.340.5627

Amir A. Elmoody 917.375.9927

W I L L I A M S B U R G ( 7 1 8 ) 3 02 0900 578 DRIGGS AVENUE BROOKLYN NY

L . I . C . (718) 707 0200 47-44 VERNON BLVD. L.I.C. NY

S O U T H A M P T O N ( 6 3 1 ) 2 8 7 9260 20 MAIN STREET SOUTHAMPTON

NY

E A S T H A M P T O N ( 6 3 1 ) 324 1050 75 MAIN STREET EAST HAMPTON NY

W A T E R M I L L ( 6 3 1 ) 3 5 3 - 0 347 688 MONTAUK HIGHWAY

WATER MILL NY

West Side, 4 Bedrooms, 4 bath, Exterior Area: 150 sq ft Web ID # 56911 Price:$3,950,000

Midtown West, 2 Bedrooms, 2 bath, Area:1430 sf, Side, 2 Bedrooms, 2.5 bath, Area:1776sf, Web ID # 58866, Price:$2,895,000 Web ID # 57665 Price:$1,745,000

B R I D G E H A M P T O N ( 6 3 1 ) 353-0347 2397 MAIN STREET BRIDGEHAMPTON NY 11932

MIAMI C O M I N G

S O O N

8 Bedrooms On 5.2 Acres With Pool And Tennis Deerfield Rd, Water Mill NY,

A Wee Ly Mor, Premier Southampton Village Oceanfront Southampton NY,

8 Bedroom Sagaponack South Serenity!

10 Bedrooms, 8.5 bath, Area: 6600sf, Lot Size: 0.7 Acres Web ID # 56774 Price:$12,950,000

Sagaponack NY, 8 Bedrooms, 7.5 bath, Area: 9000 sf, Lot Size:2.7 Acres Web ID # 40186 Price:$11,000,000

Geoff Gifkins 516.429.6927

Laura Nigro 516.885.4509

Marcy Braun 516.375.6146

Magnificants By Ocean In Bridgehamton!

Bridgehampton NY 7 Bedrooms, 7.5 bath, Area: 7500 sf, Lot Size:1 Acre Web ID # 42650 Price:$11,500,000

Amazing Waterfront Property Sag Harbor NY,6 Bedrooms, 5.5 bath, Area: 6100 sf, Lot Size: 2.7 Acres Web ID # 56779 Price:$6,990,000

Waterfront Contemporary Shelter Island, NY 4 Bedrooms, 3 bath, Area: 3700 sf, Lot Size: 1.4 Acres Web ID # 44151 Price: $3,100,000

Joanne Kane 631.287.9260

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8 Bedrooms, 8.5 bath, Area: 6500 sf, Lot Size: 5.2 Acres Web ID # 37359 Price:$4,995,000

TO JOIN US PLEASE CONTACT: Ravi GULIVINDALA SVP, Managing Director, Associate Broker

646.443.3715 ravig@nestseekers.com Geoff GIFKINS SVP, Managing Director, Associate Broker

631.287.9260 geoffg@nestseekers.com

Christopher Collins 631.204.7329


LISTINGS

NYC’s

Premier

Properties

304 East 30th Street in Kips Bay

$4,200,000

Townhouse | Amenities: basement, fireplace | Listing ID: S805639 Classic circa 1890 townhouse, with owner’s duplex, ground-floor medical office, and charming two- bedroom, floor-through rental. Listed by Liz Dworkin, (T) 212-906-0509, (E) ldworkin@bhsusa.com.

Apt. 3224 at 15 Broad Street in the Financial District

$1,495,000

491 Broadway in Soho

$3,950,000

Loft: 4 rooms, 3 beds, 1 bath | Maintenance: $2,000 | Amenities: prewar, loft Listing ID: S764632 This fifth-floor apartment in Manhattan’s famous Soho area represents a rare and unique opportunity to purchase large square footage in an original fullfloor loft. Listed by Cordelia Robb, (T) 212-906-9323, (E) crobb@bhsusa.com.

PH at 250 East 49th Street in Midtown East

$13,900,000

Condo (1,450 sf): 2 beds, 1.5 baths | Common charges: $1,209 | RET: $177 Amenities: water view, hardwood floors | Listing ID: S800039

Condo (5,500 sf): 12 rooms, 5 beds, 7.5 baths | Common charges: $3,669 RET: $1,622 | Amenities: hi-rise, postwar | Listing ID: S750049

Located on the 32nd floor, 3224 is a south-facing stunner offering gorgeous light and lovely and uncommon open vistas. Listed by Jessica C. Campbell, (T) 646-924-4362, (E) jessicac@nestseekers.com.

One-of-a-kind penthouse duplex spanning two full floors has two terraces, two balconies and dramatic curvilinear glass walls. Listed by Jill Marshall, (T) 917-723-4423, (E) jillm@nestseekers.com.

70

Luxury Listings NYC | MARCH/APRIL 2013

Log on to LLNYC.com and use the Listing ID to find out more about the listings.


LISTINGS

NYC’s

Premier

Properties

$5,400,000

PH 15B at 39 Fifth Avenue in Greenwich Village Co-op (5,924 sf): 4 beds, 4.5 baths | Amenities: elevator, doorman, terrace | Maintenance: $4,418 | Listing ID: S816289

From the early development of Manhattan to the present day, lower Fifth Avenue in Greenwich Village has been home to New York’s most prominent families. This special enclave of luxury prewar co-ops designed by renowned architects continues to appeal to a variety of individuals. Listed by Tony Sargent, (T) 212-500-2105, (E) tsargent@corenyc.com.

Apt. 4A at 305 East 85th Street on the Upper East Side

$3,525,000

Apt. 16A at 700 Park Avenue on the Upper East Side

$4,750,000

Condo (2,349 sf): 3 beds, 3.5 baths | Amenities: library, prewar, health club Monthly taxes: $259 | Common charges: $2,467 | Listing ID: S803853

Co-op: 4 beds, 4.5 baths | Amenities: driveway, garden | Maintenance: $8,387 Listing ID: S632386

Welcome home to the Georgica condominium, a full-service modern building located on a tree-lined block at 305 East 85th Street. Listed by Emily Beare, (T) 212-726-0786, (E) ebeare@corenyc.com.

A grand entrance gallery welcomes you to this pristine high-floor nine-room home. Listed by Ronnie Lane, (T) 212-439-4541, (E) rlane@warburgrealty.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

Luxury Listings NYC | MARCH/APRIL 2013

71


NEIGHBORHOODS

Condos land the star role in makeover of Tribeca Film Festival headquarters Iconic building changed hands last year Actor Robert De Niro, right, is one of the founders of the decade-old Tribeca Film Festival.

L

ights, camera, action! Condos!

tenants on the ground floor—one is Tribeca Cinemas—and 22

It looks like the iconic home of the Tribeca

dwellers. Vera Wang president Mario Grauso lives in the building,

around signage, is going to be converted into

paying $17,500 a month, according to marketing materials.

luxury digs by its new owner, The Real Deal reported.

Mazda negotiated some of the commercial leases during a downturn in the market; as those leases come up for renewal and

Late last year, Florida-based developer

James Bishop snapped up the six-story property at 13-17 Laight

tenants move out, the building could be repositioned, insiders said. Available air rights could allow more stories to be added.

Street, ponying up $56 million—$4 million less than the asking

The existing building would not need to be demolished to de-

price. The seller, Mazda Realty Associates, took the low-ball offer

velop the site, according to sources. The building could be rede-

so it could close the deal before the capital gains tax rates jumped

veloped like the neighboring 1 York Street, a 40-unit condo project

Dec. 31.

that spliced a modern glass tower onto a revamped building from

Right now, the 80,000-square-foot building has three retail

Where have the apartments all gone? Tribeca’s popularity reflected in number of homes for sale Year

Apts. on market

2013

186

2012

287

2011

224

2010

314

2009

375

Source: StreetEasy. Numbers are for Feb. 15 of each year.

72

mixed-use tenants on the upper floors, including nine apartment

Film Festival, a building known for its wrap-

Luxury Listings NYC | MARCH/APRIL 2013

the 1850s.

What’s on your real estate radar? Gloria Sokolin, sales manager at Fox Residential Group Q: Where can you get the most bang for your buck? A: The best investments are in new construction or conversions when they first come on the market. At 52 Laight Street, the three-bedroom apartments were great values at $1,400 per square foot. Elizabeth Unger, senior sales director at Corcoran Sunshine Marketing Group Q: What is the most exciting new development? A: Undoubtedly, the most exciting building coming to market in all of Manhattan is 56 Leonard! It is a global landmark that will forever change the New York skyline. This architectural masterpiece designed by Herzog & de Meuron features residences with floor-toceiling windows, breathtaking views, soaring ceilings, private outdoor space and interiors custom-designed by Herzog & de Meuron, too.


NEIGHBORHOODS

Pricey neighborhood sales of 2013 so far A 2,352-square-foot penthouse condo in the Campbell, at 148 Chambers Street, went for $4.2 million. The price for a 2,240-square-foot condo that sold at 181 Hudson Street: $4 million. A 2,375-square-foot loft at 161 Duane Street sold for $3.4 million. The condo has three bedrooms, two baths and a half-bath. A two-bedroom condo at 50 Lispenard Street went for $2.99 million. The home has 2,100 square feet and 13-foot ceilings.

Snapshot of a recent sale in Tribeca $2,170,000 | 395 Broadway A seller dreams of getting a bid outrageously over the asking price. 395 Broadway Well, dreams can come true. This two-bedroom had an asking price of $1.695 million. It sold fast for $2.17 million, setting a record for the building—$1,800 per square foot. The home was listed by Patty LaRocco and Danny Davis of Town Residential. “There were 15 offers in two days in this non-doorman building.” —Patty LaRocco of Town Residential

Celeb real estate in the neighborhood Also in 50 Lispenard Street, another sale of a two-bedroom home. The price of the 1,760-squarefoot condo: $2.9 million.

John Lennon and Yoko Ono once applied for diplomatic immunity as ambassadors of the “conceptual country” of Nutopia and listed the townhouse at 1 White Street as their diplomatic digs. Today, the Nutopian Embassy is on the market for $4.25 million, Curbed reported.

Sources: StreetEasy and Luxury Listings NYC research.

Average sale prices in Tribeca Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

N/A

$870,000

$2.2M

$3.4M

N/A

Brooklyn Nets guard Deron Williams plunked down $15.8 million for a 6,800-square-foot pad at Merchants House, at 35 North Moore Street, the New York Post reported. The apartment has six bedrooms, four baths, a half-bath and a 3,000-square-foot terrace with a bridge crossing a lily pond.

Source: StreetEasy.

Renting vs. owning in Tribeca Apt. size

Monthly cost to own

Monthly cost to rent

Which is cheaper (price difference)

Studio

$4,145

$3,700

Renting (by $445/mo.)

1 bed

$5,804

$4,295

Renting (by $1,509/mo.)

2 beds

$10,805

$8,000

Renting (by $2,805/mo.)

3 beds

$16,477

$14,988

Renting (by $1,489/mo.)

>3 beds

$41,762

$21,000

Renting (by $20,762/mo.)

Note: Median monthly cost to own includes mortgage payment, common charges and real estate taxes for condos, or mortgage payment and maintenance for coops. Source: StreetEasy.

Sizing up schools Number of public schools: 5 Top public schools: P.S. 234 Independence School, PS 150, H.S. 475 Stuyvesant High School The Takeaway: The neighborhood is good for families with schoolage kids; many move specifically to northern Tribeca so they can be close to P.S. 234. H.S. 475 Stuyvesant High School Sources: NYC government, DNAinfo, About.com.

Luxury Listings NYC | MARCH/APRIL 2013

73


NEIGHBORHOODS

Tribeca fast facts

What’s rising in Tribeca? Condos & more condos

1,300

The number of films screened by the Tribeca Film Festival since its launch in 2002

Imperial Development wants to convert 372 Broadway, also known as 6 Cortlandt Alley, into an eight-story condominium with a glass-walled penthouse, the Tribeca Trib reported. Right now, the building is five floors.

16,332

The number of people who live in the neighborhood

$87,125

The median household income in Tribeca; the city median is $38,293

6 Cortlandt Alley

Sales are slated to start in May at Franklin Place, at 5 Franklin Place, a 20-story condo started in 2008 but stalled by financial crisis, the New York Post reported. Construction is slated to be completed next spring.

Sources: Zillow, www.tribecafilm.com.

Most expensive co-ops on the market 5 Franklin Place

Address 90 West Broadway, #FL11

Address 466 Washington Street, #3W

Size 3 beds, 2 baths; 3,500 square feet

Size 4 beds, 2 baths and 1 half-bath; 3,500 square feet

Price $5.4 million Hot Feature Walls of single-pane, tiltand-turn windows

Price $2.995 million

Address 7 Worth Street, #2 Size 3 beds, 2 baths; 2,350 square feet Price $2.895 million Hot Features Private storage space, exposed brick and marble baths

Hot Feature An open kitchen

New stores in the nabe My Little Sunshine—a one-stop shop for kids that sells toys, clothes and gives haircuts, too— will open its second location in mid-March at 145 Hudson Street, at Hubert Street. Lovely Bridal Shop is coming to 182 Duane Street, between Hudson and Greenwich streets.

Sources: StreetEasy and Luxury Listings NYC research.

Priciest townhouses up for grabs

Address 144 Duane Street

Address 41 Harrison Street

Size 8 beds, 10 baths; 30,000 square feet

Size 3 beds, 3 baths and 1 half-bath

Price $49.5 million

Price $4.9 million

Hot Features 17-foot ceilings, huge windows, several skylights, new mechanical systems and an elevator

Hot Features Six wood-burning fireplaces and a backyard with a beautiful mature plum tree

Sources: StreetEasy and Luxury Listings NYC research.

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Luxury Listings NYC | MARCH/APRIL 2013

A high-end Mexican restaurant has been proposed for 39 North Moore Street, according to the Tribeca Tribune, although it is facing opposition from residents.

Average monthly rental prices in Tribeca Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

N/A

$5,302

$8,826

$16,067

$20,492

Source: StreetEasy.


LISTINGS

NYC’s

Premier

Properties

$6,500,000

Unit #12 at 165 Charles Street in the West Village

Condo (2,356 sf): 5 rooms, 2 beds, 2.5 baths | Amenities: doorman, elevator, gym | Common charges: $4,402 | Monthly taxes: $1,190 | Listing ID: S801254 Re-imagined by celebrated designers Angela Rich and George Gomez, Apartment 12 breathes new life into Richard Meier’s premier West Village boutique condominium.This two-and-a-half bathroom home spread out over 2,356 sq. ft. featuring a private outdoor space is available for $6.5 million. Remote control blinds easily expose the floor to ceiling windows and the magnificent views while offering you protection and privacy when lowered. Listed by Jason Penner, (T) 212-838-3700, (E) jasonpenner@kwnyc.com.

Luxury Listings need Luxury Window Treatments

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133 West 24th Street

212-759-4111

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BELLS AND WHISTLES

The doctor’s on call, right down the hall By Lauren Elkies Schram

A

concierge and a fitness center are, well, so passé. Today, residential developers are wooing tenants with on-site medical services, adjacent “grandparent” apartments and a place outdoors for just the kids. The perks don’t stop there, though. There’s a lot to be said for the things that have nothing to do with luxury but every-

thing to do with convenience: Take the rare garbage disposal, for example, or lockers for laundry services at non-doorman buildings. Luxury Listings NYC surveyed the landscape to find out what the newest bells and whistles of urban living are. Here’s what we unearthed:

Pick up, drop off No doorman or no concierge to handle your laundry? No problem. DashLocker, a start-up formed last year, provides 15-by-22-inch personal lockers that can be accessed any time. All you have to do is put your dirty duds (and scuffed-up shoes) inside your private space. DashLocker does the rest, taking your clothes and footwear for some TLC off-site and bringing them back. You get a text or email when your stuff is ready for pickup.

Down the drain Since when is a $200 garbage disposal something worth noting when selling a home? Well, in New York City, the less-than-glamorous gadget can still seal the deal, according to the New York Times. Disposals, commonplace in houses nationwide, weren’t even allowed in New York City until 1997 because of the sewer system; today, even though legal, the appliances are few and far between.

A swinging crowd The Great Outdoors isn’t so great in New York City. Sure, there are public parks, but they can be crowded and far away. So what’s a kid to do? Have parents who settle in a building with a playground, according to NY1. Just take the elevator down and walk out the door. No hassle. What’s more: no strangers so it’s safer.

The doctor’s in Super busy folks trying to squeeze in to see the doctor are in luck. The Edge condominium, in Williamsburg, offers on-site consultations with physicians as well as nutritional advice, acupuncture and personal fitness training, according to the New York Times. The building has spaces to accommodate these services— pools, massage rooms and exercise equipment, for example. Five more buildings, three in April and two in June, are planning to establish their own Your Well-Being programs, the brainchild of Steve Kass and his American Leisure company.

76

Luxury Listings NYC | MARCH/APRIL 2013

The stacks Kindle, smindle. Libraries—those places with things called books—are making a comeback, according to the New York Times. There are libraries at the Stanton on the Upper West Side, the Caledonia on West 17th Street and 1 Rector Park in Battery Park City. Soon-to-open condos, One57 on West 57th Street, and the Touraine, on the Upper East Side, will boast reading rooms, too. Shhhh.

Nana’s here How nice is it to have your parents close by to help with the kids? Nice. But it might not be to have them live in the same apartment. So in a generational twist, adult children are buying neighboring apartments for their parents, the New York Times reported, at buildings including Lincoln Towers and Dorchester Towers, both on the Upper West Side.


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NEIGHBORHOODS

Fourth Avenue gets a makeover New condos, shops continue East Village’s transformation into something fancier 51 Astor Place is playing a starring role in the East Village’s transformation.

T

he East Village is smoothing out its rough edges,

Now, the focus is turning to Fourth Avenue, the Wall Street Journal

transforming itself from a boho haven into child-

reported. The Hyatt Union Square, at East 13th Street, will welcome

friendly turf where the well-to-do feel comfort-

its first visitors in April. And just south of the upscale hotel is 51 Astor

able, too.

Place, a 13-story combination office building and school.

The rebirth has been in the works for a while.

At 127 Fourth Avenue is Royal, a posh new sports bar. Scattered

Fewer recent graduates of New York University, a

throughout the East Village are other trendy restaurants and shops,

neighborhood anchor, are deciding to put down

including Momofuku, Edi and the Wolf, Nicoletta, Dirt Candy and Big

roots. And a boon in residential construction is bringing in more

young families, The Real Deal reported.

“We get to exist between those two great areas of traffic: Astor

Though most of the homes for sale are still co-ops, condos are

Place and Union Square,” James Woods, Royal’s general manager,

gaining a foothold. There’s the Village Green on East 11th Street,

told the Journal. “And we don’t have to cater to NYU kids. We’re see-

which has 36 homes, and the 48 homes at 123 Third Avenue. Both

ing a rise in customers who are successful professional 30-some-

high-rises sold out in a year.

things who are done with that college scene.”

Where have the apartments all gone? For-sale number reflects big demand, hits five-year low Year

Apts. on market

2013

83

2012

141

2011

123

2010

94

2009

137

Source: StreetEasy. Numbers are for Feb. 15 of each year.

78

Gay Ice Cream.

Luxury Listings NYC | MARCH/APRIL 2013

What’s on your real estate radar? Elizabeth Kee, an agent at Core Q: What is your favorite condo in the neighborhood and why? A: 100 Norfolk Street is the most anticipated new building of the year on the Lower East Side. With the unique architectural design by ODA, which will make the building appear to be floating freestanding over the adjacent lot, this building is sure to steal the limelight of the neighboring Blue condo, Switch Building and 115 Norfolk.

Leila Yusuf, an agent at Stribling & Associates Q: Which condo has the best amenities in the East Village? A: The A Building at 425 East 13th Street [with its] roof deck with swimming pool. [It has] beautifully proportioned loft inspired condominium apartments.


NEIGHBORHOODS

Lower East Side deals of 2013 so far: a sampler A 787-square-foot condo at 157 Ludlow Street sold for $765,000. The one-bedroom home has a windowed dining room, which could work for a den/office or second bedroom. 417 Grand Street had four sales that ranged from $600,000 to $675,000. Two had two bedrooms and one bath a piece. There wasn’t any word on the floorplans of the others.

Priciest townhouses on the market

Address 268 East 7th Street

Address 650 East 6th Street

Size 4 beds, 4 baths

Size 4,000 square feet

Price $3.995 million

Price $2.75 million

Hot Features Vaulted ceilings and a foyer with stained glass and parquet floors

Hot Feature The townhouse is divided into four apartments but could easily be turned into a single-family home.

Sources: StreetEasy and Luxury Listings NYC research. Sources: StreetEasy and Luxury Listings NYC research.

Average sale prices on the Lower East Side Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$444,500

$456,344

$948,001

N/A

N/A

Source: StreetEasy.

Celeb real estate in the neighborhood Tom Cruise has sold his two-bedroom condo in the American Felt Building for $3 million, a source familiar with the transaction told The Real Deal. Suri’s dad was fresh off his star-making turn in “Risky Business” in 1984 when he bought the home in the then-new building at 114 East 13th Street, between Third and Fourth avenues.

Average monthly rental prices in the nabe Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$2,431

$2,591

$4,430

N/A

$9,087

A four-story East Village townhouse at 268 East 7th Street that belonged to John Leguizamo is on the market for $3.995 million. Curbed, which reported the listing, wasn’t sure whether the actor still owns the home. (See priciest townhouses chart.)

Actress Tatum O’Neal is getting $1.72 million for her condo inside the converted Jewish Daily Forward building, at 173 East Broadway. The 1,435-squarefoot home, with two bedrooms, spent time as a rental unit while O’Neal owned it.

Source: StreetEasy.

Renting vs. owning in the East Village Apt. size

Monthly cost to own

Monthly cost to rent

Which is cheaper (price difference)

Studio

$2,059

$2,100

Owning (by $41/mo.)

1 bed

$2,963

$2,650

Renting (by $313/mo.)

2 beds

$3,743

$3,500

Renting (by $243/mo.)

3 beds

$5,720

$4,400

Renting (by $1,320/mo.)

>3 beds

$12,071

$6,400

Renting (by $5,671/mo.)

Note Median monthly cost to own includes mortgage payment, common charges and real estate taxes for condos, or mortgage payment and maintenance for co-ops. Source: StreetEasy.

Sizing up schools Number of Lower East Side schools: 27 Top public schools: Girls Preparatory Charter School of New York; NEST+m (school for gifted kids) Top private schools: East Village Community School, Blue School, Grace Church School The takeaway: Lots of public schools to choose from. Girls Preparatory Charter School of New York Sources: NYC government, Insideschools, GreatSchools and Abacus Guide Educational Consulting.

Luxury Listings NYC | MARCH/APRIL 2013

79


NEIGHBORHOODS

Lower East Side fast facts

1,171

Number of trees on Lower East Side, per New York magazine

45

Number of acres in East River Park, bounded by Montgomery and East 12 streets, FDR Drive and the East River

49

Number of places to buy coffee or tea in East Village zip code 10003—the highest density of cafes citywide Sources: New York University, New York City, EV Grieve.

Coming to the LES: Condos galore, including a boutique building The vacant lot at 211 East 13th Street, between Second and Third avenues, won’t be empty much longer: An eightstory condominium is going up. The Jefferson is already marketing its 82 homes on a teaser website, trumpeting the site’s place in history as New York’s first vaudeville theater where W.C. Fields, Mae West, the Marx Brothers, Burns and Allen, Milton Berle and Jack Benny played. In weeks, an off-site sales office is scheduled to open.

211 East 13th Street

A boutique condominium at 60 Orchard Street, between Grand and Hester streets, is marketing its seven homes. Move-ins could start in April.

60 Orchard Street

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Biggest community news affecting local real estate Razing a landmark, then raising a synagogue? Beth Hamedrash Hagadol at 60 Norfolk Street, between Grand and Broome streets, had to close five years ago because of damage from a violent summer storm, fire and neglect, the Low-Down reported. Now, Rabbi Mandl Greenbaum wants to knock down the city landmark and replace it with a new condo complex that includes a synagogue on the ground floor. He told Low-Down the congregation hasn’t been able to raise the money to restore the building or to find a developer willing to do the work. Art place wants the sun to shine in. Sperone Westwater Gallery went to court to keep a 25-story hotel and condominium building from going up at 10 Stanton Street, between the Bowery and Chrystie Street. The art gallery contends the development, by Ian Schrager and Ruben Schron, would lower its property value by blocking the sunlight, The Real Deal reported. A 160-year-old church reopens, renewed. St. Brigid’s Roman Catholic Church, on Avenue B and 8th Street, is welcoming worshippers again after the archdiocese closed it for several years. The building had faced demotion but was saved by a $20 million anonymous donation, according to Curbed. Up in arms over a university housing plan. East Villagers are renewing their fight to have a vacant school in the neighborhood converted into low-income apartments or a community center—not a college dorm, the Local reported. Both New York University and the New School told the Local that they are not involved in the proposal for the former P.S. 64, which is a city landmark.

New stores coming to the nabe Japanese enviroretailer Muji is putting its fifth New York City store at 52 Cooper Square; the opening is set for April.

What’s happening in your neighborhood: Upper East Side Upper West Side

80

p18 p22

Midtown Gramercy

p34 p44

Chelsea

Soho

p48

Greenwich Village

p58

p68

Tribeca

p78

Lower East Side Financial District

Luxury Listings NYC | MARCH/APRIL 2013

p82 p84

Dojo, a restaurant by sushi wunderkind David Bouhadana, is coming to 110 First Avenue, between 6th and 7th streets. No opening date has been set.


LISTINGS

NYC’s

Premier

Properties

$4,000,000

Unit #PH at 50 Lispenard Street in Tribeca

Condo (1,750 sf): 6 rooms, 2 beds, 2.5 baths | Amenities: doorman, pets allowed | Common charges: $722 | Monthly taxes: $2,732 | Listing ID: S735151 On the border of Tribeca and Soho, light, location, soaring ceilings and a blend of exquisitely mixed materials in a high caliber conversion of this building circa 1866 make 50 Lispenard the ultimate New York City address. As you step off the elevator that opens into the two bedroom, two and a half bath duplex unit, you’ll find ceilings up to 18 ft, a floating staircase, heated 8 inch plank floors, glass paneling and a gas fireplace in the skylit living room flanked by two decked terraces, one with a Jacuzzi. Listed by John Gomes, (T) 212-891-7676, (E) jgomes@elliman.com.

338 West 15th Street in Chelsea

$5,995,000

Unit #BLD at 45 West 95th Street on Upper West Side

$6,999,999

Townhouse: 9 rooms, 4 beds, 2 baths | Monthly taxes: $627 Amenities: fireplace, balcony, garden | Listing ID: S680959

Building (5,660 sf) | Monthly taxes: $52,273 Amenities: fireplace, terrace, garden | Listing ID: S774107

338 West 15th Street is located on one of the best blocks in the heart of West Chelsea. Listed by Dexter Guerrieri, (T) 212-769-2900, (E) cathy@townhouseexperts.com.

Move right in to this impeccably renovated Upper West Side townhouse located steps from Central Park. Listed by Richard Pretsfelder, (T) 212-371-8200, (E) rdp@lesliegarfield.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

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81


LISTINGS

NYC’s

Premier

Properties

$3,350,000

PH at 22 Warren Street in Tribeca Condo (2,053 sf): 2 beds, 2.5 baths | Amenities: terrace, loft | Monthly taxes: $874 | Common charges: $1,078 | Listing ID: S809162

This warm, beautifully renovated and sun-splashed penthouse loft has more than 1,000 square feet of private outdoor space and boasts solarium windows and vaulted ceilings that soar more than 17 feet high. The brand new island kitchen has Sub-Zero, Bosch, Dacor and Viking appliances and opens directly onto a double-height living room with a custom stone wood-burning fireplace and planted terrace. Every detail has been designed for the ultimate comfort and hospitality. Listed by Michael Graves, (T) 212-932-2222, (E) michael@corenyc.com.

$3,995,000

Apt. 2B at 1170 Fifth Avenue on the Upper East Side Townhouse: 9 rooms, 4 beds, 3 baths | Amenities: courtyard, laundry | Maintenance: $4,497 | Listing ID: S686244

Nine rooms on Fifth Avenue. Enjoy verdant views of the trees of Central Park from this completely renovated prewar nine, located in one of Carnegie Hill’s best J.E.R. Carpenter buildings. The public rooms of this south- and west-facing apartment feature an impressive marble entry hall, grand living room with a wood-burning fireplace, comfortable corner library with bar and a large formal dining room. Listed by Amanda Brainerd, (T) 212-439-4547, (E) abrainerd@warburgrealty.com.

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Luxury Listings NYC | MARCH/APRIL 2013

Log on to LLNYC.com and use the Listing ID to find out more about the listings.


LISTINGS

NYC’s

Premier

Properties

Apt. 14JK at 10 East End Avenue on the Upper East Side

$2,450,000

5000 Goodridge Avenue in Riverdale, the Bronx

$3,450,000

Loft (2,349 sf): 6.5 rooms, 3 beds, 3.5 baths | Amenities: rooftop deck, garage Maintenance: $3,658 | Listing ID: S816125

Townhouse (7,155 sf): 7 beds, 6.5 baths | Amenities: prewar, garden RET: $1,963 | Listing ID: S809974

Come see this spectacular, architecturally detailed three-bedroom, 3.5-bathroom combination creating the most amazing loft-like living on East End. Listed by Lisa Chajet, (T) 212-439-5199, (E) lchajet@warburgrealty.com.

Living room abounds in prewar detail, WBFP and oak floors. Adjacent is an inviting sunroom surrounded by glass and a beautiful den. Listed by Alan Nickman, (T) 212-874-0100, (E) anickman@bellmarc.com.

$2,995,000

Apt. 3W at 466 Washington Street in Tribeca Co-op (3,500 sf): 8 rooms, 4 beds, 2.5 baths | Amenities: laundry room, rooftop deck | Maintenance: $2,050 | Listing ID: S733375

This rambling live/work unique loft offers the space you have been looking for with all the original details. It’s approximately 3,500 square feet and is currently set up as a four-bedroom, two-bath residence-plus. This flexible home features an extra-wide living/dining room with 10-foot ceilings, classic columns, open kitchen, lots of nooks and crannies and light from north/south/west exposures. Listed by Deborah Lupard, (T) 212-380-2414, (E) dlupard@warburgrealty.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

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83


CHARTING THE MARKET

Boom, bust ... and boom again? After a decade of highs and lows, NYC is on course for smoother sailing By Hayley Kaplan

U

p, up, up—and a stomach-turning drop. Then, a heartening gain more recently. For the past decade, Manhattan’s condo and co-op market has careened like a roller coaster. The average home price has shot up a whopping 66 percent since 2003—from $937,300 to $1.42 million—and the sector is chugging along at last, a report from brokerage Douglas Elliman shows. Today’s average isn’t that far off from the 2008 high of $1.59 million, before the market tanked during Wall Street’s meltdown. And the market could get hotter thanks to the shortage of apartments for sale. “When you look at [2003] numbers, between then and now we’ve seen one of the biggest housing booms and corrections of the modern era,” said Jonathan Miller, the author of the report. “After the smoke has settled, prices are still up over the decade.” Sales have increased three straight years. The 2012 total of 10,508 deals is only 2,850 fewer than the 2007 peak. The biggest drop came in 2009, when only 7,430 homes sold.

For Miller, “the remarkable stability in terms of both price and sales trends is making [Manhattan] one of the better performing housing markets in the U.S.” Manhattan’s Average Price Per Sq. Ft./Number of Sales $1,400

16,000

$1,200

14,000

$1,000

12,000

$800

10,000

$600

8,000

$400

4,000

$200

2,000

$0

0 2003

2004

2005

2006

2007

2008

2009

2010

2011

n Price/sq. ft.

2012 Number of Sales

Soho, Tribeca have priciest homes Living in the Big Apple costs more Brooklyn’s Boerum Hill and Dumbo But NYC doesn’t even break top 10, claim spots on the top nabes list ties with L.A. in worldwide survey Soho and Tribeca pulled it off again: The neighborhoods marked another year as New York City’s neighborhoods with the most expensive homes. For 2012, the median sale prices in Soho and Tribeca were $2.2 million and $2.14 million, respectively, according to the property search website PropertyShark. Midtown came in third place, with $1.03 million. Brooklyn’s Boerum Hill elbowed its way to No. 6, with $950,000. The number jumped 17 percent over 2011 because of deals for homes in a new development at 233 Pacific Street; 20 sold for more than $1 million each and five brought in more than $950,000 apiece. The only other neighborhood outside of Manhattan to make the list was also in Brooklyn. Dumbo came in No. 9, a drop of five places from 2011. The rest of the top 10: the Upper West Side, Chelsea, the Flatiron District, the West Village, the Upper East Side and the Financial District.

NYC Neighborhoods with Highest Median Sales Price, 2012 $2.5M $2.0M

Cost-of-living Index: Most Expensive Cities Worldwide

$1.5M

Source: Property Shark.

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Luxury Listings NYC | MARCH/APRIL 2013

$869,256

$841,250

Soho Tribeca Midtown UWS Chelsea Boerum Flatiron West Hill District Village

$910,000

$930,000

$950,000

$950,000

$964,315

$967,500

$1,027,000

$2,135,000

$0

$2,200,000

$1.0M $500K

Duds, smokes and eats are making city living more expensive, but the Big Apple still has a long way to go before it’s the world’s priciest place to live, a new report shows. New York City ranked 27th out of 131 cities as the costliest to call home last year, skyrocketing 19 places from 2011, according to a survey by the Economist Intelligence Unit, the research arm of the Economist magazine. The report attributed much of the jump to high prices for clothing, cigarettes and food. Compared to New York, only a dozen cities saw their costs of living rise more; 112 enjoyed a drop in day-to-day expenses. Today, the city is tied with Los Angeles as the most expensive place to live in the U.S. All of the top 10 most expensive cities are overseas. Japan claimed the top two spots with Tokyo and Osaka, respectively. The others: Sydney, Oslo, Melbourne, Singapore, Zurich, Paris, Caracas and Geneva. The cheapest cities are also all in other countries. The top 10, in descending order: Tehran; Jeddah, Saudi Arabia; Panama City; Colombo, Sri Lanka; Bucharest, Romania; Algiers, Algeria; Kathmandu, Nepal; New Delhi; Mumbai; and Karachi, Pakistan.

UES

Dumbo

Fidi

Tokyo 1

Singapore 6

Frankfurt 11

Osaka 2

Zurich 7

Hong Kong 12

Sydney 3

Paris 8

London 13

Oslo 4

Caraças 9

Los Angeles 27

Melbourne 5

Geneva 10

New York 27

Source: Economist Intelligence Unit.


LISTINGS

NYC’s

Premier

Properties

Apt. 11D at 330 Spring Street in Soho

$2,700,000

Apt 3 at 652 Broadway in Noho

$3,995,000

Condo (1,347 sf): 7 rooms, 2 beds, 2.5 baths | Common charges: $1,814 RET: $366 | Amenities: pets allowed | Listing ID: S822552

Co-op (3,500 sf): 14 rooms, 2 beds, 2 baths | Maintenance: $1,500 Amenities: loft, hardwood floors | Listing ID: S821852

On the 11th of 12 floors of the esteemed Urban Glass House, this flawless home has southern, western and eastern exposures. Listed by Ryan Serhant, (T) 646-443-3739, (E) ryans@nestseekers.com.

Located on Broadway, just south of Bond Street in the heart of Noho, this expansive full-floor private elevator loft epitomizes loft living. Listed by Nick Jabbour, (T) 646-443-3713, (E) nick@nestseekers.com.

5th floor at 17 West 17th Street in the Flatiron District

$6,750,000

Co-op: 5 beds, 4 baths | Amenities: pool, loft, elevator, pets allowed | Maintenance: $4,800 | Listing ID: S679944 Prepare to fall in love with this one-of-a-kind, full-floor, five-bedroom loft in the heart of the Flatiron District. Amenities include a professional chef’s kitchen with custom Italian cabinetry, six-foot dual Sub-Zero refrigeration, two Bosch dishwashers, Bosch ovens, Bosch gas cooktop, Bosch warming drawer, Miele coffee station and a Sub-Zero ice machine. Listed by Michael Graves, (T) 212-932-2222, (E) michael@corenyc.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

Luxury Listings NYC | MARCH/APRIL 2013

85


LISTINGS

NYC’s

Premier

Properties Rentals

$75,000/mo

247 Central Park West on Upper West Side Townhouse (12,00 sf): 5 beds, 8 baths | Amenities: fireplace, patio, elevator | Listing ID: R888165

Behind the stately traditional facade on CPW sits a contemporary masterpiece with over 12,000+/- square feet of space unlike any other! The double height ceiling Parlor floor boasts a glass and steel staircase allowing a view of the domed skylight in the core flooding the home with light. Listed by Vannessa Kaufman, (T) 212-606-7639, (E) vannessa.kaufman@sothebyshomes.com.

1 Central Park South on Central Park South

$55,000/mo

25 North Moore Street in Tribeca

$40,000/mo

Condo (4,100 sf): 4 beds, 3.5 baths | Amenities: doorman, elevator, gym Listing ID: R1017157

Condo: 8 rooms, 4 beds, 5 baths | Amenities: elevator, doorman Listing ID: R957733

Perched high above Central Park in the iconic Plaza Hotel Residences, this 4 bedroom, 3.5 marble bath apartment at the iconic and exclusive Plaza Hotel Residences offers approximately 4,064 square feet of elegant living. Listed by Ido Berniker, (T) 917-558-1701, (E) iberniker@mercer-partners.com.

Short or Long term Furnished rental! One of a kind 7,000 sqft full-floor architectural masterpiece with panoramic city views over all of Tribeca! Listed by Tracie Golding, (T) 212-452-4394, (E) tgolding@stribling.com.

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Luxury Listings NYC | MARCH/APRIL 2013

Log on to LLNYC.com and use the Listing ID to find out more about the listings.


LISTINGS

NYC’s

Premier Rentals

$17,000/mo.

Apt. 5F at 35 Wooster Street in Soho Condo (2,775 sf): 3 beds, 3 baths | Amenities: Fireplace, private outdoor space | Listing ID: R1006987

Now available for rent and unlike anything you have seen before. Introducing the penthouse at 35 Wooster Street. One of Soho’s most desirable residences, the loft offers a brilliant layout at approximately 2,775 square feet, with grand proportions, tons of character and magnificent east/northern light overlooking landmarked Wooster. Listed by Yair Tavivian, (T) 212-891-7075, (E) ytavivian@elliman.com.

Apt. 10A at 175 East Broadway on the Lower East Side

$9,000/mo.

166 Perry Street in the West Village

$15,000/mo.

Rental (1,330 sf): 2 beds, 2 baths | Amenities: prewar, outdoor space Listing ID: R992765

Condo (1,475 sf): 4.5 rooms, 2 beds, 2.5 baths | Amenities: elevator, gym Listing ID: R961187

An absolute gem on the Lower East Side. This completely remodeled (2012) twobedroom, two-bathroom penthouse facing Seward Park is drenched with light and filled with beautiful features. Listed by Zeshaan Qadir (T) 646-588-4324, (E) zqadir@townrealestate.com.

Located on beautiful, historic Perry Street this unique corner two-bedroom, 2.5-bathroom plus home office offers breathtaking river and sunset views. Listed by Oliver Brown (T) 917-680-8933, (E) oliver@corenyc.com.

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

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NEIGHBORHOODS

Living in Battery Park City: Affordable, plus less ‘stigma’ than in the past More young families putting down roots Putting the suburban in urban: Battery Park City

B

attery Park City feels a tad too suburban for

Millennium Tower at 20 West Street, with two-bedrooms in the

some die-hard city dwellers, but more are warm-

$1.5 million range.

ing to the idea of living in a clean, quiet neighborhood that’s only a walk from Downtown.

they’re significantly less expensive than the ones on the market

And developers are seizing on that interest—

in Tribeca. In late January, for example, the median asking price in

mostly from young investment family types who

Battery Park City was about $872,500, according to StreetEasy; for

can’t afford Tribeca—by putting up more reason-

Tribeca, the figure was $2.75 million.

ably priced housing, the Wall Street Journal reported.

“There was a huge oversupply between 2006 and down through

“I’ve really seen a huge transformation of the area,” Jessica

the recession, and a huge stigma was kind of attached to the

Weitzman, a senior vice president at the Corcoran Group who began

neighborhood,” Derek Lee, a Battery Park City resident and man-

selling regularly in the neighborhood in 2005, told the newspaper.

aging partner at the L.G. Fairmont Group real estate firm, told the

Among the offerings: the Visionaire at 70 Little West Street, with studios starting at $690,000 (obviously not for families), and the

Where have the apartments all gone? More demand means fewer FiDi choices for buyers

Journal. “Now, you have more demand than supply for the first time, probably, that I’ve ever seen it.”

What’s on your real estate radar? Jackie Chan-Brown, senior associate at Citi Habitats Q: What is the most exciting new development in the neighborhood? A: My personal choice would have to be 75 Wall Street. The condominium residents [can get] room service at 3 a.m.! 75 Wall has the most spectacular rooftop lounge and terrace of any building I have ever seen.

Year

Apts. on market

Andrew Feiwel, an agent at Warburg Realty

2013

427

Q: Where can you find the best home value?

2012

485

2011

530

2010

498

2009

563

Source: StreetEasy. Numbers are for Feb. 15 of each year.

88

Though the homes in Battery City Park aren’t exactly cheap,

Luxury Listings NYC | MARCH/APRIL 2013

A: For larger apartments, some of the best condo values are at 150 Nassau Street and 75 Wall Street; and for smaller apartments, 56 Pine Street, 99 John Street and 120 Greenwich Street are compelling. Values are sure to rise when the World Trade Center towers are completed along with the New Fulton Transit Center.


NEIGHBORHOODS

FiDi sales of 2013 so far: a sampler Buyers snapped up several units at new development condo 20 Pine at the start of the year: A three-bedroom apartment went for $2.03 million. The home measures 1,807 square feet. Architect Robert Garneau and his wife, Rosa, paid about $1.6 million for a two-bedroom home. They got 1,573 square feet. A third home sold for $1.5 million, but there weren’t any other details about the deal.

Snapshot of a recent sale in Lower Manhattan $2,550,000 | 333 Rector Place The new owners, a family, only had 333 Rector Place to move a few blocks. And that’s what they wanted—to stay within a few blocks of their longtime rental home. They went house hunting with a list of specifics and they found that this three-bedroom apartment with an office, a den and three balconies fit the bill, said listing agent Blake Weissberg of Corcoran Sunshine Marketing Group. “At the time, the unit was the last three bedroom of its kind and had been furnished as a model residence the week before they had decided to purchase it.” —Blake Weissberg of Corcoran Sunshine Marketing Group

At 75 Wall Street, a twobedroom, two-bath condo went for $1.4 million. Total square feet: 1,352.

Housing tales from the ’hood

A million bucks—or almost—gets a studio condo at 272 Water Street. The exact price for the 1,200 square feet was $999,999. Sources: StreetEasy and Luxury Listings NYC research

Average sale prices in FiDi Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$636,494

$651,666

$1.5M

$2M

N/A

Condo owner faces jail for renting out her home

A Russian investment analyst could face jail time for illegally renting out her swank Art Deco–style condo in the 80 John Street South Star at 80 John Street, according to court papers spotted by the New York Post. Sophie Grishanova, a Columbia University grad working for Privet Capital, ignored repeated warnings by the condo board last fall to stop using her home as an inn. A judge ordered her to stop playing hotelier, too, but she refused to listen. Now, according to the report, Grishanova must pay a $3,500 fine for contempt of court and possibly another $15,000 in attorney fees, subject to court approval, or face time in the clink.

Source: StreetEasy.

Renting vs. owning in FiDi Apt. size

Monthly cost to own

Monthly cost to rent

Which is cheaper (price difference)

Studio

$3,114

$2,685

Renting (by $429/mo.)

1 bed

$5,203

$3,535

Renting (by $1,668/mo.)

2 beds

$7,819

$4,950

Renting (by $2,869/mo.)

3 beds

$9,702

$7,200

Renting (by $2,502/mo.)

>3 beds

$20,732

$24,000

Owning (by $3,268/mo.)

Note: Median monthly cost to own includes mortgage payment, common charges and real estate taxes for condos, or mortgage payment and maintenance for co-ops. Source: StreetEasy.

Sizing up schools Number of public schools: 21 Top public schools: Battery Park City School, P.S. 184 Shuang Wen, Stuyvesant High School, P.S. 234 Top private school: Léman Manhattan Preparatory School The takeaway: There are great public schools, and kids can go to Tribeca schools, too, since Battery Park City is part of District 2. Léman Manhattan Preparatory School

Sources: New York City Department of Education, Insideschools, GreatSchools and the Wall Street Journal.

Luxury Listings NYC | MARCH/APRIL 2013

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CLOSING REMARKS

From the mouths of celebs... Funny and insightful real estate quotes from the rich and famous High-profile folks say the darnedest things. Sometimes, they reveal great wit; other times, they share a bit of wisdom. Here are some funny lines from big names and muckety-mucks.

“It was exciting to think the floors were once covered in ink.” Viveca Paulin-Ferrell, wife of actor Will Ferrell, to Architectural Digest on the couple’s Manhattan loft in a converted Victorian-era printing factory downtown.

“This place has raised four kids. We beat the hell out of it.” Actor and activist Michael J. Fox explaining why he hired designers to revamp his family’s Upper East Side apartment.

“To be honest, I’ve hated every home I’ve ever had. The word home to me at this point, it’s just a place to order Chinese food, sharpen knives and shower.” David Chang, founder of Momofuku restaurant group, to the Wall Street Journal.

“Armpit-high water in that Frank Gehry lobby, and all the tech screwed up by the flooded basement. Staff were scattered all over the city, with about one in three emails arriving every two days— which caused its own special chaos.” Tina Brown, editor in chief of The Daily Beast and Newsweek, describing to New York Magazine how Hurricane Sandy made life a pain at her IAC Building office.

“People say that I’m buying houses all the time that I’m not buying. Every time the press thinks I like a guy, they say I am buying a house next to them.”

“I took the first apartment that a broker from Corcoran showed me. It is small and cramped and I hate it. I feel like I live in a dungeon. It is in Chelsea, east of Eighth Avenue, the neighborhood equivalent of a dungeon.”

Country singer Taylor Swift to Spanish TV’s “El Hormiguero” about reports that she plunked down $4.5 million for a home near the Kennedy compound in Hyannis Port, Mass., after she started dating Conor Kennedy, the grandson of Robert F. Kennedy.

Bestselling author Elizabeth Wurtzel venting in New York Magazine about her Manhattan digs.

“A comfy chair so you can wait for the police to get there I guess! Maybe a really nice Japanese toilet that does everything. And, I guess, all your cash. Whoever is looking for you is not going to want your cashmere chair! Just a duffle bag full of cash.”

Interior designer Thom Filicia, of Bravo TV’s “Queer Eye for the Straight Guy,” thinking out loud to Curbed.com about furnishings in a panic room.

“Wait, how would an East Village three-bedroom sell for $550K? Clearly a former murder scene, right? Guardian finance and economics editor Heidi Moore tweeting on a New York Times story about apartment hunting in the East Village.

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Luxury Listings NYC | MARCH/APRIL 2013

“The truth is, I’m a house-aholic. I love to create a new nest.” Judy Blume waxing on her real estate addiction. The novelist has homes in Manhattan, Florida and Martha’s Vineyard.


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Luxury Listings NYC is a tabloid-sized glossy magazine focusing on apartment and townhouse listings in Manhattan, plus dedicated real estate...

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