Life After The White House...

Back in March, the Obamas announced that they would remain in D.C. until their youngest daughter, Sasha, graduates high school. Apparently, this home at 2446 Belmont Road NW is good enough for the First Family. And it really does seem to be *almost* as nice as the White House.

According to the Independent Journal, the Obamas have chosen the beautiful, 1920s home as their next residence. It is currently owned by Bill Clinton’s former press secretary, Joe Lockhart, who left DC for New York, where he works as the executive vice president of communications for the NFL. He purchased the home in 2014 for $5.295 million. The home is unlisted (photos are from its previous listing), and the Obamas are said to have negotiated privately with Lockhart.

The 8,200-square-foot home has nine bedrooms, eight and a half bathrooms, gardens, and room for 8-10 cars to park — necessary for Obama’s security detail. Also good for security is the home’s proximity to embassies and the Vice President’s home at the Naval Observatory.

Obama will be the first president since Woodrow Wilson to remain in DC after his term is over.

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Pileup of $100 Million Homes

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From the “Le Palais Bulles” in the South of France, to a $350 million penthouse in Monaco, to a $250 million spread at 220 Central Park South, the are more properties listed above the $100 million mark than ever before. And that poses a problem.

A record 27 properties with nine-figure prices are officially for sale, according to Christie’s International Real Estate. Last year, there were 19 homes with similar asking prices and about a dozen in 2014. And according to the New York Times, if you added “whisper listings,” the actual number of nine-figure listings worldwide could top 50.

“When you have a record number of homes for sale at a price point of $100 million or more, that tells you these homes aren’t selling,” Jonathan Miller, president of Miller Samuel Inc., told the Times. “It’s not as deep a market as some might hope.”

According to Christie’s, only two homes sold for over $100 million last year: a 9,455-square-foot house in Hong Kong purchased for $193 million by Jack Ma, the chief of Alibaba, and a $132 million townhouse in London. Two other nine-figure listings sold last year (a $700 million Texas ranch and a $100 million home in Dallas), but the actual sale prices were not disclosed.

To many, this looks like a bubble that could soon burst. But many in the industry remain hopeful.

“I don’t think it’s a sign of a bubble,” Dan Conn, chief executive of Christie’s International Real Estate, told the Times. “It’s a sign of growing wealth in the world and the quality of some of the new construction.”

Still, even below the $100 million price mark, the market for luxury homes is on the decline, according to a Real Deal analysis. Luxury sales volume is down a stomach-churning 25 percent in the first 20 weeks of 2016 compared to the same period last year. Just 449 contracts at or above $4 million were signed so far this year, compared to 597 in the first 20 weeks of 2015, and 552 in 2014. [NYT] –Christopher Cameron

It's Ridiculously Expensive to Fly Air Force One

Taxpayers fork over $206,337 every hour the world's most famous plane is in flight, according to Freedom of Information Act (FOIA) documents obtained by the nonprofit Judicial Watch.

The FY15 cost per flying hour for Air Force One (VC-25A) includes "fuel, flight consumables, depot level repairables, aircraft overhaul, and engine overhaul," according to the letter from the Department of the Air Force Headquarters Air Mobility Command to Judicial Watch.

According to the National Taxpayer Union Foundation, President Barack Obama has traveled internationally more than any other president, and he has done it on the "most expensive-to-operate Air Force One to date." 

The aging Air Force One and it's twin decoy will be replaced with two Boeing's 747-8 and are expected to be operational in 2020.

New Sales Listing - 322 West 22nd Street, Unit 4

322 West 22nd Street, Unit 4

Co-op in Chelsea, Manhattan, NY, 10011

1 BED

1 BATH

$1,150,000

 

Second floor, back facing private oasis with southern garden views.

Enjoy leafy, treetop views from your private terrace situated on one of the prettiest blocks in West Chelsea. 

Set on West 22nd Street, between 8th and 9th avenues, this nicely arranged one-bedroom, one-bath home includes a generously sized sleeping/storage loft, sky-high 11-foot tall ceilings and walnut-stained hardwood floors. Through the gracious entry, outfitted with a roomy closet, you'll find a large great room with plenty of space for living and dining areas, anchored on one end by the modern, open kitchen and by the 5-foot by 11-foot south-facing terrace on the other. With a wood-burning fireplace providing a warm focal point, and the chef's kitchen outfitted with full-sized stainless steel appliances, including a Viking stove, you'll jump at the chance to entertain in this bright, airy space. The bedroom features a large walk-in closet and another sunny southern window, the nearby bathroom includes a full-sized bathtub, and the in-unit washer-dryer provides welcome convenience.

Located in vibrant, central Chelsea, there's no shortage of stores, restaurants, open space and entertainment nearby. Head two blocks west and stroll the iconic High Line, or venture to Madison Square Park to the east. Indulge every culinary whim with Whole Foods, Trader Joe's and Eataly all nearby. Pottery Barn, West Elm, Bed Bath & Beyond and more will provide retail therapy, while numerous gyms, spin clubs and yoga studios will attend to your fitness needs. Transportation couldn't be easier with C/E trains one block away and 1 trains just a block further.

New Sales Listing - 240 East 35th Street, Unit 4A

240 East 35th Street, Unit 4A

Murray Hill, Manhattan, NY, 10016

2 BED

1 BATH

$795,000

Large and well-proportioned corner one-bedroom unit with a wall up for a second sleeping area. Renovated windowed kitchen with granite countertops, new appliances and extra cabinetry. The apartment has ample closet space throughout. This building is a 120-unit cooperative located in the thriving and historic Murray Hill neighborhood.

240 East 35th Street is a pet-friendly cooperative with a full-time doorman, live-in superintendent, and gorgeous roof deck with Empire State Building and Chrysler Building views. There is also a garage, bike room and laundry facility. This location is convenient to all transportation, including Penn Station, Grand Central Station, the Long Island Expressway and the FDR Drive, as well as numerous restaurants and shopping.

 

New Sales Listing - 201 East 21st Street, Unit 6A

201 East 21st Street, Unit 6A

Co-op in Gramercy, Manhattan, NY, 10010

1 BED

1 BATH

$869,000

Don't miss this oversized one-bedroom apartment offering beautiful renovations, a great layout and ample storage space, all located in one of Gramercy's most sought-after buildings.

This home's open layout, lit by large west- and north-facing windows in every room, lends a sense of airy spaciousness throughout. The great room stretches nearly 30 feet from the entry to the sunny windows, providing ample room for living and dining areas, and lending great access to the nearby open kitchen. In this renovated chef's dream, you'll find a Fisher Paykel refrigerator, GE stainless steel appliances and granite countertops with a breakfast bar offering plenty of cooking and entertaining space.

The renovated bathroom features glass shower doors and glossy subway tile, while the 11-foot by 17-foot master bedroom provides plenty of space for a king bed and additional furniture. The abundant closet space is not to be missed with five large closets throughout, all customized with built-ins to maximize storage.

The Quaker Ridge is known for its stellar financials and low maintenance, not to mentions its prime location just steps from Gramercy Park. The co-op includes a full-time doorman, live-in superintendent, new laundry facilities, bike storage and a residents-only parking garage with direct access to the building. The building allows co-purchasing and pets, but does not permit guarantors or pied-a-terres.

This Week’s 5 Most Expensive Listings

In the past seven days, 13 new listings priced at $10 million and above hit the market, according to StreetEasy. From that list, these are the crème de la crème, otherwise known as the five most expensive residential listings to hit the Manhattan market.

625 Park Avenue #4FL

Address 625 Park Avenue #4FL
Price $39,500,000
Type/Size Co-op: six bedrooms and seven bathrooms
This week’s most expensive listing is this Tony Ingrao-designed, 7,300-square-foot, six bedroom apartment. It has multiple fireplaces, a library, a full gym and a billiard room. The home’s staff quarters, along with the laundry room, share a separate wing. Naturally.

80 Columbus Circle #72C

Address 80 Columbus Circle #72C
Price $24,500,000
Type/Size Condo: four bedrooms and four-and-a-half bathrooms
Situated within the Mandarin Oriental Hotel, this 3,170-square-foot pad has some impressive views through its floor-to-ceiling windows. Plus, thanks to its swanky hotel location, it comes with access to a 24-hour concierge, a 40,000 square-foot fitness facility, a 75-foot swimming pool and The Mandarin Spa.

427 East 85th Street

Address 427 East 85th Street
Price $21,000,000
Type/Size Townhouse: six bedrooms and eight bathrooms
Built in 1925, this 25-foot-wide townhouse has a garden, a theatre room, a half basketball court and game room and some pretty interesting wall coverings.

 

161 Maiden Lane #PH1

Address 161 Maiden Lane #PH1
Price $18,000,000
Type/Size Condo: four bedrooms and four-and-a-half bathrooms
This duplex penthouse is at the top of 161 Maiden Lane, aka 1 Seaport – set to be Seaport’s first all-glass residential tower. Spread across 4,489 square feet, this pad has three private terraces, a double height living room and floor to ceiling windows.

15 West 63rd Street #34A

Address 15 West 63rd Street #34A
Price $16,900,000
Type/Size Condo: four bedrooms and four-and-a-half bathrooms
This full floor condo is located at the Park Laurel. Its private elevator landing, corner living room and eat-in kitchen are all secondary to its impressive private terrace which overlooks Central Park.

“Full House” House Hits the Market For $4.1M

Now, all your family-friendly ’90s dreams can come true – if you’ve got a spare $4.1 million.

The 1883 Charles Lewis Hinkel-designed home in San Francisco that was featured in the long-running sitcom, “Full House,” has officially hit the market.

But even if you are not a fan of Uncle Joey’s antics, this Victorian has a lot to offer. The three-story townhouse, located at 1709 Broderick, includes three bedrooms, three-and-a-half baths and 3,125 square feet of living space. It’s also perfect for book lovers with built-in shelving galore, according to Curbed.

The house also comes with all those wonderful 19th-centruy details, like high ceilings, crown molding, an eat-in island kitchen and three marble-faced fireplaces. It was decorated by Courtnay Haden Daniels.

By the way, if you want to see what Netflix’s “Fuller House” would look like in real life San Francisco (instead of the TV version of the city), check this out. check this out. [Curbed] –Christopher Cameron

How NYC’s Supertalls Compare in Height and Girth to Global Towers

As the Skyscraper Museum so aptly writes, “Tall and BIG are not the same thing.”

Echoing 6sqft’s recent post on global supertalls, the infographic above illustrates how when the height of New York’s tallest towers are stacked up against the sky-high constructions abroad (and 1 WTC), our city’s skyscrapers truly are “runts on the world’s stage.” The image also reveals that not only do these towers lack significantly in height, but also in girth. This means what really makes the design of all of New York’s new skyscrapers so unique is not how tall they are, but rather, how slender they are.

“The pencil-thin periscopes — all 50 to 90+ stories — use a development and design strategy of slenderness to pile their city-regulated maximum square feet of floor area (FAR) as high in the sky to as possible to create luxury apartments defined by spectacular views,” says the Skyscraper Museum of this new typology.

“‘Slenderness’” is an engineering definition,” they add. “Structural engineers generally consider skyscrapers with a minimum 1:10 or 1:12 ratio (of the width of the building’s base to its height) to be ‘slender.’ Slenderness is a proportion based on the width of the base to the height of the building.”

In this slender lot, they point out 18 towers in specific that redefine the width versus height ratio, emphasizing again that extreme verticality is not at all representative of total gross floor area: One57, 111 West 57th Street, 432 Park Avenue, 520 Park Avenue, Central Park Tower, 220 Central Park South, 53W53, 100 East 53rd Street, Sky House, 45 East 22nd Street, One Madison, 35 Hudson Yards, 56 Leonard, 30 Park Place,111 Murray Street, 125 Greenwich Street, 50 West Street and 9 DeKalb Avenue.

This Weekend's Open Houses

This Weekend's Open Houses

Open House - Sunday 12pm to 1:30pm

18 East 18th St. #4W

Large Flatiron loft filled with sunlight and pre-war charm. 

2 BED

2.5 BATH

$3,495,000

Open House - Sunday 1pm to 3pm

1485 Fifth Ave. #14H

Corner unit with private terrace and endless views.

3 BED

2 BATH

$2,400,000

Open House - Sunday 1:30pm to 3pm

41-26 27th Street #PHA

Long Island City penthouse with tons of outdoor space, and roof top deck. 

2.5 BED

2 BATH

$1,395,000

Open House - Sunday BY APPOINTMENT ONLY

100 Bennett Ave. #3D4CD

Large 2,800 square foot duplex in Washington Heights. 

3 BED

3 BATH

$1,350,000

Open House - Sunday 2:30pm to 4pm

211 East 3rd Street, #1B

Condo one-bedroom in the heart of the East Village.

1 BED

1 BATH

$850,000

Open House - Sunday 12pm to 1:30pm

100 Jay Street, #4J

Condo alcove studio with massive private terrace.

.5 BED

1 BATH

$679,000

Open House - Sunday 11:30am to 12:30pm

450 West 17th Street, #2603

West Chelsea south facing two-bed rental on a high floor.  

2 BED

2 BATH

$9,900/mo.

 

Request More Information 

Putting The Goats To Work.

This summer Prospect Park has a retro way to remove unwanted weeds: goats. Eight of them, from Rhinebeck.

The goats will graze on 1.5 acres in the northeast corner of park. They're fenced in on a hilly section of the Vale of Cashmere, next to the Donald and Barbara Zucker Natural Exploration Area, eating the invasive species that encroached after 50 trees were damaged by Sandy.

The goats, with their four stomachs each, will devour the poison ivy, English Ivy, and goutweed that have proliferated now that sunshine pierces the tree canopy. "The goats will eat anything and everything and that's the beauty of having them here," said Sue Donoghue, the president of the Prospect Park Alliance. "They'll actual help us with the removal of invasive species."

Eleanor Forster was on a morning stroll with her 3-year-old daughter and stumbled on the goats. "Having the animals here in a kind of natural environment without being in the zoo, it's lovely," she said.

But no petting these goats. In addition to the fact that they're behind an 8-foot-high fence, they're also covered in poison ivy (which doesn't affect them).

The goats have grazed around the region in other parks, including Fort Wadsworth on Staten Island and the Gateway National Recreation Area.

After the goats are gone, the park will plant native trees and shrubs in that area.

How Much Do You Need to Make to Live Comfortably in NYC?

Residents in this country's top 15 metro areas spend a large chunk of their income (unsurprisingly) on rent, and in New York City, a family would have to make over $158,000 a year to live comfortably in a two-bedroom apartment, a new study by SmartAsset, the financial data analysis service, has revealed.

The company based its study off of the U.S. Department of Housing and Urban Development (HUD)'s 30 percent threshold — where a household that spends more than 30 percent of its annual income on rent is considered cost-burdened.

By that logic, about 46 percent of renters across the country pay more than 30 percent of their income towards rent, according Harvard University's Joint Center for Housing Studies, leaving less money towards other household expenses and savings.

SmartAsset calculated its annual income threshold for each city based on a 28 percent rent-to-income ratio. By that measure, New York City ranks second (once again) to San Francisco in terms of the income required to comfortably rent a two-bedroom. In NYC, SmartAsset calculated the average cost of a two-bedroom apartment at $3,692 per month — that's actually a 0.1 percent drop from the previous year, though that's not really much of a consolation. On average, the cost of living in New York City is 70 percent higher than the rest of the country.

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450 West 17th Street, Unit 2306

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Available Immediately

The Caledonia • Condo in Chelsea, Manhattan, NY, 10011

450 West 17th Street, Unit 2306

2 BED

2 BATH

$9,900 / MONTH

 

Welcome home to this high floor, split two bedroom with stunning views of all of downtown Manhattan and the Hudson River! The spacious, open layout has plenty of living and dining space plus two large bedrooms all with oversized south facing windows flooding every room with amazing light. The open kitchen is equipped with top of the line appliances and finished with bamboo cabinetry making the design and functionality perfect for endless cooking and entertaining. The master suite includes a five-fixture bathroom along with a large walk-in closet while the second bathroom, in-unit washer dryer and ample storage by California Closets complete the space. 

The Caledonia is one of West Chelsea’s premier full service buildings offering wonderful amenities include multiple indoor/outdoor entertaining spaces, direct access to Equinox Gym with preferred rates, storage and on-site parking.

 

Chinese Investment In US Real Estate Expected to Slide

With China’s domestic economy faltering, investment in U.S. and New York real estate is expected to slow over the next two years, according to a new report from the Asia Society.

The spigot won’t be shut off altogether: Some $58 billion is still expected to be deployed into commercial real estate in the U.S. between 2016 and 2020, according to the report’s authors. But they spoke of an 18- to 24-month “hiatus” that’s already underway as the Chinese government tries to right its economy.

The Chinese government has been taking longer to approve investments abroad in recent months, signaling an effort to staunch the flow of funds overseas, the authors wrote.

“We don’t see that as stopping investment abroad, and in fact, it hasn’t,” said Arthur Margon, a partner at Rosen Consulting Group, which was commissioned by the Asia Society to produce the report. “They’re trying to get righted while they defend their currency and fight inflation, so they’re changing the short-term strategy.”

Overall, Chinese investment in U.S. commercial real estate reached $8.5 billion in 2015, a record high and a 70 percent jump from 2010, according to the 111-page report, released on Monday. Compared to other countries, China ranked No. 3 among foreign investors in commercial real estate around the U.S. in 2015, behind Canada ($24.6 billion worth of investment) and Singapore ($14.6 billion).

Chinese firms set the table in New York, representing 56 percent of transaction volume between 2010 and 2015, including $9.56 billion in commercial real estate during the five-year period. High-profile plays include Anbang Insurance’s $1.95 billion acquisition of the Waldorf-Astoria Hotel, as well as Greenland’s 70 percent ownership stake in Pacific Park in Brooklyn.

“New York has been a major focus and it’s the largest recipient of Chinese investment in commercial real estate,” said Margon, citing the stability of real estate here. “They’ve been very active in just amassing properties across the spectrum.”

Prominent New York real estate players have been divided on the fate of Chinese investment in recent months. Earlier this year, Related Companies CEO Jeff Blau said developers “should be looking for other sources of capital over the next few years.”

Last week, panelists at The Real Deal’s New York Real Estate Showcase and Forum said they believe Chinese buyers are more eager than ever to park their money in a safe haven. “You may see a different economy in China, but the Chinese are still buying here,” said Elizabeth Ann Stribling-Kivlan, president of residential brokerage Stribling & Associates.

On the residential side, Chinese buyers outpaced investors from all other countries, purchasing $28.6 billion worth of property in 2015 and besting Canada’s $11.2 billion and India’s $7.9 billion.

Despite the buzz surrounding Chinese buyers of New York City condos, the vast majority of residential investors have scooped up property in California, which accounts for one-third of such investment in the U.S., compared to New York’s 7 percent. Deep-pocketed investors still flock to New York, where they can buy and sell condos with relative ease, Margon said.

Other findings by the Asia Society include:

  • $93 billion in residential investment between 2010 and 2015;
  • $17.1 billion in commercial real estate investment between 2010 and 2015;
  • $9.5 billion investment via the EB-5 visa program;
  • a $207.9 billion position in U.S. government-backed mortgage bonds; and
  • $8 billion in loans made by Chinese banks for commercial real estate projects in the U.S.

Correction: The subhead misstated the total investment in U.S. real estate; it’s believed to be $110 billion, not $100 million as initially reported.

“We’re Going to See Some Real Distress”: Witkoff

Steve Witkoff isn’t known for pulling punches. And he wasn’t about to start today.

“I believe that we’re going to see some real distress,” the developer said Tuesday, sounding alarm bells over the state of New York’s new development market.

Speaking about the new development market at Weiser Mazars’ Commercial Real Estate Summit, Witkoff said “Miami is a brewing storm and it’s going to get even worse out there (…) and I think in part we’re going to see it in New York.” His firm, he claimed, tracks at least 15 new projects in New York that sell just one percent of their units per month.

“That’s a 100-month sellout. Unless you’re MaryAnne Gilmartin or Larry Silverstein you can’t withstand a 100-month sellout.”

Gilmartin, the CEO of Forest City Ratner, and Marty Burger, CEO of Silverstein Properties, happened to share the stage with Witkoff for the panel, which also included Howard Hughes Corp. CEO David Weinreb, Ackman Ziff’s president Simon Ziff, and Cole Schotz attorney Leo Leyva.

Two years ago, such a panel would have been an occasion to gush about never-ending demand from foreign investors. But Tuesday’s talk was more somber, focusing on the numerous challenges facing a swooning market. Top of the list:tighter financing.

“A lot of investors hit the pause button,” said Ziff, whose firm specializes in capital markets brokerage. He said demand from investors has cooled across the capital stack, be it senior debt, mezzanine financing or equity.

“It’s just taking a lot more conversations to get a lot fewer people to the table,” he said.

Weinreb stressed the importance of building up cash reserves as financing grows tighter, while Leyva observed that developers are forced to spend more on loans. “Strong sponsors trying to go to the banks are not getting financing,” Leyva said. “You’d be surprised as to the names of some of the sponsors or developers that are using non-traditional financing. This year we’ve seen a huge surge in bridge lending.” Howard Hughes Corp., he revealed, plans to finance its South Street Seaport commercial development through its own balance sheet.

Panelists also complained about rising construction costs and delays, caused by booming demand for a limited number of contractors. Over the past three years, “I would bet you that you can’t name me one single project that was on time and on budget” Witkoff said. “That’s how stretched ;subcontractors] are, that’s how bad schedules are.”

“The risk-reward equation has changed dramatically for sensible people,” he added, arguing that rising construction costs and increasing delays discourage developers from building.

Burger agreed. “We’re always trying to get the A team from our contractor, but the A teams today are stretched across seven or eight projects when they should only be working on three or four,” he said. “The architects, consultants and engineers are all stretched. It’s really hard to get quality work out of anyone because they’re taking on too much work.”

Gilmartin bemoaned a lack of government support for new development in New York, pointing to the expiration of 421a and uncertainty over the future of the EB-5 visa program, both programs Forest City has made repeated use of.

“The debacle over 421a will have far reaching implications for ground-up residential construction,” she said.

New Sales Listing - 201 East 21st Street, Unit 6B

Gramercy, Manhattan, NY, 10010

201 East 21st Street, Unit 6B

1 BED

1 BATH

$925,000

 

 Welcome home to this spacious Junior 4 apartment offering a great layout, ample storage space and thoughtful updates, all located in one of Gramercy’s most sought-after buildings!

This converted two-bedroom, one-bathroom apartment features large west and south facing windows in nearly every room. You'll find abundant storage space throughout the apartment with five large closets, oversized rooms paved with newly refinished parquet floors and a flexible floorplan ready to meet your needs. The gracious foyer flows into the oversized living room to provide an immense space ready to accommodate living and dining spaces. The converted second bedroom is suitable for use as a home office, nursery or can be converted back to a dining area. The large 11-foot by 17-foot master bedroom provides plenty of room for a king bed and additional furniture. The bathroom was just gut renovated with all new fixtures while new stainless steel appliances line the kitchen giving it a fresh update.

The Quaker Ridge is known for its stellar financials and low maintenance, not to mentions its prime location just steps from Gramercy Park. The co-op includes a full-time doorman, live-in superintendent, new laundry facilities, bike storage and a residents-only parking garage with direct access to the building. The building allows co-purchasing and pets, but does not permit guarantors or pied-à-terres.

New Sales Listing - 734 East 5th Street, Unit 4L

Kensington, Brooklyn, NY, 11218

734 East 5th Street, Unit 4L

 

2 BED
2 BATH
$835,000

Rarely available 2 BD 2 BA convertible 3 CONDO!! Apt features 2 Private Balconies and large private storage room. Spacious top floor apartment easily convertible to a 3 bed with deeded roof rights. Over-sized windows are flooded with sunlight and come with Levelor skylight blinds. East facing balcony floods apartment with morning sun and west facing balcony off the 2nd bedroom in the back is perfect for afternoon light. Also enjoy beautiful bay windows in master bedroom. The open living and dining area is perfect for lounging or entertaining. Hard-wood flooring through-out every room. Open kitchen is custom made with walnut stained cabinets, white marble counter tops, stainless steel appliances, gas stove, Sub-Zero refrigerator and double sinks. Bathrooms features deep soaking tubs and Toto toilets. Master bath equipped with jetted tub. Also includes Bosch Stackable Washer/Dryer, Central air and video intercom security. Additionally apartment is network ready and building is wheelchair accessible with indoor/outdoor elevators. With super LOW taxes and Common Charges, this apartment is a STEAL. Tax abatement until 2026. F train close by at Ditmas Ave. Plenty of shops at 18th Ave to choose from or take a short walk to trendy Cortelyou Road. Sorry, No Pets Allowed.

Your new home awaits.

Start the process →