The Monthly Update - June 2017

The Jane Street Effect

FAILED TO SELL — the words every owner dreads and hates to hear. Yet, in today’s price-sensitive market, these words are uttered over and over again.

A little over a month ago, we took over a Jane Street condo in the West Village from the largest brokerage house in the city who failed to sell. It had languished on the market for almost six months, so giving the property a complete rebranding and facelift was our first priority. The owner agreed to pay us to completely restage the property and to give it a deep cleaning. We brought in our best photographer, floor plan renderer and copywriter, and we made the property a “new listing” with over 100 days “on market” according to StreetEasy, NYC’s No. 1 public real estate website.  We got Compass’ public relations team to get a some press on the unit, and we went ahead with the relaunch. But, there was the issue of price. The property had been listed for $3.395 million. Clearly, we had to bring it to market with an improved price, so we all agreed that  $3.25 million  was a fair market value with a little room for negotiation. Just a bit lower than our predecessor’s asking price, but low enough to spark renewed interest — and that it did.

Over the next three weeks, we brought in over 50 buyers to the property, but alas no offers. It would seem the market had rejected the new asking price, again! But this time, the owner’s agents took action. Instead of letting the property sit there, the market forced us to adjust. The owner was convinced just a small adjustment would do for now, and if that didn’t work we’d move the price again in three more weeks. There was just no way that was healthy for the life of the listing if we wanted to sell it for top-of-the-market value. With much debate we adjusted the price down to $2.995 million and immediately got three offers: one below the asking and two just above.

We commenced with a best and final and signed a contract a week later for $3.15 million all cash. Why didn’t one of the original 50 interested buyers offer $2.95 million when we were at $3.25 million? We could have easily settled on a price of roughly $3.15 million then. This is today’s market — ultra price-sensitive — and this is what is leading to massive days on market for some listings or the dreaded failed to sell label for others.


Find your property’s sweet spot, and the market will respond genuinely. It doesn’t care how long you’ve been on the market or for what price. Once you find the right number, your property will  have the Jane Street Effect!

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CONDO PICK OF THE WEEK | A perch over South Harlem...

A Perch Over South Harlem, Complete With A Wraparound Terrace & Your Own Parking Space

This four-bedroom, 2.5-bath duplex condo is already sizeable, and feels extra spacious thanks to its 1,200-square foot wraparound terrace and large windows, which make the most of the unit's high floor position. Perched over South Harlem, the apartment is in an amenity-packed building right beside Marcus Garvey Park, is close to the 2, 3, 4, 5, and 6, trains, and comes with a deeded parking spot. It's listed for $3.2 million by Compass, and saw a price drop of $295,000 just last week, so there may be some room to negotiate. 

Upon entering the lower level, you'll find a sun-drenched living room, adjacent to the wraparound balcony. A spiral staircase separates it from the dining area, roomy enough for small dinner gatherings and made striking by a copper lighting fixture overhead. As can be expected with high-end, newish developments, the open kitchen is equipped with high-end appliances, including a 50-bottle wine fridge. 

Upstairs, the master bedroom is in a private corner of the apartment, and includes three large closets and an en suite bath, but a second bedroom across the hall hits the vistas jackpot, its corner position allowing for expansive views. This shares a bath with a third bedroom; a fourth is downstairs, but is quite narrow and necessitates a Murphy bed, so this may be better off as a guest room.  

The terrace is a clear standout, with ample room for entertaining this summer; the building itself has a live-in super and offers a gym, pool, and bike room, in addition to that parking space. Plus, there's a tax abatement in place that brings down the monthly charges. 

Full Article

Tribeca’s Most Star-Studded Building - 443 Greenwich

It’s become New York’s answer to the Chateau Marmont for some of the world’s biggest stars.

An abandoned book bindery turned high-end condominium at 443 Greenwich Street in Tribeca is making headlines for the steady stream of A-list stars who have purchased units there. Some of the biggest celebs to have signed on so far include Blake Lively and Ryan Reynolds, Jennifer Lawrence, Justin Timberlake, Formula One star Lewis Hamilton and Harry Styles, sources told The Real Deal.

Nathan Berman’s Metro loft Management, the developer of the building, which has an “paparazzi-proof” underground motor court, declined to comment on any of the big name buyers, but conceded that it’s become a magnet for the entertainment crowd. He’s previously said that 90 percent of the buyers in the 53-unit building are “household names.”

Most buyers purchased under the guise of limited liability companies, so deciphering their true identities — and which buyers bought which unit — is tricky, and some of the biggest name buyers haven’t yet closed on their deals. Here’s a look at who has:

3J
A trust that appears to be linked to former “One Direction” crooner turned solo artist Harry Styles signed on for a 2,868-square-foot, three-bedroom unit way back in 2015, paying $8.71 million. A woman by the same name as Styles’ personal assistant, Emma Spring, is listed as the trustee on the deed, records show.

6F
“Hunger Games” actress Jennifer Lawrence snapped up a 3,184-square-foot, three-bedroom pad for $9.03 million earlier this year — and is now looking to rent it out for $27,500 a month. She purchased under the LLC New Bedford, though the significance of the name wasn’t obvious. It’s no surprise she wants to rent it out, since Lawrence is currently on set in London filming the movie “Red Sparrow,” in which she plays a Russian spy, according to news reports.

1A
Fashion mogul Kobi Halperin was among the first buyers at the building, plopping down $6.11 million for a 2,644-square-foot, three-bedroom pad on the first floor. Halperin is the former creative chief at Elie Tahari, though he has since struck out on his own.

PHF
Fashion mogul Serge Azria, the brains behind brands like Joie, Equipment and Current/Elliot, appears to be the buyer of a $14.26 million pad atop the building. The deal came about a year after Azria scooped up another penthouse nearby, at 60 White Street. He bought the property under an LLC registered to his home in Los Angeles.

2C
A buyer with a flair for the dramatic used the entity Big Bad Wolf LLC to skewer a 2,965-square-foot two-bedroom apartment at the project for $6.56 millionearlier this year. The LLC is linked to Prakasit Phornprapha, son of Thai car tycoon Phornthep Phornprapha. The Phornprapha family owns Siam Motors, which produces Nissan cars and trucks in Thailand. Forbes pegs their net worth at $935 million.

PHC
Japanese singer and actress Juri Jinnai is listed as the signatory on a $14.24 million sale for another of the building’s penthouses. Jinnai grew up in Tokyo, though the source of her family fortune was not immediately clear.

2J
Enrique Alonso, an executive vice president at real estate investment firm SJP Properties, nabbed an $8.25 million pad in 2016. The three-bedroom unit totals 2,868 square feet.

5A
“Austin Powers” comedian Mike Myers closed on an apartment in the building for $15 million in December but actually took a $675,000 loss when he abruptly resold his 4,241-square-foot unit in March. The buyer disguised his or her identity with an LLC.

Watch Mila Kunis Surprise Her Parents With A Condo Makeover

Mila Kunis has proven to be the perfect daughter with her latest endeavor: A complete overhaul of her parents’ Los Angeles condo. Working with Houzz, as part of their “My Houzz” makeover series, Kunis surprised her parents with a newly renovated home, taking it from “Miami Vice” circa 1994 to a new modern, open-plan apartment.

Before

After

Kunis and her family immigrated to Los Angeles from the Ukraine in 1991 at the age of 7, with only $250 in their pockets. Kunis said in an interview with The Telegraph, “That was all we were allowed to take with us. My parents had given up good jobs and degrees, which were not transferable. We arrived in New York on a Wednesday and by Friday morning my brother and I were at school in LA.”

At the age of 9, Kunis moved into the condo in Los Angeles, where her parents have lived ever since. In the video, out today on Houzz.com, a very pregnant Kunis notes that her biggest live moments happened in that home, including graduating high school, getting her first dog and, of course, the start of her booming career.

Take a peek at the makeover in the video below and watch the full episode (executive produced by Kunis’ husband, Ashton Kutcher) at Houzz.com.

Last Night A Taco Sold For $27K

Last night in Cabo San Lucas, Mexico, a guy bought a taco and a shot of tequila. Unusually though, the pairing cost him $27,960. And for Cinco de Mayo, you can too.

The single taco — created by chef Juan Licerio at Cabo’s luxe Grand Velas resort  — included a gold-infused corn tortilla filled with Kobe beef, langoustine, the most expensive caviar in the world, and a black-truffle Brie cheese. An “exotic” salsa created from chiles, ultra-premium tequila, and kopi luwak, a rare coffee “made from partially digested cherries that are gathered from the excrement of the civet, a wild cat found throughout Asia.”

The extra-aged tequila was no less lavish, poured from a $3.5 million “Ley Diamante” bottle which took 10 months to craft and is encrusted with 4,100 diamonds.

Though, much like the $10,000 burger that sold in Dubai in March, the proceeds went to charity.

The funds will go to the Los Cabos Children’s Foundation, and will be used for the non-profit’s programs of oncology, cardiology and pediatric intensive care.

If you are looking for other insanely priced Tex-Mex consumable to celebrate with tomorrow, check out our recipe for a $750 margarita.

The World's 10 Smallest Apartments

Some people love small spaces, while others make themselves adjust to save some money. They’re not for everyone, though. Claustrophobics, beware—these tiny apartments around the world will definitely make your jaw drop.

Minimalism is definitely on trend, but it usually applies to the type of objects people keep or how many things they keep lying around. When you live in a big city, however, minimalism takes on a whole new meaning as people struggle to find a space that they not only enjoy but can easily afford. For some people, though, their goal is to use only the space they need, and they definitely make the most of it. Could you picture yourself in any of these tiny apartments in some of the world’s biggest cities?

Hong Kong, 4 square feet

Believe it or not, this tiny cage of a “room” is actually considered to be an apartment in Hong Kong—it even costs $167 each month to rent! These living spaces came to be in the ‘50s; currently, they're most often home to single men who live on the assistance of the government. Many of them spend their days collecting change so they can not only pay their rent, but have something to live on afterwards.

As if the small cages weren’t bad enough, their surroundings are pretty dismal, too. All tenants of the “apartment building” wash their clothes in a communal bucket, and the bathroom consists of just two stalls. The shower is essentially considered a third toilet, and the kitchen is pretty much just a sink. Trust us—it gets better from here.

Hong Kong, 16 square feet

Apparently, Hong Kong isn’t playing around when it comes to the bare minimums for living space, because this apartment is smaller than the average prison cell. Sure, anything is better than living in a cramped cage, but the term “better” is used pretty loosely here.

This space costs $384 to rent for one month and is comparable to a closet rather than an actual room. Fortunately, though, most of them come with wireless internet, an air conditioning unit, and a window (though not all of them have these amenities).

The hallways leading through the buildings that house apartments like these are just as small, and the rooms are essentially just a spot to put your bed. Still, there’s a lot you can do to decorate a space even this small, and many choose to set up shelving above their beds to hold trinkets and decorations. We’ll try not to imagine how often they must hit their heads on those shelves getting out of bed each day.

London, 60 square feet

You might think these apartments are starting to look better, and that’s definitely true—just wait until you hear the price tag for this one, though. This apartment, which was formed in 1987, was formerly used as a broom closet.

The size definitely doesn’t allow for clutter of any kind but, hey, some people are into that, and this apartment has the amenities to make compressed living a little easier. It’ll come at a price, though—this apartment can be purchased for $313,000. Yeah.

If you’re still interested after hearing that, you’ll be pleased to hear that this apartment actually has a lot of amenities for something so small. It’s got a small kitchen, a shower that is also used as a closet, and a couch that converts to a bed.

Ray Barker, the former owner, said, “ I [could] wash up, answer the door, make a cuppa and go to the loo all at the same time.” We just hope he wasn’t answering the door for guests—that’s a level of cramped we don’t want to experience.

Manhattan, 78 square feet

Alright, so this apartment looks more like the entryway to someone’s home as opposed to a full living space on its own, but it’s not the worst. It’s also quite the steal, as it’ll allow you to live in Manhattan, one of the priciest cities out there, for only $800 each month, although there are a few caveats.

For one thing, the apartment has no kitchen and no running water. Instead, this apartment and three surrounding apartments all share one bathroom, which would take some getting used to for a lot of people.

When it’s not being used as a couch, the sitting area folds out into a bed—when it’s folded up, it creates an area actually suitable as a small living room.

While there’s no true kitchen, there is a refrigerator in the apartment, and there are plenty of cabinets to store a microwave, plates and bowls, cutlery, and even a printer.

Paris, 86 square feet

If you’re like us, this is an apartment you could actually see yourself being able to work with. The room was a former maid’s quarters and was converted into an apartment by the designers at Kitoko Studios, an architecture and design firm.

Previously, this room and others like it were probably used as storage. Though it was renovated by professional architects, the idea behind this type of apartment is minimalism and elegant simplicity—essentially the opposite of what you’d think they’d envision.

Clearly, the main feature of the room is the cabinets, which open to reveal a closet and a fold-down table. There’s also a small bathroom somewhere to the side, as well as a kitchen that sits next to a window.

This apartment and others like it sit right below the roof of the building, giving its tenants easy roof access for a bit of stargazing or maybe a small party from time to time.

Manhattan, 90 square feet

Though it’s still not an ideal space for most, this Manhattan apartment comes close to what you might expect from a standard studio apartment.

Not only is it an adequate size for one person, but Central Park is just a single block away, and it’s only $700 a month. In New York, it's nearly impossible to find a single bedroom, or even a studio, to rent for that little.

One former tenant, Felice Cohen, said when she lived there, she was out and about a lot, which could be why the size of the apartment didn't bother her, although it seems like there’s a lot to love about it.

The bathroom in the apartment is pretty standard and, even though there’s no designated kitchen, the apartment does have a toaster oven and fridge. The bed is located above the apartment’s entrance, which is probably what leaves so much of the floor space open.

Cohen said there’s even a small office area and, when she had people over, there was actually enough space for nine people.

Paris, 130 square feet

Call us crazy, but we could totally live here. The layout of the room gives it a feel that makes it seem a lot bigger than it really is, and there are also two different floor levels that give the small space the illusion of having multiple rooms.

The architects who designed the space, Julie Nabucet and Marc Baillargeon, said that, “Our approach to architecture is that the house is not so much a machine for living, but a tool for living well.”

And live well you will. The apartment’s current owner, Thibaut Ménard, says he notices new things about the space each day, acknowledging that Nabucet and Baillargeon designed it in a way that’s intelligent and incredibly easy to adapt to.

Aside from the kitchen that’s pictured, there’s also a bed that folds out of the upper half of the apartment. Once it’s up, the space is complete with a bathroom, living room, and even a dining room.

Poland, 140 square feet

We’re not quite sure where in Poland you can find this little gem, but we’d consider its tenant pretty lucky to have something that’s not only efficient but also adorable.

The current tenant, Szymon Hanczar, designed the apartment himself. Of the space, he said, “Extremely small flats are great for people who are minimalist, who want to enjoy the city life.” Maybe it’s just the way it’s decorated, or it could just be us, but it doesn’t feel like it’d be too hard to get used to living here.

The apartment has pretty much everything you could want, other than excess space. There’s a bed located right above what looks like a closet but is actually a bathroom—the only strange thing here is that the toilet and shower are essentially one in the same.

There’s a small sink that makes up the kitchen, and there’s even a washing machine. The space is complete with a wall-mounted bike that serves as both decoration and Hanczar's transportation around the city.

53 West 11th Street, Unit 1R

53 West 11th Street, Unit 1R

GREENWICH VILLAGE, MANHATTAN

Offered At $659,000

Maintenance: $1,073/ mo.

1 Bed  |  1 Bath  |  Co-op

 

Live on the best block in the heart of the Greenwich Village Historic District. This charming one-bedroom simply won't last!

Situated on the parlor floor of a gorgeous historic brownstone on a tree-lined block, this renovated apartment features windows in every room and sky-high, nearly 10-foot tall ceilings. Facing the rear garden, the home is pin-drop quiet, save for the birds chirping happily outdoors. Coveted architectural details abound, including a majestic decorative fireplace, Brazilian walnut floors, crown moldings, and exposed brick. The kitchen is outfitted with granite countertops and stainless steel appliances, including a dishwasher. The bedroom features a large, custom closet, and the bathroom is paved in marble. Don't miss your chance to be part of one of the lucky few that call Greenwich Village home! 

53 West 11th Street is a handsome brownstone co-op built in 1891 by George F. Pelham, whose father and son were also noted New York City architects. The secure and well-maintained boutique building is 80 percent owner-occupied, yet features a liberal sublet policy and welcomes pied-à-terres, co-purchasers and guarantors. Monthly maintenance is low and pets are welcome. Perfectly situated in the Gold Coast area, at the border of the West Village and Greenwich Village, the best of everything is within reach of this lovely 11th Street block, which the Greenwich Village Historic District report calls "one of the finest streets in The Village." Stroll the revered brunch spots of the West Village or take in Union Square's great greenmarket and nightlife. The sights of Soho, the Meatpacking District and the High Line are also nearby. Transportation couldn't be easier with 4/5/6/N/Q/R/W,A/C/E, B/D/F/M, L, 1/2/3 and PATH trains mere steps away.

The Monthly Update - May 2017

Which markets are better for real estate sales? Historically, spring markets have always the been the stronger market. That being said, over the past three years, I have personally noticed a larger lag between the markets than we are normally accustomed to. In 2014, the spring was strong, and fall, while a bit slower, maneuvered itself and built up to record-smashing Spring 2015.

That hot Spring of 2015 fell flat by August and never recovered after Labor Day. Fall 2015 failed to live up to brokers’ predictions and the lofty sellers’ prices that had spiked earlier that year. And while that downtrend creeped only to the end of 2015 (especially in the luxury markets) and moved its way into 2016, which was a low point for many price-points, late Spring 2016 showed us the most promise of that year.

Fall 2016 was very difficult for many price-points, and now in 2017 after contentious election, a record-setting Wall Street surge and interests rates that are defying normal logic and staying incredibly low, we are seeing many price-points come roaring back. Bidding wars are now common again. Buyers’ interests in the market is white hot. The only segment  left out in our 2017 strong spring market  is the luxury sector. Having a few good weeks early in 2017, it is still highly competitive for sellers with lots of luxury market new development and resale to compete with. And there is more yet is still to arrive.

Price is king in the sector. That said, sellers seem to be holding out and for as much as they can. The average days on market for three-bedroom condos on the Upper West Side, according to StreetEasy.com, is 293 days. But overall, the Hoffman team is seeing record numbers and a strong bounce back so far in Spring 2017. What remains for the rest of this year is completely unpredictable. History would say it could be slow …  and yet, IF the Trump tax plan passes, or is even perceived to have a good chance of passing, that could rev up the markets again for another huge push this fall. That lag might be over.

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Press Bulletin 

 

Compass Acquires Montauk's Oldest Boutique Real Estate Firm
Bloomberg TV  | Read Full Article

Sunday Bagel? If You Get It Sliced, The State Gets A Cut: Exposing The ‘Bagel Tax’

Though it’s not too hard to understand the logic behind a mansion tax, a bagel tax…oy vey! Next time you hit your local bagel shop, know that if you get your breakfast sliced–or heaven forbid, with schmear–you’ll get smacked with an 8.875 percent sales tax. If you eat it in the store, (even if it’s still whole), boom, more tax.

The folks at Turbotax explain that, “the state adds an eight-cent tax to any altered bagels,” which includes, “bagel sandwiches (served buttered or with spreads, or otherwise as a sandwich)” or even just sliced for you. According to the New York state Department of Taxation and Finance, “Generally, food and food products sold by food stores are exempt from sales tax.” That bagel loses its exemption when it is “sold heated; it is sold for consumption on the premises; or it has been prepared by the seller and is ready to be eaten, whether for on premises or off premises consumption.”

The state began enforcing this little-known legal distinction around 2010 to pump much-needed dough into its coffers. Customers were generally under the impression that getting bagels sliced was just another option, not one that came with a price hike. Bagel store owners were the first ones surprised in some cases, when they got audited and informed they’d need to start charging the tax.

The “bagel tax,” of course, has given New Yorkers yet another thing to complain about. Bagel shops reported that the roughly-eight-cent price hike resulted in a number of irate customers. Some say the law isn’t clear enough on the details–for example, while sliced bagels are taxed, a pre-sliced bakery loaf isn’t. If the thought of yet another tax gets a rise out of you, dodge the bagel tax by leaving them uncut. And if you really want to keep your bagels safe, put lox on them (We’ll be here all week).

NBC News Anchor Lester Holt Lists Classy Nomad Apartment For $6.6M

There’s no “debating” that NBC Nightly News and Dateline NBC anchor Lester Holt has good taste in real estate, as evidenced by the listing photos for his classy Nomad apartment. The fact that his wife, Carol Hagen-Holt, is one of the listing brokers probably doesn’t hurt either. The Observer first noticed that the couple put the three-bedroom spread at 225 Fifth Avenue on the market for $6.6 million, a far cry from the $3.3 million they bought it for in 2007. It boasts views of Madison Square Park and the Flatiron Building, a private terrace, and a sumptuous mix of furnishings and decor.

Throughout the 2,168-square-foot residence are 11-foot ceilings and oversized windows. The main living space is open to the kitchen, which has bluestone counters, an eat-in island, oak cabinetry, and high-end appliances including a built-in espresso maker.

The master suite has custom closets and an en-suite Calcutta marble bathroom.

The master and two other bedrooms all open to the 48-foot-long terrace that overlooks the building’s courtyard garden. (That’s Holt’s dog seen in the photo).

The building, known as the Grand Madison, is a former showroom that was converted to 109 condos in 2004 (it was also once home to Chelsea Clinton). Amenities include a roof deck and health club.

Want A 100-Year-Old ‘Castle’ For $48M?..... Move To New Jersey

One of the most expensive residential listings in New Jersey recently hit the market at an asking price of $48 million. The 100-year-old, nearly 50,000-square-foot mansion sits on 12.5 acres in Mahwah with views of the Ramapo Mountains (h/t Wall Street Journal). The enormous house, originally built in 1907 by George Crocker, son of railroad tycoon Charles Crocker, was modeled after a Jacobean-style English castle and today boasts a 45-foot-tall organ, 29 bathrooms, 21 bedrooms, and two full kitchens, one equipped to serve an impressive 250 meals at a time.

The estate’s owner, Ilija Pavlovic, bought it for $8.8 million in 2008 from developer Darlington Associates, who had built multiple residential communities surrounding the mansion. Pavlovic told the WSJ that he was interested in the “challenge” of both preserving the historic home while also restoring it to meet 21st-century standards.

He preserved many of the original elements, like the elaborate wooden carvings and the great hall organ (the only known 1906 Aeolian Player Pipe Organs in the U.S.). He also employed Italian woodcarvers, whose previous works included the Italian Parliament as well as NYC’s Ritz-Carlton and Waldorf Astoria.

To modernize the home, though, Pavlovic replaced all the mechanical systems, redid all the bathrooms, installed 476 new windows, and replaced the slate roof. He also had much of the furniture custom made, which is included in the sales price.

He also added a spa with an indoor lap pool, gym, massage room, beauty salon, and theater room.

In addition, there’s a wine cellar, cigar room, tennis court, billiard room, and an outdoor pool with a cabana, and eight-car garage.

Remarkably, Pavlovic told the WSJ that he doesn’t live at the residence full time, as his primary residence is nearby. But he has stayed at the home with his family to host what one can assume to be some pretty epic events.

[Listing: Darlington, New York Metro Mansion by Christie’s International Real Estate]

[Via WSJ]

Just Listed 7 New Properties. Take A Look!

250 West 90th Street, Unit 17K

$6,000,000  |  4 BD  |  3.5 BA  |   2,800 SF

1485 5th Avenue, Unit 18A/19A

$3,495,000  |  4 BD  |  2.5 BA  |   2,207 SF

11 East 29th Street, Unit 48C

$2,300,000  |  1 BD  |  1.5 BA  |  983 SF

432 West 52nd Street, Unit PH7A

$1,550,000  |  2 BD  |  2 BA  |  1,161 SF

201 East 21st Street, Unit 16C

$1,295,000  |  2 BD  |  1 BA

323 West 43rd Street, Unit 1R

$850,000  |  2 BD  |  2 BA  |  900 SF

2360 Amsterdam Avenue, Unit 3C

$800,000  |  2 BD  |  2 BA  |  987 SF

Construction Starts Next Month For Midtown’s 1,401-foot One Vanderbilt

One of the city’s most pivotal new office towers is approaching its latest milestone. This afternoon, developer SL Green announced that One Vanderbilt, the supertall currently under construction directly adjacent to Grand Central Terminal, will begin its vertical ascent in early May. According to a press release, the 1,401-foot skyscraper’s construction manager, AECOM Tishman, has secured the procurement of more than 25,000 tons of domestically-fabricated structural steel, in addition to a New Building Permit from the New York City Department of Buildings.

Designed by Kohn Pedersen Fox (KPF) Associates, the massive glass tower will occupy an entire city block bounded by Madison and Vanderbilt Avenues, and East 43rd and East 42nd Streets. The tower officially broke ground in October of 2016, and in February it had its 4,200-cubic-yard concrete foundation poured—the largest single pour recorded in NYC history. SL Green shares that the steel frame will be erected in July.

“This series of milestones represents the most tangible sign yet that a new era in Midtown East is close at hand,” said Marc Holliday, SL Green’s Chief Executive Officer in a statement. “Not only will Manhattan’s skyline soon be getting a spectacular new addition utilizing 100 percent union labor, but the experience of going to work in Midtown East will improve dramatically. Along with our joint venture partners—the National Pension Service of Korea and Hines—we’re very much looking forward to beginning the next phase of this progress that will shape New York’s future.”

Indeed, the tower has been pegged as the catalyst for a Midtown East renaissance, expected to bring workers and cutting-edge companies back to the aging neighborhood. As shared with 6sqft in a recent interview, the architects at KPF sought to “redefine and elevate the workplace model” of Midtown Manhattan. As such, the 58 floors will forgo a traditional office plan, instead favoring column-free floor plates and ceiling heights that stretch upwards of 20 feet in parts of the tower. Workers who come to the office will also enjoy an exclusive “amenity floor” and an outdoor terrace, while the general public will benefit from $220 million worth of public transit and infrastructure upgrades, including new underground connections to the subway and Grand Central and a 15,000-square-foot pedestrian plaza—items that were negotiated by SL Green with the city in order to get the supertall erected.

Construction is expected to wrap in 2020.

Construction images by Max Touhey courtesy of SL Green

City Will Spend $100M On A New East River Greenway

Mayor Bill de Blasio announced Tuesday that the city would develop the gap in the Manhattan waterfront greenway that runs between 41st and 61st Streets along the East River. The city has pledged to spend $100 million on closing the largest unfinished space in the 32-mile loop, including a new esplanade, with an additional $5 million to be spent on filling smaller gaps in East Harlem and Inwood. “The Hudson River Greenway has vastly improved quality of life on the West Side, and we want families in every corner in the borough to have that same access to bike, walk and play along the water,” said the mayor in a statement. “This is the first of many big investments we’ll make as we bring the full Greenway to reality.”

Construction on the scruffy undeveloped gap along the highway from 53rd to 61st Street–an annoyance to cyclists, runners and walkers who traverse the scenic path that runs along the East River–will begin in 2019 and is expected to continue for three years. The new path will rest on pilings about 15 feet off the shoreline on a boardwalk, similar to the West Side’s waterfront path.

The aforementioned esplanade will eventually connect the bike paths that ring the city’s perimeter, making it easier for cyclists to circle Manhattan without veering off into city streets along the East Side. “A longer greenway will also help us meet the surging demand in daily cycling,” said Polly Trottenberg, the city’s transportation commissioner.

The last big expansion of this kind happened in 2010 in the form of an 11-mile pathway that opened between 91st and 81st Streets along the Hudson River on the city’s West Side, which, according to the Transportation Department, is now used by over 7,000 cyclists every day.

[Via NYTimes]

130 East 18th Street, Unit 6D

130 East 18th Street, Unit 6D

GRAMERCY, MANHATTAN

Offered At $850,000

1 Bed  |  1 Bath  |  Co-op  |  Roof Deck  |  24/7 Doorman

Maintenance: $1,020/mo.

 

Enjoy private outdoor space, wide-open views and spacious living spaces in this gorgeous Gramercy Park one-bedroom, one-bathroom co-op home.

The well-planned layout welcomes you home with a gracious foyer lined with abundant closet space. Just ahead, the spacious great room stretches 20 feet long, providing plenty of room for comfortable living and dining spaces, ending in the lovely private balcony. On this north-facing perch, you're surrounded by stunning views of Gramercy Park's historic townhouses and tree-lined streets. The bedroom and bathroom flank another roomy closet, and the galley kitchen offers great cabinet space and appliances. Hardwood floors and great light make this charming home simply irresistible.

The Gramercy Park Co-op is a well-established and impeccably maintained luxury doorman building with a newly renovated lobby and common area. The pet friendly building features a full-time doorman, live-in superintendent, laundry room, garage, bike room, planted roof deck and ground-floor garden. Set on a gorgeous tree-lined block in the heart of Gramercy Park, the location offers immediate access to the city's buzziest neighborhoods, including Union Square, the Flatiron District and the East Village. The neighborhood is flanked by iconic parks with fantastic restaurants, shopping, entertainment and cultural venues lining the nearby streets. Union Square offers access to the N/Q/R/W, 4/5/6 and L trains, placing the rest of the city mere minutes away.

How Much Do Amenities Impact Rent Prices In NYC?

When looking for that perfect city abode, apartment hunters often create a list of must-have amenities that also fit within a budget. Now, thanks to Priceonomics and Renthop, you can determine which apartment features have the greatest impact on the overall rent. While the number of bedrooms and bathrooms drive up rent prices the most, the research found that having a doorman, an elevator, available parking and/or laundry-in-building most likely would increase the total rent. In a closer look at NYC, the data shows having a doorman creates the biggest increase of rent in the city, adding about $260 each month.

Priceonomics used thousands of apartment listings across major U.S. cities and looked at monthly rent, the number of bedrooms and bathrooms, and the access of different amenities. It’s no surprise New York tops the list with the most expensive median rent out of all other major cities listed. Amenities examined included: a furnished apartment, pets allowed, a washer/dryer, laundry-in-building, private outdoor space, shared outdoor space, a doorman, an elevator, designated parking and a fitness center.Since each part of New York is distinct, the data focused on 50 different neighborhoods and then plotted the ten most expensive and the ten least expensive areas to find what is deemed most important for each. For more expensive apartments, there is a strong correlation between laundry in the unit and the presence of a doorman. Other important factors in these homes include allowing pets and access to a fitness center. In the least expensive neighborhoods, the same features remain important, but the degree of correlation differs.Overall, if disregarding the number of bedrooms and bathrooms, having a doorman has the greatest impact on price. While impacting monthly rent by $260 seems hefty, this feature usually indicates a nicer building in general. Having an elevator adds roughly $120, a fitness center adds nearly $90 and laundry-in-unit contributes about $80 more in rent each month.

Ron Howard Lists Central Park West Apt. For $12.5M

For $12.5 million, you can live in Oscar-winning director Ron Howard’s classic Upper West Side co-op. He and wife Cheryl told the Wall Street Journal that they decided to list the three-bedroom spread at the iconic Eldorado–which they bought in 2004 for $5.575 million–to move farther downtown, closer to Howard’s editing and post-production facilities. Not only does the home occupy the 26th floor of the Art Deco building’s north tower, but it has a private elevator landing, 50 feet of direct Central Park frontage, and a flexible layout perfect for entertaining that the Howards implemented as part of a complete renovation.

The elevator landing leads to a wood-paneled entry foyer, which then opens to the formal dining room.

The living room has a wood-burning fireplace and is connected to a bright library with plenty of built-in shelving (check out the Emmy on the desk–Howard has won two, for his work on “A Beautiful Mind” and “Inferno”).

In the sleek kitchen you’ll find stainless steel countertops, custom cabinetry with loads of storage, two dishwashers, two fridges, and a wine fridge.

The corner master suite has an abundance of closet space and an en-suite bathroom with heated floors.

In addition to claiming Ron Howard as the former owner of your apartment, whomever picks up the pad will also be neighbors with Meredith Viera. Past residents of the celeb-favorite include Bruce Willis, Alec Baldwin, Moby, and Bono.

Ron and Cheryl also may have decided to move since their children are grown and they travel frequently to LA, reasons they cited for selling their $27.5 million lakeside estate in the NYC suburbs a few years back.

City Spends $7M/Year On 15,000 Rarely-Used Alarm Boxes

To date, close to 700 LinkNYC Wifi kiosks have been installed throughout the five boroughs. Among their features are an app that lets users make free calls anywhere in the U.S., as well as a dedicated red 911 button for emergencies. Coupled with the fact that most New Yorkers have cell phones on them, it seems that the city’s 14,813 red alarm boxes serve basically no purpose anymore. In fact, as Crain’s tells us, last year, the boxes were used only 11,440 times to call the FDNY, which is an average of less than once per box. And, of these calls, only 13 percent were for actual emergencies and just 1.5 percent for fires. But yet, the city spends a whopping $6.8 million annually paying electricians to repair the call boxes and others to paint over graffiti.

There hasn’t been a lack of effort to discontinue the alarm boxes; both the Giuliani and Bloomberg administrations tried, but were sued by a deaf-rights group. In 2011, a judge said the structures must remain until an appropriate replacement was found for deaf New Yorkers. But according to the city’s official Link NYC page, “All of Link’s physical kiosk controls are marked with braille and each Link is equipped with talkback for touchscreen use.”

So why has the issue not be revisited by elected officials?

It might be time to push for their removal again, especially considering that 86 percent of calls made from the boxes last year were false alarms, diverting firefighters from potential real emergencies.

Laguardia Airport Expansion Could Replace Rikers Island...

On Friday 6sqft reported Mayor Bill De Blasio’s announcement that the Rikers Island jail complex will be closed, following a report by the Independent Commission on New York City Criminal Justice and Incarceration Reform. “New York City has always been better than Rikers Island,” said the mayor when he announced the decision. The report also included ideas for the future of a post-jail Rikers. One such idea suggests that the island be used for the expansion of nearby LaGuardia Airport, raising the possibility of a new runway and additional terminal space, according to USA Today. “The Island is uniquely positioned to accommodate an expanded LaGuardia Airport that would reduce delays and could serve as many as 12 million more passengers annually,” the report states.

An expansion of LaGuardia that incorporated Rikers could grow flight capacity by 40 percent, according to calculations in the report. “For decades, LaGuardia Airport has led the nation in delays, with traffic jams in the sky and on the ground,” said Global Gateway Alliance Chairman Joe Sitt in a statement. adding that the proposal to extend LaGuardia’s runways to the island, “would be a big piece of the puzzle to change all that. By replacing 1960s radar with ‘NextGen’ GPS technology, and making more room on the ground for incoming and outgoing flights, passengers will finally be able to have on-time flights in New York. That is a vision worth working for.”

Other suggestions from the report included using Rikers Island to house an energy-from-waste facility which could process as much as 2,000 tons per day of otherwise undisposable waste, making use of emerging clean technologies that reduce the environmental impacts traditionally associated with waste-to-energy uses and providing a critical resource for the city’s Zero Waste goals, and using the land as a large-scale solar energy installation and a strategic site for an energy storage system.

[Via USA Today]

111 Jane Street, 5th Floor

111 Jane Street, 5th Floor

WEST VILLAGE, MANHATTAN

Offered At $3,245,000

Full Floor  |  2 Bed|  1 Bath  |  Condo

CC: $989/mo.  |  Taxes: $1,825/mo.

 

Enjoy stunning views, quaint outdoor spaces and sprawling living areas in this gorgeous full-floor, two-bedroom, two-bathroom West Village abode.

Arrive at the home via key-locked elevator and be greeted by southern and western light beckoning you to the oversized great room. This sprawling space offers ample room for comfortable living and dining areas, surrounded by fantastic built-ins and moldings, plus high ceilings and ebony hardwood floors, all warmed by a cozy wood-burning fireplace. Nearby, the delightful south-facing balcony invites you to drink in iconic views of One World Trade, the Statue of Liberty and sparkling Hudson River. The large open kitchen is a model of style and functionality with black granite countertops and custom cabinetry surrounding Viking Professional stainless steel appliances. Further on, you'll find an extra-large laundry room/pantry outfitted with a top-of-the-line front-loading LG steam washer and dryer.

Beautiful bedrooms are situated at the serene rear of the home, each sharing access to a second wrought-iron balcony and lined with oversized windows. In the tranquil master suite, a row of custom closets attend to wardrobe needs while the updated en suite bath melts away stress with a deep soaking Jacuzzi tub, separate steam shower and a dual-sink vanity. The second bedroom features a custom walk-in closet of its own and north eastern exposures. Additional custom closet space throughout the home, plus basement storage in the building, assures that all of your belongings will have a home in this fantastic West Village charmer.

Built in 1875, 111 Jane Street is a boutique pre-war condominium building offering a newly renovated lobby, video security and basement storage. Set at the intersection of the West Village and the Meatpacking District, this home is at the epicenter of Manhattan's best shopping, dining and premier cultural destinations with the new Whitney Museum and abundant theatres at every turn. Some of the city's best parks, including the High Line, Chelsea Piers, the gorgeous Hudson River Greenway and magnificent Pier 51 Playground, are now your backyard. A/C/E, 1, L and PATH trains offer excellent access to the rest of the city and beyond.

Your new home awaits.

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