Two Bridges Tower Developer Promises Flood Protections

LOWER EAST SIDE — A pair of low-income waterfront residences hit by Hurricane Sandy will get flood barriers to mitigate future storms if a controversial mixed-income skyscraper is allowed to rise next door.

Two Bridges Tower at 82 Rutgers Slip and a neighboring building for seniors at 80 Rutgers Slip would both receive the barrier if JDS Development Group's 77-story tower is approved, said Alexa Sewell, chief executive of Settlement Housing Fund, which manages both sites in partnership with the Two Bridges Neighborhood Council.

The two nonprofits have agreed to sell the buildings' air rights to JDS to facilitate the construction of the 600-unit project on a neighboring parcel. In return, pending the city's approval of the skyscraper, the developer has pledged to bring a handful of resiliency upgrades to both buildings, though the property owner themselves will have to fund some of the efforts.

JDS would pay to construct the flood barrier at 80 Rutgers Slip and then contribute to the cost of extending it to cover the building at 82 Rutgers Slip, a rep for the developer said.

The developer would also move mechanical equipment at the senior building to the second floor, out of reach of future floodwaters, and would bring an emergency power backup system to the building for the first time, JDS spokeswoman Susan Ainsworth said.

When Sandy hit, the first floor of Two Bridges Tower was flooded with up to 4 feet of water, damaging electrical wiring and building infrastructure, as well as knocking the elevators out of order for some time, according to tenant leader Trever Holland, who noted 80 Rutgers Slip suffered relatively minor damage by comparison. 

The resiliency work is not yet a "done deal," noted Sewell, as JDS is still awaiting approval from the Department of City Planning to build on the site. That application is being considered in conjunction with two other massive developments proposed within the same three blocks.

The planned developments have been vehemently opposed by tenants of the existing towers, activists and local politicians, and concerned local groups recently threatened legal action against the city if the towers are approved.

But if the city gives the green light, work on the resiliency upgrades will begin once JDS kicks off construction on its tower, tentatively planned for next year.

The Settlement Housing Fund is also seeking a loan from the city's Department of Housing Preservation and Development to bring emergency generators and sewer backflow preventers to Two Bridges Tower, Sewell explained. She hopes to secure that loan within the coming months. 

The upgrades, which hinge on the approval of city agencies, come years after the property owner failed to apply for funds through the city's Build it Back program, whose deadline was Oct. 31, 2013.

That program has reaped substantial rewards for other low-income developments. Most recently, Knickerbocker Village scored $33.5 million for a host of resiliency upgrades scheduled for the next two years.

Sewell was unable to address the missed deadline, noting it passed before she took over as the group's chief executive.

Last Week's Big Closings

A high floor and high hopes at the Ritz-Carlton

This week's biggest closing was the entire 33rd floor of the Residences at the Ritz-Carlton at 50 Central Park South. The sellers were co-chairman of Oaktree Capital Howard Marks and his wife, Nancy, who bought the 4,500 square-foot pad in 2007 for $18.8 million, and have been trying to sell it since 2012, when they listed it for $50 million. The apartment sold this week for $25M. Find out where else the week's biggest-ticket buys were, below.

The Residences at the Ritz Carlton, 50 Central Park South - Apt #33. Sold Sep 7. Image: Corcoran Group


4 Bedrooms | 4.5 Bathrooms
This week's biggest closing was the entire 33rd floor of the Residences at the Ritz-Carlton at 50 Central Park South. The sellers were co-chairman of Oaktree Capital Howard Marks and his wife, Nancy, who bought the 4,500 square-foot pad in 2007 for $18.8 million and have been trying to sell it since 2012, when they listed it for $50 million. The apartment sold this week for $25M. Perhaps breathtaking Central Park and city views, a private guest suite and access to Ritz-Carlton amenities like a health club, the La Prairie Spa, a club lounge and more don't count for quite as much as they once did.

221 West 77th Street - #16. Sold Sep 1, 2017. Image: Stribling.


5 Bedrooms | 4.5 Bathrooms
This private, full-floor 3,300-square-foot apartment has a terrace, five bedrooms, open city views, a custom kitchen handmade in England by Smallbone of Devizes–and just about anything else a buyer could wish for. The building offers a mind-boggling menu of amenities including a basketball court, a fitness center, a paneled library with a pool table, an exquisite roof deck with a gas fire pit and parking.

One Beacon Court, 151 East 58th Street - Apt #44B. Sold Aug 28, 2017. Image: Corcoran Group


3 Bedrooms | 3.5 Bathrooms
For views in every direction, this high-floor 2,669-square-foot corner aerie is hard to beat. Interior finishes have been selected by deigner Jaques Grange, including an eat-in gourmet Poggenpohl kitchen and a laundry room. The full-service condominium offers a private motor courtyard for vehicles, a 24-hour doorman, a concierge, a fitness center, a playroom, valet parking and more.

ESPN Will Open First NYC Studios In South Street Seaport’s Pier 17

ESPN EVP for content Connor Schell described the new facility as a “state of-the-art content factory that will allow us to produced differentiated studio content for both television and digital.” The Disney-owned ESPN already has offices in Manhattan. The new space will be comprised of three studios–two for TV and one for radio. The usually dark pier was lit bright red Monday night in honor of ESPN in a one-night-only display.

Set to open in March or April, the new facility will be the pier’s first tenant to open. Other businesses scheduled to be part of a rollout of offerings at the pier will include restaurants by Jean-Georges Vongerichten and David Chang on the first floor, mezzanine and roof , scheduled to open next summer.

As 6sft previously reported, additional projects moving forward at the seaport include the relocation and redevelopment of the historic Tin Building which will house a massive Vongerichten-branded seafood market whose opening will kick off an official grand opening for the complex, although the rest of the Seaport will be open before the Tin Building’s completion in early 2020.

Hughes leases the Seaport and surrounding historic district properties from the city. The company took it over in 2010 after the entertainment district run the Rouse Company and General Growth Properties floundered.

In addition to a highly-anticipated entertainment, shopping and recreational addition to the East River waterfront, Pier 17 also offers about 150,000 square feet of office space–including the ESPN studio.

Mary Ann Tighe of CBRE, who was tapped to market the space, said, “In one of the city’s most historic districts, full of real cobblestone character, there is now a small amount of 21st century office space on offer. There’s nothing else like it in Manhattan, so I’m not surprised that ESPN decided to make it their New York studio center.”

Luxury Contracts Creep Up To 20.

Along with the $51 million penthouse at 160 Leroy Street, Manhattan properties over $10 million had a pretty good showing last week, according to Olshan Realty’s luxury market report.

Twenty units asking $4 million and up went into contract during the week of October 2 through 8, and five of the 20 were asking above $10 million. According to Olshan, the total weekly asking price sales volume as $214.8 million, the highest since May. Meanwhile, the week’s average asking price was $10.7 million, with an average discount of 4 percent. The average marketing time was 280 days.

The No. 1 contract was Penthouse N at Ian Schrager’s 160 Leroy Street, asking $51 million (up from $48.5 million.)  The condo was originally part of a larger, $80 million penthouse that Schrager split into two. At 7,750 square feet, Penthouse N is the larger of the two, and it has a massive 4,944-square-foot rooftop terrace with an outdoor kitchen and 27-foot pool.

The No. 2 contract was a 14th-floor condo at 15 Central Park West asking $31.5 million, down from the original price of $38 million in March.

The seller paid $21.3 million for the 4,170-square-foot apartment in 2007.

 [Olshan] — E.B. Solomont

MTA Begins Testing Of New Subway Fare System

With the goal of eventually phasing out the use of MetroCards in the New York City subway system, the MTA has begun the testing phase of a mobile device scanning and payment system. Untapped Cities reports that the first trials of a new mobile fare system are being installed at points where Metro-North commuters transfer to the subway, as an expansion of the Metro-North and Long Island Rail Road’s eTix app. At specific stations, riders can make the transfer with turnstiles fitted with scanners that allow them to swipe their phones. The new turnstiles have already been installed in the Bowling Green and Wall Street Stations in lower Manhattan for a test run; the expansion is a pilot for the eventual phasing out of MetroCards altogether.

The cards, which replaced the token system in the 1990s, are becoming increasingly obsolete as many cities have adopted modern payment options via apps or bank cards. Using the updated payment methods eliminates the cumbersome drawbacks of cards such as the dreaded “please swipe again” notice at turnstiles. 6sqft has reported on plans to bring the subway’s payment system into the future, including Gov. Cuomo’s vows to install contactless payment by 2018.

Nick Sifuentes, Executive Director at the Tri-State Transportation Campaign, explained to AM New York that the MetroCard has “outlived its usefulness. Cities from London to Los Angeles are definitely, at this point, ahead of the MTA in terms of fare technology and it’s good that we’re thinking of how to catch up.”

According to NY1 MTA officials hope to make it clear that the new payment system is only a test, and that the methods eventually adopted may be different from those being tested (NY1 also offers video of the new scanners in action). The new mobile scanners will be installed in 14 stations city-wide, including Penn Station, Grand Central, the 14th Street-7th Avenue station and the Atlantic Avenue-Barclays Center station, before the year’s end.

200 West 20th Street, Unit 611


200 West 20th Street, Unit 611

CHELSEA, MANHATTAN

Studio|  1 Bath  |  Co-op

Offered At $600,000

Maintenance:  $1,073/ mo.   |    Doorman|   Roof Deck


This lovely studio in a gorgeous Emery Roth Art Deco masterpiece is filled with charming pre-war details and Empire State Building views from its perfect Chelsea location.

 

Measuring 440-square-foot, this high-floor studio offers flexible living spaces waiting to conform to your exact needs. Enter via a gracious entry alcove — the ideal spot for a dining table or home office setup — leading to the smart Pullman kitchen with dishwasher. Below, the sunken main living area stretches 22-feet-long, providing plenty of space for generous sitting and sleeping areas illuminated by a wide north-facing window that frames iconic Midtown views starring the Empire State Building. The spacious and sunny bathroom features another large window plus classic tilework and an oversized vanity cabinet. Storage space in this well-planned studio is abundant thanks to a large dressing area/closet on the lower level and a convenient entry closet near the door. Elegant wrought iron handrails, inlaid hardwood floors and a beamed ceiling nod to this lovely home's prewar roots.


Kensington House is a stunning Art Deco co-op building designed in 1937 by the revered Emery Roth. Here, residents enjoy 24-hour doorman service, attentive staff, bike room, central laundry and a beautifully landscaped and furnished roof deck. The building includes updated hallways and solid financials. Unlimited subleasing (with board approval) allowed after at least one year of residency. Guarantors and non-resident co-purchasers are not permitted. There is a $93.77 per month assessment for new windows in effect until July 2021.


Perfectly situated on tree-lined 20th Street at the corner of Seventh Avenue, this gorgeous home is in the heart of sought-after Chelsea with immediate access to the West Chelsea Arts District, the Flatiron District, Union Square and NoMad. You'll find abundant outdoor space along the High Line and Hudson River Park just blocks to the west, while fine dining, nightlife and entertainment surround on all sides. Transportation from this accessible neighborhood is a breeze with 1, A/C/E, N/Q/R/W, L and PATH trains within easy reach.


$93.77/mo. assessment till 7/2021

Learn More

Jennifer Lopez Lists NoMad Penthouse For $27M

Bronx native and superstar J.Lo is selling her duplex penthouse in the Whitman, a luxurious condominium conversion at 21 East 26th Street, for $26.95 million. Lopez, who currently stars in the television show “Shades of Blue,” first purchased the Nomad pad in 2014 for $20.16 million. As the New York Times reported, the four-bedroom apartment overlooks Madison Square Park, spans 6,540 square feet on the building’s top two floors, and includes an additional 3,000 square feet of outdoor space spread across four sprawling terraces. Though Jenny from the Block will be departing (and taking her Grammy pictured above with her!), the next owner can still hobnob with the building’s other A-listers Chelsea Clinton and NASCAR driver Jeff Gordon.

The spacious penthouse boasts high-end finishes, 12’4″ ceilings, wide plank rift oak floors and Italian marble slab bathrooms.

There’s a formal dining area, a living room and a kitchen that has stainless-steel Miele appliances (including that massive wine fridge!) and white custom cabinets.

Through three sets of French doors, a south-facing terrace can be found with views of the MetLife clock tower and the Flatiron Building.

Two separate staircases lead to the upper level, which is where the master suite and media room are located.

The master has a seating area, two marble baths, and a windowed dressing room. Three spacious terraces can be found on this level, with the master suite looking over 27th Street and the media room looking out onto Madison Square Park.

The Whitman Building was first built in 1924 as a showroom and later converted into four large condos in 2013. Stretching an entire block between 26th and 27th Streets, the units measure as some of the longest in the city. Amenities include a 24-hour doorman, a private, keyed elevator, and fitness center.

100 West 12th Street, Unit 6B


100 West 12th Street, Unit 6B

WEST VILLAGE, MANHATTAN

1 Bed  |  1 Bath  |  Co-op

Offered At $600,000

Maintenance:  $1,184/ mo.  |   Part-Time Doorman 


This designer top-floor alcove studio has been converted to a one-bedroom and even a two-bedroom, offering impeccable renovations, pin-drop quiet and abundant features that maximize space and aesthetics, all in an enviable Greenwich Village co-op building. 

Thoughtfully designed and renovated by Elise Kodish of Ann Zuckerburg Associates, this bright and beautiful studio welcomes with a large entry foyer and gallery with closet. The chic renovated kitchen rivals that found in much larger homes with long granite counters and a breakfast bar surrounding top-notch appliances, including a Northland refrigerator, Viking convection oven and microwave, Miele dishwasher and Gaggenau stovetop. The living room is outfitted with a space-saving queen-size Murphy bed and two closets. Mirrored walls amplify the sense of space and light while the sliding entertainment wall can be closed for privacy. There's an enclosed office includes a full size Murphy bed, making it ideal as a private bedroom if needed. Hardwood floors, through-the-wall air conditioning and a stunning black marble bathroom complete the stylish studio.

 

Move right into this well-planned home or explore the endless possibilities available to reconfigure this unique space to your exact specifications. 

The Mark Twain is a well-run, newly renovated co-op offering a part-time doorman, full-time maintenance staff, laundry room, bike and residents' storage, plus brand-new hallways and lobby. The pet-friendly building allows co-purchasing and subletting; pied-à-terres are not permitted. Ideally situated at the intersection of Greenwich Village, West Village, Chelsea and Union Square, the location simply cannot be beat. Some of the best restaurants, shopping and gourmet food stores are just a short stroll away and access to transportation is unbelievable with B/D/F/M, L, 1/2/3, A/C/E, 4/5/6, N/Q/R/W and PATH trains all nearby.

Learn More

Flying Taxi - Airbus Passes Testing Milestone

If you’re stuck in city traffic, you’ll appreciate this news: Airbus helicopters has just announced that it has completed its first full-scale testing on the propulsion system of the company’s CityAirbus demonstrator, Designboom reports. The vehicle in question is a a multi-passenger, self-piloted electric vertical take-off and landing (VTOL) vehicle made for urban air mobility–in essence, a flying taxi.

The demonstrator passed the major propulsion test, which took a look at the performance of the vehicle’s ducted propellers and the integration of the full-scale propulsion unit with propellers, electric 100 KW Siemens motors and electrical systems.

The CityAirbus is designed to be fully battery-powered and able to vertically take off and land with four passengers aboard. It will be able to fly over congested cities to access important destinations like airports and train stations in a fast, affordable and environmentally friendly way using a four-ducted propeller configuration, which adds significantly to safety and maintaining a low acoustic footprint.

According to CityAirbus chief engineer, Marius Bebesel, “We now have a better understanding of the performance of CityAirbus’ innovative electric propulsion system, which we will continue to mature through rigorous testing while beginning the assembly of the full-scale CityAirbus flight.”

The demonstrator will be tested on ground at first; during the first half of the coming year the development team expects to hit the “power on” milestone, meaning that all motors and electric systems will be switched on. The vehicle’s first actual flight is scheduled for the end of 2018. The test aircraft will be remotely piloted at first; later in the testing process a test pilot will be on board.

CityAirbus is being designed to carry up to four passengers with a cruising speed of 120 km/h. It will be initially operated by a pilot “to ease certification and public acceptance” on the way to a future of fully-autonomous operations.

[Via Designboom]

84 Front Street, Unit 10A


84 Front Street, Unit 10A

DUMBO, BROOKLYN

2 Bed  |  2 Bath  |  Condo|  Private Roof Terrace|  Indoor Parking Spot|  Private Storage

Offered At $1,725,000

Common Charges: $921/ mo.   |   Taxes: $41/ mo.  |   Doorman  |   Gym   |   BBQ Terrace


Learn More
 
  • Deeded indoor 153sqft parking spot
  • Deeded 387sqft private roof terrace
  • Deeded 60sqft private large storage room
  • Total listing square footage 1,575

This immaculate, two-bedroom, two-bathroom welcomes you home with great light, open views and pristine finishes in coveted prime Dumbo, Brooklyn.

Simply stunning Brazilian teak flooring and beautiful eastern light invite you into this chic, contemporary 975 home. The spacious open-plan layout places the well-equipped chef's kitchen — filled with stainless steel appliances by Bosch and Jenn-Air — near the large living room, creating the perfect flow for everyday living and gracious entertaining.

The master suite dazzles with southern and eastern exposures delivering phenomenal light and Brooklyn Bridge views. An extra-large closet attends to wardrobe needs while the en suite bathroom features a separate frameless glass shower and soaking tub surrounded by gorgeous tilework and modern fixtures. The split layout places the second bedroom on the opposite end of the home with direct access to the second beautifully outfitted full bathroom. An extra closet, in-unit stacked washer-dryer and central air add comfort and convenience to this turnkey Brooklyn showplace.

Downstairs enjoy your own private indoor deeded parking space and deeded, extra large, storage space. Upstairs, the 317-square-foot private roof deck becomes your personal city sanctuary with plenty of space for lounging and spectacular views that skim over scenic Dumbo to the spires of the Manhattan Bridge and the Manhattan skyline. This unit also includes an oversized deeded storage space and indoor parking place.

84 Front Street is a modern condominium building offering full-time doorman service, video security system, a state-of-the-art fitness center and a second-floor common deck with grills. Set in the heart of Dumbo — Brooklyn's most coveted district — you're at the heart of picturesque living where waterfront views and unbeatable recreation spaces are punctuated by stunning historic industrial warehouse architecture. Here, renowned Dumbo dining, nightlife, shopping and boutique fitness centers run alongside fantastic open space at sprawling Brooklyn Bridge Park and Cadman Plaza. Transportation is excellent with F, A/C, R, 2/3 and 4/5 trains, plus ferry service at Fulton Ferry Landing, all nearby.

POP-UP Concept Is A Floating Parking Garage With Moving Water Reservoir

Due to a combination of population growth, car dependency and climate change, coastal cities across the country face growing issues with flooding, parking and lack of green space. As a solution, Danish architecture firm THIRD NATURE designed a 3-in-1 facility that stacks a water reservoir, parking facility, and urban space on top of each other (h/t ArchDaily). The project, called POP-UP, combines a large water reservoir with a parking garage that can move up and down as the reservoir fills and empties with water. Embracing the Archimedes principle of flotation, POP-UP works like a “piece of cork in a glass of water,” allowing the parking structure to correspond to the weight of the displaced water.

The height of the facility depends on the weather. On a normal sunny day without rain, the parking garage sits underground with the green space above it. If it rains, the overflow sewers bring rainwater below the parking to the water reservoir. As the reservoir fills, the parking structure rises up above ground through hydrostatic buoyancy.

The structure’s two lowest levels are closed and always stay underground to ensure its stability. There are tracks that safely guide the structure’s movement when the water level increases. According to the firm, the round-shaped design of both the parking facility and the water reservoir makes it lighter, and therefore more buoyant. The docking guarantees POP-UP remains accessible for cars and people as it rises, no matter the water level in the reservoir.

The 3-in-1 project is estimated to cost three times more than traditional parking garages. According to THIRD NATURE, the project for a five-story building becomes profitable at a price of $3,500 per square meter, or $325 per square foot.

The firm developed potential areas to implement their design by looking at cities that have problems handling water as well as places with the biggest problems for parking. In 2015, New York City’s Department of Environmental Protection, along with Copenhagen’s Technical and Environmental Administration, signed an agreement to develop innovative climate adaptation solutions. Currently, the project has been developed for locations in both Copenhagen and New York’s St. John’s Park in Lower Manhattan.

In 1934 There Was A Plan That Fills In The Hudson River For Development

In mid-20th century America–particularly in New York City–a roaring economy emboldened by our ascendant international stature filled many a scholar of public infrastructure with eagerness to execute grand ideas. This proposal to drain the East River to alleviate traffic congestion, for example.

Another ambitious but unrealized plan–one that would make it a lot easier to get to New Jersey–was championed in 1934 by one Norman Sper, “noted publicist and engineering scholar,” as detailed in Modern Mechanix magazine. In order to address New York City’s traffic and housing problems, Sper proposed that if we were to “plug up the Hudson river at both ends of Manhattan,” and dam and fill the resulting space, the ten square miles gained would provide land to build thousands of additional buildings, as well as to add streets and twice the number of avenues to alleviate an increasingly menacing gridlock.

Eager to get at the benefits of the ambitious undertaking, Sper suggested not waiting until the project was complete (because we all know how that goes) to begin working on “underground improvements” like “tunnels, conduits, mail and automobile tubes, and other subterranean passages indispensable to comfort in the biggest city in the universe,” while in the process filling in the watery basin. Then a secondary fill would shore up the new turf to a level within 25 feet of the Manhattan street level.

Above ground would be “fresh air, sunshine and beauty,” and below would be an unprecedented subterranean network to which we’d confine all heavy trucking (ok, can we maybe revisit this just a little?)–and as a bonus would serve as a giant bomb shelter in case of a gas attack. The cost: $1 billion.

At the time, civic projects were only beginning to be seen in hundreds of millions: “This single project would cost within approximately one-thirtieth of the total of the public debt of the United States government as it now stands.” For comparison, the first phase of the Second Avenue Subway alone is projected to cost $4.45 billion; the U.S. public debt in 2016 is $13.62 trillion.

Sper enthusiastically pointed to the Golden Gate and Bay Bridges and the Panama Canal as examples of the triumph of our human will, which was something that critics of the day had a tough time arguing with, as the article proclaims, “Engineers uniformly agree that there are very few problems which can successfully defy the determination of civilization to conquer.”

In discussions of the plan, engineers justified the necessary government financial outlay by pointing to a subsequent immediate income of “almost unbelievable dimensions” from, for example, selling the reclaimed land or leasing it for 99-year periods to developers who’d then reap huge sales or rental profits (which means times haven’t changed so much).

The article quotes several fine engineering minds of the day, who weigh in with caveats aplenty that it’s certainly well within the realm of the possible. One notable take on the project comes from “engineering wizard” Jesse W. Reno; though he’s aware of the “almost insurmountable impediments” that appear when assessing the possibilities, “…there is an old saying that if you have money enough, everything else merely resolves itself into finding something to do with it,” a sentiment with which any 21st century wizard might concur.

205 3rd Avenue, Unit 2W


205 3rd Avenue, Unit 2W

GRAMERCY, MANHATTAN

1.5 Bed  |  1 Bath  |  Co-op

Offered At $1,050,000

Maintenance: $1,297/ mo.   |  Full-Time Doorman  |  Zen Garden  |  Gym   |   Roof Deck


 

This oversize Junior 4 includes fantastic updates, great storage and beautiful eastern light in one of Gramercy Park's most sought-after co-op buildings.

With lovely views over the building's private Zen garden, a sense of serene calm fills this pin-drop quiet 900-square-foot home. Recently converted to a two-bedroom to accommodate a charming nursery, this home can easily be restored back to its original one bedroom with dining alcove layout if desired. 

Arrive via a large foyer lined with closets and take in the oversized living room that stretches nearly 24 feet long to wide east-facing windows. Lovely moldings, a ceiling fan and flawless hardwood floors provide the perfect backdrop for comfortable living and dining areas. The stunning renovated kitchen sits nearby filled with swaths of granite, sleek wood cabinetry and top-notch stainless steel appliances, including a French door refrigerator, gas range and dishwasher.Another row of closets will lead you to the extra-large bedroom where beautiful built-ins and more closets provide excellent storage while leaving plenty of room for a king size bed. Just outside, the renovated bathroom maintains the same Zen modernism feel with gorgeous stone and a chic contemporary vanity.

Gramercy Park Towers is a well known post-war co-op building located just over a block away from the park. Luxury amenities include 24-hour doorman and concierge service, fitness center, Zen garden, on-site parking and bike storage. Enjoy 360-degree vistas from the building’s amazing roof deck, while the best of Downtown living awaits right outside your front door. Pied-a-terres and dogs are not permitted. All utilities with unlimited usage and basic cable are billed directly with maintenance for $131 per month. There is a capital assessment of $320 per month through January 2019. 

With immediate access to Union Square and the Flatiron District, there's seemingly no end to the nearby restaurants, shopping, entertainment and cultural venues. Union Square offers access to the N/Q/R, 4/5/6 and L trains, placing the rest of the city mere minutes away.

Learn More

380 Rector Place, Unit 20J


300 Rector Place, Unit 20J

BATTERY PAK CITY, MANHATTAN

2 Bed  |  2 Bath  |  Condo

Offered At $1,499,000

Common Charges: $1,589/ mo.   |   Common Charges: $1,426/ mo.   |   Doorman  |  Roof Deck


 

There are so many wonderful things about Unit 20J at 380 Rector Place; the expansive river views, gracious room sizes, and sunlight that pours in through every window. Rarely available, this two bedroom, two bathroom unit is over 1000 sqft. Currently configured as a one bedroom, two bathroom unit, keep the space as is, or easily put up a wall to restore the floor plan to its original design. As you enter the apartment, a dining area, living area, and second bedroom/office space greet you along with 40' of windows facing west overlooking the Hudson River. A king sized bedroom easily accommodates all of your furniture and offers the same breathtaking river views. Completing this well-thought out floor plan are closets throughout, a full kitchen with plenty of cabinet and counter-top space, and two large bathrooms. Liberty Terrace offers residents a 24 hour doorman/concierge and laundry on every floor. The Terrace Club is a privately owned gym within the building that residents can join for a nominal membership fee. The Club includes classes, a gym that overlooks the Hudson River, and a pool with retractable roof and outdoor lounge chairs. Perfectly situated in Battery Park City, grocery stores (Gristedes, Battery Place Market, Whole Foods), restaurants (Mir-a-mar, El Vez, Parm, PJ Clarkes, Treadwell, Hudson Eats, Inatteso), parks, the riverfront esplanade, entertainment (Battery Park Conservancy, Regal Cinemas), and shopping (the Westfield Mall, Barnes and Noble, Bed Bath and Beyond, Target). Getting around couldn't be easier - take advantage of the free Downtown connection, M20, M9, and all trains close by! *There is a 6 month assessment in place from Sept. 2017 - Feb. 2018 for hallway renovations.

Learn More

3Q17 Manhattan Market Report

Q3 2017 Highlights


01.

There continues to be strength and activity in the core market. The number of condo contracts signed with last asking prices between $1M - $3M and $3M - $5M increased by 11% and 7% year-over-year, respectively. This year-over-year increase in contract activity has been stimulated by a few macroeconomic factors: (1) equity markets, which are typically highly correlated with luxury residential sales in New York City, have continued to reach new highs (the S&P 500 increased by 17% year-over-year from September 2016 and recently crossed 2,500 for the first time), (2) financing remains readily available and inexpensive, and (3) purchasers now have the clarity needed to finalize buying decisions with confidence compared to a year ago when uncertainty regarding the U.S. Election, interest rate hikes, and Brexit was palpable.


02.

The ultra-luxury condominium market (+$10M) continues to face headwinds as a result of years of aspirational pricing. Although this quarter saw 31 contracts signed at a last asking price above $10M vs. 26 during 3Q16, it remains to be seen what the final taking price of these units will be, especially when considering that during 3Q17 $10M+ units, on average, traded at a 9% discount to original asking prices. Furthermore, 46% of all $10M+ units that sold this quarter required more than 180 days to find a buyer. Buyers at these price-points are aware of potential market softness and are exhibiting patience when trying to find an appropriately priced unit. 


03.

Although the median closing price for a new development condo in Manhattan declined by 33% year-over-year to $2.3M, we believe this market-wide metric is finally providing actionable and accurate price clarity into the new development market. In 2016 and early 2017, closings at long-awaited new development projects such as 432 Park Avenue, 56 Leonard, 30 Park Place, and The Greenwich Lane inflated the median new development price with transactions that had been signed in 2013 - 2014. Median closing prices are now less impacted by this ‘noise’ and are beginning to reflect a wave of newer developments with more attainable price points. Within the $1M - $3M price segment, there were 222 new development closings this quarter representing a 125% year-over-year increase.


Download Full Report

 

 

Read more here and download the full report. 

The Monthly Update - October 2017

The Value of Today’s Buyer's Agent

We all know that the internet has changed everything about real estate, as it has for countless other service-based industries, from financial services to travel, and even medicine. But for real estate, everything has been turned inside out. In fact, Compass has based their entire one-billion-dollar valuation on the worth of technology in today's real estate marketplace.

This month, I’d like to focus on the buyer's agent and specifically buyer's agents in the Manhattan and greater New York City area. Ours is unlike any market the country, or the world, for that matter. For starters, in New York City there is no multiple listing service (MLS), like one would find in nearly every other real estate market in the U.S. When I speak to real estate agents from other regions, they are blown away by how much harder it is for us to conduct business here, and that's where the value of the buyer's agent first becomes apparent. The mere fact that there is no MLS in Manhattan means that property listings are everywhere and anywhere. There have always been at least five private systems —either shared by a few agencies or controlled by one — but never a truly collaborative MLS where all listings are collected and shared broker to broker. StreetEasy was our MLS answer for some time, but in July of this year, the website started charging agents to list properties, and the number of StreetEasy rental and sales listings dropped by almost half.

A good and resourceful buyer's agent can make sure that buyers cast as wide a net as possible, searching every private website as well as every public source. Plus, they have ongoing day-to-day knowledge of listings from a variety industry-only sources. These can include broker-to-broker email advertisements, weekly sales meetings where coming-to-market listings are discussed, as well as subscription services that announce off-market, for-sale-by-owner (FSBO) items that are almost never found by the buying public at large.

Having an active agent focused on finding properties for buyers through all of these different resources is a huge benefit. Also, relationships matter. It’s a big city, but a very close-knit community of agents who handle about 80 percent of the transactions in New York City. Tapping into agents who know each other well and work with each other all the time can make all the difference in getting that offer accepted.

After the deal is fully executed is when the benefit of the buyer's agent can really blossom. From co-op and condo board applications, to managing agent relationships, to attorney contacts, brokering the deal happens during the entire lifecycle of the transaction and really has its legs right in the middle. There is nothing more important in a co-op transaction, for example, than the board package. It’s the only time during the deal where the outcome is not in the seller's or buyer's hands, but controlled by a third party who has the power to kill the deal. It’s the responsibility of the buyer's broker to work with their client and create the perfect package that is concise, easy to understand and free of mistakes, yet in-depth and complete.

Bringing in a skilled buyer's agent who has great relationships and a deep knowledge of our complex transactions, inventory and industry can be a huge benefit to getting a deal closed quickly and effectively.

New LIC Pizzeria Serving Up Wood-Fired Pies

COURT SQUARE — Call it neo-Neapolitan.

A recently opened Jackson Avenue pizzeria is serving Neapolitan-style pies with a technique its owners say makes it "lighter" than traditional pies. 

Levante, located at 26-21 Jackson Ave. near 43rd Avenue, opened a few weeks for lunch service but launched dinner this week for the first time, according to owners Stella Hospitality Group, which also operates the pizzeria Luzzo's BK in Cobble Hill. 

The restaurant offers a modern take on traditional Neapolitan pizza, or thin-crusted pies cooked quickly at a high temperature. Levante's wood-fired oven cooks its pizzas at a slightly lower temperature than tradition calls for — around 750 to 800 degrees, according to owner Tony D'Aiuto.

"What we do is unique. We don’t do the true Neapolitan," he explained, saying they allow their dough to raise for 36 to 48 hours before cooking it. "It's almost like aging a steak. All the humidity starts to evaporate, you concentrate the flavor."

The wood-fired oven at Levante. (Credit: Brad Tucker/Levante)

The pies are then cooked in the oven for a few minutes longer than a standard Neapolitan, resulting in what D'Aiuto called "a much lighter pizza."

"It doesn't sit in your stomach. It's very easy to digest," he said. "It’s a Neapolitan style adapted for the 21st century."

The pies are topped with fresh mozzarella and an assortment of organic vegetables and other toppings. 

"Every ingredient that goes on top, we roast it in the wood burning oven. That adds a little smokiness to the vegetables," D'Aiuto added.

Levante's menu also includes salads, paninis, a variety of pasta dishes and proteins like grilled octopus and tuna steaks.

The restaurant itself is housed in a 2,000-square-foot storefront with a large backyard, one of several formerly industrial retail spaces on the block owned by Rockrose Development Corp. 

"We have a very unique space," said D'Aiuto, adding that he first visited the site about two years ago when the area was even less developed. "We were just blown away by the potential. There are a lot of people coming here and very few places to eat."

The owners are still waiting on their liquor license, but plan to offer an extensive list of Italian wines once it's finalized, D'Aiuto said.

Levante will host a grand opening celebration on Wednesday from 7 to 10 p.m. Space is limited, and those who wish to attend should email info@stellahospitality.com.

Ai Weiwei Exhibit Will Displace Washington Square Christmas Tree This Holiday

An art installation from internationally acclaimed artist-activist, Ai Weiwei, will be displayed at the same time as the Christmas tree underneath the Washington Square Arch this year, displacing the tree, which has been a holiday tradition since 1924. The exhibit serves as one part of the famed Chinese artist’s larger project, “Good Fences Make Good Neighbors,” which will feature ten large fence-themed works and more than 90 smaller installations across the five boroughs. As Bedford + Bowery learned, the plan is moving forward, despite objections from the Washington Square Association, who sought an appeal to have the project withdrawn because it will disrupt the usual holiday celebration, the second oldest tree lighting ceremony in New York City.


Ai Weiwei: Good Fences Make Good Neighbors, rendering courtesy of the Public Art Fund

Commissioned by the Public Art Fund to celebrate its 40th anniversary, Ai Weiwei’s exhibition came as a result of the current international migration crisis and “sociopolitical battles” in the United States and around the world. The metal-wire fences of the multi-site project serve as symbols of both the literal manifestation of real fences and the metaphorical meaning of separatism and division. In partnership with many city sites, like markets, parks and bus shelters, the installation will be on display from October 12, 2017, until February 11, 2018.

According to the artist, who immigrated to New York in the 1980s, “The fence has always been a tool in the vocabulary of the political landscaping and evokes associations with words like ‘border,’ ‘security,’ and ‘neighbor,’ which are connected to the current global political environment,” Weiwei said. “But what’s important to remember is that while barriers have been used to divide us, as humans we are all the same.”

While the art installation is meant to draw attention to the current migration crisis, some New Yorkers are less than thrilled with the exhibit planned for underneath the Washington Square Arch. The Washington Square Association attempted to have the project withdrawn from the spot since it would take the place of the 45-foot Christmas tree, which has sat there every holiday season since Dec. 24, 1924. However, members of Community Board 2 decided with a 26-8 vote on Tuesday to allow Weiwei’s work to be installed under the arch. However, the Community Board 2 requested the Public Art Fund help find an alternative location for the tree and have it cover any incremental costs for its new placement.


The Christmas tree underneath the Arch has been a holiday tradition since 1924, photo Wikimedia

Trevor Sumner, president of the Washington Square Association, said the Public Art Fund waited too long to present the plan, revealing the idea to the association on Sept. 6. He told Bedford + Bowery: “I think they intentionally held the project [until Sept. 6] so we couldn’t have a meaningful discussion of it. All of that [waiting] was to intentionally short-circuit the process so they got what they want.”

Sumner also said he’s upset about the length of the installation in the park, which will total about four months. “It’s the second oldest tree lighting in the city,” Sumner said. “Ninety-four years running…you’re not going to be able to see it down Fifth Avenue, that iconic view that people enjoy. The tree’s going to be hidden this year.”

The Public Art Fund first launched a Kickstarter campaign in August to garner support for the massive project and had a goal of raising $80,000 in a month. By this week, over $96,000 was raised. “Good Fences Make Good Neighbors” will be Ai Weiwei’s largest and most ambitious public art installation to date.

Beyoncé & Jay-Z Buy $26M East Hampton ‘Pond House’

East Hampton’s “Pond House,” located on the exclusive Georgica Pond and adjacent to a 17-acre meadow preserve, sat on the market for eight long years, despite the fact that it was built by famed classical architect Standford White and features luxe offerings like an infinity pool, outdoor dining area, and hand-carved heated marble bathtubs. But in July, the 12,000-square-foot home finally went into contract for $25,925,000, and Behind the Hedges has now gotten word that the buyers are none other than Beyoncé and Jay-Z. The power couple rented a similarly grand Hamptons home in the summer of 2012, paying $400,000 to spend the month of August there and film a music video. No word yet on whether their new purchase will get the same public attention, but it’s certainly worthy.

The “Pond House” first hit the market back in 2009, at which time it was asking $39.5 million. After a year, it got a $4.5 million price chop, followed by another $5 million decrease a year-and-a-half later. In 2013 it went down to its final asking price of $28,995,000, meaning Bey and Jay got a $3 million discount.

The massive home was originally built by Stanford White, but in 2008 was renovated and enlarged by builder Jeffrey Collé, who as Behind the Hedges tells us, “even famously [rotated] the house 90 degrees so that the living room faced west over the pond instead of north.”

On display inside is an impressive collection of opulent architectural details, including quarter-sawn white oak paneling (one of Collé’s signature touches) with a hand-applied French chalk finish, hand-pegged parquet de Versailles floors installed by French craftsmen, and 18th-century French Louis XV carved stone fireplaces.

There are seven bedrooms and nine bathrooms, plenty of room for the couple’s three children.

There’s also a detached 1,800-square-foot guest cottage with a living room, full kitchen, two bedrooms, and bath.

Outside, a 25′ x 45′ infinity pool and spa sits at the edge of the pond and is surrounded by an outdoor grilling area and wrap-around Turkish limestone terrace.

The buy came just in time for Beyonce’s Hurricane Harvey benefit concert next month at the Barclays Center.

 

Get an even better look at the home in this video: