Under Proposed Congestion Plan, Driving Into Manhattan Will Cost $11.52

Drivers entering the busiest areas of Manhattan might soon be required to pay $11.52 per trip under a congestion pricing plan expected to be released by Gov. Andrew Cuomo on Friday.  According to the New York Times, the proposal comes from an advisory panel “Fix NYC,” a group assembled by the governor to explore ways to reduce congestion and also fund the city’s strapped-for-cash transit system. Under the proposal, trucks would pay $25.34 and taxis would see a surcharge of $2 to $5 per ride if entering the “pricing zone,” which would run south of 60th Street. Cuomo first introduced the idea of a congestion pricing plan to fund the MTA‘s transit repairs in August, after declaring the subway in a state of emergency earlier that summer.

According to the report from Fix NYC, the pricing plan could take up to two years to fully implement, but it has to be approved by the state legislature first. The group estimated that the plan could raise up to $1.5 billion every year, with that money being directed to mass transit. However, the panel’s draft of the report says no fees will be charged until transit repairs are made: “Before asking commuters to abandon their cars, we must first improve transit capacity and reliability.”

Cuomo said the plan will not extend to the East River Bridges. However, it will not reduce the cost of tolls at other crossings as some transit groups pushed for as a way to make the plan more equitable and more likely for lawmakers outside of the borough to support it.

The congestion fee would also not be in effect 24 hours a day, with tolling on private cars expected to occur at a minimum between 6 a.m. and 8 p.m. On the weekend, there might be a charge between 12 p.m. and 10 p.m. for private vehicles and trucks.

Sam Schwartz, who worked on the panel’s report, told the New York Post: “It’s going to accomplish a good deal to reduce congestion and raise revenue to improve transit. The fees for the for-hire vehicles will happen this year.”

Cuomo’s plan is roughly based on Mayor Michael Bloomberg’s failed attempt in 2008. The former mayor’s idea served as a major part of his environmental agenda, which he claimed would have raised $500 million annually to fix the subway’s infrastructure. The plan failed because elected officials from Brooklyn, Queens and suburban areas outside of the city felt it benefited Manhattan at the expense of their own constituents.

Mayor Bill de Blasio has criticized the Cuomo’s idea and called it a “regressive tax.” Instead, he has floated the idea of a “millionaires tax” to fund subway repairs, increasing the tax rate of the city’s wealthiest residents to 4.4 percent from roughly 3.9 percent for married couples with incomes over $1 million and for individuals who make more than $500,000 per year.

45 Tudor City Place, Unit 306

45 Tudor City Place, Unit 306

MIDTOWN EAST, MANHATTAN

Studio |  1 Bath

Offered At $329,000

Maintenance: $734/mo. | Co-op | Doorman | Roof Deck | Gym

 

This open-layout studio facing south at Prospect Tower in Murray Hill enjoys ample sunlight and lovely park views. A great home, pied-a-terre or investment, perfectly located across the street from two private parks creating a quiet oasis in the midst of the bustling city. The charming prewar apartment features classic details, mint-condition hardwood floors, and a large walk-in closet. The already low maintenance includes utilities! Prestigious Prospect Tower in Tudor City is a full-service 1920s prewar building with attractive amenities that include a doorman, full-time super, handyman service, central laundry, a bike room, common storage and wonderful rooftop deck. Its prime Midtown location off East 43rd Street affords easy access to the United Nations, Grand Central Station, fine restaurants, gourmet markets, transportation, parks and other conveniences. The building allows pied-e-terres, unlimited subletting after two years of ownership and gifting. No dogs, but cats are OK. 
Assessment of $54/month until 2023.

Could Legalizing Marijuana Be The State’s Solution To Fixing The Subway?

Gov. Andrew Cuomo plans to present the state legislature this week with ways to fund the financially troubled Metropolitan Transportation Authority. On Tuesday, he released his $168 billion budget proposal for the fiscal year 2019, which includes a proposal for charging vehicles for driving in the busiest areas of Manhattan during peak hours, with the money raised going to mass transit. According to the Daily News, a Republican gubernatorial candidate has a different idea. Joel Giambra, a former Erie County executive who announced his bid for governor last week, said he wants to legalize marijuana to fund the city’s desperately-needed transit repairs.

Giambra’s formal proposal for legalizing weed will come later in the campaign. A source close to the candidate told the Daily News, “Adult use of marijuana can produce revenue for the state that can rebuild the MTA and our roads and bridges throughout the state. Many of our neighboring states now allow for adult use and New York will miss out on billions in revenue and further expand the black market.”

Currently, eight states and the District of Columbia have legalized recreational marijuana, and New Jersey’s new governor, Phil Murphy, supports it. While medical marijuana is legal in New York, Cuomo has previously called it a gateway drug that leads to other drugs.

Cuomo’s stance on pot might have slightly changed; on Tuesday, the governor called for the funding of a study on a regulated marijuana program. While little details are known now, Cuomo’s budget proposal says the impact of legalizing pot on health, the economy and on the state’s criminal justice system will be the focus of the study. All of the proposals within Cuomo’s budget must be approved by the legislature by April 1.

[Via Daily News]

67 East 11th Street, Unit 519

67 East 11th Street, Unit 519

GREENWICH VILLAGE, MANHATTAN

1 Bed |  1 Bath

Offered At $725,000

Maintenance: $1,411/mo. | Co-op | Doorman | Roof Deck

 

Welcome to a perfect one-bedroom, one-bathroom home, where stunning architectural details and phenomenal storage meet in a friendly Greenwich Village co-op building.
This bright and airy home beckons you inside with breathtaking 13-foot ceilings and extra-tall arched windows. Flooded with southern light, the double-height living room invites quiet relaxation or lively entertaining surrounded with expansive art walls for your growing collection. The well-planned kitchen is filled with cherry cabinets and great appliances, including a gas range, built-in microwave and dishwasher, and the nearby dining area provides the perfect spot for a table and chairs. The well-appointed bathroom is flanked by two extra-large closets and features lovely tilework and a big tub-shower. Head upstairs to find a roomy sleeping loft that puts the ornate top of an original Corinthian cast-iron column at eye-level — a view rarely enjoyed in historic homes. Open to the living room below, this serene space provides room for a bed and sitting area as well as access to an unbelievable 87-square-foot storage area. 


67 East 11th Street is a handsome pre-war building where residents enjoy full-time doorman service, live-in superintendent, laundry room, private storage and a landscaped common roof deck. This pet-friendly, elevator co-op allows 80 percent financing, subletting, parents buying for children, guarantors and pied-à-terres.


Set in prime Greenwich Village/Union Square, on the corner of 11th Street and Broadway, you're surrounded by great shopping, dining and entertainment at every turn. The famous Strand bookstore is on the next corner, Webster Hall is two blocks west, NYU is to the south, and gourmet food shopping is a breeze with both Trader Joe's and Whole Foods minutes away. For open space, take your pick from Washington Square Park to the south and Union Square and its phenomenal greenmarket to the north. Access to transportation is unbeatable with 4/5/6, N/Q/R/W, L, F/M and 1/2/3 lines all within reach.

MTA Rolls Out New Electric Buses For 3-Year Pilot Program 11

The MTA is gearing up to modernize its bus fleet and has launched a three-year pilot to test out 10 all-electric buses that not only reduce emissions, but also enhance customer experience by offering modern conveniences like Wi-Fi and USB ports.

Following the successful completion of a four-year study of global best practices for electric buses, Governor Andrew Cuomo announced that the MTA will test out 10 zero-emission buses and possibly order 60 more, given all goes well with the pilot program. (h/t Untapped Cities).

“This new program helps the MTA secure a cleaner and greener future while leveraging the latest in innovative enhancements to push New York’s transit systems into the future,” said Governor Cuomo in a press release.

The MTA commissioned two vendors to manufacture the new buses: Proterra will provide five buses that will operate on the B32 route in Brooklyn and Queens while New Flyer will provide five that will run along the M42 and M50 routes in Midtown.

As part of the pilot program, both vendors will have to install new charging stations at various bus depots. New Flyer will install two within Manhattan’s Michael J. Quill bus depot and Proterra will provide six between Manhattan and Brooklyn depots.

Additionally, the MTA has ordered 110 new Compress Natural Gas buses to replace older buses that operate in the Bronx and Brooklyn.

Data collected during the pilot will be passed along from the MTA to electric bus manufacturers to determine what will work best for the city.

,

630 East 14th Street, Unit 4

,

630 East 14th Street, Unit 4

EAST VILLAGE, MANHATTAN

1 Bed |  1 Bath | Co-op

Offered At $499,000

Maintenance: $662/mo.

 

Enjoy ample charm and modern updates in this pin-drop quiet, renovated one-bedroom, one-bathroom home in a well-maintained East Village co-op. 

Chic painted brick walls create a stylish backdrop in this pre-war gem where ceilings soar more than 10 feet overhead and hardwood floors pave each room. Windows on three exposures provide light and air throughout the 500-square-foot abode. In the oversized living room, you'll find a generous footprint for living and dining, while the beautifully updated open kitchen features sparkling quartz countertops and a breakfast bar. The serene bedroom is placed at the quiet rear of the home, and the adjacent white-on-white renovated windowed bathroom includes a new modern vanity and large tub-shower.

630 East 14th Street is part of a six-building, pet-friendly co-op situated between Avenues B and C. The handsome pre-war buildings feature restored brownstone facades and amenities include a common backyard and barbecue area, basement bike room, shareholder storage and a live-in superintendent. Maintenance charges include heat, water, gas, real-estate taxes and all building maintenance. Pied-à-terres and parent co-purchases permitted.

The home's surrounding East Village neighborhood is filled with shops, services, dining and entertainment sure to suit every need. Many of New York's best restaurants are within blocks, plus Trader Joe’s and Target will opening one block west making shopping super convenient. Lovely Tompkins Square Park is just four blocks south, providing 10-plus acres of open space, a year-round greenmarket, playgrounds and a dog park.

69 East 130th Street, Unit 2A

69 East 130th Street, Unit 2A

HARLEM, MANHATTAN

2 Bed |  2 Bath | 1,021SqFt | Condo

Offered At $750,000

CC: $930/mo.  |  Taxes: $3/mo.  |   Doorman  |  Free Laundry

 

Stretch out and relax in one of Harlem's most affordable and spacious doorman two-bedroom, two-bathroom homes. Featuring pristine finishes and more than 1,000 square feet of living space, you'll love this move-in-ready, modern condominium in the heart of one of Manhattan's most exciting neighborhoods. 

Beautiful northern light and neighborhood views that skim over the quiet gardens and courtyards of the quaint nearby homes follow you throughout this well-planned home. You'll be greeted by gleaming hardwood floors, high ceilings and a large walk-in entry closet the moment you arrive, and the oversized great room provides a generous footprint for living and dining areas. The well-stocked kitchen is pure perfection with granite countertops and tons of handsome cabinetry surrounding full-size stainless steel appliances, including a built-in microwave, gas range and brand-new Bosch dishwasher. Serene and spacious bedrooms are tucked down a quiet hallway. The master features an en suite bathroom and large closet, while the second bedroom is positioned across from the second well-appointed bathroom. Another huge walk-in closet in the hallway ensures that storage will never be a concern in this Harlem dream home.

The Walden is a beautiful, modern condominium building featuring doorman service six days a week, complimentary central laundry facilities and a bike room. A tax abatement in place until 2031 adds to this gorgeous home's tremendous appeal.

Nestled on a quiet, tree-lined block between Park and Madison avenues, this home is at the heart of the Central Harlem renaissance. Within a 10-block radius, you'll find proposed new construction, building sites and sold out developments at every turn, all pointing to the tremendous value and upside potential to be found in the area. There are excellent greenspaces in every direction including the newly announced expansion of the East Side Greenway which the city just announced a $100 million commitment to extend the Greenway from 125th Street to 132nd Street and develop the East Harlem Waterfront. Once completed the Greenway and park will extend from East 53rd Street to 132nd Street. The area's coveted shopping, dining and entertainment venues are just blocks away, including Sylvia's, Red Rooster and the brand-new Harlem Whole Foods on 125th Street. The 4/5/6 and 2/3 subway lines, plus Metro-North trains, provide easy access to the rest of the city and beyond.
Temporary assessment inplace till 2022 of $203 per month.

4Q17 Manhattan Market Report

01.

In anticipation to sweeping changes to tax legislation, resale activity ramped up during the fourth quarter as buyers rushed to lock-in the full $1M mortgage interest deduction on new mortgage originations. Resale closings for condos and co-ops within the $1M - $3M price segment, where buyers could be most impacted by the new limit in mortgage interest deductions, increased 11% and 13% year-over-year, respectively. Furthermore, resale activity within the $500K - $1M price segment increased 21% year-over-year as potential buyers originally feared a mortgage interest cap of $500K. In fact, median condo resale prices were down 13% this quarter compared to 4Q16, which was not attributable to any particular project or neighborhood, but as a result of a broader shift in resale volume to units priced between $500K - $1M. However, it remains to be seen how the GOP Tax Bill will impact Manhattan real estate performance long-term, especially when taking into account the $10K cap to state and local income taxes (SALT) deductions, lower marginal taxes for many income brackets, and the new $750K limit in mortgage interest deductions.

02.

The disconnect between luxury condo inventory and market demand remains wide as condo inventory priced above $3M made up 38% of condo inventory, but only 25% of condo contracts signed. Notably, condo inventory priced between $3M-$5M increased by 7% year-over-year, which added choices for buyers and reduced urgency. Co-op inventory is limited (44% of total inventory) and demand is high (56% of contracts signed) as the relative price differential between ownership types continues to push buyers toward co-ops.

03.

The median price of a new development condo fell to $2.8M during the fourth quarter, which represents a 5% year-over-year decline, as there continues to be less ‘noise’ from closings at ultra-luxury projects such as 432 Park Avenue and 56 Leonard, which have typically distorted new development median prices. During the fourth quarter, new development pricing was impacted by clustered closings at projects in the $1M - $3M price segment (i.e. One West End Avenue, Citizen360, and 389 East 89th Street). Furthermore, in neighborhoods such as Upper West Side, Midtown, and FiDi & BPC, the new development median price changes were affected by clustered closings at one or two projects, which essentially defined median new development prices in these submarkets (i.e. One West End Avenue on the Upper West Side, 252 East 57th Street in Midtown, and 5 Beekman in FiDi & BPC).

The Monthly Update - January 2018

2017, Whew! Hello 2018!

From stock market highs to North Korea blues, the ups and downs of 2017 were unprecedented, unexpected and really just unbelievable. And, based on just the first few days of 2018, it looks like we’re in for more of the same this year. Maybe this time around, we will all be more prepared for it — or not! Whatever 2018 has in store, we are more accustomed to the unexpected and hopefully more able to weather what's quickly becoming the norm.

But even in this new age of expecting the unexpected, there are a few things that held steady. One of which was our team’s strong and steady sales! In only 22 months at Compass, the Hoffman Team has done over 230 transactions and closed more than $200 million in total sales to date. We’re so excited and so happy to provide impeccable service to all of our current and prospective clients, always with the highest level integrity trust and professionalism. We have to tip our hats to Robert Reffkin and Compass for giving us the incredible platform that enables us to deliver unparalleled customer relations to each one of our important clients. Thank you!

Now, what to expect in the age of the unexpected!

There a lot of Nostradamus types who are saying 2018 will be a robust year for the global economy, Goldman being one of them. I think, for our purposes in the New York City real estate markets, it's best  to be a bit more grounded and assume conservatively based on the 2017’s results. If buyers and sellers can stick to what has gotten them to this point, then 2018 should and will be a productive year for all who choose to be or need to be in the market. Last year saw buyers taking more time to find what they’re looking for and being a bit more cautious. 2017 also showed that when sellers were realistic about their selling price, property moved.

These two factors contributed to a resale market that saw a 17 percent jump in transactions year-over-year at the lower end below $1 million. The stubborn condo and new development market saw not only price drops, but also 74 percent of all the inventory has been listed for 180+ days, which is a 31 percent year-over-year increase  

How the markets react to the new tax code in the long term remains to be seen, but if buyers and sellers stay grounded, and do what they did in 2017, the real estate market will continue to turn and be productive.

COMPASS News

  • Our goal is for Compass to be everywhere, and by the end of 2018, we will be operating in every major metro area in the United States, bringing us to 100 offices nationwide! #CompassEverywhere
  • Softbank invests $450 million in real estate tech company Compass at a $2.2 billion valuation. Read full article
  • Copass co-founders Robert Reffkin and Ori Allon are named as 1 of the 7 most interesting people in real estate 2017. Read full article
  • Watch out Dallas! Compass is coming for you.
  • The Hoffman Team has grown! Please join us in welcoming Scott Sobol to the team.

Manhattan Resi Sales Volume Down 13%

According to this week’s market reports, Manhattan residential sales slowed down in the fourth quarter and New York ranked fourth in the country in terms of self-storage construction.

Residential

Sales | Stribling

A total of 2,203 residential sales were recorded in Manhattan during the fourth quarter, down 13 percent from a year ago. The co-op market was the most robust segment, accounting for 52 percent of all closings. For the quarter, Lower Manhattan registered the highest number of closings at 25 percent. It was also the most expensive market with an average of $1,715 per square foot. Read the report here.

Sales | Halstead

The average price for resale apartments dropped 2 percent year-over-year to $1.48 million during the fourth quarter. Co-op resale prices stood at $1.24 million, a 0.7 percent increase from the same time last year. Condo resale prices, meanwhile, registered a four percent drop to $1.98 million.Read the report here.

Sales | TOWN Residential

Manhattan condos, co-ops and townhouses all registered price drops during the fourth quarter. The best performing segment was condos, which saw median sales price drop 5.6 percent year-on-year to $1.6 million. Co-ops registered a 6.8 percent decline while townhouses decreased by 6.6 percent. Studios, one-bedrooms and two bedrooms all posted modest growth. However, it was not enough to offset a 19.7 percent drop for three-bedrooms or larger. Read the report here.

Luxury Sales | Olshan Realty

There were 11 contracts that were signed last week at $4 million and above, making it a typically slow week after Christmas. The most expensive contracts were for two penthouses at 432 Park Avenue. Units 9H91A and PH91B had a total asking price of $80 million. Read the report here.

Commercial

Inside Self Storage | BBG

New York ranked in the top five in the country in terms of new construction for self-storage facilities. In 2017, New York accounted for 16 percent (around 2.92 million square feet) of the 900 self-storage properties built across the country. Dallas placed first in the survey with 9 million square feet. Read the report here.

Facebook Introduced New Facial Recognition Feature

  • Facebook introduced new facial recognition features on Tuesday.
  • Moving forward, you should now get a notification if someone tries to use a photo with your face as their profile picture.
  • There will also be a new on/off switch for all facial recognition features on Facebook. 

In the coming weeks, Facebook may tell you that someone you don't know has uploaded a photo of you.

Don't freak out — it's a feature, not a bug.

Facebook announced on Tuesday that it is releasing a new feature that uses facial recognition to determine when a photo of you has been uploaded, even if you weren't tagged. If someone is trying to use your photo as a profile picture, Facebook will give you a notification. 

"We want people to feel confident when they post pictures of themselves on Facebook so we’ll soon begin using face recognition technology to let people know when someone else uploads a photo of them as their profile picture," Facebook said in an announcement on Tuesday. 

This seems like a solid improvement to user security — if you know when someone else is using your picture as their own, you can then take steps to correct the problem. 

But if you think Facebook's facial recognition features are creepy, there will be a "simple on/off switch" in settings to turn it all off. 

Untagged photos from friends 

The facial recognition feature will also notify you if friends or acquaintances upload photos with you in them but don't tag you.

Here's what that looks like: 

Facebook says that "these new features help you find photos that you’re not tagged in and help you detect when others might be attempting to use your image as their profile picture." The feature is basically an expanded version of the facial recognition technology that Facebook already uses. 

Here's how Facebook describes that technology at a high level: 

"Our technology analyzes the pixels in photos you’re already tagged in and generates a string of numbers we call a template. When photos and videos are uploaded to our systems, we compare those images to the template."

Facebook's head of privacy told Wired that the company sees the announcement as a "really empowering feature." 

"There may be photos that exist that you don’t know about," he told Wired.  

Facebook says the feature is rolling out now, except in Canada and the EU. 

JACK IN THE BOX Just Sold Qdoba For $305 Million — And Chipotle Should Be Terrified

Jack in the Box is selling Qdoba, a struggling Chipotle rival with a cult following.

On Tuesday, Jack in the Box announced it had agreed to sell its fast-casual Mexican chain to Apollo Global Management for $305 million.

Qdoba's systemwide sales have exceeded $820 million this year. But the chain has been dealing with a significant sales slump, with same-store sales dropping by 1.4% in the last fiscal year and by 2.1% in the fourth quarter.

Despite its recent struggles, Qdoba has some strong attributes — especially in comparison to Chipotle.

Qdoba and Chipotle were both founded in Denver in the early 1990s. They have similar menus, selling burritos, burrito bowls, and tacos made on a fast-casual assembly line. And both have struggled recently, as the trendy fast-casual sector has filled to the brim with competitors.

However, as Business Insider's Hollis Johnson detailed, Qdoba has a leg up on Chipotle when it comes to how customers perceive the chains.

Qdoba has already managed to pull off a move that Chipotle bungled this year: adding queso to the menu. Both guacamole and queso are free at Qdoba, whereas Chipotle charges for each.

Chipotle's "strange and grainy bechamel wannabe that's passed off as queso just cannot hold a candle to Qdoba's," Johnson wrote.

Johnson continued: "It's that perfectly plasticky, fascinatingly fake and yet all too real and cheesy colloid that one expects of queso. We all know that special texture that should logically disgust any palate, yet instead manages to delight and enrapture with every goopy, hot bite."

And Qdoba has a more extensive menu — with quesadillas, nachos, soups, and taco salad — that allows it to avoid what analysts have described as Chipotle's "menu fatigue."

Some analysts argue that Chipotle's overly simplistic menu could be a bigger issue in the long run than its E. coli outbreak in late 2015 that sickened more than 50 people.

Chipotle still has not managed to shake the stigma of that outbreak, struggling to regain lost customers. Simply avoiding such a scandal puts Qdoba ahead in public perception.

Though it has already won over a solid base of customers, Qdoba is likely to undergo some major changes under Apollo's management.

The chain hasn't managed to cash in on Chipotle's sales slump in 2016, according to Nation's Restaurant News, though it could make a dent if it can persuade former Chipotle fans — or simply fans of good queso — to visit it over its fast-casual rival.

MTA Running Longer C-Trains To Accommodate More Commuters

It just became slightly easier to squeeze onto a C-train. The Metropolitan Transportation Authority on Saturday added 40 longer cars to the line to accommodate more riders. As part of its emergency action plan, the MTA replaced some of its 60-foot long R32 models, which first debuted in the system in 1964, with 75-foot long R46 cars. The longer cars increase commuter capacity by 25 percent per train set and are expected to also help absorb crowds during the 2019 L train shutdown.

The C train platforms have always run shorter trains, despite being able to accommodate full-length ones because of the high cost of bringing in new cars. After developing more efficient maintenance of cars, more R46s have been put into service. MTA spokesperson, Jon Weinstein, told amNY in a statement: “Lengthening C trains was a promise made — and kept — under the Subway Action Plan to increase capacity and improve service for our riders.”

Although the newer R46 C subway cars, which were built in the 1970s, are replacing some R32’s, the classic-rickety car will still be in service. Known for its stainless-steel exterior and outdated roll signs, the R32 subway car is 53 years old, the oldest operated by the MTA and one of the oldest still in operation in the world.

The R32’s were supposed to be replaced by a new model, the R179, but there’s been a two-year delay in delivery. Plus, some of the cars have experienced testing failures since entering service earlier this fall.

The MTA hopes adding more cars will also improve the experience of C-train commuters. As 6sqft learned in June, the C is responsible for many of the system’s chronic problems. As the oldest line, the C-train breaks down roughly every 33,527 miles, as opposed to 400,000 miles for the average car, and sends a rippling effect of delays across the system.

[Via amNY]

Jay Leno Spends $13.5M on Oceanfront Estate in Newport, Rhode Island

Comedian and car collector Jay Leno, who has been frequently spotted at the Audrain Automobile Museum in Newport, Rhode Island, will likely be spending more time in the New England town, having bought a collection of oceanfront apartments there.

The former host of NBC’s “Tonight Show” bought four of five condominiums at the Seafair mansion on Ocean Avenue via a limited liability company, Mavis House LLC, for a total of $13.5 million, property records show.

Mr. Leno, 67, signed some of the documents that were filed with the City Clerk’s office on Nov. 30. Also, Mavis happens to be his wife’s first name.

A rep for Mr. Leno didn’t respond to a request for confirmation and comment in time for publication.

Rumors began to surface early last month that the funny man, who grew up  around two-and-a-half hours away in Andover, Massachusetts, was eyeing the property.

Listing agent David Huberman of Gustave White Sotheby’s International Realty declined to comment on the sale.  

The combined home Mr. Leno purchased offers 15,181 square feet of interior living, spread across 14 bedrooms and 14 bathrooms. It comes with a private beach, tennis court, an infinity pool, terraces, gardens and fountains, according to a previous listing.

Sitting on nine acres of land at the southernmost tip of Newport, the property boasts 270-degree views of the Atlantic Ocean and has a six-car garage for Mr. Leno, who has been hosting CNBC’s hour-long show “Jay Leno’s Garage” since his “Tonight Show” tenure.

The seller of the four condominiums, per public records, is Richard Bready, former chairman and chief executive of manufacturer Nortek Inc. He couldn’t be immediately reached for comment.

It’s unknown whether Mr. Leno will try to procure the remaining residence in the historic mansion, which is owned by H. Larue Renfroe, owner of the Providence Bruins hockey team, and his wife, Lynda. The three-bedroom condo was once listed for $3 million, but is no longer available, listing records show.

The Seafair mansion was built in 1936 for Verner Zevola Reed Jr., a Denver mining heir, who served as vice president at Chase Manhattan Bank and a U.S. ambassador to Morocco from 1981 to 1985.

In modern days, the mansion hosted a fundraiser for former president Barack Obama in 2014 and a birthday party in 2003 for Mr. Bready, with celebrities such as Elton John among guests, according to the Providence Journal, which first reported the sale.

Newport is home to many Gilded Age mansions built for the wealthiest American families, including the Vanderbilts, Astors, and the Widener family in the early 20th century, many of which are now used as museums.

Will New York Have A White Christmas This Year?

In the United States, if at least one inch of snow falls on the morning of December 25, it gets labeled as a “White Christmas.” While some states in the north and Midwest are the most likely to enjoy a snow day on Christmas, the phenomenon is uncommon in New York, but not impossible.  The National Oceanic and Atmospheric Administration, a federal agency that provides timely information about climate and weather patterns, created a mapthat shows the historic probability of there being at least one inch of snow on the ground in 48 states on Christmas. The darkest gray shows places where the probability is less than 10 percent and the white areas show probabilities greater than 90 percent.

The map uses data based on the Climate Normals between 1981-2010 and then estimates the values. Users can click and zoom into a specific area to see its probability of snow. If you’re dreaming of a White Christmas this year, you might be out of luck if you’re staying in New York City for the holidays, as there’s just a 12 percent chance of at least one inch of snow covering the ground.

Unsurprisingly, Upstate New Yorkers have a better chance of making snow angels after opening presents this year than city-dwellers. Albany is at 49 percent, Syracuse at 58 and Hooker, at 92 percent chance of snow. However, the actual conditions may vary widely from what the map estimates, and it’s helpful to check the local forecast for actual weather predictions on Christmas Day.

Explore the White Christmas map here.

Tips For Your Doorman With This Helpful ‘tip-o-meter’

Not sure how much to tip your doorman this holiday season? Triplemint has released its very own, first-of-its-kind “Holiday Doorman Tip-O-Meter” to dynamically calculate exactly how much tip you should give. With six quick questions (ranging from your building size to how generous a tipper you are), the Tip-O-Meter immediately generates a minimum-maximum tip range suggestion.

The program’s algorithm is based on data collected from surveys conducted on over 100 NYC doormen in major neighborhoods in Manhattan. NYC doormen were asked: How much do you recommend you give residents this year (based on apartment size Studio, 1-Bedroom, 2-Bedroom, 3-Bedroom +)? Do you expect More/Same/Less than last year? And what is the size of your building?

If you’re looking for some more general guidelines, in early December, CityRealty posted a very handy guide on tipping. It contained a lot of useful information such as:

  • When to tip (between Thanksgiving and Christmas)
  • How much to tip ($20-$500 depending on status and length of employment)
  • Renters vs. owners (renters typically tip less)
  • How to present your tip (cash is preferable to checks)
  • And what not to give (don’t give silk ties and/or gift cards in lieu of cash)

As Cait Etherington pointed out, there are many personal factors that go into deciding a tip amount like whether or not you tip during the year for help with moving, packages, handyman work, or for watching your child as you run back upstairs for an umbrella, etc. But the Tip-O-Meter suggested tip ranges takes the guesswork out of exactly how much you should give and suggests “a sense for what’s ‘normal.'” Then you can personalize your tip from there.

Try out the tip-o-meter here. Happy tipping!

160 Central Park South, Unit 2307 | 1 BD | 1 BA | $6,500/mo

Make glorious Central Park views your daily backdrop in this impeccable, furnished one-bedroom home at the prestigious Essex House.

Perched high above the city on the 23rd floor, this refined, renovated apartment offers a turnkey home for discerning residents. You'll find jaw dropping, direct Central Park views in the oversized great room, thanks to large windows that wrap the space to the north and west. Relax in the well-appointed living area or host elegant dinners in the large dining alcove while millwork, beamed ceilings and hardwood floors create a sophisticated atmosphere throughout. The efficient kitchen offers top-notch appliances and the serene bedroom includes a large en suite bathroom. Three oversized closets easily attend to wardrobe and storage. This beautifully furnished residence is available for a minimum 6 to 12 month stay.

Situated in a landmarked Art Deco masterpiece at the center of Central Park South, The JW Marriott Essex House is known as the city's very first condominium hotel. Residents enjoy five-star hotel amenities including access to the superb fitness center and spa, housekeeping, and premier white glove services, such as a bell staff and concierge. Additional hotel services and amenities available on request include 24-hour room service and business and conference centers. Here, you're at the literal heart of Manhattan surrounded by the world-class dining, nightlife and shopping of Midtown, plus the exciting entertainment venues of the Theater District and Lincoln Center. Transportation from this centrally located neighborhood is unbeatable with N/Q/R/W, A/C/E, B/D/F and 1 trains all nearby.

NY And NJ Commit $5B To The Hudson River Tunnel Project, But Still No Word From D.C.

Govs. Andrew Cuomo and Chris Christie on Thursday announced commitments to totally fund New York and New Jersey’s share of the Gateway Hudson Tunnel Project. The project aims to fix the 107-year-old tunnel damaged by seawater during Hurricane Sandy. It serves as the only intercity passenger rail crossing into NYC from NJ, a critical link for 200,000 daily passengers. Although two state officials wrote letters to the U.S. Department of Transportation detailing their combined $5.5 billion funding of the project through various agencies, the Trump administration has not agreed to fund the rest of the $12.7 billion project. As Crain’s reported, a senior official at DOT called the states’ funding commitment “entirely unserious.”

According to the states, the project will build a new two-track tunnel, add the concrete casing at Hudson Yards and refurbish the Amtrak North River Tunnel. In a prior agreement with the Obama administration from 2015, the two governors would fund half of the project, with the federal government paying the rest. New York commits $1.75 billion, NJ Transit commits $1.9 billion and the Port Authority said it will fund $1.9 billion, for a combined $5.5 billion or 50 percent of the project’s cost. Fixing the tunnel would cost about $12.7 billion, which is a part of the $24 billion Gateway Program that includes a Penn Station expansion and new bridges in the Metro-Area.

“The Gateway Tunnel is critical to the long term vitality of the entire Northeast region and one of the most important infrastructure projects in the country,” Cuomo said in a press release. “New York State is stepping up to fund its share of the financial commitment as we rebuild our infrastructure all across the state. Now the federal government must fulfill its commitment to fund the other half and make this urgent, long-overdue project a reality.”

President Obama had made the project a priority by committing half of the funding for the program and fast-tracking its review process, but the Trump administration has shown less enthusiasm. As 6sqft previously reported, DOT representatives withdrew from the board of the Gateway program in July.

The letters penned by Cuomo and Christie recommend the corporation take out a 35-year, $1.75 billion loan through the federal DOT’s Railroad Rehabilitation and Improvement Financing Program. New York would pay back the loan over the next three decades through its budget, while New Jersey would increase the price of Manhattan-bound NJ Transit tickets beginning in 2020.

The White House and federal agencies have remained tight-lipped about whether or not it will fund its share of the project. However, a senior official familiar with the issue told Crain’s in an email: “NY and NJ’s submission on file proposes the federal government pay 85% of the project costs, for a tunnel where 9 out of 10 passengers are local transit riders. This is entirely unserious.”

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