,

Christie Brinkley Rents $30K/month Tribeca Apartment

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Supermodel Christie Brinkley recently picked up a penthouse in Tribeca for $29,500 per month while two of her Hamptons estates are still on the market. The gorgeous 3,000-square-foot apartment at 475 Greenwich Street boasts floor-to-ceiling windows, two terraces and incredible views of the Hudson River. Although Brinkley has called the Hamptons home for decades, one of her Sag Harbor estates is currently listed for $20 million and another, a little further down, for $29.5 million, as Variety reported.

The open-layout and abundance of natural light serve as the perfect backdrop for entertaining; Brinkley recently hosted her 64th birthday party at the penthouse, according to Variety. On this level, the over 850-square-foot rooftop features iconic city views.

The lower level is home to the spacious master suite, which also includes floor-to-ceiling windows. The master features two closets, with one as a customized walk-in. The ensuite bathroom has a deep-soaking tub, walk-in shower and dual sink vanity. The two additional bathrooms can be found on the same level, separated from the master bedroom by a media room.

The three-bedroom, two-and-a-half bath penthouse sits in the Zinc Building, a 21-unit, 7-story development designed by Greenberg Farrow Architects. Residents at the Zinc have access to a gym and bike storage room.

[Listing: 475 Greenwich Street, #PH-6A by Danny Davis, Lisa Balbuena and Lisa Resnick for Town Residential]

Could An East River Pontoon Bridge Be A Viable L Train Alternative?

Real estate investor, sailing champion and former Calvin Klein underwear model Parker Shinn has entered the impending void of the dreaded L train shutdown scheduled for April of 2019 with a new alternative. The concept, which joins a growing list that includes a gondola, an inflatable tunnel, car-free bus lanes, bike lanes and a lot of MTA re-routing, is called L-ternative Bridge, and consists of a temporary pontoon bridge between Brooklyn and Manhattan that would be capable of supporting two lanes of bus traffic and two walking/bike paths.

According to the L-ternative Bridge website, pontoon bridges have been used for over 1,000 years and represent a fast and affordable method of building a bridge spanning a large body of water.

More pontoon bridge facts:

  • At 30 mph it will take approximately 1 minute and 30 seconds to go from the Bedford Avenue station to the Manhattan shores.
  • In order to move people as quickly as possible from the subway to buses, a partially enclosed bus terminal could be constructed on 7th Street between Bedford and Driggs Avenues.
  • Buses and pedestrians would cross FDR Drive via a temporary overpass similar to the one currently in place for pedestrians on 10th Street.
  • The pontoons will be 90-foot long deck barges. It will take 30 of them to span the 2,600 feet across the East River.
  • The bridge would be anchored in place using 3,500-pound Delta anchors which are well-suited to mud riverbottoms like the one in the East River.
  • To avoid interrupting shipping paths up and down the river, Shinn envisions a 240-foot wide drawbridge for larger ship traffic and a permanently elevated section for ferries and smaller boats, with more research to come.

Regarding the bill for building the bridge, Shinn points to a similar bridge almost twice as long that was built by a consortium of European companies for $38M in 2008; he acknowledges that construction costs have gone up considerably since that time, and explains that he’s currently gathering cost estimates from contractors and will publish them upon receipt. He is also aware of the many risks and challenges, legal, regulatory and otherwise, involved in the admittedly interesting undertaking.

According to Shinn, construction would only take 6 to 8 months and the costs could be completely covered by a $1 toll. The bridge has launched a Kickstarter campaign to rustle up community support and offer the city a detailed plan. Ideally the MTA would either use the plan and contractor recommendations provided to build the L-ternative bridge, or establish a public-private partnership with a developer to build it.

Find out more about L-ternative Bridge  here.

Viñoly’s Jetsons-Esque Skyscraper At 249 East 62nd Street Revealed

BY: NIKOLAI FEDAK 8:00 AM ON FEBRUARY 20, 2018

Rafael Viñoly has become one of the more prominent designers of Manhattan’s residential real estate in recent years, and today, YIMBY has the first rendering for the architect’s latest skyscraper, at 249 East 62nd Street on the Upper East Side. While the tower will technically comprise only 32 floors, it will stand 510 feet to its rooftop, taking advantage of a Jetsons-esque podium to boost its upper levels high into the neighborhood skyline.

The Schedule A for the project reveals the exact configuration, and shows that retail and a townhouse will occupy the base of the building. Those will be topped by apartments rising through to the 12th floor.

Above that, the 13th through 16th floors will all be mechanical, with the 15th floor holding the residential amenity spaces, including a bar/wine tasting area with private dining room and pantry, a media lounge, and a study.

Residential space will then continue, with three units per floor from floors 17 through 29, and then another three mechanical floors up on the very top. The 17th floor will start about 350 feet above street level.

While the total construction area will be just over 150,000 square feet, the retail will total 2,588 square feet, and the residential space will clock in at 98,526 square feet, divided amongst 83 units. At an average size of about 1,200 square feet, condominiums are exceedingly likely.

The configuration of 249 East 62nd Street begs the question of whether Viñoly’s design for the site could start a trend to rival the cantilever. The extended mid-section of the tower results in the displacement of a substantial amount of residential space to an elevation far above what one would normally expect for a 32-story building, and is likely to result in pricing that is far higher than what would otherwise be possible.

As engineering continues to improve, it seems that the premiums people are willing to pay to live in neighborhoods like the Upper East Side could be a driver behind additional developments that mimic 249 East 62nd Street.

In any case, Viñoly’s design could certainly become iconic for the surrounding neighborhood, which is generally low-rise. The concrete pillars which contain the condominiums combine with the interspersed mechanical floors to create a vision that should be quite elegant, and even if 249 East 62nd Street isn’t anywhere near as tall as 432 Park Avenue, it certainly expounds on the same economic functionality that has driven the construction and deseign of both developments.

 

432 Park Avenue, photo by DBOX for CIM Group:Macklowe Properties

No formal completion date has been announced just yet, but the site has been vacant since 2010 and construction permits were approved as of late 2017, so it appears that work is now a go. Real Estate Inverlad Development LLC and Third Palm Capital are behind the project.

Compass San Diego!

Another day another office! The Compass San Diego office has officially opened its doors – and we can’t wait to dive into the surf, sand, and gorgeous real estate! Stay tuned for more information in the coming weeks.

#CompassEverywhere

Press:

https://www.inman.com/2018/02/14/compass-launches-san-diego-branch/

Hello Westchester!

Breaking News:

Our growth continues! We are thrilled to share the news that Compass Westchester is official!
Today, we are making another big step in building Compass. We have signed an agreement to acquire Platinum Drive Realty, a leading boutique brokerage in the market! With the addition of Platinum Drive, Compass Westchester can grow to 100 Agents and five offices strong, and become a top five brokerage in Scarsdale, Larchmont, and Chappaqua.
Platinum Drive shares Compass’ desire to grow beyond what most believe is possible. The company was founded in 2006 and was named one of the Inc. 5000 Fastest-Growing Companies in America in 2014, 2015, 2016 and 2017. WELCOME TO COMPASS

68 Square Foot Apartment Asking $950/mo. On The UWS

An Upper West Side unit listed today with CitiHabitats, takes the concept of “micro-living” to a whole new level; according to the listing description, the "space" is a mere 68 square feet—and is asking $950/month.

To the broker’s credit, he comes right out and says the apartment is minuscule; “it’s probably the smallest apartment in Manhattan,” says the listing description, but “it’s also probably the least expensive.” (A quick search confirms this.)

It has a loft bed that can only accommodate a twin mattress, a fridge, and a stove (which appears to be oddly normal-sized, all things considered). As you might expect, it’s not especially pleasant—especially when you factor in the fact that “you share the bath on the 5th floor hallway with four other apartments, and the tenants clean it on a schedule.” (Yikes.)

NYC Fun Fact - Elevators Must Have A Mirror

In New York City elevators are legally required to have mirrors. 

Per Multiple Dwelling Law § 51-b; NYC Admin. Code § 27-2042, The main purpose of the law is so people may see, prior to entering, if anyone is already in the elevator.

The Law: Multiple Dwelling Law § 51-b; NYC Admin. Code § 27-2042

 § 51-b. Mirrors in connection with self-service elevators. In all multiple dwellings in which there are one or more self-service passenger elevators, there shall, pursuant to such regulations as the department shall prescribe, be affixed and maintained in each such elevator a mirror which will enable persons prior to entering into such elevator to view the inside thereof to determine whether any person is in such elevator.

Brooklyn Point Tower Will Be Home To The Highest Rooftop Pool In The City

It’s no surprise that the supertall savants at Extell–who are currently constructing the 1,550-foot Central Park Tower as the world’s tallest residential building–used their first foray into Brooklyn to smash yet another sky-high record. The Post reports that the developer’s City Point tower, dubbed Brooklyn Point, will boast the highest rooftop pool in the entire city. Sitting at the top of the 720-foot luxury condo at 138 Willoughby Street, it will be a 27-foot-long saltwater infinity pool, complete with a full lounge area, a stargazing observatory, and space for outdoor movie screenings.

The pool is taking the title away from Long Island City’s 500-foot 1 QPS Tower. Curbedreports that it “will be perched 680 feet above Downtown Brooklyn, and will be designed by Mathews Nielsen Landscape Architects.” According to the Post:

Open from the spring through the fall, the pool will feature mosaic glass tiles and be surrounded by lounge chairs for sunbathing and socializing on a Brazilian ipe-wood deck surrounded by planters filled with flowers, shrubs and even trees. The pool area will include outdoor showers, changing rooms and plenty of space for al fresco dining.

Extell released a teaser website for Brooklyn Point back in October ahead of its sales launch. The 68-story, Kohn Pedersen Fox-designed tower will be the tallest building in Brooklyn until it’s surpassed by JDS’ 1,000-foot 9 DeKalb Avenue. It will have 458 units, a mix of studios, one-, two-, and three-bedrooms, ranging from $840,000 to $4 million. Other amenities will include a fire pit, wine room, pet spa, stroller valet, a “forest adventure,” rock climbing wall, and yoga, pilates, and cycling studios. Additionally, residents will have access to City Point’s 600,000+ square feet of retail and dining offerings, such as DeKalb Market Hall, Trader Joe’s, and the Alamo Drafthouse Cinema.

Brooklyn Point will join two other residential buildings at City Point, the Brodsky Organization’s 7 DeKalb and City Tower. Construction is already underway and it’s expected to be completed in early 2021.

Ali Wentworth & George Stephanopoulos Are Selling Their Southampton Estate For $6M

Actress Ali Wentworth and her husband George Stephanopoulos, a political reporter and co-anchor of Good Morning America, have listed their impressive, gated estate in Southampton for $5.995 million. The home at 5 Cameron Way sits on over an acre of land just off Hill Street. According to Curbed Hamptons, the power couple first purchased the sprawling estate for $4.5 million in 2013. A year later, they also picked up a Lennox Hill co-op for $2.2 million.

The home’s living room has supertall coffered ceilings, with unique, over-sized windows that bring in plenty of natural light. The well-equipped chef’s kitchen features a marble center island, as well as dual refrigerators and ovens, perfect for dinner parties.

The spacious home boasts five bedrooms and six and a half baths. On the lower level, there is a media room with a wet bar, including a 1,000 bottle wine cellar. Plus, there’s a gym, game room and a guest bedroom on this level.

The home’s picture-perfect backyard includes a heated pool, a tennis court and covered veranda. Just minutes from the beach, the property also has an abundance of lush greenery, including lots of trees and hydrangea bushes.

[Listing: 5 Cameron Way by Ann Ciardullo  Sotheby’s International Realty]

Aziz Ansari Dropped $5.7M In Tribeca Right Under Taylor Swift

Back in May, Rangers captain Ryan McDonagh sold his Tribeca loft at 155 Franklin Street, located directly below Taylor Swift‘s duplex penthouse in the celeb-studded building, for $5.7 million. Though the buyer’s identity was shielded by an LLC, the Post now reports that it was none other than comedian and “Master of None” star Aziz Ansari. They don’t disclose their sources, but assuming they’re correct, Ansari’s new three-bedroom spread boasts nearly 2,500 square feet, brick and timber-beamed ceilings, tons of exposed brick, and massive south- and east-facing windows

As 6sqft previously explained, “McDonagh bought the third-floor apartment in 2014–the same year Swift moved in–and paid $5.2 million for it. Swift paid a much higher price of $20 million to Lord of the Rings director Peter Jackson for the top two floors of the building.” Other past celebs in the building include Steven Soderbergh and Orlando Bloom, who sold his apartment soon after Swift moved in, allegedly because of the paparazzi frenzy she created.

Aziz’s new digs have 11-foot ceilings, new floors and lighting, and a new kitchen complete with Calacatta marble counters, custom cabinetry, and a large six-seat breakfast bar.

The master bedroom has its own ensuite bathroom with a double vanity and separate soaking tub.

It’s no secret that Ansari has seen his share of controversy as of late, but hopefully he’ll be spared Swift’s paparazzi following, as the singer recently picked up an $18 million townhouse nearby.

The Monthly Update - February 2018

Don’t Let These Top 5 Seller Concerns Prevent

You From Selling Your Home

Over the last several months, we surveyed 100 of our recent transactions and asked the sellers what their top concerns were when listing their homes. While we were surprised by some entries — “The agent may not be able to show the positive energy my home possesses.” — there were others we knew would be on the list — “The commission.”

We compiled the top five concerns for you here, but most importantly, we’ve included the reasons why you shouldn’t let this issues prevent you from selling your home with an experienced and qualified broker. When it’s time for your to sell one of you largest assets, and concerns arise, just know that you’re not alone in feeling anxious. We’re here to help answer your questions and quell your fears.

Top 5

The Cost of the Commission

It’s funny that commission is the top issue mentioned by sellers, because it really is the easiest to answer. Commision will help sell your home. Any broker will attest to this fact. For example, when a new development needs to sell property faster and at the best price, the developer incentivizes the brokers by paying them a higher than usual commission. Conversely, if you offer the buyer's agent a lower commission, the agent has less incentive push their buyer to purchase your home. Commision, like price, can be an accelerator for your sale in terms of both price and timing. Including the brokerage community in your sale by offering a commission invites competition, and that’s exactly what want when you sell your home. So, don’t skimp on 0.5 percent or 1 percent on commission — that little 1 percent can bring you more and better qualified buyers who will more than make up that 1 percent.

Fear of Getting “Their” Price

I’ve never met an owner who isn’t concerned about price and getting “their” predetermined price. And I’ve also never met an owner who doesn’t think theirs is the best apartment in the building, on the block or in the city! But, being realistic about price (especially in today's market) and paying close attention to the comparable homes in the area, like commission, can be one of the most powerful marketing tools a seller can use. If positioned correctly in the marketplace, sellers can get “their” price — and then some! There are brokers who make living pricing property just a hair under market value to create a huge rush on the property and drive bidding wars. Price should be viewed as a tool to get more buyers working with more urgency to get you, the seller, more money, faster.  

Uncertainty About When to List

Timing is everything, right? So, it’s no surprise that sellers are frequently concerned about when their home should hit the market. There are seasonal influences, holidays to consider, and even factors affecting what day of the week to release. So, let’s break it down. As far as seasons, spring is the busiest time of the calendar year, but it can also be the most saturated as far as listing inventory, so sometime in mid- to late March, right before the spring market, can be the best time of year to list. As for the holidays, you should never list right before a major holiday, and maybe even wait few days after that long weekend to ensure that everyone's back from vacation. If you’re looking at the best day of the week to list, we like Monday or Tuesday as this gives the listing a week to track and get picked up by public sites and the MLS. I try to avoid listing at the end of the week because the first open house that following Sunday might not be as busy you’d hoped.

Low Appraisal Value

If commission, price and release date are all inline, chances are you could get very, very strong price for your property.  And if so, appraisals can be of some concern. But, if you did get a strong price, there’s a good chance you might have had multiple buyers to choice from. If so, make the offer non-contingent on financing a requirement to accepting the buyer’s offer. Keep in mind this might scare a strong buyer off, so getting the buyer to agree on an appraisal contingency can do the trick. Meaning that if the property appraises for less than 80/20 loan-to-value, the buyer would need to kick in the difference.

Uneasiness About Open Houses and Security

Security and the idea of “strangers” trampling through your home is always on the mind of every seller, so you're not alone if that’s a worry of yours. We always tell our sellers to be practical. If you’re especially concerned about particular items of great monetary or sentimental value, you’ll alleviate your own stress by simply removing those items from the home. Keep in mind that every showing and open house is completely, 100 percent supervised. We keep a detailed log of everyone who attends the open house and are in touch with each buyer after the open house to follow up. But being proactive is the easiest approach. Simply remove the items you feel are vulnerable, and hire an agent who’s sympathetic to the fact that this is not simply a commodity — it’s your home!

We hope this addresses any fears you might have about selling your home. If you have any question or comments please visit us on Facebook, Instagram or at dylanhoffman.com

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When Is The Best Month To Sign A Lease In NYC?

Conventional wisdom holds that the time of year a lease is signed in New York affects the price of the rental—and now there’s the data to prove it. The housing data site RentHop has put the numbers to the test to prove when it’s cheapest and most expensive to rent in New York and—no surprise here—it found that the higher the mercury rises, the higher the rent runs and vice versa.

RentHop’s analysis found that renters would be well-advised to sign a lease in February, the cheapest month to rent in New York. Rental prices begin to increase in early May and reach their apex in the summer months, peaking in July. They begin to decrease again come October, reaching their low in February.

So how much do prices differ throughout the year? For a one-bedroom, renters will pay about 5.4 percent more if they sign their lease in July rather than February. For two-bedroom leases, that percentage dips slightly to 5.3 percent. Those numbers may not sound like a lot, but operating under the assumption that the average one-bedroom rents for $3,000/month and the average two-bedroom for $3,400/month, that’s a difference of $171/month and $191/month, respectively, or $2,050 and $2,292 annually—and that’s major.

RentHop not only analyzed the seasonality of rental prices in New York, but also that of nine other major US cities. Interestingly, of those ten cities, New York’s variation in rental price from peak-to-trough for one-bedrooms varied the most at 5.4 percent. The smallest percentage of variation belonged to Miami, where renting in a peak month runs an additional $17/month.

The variation in rents for two-bedrooms from peak-to-trough varied the most in Chicago at 5.8 percent, beating out New York’s 5.3 percent. But because New York rents are higher than Chicago’s, the variation in dollar amount between peak-and-trough in New York is greater at $191 versus Chicago’s $135.

As the New York rental market has changed over time, the numbers have varied from RentHop’s previous studies. The site found in 2016 that January was the cheapest month to rent in New York, with July being the most pricey. The variation peak-to-trough was less at that time, at 4.5 percent or $140/month.

Moving in New York in the winter is a pain, but it’ll help save on rent in the long run—and that’s got to be worth the day of frozen fingertips.

Study Says: Proposed Congestion Pricing In Manhattan Would Have Little Impact On Commuters

When Gov. Andrew Cuomo’s task force, Fix NYC, released its congestion pricing plan last week, critics were quick to say the fees would most burden commuters who live outside the city and drive into Manhattan for work. However, a new report from the Tri-State Transportation Campaign found that less than 4 percent of residents in most districts commute by car into proposed congestion zones. In their report, the transportation research group analyzed the community patterns by looking at state Senate and Assembly districts; they found that a majority of commuters rely on mass transit, rather than cars, to commute.

Critics of Cuomo’s plan have also called it unfair for low- and middle-income commuters who choose to live outside of Manhattan for a cheaper cost of living. After Cuomo first backed congestion pricing to fund mass transit repairs, Mayor Bill de Blasio called it a “regressive tax” on middle-class New Yorkers. He told reporters: “Rich people will pay it without even knowing and poor people and working-class people will really take a hit.”

The report claims the opposite. According to the study, New Yorkers who live in the city and drive earn more than public transit riders. In the suburbs, commuters who ride the train into the city actually earn more than the same area’s drivers.

Fix NYC’s proposal includes creating a congestion zone, one that stretches from 60th Street down to Battery, to charge drivers who enter those areas during peak commuting hours. Driving south of 60th Street could cost $11.52 for one way, under the plan. Trucks would pay $25.34 and taxis could see a $2 to $5 surcharge for every ride.

Read the full report from the Tri-State Transportation Campaign here.

2279 Third Avenue, Unit 3B

2279 Third Avenue, Unit 3B

EAST HARLEM, MANHATTAN

1 Bed |  1 Bath  |  745 SqFT

Offered At $575,000

CC: $5789/mo. | Taxes: $20/mo.  | Condo | Virtual Doorman 

2279 Third Avenue

Unit 3B

Enjoy amazing space, quality and value in this oversized one-bedroom, one-bathroom East Harlem condominium featuring 421-a tax abatement in effect through 2033.

This beautiful 745-square-foot home features lovely, serene living spaces thanks to solid oak floors, oversized double-pane windows and extra-tall 10-foot ceilings. The gracious entry includes closet and a large dining foyer — ideal for a home office — while ahead, the large living room is lit by huge north-facing windows. The convenient pass-through kitchen is a dream with GE stainless steel appliances, stylish polished aluminum cabinets with smoked glass insets, and granite countertops. The master bedroom features a massive walk-in closet to accommodate all of your storage and wardrobe needs, while across the hall, the gorgeous full bathroom is lined in lovely tile, with a handsome vanity cabinet and modern fixtures. An in-unit washer-dryer adds the ultimate city convenience to this modern East Harlem abode.

 


The Bridges Condominium is a pet-friendly, elevator building offering 24-hour virtual doorman service and common outdoor space. Conveniently located on 124th Street and Third Avenue, this home is surrounded by incredible shops and restaurants, including Harlem's phenomenal dining and nightlife scene. The great shopping along 125th Street offers a Whole Foods, DSW and H&M, while nearby East River Plaza is home to Target, Costco and Aldi. Serene Marcus Garvey park to the west and the East River Promenade to the east provide ample open space and recreation, and access to transportation is fantastic with 4/5/6 subway lines, buses and Metro-North trains just blocks away. Hop on the 4/5 Express train and be in Midtown in 10 minutes, or board the M60 bus for direct access to LaGuardia Airport.

Learn More

Did The Obamas Just Close On This UES Duplex For Almost $10M?

In October, 6sqft reported that Barack and Michelle Obama had been spotted on their way to view a listing in Yorkville’s 10 Gracie Square. At the time, it was speculated that they checked out a five-bedroom duplex that had gone into contract for $10 million shortly following the visit. The buyer wasn’t confirmed, but the unit has now closed for $9.64 million (h/t Katherine Clarke), purchased through a “Gracie Square Revocable Trust. So while it’s still not confirmed that the Obamas are moving to the Upper East Side, the building is one of New York City’s most prestigious addresses, located just a stone’s throw away from the Mayor’s residence and over the years attracting the likes of Alexander Woollcott, conductor Andre Kostelanetz, Gloria Vanderbilt and Madame Chiang Kai-Shek.

The home’s interiors were designed by Vicente Wolf, and it has appeared on the cover of Elle Decor. Features include a private elevator landing, a 29-foot central gallery, 11-foot ceilings, views of the East River and Carl Schurz Park and a master suite with a separate sitting room, dressing room and bath.

The timing certainly makes sense: The Obamas had just dropped daughter Malia off at Harvard for her freshman year and are already settled in their DC home, an $8.1 million Tudor mansion that they bought in June.

The Upper East Side building has plenty of perks that would suit the former first family including an indoor basketball court for the hoops-loving Prez, pet-friendly policy (we can’t imagine they’d leave Bo behind), and a super-secure underground drive-in garage that would allow them to enter privately.

Subway Map Designer Massimo Vignelli’s UES Apartment Hits The Market For $6.5M

The Upper East Side home of iconic designer-duo Lella and Massimo Vignelli will be listed for $6.5 million, according to the New York Times. The 3,900-square-foot three-bedroom duplex at 130 East 67th Street features super high ceilings, wide plank oak floors and a beautiful library. The Italian-born couple first bought the home in 1978 for $250,000, and it served as their first New York abode. While best known in NYC for his 1972 design of the subway map for the Metropolitan Transportation Authority, Massimo, who died in 2014, is also credited with creating iconic branding for companies, like the big brown bag logo for Bloomingdales. His wife, Lella, who died in 2016, was a licensed architect and created furniture and tableware for Vignelli Designs.  According to the son of the late couple, Luca, the apartment served as a “cultural hub for artists and designers.”

The listing says the home “is a prime example of the iconic couple’s aesthetic of modern minimalism and timeless elegance.” The living room boasts nearly 20-foot high, coffered ceilings, original double-height lead glass windows, stunning oak floors and a wood-burning fireplace. Much of the furniture and other elements in the apartment were designed by the Vignelli’s.

Located next to the living area, there is a spacious eat-in kitchen and a bedroom with its own private entrance. Natural light fills the spectacularly simple library, which connects to a study and/or dining room. In total, the apartment boasts more than 600 linear feet of bookshelves.

The upper floor includes a spacious gallery that overlooks the gallery as well as a master bedroom with an ensuite bathroom. The third bathroom also boasts its own bathroom; the windowed dressing rooms could be restored to the original fourth bedroom.

Besides the conversion in 2000 of the dining room into a library and the den into an office, the duplex has remained the same since the couple first moved in. The Italian-Renaissance style building on East 67th Street was designed by Charles A. Platt in 1907 and was later converted into a co-op in 1959.

Gossip: Elie Tahari Wants A Development Partner For His Everlasting Penthouse Project

Designer Elie Tahari has spent 12 years lining up permits to expand his penthouse at 860 Fifth Avenue, and now he’s looking for an investor to join the project for $35 million.

The fashion guru has finally secured permission from the city’s Landmarks Preservation Commission and the Department of Buildings, and just started construction on the project, reported the Wall Street Journal. Once completed, the designer and his partner plan to sell the penthouse or one would buy out the other’s interest.

Tahari tapped CookFox Architects to design the glassy addition, which will give the penthouse a total of 7,500 square feet, plus 5,500 square feet of terrace space. “It’s almost like you’re dropping an Apple store on a co-op building on the Upper East Side,” said Town Residential’s Benjamin Benalloul, who is representing the offering with Loretta Shanahan-Bradbury and Victoria Terri-Cote.

Plans call for a master suite on the top level, as well as an outdoor kitchen for entertaining on the roof deck.

The designer bought his first apartment for $325,000 in 1979. He paid another $4.2 million for a neighboring unit in 2011. Tahari, who owns a $25 million condo at 15 Central Park West, recently listed his Hamptons estate for $45 million . [WSJ] — E.B. Solomont

4Q17 Brooklyn Market Report

4Q 2017 Highlights

01.

Brooklyn echoed Manhattan market in closing activity this quarter as buyers anticipated sweeping changes of the tax legislation and rushed to lock in the full $1M mortgage interest deduction on new originations. This urgency was reflected by a 14% year-over-year increase in the number of closings by December 15th, coupled with a surge of transactions occurred in the $500K-$1M price segment, which was most impacted by the mortgage interest deduction limit change. Additionally, it is interesting to note that the resale condos and co-ops primarily contributed to the year-over-year increase in the number of closings. While the new development closings distributed with less extremity this quarter against 4Q16, demonstrated by five vs. two projects with 10 or more closings totaling the same number of 106 transactions.

02.

Buyers had fewer options in the fourth quarter as the overall number of available units declined by 10% year-over-year, coupled with an increase of contract activity, indicating a healthy demand and absorption level on the market. The median asking price of $945K in Brooklyn was down 3% compared to 4Q16, signaling sellers’ gradual price adjustment in reaction to the relatively “more attainable” Manhattan market.

03.

4Q17 contract activity was particularly strong, as the number of contracts signed surpassed the 1,000-unit threshold for the fourth time in the past 10 years, achieving the highest number vs. all previous fourth quarters. Contract activity in the below $1M price segments exhibited strength during the fourth quarter, with both the below $500K & $500K-$1M categories posting year-over-year gains of 19% and 15%, respectively. The 13% year-over-year condo contract velocity increase was mainly driven by an 81% year-over-year increase in the $2M-$3M price segment as a result of 9 contracts signed at 280 St. Marks and 5 contracts signed at The Standish. Please note that prices of contracts signed represent last asking prices and do not take into consideration new development properties which decline to report sales.

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