12 Contract Signed Last Week At $4M+

LUXURY MARKET REPORT 2019


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

12 Contracts Signed

Twelve contracts were signed last week at $4 million and above, the same total as last year during the same week. Interestingly, the top 2 contracts were signed on properties on the same street.

The No. 1 contract was PH11A at 90 Morton Street, asking $40 million. PH11A is a 5,830-square-foot duplex with 6 bedrooms and 6.5 bathrooms, plus 2 terraces totaling 2,029 square feet. It is in a former printing plant that is being converted into a 12-story, 28-unit condo that started offering apartments off of floorplans in the Fall of 2017. Amenities include a concierge, a covered driveway, a fitness center, a 64-foot pool, residents’ lounge, children’s playroom, and a rooftop terrace with an outdoor kitchen.

The No. 2 contract was a townhouse at 16 Morton Street, asking $15.995 million, reduced from $17.5 million when it went on the market last April. This 3-story, 25-foot-wide house has 6,000 square feet, and is configured as a commercial showroom with 2 floors of office space above it. The house also has a 1-car garage. The seller was fashion designer Cynthia Rowley, who purchased the house for $10,995,000 in May 2014 and then renovated it.

Cuomo Calls For Last-Minute Halt Ff L Train Shutdown

Knight in shining armor or kink in the chain? In an unexpected, last-minute announcement on Thursday, Gov. Andrew Cuomo announced that he is halting the 15-month L train shutdownin April, calling for a new tunnel design instead that would coincide with night and weekend work for 15 to 20 months. The news comes just a few weeks after the governor toured the Hurricane Sandy-damaged Canarsie Tunnel with engineering experts from Cornell and Columbia Universities. Though he said at the time he was “confident it cannot be done any other way and it cannot be done faster than the MTA is doing it,” Cuomo today threw a curveball saying he and the MTA have agreed on a new design that has never before been used in the U.S. and will mean that it “will not be necessary to close the L Train tunnel at all.”

Plans for the L train shutdown first surfaced in January 2016 with two options: a partial three-year shutdown or a full 18-month shutdown. The latter was chosen (and later shortened to 15 months with the addition of some preliminary weekend closures) because a partial shutdown would have functioned with only night and weekend work, which wouldn’t have made sense with the amount of work needed. Plus, building a third tube would have been a time- and cost-prohibitive option.

In these three years, the city has conducted numerous meetings and studies regarding alternative transit options, and real estate prices along the subway line have suffered–all of which is making some question Cuomo’s motives.

The new plan involves implementing a new racking system that suspends cables on one side of the tunnel, leaving the other side available for access. Currently, the cables are within the concrete bench walls, a system created 100 years ago when the tunnels were first constructed.

Instead of demolishing the bench walls to remove the old cables, the new plan leaves the cables there, which would reduce the amount of construction work needed, according to Mary Boyce, the Dean of Engineering at Columbia University. Any unstable bench walls will be removed and weakened ones will be reinforced with a polymer wrap. Boyce told reporters that the new design achieves all functional outcomes as the previous plan, but reduces the amount of work needed.

During a press conference today, Cuomo said the aforementioned engineers have proposed a new tunnel design that “has not been used in the United States before to the best of our knowledge.” The governor said the MTA believes the plan is feasible, which means “it will not be necessary to close the L Train tunnel at all,” though “there would need to be some night and weekend closures of one tube.”

Acting MTA Chairman Fernando Ferrer said on Thursday the agency plans to conduct all repairs on nights and weekends and will close one tube at a time. The L-train will then run with 15 and 20 minutes delays, which Ferrer said is “no different from current overnight service.” The transit agency said it expects the work to take somewhere between 15 and 20 months.

Plus, the MTA still plans to add extra service on the G, M, and 7 lines during the repair work. Ferrer called the new project “less invasive, more efficient, and a huge win for our transit system and our customers so we can all celebrate and be thankful.”

Bubbled Condo Buildings Tops Out On The High Line

The smaller tower in Related Companies’ High Line-straddling project has topped out. The two matching condo towers at 555 West 18th Street, one on either side of the elevated park, were designed by Heatherwick Studio as their first residential project in Manhattan. The duo has become know as the “bubble towers” for their bulging bay windows, that not only give the appearance of a building covered in bubble wrap but provide for interesting views of the park and Hudson River.

The towers sport identical and striking facades, with rows of bulging bay windows framed by brick, inspired by the classic warehouses West Chelsea is known for. Studio head Thomas Heatherwick says that the design of the windows reconceives the residential bay window “as a three-dimensional sculpted piece of glazing.”

The two buildings at 555 West 18th, a 10-story and 21-story tower, will hold 180 one- to four-bedroom residences between them, with views of the Hudson River. They are a part of the Related’s Hudson Residences, which includes another building on West 22nd Street designed by Robert A.M. Stern.

Heatherwick’s bubble-wrap facade joins a number of other innovative designs along the High Line. Zaha Hadid’s futuristic design at 520 West 28th Street is completed, Bjarke Ingels’ angled condo towers at 76 11th Avenue, known as XI, is rising, and designs by Jean Nouvel, Jeanne Gang, and Shigeru Ban are all coming to the area as well.

Heatherwick’s other designs in New York include The Vessel, a climbable honeycomb-like structure in Hudson Yards, near the Northern end of the High Line, and a long-debated offshore park at Pier 55.

201 East 21st Street, Unit 11J


201 East 21st Street, Unit 11J

GRAMERCY PARK, MANHATTAN

1 Bed  |  1 Bath  |  Co-op

Offered At $649,000

Learn more

Don't miss this perfect opportunity to craft your ideal dream home in one of Gramercy's most sought-after co-ops.

With an expansive floor plan, this J-line layout is one of the most highly prized at Quaker Ridge. Set at the rear of the building, you'll enjoy pin-drop quiet solitude, while the high-floor position and wide east-facing windows deliver ample light and views the skim over the neighboring buildings. 

Currently configured as a one-bedroom home with three large closets — including a massive walk-in — the opportunities for customization are endless. Open the kitchen up with a large breakfast bar to create a true open-concept living environment; add California Closet systems to accommodate wardrobe needs; or update the bathroom to create a spa-like oasis.

Quaker Ridge is a revered postwar co-op known for its stellar financials and low maintenance. Residents enjoy full-time doorman service and live-in superintendent, modern laundry facilities, storage bins, bike storage and a residents-only parking garage with direct access to the building. Quaker Ridge allows co-purchasing and pets, but does not permit guarantors or pieds-à-terre. Please note, the monthly maintenance includes an energy charge of $79.30 which changes quarterly.

Set in the heart of Gramercy — with immediate access to the Flatiron District, NoMad, Union Square and the East Village — fantastic shopping, dining and nightlife are all within easy reach. Enjoy German food and world-famous Christmas decorations at Rolf's or feast on Italian favorites at historic Pete's Tavern. Union Square and Madison Square Park offer outdoor space, phenomenal greenmarkets and year-round events, and transportation is superb with 4/5/6, N/Q/R/W and L trains all nearby.

Sixteen Contracts Signed Last Week At $4+ Million

LUXURY MARKET REPORT 2018

Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

December 10-16, 2018

16 Contracts Signed

Sixteen contracts were signed last week at $4 million and above, the weakest performance for mid-December since 2011, when 13 contracts were signed. Condos outsold co-ops, 11 to 3, and 2 townhouses were in the mix. Five properties went to contract asking above $10 million.

Stat Geek Alert: For the 3rd time this year, properties averaged more than 700 days on the market. The other 2 weeks: one in January and one in October.

The No.1 contract was a townhouse at 9 East 84th Street, asking $20.25 million. This 25-foot-wide limestone house has 12,500 square feet including 7 bedrooms and 9 bathrooms. It suffered extensive damage in March 2017, when a fire ripped through the neighboring townhouse at 7 East 84th Street. The house was repaired, and is being delivered as a white box with new mechanical systems and an elevator. The owner paid $15.35 million in April 2007.

The No. 2 contract was PH52B at 56 Leonard, asking $17.75 million, raised from $15 million when it was first offered off of floorplans in 2013. The unit has 3,709 square feet including 4 bedrooms and 4.5 bathrooms, plus a balcony off the master suite. It features 14-foot-high ceilings, and has breathtaking city and Hudson River views. 56 Leonard is a 60-story, 145-unit condo designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron. It has 17,000 square feet of amenities including a 75-foot pool, indoor/outdoor theaters, landscaped sundeck, fitness center, sauna, lounge, and a children’s playroom.

Total Weekly Asking Price Sales Volume: $132,615,000
Average Asking Price: $8,288,438
Median Asking Price: $5,627,500
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 728
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 14 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 CONTRACTS SIGNED ON TOWNHOUSES

200 East 66th Street, Unit C1004


200 East 66th Street, Unit C1004

UPPER EAST SIDE, MANHATTAN

2 Bed  |  2 Bath  |  Rental

Offered At $9,500 (No Fee)

Learn more

 

Make your new home in this meticulously updated two-bedroom, two-bathroom showplace in the heart of Lenox Hill located in an impeccable New York City landmark condominium.

Representing the epitome of the award-winning Manhattan House apartments, this nearly 1,500-square-foot former sponsor model home features one of the building's best layouts and is situated in the most desirable tower. Inside, the building's architectural hallmarks — large windows facing south and east and an oversized projecting balcony — create a true synthesis of indoor-outdoor living. Completely renovated two years ago, the home features premium finishes throughout and abundance of details and features that make daily living a joy, including sound attenuating, energy efficient windows; three-zone air-conditioning; in-unit washer-dryer; room darkening shades in the bedrooms; and heated floors and towel bars in the master bathroom. White oak floors pave the home, and the masterful chef's kitchen features premium stone, Viking stainless steel appliances plus brand new floors by Artistic Tile. Lastly, both bathrooms feature the newest and most modern sponsor finishes within the building.

Residents enjoy 24-hour doorman and five-star hotel concierge services, full-time resident manager, on-site parking and an array of world-class amenities. Landscaped drives and porte cochère entrances lead to a spectacular glass-enclosed lobby, and the block-long private grounds — among the largest in the city — feature lush greenery and sculpture gardens. The rooftop Manhattan Club offers 10,000 square feet of interior and exterior amenity space, including an Exhale Mind Body Spa and yoga studio offering free classes to residents. Additional amenities include a state-of-the art fitness club currently being expanded and a massive children’s playroom.

Set in the heart of Lenox Hill, the award-winning Manhattan House condominium is considered to be the first and the finest white brick building in the city. This stunning home benefits from both Upper East Side residential tranquility and direct proximity to Midtown. Central Park and the East River Promenade deliver iconic outdoor space and recreation, and transportation is effortless with N/Q/R/W, F and 4/5/6 trains all within minutes.

18 Contracts Signed Last Week At Or Above $4M

LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

December 3-9, 2018

18 Contracts Signed

Eighteen contracts were signed last week, the lowest total for the start of December since 2015, when 19 contracts were signed. In case you are wondering, 30 contracts were signed in the same week in both 2017 and 2016.

The No.1 contract was 603/605 in 1 Central Park South, asking $23.5 million. This Plaza Hotel condo has 3,196 square feet including 4 bedrooms and 4.5 bathrooms. All the rooms face Central Park. The apartment comprises two units that were purchased separately for a total of $15,275,000 in the fall of 2014 and then combined. Plaza condos have access to hotel amenities.

The No. 2 was the 3rd floor at 503 West 24th Street, asking $19 million. It was sold as a raw white box in a new 6-unit condo building called The Getty, designed by Peter Marino. Amenities include a doorman and fitness room.


Total Weekly Asking Price Sales Volume: $157,330,000
Average Asking Price: $8,740,556
Median Asking Price: $5,222,500
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 400
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 14 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 4 CONTRACTS SIGNED ON TOWNHOUSES

222 East 80th Street, Unit 10C


222 East 80th Street, Unit 10C

UPPER EAST SIDE, MANHATTAN

2 Bed  |  2 Bath  |  Co-op

Offered At $1,200,000

Learn more

Welcome home to this sunny 10th floor 2 bedroom 2 bath at The Kimberly! A stunning 32 foot long living/dining room with beautiful hardwood floors is the show stopper of this home. There is plenty of space for both entertaining, dining, and lounging. There is a built out walk in closet near the entrance with plenty of storage for coats and more, and the kitchen is just off to the right across from the dining area. The split bedroom layout is ideal for privacy. The Master has double walk in closets and an ensuite bath, and room for a king sized bed plus dressers and office area. The second bedroom is sizable and has built out California closets for easy storage. There is an additional full bath plus linen/storage closet just outside the second bedroom. With 5 closets total, all replete with built ins, there is plenty of storage. The cherry on top is the 10x6 terrace off the living room, great for a morning coffee or an evening drink!


The Kimberly is a full service white brick building with recently renovated halls and lobby. The staff is very friendly and the building has a live in super, roof deck, laundry room, additional storage and bike storage as well as a garage. Heat and AC included in the maintenance. Around the corner from great shopping and restaurants, across the street from Eli's market, 2 blocks from Gristedes and close to the 86th st. Fairway this location is perfect! Easy transportation at the nearby Q and 6 trains. Sorry, no dogs allowed.

The Monthly Update - December 2018

Why The Downturn In The Housing Market

In A Robust Economy?

When I explain to sellers the reality of what their home is worth in today’s real estate market, they repeatedly ask me, “Why is the housing market in a downturn while the economy seems to be chugging along?” There have been countless articles, blogs and newsletters written on the subject, but yet when it’s time to sell, sellers are still baffled.

To tackle the question, one needs to closely examine key factors of economy, not just a bullish stock market or historic low unemployment. A few points to consider:

Interest Rates:

After the market crash in 2008, the Federal Reserve kept interest rates low to stimulate the economy. It took a few years, but soon banks start lending again at super (artificially) low interests rates. Money was cheap. The stimulation started working on the housing market in 2010 and 2011 like crack, so much so that, by 2015, it was up double and triple digits in most corners of the U.S. However, a strong economy stokes fears about inflation, which in turn drives the Fed to raise interest rates, which it has been doing at a slow but steady clip. Last week, according to Bankrate [link here], mortgage rates rose to 5.10 percent, a seven-year high. A year ago, they sat at 4.10 percent.

Wage Growth:

As all this interest rate correction was happening, wage growth remained stagnant. Millennials, who are now at the prime age to purchase home, never really had the wages to afford the housing market’s sharp increases. Now, you’re seeing the housing market forced adjust itself to a buyers’ market when the bulk of buyers have been priced out of the market!

Higher interest rates + minimal wage growth is a sticky equation to overcome. And while wages have started to tick up ever so slightly as of late, today’s buyer pool refuses to pay the prices earned in the heady cheap-money days of 2015. As a result, you're seeing property sit on the market for twice or three times as long as before, and many sellers are forced to drop prices to attract offers. Especially if they weren’t priced appropriately to begin with.

But when a housing market shoots up past the rate of inflation and wage growth, the old adage comes to mind: If something can’t go on forever, it won’t.



History Lesson Did You Know?

December was originally the tenth month of the year in the Roman calendar. It gets its name from the Latin word "decem" which means tenth. However, when the Romans added January and February to the calendar, it became the twelfth month. They still kept the name, though. 


Local Events 

Radio City Christmas Spectacular

Dec. 1, 2018 - Jan. 1, 2019

For nearly a century, the Rockettes have appeared at Radio City Music Hall in hundreds of stage spectaculars, and this year they return with a new finale. Bring the entire family for a show that's sure to entertain. Buy tickets here

 

Santacon

December 8, 2018 (10 a.m. to 8 p.m.)

Give back with the masses at this year's Santacon, a charitable bar crawl which has raised more than $400,000 over the last 5 years. Grab your Santa hat and donate here before lining up for the infamous daytime event! 

 

Make Music Winter

December 21, 2018 

Make Music Winter features a dozen musical parades on the streets and sidewalks of NYC on the first day of winter. Come watch, or join in for free! For more information, click here

 

New Years Eve in Times Square 

December 31, 2018

The age-old tradition of New Year’s Eve in Times Square features dazzling lights, famous musicians, balloons, fireworks, and a crystal ball that drops at midnight. To join the crowd and see it live, be sure to arrive early! Click here for more info. 



Tips & Tricks

'Tis the season! Whether you're looking back or planning ahead, one thing is certain: the year is coming to an end. Below you'll find all you need to celebrate the past year and coordinate what's to come. 

How to Host a Holiday Party Like a Pro

From gift swaps to girls' night, hosting during the holidays seems inevitable. Feeling stressed? Clever has you covered with the best ways to prepare for hosting duties in this article

The Top 20 Places to Travel in 2019

With a new year comes new adventures. If you're looking to satisfy your wanderlust, check out this article by Architectural Digest, which details the most interesting places to travel in 2019.

20 New Year's Eve Decorations to Celebrate 2019 in Style

As the year comes to a close, its time to usher in a new beginning surrounded by those you love. Kick off the countdown in style with these decorations, as recommended by Elle Decor. 

7 Long Island City Restaurants to Try Before Amazon Moves In

As Amazon prepares to move into Queens, New Yorkers are understandably concerned about how the tech giant will affect the beloved borough. Change may be coming but there's still time to enjoy the best restaurants in Long Island City, as recommended in this article by Vogue.


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‘Fearless Girl’ Is Moving To Her New Permanent Location

The four-foot bronze “Fearless Girl” statue was removed from her spot across from the iconic “Charging Bull” in Bowling Green Tuesday night, AMNew York reports, and is on her way to a more pedestrian friendly spot in front of the New York Stock Exchange. Since its appearance in 2017 a day before International Women’s Day, sending a message to Wall Street for the need of gender equality in the financial world, the diminuitive statue has become a major attraction, drawing millions of tourists and locals. State Street Global Advisors, the investment company that owns the statue, said she’d be installed in her new home by December 31.

Fearless Girl and Charging Bull statues on Wall Street; via Anthony Quintano’s Flickr

In place of the statue, the company has installed a plaque with two footprints, letting visitors know the #FearlessGirl statue is “on the move” to a new spot and to “stand for her” in the meantime. The relocation of the statue, which was created by artist Kristen Visbal, will alleviate safety issues that had been arising from the crowds that regularly gathered on the narrow Broadway median. Her new home is an area with very little vehicular traffic.

The statue was only expected to stay for a week, but it struck a nerve, and Mayor Bill de Blasio extended the permit that allowed it to stay for more than a year. The mayor announced in April that it would be moved to a new location that would maintain its symbolism in a more pedestrian-friendly spot than Bowling Green: “We are proud to be home to the Fearless Girl. She is a powerful symbol of the need for change at the highest levels of corporate America—and she will become a durable part of our city’s civic life. This move to a new location will improve access for visitors and ensure that her message and impact continues to be heard. We’re grateful to State Street for their partnership in keeping the Fearless Girl here in New York City.”

“I am thrilled Fearless Girl will remain in New York, inspiring global collaboration between genders for better decisions, and an improved environment at every strata of society,” said “Fearless Girl” sculptor Kristen Visbal.

[Via AMNY]

How To Get Around Midtown During Today’s Rockefeller Center Tree Lighting

Driving in Midtown is never advised, but really must be avoided this Wednesday. The 86th annual lighting ceremony of the Rockefeller Center Christmas Tree kicks off tomorrow, bringing with it more than 100,000 spirited visitors and blocks of street closures. The city’s Department of Transportation designated Wednesday a “Gridlock Alert Day” for the celebration, meaning drivers can expect travel throughout the area to take twice as long as usual.

The 12-ton spruce will officially light up at 9 p.m., with its sparkling 900-pound star on top. Performances from the Radio City Rockettes will be held at 11 a.m., 2 p.m., 5 p.m., and 8 p.m. Ella Mai, Rob Thomas, Diana Ross, Tony Bennett, John Legend and more artists will be performing during the celebration as well, NBC announced Tuesday.

According to the Daily News and Gridlock Sam, traffic jams will start around 2 p.m. when early birds arrive to claim their spot closest to the Christmas Tree and street closures will begin at 3:30 p.m.

To avoid the congestion, take the B, D, F, or M to 42nd Street, the 6 to 51st Street, the 1 to 50th Street, or the N/R to 49th Street. But expect “pedlock” (overcrowding and potential stairway closures) at the Rockefeller Center and Fifth Ave-53rd Street stations.

Here’s the full list of closures:

  • 46th Street between Fifth Avenue & Sixth Avenue

  • 47th Street between Fifth Avenue & Sixth Avenue

  • 48th Street between Fifth Avenue & Sixth Avenue

  • 49th Street between Fifth Avenue & Sixth Avenue

  • 50th Street between Fifth Avenue & Sixth Avenue

  • 51st Street between Fifth Avenue & Sixth Avenue

  • 52nd Street between Fifth Avenue & Sixth Avenue

  • Rockefeller Plaza between 48th & 51st Street

  • Fifth Avenue between 46th Street & 62nd Street

  • Sixth Avenue between 46th Street & 52nd Street

[Via NY Daily News]

Ikea Plans To Open A Manhattan Store

Amazon, Target, and Trader Joe’s have all cemented their Manhattan presence in recent years, and it looks like Ikea does not want to be left out of the action. In a Wall Street Journalstory today that discusses the Swedish furniture company’s larger restructuring plans (which includes slashing 7,500 jobs in an attempt to focus on delivery and digital efforts), it was revealed that Ikea will open 30 new stores in city centers over the next two years. There is currently a store in central London, and the next foray into major urban hubs will be its largest yet, a 5,000-square-foot space in Paris. After that, they’ll open a city-center store in NYC, which we assume will be somewhere between FiDi and the 80s.

The jobs that Ikea is getting rid of are mainly in the communications, human resources, and administrative departments. But by investing in delivery, digital, and city-center stores, the furniture giant plans to create 11,500 new jobs over the next two years, a very steep increase considering they currently employ 160,000 corporate staff. The shift comes after internal research revealed that 80 percent of Ikea customers research and plan their purchases before even entering a store. In response, as the Journal explains, “IKEA is cutting the number of products it displays, freeing up space for more mocked-up living rooms and bedrooms.” They also bought

Since opening its first store in the Swedish village of Älmhult in 1958, Ikea has focused on opening sprawling locations in more rural or industrial areas outside of city centers. However, with statistics showing that 70 percent of the world’s population will live in cities by 2050, they’ve decided to adjust this strategy. Assuming that New Yorkers take to this idea, Ikea then plans to open similar city-center stores in Washington, D.C., Los Angeles, and San Francisco.

Ikea’s property division, Ingka Centres, is also taking a new city-center approach. Commercial Observer recently reported that the development arm will open six mixed-use developments in the next two years as part of a $6.6 billion investment plan. In addition to a proper Ikea store, these complexes will have retail and entertainment areas, commercial space, and health education services. The first of these locations is being built for $1.1 billion in Shanghai, China. For North American ventures, New York City and San Francisco are at the top of the list, though it’s not clear whether these much larger projects would be directly in Manhattan.

20 East 9th Street, Unit 20A


20 East 9th Street, Unit 20A

GREENWICH VILLAGE, MANHATTAN

1 Bed  |  1 Bath  |  Co-op

Offered At $1,100,000

Learn more

Make your home among the city's iconic skyline in this rarely available, high-floor studio/one-bedroom home in the renowned Brevoort East cooperative. Located in the epicenter of Greenwich Village, at Brevoort East, you'll enjoy superb access to vibrant Downtown living and a long list of coveted amenities.

Golden sunlight and sweeping views surround you the moment you enter this spacious corner home thanks to wide windows facing both north and west. Unobstructed views stretch all the way to the Empire State Building and beyond, creating a chic backdrop in the large living/dining room. The roomy foyer and entry closet provide a gracious arrival, and the adjacent kitchen is well-equipped with stainless steel appliances and ample cabinet space. Wide-plank maple floors guide you to the sunny bedroom where multiple large closets and built-ins easily attend to wardrobe and storage, and the ensuite private bathroom features modern fixtures.

Located within the Greenwich Village Historic District just inches from Greenwich Village's famed Gold Coast, the Brevoort East is a postwar white-glove building frequently called one of Manhattan's finest co-ops. Amenities include 24-hour doorman and concierge service, on-site resident manager and live-in superintendent, fitness center, children's playroom, residents' storage, laundry, on-site parking garage and a landscaped roof deck with breathtaking views. Guarantors and pets are allowed with board approval; pieds-à-terre and co-purchasing are not permitted.

Steps from Washington Square Park, with immediate access to Union Square and Gramercy Park, world-class restaurants, nightlife, shopping and entertainment venues make this neighborhood truly unbeatable. Michelin-starred eateries Gotham Bar & Grill and Nix are minutes away, and both Trader Joe's and Whole Foods sit along 14th Street. Access to transportation couldn't be better with N/Q/R/W, A/C/E, B/D/F/M, 4/5/6, L and PATH trains all nearby.

3 Hanover Square, Unit 20E


3 Hanover Square, Unit 20E

FINANCIAL DISTRICT, MANHATTAN

Studio  |  1 Bath  |  Co-op

Offered At $635,000

Learn more

This beautifully renovated, loft-like studio perched on the 20th floor provides open city and partial water views in one of the most desired prewar Financial District/Seaport co-op.

Warm western light captures your attention through over-sized, 61” windows the moment you enter. Ample storage throughout includes a large entry closet and custom built-in, walk-in closet. Chic white floors pave the updated home, and ceilings have been raised to create grand proportions that emphasize space and light. In the renovated open kitchen, you'll find premium cabinetry and countertops and stainless steel appliances. The space is also easily convertible to a one-bedroom.

Originally built as the site of the New York Cotton Exchange, 3 Hanover Square is a regal limestone building and one of the very first residential conversions in FiDi.Residents of the sought-after, pet-friendly co-op enjoy 24-hour doorman/concierge service, live-in superintendent, bike room, and both laundry and free, shared storage right on the 20th floor. The lobby is undergoing a full renovation and should be completed by end of 2018. The serene British Memorial Garden sits right outside providing a lovely introduction to this stately building. Pieds-à-terre and subletting permitted.

Immersed in the historic Financial District, just a stone's throw from the revitalized Seaport District, this location is filled with fantastic shopping, dining, nightlife and entertainment. There are bagel, deli, coffee, Japanese and Italian venues within the building, and Stone Street's great outdoor cafés and bars are right outside your front door. Wall Street and the Oculus/Westfield World Trade Center are within easy reach and home to Eatily! The East River bikeway and The Battery provide excellent waterfront outdoor space and recreation. Transportation options are plentiful with J/Z, 2/3, 4/5 and R trains plus the Pier 11 ferry landing all just minutes away.

12 Contracts Were Signed Last Week At $4+ Million

LUXURY MARKET REPORT 2018

Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

November 19-25, 2018


12 Contracts Signed

Twelve contracts were signed last week at $4 million and above, a typically low total for a Thanksgiving Day week.

Stat Geek Alert: The lowest total for a Thanksgiving Day week since 2006 when we started keeping track? One. You read that right—one contract was signed. The year was 2008—2 months after the Lehman crash.

The No.1 contract was 9S at 70 Vestry Street, asking $23.5 million, raised from $21 million when it was offered off of floorplans in April 2016. The unit has 4,355 square feet including 4 bedrooms and 4.5 bathrooms, plus 2 terraces totaling 522 square feet. 70 Vestry is a 14-story, 46-unit condo that was designed by Robert A.M. Stern with interiors by Daniel Romualdez. Amenities include a doorman, concierge, garage, a fitness center, squash court, and 3 pools: an 82-foot lap pool, a separate children’s pool, and a hot-and-cold plunge pool. There is also a library, billiards room, and children’s playroom. Nineteen units have closed so far, averaging $3,908/square foot and 3,664 square feet.

The No. 2 contract was M9C at 7 Hubert Street, asking $8.75 million, reduced from $9.25 million when it went on the market in April. This maisonette triplex condo has 4,633 square feet including 3 bedrooms and 3.5 bathrooms, plus its own private entrance on Collister Street. Amenities include a gym, concierge, and children’s playroom. The owner of M9C paid $4.950 million for the unit in 2007.

Happy Thanksgiving!

We wanted to take this opportunity to wish you and your family a Happy Thanksgiving.  The warmth of the season and the gathering of family and friends reminds us all of the many reasons we have to be thankful. We wanted to take this time and express our sincere appreciation for you. 

        Warmest Wishes,

             The Hoffman Team

Best Macy’s Thanksgiving Day Parade Spots

There are 2.5 miles of public viewing along the parade route in NYC; this interactive mapcan help you find a great spot instead of getting lost in the crowd. The map, from the fine folks behind the parade, outlines when the parade will pass by, which streets have the best public views (6th Avenue from West 59th to West 38th Streets gets the thumbs-up) and which ones are restricted, such as Central Park South at Columbus Circle. Also marked are all-important things like coffee, food and restrooms.

The parade rolls into gear at West 77th Street and Central Park West at 9 a.m. ET–though public viewing at that spot is limited. Pre-parade balloon inflation–a fun NYC tradition–happens outside of the Museum of Natural History (between West 77th and West 81st Streets). You can zoom in on the map to find out where your favorite balloons are going to be.

Early risers stake out space on the west side of Central Park West from West 75th to West 59th Streets starting at 6 a.m.; with reason, as views are great from there. Check out the map and enjoy the parade!

Only 14 Contracts Were Signed Last Week At $4 Million+

Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

November 12-18, 2018

14 Contracts Signed

Only 14 contracts were signed last week at $4 million and above, a disappointing total after 3 straight weeks of 20 or more sales. Condos outsold co-ops, 7 to 6, with 1 townhouse in the mix.

Stat Geek Alert: For the first time since September 2017, not one contract was signed for $10 million or more.

The No. 1 contract was 29A at 255 East 74th Street, asking $7,995,000, reduced from $8.495,000 when it went on the market in October. The owner paid $7.6 million in July 2017. The condo has 3,505 square feet including 5 bedrooms, 3.5 bathrooms, and panoramic city views. The unit also has a 37-foot living room with 10-foot ceilings and an eat-in kitchen. Amenities include a concierge, children’s playroom, and access to an Equinox gym in the building for a separate fee.

The No.2 contract was PHA at 410 West 24th Street, asking $7.95 million, reduced from $8.4 million when it was listed in May. This co-op has been featured in Architectural Digest and is in an art deco complex of buildings known as London Terrace. The unit has 2 bedrooms, one of which was converted into an office/library. It also features 11-foot ceilings, a fireplace, and a wraparound terrace. Amenities include a doorman, gym, pool, and a garage.

Daniel Libeskind’s 900-Pound Star For This Years Rockefeller Center Christmas Tree

The star that tops the Rockefeller Center Christmas Tree each year never fails to dazzle; this year is no exception. The 12-ton Norway Spruce has been crowned by architect Daniel Libeskind‘s creation consisting of 3 million Swarovski crystals and weighing in at 900 pounds. The World Trade Center master site planner, known for his geometric, angular designs, called the star “a symbol that represents our greatest ambitions for hope, unity and peace.” And we can all use plenty of that.

Image: Diane Bondareff/AP Images for Tishman Speyer via TimeOut

This year’s dazzler is the first new star in 14 years. According to Bloomberg, the new star is nine feet, four inches wide, with 3 million double-cone crystals radiating from 70 spikes. Each spike uses six-millimeter ESG glass and fLED lighting components developed by Swarovski. At its core the star uses 70 custom-machined aluminum components and 140 LED lighting spots that will emit 106,400 lumens of white light when switched on during the Nov. 28 tree-lighting ceremony and will remain on display through January 7, 2019.

Image via Swarovski

The new star took two years to create–and the creator himself didn’t see the finished product until just days before the unveiling on November 14. Libeskind, who is the first architect to collaborate on a Swarovski star, was inspired by, among other things, Leonardo da Vinci’s studies of geometric forms. The tree-lighting will be broadcast live on NBC on November 28.