Amazon Is Rethinking Its Move To L.I.C.

After facing months of intense backlash from residents and local officials, Amazon is rethinking its plan to open a massive complex in the Queens neighborhood of Long Island City, the Washington Post reported on Friday. Sources told the newspaper, which is owned by Amazon CEO Jeff Bezos, that executives at the tech company have had discussions to reassess the plan to open its “HQ2” in New York City. “The question is whether it’s worth it if the politicians in New York don’t want the project, especially with how people in Virginia and Nashville have been so welcoming,” a source told the Post.

Amazon announced last November its plan to split its headquarters between Long Island City and Arlington, Virginia, with each site expected to house 25,000 employees. Plans released by Amazon and city and state officials included the construction of a mixed-use complex along the East River, across an area known as Anable Basin.

The opposition to Amazon’s move from local politicians and advocacy groups came swiftly after learning that the city and state offered the company–the most valuable in the world–nearly $3 billion in grants and incentives.

On top of that, Gov. Andrew Cuomo said the state would create a general project plan to rezone the site, a process that does not require approval from the City Council. Members criticized Mayor Bill de Blasio and Cuomo for meeting with Amazon and reaching a deal behind closed doors.

In response, the Council has held a series of hearings to grill both Amazon officials and those from the city’s Economic Development Corporation. The most recent hearing revealed that Amazon would oppose efforts by its NYC workforce to unionize.

Council Member Jimmy Van Bramer, a representative of LIC and vocal opponent of the plan, called Amazon “dramatically anti-union” following the hearing in a WNYC interview. “That’s not a New York value,” he added. “We can’t crave.”

And another roadblock Amazon faces? Sen. Michael Gianaris, the Queens representative who was recently nominated by the State Senate to serve on the Public Authorities Control Board, the entity which must approve the Amazon plan. Gianaris has called for the deal with Amazon to be scrapped entirely. “Amazon may be rich, but Jeff Bezos can’t buy his way to victory on this one. Sorry, Jeff, you can’t have our $3 billion,” he wrote in a tweet last month.

While no officials plan to ditch Queens and find an alternative city is underway, Amazon has not officially leased or purchased any space in Long Island City for the project, which would make it easier to withdraw from the plan. The company had plans to temporarily lease over one million square feet of office space at One Court Square in LIC this year.

During the most recent hearing, Amazon rebutted concerns from officials by discussing its proposal to fund computer science classes at 130 high schools in the city as well as hire 30 New Yorkers living at NYCHA developments for customer service positions. Queensbridge Houses, the largest public housing development in the country sits next to the proposed Amazon site and is home to about 6,000 residents.

“We were invited to come to New York, and we want to invest in a community that wants us,” Brian Huseman, the vice president for public policy at Amazon, said during the Council hearing last month.

He also added, as reported by the New York Times, that the company wanted to “be part of the growth of a community where our employees and our company are welcome.”

[Via Washington Post]

Expect Delays On The 4, 5, D, N, and Q Lines This Weekend

It’s going to be the second weekend without L service between Brooklyn and Manhattan, there will be a slew of skipped stops across many of the lines, and longer than usual wait times on the 4, 5, D, N, and Q trains. Riders of the 2, 3, 6, and G are in luck this weekend with no planned interruptions on the slate for you (though there’s always a risk for unplanned hiccups). Read on for the full details and keep frustration at bay this weekend.

1 trains skip 168 Street in both directions.

4 trains run local in both directions between Grand Central-42 Street and Brooklyn Bridge in Manhattan. Manhattan-bound 4 trains skip 161 Street, 167 Street, 170 Street, Mt Eden Avenue, and 176 Street. 4 trains will only be running every 16 minutes.

5 trains run local in both directions between Grand Central-42 Street and Brooklyn Bridge in Manhattan. Expect long wait times—5 trains are only running every 20 minutes.

Hunters Point Avenue and Vernon Blvd-Jackson Avenue 7 trains board at the Flushing-bound platform.

Downtown A trains will make stops at 163 Street, 155 Street, and 135 Street in Manhattan.

C trains run express in both directions between 145 Street and Canal Street. C trains won’t be running between 145 Street and 168 Street in Manhattan, but the A will make those local stops.

Jamaica Center-bound E trains run express from 71 Avenue to Queens Plaza and skip Briarwood and 75 Avenue in Queens.

There will be no L service between Broadway Junction in Brooklyn and 8 Avenue in Manhattan, take the M14 or a free shuttle bus.

There will be no B service this weekend.

There won’t be D service between 59 Street-Columbus Circle in Manhattan and Stillwell Avenue in Brooklyn; take the F, Q, or a free shuttle bus instead. The 62 Street/New Utrecht Avenue Station D, N transfer passageway is closed due to elevator repairs. Uptown D trains stop at 135 Street in Manhattan. D trains will run every 12 minutes.

Jamaica-bound F trains skip Sutphin Blvd, Briarwood and 75 Avenue in Queens.

M service is extended to the 96 Street Q Station in Manhattan.

Coney Island-bound N platforms at Fort Hamilton Pkwy, New Utrecht Avenue, 18 Avenue, and 20 Avenue are temporarily closed. N trains run every 12 minutes.

Uptown Q trains will make local stops at Prince Street, 8 Street, 23 Street, and 28 Street in Manhattan. There won’t be any Q service between Kings Highway and Atlantic Avenue-Barclays Center, hop on a free shuttle bus. Q trains run every 12 minutes

Forest Hills-bound R trains run express from Queens Plaza to 71 Avenue in Queens.

There won’t be any J service between Crescent Street in Brooklyn and Jamaica Center in Queens, take the E or hop on a free shuttle bus.

Per the whims of the MTA, there will probably be other problems, and the problems stated above are subject to change and worsen.

Eleanor Roosevelt’s UES Townhouse Is On The Market For $13.5M

Here’s a chance to own the former home of one of the nation’s favorite First Ladies, Eleanor Roosevelt. She lived at 211 East 62nd Street in Lenox Hill from 1953 to 1958, following her husband’s death. In the opulent spaces, she entertained the likes of Indira Gandhi, Adlai Stevenson, and John Kennedy, pursued her social justice and political causes, and penned her popular column for “My Day.” Investor Charles Ueng purchased it for $9 million in 2011 and spent $2 million on renovations before putting it on the market for $18 million in 2015. It’s been on and off the market since then and was just relisted with a lower asking price of $13,500,000.

The five-story townhouse was built in 1873 by M.C. Merritt for Thomas Kilpatrick as a brownstone row house and was later renovated with a red brick facade and the addition of two entrances—residential and service—flanked by classical stone columns. It was designated as part of the Treadwell Farm Historic District in 1967.

The home was recently restored by interior designer Maria Masi. Spanning 5,225 square feet of interior space, the home is divided into distinct private, guest, and staff areas full of details like decorative medallions and moldings, wood-paneled walls, and arched doorways. There are four bedrooms, each with an en-suite bathroom, and six wood-burning fireplaces with antique mantels. In addition to multiple staircases, a six-stop elevator connects all the levels of the home and provides convenience.

The first two levels are dedicated to entertainment space, beginning with a reception gallery featuring Iksel wallpaper, a restored Victorian ceiling, marble floors, a central fireplace, custom millwork and stained glass arched French doors opening onto a lush garden with a stone fountain.

A spiral mahogany staircase connects the first floor to the parlor level, where you’ll find a formal dining room, a study, and a top-of-the-line eat-in kitchen. A second living room features an outdoor terrace with a wrought iron balcony overlooking the rear garden.

There are two full-floor master suites on the third and fourth floors, both of which boast luxurious bathrooms, wet bars, and fireplaces.

A separate staircase provides access to the fourth and fifth floors, and the additional privacy makes them great options for guests. Here you’ll find two additional bedrooms with Parquet de Versailles floors and more custom mahogany millwork. The fourth bedroom, currently used as a reading room, has a marble fireplace and it’s own double sink bathroom.

A pristine basement with separate bath and laundry area could be used as a gym, media room, or playroom. In addition to the garden, there’s also a rooftop deck—which comes with a dog run!—bringing the total amount of outdoor space to a generous 1,770 square feet.

This would be a magnificent family home, but the listing also suggests it could become the headquarters of a nonprofit organization. The flexible layout “offers the opportunity to share the Roosevelt legacy of lifelong service, promoting human rights for all, at a time when her values resonate profoundly.”

[Listing: 211 East 62nd Street by Barbara Evans-Butler and Cian Connor of Stribling]

Lucy Liu’s $5.9M Pair Of Flatiron Condos Have Sold

TV Star Lucy Liu of CBS’ “Elementary” has just put a pair of condominiums that span the third and fourth floors of a Flatiron District apartment building at 29 West 19th Street into contract, Variety reports. The homes have a combined total of more than 3,500 square feet of living space, and though they haven’t been combined, we wouldn’t be surprised if a new buyer merged the two modern-on-the-inside pads for an impressive duplex in an historic Manhattan brownstone with only five floors total. Both units have private elevator access, so getting between the two–priced together at $5.9 million or $3 million for each unit separately–is already a luxury endeavor. What’s more, the building’s penthouse is also for sale, which would top a trophy triplex off nicely.

The lower unit is a three-bedroom 1,816-square-foot full-floor loft with a gas fireplace, the aforementioned private keyed elevator access, 10-foot ceilings and large windows with built-in shutters.

A large, open chef’s kitchen is the picture of contemporary chic with high-end appliances and wood cabinetry. On hand are both open shelving and more traditional cabinets for plenty of storage.

The home’s master suite is paired with an oversized dressing room of nearly the same size that could easily be another bedroom. The home’s third bedroom is located in a separate wing of the apartment for privacy. Both apartments have all the trimmings of Manhattan apartment living including central AC and an in-unit washer/dryer.

The second unit, one floor above, is a mirror image as the lower unit with 10-foot ceilings, a large, open kitchen (this one with an island), modern finishes and plenty of storage.

Liu, a Queens native, bought one of the condos in early 2005 and the second a year later at $4 million for the pair. The TV star has been active in the real estate world lately, adding a two-bedroom condo in another historic Flatiron building to her portfolio recently, and divesting of a four-bedroom Craftsman estate in Los Angeles that sold for $3.06 million.

[Via Variety]

[Listing: 29 West 19th Street, 3rd Flr. and 4th Flr.  by Emily Beare and Jessica Chestler for Core]

[3rd Flr, 4th Flr at CityRealty]

De Blasio Approves $7M Study For Proposed BQX Streetcar

The plan to build a streetcar between Brooklyn and Queens got a much-needed push forward on Wednesday. The city’s Economic Development Corporation awarded consulting firm VHB $7.25 million to complete an Environmental Impact Study (EIS) for the proposed Brooklyn Queens Connector (BQX). First announced by Mayor Bill de Blasio in 2016, the streetcar plan has faced many roadblocks, delays, and doubts from public officials. But last year, the mayor announced a revised proposal, which includes a higher price tag, fewer miles on the route, and a delayed start date.

VHB, a land-use and transportation planning firm, will assess the environmental impacts of the BQX followed by the city’s Uniform Land Use Review Procedure (ULURP), as the Wall Street Journal first reported. The Friends of the BQX released a statement praising the EDC for awarding the contract to VHB. “Today’s news makes it clear: the BQX is moving forward,” Jessica Schumer, the director of the group, said in a statement.

“As the city grapples with a transit crisis, now is the moment for it to take control of its mass transit destiny and expand access wherever it can,” she said. “The BQX is an essential first step and will provide a model for future City-run light rail lines in transit deserts across the city.”

Last August, de Blasio revealed an updated BQX plan following the completion of a two-year feasibility study. In the new proposal, the streetcar’s price tag jumped from $2.5 billion to $2.7 billion, the number of miles on the route decreased from 16 to 11 miles, and now the city is planning for a 2029 start, instead of the original projection of 2024.

The light-rail would run along the East River, with stops at the Brooklyn Navy Yard, Williamsburg, and Long Island City, estimated to serve 50,000 riders a day its first year. Following the feasibility study, the city scrapped the five stations planned for Sunset Park after deciding not enough people would take it in that neighborhood.

De Blasio also originally said the BQX would pay for itself through value capture, a process that would gather tax revenue through increased real estate values stemming from the new streetcar. Now the city admits $1 billion from the federal government is required to cover the funding gap.

The most recent advancement for the project comes just a few months after Amazon announced its plan to open HQ2 in Long Island City. After the online retailer’s announcement last November, Friends of the BQX released the following statement: “Amazon’s move to LIC would clearly be a boon to the city’s economy–but the campus would only reach its full potential with the BQX.”

Deputy Mayor Alicia Glen told the WSJ in an interview: “For some reason, everybody thinks we are not serious but we have always been serious. The mayor wouldn’t have re-endorsed and announced we were moving forward if we weren’t moving forward.”

Taxis & Ubers Just Got More Expensive In Manhattan.

Congestion surcharges on taxis and other for-hire vehicles in Manhattan will begin soon after a judge lifted a temporary restriction of the fees on Thursday, the New York Timesreports. The new fees were supposed to start on January 1st but a coalition of taxi drivers filed a last-minute lawsuit against the “suicide surcharge,” fearing that the new policy will drive away customers and deal another significant blow to the ailing industry. The proposed fee of $2.50 for yellow taxis and $2.75 for other for-hire vehicles will bring the minimum taxi fare up to $5.80 while the minimum cost for an Uber, which already has an $8 base fare in Manhattan, will see an increase to $10.75.

The fees were approved by the state legislature last year and are the first step in passing a congestion pricing plan for Manhattan that will help reduce gridlock. Money raised from the additional fees—projected at $1 million a day— will go to the MTA for subway repairs. Thursday’s decision is “a positive step in our efforts to find a dedicated revenue stream for our subways and buses, as well as easing congestion in Manhattan’s central business district,” said Patrick Muncie, a representative of Governor Andrew Cuomo’s office.

In their lawsuit, the taxi coalition argued that the fees will “drive the final nail in the proverbial coffin by making medallion taxicab rides so financially unattractive to consumers that the industry is sure to collapse in its entirety.” As 6sqft previously reported, the growing concern comes after eight TLC-licensed drivers committed suicide last year, a trend that is attributed to the financial hardships cab drivers face as the price of taxi medallions (which used to be worth more than $1 million) continues to decline and competition from app-based services increases. Meera Joshi, the outgoing commissioner of the New York City Taxi and Limousine Commission, echoed these concerns and said the latest fees would be “potentially devastating.”

Despite ruling that the new ride fees could proceed, Judge Lynn R. Kotler of State Supreme Court also dismissed the state’s request to throw out the case entirely, so the taxi coalition’s lawsuit will continue.

“We’re calling on the governor not to move forward with fees that will force drivers to choose between food and medicine,” New York Taxi Worker Alliance Executive Director Bhairavi Desai wrote in a statement. “That is how dire the poverty is now among this workforce that has lost eight of our brothers to suicide in less than a year.”

Governor Andrew Cuomo said the city will be “moving forward vigorously with a full congestion pricing plan” that will also include charges on private cars. A start date for the ride fees has not been announced yet.

15 Contracts Signed Last Week At $4M+

LUXURY MARKET REPORT 2019

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

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January 28-February 3, 2019

15 Contracts Signed

Fifteen contracts were signed last week at $4 million and above, which is the lowest total as we swing into February since 2010, when 15 contracts were also signed. Things could always be worse: In the same week in 2009, with the country in the grip of the Great Recession, only 1 contract was signed.

The No.1 contract was a townhouse at 3 East 89th Street, asking $27 million, reduced from $29.5 million when it went on the market in March 2017. This 40-foot-wide, 6-story limestone building has 13,956 square feet, and is being sold by the National Academy Museum. The house has 7 bedrooms and 7 bathrooms with many original details, like a sweeping marble staircase with wrought-iron railings and French doors. It is in need of a complete renovation that could span years and cost millions.

The No. 2 contract was a townhouse at 49 East 68th Street, asking $23 million, Listed last April, this red brick and limestone 6-story house is 25-feet wide and has 10,250 square feet. It was purchased for $20.4 million in November 2017. The interior was then gutted, and is now being delivered as a raw box with a set of approved plans by the NYC Department of Buildings. At one time, it was the home of Mitch Leigh, the Tony Award-winning composer of Man of La Mancha.

The Monthly Update - February 2019

It's All Mental: Real Estate’s Cognitive Recession

It’s undoubtedly been a busy end of 2018/beginning of 2019 in the New York City real estate market. In fact, we’ve seen tons of negative press over the holidays give way to floodgates of buyers coming through the doors of open houses. A consistent reduction in asking prices over the last few quarters and the FED who just did a complete about-face and said the they would not increase interests rate for the foreseeable future added fuel to the fire, and buyers are coming in the doors of listings throughout the five boroughs.

However, we are seeing stagnation in buyers making actual offers, which leads me to believe that it’s all mental. For whatever reason, buyers are still nervous to move forward. Is it concerns over geopolitical circumstances here and abroad? Is it fear of another global recession? Whatever the cause, buyers are being extremely conservative, overall.

Even if prices are 15  to 20 percent less than they were one or two years ago, buyers are still balking. We are seeing high attendance at open houses, but fewer offers. And, if this overall trend of buyer hesitation continues, so too will the strong buyer’s market. It takes two to tango, so to speak. So, buyers, let me tell you honestly — it’s time to make a move! If you’re looking to time the bottom of the market, you’ll either miss it or you’ll get stuck in a wave of rising interest rates.

Meanwhile, my advice to sellers who are thinking about coming into the marketplace has been the same for months now — pricing is paramount. If we are seeing 10, 15 or 20 buyers at an open house, and you have a competitive price, that means you’ll have a multiple bid situation, for sure. In a buyer’s market, buyers control the outcome. And if it’s competitive, it will be the buyers who push the envelope of market value.

This market can be beneficial for both buyer and seller, believe it or not, but if it continues in standstill mode with buyers slow on making offers — especially with all economic indicators suggesting it’s a good time to purchase — then this is definitely a mental breakdown and a cognitive real estate recession.

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The History Of February:

The most important fact lies in its name itself. Februa was a purification ritual and was considered as early Rome Spring Cleaning Festival. In this Festival people were ritually washed. Februs, the Roman god was named after this festival.

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Local Events 

Black History Month Series

Sheen Center

February 4-22, 2019

Celebrate Black History Month at Sheen Center by attending thought-provoking film events along with discussion panels in remembrance of the sacrifices and contributions of African-Americans throughout history. For tickets, [click here].

New York Fashion Week

February 8 - 16, 2019

Fashion Week returns this month, filled with luxury designers, style influencers, and shutterbugs lined up for the most extravagant shows of the season. While not all events are open to the public, check out the schedule and buy tickets to the available festivities [here]. 

Westminster Dog Show

February 11 & 12, 2019 

The Westminster Dog show is back and the title for Best in Breed is up for grabs! Bring friends and family to watch dogs of all kinds get primped and pretty to compete throughout several categories. [Click here] to purchase tickets. 

NYC Broadway Week

January 21 - February 10, 2019

There's no place like Broadway! Until February 10th, Broadway week is celebrating show business by offering guests two tickets for the price of one. For more information on what shows are available and to purchase tickets, [click here].

Amateur Night at the Apollo Theater

February 20, 2019

The world-famous Amateur Night at the Apollo returns for its opening night of the season with a new lineup of fresh talent, from dancers and singers to comedians and spoken-word artists. Buy tickets to the iconic event [here]. 

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Tips, Tricks & Real Estate News

How to Reimagine Your Home to Look More Expensive

Confined by the cold? Leverage the extra time indoors by reimagining your space. In [this article], Decor Aid highlights 9 impactful yet inexpensive steps to elevate the interior design of your home.

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23 Warm-Weather Vacation Ideas for Winter

If you'd rather fly south this season, pack your bags and prepare for adventure. Elle Decor has rounded up the trendiest, warmest destinations for winter getaways. [Click here] for vacation inspiration. 

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8 Botanical Valentine’s Day Gifts That Aren’t Bouquets

Looking for a new way to let your loved ones know you care on Valentine's Day? According to [this article] by Vogue, botanically-inspired gifts are the perfect 'something special,' and offer a more chic, eco-friendly alternative to traditional chocolates and teddy bears.  

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How To Marie Kondo Your Home in 2019

  If you haven't heard, Marie Kondo is taking the world by a storm with her joyful approach to a simpler, tidier life. With her new hit Netflix series, Tidying Up With Marie Kondo, Marie helps individuals sort through their clutter and, simultaneously, their troubles. Find out how you can streamline your surroundings and Marie Kondo your home in [this article] by Elle Decor. 

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Amazon Will Fund Computer Science Classes At 130 NYC Schools

As part of ongoing campaigns and efforts to ease fears about the tech giant’s controversial arrival to New York City, Amazon announced yesterday that it will start offering computer science courses at 130 high schools throughout the boroughs. With funding from Amazon’s Future Engineer program, the company will start providing introductory and Advanced Placement Computer Science courses through the New York-based curriculum provider, Edhesive, as early as this fall. The plan covers 37 schools in Queens (the most of any borough), 27 high schools in Manhattan and the Bronx, 35 in Brooklyn, and 6 in Staten Island.

“We want to help make sure more children across New York City gain the coding skills necessary to have successful careers in many fields,” said Jeff Wilke, CEO Worldwide Consumer, Amazon in a press statement. “We will continue to invest in bringing these classes to more schools in New York City and across the U.S.”

The Bureau of Labor Statistics projects that by 2020 there will be 1.4 million computer-science-related jobs available and only 400,000 computer science graduates with the skills to apply for those jobs. Computer science is the fastest growing profession within the STEM fields, but only 8% of STEM graduates earn a computer science degree. Studies have shown that students from underprivileged backgrounds are 8 to 10 times more likely to pursue college degrees in computer science if they have taken AP computer science in high school.

“Our young women will expand on their computer science knowledge and the skills that are so important and valuable in today’s economy,” said George Diaz, Assistant Principal at The Young Women’s Leadership School of Queens in a statement. “Amazon is helping fill a major gap in our curriculum that will help young people acquire the skills to build rewarding careers while boosting prospects for our local community overall.”

The announcement comes in the midst of Amazon’s campaign to get New Yorkers to support the upcoming 4 million square foot campus at Anable Basin in Long Island City. As the New York Times reported, officials have been meeting with community leaders in Queens and beyond over the past several weeks to “reset its image” and address skepticism over many facets of the project, including the project’s impact on the city’s already crippled infrastructure and housing.

Many have expressed concern that the bulk of the 25,000 jobs at the future Long Island City campus should go to locals, and especially those coming from underrepresented backgrounds. This new education initiative seems to be a step in the right direction. However, as the Verge pointed out, many of the schools on the list are already well-funded, “many already require students to have a high grade point average on their middle school report cards, exist in relatively wealthy neighborhoods, and have limited admission. A lot of the schools have “science” in their names and already offer advanced science courses.”

To see a full list of the participating schools, click here.

11 Contracts Signed Last Week At $4M+

LUXURY MARKET REPORT 2019

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

January 21-27, 2019

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11 Contracts Signed

Eleven contracts were signed last week at $4 million and above, a total that indicates we will likely end up with the worst January since 2012. Year-to-date, the Manhattan luxury market is down 16 % in contracts signed over the same brief period last year.

Stat Geek alert #1: Last week’s volume of $60,645,000 is the lowest total since the first week in 2014, when $59,245,000 was recorded. Ironically, 2014 ended up to be a peak year in sales.

Stat Geek alert #2: Last week, not a single signed contract exceeded $10 million. That happened only once last year---in the middle of November.

The No.1 contract was the 11th floor at 62 Cooper Square, asking $9.5 million. This 6,700-square-foot condo has 3 bedrooms, and 3 bathrooms. It features an 80-foot living room, ceilings over 10 feet, and 40 windows with North, South, West, and East exposures. The unit is in the Carl Fischer Building, a prewar structure converted into a 26-unit condo in 2001. Amenities include a doorman and fitness room.

The No. 2 contract was 5B at 275 West 10th Street, asking $7.45 million, reduced from $8.45 million when the building, known as the Shephard, opened sales in September 2015. This corner unit has 2,885 square feet with 3 bedrooms and 3.5 bathrooms. Amenities include a doorman, fitness room, children’s playroom, basketball court, golf simulator, and an art room, plus a landscaped garden.

View fullsize

$238 Million Sale Of 220 Central Park South’s Penthouse Shatters National Record

A record-shattering $238 million purchase of a Manhattan penthouse at 220 Central Park Southcame at the hands of billionaire and Citadel hedge fund founder Ken Griffin. The sale of the 24,000 square foot apartment makes it the highest-priced home ever sold in the United States. The four-story residence is part of a 66-floor near-supertall development by Vornado Realty Trust, and has 16 bedrooms, 17 bathrooms, five balconies, and a terrace facing Central Park.

The Wall Street Journal’s Kathy Clarke broke the story. 220 Central Park South, still under construction, sits directly at the bottom of Central Park, with extensive views of the Park and all of its surrounds. Designed by Robert A.M. Stern Architects with interiors by Thierry W. Despont, the classic emulation of pre-war architecture is wrapped in a limestone facade.

There are 118 residential units throughout two components, an 18-story building dubbed “The Villa,” and the 79-story “Tower”, both connected via an off-street motor court. Lifestyle amenities include private dining rooms, entertaining spaces, and an athletic club with spa.

Recently, Griffin also set a new expensive home record in Chicago after the purchase of several floors in a condominium for $58.75 million. In 2015, he acquired a penthouse in Miami Beach’s Faena House for $60 million, setting the record for a Miami condo. According to the Wall Street Journal, a spokeswoman for Griffin confirmed the purchase, saying he was looking for a place to stay in town as his company Citadel is opening a new office at 425 Park Avenue.

201 East 21st Street, Unit 7R

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201 East 21st Street, Unit 7R

GRAMERCY PARK, MANHATTAN

2 Bed  |  1 Bath | Co-op

Offered At $1,049,000

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Welcome to effortless, gorgeous living in this beautifully gut-renovated two-bedroom, one-bathroom home in Gramercy's well known Quaker Ridge co-op.

Filled with smart built-ins, great lighting and fine finishes, no detail has been overlooked in creating a sunny Junior 4 home that embraces comfort and convenience. Stunning wide-plank oak floors invite you into a welcoming foyer flanked by oversized custom closets — there are four total throughout the home — while an expanse of south-facing windows beckon you ahead. The roomy and open living room accommodates chic entertaining and relaxation with plenty of room for sitting and dining areas, a built-in bar with wine fridge, and custom cabinets for storage and A/V equipment. The adjacent open kitchen welcomes chefs with long and spacious counters and a breakfast bar, handsome cherry cabinetry and an army of stainless steel appliances, include a gas range, dishwasher and built-in microwave.

Already converted to a split-two-bedroom layout, the large master bedroom includes more built-ins, two custom closets, city quiet windows and easy access to the beautifully renovated contemporary bathroom featuring floor-to-ceiling stone, a frameless glass tub/shower and modern vanity. Across the living room, the second bedroom includes a built-in desk, making it ideal as a guest room, nursery or home office. 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, private storage, 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.

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.

12 Contracts Signed Last Week At $4M+

LUXURY MARKET REPORT 2019

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

January 14-20, 2019

12 Contracts Signed

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Twelve contracts were signed last week at $4 million and above, a depressing total even for this time of year. How depressing? It’s the lowest total for the 3rd week in January since 2012, when 7 contracts were signed.

The No. 1 contract was PH54 at 56 Leonard Street, asking $22 million, reduced from $30 million when it went on the market in June 2017. The unit is selling below what the owner paid ($23, 982,851) in January 2017. It has 5,492 square feet including 4 bedrooms, 4.5 bathrooms, and outdoor space with 2 terraces and 2 balconies that total 1,567 square feet. The apartment has 14-foot-high ceilings and 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.

The No.2 contract was a townhouse at 109 West 11th Street, asking $11.65 million. This 4-story Greek Revival-style red brick house has 4,100 square feet including 5 bedrooms, 2 bathrooms, and 2 powder rooms, plus a landscaped garden. It was purchased for $3 million in 2002 and then gut renovated. It was listed last April.

Bruce Willis Asks $12.95 Million For 22-Acre Westchester Estate

Actor Bruce Willis and his wife Emma are listing their 22-acre country estate near Bedford Corners, N.Y., for $12.95 million as the couple plans a move to the West Coast.

"The only reasons we are giving it up is because we are so far from our California family, which is why we have decided to return to the West Coast and make our home there," Mr. Willis, 63, said in a statement. "Our youngest daughter Mabel said last week that she wishes we could put lots of balloons on our house, like they did in the movie ‘Up’, and send it to the West Coast. I agree, that would be perfect."

The Willises paid $12 million for the property in 2014, and have been splitting their time between it and their apartment in Manhattan, which is about an hour’s drive away, according to Ann Cutbill Lenane of Douglas Elliman, one of their listing agents.

Bruce Willis and his wife Emma are listing their country estate near Bedford Corners, N.Y., for $12.95 million.Getty Images for Buena Vista Int

The roughly 9,000-square-foot, Craftsman-style main home has a large living room with views of the surrounding countryside and the nearby Croton Reservoir. There is a playroom, a media room with a video system and a wine cellar. Perched on top of the house is a small octagonal room with views of the area. There are five bedrooms in total.

Three other cottages on the property, accessed via a separate driveway, are used to host guests, house staff or serve as office space. Together, the three homes include an additional seven bedrooms. Mr. Willis said the extra space allows them to "offer out-of-town friends and family the option to spend loads of time with us without feeling they are under-foot."

‘The only reasons we are giving it up is because we are so far from our California family, which is why we have decided to return to the West Coast and make our home there,’ Mr. Willis said in a statementRob Lowell Photography

The Willises also have their own vegetable garden, and have lived a sort-of farm-to-table lifestyle by growing some of their own produce. "I’ll never forget the girls proudly bringing in their first harvest of organic vegetables from our beautiful enclosed garden," Mr. Willis said.

The roughly 9,000-square-foot, Craftsman-style main home has a large living room with views of the surrounding countryside and the nearby Croton Reservoir.Rob Lowell Photography

The family will keep their apartment in the city, Ms. Lenane said. In early 2018, the Willises bought a four-bedroom, roughly 3,000-square-foot apartment on the Upper West Side in a condominium project called One West End, The Wall Street Journal reported. It had been on the market for almost $8 million.

Mr. Willis has appeared in movies such as "Die Hard" and "The Sixth Sense." His current projects include the M. Night Shyamalan film "Glass," in which he stars alongside Samuel L. Jackson and James McAvoy.

Cuomo Pledges $23M For Hudson River Park Project

Gov. Andrew Cuomo’s State of the State speech Tuesday included a $23 million pledge to go toward the completion of Hudson River Park. That nearly-hidden line item in the state budget represents the governor’s mediation efforts in a billionaire-vs.-billionaire feud involving Barry Diller’s 2.7-acre park at Pier 55 on the water near West 14th street (often referred to as Diller Park), Crains reports.

Following the announcement of Diller’s intent to build the park, developer Douglas Durst became a secret force behind a small but powerful opposition group. Durst’s motivation was allegedly the desire to get the larger Hudson River Park project completed. The opposition nearly derailed the project when Diller, tired of lawsuits and fights, threw in the towel in 2017.

Later the same year Cuomo announced a deal that included Durst and the City Club of New York (the organization that he was backing) agreeing to the construction of Pier 55; in exchange, the governor pledged to get the unfinished portion of Hudson River Park funded. Durst was also appointed to the park trust board.

Cuomo announced Tuesday that the state would offer up half of the $46 million the trust says it needs to complete the park: “It was started by Gov. Mario Cuomo and Mayor David Dinkins. Let Gov. Andrew Cuomo and Mayor de Blasio finally finish that park.”

The city is expected to match the state’s contribution, a request that the mayor’s office said it would consider. The park has $900 million worth of capital projects planned, including privately-funded initiatives like Diller’s and a commercial pier to be developed by RXR Realty and Youngwoo & Associates.

[Via Crain’s]

In 2018, NYC Had A Record Breaking 65 Million Tourists—And Its Only Going Rise

NYC & Company, the city’s tourism and marketing agency, announced on Wednesday that the number of visitors to the city rose to a record high of 65.2 million in 2018, as the New York Times first reported. This is a notable jump up from 2017’s 61.4 million and the ninth straight annual increase. Most visitors still come from within the United States, but the number of tourists from China saw an uptick from 1.04 million in 2017 to 1.1 million. The agency was expecting an overall drop in tourism numbers, and particularly from China, due to President Donald Trump’s trade battle with the country and “America First” rhetoric, but the industry continues to thrive in the president’s hometown.

China was the second-leading source of foreign tourists to the city, just ahead of Canada (1 million), and behind Britain (1.24 million), according to the agency’s data. “We embrace diversity and are welcoming to all,” Mayor Bill de Blasio said in a statement. “And the more than 65 million visitors to our city were able to experience that firsthand.”

Fred Dixon, the chief executive of NYC & Company, is expecting another increase in 2019 to at least 67 million visitors. Dixon cited the 50th anniversary of the Stonewall uprising and the WorldPride celebration taking place in June as major events that will draw large crowds.

In addition, Dixon noted the city is entering a new marketing partnership with Mastercard, which will replace American Express as NYC & Company’s preferred method of payment. As the agency’s biggest corporate partnership to date, Mastercard plans to promote special offers throughout the city for the company’s two billion cardholders.

Cheryl Guerin, an executive vice president of Mastercard, told the Times that possible marketing campaigns include dinners cooked by celebrity chefs in iconic NYC venues and early access to annual events in the city, including Restaurant Week and Broadway Week.

As 6sqft previously reported, international visitors play a huge role in the city’s economy, making up 20 percent of total tourists, but account for more than 50 percent of spending, each forking over $2,000 each on average. Tourists spent an estimated $44 billion in 2018.

Amidst the current hotel building boom, there are now about 119,000 available rooms in the city. In 2018, the city sold a record 37.7 million overnight stays, which generated more than $620 million in taxes for the city, according to the Times.

[Via NY Times]

The Monthly Update - January 2019

In the coming months, even more available homes for rent and for sale will be added to an inventory that's already at a record high. So, it’s no surprise that all the year-end data and numbers are pointing to more choices for buyers and renters, and frankly, more price adjustments, days on market and heartaches for sellers and landlords.

We’ll get into the year-end numbers in a second, but let’s talk about the first days of 2019, and what we’ve seen so far. All this talk of a “buyer’s market,” “lower prices,” and “record inventory” is bringing buyers out to look at inventory. A lot of buyers. It’s been busy, actually. Each of the Hoffman Team’s first few open houses of the year had nearly 20 buyers through and as many as three offers in the first day!

Of course, I think there’s going be further normalization of the market, but we also think there could be some bright spots to 2019 for sellers and landlords moving product off the shelf. Interest rates are at a six-month low, and many predict the Fed won’t raise rates much more in order to keep the overall economy more fluid. This will certainly help keep buyers active and in the market. Having a smorgasbord of choices will do that, too. There’s currently enough inventory to last six years of consumption at the current rate, and that will certainly bring buyers into the market and to the negotiating table.

But, the overall YOY numbers aren’t pretty. According to The New York Times,  Manhattan’s up 18 percent, Brooklyn’s up 21 percent, and Queens is up 35 percent in terms of overall inventory from this point last year. And, overall prices are down. According to Compass data, closing were down almost 15 percent in 2018, and the median price dipped below $1 million for the first time since 2015 according to Miller Samuel.

While, yes, these numbers are scary to some and attractive to others, many view them as healthy for the overall housing market in NYC. Overall, I expect 2019 to be a good balance between buyer and seller, renter and landlord, with both benefiting from a normalization of our dynamic, evolving market  

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History Lesson/Fun Fact:

January is named after the Roman god Janus, who was always shown as having two heads. He looked back to the last year and forward to the new one.

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Local Events 

Carmen Opera
January 9 - Feb. 8, 2019

This New Year, the infamous opera Carmen is coming to the Metropolitan Opera House. A dramatic tale about a hot-tempered woman who seduces a corporal, the opera is heralded as a classic. For ticket and showing information, click here. 

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Martin Luther King, Jr. Commemorative March

January 21, 2019 (10 a.m. to 2 p.m.)

Celebrate the life and work of MLK, Jr. by joining 8th graders from Manhattan Country School on the Martin Luther King, Jr. Commemorative March from Eleanor Roosevelt Memorial to their Upper West Side school, with stops along the way. Click here for more info. 

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NYC Restaurant Week

January 21 - Feb. 8, 2019

This month, the bi-annual Restaurant Week returns with deals on 2-course lunches and 3-course dinners at 380+ restaurants. Note that Saturdays are excluded, and Sundays are only included for certain participants. For restaurant and reservation information, click here.

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Best of Brooklyn Food & Beer Festival 

January 26, 2019

Explore new bites and beverages at the Brooklyn Food & Beer Festival, which offers unlimited Brooklyn craft beer tastings, food for sale from 20 Brooklyn Chefs, and music from curated DJs. Hosted at Industry City, you can purchase tickets here. 

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Tips, Tricks & Real Estate News

The Smartest Money Resolutions You Can Make in the New Year

Resolutions aren't just for healthy diets and gym memberships. Organizing your finances may be intimidating, but setting clearly defined goals will help ensure your financial success. Get a head start with this checklist!

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The Most Expensive New York Neighborhoods in 2018

The list of the top 50 most expensive New York City neighborhoods in 2018 has just been released. Unsurprisingly, Manhattan neighborhoods effortlessly steal the top three spots. Find the full list of neighborhoods as well as the supporting market data in this article by Curbed.

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AirBnB’s 2019 Must-Visit List: The New Hot Spots 

Looking for a new destination for your next getaway? Break the mold this season by traveling to one of the newest hotspots uncovered by AirBnB. Check out the complete list of trendy destinations here.

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13 Real Estate Pros Share Advice for Industry Newbies

Whether you're considering a career in real estate or simply starting your own business, making a name for yourself takes time and practice. In this article by Forbes, 13 real estate pros, including two of our very own Compass agents, lend their advice for building a successful empire.  

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Maggie Gyllenhaal and Peter Sarsgaard Put Park Slope Townhouse On The Market For $4.6M

Nearly thirteen years ago, Maggie Gyllenhaal and Peter Sarsgaard spent $1.91 million on a Park Slope townhouse at 36 Sterling Place. Though their two daughters grew up and went to the exclusive St. Ann’s school in the friendly neighborhood, they now attend school elsewhere, so the couple has decided to list the brownstone in favor of being “able to walk [the children] to school,” Gyllenhaal told the Wall Street Journal. In addition to convenience, however, they’ll also be looking at a nice profit, considering the home has hit the market for $4,599,000.

The couple moved to the house when Gyllenhaal was pregnant with their older daughter. “We had been living in a rented loft in Manhattan, and we were looking to make a home,” she told the Post. At the time, she told The Post of her move:

I love living in New York. But the West Village became terrible. Paparazzi waiting for me, following me. Thirty fotogs camped outside the door. It’s scary. Especially since I now have a baby. I have to hope Brooklyn will be quieter, safer. Look, I know I should just be grateful for all the good that’s happened to me. And I am. But I’m also getting scared.

After moving in, they hired favorite Brooklyn architect Elizabeth Roberts, who preserved the 3,600-square-foot home’s historic 1880s bones but added modern features such as her signature rear glass doors off the kitchen. This room was outfitted with reclaimed chestnut floors, teak counters, a six-burner gas stove, and a Heath ceramic Rais fireplace.

The adjacent 55-foot-deep, south-facing garden boasts an outdoor bathtub and shower. Sarsgaard, who according to his wife is “a knowledgeable and excellent gardener,” landscaped the yard with plantings including cherry trees and a meyer lemon tree.

There’s another Rais fireplace in the parlor-floor living room, along with a drop-down home theater projector.

The rear of the parlor floor has been outfitted as a music room for the girls.

Upstairs, there’s another wood-burning fireplace in the master bedroom, which connects to a home office.

The master bath features a wooden bathtub that the couple ordered from Scotland.

The two additional bedrooms are on the top floor, connected by a shared office.

[Listing: 36 Sterling Place by Debbie Korb of Sotheby’s International Realty]

[Via WSJ]

Illuminated Garment District Installation ‘Iceberg’ Wants You To Think About Climate Change

Earlier this week The Garment District Alliance unveiled “Iceberg,” an immersive art installation on the Broadway pedestrian plazas along Broadway from West 37th to 38th Streets. Created by ATOMIC3 & Appareil Architecture, in collaboration with Jean-Sébastien Côté and Philippe Jean, the installation allows the public to generate a light and sound show as they pass through the metal arches of the installation, which react to the pace of each participant by turning different colors. But there’s more to it than pretty lights—the installation also carries an environmental message.

The arches are divided into three tunnels representing different stages of the iceberg’s life, from its calving into Arctic waters to its final melting near the warm waters of a coast inhabited by humans. Each of the metallic arches produces a distinct sound. Arranged as a tunnel, the arches invite visitors to enter, listen to and play the giant “organ.” Human activity “warms up” the ice monuments and transforms their original nature—just like climate change.

“This is an astonishing installation that transforms Broadway into a gleaming, interactive experience for pedestrians, while reinforcing an important environmental message,” said Barbara A. Blair, president of the Garment District Alliance, in a statement. “Iceberg is a thought-provoking yet playful piece that serves as a profound reminder of the seriousness of climate change. As a neighborhood that is committed to showcasing talented artists both locally and from around the world, we are proud to welcome  to the Garment District and we encourage local New Yorkers and travelers to visit and fully immerse themselves in this experience.”

A version of “Iceberg” was first presented as part of the 3rd edition of Luminothérapie at the Place des Festivals in the Quartier des Spectacles in Montreal in 2012. “Iceberg” is free and part of the year-round public art program, Garment District on the Plazas. It will be open to the public through February 24th.

All photos courtesy of Alex Ayer/Diversity Pics

13 Contracts Signed Last Week At $4M+ (Jan. 7-13, 2019)

LUXURY MARKET REPORT 2019

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

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January 7-13, 2019

13 Contracts Signed

Thirteen contracts were signed last week at $4 million and above, one more than during the same period in 2018. Condos outsold co-ops, 7 to 3, and 3 townhouses were in the mix.

The No.1 contract was 95A at 432 Park Avenue, asking $41.25 million. The developers, Harry Macklowe and CIM, also scored the top sale on the same floor in the final week of December by closing 95B at $30,191,920, a 26% discount off the asking price. Apartment 95A is a corner unit with 3,952 square feet including 3 bedrooms, a library, and 3.5 bathrooms. It features a 29’ x 29’ living room, an eat-in kitchen, and a 30-foot master suite. The unit has spectacular Central Park, Hudson and East River views. The building is 96 stories high, a concrete-and-glass edifice designed by Rafael Vinoly that can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining room, parking, a garden, and a children’s playroom.

The No. 2 contract was 60B at 157 West 57th Street, asking $28.9 million and sold by the developer Extell. The unit reportedly went to contract in the $22-million range. The 3-bedroom, 3.5-bathroom unit has 4,193 square feet including a 43’ x 30’ living room, an over 1000-square-foot master suite, and an entrance gallery—all with Central Park views. 157 West 57th Street was designed by Pritzker Prize-winning architect Christian de Portzamparc, with interiors by Thomas Juul-Hansen. The 90-story, 90-unit condo was built above the 5-star Park Hyatt Hotel, and has a separate entrance for its 210 rooms. Amenities include the use of the hotel’s fitness center and pool, and the condo has its own a private dining room, a library lounge, performance space, and a garage.