400 East 77th Street, Unit 15K

400 East 77th Street, Unit 15K

UPPER EAST SIDE, MANHATTAN

3 Bed  |  2 Bath  |  Co-op | Doorman

Offered At $1,250,000

With a spacious light and bright layout and gorgeous updates, this three-bedroom, two-bathroom co-op is the perfect high-floor haven in coveted Lenox Hill.


Spanning approximately 1,300 square feet with wide windows facing north and west, this corner home makes glorious light and endless open-sky views your constant companion. The inviting foyer is lined with roomy closets, while ahead, the huge living room stretches more than 28 feet long, providing elegant dimensions for seating and dining areas. Stunning hardwood floors pave the space, and an abundance of tall art walls welcome your collection. The convenient walk-through kitchen is stocked with top-notch stainless steel appliances, including a fully vented Jenn-Air range with convection oven, a Bosch dishwasher and a Sub-Zero refrigerator.


Head to the large master bedroom to take in eastern views, two closets and a renovated en suite bathroom with gleaming white tile and a walk-in shower. The adjacent bedroom features three more closets, ensuring storage will never be a concern here, and the second updated bathroom is positioned in the hallway. A converted third bedroom — accessible from both the kitchen and living room — could serve equally nicely as a media room or home office. Central air ensures year-round comfort in this serene Lenox Hill home.


Emery Towers is a classic white-brick postwar co-op where residents enjoy 24-hour doorman service, live-in superintendent and porters, modern laundry facilities with Wi-Fi, residents' storage and an on-site parking garage. Generous board policies permit pets and pieds-à-terre.


Located at the corner of First Avenue and 77th Street in desirable Lenox Hill, the best of the Upper East Side living can be found right outside this centrally located home. Abundant dining, nightlife and shopping are found in every direction. Central Park, John Jay Park and the East River Esplanade provide fantastic outdoor space, while the shops of Madison Avenue and the revered institutions of Fifth Avenue's Museum Mile await just a few blocks away. The Q and 6 trains and ample bus service provide effortless access to the rest of the city.

The NYPL Is Rolling Out The Bookmobile This Summer

It’s National Library Week, and the New York Public Library has taken the opportunity to announce that it will be expanding its presence in New York City’s neighborhoods this summer in the form of three new bookmobiles. The mobile libraries are headed to communities in the Bronx, Manhattan and Staten Island.

The three new bookmobiles–the first of which will undergo testing this month and begin service in the Bronx by June–are expected to hit the streets by fall. The rolling libraries inhabit 20-foot-long Mercedes-Benz Sprinter vans sporting bright red paint and the iconic New York Public Library lion logo. Inside, 1,000 books that have been requested for checkout or are available for curbside browsing await. Two library staff members will be accompanying each bookmobile to aid with return or renewal and to help New Yorkers sign up for library cards and receive reference and reader services.

The bookmobile program was designed to supplement service when branches are temporarily closed for much-needed renovations and improvements–such as in the Bronx community impacted by the one-year closure of the Grand Concourse Library. Beyond supplemental service, the mobile libraries will also visit local schools, senior centers and high-traffic areas to engage the community and expand library service beyond the walls of local branches. The schedule and location of the bookmobiles will be available beginning this summer on the Library’s website and via social media.

The city-funded mobile libraries may be the first of their kind to serve the public in decades, but “book vans,” “bookwagons” and “traveling libraries” were used by the library throughout its 124-year history to bring books and information directly into the city’s communities.

New York Public Library Interim Chief Branch Library Officer Caryl Matute said in a statement, “We are so excited to roll out the next generation of New York Public Library Bookmobiles, which will allow us to take our books and services on the road and directly to New Yorkers in communities across our system. One of the best parts of being a librarian is engaging with New Yorkers, and this mobile library will give us new opportunities to do just that. We know that when kids and adults see the bookmobile coming, they’ll get excited to indulge in their next read, and we can’t wait to get started.”

325 Lexington Avenue, Unit 9C

325 Lexington Avenue, Unit 9C

MURRAY HILL, MANHATTAN

Studio  |  1 Bath  |  Condo | Doorman | Roof Top | Gym

Offered At $921,000

Premium finishes and breathtaking views make this a not-to-be-missed studio haven in a full-service Murray Hill condominium building.

 

A full wall of west-facing, floor-to-ceiling windows invites glorious light and open-sky views into the luxurious 500-square-foot studio. Wide-plank floors and soaring 10-foot-tall ceilings add designer style, while the fantastic layout ensures plenty of room for relaxed living and storage space. The sleek kitchen is the picture of modern minimalism and effortless functionality thanks to its striking walnut cabinetry, snow white quartz countertops and integrated appliances by Liebherr, Bosch and Bertazzoni. The bathroom is a spa-inspired escape lined with swaths of Calacatta marble, a chic floating vanity and relaxing rain shower. A massive walk-in closet, in-unit stacked washer-dryer and central air round out this beautiful home's abundant appeal.


Built in 2014, 325 Lexington is a modern condominium tower offering fantastic amenities and services. Residents of the pet-friendly, modern building enjoy 24-hour doorman service, on-site resident manager, a state-of-the-art fitness center and a stunning roof deck surrounded by iconic Manhattan skyline and river views.

Located on the corner of 39th Street and Lex, this Murray Hill home offers fantastic proximity to nearby shopping, dining and services along with great access to Midtown, Kips Bay and NoMad. Grand Central Station and Bryant Park are each just four blocks away, and transportation is unbeatable with S, 4/5/6, 7, B/D/F/M and Metro-North trains plus the 34th Street Ferry Landing and Midtown Tunnel all nearby.

14-Screen Regal Theater Opens at Essex Crossing - LES

The Lower East Side has a new movie theater. The Regal Essex Crossing opened on Saturday at 129 Delancey Street, as part of the nine-site project being developed by the Delancey Street Associates. The new theater contains 14 screens and enough space for 1,200 seats, which all recline and feature footrests.

According to Regal, the theater is equipped with “state-of-the-art cinema technology” to create an improved moviegoing experience. “We’re really excited about this new location in Manhattan and know moviegoers will love reclining while watching the latest blockbusters,” Richard Grover, the vice president of communications at Regal, said in a press release.

The theater is within a 26-story rental tower, dubbed The Essex, which launched earlier this year. Designed by Handel Architects, the rental features 98 units, a rooftop terrace, and a sixth-floor garden with hammocks, an urban farm, and grills.

The building, which sits next to the F/M/J/Z subway lines, also is home to the relocated Essex Street Market and the first phase of the Market Line, which will hold a combined 150 vendors.

The Regal adds a big mainstream theater to the Lower East Side neighborhood, which currently has a handful of indie film-focused cinemas. The area’s beloved, 1889-built Landmark’s Sunshine Cinema on East Houston Street closed its doors last year to make way for a glassy office building.

“When we began planning Essex Crossing, a movie theatre was high on Lower East Side residents’ list of needed community resources,” Andrew Katz, a partner at Delancey Street Associates and principal at the Prusik Group, said.



155 East 76th Street, Unit 7E

155 East 76th Street, Unit 7E

UPPER EAST SIDE, MANHATTAN

2 Bed  |  2 Bath  |  Co-op | Doorman

Offered At $1,375,000

Estate Sale. Perfect opportunity to create your dream home in the prestigious Queen Anne. South facing and flooded with sunlight, this huge 2 bedroom 2 bathroom has a separate dining area and comes with storage. W/D is also allowed with board approval. Enjoy direct southern views of the steeple and cupola of the landmarked St. Jean Baptiste Church across the way. Full service building including 24 hour doorman, live-in super, landscaped roof deck with open city views, fitness center, children's play room, bike storage, central laundry and garage. Pets friendly and No flip tax. Subletting allowed on case by case basis with board approval. Special assessment of $152.63 in place until Dec 2021. One block from 6 train on Lexington Ave and a stones throw from either Central Park or East Rive esplanade.

Service Changes No All Subway Lines Except The 6 & L This Weekend

It wouldn’t be the weekend without a more-than-fair share of MTA service changes, and that time of the week is upon us once again. Per usual, a number of trains will be skipping stops, running via wonky routes and with delays. See the full damage below.

1 trains skip 168 Street in both directions.

2 trains will run local in both directions between 96 Street and 14 Street in Manhattan. The Flatbush Avenue-bound 2 and 5 platform at Winthrop Street will be closed through July 2019. 2 trains will run every 12 minutes this weekend.

3 trains run local in both directions between 96 Street and 14 Street in Manhattan. There won’t be any 3 service between 148 Street and Times Square-42 Street, you’ll have to take a 2 or a free shuttle bus.

Woodlawn-bound 4 trains skip 183 Street, Fordham Road, Kingsbridge Road and Bedford Park Blvd in the Bronx. 4 trains run every 16 minutes between Burnside Avenue and Woodlawn in the Bronx. Some uptown 4 trains skip 170 Street, Mt Eden Avenue, and 176 Street.

In addition to the Eastchester-bound 5 platform at Gun Hill Road being closed (it will continue to be through September), Eastchester-bound 5 trains will also skip Morris Park, Pelham Pkwy and Baychester Avenue in the Bronx.

Uptown A and C trains skip Spring Street, 23 Street and 50 Street in Manhattan.

E trains run via the F in both directions between 21 Street-Queensbridge and 2 Avenue, which will be the last stop. E trains run will run local in both directions between 71 Avenue and the 21 Street-Queensbridge F station in Queens.

D trains will run via the N in both directions between 36 Street and Stillwell Avenue. Coney Island-bound D trains skip Union Street, 4 Avenue-9 Street, Prospect Avenue and 25 Street in Brooklyn. The 62 Street/New Utrecht Avenue Station D, N transfer passageway continues to be closed due to elevator repairs. D trains will run every 12 minutes.

F trains run local in both directions between 21 Street-Queensbridge and 71 Avenue in Queens. Downtown F trains skip 23 Street and 14 Street in Manhattan.

The M isn’t running between Myrtle Avenue in Brooklyn and Essex Street in Manhattan, take the J or hop on a free shuttle bus.

There will be no N service between Ditmars Blvd and Queensboro Plaza, but you can take a free shuttle bus instead. The Coney Island-bound N platforms at Fort Hamilton Pkwy, New Utrecht Avenue, 18 Avenue, and 20 Avenue are temporarily closed. Coney Island-bound Ntrains will skip Union Street, 4 Avenue-9 Street, Prospect Avenue and 25 Street in Brooklyn. Downtown N trains skip 49 Street in Manhattan. N trains will run every 12 minutes.

Downtown Q and R trains skip 49 Street in Manhattan. Q trains run approximately every 10 minutes this weekend.

Bay Ridge-bound R trains skip Union Street, 4 Avenue-9 Street, Prospect Avenue and 25 Street in Brooklyn.

J service between Hewes Street in Brooklyn and Broad Street in Manhattan will be replaced by free shuttle buses, 4, 6, E, and F trains this weekend. The 111 Street J stop is temporarily closed.

Heads up, from Monday April 8 to May 6, Court Square-bound G trains will skip Flushing Avenue in Brooklyn. There won’t be any G service between Bedford-Nostrand Avenues in Brooklyn and Court Square in Queens this weekend, hop on a shuttle bus instead.

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

Dean & Deluca Debuts A New Fast Food Concept

Dean & DeLuca has unveiled a new concept—separate from the renowned gourmet market—which seeks to slow down fast food consumption and highlight the artistry that goes into preparing food. STAGE, which opened yesterday at 29 Ninth Avenue in the Meatpacking District, was designed by the German architecture firm Büro Ole Scheeren. It transforms the typical buffet counter into a theatrical space that allows customers to interact with staff and watch their food being prepared.

The titular STAGE refers to a freestanding food counter comprised of two horizontal volumes of mirrored stainless steel. One floats above the other to carve out an illuminated center which acts as a dramatic backdrop for the food and staff—the act of preparing food becomes a theatric experience. The reflective stainless steel surfaces mirror the space around it, creating a unique dialogue with its environment and opening up a strategy for possible expansion into more locations.

“Food—its creation, presentation, and enjoyment—is one of the most important shared human experiences. However, in this instance we are working at the one end of the spectrum that is by definition the least social: fast food,” says Ole Scheeren. “I conceived STAGE as a social magnet, as a spectacular futuristic showpiece that attracts and brings people together and encourages interaction between the people making and the people consuming food. In this way, it has a fundamental social and human ambition.”

STAGE will be open all day, serving sandwiches during the daytime and switching to dinner entrees in the evening. Across from the central island is a coffee and pastry bar which will serve wine and beer at night.

Joel Dean, Giorgio DeLuca, and Jack Ceglic opened the first Dean & DeLuca store in Soho in 1977. “Their original store was a veritable ‘Wunderkammer’ full of drama and surprises,” says Scheeren. “Their passion for what they did, combined with a deeply personal view of the qualities of food, its cultural relevance, and connection to other art forms—from opera, to visual art and display—inspired a whole generation of New Yorkers.”

In recent years, its high-end vision has struggled to compete with chains like Whole Foods. DeLuca sold most of the company to Pace Development Corporation in 2014 and there are only four remaining markets in Manhattan.

NYC Becomes First City In The US To Adopt Congestion Pricing

Drivers traveling in the busiest parts of Manhattan will be charged an extra fee under a new initiative approved by state lawmakers Sunday. The first of its kind in the country, the “Central Business District Tolling” program installs electronic tolling devices on the perimeter of a zone that covers all neighborhoods south of 60th Street in the borough, with the exception of the West Side Highway and FDR Drive. While details for the program remain unclear, including how much it will cost drivers, the congestion fees will not be implemented until 2021.

The new policy is part of the $175 billion fiscal year 2020 budget deal reached between the New York State Legislature and Gov. Andrew Cuomo over the weekend. According to the agreement, revenue from the tolls will help fund the cash-strapped Metropolitan Transportation Authority, as well as reduce traffic in the city’s busiest areas.

Eighty percent of the funds will be directed to the subway and bus network, with 10 percent each going to the Long Island Rail Road and the Metro-North Railroad, the New York Timesreported. Vehicles will only be charged once per day and tolls will be variable. To reach the $1 billion annually raised from the program, a task force convened by Cuomo last year said fees could cost cars nearly $12 one way and trucks more than $25.

Emergency vehicles and drivers with disabilities will be exempt from the fees. Credits will also be offered for those who live within the tolled district and for those who earn less than $60,000 per year.

A taxi surcharge went into effect in February, with a fee of $2.50 for yellow cabs and $2.75 for other for-hire vehicles. This raised the minimum taxi care to $5.80, and the minimum cost for services like Uber, to $10.75. A coalition of drivers in January sued to stop the fees, but a judge gave it the green light a month later.

The congestion pricing plan will be operated and maintained by the MTA’s Triborough Bridge and Tunnel Authority (TBTA). The agency will also create a six-member Traffic Mobility Review Board to come up with the “tolls, exemptions, and credits” for the program.

Some say the review board, which will have commissioners appointed by the MTA, gives suburban representatives a louder voice on setting the congestion fees and variables than city representatives.

Nicole Gelinas, a fellow at the Manhattan Institute, tweeted on Sunday: “A new panel that the MTA will appoint, and that includes only one city rep OKed by the MTA, is now in charge of city traffic. By statute, suburban reps outnumber city reps 2:1. This is a revenue grab from the city, not congestion-management plan.”

The budget also involves a reorganization of the MTA, which Cuomo and Mayor Bill de Blasio called for in a joint plan released in February. The overhaul must be developed by the agency by June. The reforms to the MTA also force the agency to undergo an independent forensic audit, as well as requires major construction projects to be reviewed by outside experts.

111 East 75th Street, Unit 8A

111 East 75th Street, Unit 8A

UPPER EAST SIDE, MANHATTAN

2 Bed  |  1.5 Bath  |  Co-op

Offered At $1,195,000

 

Welcome home to this quiet and stylish 2 bedroom home on tree lined 75th street. Enter through the foyer with coat closet to a comfortable living room featuring crown moldings and a working wood burning fireplace. Oversized new windows are angled north and east. The kitchen features a Thermador stove with four burners and a grill, a vented hood, and quartz countertops. There is plenty of cabinet space for storage, and a pantry (the pantry can be easily converted back to a half bath if you prefer). The sizable Master bedroom features two large closets, and faces south with plenty of bright light streaming in during the day. It is also separated from the living room by beautiful french doors . The second bedroom is also large and faces south as well. The hallway features a storage closet and linen closet, and leads to a clean bright white windowed bathroom.


Built in 1925, this boutique elevator building has a live in super, laundry room, and storage. Located on a great UES tree lined block. Easy access to the subway at 77th st., great shopping and restaurants, and minutes to Central Park. There is also a convenient parking garage next door.

New Mansion Tax Will Raise $365M For The MTA

New York’s 2020 budget was revealed this weekend; among many other items, the proposed “pied-à-terre tax” went away, but a progressive “mansion tax,”–a one-time tax on properties valued from $1 million to $25 million or more–and an attendant transfer tax when those properties sell–will reportedly raise $365 million, according to The Real Deal. The money will head straight to the MTA. The new tax will top out at 4.15 percent.

According to Bloomberg, a series of graduated tax levies, paid by the buyer, starting at 1 percent, will be added to all New York City apartments selling for $1 million or more. That rate goes up at $2 million and reaches that 4.15 percent high on $25 million properties. The projected $365 million in revenue would mean $5 billion in bonds headed for mass transit. The last iteration of the mansion tax levied a flat 1 percent on apartments starting at $1 million.

Governor Cuomo said in a statement announcing the new budget “This has five or six major, difficult long-term issues that had to be dealt with, and it deals with them in a fiscally responsible way. This is the leading state in terms of being progressive. We’ve established that. I believe with this plan we also lead the nation in terms of innovation, and building, and reform.”

The Monthly Update - April 2019

Compass Launches Another Real Estate First!

Last month, we dedicated our Monthly Update to truth transparency in the real estate market — specifically we talked about how difficult it is to find reliable, up-to-date information for sales listings. Super simple data such as the listing agent is buried under fake, bait-and-switch advertising on sites such as StreetEasy, Zillow, Trulia and more. In fact, many publicly available real estate websites say they’re geared toward consumers, but these money-making schemes make it clear they are not. They are only concerned with their bottom line, their shareholders and their rapid expansion.

This battle is being waged primarily over listing data. The entity that controls the listing data controls the market. But the direction Zillow’s tactics take ultimately harm consumers, real estate agents and the bigger picture of what an ethical, above-board real estate market looks like.

Enter Compass. From its very origins, Compass has adhered to a total commitment to truth and transparency in real estate — and we always will. In fact, just last week, Compass made the bold move to counteract the effects of those who are attempting to seize control of the industry. Compass will now do what no other larger real estate agency ever considered — list all properties on the Compass website. By putting every single listing on our site and including the listing agent’s contact info (no matter the firm!) Compass has taken the first step in putting the buyer’s needs above all else!

Head to Compass.com today. All the information you need is right there for you to browse (without having to register anymore!).  You’ll find every single New York City property from all of our competitors, peers and friends. All listings have current and up-to-date info fed directly from the Real Estate Board of New York's (RLS) system straight to you.

By now, hopefully you know that Compass is more than a real estate company. It’s your real estate search engine. It’s about you, the consumer. We’re pleased to give you all the tools you need to find and purchase your home, because we know that “home” is everything.

At Compass, and especially on The Hoffman Team, we’re dedicated to helping you find your place in the world.

COMPASS in the News

Congratulations Compass!

We're proud to announce that Real Trends has named Compass the #1 independent real estate brokerage and the #3 brokerage in the US! 

Compass welcomes Contactually

We’re excited to announce that Contactually, a technology company that has built industry-leading CRM software, is joining our family! With this addition, Compass will continue to empower agents through a dedication to best-in-class tech. 

Alain Pinel joins forces with Compass

We're equally thrilled to partner with Bay Area brokerage Alain Pinel! Sharing our values of collaboration, hard work, and entrepreneurship, this accomplished team represents a wonderful and welcome addition to the Compass community.

Events

Orchid Show | April 1 - 28

Celebrate spring at The Orchid Show, which fills the conservatory at the New York Botanical Garden with thousands of orchids in an amazing array of colors, shapes, sizes, and textures. Closed on Mondays except April 22. For more information, click here. 

Tribeca Film Festival | April 24 - May 5

A New York pastime, the Tribeca Film Festival features films, music, and cultural events in Lower Manhattan. 

Buy tickets here. 

The Numbers

  • Sales inventory decreased 1% in the month of February and increased 14.6% year over year. 

  • Apartments in contract increased 5.2% in the month of February, and increased 3% year over year.

  • Monthly contracts signed increased 7.4% from December to January, and increased 7.9% year over year.

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21 Contracts Signed At $4M+ Last Week

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

March 25-31, 2019

21 Contracts Signed

The last week in March ends with 21 contracts signed in Manhattan at $4 million and above. Condos outsold co-ops, 15-2, and 4 townhouses were in the mix.

Stat Geek Alert: The average asking price of a signed contract in the first quarter was $8,802,436, the highest average asking price of any quarter since 2005, when we started keeping track. In addition, the 516 average days on the market is the longest we have seen in any quarter. Fewer contracts signed (19% below 2018) and longer days on the market mostly likely correlate to changes in the tax law combined with pervasive overpricing.

The No.1 contract was 11 West 12th Street, asking $21.9 million, reduced from $28.5 million when it went on the market in May. The 25-foot-wide, red-brick house has 9,652 square feet including 5 bedrooms, a library, 6 bathrooms, 2 powder rooms, a 33-foot garden, 2 terraces, an elevator, and a garage. The house was purchased for $7.25 million in 2012 and gut renovated.

The No. 2 contract was PHB at 11 Beach Street, asking $19.950 million reduced from $22.5 million when the developer listed the condo in February 2015. It has 5,985 square feet including a 44-foot great room with 13-foot ceilings, 4 bedrooms, 5 bathrooms, 2 powder rooms, media room, eat-in kitchen, and a private 1,788-square-foot roof terrace. Amenities include a doorman, fitness room, and children’s playroom.

515 East 72nd Street, Unit 40E

515 East 72nd Street, Unit 40E

UPPER EAST SIDE, MANHATTAN

2 Bed  |  2.5 Bath  |  Condo | Doorman | Roof Deck | Pool & Gym

Offered At $2,995,000

Live above it all in this corner two-bedroom with two private terraces in the Upper East Side’s Premier White Glove Building. Convertible to a 3 bed (see alternate floor plan) this apartment is currently a lavish two-bedroom/two-and-a-half bathroom home. Unbelievable views west and north with incredible light, this spacious home is nestled on the second highest floor in the building, just below the penthouse. An expansive living/dining area with open kitchen is great for entertaining. The mastersuite is generous, with two walk-in custom closets and a large ensuite bath. A second bedroom also features an en-suite bath. Additionally, there is a powder room and foyer with coat closet, as well as a washer/dryer. More features include natural walnut floors, a custom kitchen with ebony Macassar upper cabinetry, Calcutta Gold marble counters and backsplash as well as stainless steel drawers. Appliances include Viking convection microwave oven with hoods, Bosch five-burner cooktop, Bosch oven, Sub-Zero refrigerator, Miele Incognito dishwasher, and Dornbracht fittings. The bathroom has Emperador brown polished marble slab countertops, ebony Macassar cabinetry, crema d'orco stone wall tiles, and honed piombo floor and wall tiles.


There are 40,000-square-feet of residential amenities that are a must see including one of the city's largest private parks, a resident only private spa, a 56' indoor salt water pool, two Jacuzzis, top-of-the-line fitness center with rock climbing wall and squash court. There is also a creative arts studio, fitness studio with exercise classes, a children's playroom, and outdoor sun lounge. The building has 24-hour doorman and porter services, an in-house parking garage, and valet parking service. 72nd Street and York is a cul de sac, reducing noise and traffic and you will be two blocks from the 2nd Avenue subway!

27 Contracts Signed At $4M+ Last Week

LUXURY MARKET REPORT 2019

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

March 18-24, 2019

27 Contracts Signed

Twenty-seven contracts were signed last week at $4 million and above, the same total as last week---and the 4th time in the last 5 weeks that the total exceeded 20 sales. Condos outsold co-ops, 15 to 10, and 2 townhouses were in the mix.

The year-to-date 1st quarter stats weren’t quite so encouraging, and marked the third year in a row that signed contracts have declined in the first quarter. Thus far, the 1st quarter has recorded 229 contracts signed, a 19% decline in the total over the same period in 2018, when 282 properties went into contract. And this was on top of a 15% decline in 2018 over 2017. First quarter days on the market soared to 516 from 469 in 2018 and 390 in 2017.

Going forward, the recent decline in interest rates should generate housing sales on the lower end—and might do the same for the luxury market. But putting the data all together, in my opinion, the luxury market continued to scream: OVER PRICED!!!!!

The No.1 contract was 14S at 1107 Fifth Avenue, asking $21 million, which sold immediately when listed. This prewar co-op has 3 bedrooms, 3 bathrooms, 2 powder rooms, a library, formal dining room, eat-in kitchen, 2 fireplaces, and 2 terraces including one off the living room facing Central Park. The seller is Howard Stringer, the former CEO and Chairman of Sony, who paid $16 million in 2005.

The No. 2 contract was 59West at 111 Murray Street, asking $16.9 million. This new 3,892-square-foot condo has 5 bedrooms, 6.5 bathrooms, an eat-in kitchen, 11-foot ceilings, and panoramic city views. Amenities include a fitness center, pool, residents’ lounge, a private dining room with a kitchen, and a children’s playroom. The building started closings last summer.

Manhattan Homes Are Taking the Longest to Sell in Seven Years

Manhattan homes that sold in February sat on the market for the longest stretch since 2012, a sign that sellers aren’t dropping prices enough to reach buyers, an analysis by StreetEasy shows.

Properties were listed for a median of 117 days before going under contract, up from 90 days a year earlier, according to the study. Sellers of homes that were still available shaved a median of 4.6 percent off their asking prices. Discounts will have to get deeper if those owners want to seal a deal in a market that’s crowded with choices, said Grant Long, senior economist at StreetEasy.

A Long Wait

Manhattan homes that sold in February took almost four months to find buyers

StreetEasy’s index of Manhattan home values, a measure of closed purchases, dropped 4.3 percent from February 2018, an “eyebrow raising” amount for this time of year, according to Long.

Times will just get tougher for sellers: He expects inventory, which rose 12 percent from a year earlier, to reach a record this spring.

14 Horatio Street, Unit 6H

14 Horatio Street, Unit 6H

WEST VILLAGE, MANHATTAN

2 Bed  |  2 Bath  |  Co-op | Doorman | Roof Deck

Offered At $1,895,000

 

Embrace open-sky views and fantastic living space in this large two-bedroom, two-bathroom co-op in the coveted West Village overlooking Jackson Square.


Looking for room to stretch out in the West Village? Look no further than this uncharacteristically spacious split-bedroom H-line home. The spectacular great room stretches a full 30 feet long, providing plenty of space for living and dining areas with the sights of the city as your stunning backdrop. The windowed separate kitchen is beautifully equipped with long rows of cabinetry topped in granite and full-size stainless steel appliances, including a French door refrigerator, gas range and dishwasher. Two large bedroom suites are placed at opposite ends of the home, and both feature roomy closets, bright windows and private windowed baths.


The Van Gogh at 14 Horatio Street is a handsome postwar cooperative set within the boundaries of the Greenwich Village Historic District and directly across from leafy Jackson Square. Residents of the pet-friendly, elevator building enjoy 24-hour doorman service, live-in superintendent, laundry facilities, building-wide water filtration system and a glorious landscaped roof deck. Generous board policies permit pieds-à-terre, guarantors and subletting.


Here, the renowned nightlife and dining of the West Village unfold at your feet, including Michelin-starred Kosaka and Gunter Seeger NY. Enjoy magnificent artwork at the nearby Whitney Museum or the galleries of Chelsea, or take in spectacular waterfront recreation and open space at the High Line or Hudson River Park. Transportation from this highly accessible neighborhood is effortless with A/C/E, L, F/M, 1/2/3 and PATH trains all nearby.

New BQE Proposal With Three-Level Linear Park

A longtime Brooklyn resident is offering his own innovative solution to fix the Brooklyn Queens Expressway. Mark Baker’s proposal involves transforming the BQE’s triple cantilever into the “Tri-Line,” a three-tiered park that extends from Brooklyn Bridge Park. Modeled after Manhattan’s High Line, the Tri-Line parks would measure 1,880 feet long and include gardens, seating, walking paths, and bike lanes. As the Brooklyn Eagle reported, cars and trucks would be rerouted along a new highway on Furman Street, preserving the Brooklyn Heights Promenade and adding eight acres of park space in the process.

Rendering by Kameny Design and Taylor Davenport, courtesy of Mark Baker

The plan comes as the city mulls over ways to rehabilitate a crumbling stretch of the BQE without causing major air and noise pollution. Last fall, the Department of Transportation unveiled two options to repair the Brooklyn Heights and DUMBO section of the highway. One would divert cars to an elevated highway next to the Brooklyn Heights Promenade and take six years to complete and the other would replace the BQE lane by lane for eight years.

Because both would require temporarily closing the beloved promenade, there have been calls for alternative renovation plans, including from City Council Speaker Corey Johnsonand City Comptroller Scott Stringer.

In Baker’s plan, the expressway would be encased in a 100-foot-wide box equipped with a technology that could collect and treat pollutants. The BQE would be not been seen as it passes the park and would be buried under the soil and plants of the expanded Brooklyn Bridge Park. The Tri-Line would be connected to each other, and to the park, through stairs, escalators, or even possibly slides.

Baker told the Brooklyn Eagle that his plan “preserves the promenade and adaptively reuses the Triple Cantilever, the most important transportation work of the master builder Robert Moses (whether you like him or not).” He added: “It would be the most important act of historic preservation in Brooklyn Heights since the historic district was formed.”

Last week, Stringer outlined his own ambitious proposal, which involves turning the BQE into a truck-only highway and building a linear park above it. To avoid the need for a temporary highway, trucks would run in both directions on the middle-level of the cantilever, while construction works on the bottom level.

And last November, the Brooklyn Heights Association and a Better Way NYC presented an alternative plan that would keep the promenade open. The plan would construct a two-tiered structure west of the cantilever instead of building a highway on the promenade.

[Via Brooklyn Eagle]

505 West 47th Street, Unit 6EN

505 West 47th Street, Unit 6EN

HELL’S KITCHEN, MANHATTAN

1 Bed  |  1 Bath  |  Condo | Doorman | Gym

Offered At $973,888

This beautifully maintained contemporary one-bedroom, one-bathroom home is the perfect combination of style, amenities and location in a stunning Hell's Kitchen condominium.

Floor-to-ceiling windows deliver golden light and lovely city views in this 615-square-foot home's spacious living area. Topped by tall ceilings and paved in bamboo hardwood, you'll have plenty of space for generous sitting and dining areas while the adjacent open kitchen delivers sleek modernism with fine Italian cabinetry and marble countertops surrounding top-of-line appliances by Miele, Bosch and LG. The king-size bedroom boasts a large walk-in closet. The large tub/shower and roomy Wenge vanity with gorgeous stone top create a calming ambiance in the spacious bathroom. A roomy hall closet with stacked Bosch washer-dryer and through-the-window air conditioning provide effortless comfort and convenience in this move-in-ready Hell's Kitchen home.


The 505 is a modern condominium where residents enjoy attentive full-time concierge service, live-in superintendent, package storage, bike room, a state-of-the-art fitness center topped in atrium windows, and Wi-Fi in all common areas. Enjoy abundant outdoor lounge space in the Zen landscaped courtyard or up on the two rooftop gardens featuring iconic skyline views. This pet-friendly enclave permits unlimited subletting with board approval and features ultra-low common charges and 421a tax abatement until next year.


Nestled in vibrant Hell's Kitchen/Midtown West, this home is surrounded by fantastic venues for dining, nightlife, entertainment, shopping and open space. The Theater District unfolds right outside your door, amazing Hudson River Park offers miles of waterfront outdoor space and recreation, and dozens of Michelin-starred restaurants fill the nearby blocks. Make a bee line straight down to the phenomenal Hudson Yards and Manhattan West developments, and enjoy fantastic access to transportation with A/C/E, N/R/W and 1 trains all nearby.

27 Contracts Signed At $4M+ Last Week

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

March 11-17, 2019

27 Contracts Signed

Twenty-seven contracts were signed last week at $4 million and above, the third time in the last 4 weeks that the total exceeded 20 sales. Condos outsold co-ops, 23-3, and 1 townhouse was in the mix. Half of the apartments were sold by developers.

The No.1 contract was Apartment 2 at 320 West 12th Street, asking $33.5 million, which sold within a month of listing. It is owned by hedge fund billionaire Steven Cohen, who paid $23,419,750 when he bought it as a new condo in June 2013. He then renovated the 9600-square-foot triplex, which features a dramatic double-height entrance gallery, a 34-foot great room, 5 bedrooms, 4.5 bathrooms, a library, formal dining room, a large eat-in kitchen, courtyard, private gym, and laundry room. It is in the Abingdon condo, a boutique building with only 10 units that opened for sale in 2012. Amenities include a doorman, gym, and storage.

The No. 2 contract was PH77B at 30 Park Place, sold by the sponsor with an asking price of $16.45 million, reduced from $18.875 million. It is in the new 82-story Four Season condo that was designed by Robert A.M. Stern, and opened for sales in 2014. The unit has 3,173 square feet with 3 bedrooms, 4.5 bathrooms, and 2 small terraces off the family room and master bedroom suite. Amenities include access to hotel services, 24-hour doorman and bellman, a fitness center, a 75-foot swimming pool, children’s playroom, conservatory with adjacent loggia, a screening room, a private dining room with a catering kitchen.

De Blasio Unveils $10B Plan To Flood-Proof Lower Manhattan

Mayor Bill de Blasio unveiled on Thursday a $10 billion plan to extend the coastline of Lower Manhattan as much as 500 feet to protect from future floods. The Lower Manhattan Coastal Resiliency project is the result of a study that looked at ways to build resilience in low-lying neighborhoods like the Financial District and South Street Seaport. The study found the only feasible measure for these areas would be extending the shoreline about two city blocks into the East River by adding a new piece of land at or above 20 feet from current sea level.

A $165 million investment will elevate the Battery’s waterfront esplanade and integrate a grassy berm and construction is set to begin in 2021; rendering via NYCEDC

According to the study, led by the Mayor’s Office of Recovery and Resiliency and the city’s Economic Development Corporation, by the 2050s, 37 percent of properties in Lower Manhattan will be at risk from storm surge. By 2100, nearly 50 percent of properties would be at risk, as the sea level is projected to rise by six feet. In a press release, the mayor said Hurricane Sandy, which damaged about 17,000 homes in 2012, revealed just how at risk parts of Lower Manhattan are to climate change.

“That’s why we not only have to reduce emissions to prevent the most cataclysmic potential effects of global warming, we have to prepare for the ones that are already inevitable,” de Blasio said. “Our actions will protect Lower Manhattan into the next century.”

The study found that extending the shoreline of FiDi and the Seaport District, instead of building flood protection on land, is necessary because the area lacks the space, with dense infrastructure both above and underground. According to the city, the new shoreline will serve as a flood barrier during storms.

A master plan will be completed by the city over the next two years that will establish a “new public-benefit corporation” to finance, manage, and construct the project. The city said it will immediately procure a team of engineers and designers through a Request for Qualification later this month.

In Two Bridges, the Department of Design and Construction (DDC) will install both flood walls and deployable flip-up barriers. EDC is leading the $200 million project’s design and DDC will start construction in 2021; rendering via NYCEDC

And de Blasio also announced that the city will invest $500 million in capital projects for overall climate resilience, as well as in planning for the Lower Manhattan project. That investment will be spent expanding temporary flood-proof measures for the 2019 hurricane season, reconstructing the Battery Park City esplanade starting in 2020, elevating The Battery’s wharf and adding a berm at the back of the park in 2021, and designing a flood protection system for the Two Bridges neighborhood in the next two years.

A community outreach process is set to begin this spring, which will help determine the extent of the shoreline expansion and identify the project’s first phase.

“Impacts of climate change pose an existential threat to our quality of life and economic stability,” James Patchett, EDC President said. “A comprehensive strategy to protect Lower Manhattan against climate risks is critically necessary in order to safeguard our communities and secure our collective future.”

In a New York Magazine op-ed published on Wednesday, de Blasio said the project would need to be “backed by big federal dollars.” He also voiced support for the Green New Deal, an economic program proposed by Democrats that would address climate change.

“The national emergency is already here,” the mayor wrote. “We have to meet it head-on. And we need Washington behind us.”

Your new home awaits.