Macy’s May Build A Skyscraper Above Its Flagship Store

Classic retailer Macy’s Inc. is in early talks with the city about the possibility of building an 800-foot-tall office tower above the company’s Herald Square flagship location, Bloomberg reports. The retail brand, which has a 10-story office tower under construction atop its downtown Brooklyn store, is looking at ways to leverage its prime real estate in the bustling midtown crossroads. In this case, the tower would be used as office space for other companies.

The company is considering a 1.2 million-square-foot (111,500-square-meter) office tower that would probably require zoning changes around the property to allow for a height of 800 feet. It is estimated that the office tower would mean an additional 6,000 people would be heading for Herald Square to work.

Manhattan Borough President Gale Brewer has confirmed that she met with the retailer late last month about the office tower plan. Brewer said in a statement, “Such a major addition of square footage to the area will require major public improvements to the streets and sidewalks that surround the Herald Square neighborhood, and I look forward to Macy’s contributions to ensure that this part of Midtown and the Garment Center sees relief.”

The iconic flagship, opened in 1902 and expanded in 1924, was the world’s largest retail store until 2009 when it was one-upped by a South Korean department store. The new tower would sit above the older building with an entrance on 35th Street according to reports.

Macy’s CEO Jeffrey Gennette said on a February conference call with investors that the company is planning to work with city officials and community stakeholders to find a way to “unlock additional real estate value,” with more news to come later this year, and that the plans won’t stop the company from planning “a number of exciting enhancements” at the retail space this year. Gennette said, “Over the last year and a half, we have been working closely with a team of land-use, development and design experts to produce a menu of economically viable redevelopment alternatives. These could densify the real estate with complementary uses and will certainly preserve the store and enhance the customer experience.”

[Via Bloomberg]

340 East 64th Street, Unit 4G

340 East 64th Street, Unit 4G

UPPER EAST SIDE, MANHATTAN

Conv. 3 Bed  |  2.5 Bath  |  Co-op | Doorman

Offered At $1,600,000

 

Bring your contractor and create the phenomenal convertible three-bedroom, two-and-a-half bathroom home of your dreams in a revered, full-service Lenox Hill condominium.


Spanning a luxurious 1,461 square feet in one of St. Tropez's most desirable, and rarely available, floorplans, this immense home offers an incredibly flexible layout ready to suit your exact needs. Currently configured as a two-bedroom, two-bathroom, this unit can easily accommodate the addition of a bedroom in the spacious dining alcove. The massive walk-in closet near the entry includes washer-dryer hookups, making it an ideal location for a powder room addition as other G-line residents have done. (See alternate floorplan for specifics.)


This coveted layout includes wide windows framing lovely treetop neighborhood views to the north and east. There are tall ceilings throughout, a gracious foyer entry and the bright windowed kitchen is big enough for full-size appliances and ample cabinetry. The expansive master suite features an en suite bathroom and three generous closets, including two walk-ins, and the second bedroom is positioned conveniently across from the full guest bathroom. Central heat and air ensure year-round comfort in this fine Upper East Side abode.


Built in 1964, St. Tropez has the notable distinction of being New York City's very first condominium. Today, the pet-friendly red brick building continues to delight residents with updated common areas, full-time doorman and concierge service, live-in superintendent, a fitness center, heated swimming pool, children's playroom, bike room, on-site parking garage and a dazzling roof deck.


Located on a tree-lined Lenox Hill block, you'll enjoy the perfect combination of residential tranquility and easy accessibility. Great shopping, dining and nightlife line every nearby street, and Central Park and the East River promenade provide extraordinary outdoor space and recreation. Transportation is effortless with F, N/Q/R/W and 4/5/6 trains all nearby.


There is a special assessment of $410.34/mo. 

19 Contracts Signed At $4M+ Last Week

LUXURY MARKET REPORT 2019

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

April 15-21, 2019

19 Contracts Signed

Nineteen contracts were signed last week at $4 million and above, a decent Easter Week total when you consider the rocky state of the Manhattan luxury market.

The No.1 contract was 10B at 150 Charles Street, asking $14.95 million--and sold in only 98 days. The condo has 3,395 square feet including 4 bedrooms and 4.5 bathrooms. A 26-foot great room, master suite, and library face the Hudson River. The owner purchased the unit off of floorplans in February 2013 and closed 3 years later for $13,275,554. Amenities include concierge, garage, fitness center, a 75-foot pool, a children’s playroom, and 33,000 square feet of landscaped garden space.

The No. 2 contract was PH3A at 1965 Broadway, asking $13.5 million. This unit in the Grand Millennium condo has 3,358 square feet including 4 bedrooms, 4.5 bathrooms, 2 terraces, and Central Park and Hudson River views. A 22’ x 28’ living room with a fireplace opens onto 30-foot terrace. The apartment needs to be renovated.

Plans For Second-Tallest Building In The Western Hemisphere Move Forward

Just one month after closing on 5 East 51st Street, a six-floor rental across the street from St. Patrick’s Cathedral, developer Harry Macklowe has filed demolition permits with the city, as CityRealty reported. This move brings Macklowe one step closer to realizing his vision for Tower Fifth, a 1,556-foot office tower that, if approved, will become the second-tallest building in the Western Hemisphere, surpassing Macklowe’s own 432 Park Avenue and coming in just short of One World Trade Center. (Tower Fifth’s roofline would actually be 216 feet above One World Trade Center’s but since its mast brings the building’s official height to 1,776 feet it would retain the title of the city’s tallest building.)

As The New York Times pointed out earlier this year, building Tower Fifth will involve a lengthy process due to its proximity to five landmarked buildings, including Rockefeller Center and St. Patrick’s Cathedral. Alongside permission from the Landmarks Preservation Commission, Macklowe will also need to go through the city’s ULURP process to transfer air rights from St. Patrick’s. Since Tower Fifth is planned to be 66 percent larger than current zoning allows, Macklowe will require special permits, zoning approvals, and zoning changes to push the process forward. If approved, Tower Fifth would become Manhattan’s 18th supertall—a tower taller than 980 feet—that has been constructed since 2008.

As 6sqft previously reported, Macklowe Properties has tapped Gensler with Adamson Associates Architects for the design. The facade will be wrapped in a Closed Cavity system capable of reducing solar heat gain by more than 70 percent—the first of its kind in North America. The building would feature an 85-foot-high glass lobby framing St. Patrick’s Cathedral. Above the lobby, there would be shops, a food hall, and a public auditorium made of glass, overlooking the landmark. Tenant space would measure 960,000 square feet throughout the office floors, according to the architects. Amenities will include a lap pool, yoga room, and a multi-level running track.

Once complete, the building will also boast the city’s tallest observatory, from which apparently visitors will be able to descend via a 60-foot transparent corkscrew slide.

Despite the obstacles ahead, Macklowe is confident he will get another chance to redefine the city’s skyline. “Tall buildings are a reality,” he told the Times. “The days of restrictions on buildings are really over. This is a building that’s never been built before, a 21st-century building.”

[Via CityRealty]

17 Contracts Signed At $4M+ Last Week

LUXURY MARKET REPORT 2019

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

April 8-14, 2019

17 Contracts Signed

Seventeen contracts were signed last week at $4 million and above, a disappointing total for the prime selling season of the year.

Stat Geek Alert: Only 3 condos were sold by developers, and of the 6 townhouses that went to contract, five were in the East 70s and 80s between Lexington and Park Avenues—and averaged under $10 million.

The No. 1 contract was PH905 at 1 West 67th Street, asking $11.995 million, reduced from $19 million when it was listed in June 2017. This triplex co-op has 4 bedrooms, 5 bathrooms, 3 powder rooms, and a 55-foot great room with over 18-foot ceilings. The top-floor master suite is surrounded by an 827-square-foot terrace. The unit is in the Hotel des Artistes, which was designed in 1917 and gained popularity with artists and actors. Amenities include doormen, a swimming pool, two workout rooms, squash court, roof garden, and the Leopard at Des Artistes restaurant.

The No. 2 contract was a townhouse at 182 East 75th Street, asking $11.5 million, reduced by $495,000 when it went on the market in March 2018. The 4-story, 18-foot-wide house has 5,850 square feet including 5 bedrooms, 6 bathrooms, a powder room, and an elevator. It was purchased for $9.28 million in May 2015 and then renovated.

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.

Your new home awaits.