27 Contracts Signed At $4M+ Last Week

LUXURY MARKET REPORT 2020

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

March 2-8, 2020

27 Contracts Signed

Twenty-seven contracts were signed last week at $4 million and above, tying last week’s total. Which begs the question: What’s the reason for the recent strong performance in the Manhattan luxury market? The lowest interest rates in 50 years–since Freddie Mac started keeping track in 1971---perhaps outweigh an extremely volatile stock market that has been sliding rapidly off its highs. Yes, asking prices have been dropping, but they can’t completely account for the past few weeks of healthy sales.

Stat Geek Alert: The total number of contracts signed in the past 2 weeks (54) tied the best 2-week performance since the end of June 2019, when 54 contracts were also signed.

The No. 1 contract was TWNHW at 601 Washington Street, asking $19,942,500. This triplex condo has 7,977 square feet including 4 bedrooms and 5.5 bathrooms. The lower level has a screening room, fitness room, yoga room, and wine cellar. The middle floor features an entertainment space with a living room and fireplace, plus a 1,018-square-foot courtyard. Upstairs are 4 bedrooms. The unit has its own elevator. Amenities in this new 9-story, 10-unit condo building, designed by BKSK Architects, include a concierge, fitness room, rooftop terrace, and storage.

The No. 2 contract was 31A at 2 Park Place, asking $19.45 million, reduced from $26.4 million when it was being sold off of floorplans in July 2015. The condo has 5,991 square feet including 4 bedrooms and 4.5 bathrooms. It has a 73-foot entertaining expanse, plus 2 terraces --off the kitchen and bedroom—that total 632 square feet. Amenities in the building known as The Woolworth Tower Residences include a concierge, fitness center, pool, residents’ lounge, wine cellar and tasting room.

Museum of Natural History’s New Halls of Gems Will Open This Fall

The American Museum of Natural History announced this week that the new Allison and Roberto Mignone Halls of Gems and Minerals will be opening in fall of 2020. Named for longtime museum supporters Roberto and Allison Mignone, the long-awaited redesign will be a dazzling showcase for one of the greatest collections of its kind. The new Halls will be connected to Studio Gang’s 235,000-square-foot Richard Gilder Center for Science, Education and Innovation.

The 11,000-square-foot halls will feature recently acquired specimens and a world-renowned collection including two stunning amethyst geodes that are among the largest in the world, a gallery of gems that features treasures like the 563-carat “Star of India” sapphire and 632-carat Patricia emerald, a wall-sized panel of fluorescently glowing rock, and the halls’ first temporary exhibition gallery, which will open with “Beautiful Creatures,” a celebration of historic and contemporary jewelry inspired by animals. The redesigned space will also offer the current Science of Mineral Formation exhibition.

Through interactive and touchable displays and media, the new Halls will introduce visitors to the remarkable diversity of mineral types—how they came to be, how scientists classify them, and how people have used them throughout history. The renovation is part of the initiatives that mark the museum’s 150th anniversary celebration, which will culminate in the opening of AMNH’s $340 million expansion.

Ralph Appelbaum Associates is handling the renovation of the 11,000-square-foot space. The Halls previously ended in a cul-de-sac, but the new Halls will connect to Studio Gang’s 235,000-square-foot Richard Gilder Center for Science, Education and Innovation.

Ellen V. Futter, President of the American Museum of Natural History, said in a statement, “The opening of the Mignone Halls of Gems and Minerals will be a milestone in a wide range of capital and programmatic enhancements commemorating the Museum’s 150th anniversary. By telling the fascinating stories of the complex processes that gave rise to the extraordinary diversity of minerals on our dynamic planet and describing how people have used them throughout history for personal adornment, tools, and technology, the Halls will not just be glittering but also intellectually engaging.”

The Monthly Update - March 2020

Bidding Wars Are Back

We may never have predicted it just a few months ago, but right now, the New York City real estate market is sizzling! Buyers have returned in abundance to take advantage of historically low-interest rates, and sellers seem much more amenable to reasonable pricing (after three years of being hit over the head with news reports reiterating that it's a buyer's market.) All of this has led to huge numbers at open houses and bidding wars, bidding wars, bidding wars.

The Hoffman Team was involved in eight bidding wars on the buyer side and six bidding wars on the selling side in February alone. That's a total of 14 bidding wars! Numbers I didn't think I was going to report for at least another five to 10 years!

The activity is confirmed on the mortgage side as well. We invited our favorite Wells Fargo rep to our sales meeting two weeks ago, and he reported that his firm filed more purchase applications for the 30 days spanning mid-January to mid-February than in any 30-day period in the last three-and-a-half years!

So, what's causing this sudden rush of activity?

I think it's mostly due to sellers who are serious about pricing their properties accordingly. And when they do, savvy buyers respond briskly. We recently accepted four bids, on four different properties, all of which were $100,000 over their respective asking prices, and that was by design. Sellers who are ready to sell are reaping the benefits of hungry buyers — buyers who will beat each other up for a chance to get a "well-priced" property.

And, frankly, they should beat each other up for great prices. Money hasn't been this cheap for a very, very long time with some rates dipping below 3 percent for interest-only loans. It's just incredible.

I can't stress how important it is to take advantage of this market if you are a buyer. Many reported that the bottom of the market was at the tail end of last summer, so there's no time to waste. And, if you're a seller, be aggressive with your pricing. If you take the time to prep your property for sale, buyers will respond in a very positive manner.

And always, please call us if you have any questions about today's market, whether you're looking to buy or sell New York City.

News To Know

March 1st New York's Plastic Bag Ban Goes Into Effect

Starting March 1, all New Yorkers will have to bring their own reusable bags to the grocery store or pay five cents for a paper one. Article here.

How Compass Tech & AI Empower Luxury Agents and their Clients

Forbes spoke to Compass CTO Joseph Sirosh and NYC agent Michael Davis about how artificial intelligence is empowering luxury agents and their clients. Read the full Forbes article here.

Brooklyn Chocolate, Wine & Whiskey Festival | March 7

Back for its second year, this incredible festival lets you indulge in chocolate in a multitude of decadent presentations. Quench your thirst with champagne, whiskey, wines, and craft beers, and non-alcoholic options, and taste savory bites like artisan cheese and charcuterie. Hungry yet? Get your tickets here. 

Architectural Digest Design Show | March 19-22 

Celebrate design at the 19th annual Architectural Digest Design Show as the world's leading brands along with today's top talent come together in a carefully curated presentation of design. Get inspired and buy your tickets here. 

The Month In Numbers

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420 East 51st Street, Unit 2A

420 East 51st Street, Unit 2A

SUTTON PLACE, MANHATTAN

2 Bed  |  2 Bath | Co-Op

Offered At $695,000

 

Discover your private indoor-outdoor hideaway in this two-bedroom, two-bathroom home with a fairytale garden in Midtown East's storied Beekman neighborhood.

Wrapped in windows on three exposures, this spacious approximately 1,375-square-foot home is a bright and airy haven in the heart of the city. In the expansive great room, you're greeted by hardwood floors, a decorative fireplace and beautiful built-in cabinetry. The windowed dining area welcomes gracious entertaining while the adjacent updated kitchen is filled with ample cabinet space, quartz countertops and full-size stainless steel appliances.

Enjoy plenty of space for a king-size bed and additional furniture in the extra-large master suite featuring two California closets and an en suite marble bathroom. Just outside, the serene landscaped garden provides a delightful backdrop for outdoor dining and relaxation. This home's second bedroom features more smart built-ins and easy access to the second full bathroom. Plenty of additional closets and resident storage attend to wardrobe and belongings in this peaceful Beekman residence.

The Morad Beekman is a lovely postwar co-op where residents enjoy 24-hour doorman service, a stunning double-height marble lobby, cold storage, bike room, a fantastic new roof deck and onsite parking garage. In addition there is a communal grilling patio and newly updated gym. This co-op offers incredible value and generous board policies that permit pets, co-purchasing, subletting and pieds-à-terre. The building even offers free 5G wifi and discounted cable packages for shareholders.

Located just inches from beautiful Peter Detmold Park and the East River promenade, this location combines Beekman residential serenity with Midtown accessibility. Great shopping and dining lines the nearby streets, and transportation is effortless with easy access to E, M and 6 trains, the Midtown Tunnel and 59th Street Bridge.

Judge Upholds $6.75M Judgement Against Developer Who Destroyed 5Pointz Graffiti

An appeals court on Thursday upheld a $6.75 million judgement against a real estate developer who whitewashed 5Pointz, the former graffiti-covered complex in Long Island City. The 32-page decision confirms the decision made by the Federal District Court in 2018 that said developer Jerry Wolkoff of the Wolkoff Group illegally destroyed the building’s colorful murals. In 2014, Wolkoff razed the iconic graffitied warehouse, which had been visible from passing trains since the 90s as a studio and exhibition space for artists. The artists, who unsuccessfully attempted to sue to stop the demolition, filed a second lawsuit in 2015 against Wolkoff, claiming their artwork was of “recognized stature” and protected by the Visual Rights Act.

In the Second Circuit Court of Appeals decision released Thursday, Judge Barrington Parker said that temporary artwork is not excluded in the VARA. “Although a work’s short lifespan means that there will be fewer opportunities for the work to be viewed and evaluated, the temporary nature of the art is not a bar to recognized stature,” Parker wrote.

The decision awards more than $6.75 million to 21 graffiti artists who had their work destroyed. It follows the decision made by Judge Frederic Block in 2018 to award the maximum amount of statutory damages or $150,000 for each of the 45 works destroyed.

Attorney for the artists Eric Baum called the decision a win for artists across the country. ‘The artists are humbled by and thankful for the ruling,” Baum said in an email to Artnet News. “The 2nd Circuit affirms Judge Block’s thoughtfully reasoned decision that our clients’ art is to be cherished and protected and not destroyed. This decision ensures that future artists and their moral rights will have the protections that they and their works of art rightfully deserve.”

The building has been the subject of heated controversy since the artists’ colorful exterior murals disappeared overnight in 2013, and renderings surfaced of the luxury residential towers that would replace it. The pair of towers, located at 22-44 Jackson Avenue, contains more than 1,100 units.

Graffiti and other street art have gained prominence–and monetary value, an important component of the case–in recent years, and celebrity artists like Banksy have at various times joined the effort to avenge the 5Pointz creators. In the beginning, Wolkoff had given the artists, including Jonathan Cohen, his permission to turn the building into a graffiti mecca.

Parker credited street art as a “major category of contemporary art” and deserving of cultural recognition. He wrote: “For example, noted street artist Banksy has appeared alongside President Barack Obama and Apple founder Steve Jobs on Time magazine’s list of the world’s 100 most influential people. Though often painted on building walls where it may be subject to overpainting, Banksy’s work is nonetheless acknowledged, both by the art community and the general public, as of significant artistic merit and cultural importance.”

251 West 98th Street, Unit 4A

251 West 98th Street, Unit 4A

UPPER WEST SIDE, MANHATTAN

3 Bed  |  2 Bath | Condo

Offered At $1,750,000

 

Lovely prewar detail and classic modern updates converge in this stunning three-bedroom, two-bathroom home in a historic Upper West Side condominium.


Spanning a luxurious 1,400 square feet, this beautifully arranged home features soaring ceilings, a complete central A/C system, hardwood floors and charming millwork and trim. A gracious entry lined with closets nods to the convenience to be found throughout. The updated open kitchen is a chef's wonderland filled with custom wood cabinetry, granite countertops and premium appliances by Fisher Paykel, Viking and Subzero and a wet bar. Enjoy casual meals at the long breakfast bar, or plan your next dinner party in the spacious dining area. Ahead, the living room invites you to relax and unwind in front of the decorative marble fireplace.


The semi-split layout places the master suite along the southern exposure, where you'll find tons of closet space and an en suite bathroom. There's another large bedroom next door, and the third bedroom is located near the home's second full bath, updated with floor-to-ceiling tile and a jetted tub. Central air, and a side-by-side in-unit washer-dryer add comfort and ease to this lovely Upper West Side abode.

Built in the Renaissance Revival Style in 1912, The Andrew is a well-maintained condominium located within the Riverside/West End Historic District. Residents of the handsome building enjoy video intercom/virtual doorman entry, full-time superintendent, laundry, bike room plus basement storage at an additional fee. The investor-friendly condo permits pieds-à-terre, subletting, pets and in-unit washer-dryers.

Situated on a pristine tree-lined block, this home offers the best of Upper West Side living. Riverside Park and Central Park provide acres of glorious outdoor space and recreation. Broadway and nearby Columbus Square offer every type of shop you could need, including Westside Market, Whole Foods, Michael's and HomeGoods. Transportation is a breeze with 1/2/3, B and C trains all within reach.

Views From NYC’s Highest Outdoor Residential Space At 15 Hudson Yards

Skytop includes an outdoor terrace that is wrapped in a 60-foot tall glass screen. The space includes 3D-carved wooden planters that hold 14-foot-tall white oak trees. Inside, there is a private dining room that can seat up to 18 guests and a full catering kitchen and bar, as well as a lounge with floor-to-ceiling windows.

“Skytop is the moment where Fifteen Hudson Yards morphs into its deepest and most dramatic inflection point, so our intent was to take advantage of the tower’s energy and celebrate its extraordinary views,” David Rockwell, founder of the Rockwell Group, said. “The amenities are conceived of as fluid spaces that open up to the rooftop, creating the feeling of an extension of a penthouse with a vast window onto the city.”

15 Hudson Yards, which was the development’s first residential building, contains 88 stories and 285 apartments. Other amenities can be found on the building’s 50th floor, like a 75-foot indoor swimming pool, privates spa, fitness center designed by The Wright Fit, a beauty salon, and a children’s playroom.

On the 51st floor, residents have access to a club room, wine storage and tasting room, business center, workspace, sound-proof screening room, and two corner private dining suites. According to CityRealty, there are 13 apartments currently available at the building, ranging from a $2.75 million one-bedroom to a $32 million penthouse.

Hudson Yards has not shied away from sky-high amenities. Restaurant and bar “Peak” on the 101st floor of 30 Hudson Yards, the development’s tallest tower, will open next month, along with “Edge,” the building’s 1,100-foot-tall outdoor observation deck.

Starting March 1, 2020, Single-Use Plastic Bags Are Banned In NYC

Starting March 1, 2020, single-use plastic bags are banned, with limited exceptions, in New York State. In addition, businesses will begin collecting a five-cent fee on paper carryout bags in New York City. NOTE: This fee will not apply to any customers using SNAP or WIC.

How can I get a free reusable bag?

DSNY is distributing reusable bags across the city. These bags fold into a built-in pouch with a carabiner clip so they’re always handy - and the bags are made of 90% recycled material.

Take the Zero Waste Pledge and get a free reusable bag or cutting board.

Go to a reusable bag distribution event in your neighborhood.

 

I'm a business. How do I comply with the plastic bag ban? 

Any retailer that is required to collect New York State Sales tax (with limited exceptions) will no longer be able to provide plastic carryout bags. To learn about the exceptions and how to comply, please visit the New York State Department of Environmental Conservation.

 

I'm a business. How do I comply with the paper bag fee? 

In New York City, all businesses covered by the ban must charge a five-cent ($0.05) fee on paper bags. Please visit the New York State Department of Environmental Conservation to learn how to comply.

 

Why did New York State pass this law? 

New York State created a task force that analyzed the impacts of single-use plastic bags and issued the report: An Analysis of the Impacts of Single-Use Plastic Bags. 

In New York City, residents use more than 10 billion single-use carryout bags every year and it costs the City more than $12 million annually to dispose of these bags.

 

Where can I recycle my plastic bags?

New York State's plastic bag recycling law requires large retailers to take back all types of film plastic for recycling, including single-use plastic bags. Bring your used plastic bags to any participating store for recycling.

Macy’s Reveals Proposed 900+ Foot Tower To Rise Above Herald Square Flagship Store

Macy’s, which recently announced plans to close 125 department stores over the next several years, is still hoping to cash in on the thriving office market by building an office tower above its Herald Square flagship store in Midtown. The retail icon revealed that it has proposed the construction of 1.5 million square feet of office space, a sky lobby, and public improvements to the surrounding area, the Wall Street Journal reports. The proposed tower would rise between 700 and 950 feet with, according to renderings revealed by YIMBY, a glass façade, setbacks, and a crown. The department store below could confer it with supertall status (984 feet or taller).

As 6sqft reported last April, the retailer had raised the possibility of building an 800-foot-tall office tower above the Herald Square store with 1.2 million square feet of office space.

Macy’s had previously been headquartered at 11 Penn Plaza and in a Cincinnati office that it will vacate, according to the recent announcement of store closings and layoffs. The company has also been seeking tenants to occupy the 640,000-square-foot Penn Plaza space it has agreed to lease through 2035. According to Crain’s, Macy’s will leave 11 Penn Plaza by May.

In January, the New York Post reported that Macy’s had added 300,000 more square feet to the 567,000 square feet of space it planned to lease at Tishman Speyer’s 1.2 million-square-foot Long Island City project known as The JACX. The company plans to use that property for its merchandising organization, currently based in 11 Penn Plaza, as well as for its Bloomingdales division’s offices.

The proposed Herald Square space is near Penn Station as well as being central to nearly all subway lines and the PATH train and one of the city’s biggest hubs of office, retail and tourist traffic. Public filings show the retailer has been in discussions since last year with officials in order to get approval for the project.

[Via WSJ]

Have A Sleepover At IKEA In Red Hook Next Month

Lull yourself to sleep surrounded by ready-to-assemble furniture and Swedish meatballs during a sleepover at Ikea’s showroom in Brooklyn next month. The home goods store is launching a raffle to give shoppers a chance to spend the night at its Red Hook store on March 13. Coinciding with World Sleep Day, the “Swede Dreams” event aims to help the “tired, weary and sleep-deprived fans” of the store, according to a press release.

The first-ever sleepover experience involves sleep-themed games and activities. An “insomniac lounge” will feature ASMR, a silent disco, and exercises about creating the ideal sleep scenario.

Open only to members of IKEA Family, which is free to join, the raffle will officially kick off on Tuesday. Randomly selected winners will be contacted starting the week of Feb. 24. Winners are allowed to bring one guest to the sleepover.

The store will also offer an “IKEA After Dark” event on Feb. 22, from 3 p.m. to 9 p.m. for an abbreviated version of the sleepover. Workshops focus on ways to overcome sleep barriers through yoga and meditation, as well as organizational solutions. To help achieve optimal conditions for sleep, IKEA is offering sales on a number of bedroom items, like mattresses, pillows, and comforters.

Starting Tuesday, those interested in the sleepover can enter the raffle at IKEA.US.com/SwedeDreams.

227 East 12th Street, Unit 2C

227 East 12th Street, Unit 2C

EAST VILLAGE, MANHATTAN

1 Bed  |  1 Bath | Co-op

Offered At $850,000

Welcome to a tranquil East Village one-bedroom retreat, featuring loft-like proportions and gorgeous renovations, on one of the prettiest blocks in the city.

This approximately 725-square-foot co-op home is situated just a quick two flights up where you'll find refinished hardwood floors, 11-foot tall ceilings, exposed brick and gorgeous natural light thanks to huge north-facing windows. The oversized open-plan great room is a stunning space for entertaining or relaxing thanks to enchanting garden views and an expansive footprint for living and dining areas. Whip up Sunday breakfast or dinner for 10 with ease in the renovated open kitchen equipped with stone counters and breakfast bar, ample cabinet space and top-notch stainless steel appliances, including a gas range, dishwasher and built-in microwave. In the pin-drop-quiet king-size bedroom, a wide pocket door and clerestory windows allow sunshine to roam unimpeded. There's a beautifully equipped dressing area with spacious floor-to-ceiling fitted closets, and the serene bathroom is a vision in classic octagonal and subway tile, a glass-enclosed tub-shower and modern fixtures.

227 East 12th Street is a red brick townhouse co-op with a private, planted forecourt entry, voice intercom and a common laundry room. Flexible sublet policy with board approval. Sorry, cats only; no dogs. Set on a peaceful East Village block lined with trees and historic townhouses, this home is a delightful oasis surrounded by the best of Downtown living, just seconds from Greenwich Village and Union Square. Half a dozen Michelin-starred restaurants are within walking distance, and the East Village's renowned nightlife scene offers endless entertainment at every turn. Enjoy tremendous access to transportation with N/Q/R/W, 4/5/6 and L trains all nearby.

The Monthly Update - February 2020

Welcome to 2020! 

How much can we read into real estate activity in the first month of the year? And more importantly, does it predict market conditions for the rest of 2020?

Through the end of December and into January, we saw a welcome resurgence of activity in the marketplace. Whether it was due to pent-up demand or fueled by frustration over the  never-ending doom-and-gloom economic forecasts, the relentless “It’s a buyers market!” war cry seems to have finally broken through to the minds of the purchasing community. At least for the time being.

Many agents are reporting the same results, and there is a perceptible sigh of relief around the water cooler as things turn from stagnant to active in the overall New York City market. Lower-than-ever interest rates indeed helped give us a strong end to 2019 and an active start to the year. But, if you’re a seller, listen to this optimistic good news with an air of caution. This isn’t the time to reach for a sky-high sales price! The market is still extremely price-sensitive and dollar-motivated. Instead, the adage “more flies with honey” should be your marching orders. Make sure your listing is priced competitively and do everything you can to make the property stand out from every listing in your neighborhood and price category. That approach will ensure strong demand both now and in the event of a slowdown.

The best move you can make as a potential seller is to call us, of course. The Hoffman Team put 11 properties into contract in December and another 13 in January! How? We work as a team, and we know how to price for success in any market conditions.

In today’s fickle environment — and yes, you can expect more tumult as the presidential election approaches — clients require the most experienced and professional real estate agents to reach their goals, whether buying or selling.

Q4 Compass Market Reports

Curious to learn how the NYC real estate market wrapped up in 2019? 

Peruse Compass' quarterly market reports for commentary on trends and key developments! Get the full scoop on Manhattan, Brooklyn, and Queens insights here.

Have questions about the market and 2020 predictions? Reach out!

Chinese New Year Parade and Festival

February 9th 1:00pm

Attend the Chinese New Year Parade and Festival on February 9th in Chinatown! The parade kicks off at 1:00pm going through Mott Street, Canal Street, East Broadway, and around D. Roosevelt Park. Don't forget to continue celebrating at one of the many incredible local restaurants. Learn more here! 

Westminster Dog Show

February 9th-11th 

Are you a dog lover looking for a large dose of cuteness? Get tickets to see some of the best in show at the Westminster Dog Show! The three-day event will take place at Madison Square Garden and Pier 84 on February 9th, 10th, and 11th. Learn more here and get your tickets today!

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Times Square Arts’ 2020 Valentine’s Day Heart

Times Square Arts debuted the 2020 Times Square Valentine Heart yesterday, a tradition that started in 2009. This year’s installation, Heart Squared, was selected by the Cooper Hewitt Smithsonian Design Museum and designed by MODU and Eric Forman Studio. The sculpture is composed of a 10-foot-tall cubic steel lattice structure that approximates the form of an anatomical heart and 125 mirrors that are suspended within and tilted at various angles to create a kaleidoscopic collage of the urban environment. The arrangement of the mirrors might seem random at first but they’re precisely calibrated to form an anamorphic projection—meaning that the mirror array creates a surprise image when viewed from a specific vantage point, which is marked on the ground with white paint.

When viewed from that spot, the mirrors form the image of an “emoji” heart surrounded by a border of sky. “Fundamentally inclusive, Heart Squared brings people together to discover the heart within, a heart that reflects anyone and everyone who engages with it,” the designers explain.

In addition to sparking moments of connection between those passing through the bustling area (and, let’s face it, plenty of selfies), the artwork will serve as the backdrop for all Love in Times Square events taking place over the next month. If you’re planning a surprise proposal, wedding, or vow renewal, you can find out more information about how it all works and register here by February 2.

Heart Squared will be on display in Duffy Square (46th Street and Broadway) through March 1.

250 West 21st Street, Unit 7

250 West 21st Street, Unit 7

CHELSEA, MANHATTAN

1 Bed  |  1 Bath | Co-op

Offered At $599,000

 

Welcome home to this unique and character laden 1 bedroom in prime Chelsea. This gorgeous apartment has been lovingly maintained by its current owners. Step into a spacious living room with decorative fireplace, built in bookshelves, dark hardwood floors, and 10 ft. ceiling heights. Both the living room and windowed kitchen are bathed in southern light. The kitchen has great storage space, and features a butcher's block countertop. The bedroom is separated by a hallway and has double exposures through three windows facing both east and south overlooking gardens. There is also a large built in customized closet with a lovely window seat, and room for a home office area. The bright bathroom is quite large with an oversized soaking tub and clean white tiling. This is a small Coop with a laundry room in the basement, a super, and voice intercom system. The building is extremely well maintained and quiet, and is on one of Chelsea's best blocks. Close to the F, 1, C, and E trains, near some of the neighborhood's best restaurants, and close to Trader Joe's and Whole Foods. Please note this unit is a three flight walk up.

Fairway Confirms Bankruptcy Filing, Will Sell Off Stores

Earlier this week, the New York Post reported that beloved grocery chain Fairway would be filing Chapter 7 bankruptcy and closing all of its stores, but on Wednesday, Fairway took to Twitter to deny the claims. “Despite reports, Fairway Market has no intention to file for Chapter 7 or liquidate all of its stores,” the grocer tweeted. It’s unclear why the grocer made these statements since it’s now confirmed that they have filed for Chapter 11 bankruptcy, under which they will engage in a supervised sale of their remaining stores, reports the Times.

The chain is no stranger to financial woes. The original 74th Street and Broadway store became a Manhattan destination known for quality produce and well-curated gourmet brands, but as the chain expanded to other boroughs and the suburbs, the company incurred significant debt and struggled to stay afloat. Increasing competition from Whole Foods (especially after their purchase by Amazon), Trader Joe’s, and most recently, Wegman’s, coupled with overall rising costs only made matters worse. Per the bankruptcy filing, the company also points to increasing labor and pension costs and reports that their cash is down to just $1 million and they have debt amounting to $227 million.

In a foreshadowing statement on Wednesday, Fairway spokeswoman Rica Hermosura revealed that a soon-to-be-announced transaction “will provide for the ongoing operation of its stores.” So far, this seems true, and Fairway says its stores will remain open during the sales process thanks to a $25 million loan from its lenders.

Fairway has received an offer from Village Super Market, which runs 30 ShopRite and Gourmet Garage locations in the northeast, to buy the five Manhattan stores and their distribution center in the Bronx for around $70 million. However, other businesses are still able to bid for these locations, as well as Fairway’s nine others, until February 28th, at which time the U.S. Bankruptcy Court in New York will decide on a sale.

In a statement obtained by the Wall Street Journal, Village Supermarket chief executive Robert Sumas said, “If we are successful in our bid, we are committed to keeping Fairway, including its name, unique product selection and value, a part of this community.”

Editor’s Note: This story was originally published on January 22, 2020, and was updated with new information.

[Via NYT and WSJ]

MTA Unveils First Look At New Open-Gangway Subway Cars

Straphangers will soon be able to move freely between some subway cars. The Metropolitan Transportation Authority on Tuesday released photos of the city’s newest subway fleet which features an “open-gangway” design, or accordion-like walls located at the ends of cars. The R211 car design is meant to increase capacity by allowing for better movement and “customer flow.” Expected to be partially delivered later this year, the new subway cars are part of a nearly $4 billion contract awarded to Kawasaki Industries in 2018.

The open-gangway design replaces the door between subway cars to create more space, safely. Other new design elements include wider doors to let more customers on and off more quickly, digital displays and advertisements, and a blue and gold exterior.

The new cars will eventually replace the MTA’s fleet of R46 cars, which were built in the late 1970s and run on the A, F, R, and C lines, as well as the Staten Island Railway.

“We are very excited about these latest developments in our R211 car production because these new cars represent the future of the New York subway and will be the new standard for all new NYC Transit subway cars going forward,” Frank Jezycki, the chief operating officer of the Department of Subways, said in a statement.

The roughly $3.69 billion contract is set up in three phases for a total of more than 1,600 cars, with the first batch of cars scheduled to be delivered by Kawasaki this year. The first phase involves $1.4 billion for 535 R211 cars, but it’s unclear as of now how many of them will feature the open gangway design.

According to the MTA, 30 pilot R211 cars, 20 of them with open-gangways, will be delivered to NYC Transit for testing this year. Following the test of pilot cars, the production of the base R211 order will begin, which is expected to take two years, by August 2023.

The MTA says the production process is “on schedule and on budget,” unlike the contract the MTA has with Bombardier. The Canadian company delivered the last fleet of new cars two years behind schedule, with many of the cars having mechanical issues. The agency pulled 300 of the Bombardier-manufactured subway cars from service earlier this month after reports of the doors opening while moving.

15 Contracts Signed At $4M+ Last Week

LUXURY MARKET REPORT 2020

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

January 13-19, 2020

15 Contracts Signed

Fifteen contracts were signed last week at $4 million and above, 4 more than the previous week---but still another lackluster performance in the luxury market since the start of the New Year.

The No.1 contract was 50C at 157 West 57th Street, asking $16.5 million, reduced from $21 million when it was listed in October 2018. The seller purchased the unit from the sponsor for $19.35 million in April 2015. The apartment has 3,466 square feet including 4 bedrooms and 4.5 bathrooms. A 43-foot corner living room and master suite face Central Park. 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 that has a separate entrance for its 210 rooms. Amenities include use of hotel services, fitness center, pool, private dining, a library lounge, performance space, and a garage.

The No. 2 contract was 11S at 88 Central Park West, asking $13.495 million; it was listed in September. The apartment has 3 bedrooms and 3 bathrooms. The living room, music room, and library span almost 50 feet facing Central Park. The seller paid $11.225 million in August 2011. Monthly maintenance is $10,360. The 28-unit co-op was built in 1910, and features period details and ceilings close to 11 feet. Building amenities include a doorman and storage.

Will Hudson Yards Developer Swap Promised Public Green Space For Walled Private Park?

Related Companies is gearing up for the second phase of Hudson Yards—the Western Yard—but there’s uncertainty about what exactly the developer has planned. To balance the addition of another batch of towering skyscrapers, the Western Yard promised to open itself up to the public with a new school and accessible, High Line-adjacent green space. Now Related appears to be considering walling that part of the development off with a 700-foot-long structure “that would overshadow the High Line, accommodate a parking garage and help make the site more like a quasi-gated community,” as the New York Times reports.

Plans for the Western Yard (which spans the area from 11th to 12th Avenues between West 30th and West 33rd Streets) were submitted as part of the city’s environmental review process and showed the remaining tracks paved over and open green spaces (designed by Nelson Byrd Woltz) creating a connective network among the towers that will inevitably rise. “This was the image sold to the public: the yard as accessible, hospitable and open to everyone,” architecture critic Michael Kimmelman writes in the Times.

In recent private meetings with community officials, Related has pushed the idea of elevating the yard deck to accommodate a parking garage underneath. In this scenario, “the site would no longer decline toward the river but rise up, as it moved east to west, creating an immense wall, some 700 feet long, just next to the High Line and towering some two stories above it,” as the Times describes. This would obscure public access between the High Line and the yard and reinforce the perception of Hudson Yards as a wealthy enclave within the city.

“We remain committed to building a public school, 50 percent open space (a zoning requirement), community space, and fulfilling all of our obligations to the city as part of the existing plan,” a spokeswoman for Related told the Times in an email. “As with phase one of the project, connectivity to surrounding neighborhoods and the High Line will be critically important.”

The proposal may be preliminary—and will ultimately require approval by the City Planning Commission to move forward—but many sources Kimmelman spoke to were already familiar with and explicitly against it, even calling it a betrayal of “what public officials negotiated a decade ago,” as City Council Speaker Corey Johnson did.

“Related’s proposal to build a 720-foot-long, 20-foot-high concrete wall to cut off the High Line from new open space is an absolute disgrace and violates the original plan approved by the community board,” said State Sen. Brad Hoylman. “No company has benefited more from the High Line than Related, which has used the High Line to sell luxury condominiums and populate its mall with customers. Now they want a private garden for their residents? The last thing New Yorkers need is a wall.”

“We thought the whole point of the original zoning agreement was to have a visual connection so that you could see the Western Yard’s lawn from the High Line to let people know it was there and built for them,” Robert Hammond, executive director and co-founder of the High Line, remarked.

“Hudson Yards is already considered elitist,” Manhattan Borough President Gale Brewer added. “People wonder, is that for me? Getting people of color to utilize these places is hard enough. This is the worst sort of planning.”

Brewer and other local leaders and city officials intend to organize opposition to the proposal. “We want a public space that announces itself as public and makes the public feel ownership,” said Burt Lazarin, chairman of Community Board 4, which represents the area.

[Via New York Times]

136 Waverly Place, Unit 11D

136 Waverly Place, Unit 11D

WEST VILLAGE, MANHATTAN

1 Bed  |  1 Bath | Co-op

Offered At $1,550,000

 

From its stunning views, to its spacious proportions, unique layout, gorgeous upgrades and architectural details, everything about this beautifully renovated, high floor, one-bedroom, one-bathroom Greenwich Village cooperative conveys prewar perfection made modern.


Arrive through a rare formal foyer entry to find an expansive living room featuring hardwood floors, tall beamed ceilings dotted with recessed lighting, and west-facing windows that deliver open-sky outlooks of the Manhattan sunset. Custom wallcoverings and fresh paint highlight stately millwork and built-ins. Stretching nearly 21 feet long, the living room provides a generous footprint for sitting and dining areas, and smart pocket doors reveal a masterfully planned, windowed kitchen where glass-front cabinetry surrounds premium appliances by Miele and Liebherr. A wall of large closets lines the long hallway to the corner bedroom where northern exposures and additional west-facing windows frame commanding views of the Empire State building and Christopher Street Park. Three more bedroom closets with custom built-ins ensure storage will never be a concern. The hallway bathroom features classic black-and-white tile and a large bathtub/shower.


Welcome to The Waverly, a pet-friendly cooperative building within the Greenwich Village Historic District. Here, residents enjoy 24-hour doorman service, live-in superintendent, laundry, storage and a bike room. From its position, where the West Village meets central Greenwich Village, The Waverly is surrounded by the best of Manhattan living. Outstanding restaurants line the nearby streets, including the original Joe’s Coffee, cozy brunch spots like Jeffrey’s Grocery and Michelin-starred restaurants like Blue Hill. Spectacular open space awaits at Washington Square Park, Jefferson Market Garden and sprawling Hudson River Park. Nearly every subway line in the city is within minutes, if not seconds, of this central location, including A/C/E, B/D/F/M, 1/2/3, L, N/Q/R/W, 4/5/6 and PATH trains.

Your new home awaits.