New Sales Listing - 249 East 118th Street, Unit 7B

249 East 118th Street, Unit 7B

Offered At $875,000

CC: $826  |  Taxes: $66

2 Beds  |  2 Baths  |  1,056 SqFt.

This gorgeous two-bedroom, two-bathroom home features sprawling, sunny living spaces, great views and phenomenal amenities, all set in thriving East Harlem. 

Enter this 1,056-square-foot home and enjoy one of the largest floorplans in the building. You'll be drawn in by bright south-facing views from the private Juliet balcony that runs the full width of the large main living space. Here, you'll have plenty of room for dining and sitting areas, served by the nearby, well-appointed kitchen. Glass-front maple cabinets, sleek Caesarstone countertops and full-size GE Profile appliances line the smart galley setup.

The split-bedroom layout provides great separation of space. In the oversized master suite, you'll find room for a king-size bed plus additional furniture, a large walk-in closet and an en suite bath lined with Honey Onyx marble, gleaming subway tile and natural stone. The large second bedroom, with a roomy closet, is found near the second full bathroom.
 Brazilian maple floors pave the home, while high ceilings rise overhead throughout. Ample closets (many with California Closets fixtures), a vented in-unit GE washer-dryer, video intercom, sound-resistant windows, high-speed cable and internet wiring, and individually controlled heating and air conditioners add to this home's abundant convenience and comfort.

The Ivy is an attractive 10-story condo building featuring an elegant lobby, fitness center, private outdoor terrace, storage cages and a virtual concierge. 421-a tax abatement in place until 2033. Set in vibrant East Harlem, this home offers unbeatable access to great dining — including coveted VIP hot spot, Rao's — and great shopping, thanks to the 125th corridor and the East River Plaza, home to Costco, Target, Best Buy and Aldi. Access to transportation is excellent with the 6-train and several bus routes, including M116 crosstown and M15-SBS express, nearby.

Inside The Underground Economy Propping Up New York City's Food Carts

When Sharif leaves his home in Flushing, Queens, it’s too early to say goodbye to his wife and three kids. Long before sunrise, he drives 15 minutes to a cold, brightly lit garage in Long Island City that smells of spent fuel, cleaning fluid and food that’s about to turn.

There, Sharif, an Afghan native in his mid-40s, stocks the front window of his food cart with muffins and bagels from a wholesale bakery in Queens, sold to him at a markup by the garage’s owners. Like the five dozen food-cart vendors busy alongside him, Sharif has brought his own perishables; for most, it’s the seasoned chicken, rice and vegetables that will become halal dishes by lunchtime. Western Beef and two Costco stores— favorites for bulk provisioning—are a short drive away.

Sharif double-checks the propane tanks and grill, hangs his food-seller’s permit around his neck, hitches the rig to his car and heads for the Queens-Midtown Tunnel. (To protect cart owners and vendors from being prosecuted for illegally renting out or selling permits, Crain’shas declined to identify them by their full names or exact locations.)

An hour later, on a corner in midtown, Sharif has already sold the first of the day’s 125 coffees. At 6 a.m., he’s joined by Zamir, a younger Afghan immigrant. For the next few hours, with Zamir standing over the hot griddle, they sell egg-and-cheese sandwiches to a steady stream of regulars and early rising out-of-towners.

Though Sharif owns his food cart, a portion of his earnings is sent to “a guy in New Jersey”—likely "Mr. Q"

Sharif has been working on the same corner for 17 years. “It’s hard work, six, seven days a week,” he said, “but I have bills to pay. I have a family.”

Working nine hours a day, food-cart vendors like Zamir take home as little as $400 to $500 for a six-day week. Many are new immigrants hoping to start new lives. During a brief lull in lunch service, Zamir, 22, told me he served as a translator for U.S. troops in Afghanistan before he was wounded and then awarded a visa to settle here. A generation ago, after a few years of hard work and saving, Zamir could have become his own boss. Sidewalk vending was long an option for immigrants eager to improve their lives.

That’s no longer the case. Today’s mobile food vending business is one of day laborers and shift workers who, despite hustling all week long, may not earn minimum wage.

Even for bosses like Sharif, financial autonomy is not guaranteed. Though Sharif owns the actual food cart—“I built it three years ago,” he said—a portion of his earnings is sent to “a guy in New Jersey.”

According to records obtained by Crain’s through a Freedom of Information Law request, that guy is in all likelihood “Mr. Q.” While Sharif owns the food cart and his own vendor’s license, it’s Mr. Q who controls the mobile food vending permit—a tiny piece of adhesive plastic that makes this cart more than just a griddle on wheels. Without it, Sharif has no business.

On a nearby block, it’s a similar story. In a smaller cart equipped to sell just coffee and baked goods, another Afghan, a 54-year-old man who asked to be identified only as Steve, has been fighting for market share with Starbucks, Dunkin’ Donuts and their predecessors for 27 years. He supports a wife and five children on the $600 to $700 he earns every week—about $35,000 a year.

At least, like Sharif, Steve is the boss—almost.

“I own 35% of the cart,” Steve said proudly. “When I started 20 years ago, they paid me a salary.” It was unclear if Steve bought or earned a share in the cart; it was also unclear who “they” are. Like most of the vendors interviewed for this article, Steve wasn’t keen to elaborate on his business.

One thing is certain: The name on the permit is not his. Either like Sharif, Steve leases his permit from the legitimate owner—for upward of $10,000 a year—or that’s why he’s ceded nearly two-thirds of his business to silent partners.

The city’s administrative code is clear that permits can’t be sold or transferred. Section 17-314.1 (b) of the code reads: “No vehicle or pushcart used to vend food in a public place shall be assignable or transferable with a license, permit or plate that has been issued under this subchapter attached thereto.”

Sharif and Steve are just two of the thousands of unwitting lawbreakers in a black market for cart permits that operates in plain sight of the city’s enforcement agencies. That black market is worth an estimated $15 million to $20 milliona year, costing the city millions of dollars in potential fees while making it harder for immigrant entrepreneurs to build equity and take the first step up the economic ladder.

Historian Mark Kurlansky writes that in the 19th century, food carts peddled fresh oysters for 6 cents apiece. When the oyster beds died off and new waves of immigrants arrived, offerings diversified; it wasn’t uncommon to find corn, pickles and sausages for sale on city sidewalks. In 1890, Jacob Riis wrote, “There is scarcely anything else that can be hawked from a wagon that is not to be found, and at ridiculously low prices.”

It was these “ridiculously low prices” that drove the first wedge between mobile food-sellers and restaurateurs. The latter, burdened by rent, insurance, payroll, equipment and other overhead, struggled to compete with 6-cent oysters and their successors.

The relationship between vendors and retailers hardly improved over the next century. Embarrassed by the lower-class food carts, Mayor Fiorello La Guardia decreed that sellers had to stand behind their carts, and eventually formed a network of covered markets to get the peddlers off the sidewalks.

Four decades and six mayors later, Ed Koch inherited this mess. The irascible Koch had little sympathy for the vendors. Of midtown’s crowded sidewalks, the mayor told The New York Times, “This is not supposed to look like a souk.”

Under pressure from brick-and-mortar retailers, in 1981 Koch set a limit of 3,000 citywide permits for mobile food carts and trucks. The mayor’s move turned pushcarts into the new taxis, whose medallions—not the cars themselves—are the valuable asset.

For $50, just about anyone can get a license to sell food on a city sidewalk. The application process is cumbersome, but as bureaucratic chores go, it sits somewhere between the drudgery of renewing a driver’s license and the complexity of filling out a tax return.

The problems come with registering the food carts themselves, and with the plastic inspection sticker known as the mobile food vending permit, or MFVP, for which the Department of Health and Mental Hygiene charges $200, and which is usually valid for two years. But many permit holders, having put in their time slinging souvlakis and moved on to more lucrative businesses, such as driving a cab, keep renewing their permits and renting them out, often with the cart attached, on a lucrative black market.

Illicitly renting a two-year permit from its legitimate holder can cost as much as $20,000 for a cart that serves hot food and can bring in far more revenue than a simple coffee-and-doughnut cart, or as much as $30,000 for a food truck—a fully mobile kitchen. Because they’re so valuable but not legally transferable, these permits never officially change hands. Instead, brokers help permit seekers find permit holders who no longer want to man a cart. The vendor who needs a permit—and a cart—might pay a flat fee every two years, upon renewal, or work out a profit-sharing arrangement.

LIST PRICE: The city charges $200 for a two-year city-wide mobile-vendor’s permit
PAY TO PLAY: Expect to pay $20,000—or more—to rent a permit from a licensed holder
LOTTA DOGS: 3,000 mobile food vendor permits have been issued by the health department 

In this manner, an estimated 70% to 80% of permits are illegally in use by someone other than the permit holder. Some have been legally owned by the same person for two decades, even if he or she hasn’t touched a shawarma since the administration of Mayor Rudolph Giuliani. (The health department, which distributes the permits, couldn’t produce back records of permit ownership.)

At the center of this underground economy sits a loose network of garages known as licensed commissaries where, by law, every food cart must be cleaned and stored each night. While these garages serve as a meeting point for the food cart world, there is a decentralized network of owners, brokers and would-be vendors that has evaded the haphazard efforts of law enforcement.

On a cold, rainy morning earlier this year, I visited nearly a dozen of these garages to figure out how, exactly, this illicit system operates.

In Manhattan, the commissaries are clustered in Hell’s Kitchen. Most are no wider than a single-car garage, deep as a typical railroad apartment, and hidden in plain sight behind hanging strips of thick clear plastic. Often, a broken food cart sits along a back wall, awaiting repairs.

The licensed commissaries are largely modest operations, garages that store and service just 10 to 15 carts whose operators pay upward of $600 per month. The commissary owners often require vendors to buy their provisions from the garage. Commissary owners make most of their money from a 5% to 10% markup on supplies.

Manhattan’s largest commissary doesn’t even store or clean food carts. From their headquarters on West 37th Street, Tom and George Makkos have run M&T Pretzel for more than three decades. Born in Athens, the Makkos brothers immigrated to New York in their teens with their parents; like many Greek immigrants of the time, their father supported his family with a food cart.

After college, Tom and George returned to the family business. Seeing opportunity in Koch’s permit cap, they amassed a fleet of food carts—and, crucially, the permits that made them legal. It’s not known exactly how many permits the Makkoses held at their peak, but a current employee (who insisted on anonymity) told Crain’s it was “thousands.”

By 1995, the brothers, dubbed the Hot Dog Kings by The New York Times, were in a position to pay the city a $288,200 franchise fee for the right to vend for one year from a single hot dog cart in front of the Metropolitan Museum of Art. That same year, they paid $480,400 for the rights to Central Park’s 60 concessions, making them the Parks Department’s second-largest revenue driver, after Tavern on the Green.

Soon enough, the high-flying Makkos brothers—and at least one other mini-empire of hot dog carts—attracted the unwanted attention of Mayor Giuliani. In February 1995, the City Council passed a law limiting mobile food vending permits to one per person or company, effective Jan. 1, 1996. The idea was to once again make the food-cart business a path for aspiring entrepreneurs. With the end nigh, the Makkoses diversified (Tom is a longtime co-owner of the upscale Italian restaurant Nello), relinquishing the pushcarts as their permits expired and becoming suppliers instead.

Twenty years later, by all appearances, M&T Pretzel is nothing but a wholesaling business, and has nothing to do with amassing—or renting—food cart permits. Along the back wall of the large, well-lit space, a row of humming commercial refrigerators holds enough hot dogs to feed a stadium. Stacks of soft drinks fill more of the remaining floor space.

The Makkoses still appreciate the power of a monopoly. Said one older man at a nearby garage, “If you buy a bottle of Poland Spring in the city, you go through them. Period.”

That’s barely exaggeration: The lot next to M&T is filled with shrink-wrapped pallets of beverages—many with the familiar Poland Spring logo, stacked two-high and packed Tetris-tight by two busy men on forklifts.

Tom Makkos—charming, funny, recreationally vulgar and good with a handshake—declined to speak on the record with Crain’s when I met him that morning. Reached by phone several weeks later, he told me he’s no longer involved in the retail end of the business.

“I do not own any permits,” he said. “I don’t own any carts. I have nothing to do with that.”

Just one block away, I met Hell’s Kitchen’s other commissary king, Zizo—“No last name, please”—who came to the U.S. from Egypt in the early ’80s. He’s been in food carts ever since, clawing his way up from vendor to garage owner. Today he has the second-largest commissary in Manhattan.

Like M&T Pretzel, Zizo’s garage (whose trade name was never made clear, and defied research efforts) is also enormous by industry standards. I found Zizo sitting at a cluttered desk in the back. He looks to be in his 50s, fit and solid in that manner of men who don’t actually sit for a living, and he was eager to talk about how the business has changed over the years.

Not that food vending was ever easy, he made clear, but it’s harder than ever. When he arrived, “everybody got a permit,” he said. “Everybody could work.” The barrier to entry was low enough to encourage entrepreneurship. In the 1980s, Zizo said, a classic hot dog pushcart cost $3,000 to $4,000 to buy; today’s carts, equipped to prepare halal lunches with griddles and coolers, can easily run $35,000.

When asked about permits, Zizo sighed, stood up and pointed to my notebook. “The price of permit going up, up, up,” he said, jabbing his finger to make sure I got his point. Today, he said, a permit costs $20,000 for a two-year black-market rental. He expects that number to rise to $22,000 next year.

New rules by the city have only made it more expensive to rent a permit illicitly. In 2015, the health department began requiring permit holders to show up in person to contest tickets for violating the myriad rules of where and when carts can operate. (Previously, the licensed food seller was held responsible.) To account for this greater risk, owners are pricing permits higher still. Some even require a security deposit in addition to the biennial fee.

“Where are these permits changing hands?” I asked.

“Go to Astoria,” Zizo said. “That’s where the brokers are.”

When Giuliani instituted the one-person, one-permit rule in 1996, the food cart business was dominated by Greeks. “Then,” Zizo said, “the Egyptians took over. Now it’s Bangladeshis and Iranians and Turks.” Astoria has been home to all these groups, and that’s why Zizo sent me to Queens to find the permit brokers.

On a late Saturday afternoon in March, working with just a few cross streets and first names, I went looking for “Dmitri” and “Effie,” both said to handle certain tasks on behalf of food vendors.

 

Photo: Buck Ennis

THE FIXER: Effie Tsatsaronis fixes tickets, legally, for vendors from this Astoria storefront. She was once arrested for selling permits.

I wasn’t optimistic—one can’t swing a souvlaki in Astoria without hitting a Dmitri—but an hour of cold-calling in local storefronts turned up a different lead. In the window of a tiny, unkempt real estate office under the elevated N and Q subway line, I found a flier. “FOOD VENDOR CART with 2 Year Citywide Permit + Spot [in] Very Busy Area in Queens,” it said. The photo showed a typical halal cart, ready for business.

According to an older man inside the storefront, “some Indian guy” had asked him to put up the sign; he himself was not involved, he said. He did, however, know a Dmitri (or “Jimmy,” in its Anglicized form) who was involved with food carts. Like Zizo, he offered me cross streets and a polite dismissal.

On the way to find Dmitri, I called the number on the flier. A man who gave his name as Mr. Singh picked up and, in a very thick Indian accent, explained that he was selling his truck. It’s in Jamaica, near the subway, and it “includes everything,” he said.

“The permit is included?” I asked.

“Yes, all five boroughs,” Mr. Singh said. “I have a new job. I am selling everything.”

“How much do you want?”

“No, no, please, come out, see the truck. We’ll talk price.” Street vendors often refer to the larger carts as trucks.

Eventually, I got an asking price of between $20,000 and $30,000, and I would be buying the truck and the permit from him directly. Mr. Singh refused to say more unless I met him.

“Buying” Mr. Singh’s permit would be illegal—and, as a practical matter, impossible—as permits are not transferable on the city’s ledger. I doubt that’s what Mr. Singh actually meant. More likely, Mr. Singh would sell me his cart with the permit attached; together, we would go to the inspection center in Maspeth, and he would sign the renewal papers. I wouldn’t see Mr. Singh again for two years, in time to renew the permit that would again bear his name.

On a nearby corner, I bought a $3 souvlaki from a man in his late 30s named Ioannis. I tipped him a few bucks and asked about Dmitri and Effie, about food carts, about getting a permit. He shot me the suspicious side-eye I had come to know.

“Effie, I don’t work with her. Dmitri? This is Dmitri,” he said, pointing to a young Greek guy sitting on a folding chair. It was not the right Dmitri. I thanked him and turned away, but Ioannis grabbed my arm lightly and asked, “You want a cart? I have a cart.”

He whipped out his iPhone and pulled up photos of a classic pushcart, perfect for selling $2 hot dogs.

“How much?” I asked.

“No, I don’t sell it,” he said. “We work together. You pay me every month.”

“How much? A thousand dollars a month?”

“No, no,” he said, “we talk price later. You come see the cart. It has the sticker.”

I pressed—$800? Finally, he relented. “The permit costs $18,000,” he said.

While the real Dmitri proved elusive, Effie revealed herself without much effort. She runs a clearly marked business called Effie’s Food Vendors out of a modest storefront on a quiet residential street in Astoria.

Every weekday from 6 p.m. to 9 p.m. and Saturdays from 10 a.m. to 1 p.m., Ifigenia “Effie” Tsatsaronis serves as an expediter, helping food vendors navigate the tangle of bureaucracy that defines their business.“We renew people’s licenses,” she told me from behind the single desk that dominates her modest office.

“We get them a license for the first time, we renew their permits, we adjudicate their violations, we do their sales taxes.”

Tsatsaronis charges $15 to contest a ticket, $50 to help get a new operator’s license and, curiously, $90 to renew that license. For vendors earning subsistence wages, it’s more cost-effective to hire Effie than to waste days hauling paperwork around town.

Years ago, Tsatsaronis was also known to broker deals between permit holders and buyers. In 2009, along with five others, she was arrested in a sting by the city’s Department of Investigation and charged with criminal possession of a forged instrument in the second degree and falsifying business records in the second degree. The charges were dismissed and the records sealed.

Tsatsaronis is refreshingly frank about her arrest. “There is an industry, and there are things happening everywhere. We happened to be the subject of the raid, so we paid for everybody’s sins at the time. We were the only ones who had to pay the consequences.”

Tsatsaronis said the system is not broken—perhaps because she’s built a cottage industry on its inefficiencies. “The city has a point in saying, Okay, you have a permit that is your property for as long as you use it.” But if a vendor no longer wants to stand all day in a cart, she said, the permit should revert to the city. “Then more people get a chance for the $200 fee every two years, like it should be,” she added.

 

Photo: Buck Ennis

EVERYONE COMES TO ZIZO'S: Each night, food carts park and restock at this Hell’s Kitchen garage.

In my months reporting on this story, I got no sense of there being a criminal mastermind or an evil overlord running this black market. By and large, this trade is done face-to-face, through texts, and on Craigslist. Rightly or wrongly, most permit sellers are just taking advantage of a system that happens to be broken in their favor.

Sean Basinski, founder and director of the Urban Justice Center’s Street Vendor Project, agreed. “It doesn’t make it any better,” he said of the permit owners, “but it’s former vendors who are not rich people—because why would they have been vending in the first place? Now they’re doing a little bit better. Maybe they’re driving a taxi.”

Indeed, Mr. Singh said he has a new job, which he wouldn’t name; Ioannis has graduated to a larger truck. But they’re holding on to their permits. “It’s $20,000 every two years,” Basinski said. “It’s almost like a retirement fund, like a pension.”

Why doesn’t the city lift the cap on permits? Or, at least, relax the limit and charge more than just $200, putting money in the city’s coffers?

For one, the city’s business improvement districts, or BIDS, staunchly oppose any legislation that would increase the ranks of mobile vendors. They see sidewalks clogged with cheap meals. They see carpetbaggers occupying valuable real estate. They see ugliness, visual clutter, noise and fumes from diesel generators, unfair competition, litter and lines of customers blocking access to their own storefronts.

Basinski says vendors do not compete with local businesses. “The removal of vendors has led to a loss of foot traffic that harms brick-and-mortar small businesses,” he has written.

Andrew Rigie, executive director of the New York City Hospitality Alliance, which advocates for the city’s restaurants, bars and hotels, agrees. “Most brick-and-mortar business owners aren’t anti-vending,” he said. Rigie’s organization wants a new permit program, though he can’t say how it would work. “There are a lot of honest people who want to comply with the law who might be eligible for a permit under a different system,” he said. “But until the various stakeholders come to the table, it’s difficult to say what a new system would look like.”

The City Council has spent more than a year looking for a compromise everyone can support, or at least can tolerate, and is no closer to a solution.

Finally, there’s the issue of bureaucratic appetite. Officially, city agencies are concerned. “The health department has taken significant steps to increase enforcement and reduce the illegal transfer of mobile food vending permits,” said a spokes-person for the Department of Health and Mental Hygiene. “This has increased compliance and reduced permits being illegally transferred or sold.”

In fact, fewer than 70 permits have been removed, suspended or placed on probation since 2014, and the health department failed to provide any proof of “increased compliance.” On the street, there doesn’t seem to be any slowdown in permits changing hands.

The Department of Investigation has been running occasional stings to tamp down the black market, but appears to have little interest in making arrests. In 2014, for instance, the department confirmed that permits were being sold on Craigslist and referred those findings to the health department. The police are tasked with ticketing vendors.

The black market preys upon working-class immigrants, discourages entrepreneurship and has done nothing to foster financial security. The vendors who started under Giuliani are now well into middle age, and most have little to show for their decades of hard work.

“What else am I going to do,” asked Steve, the 54-year old who has sold coffee and pastries in midtown for 27 years. “Who’s going to hire me? I’m not an electrician.”

With a resigned grin loaded with gallows humor, he noted, “Who knows what will happen? A few weeks ago, I know one guy who dropped dead in his cart.”

With that, he shrugged, snapped a plastic lid on my coffee and turned back to his line of customers, $1.50 richer by my hand—but still a long way from being able to retire.

New Sales Listing - 238 East 15th Street

238 East 15th Street | $19,750,000 | 52 Feet Wide

Consisting of two combined, historic townhomes facing one of Downtown’s most picturesque parks, Stuyvesant Square, never before has a property of this magnitude been offered. Set within the Stuyvesant Square Historical District, just moments from Union Square, these homes were first occupied by Lewis L. Squires, a local ship chandler, and Mahlon Day, a printer and seller of children's books, and were later acquired by the Missionary Sisters in the early 1940s.

These two individually impressive townhouses have been combined to create a 52-foot-wide mega-mansion of epic proportions. At 60 feet deep, and ascending five stories tall, the buildings span nearly 18,720 square feet in total (15,600 above grade and 3,120 SF in cellar) and include a spacious south-facing garden. This property is now available as an impressive single-family home unlike any other, as two separate townhouses, or as a condominium conversion.

Built in 1850 in the Italianate and Greek Revival styles, many pre-war
 architectural details remain intact and are in excellent condition. While the Federal style doorway and window lintels have been updated, the brick facades and the rooflines' cornices, modillions and console brackets are original. The parlor floor includes majestic low-sill windows overlooking the lush park, and an elevator services all floors, which boast impressive ceiling heights throughout.

Located in Gramercy Park and flanked by the East Village and Union Square, this home is at the epicenter of Lower Manhattan with superb restaurants, shopping and abundant transportation options moments away. Historic Stuyvesant Square, built in 1836 on land deeded to the city by Peter Gerard Stuyvesant, founder of the New York Historical Society, sits gracefully across the street providing scenic views and comforting open space. Zoned R-7-B, this is the perfect opportunity to renovate the property as a grand mansion or foundation, divide it into two separate townhouses or develop it as a multiple condominium residential conversion.

The Oil Crash Is Crushing The UAE's Real Estate Market

Dubai's Burj Khalifa is the tallest building in the world, standing at 2,716 ft.

The UAE has become the latest example that no oil producer is immune to the effects of low prices—regardless of what line officials may be touting.

Early last month, the Energy Minister of the emirates said that the UAE was not affected by low oil prices because of its diversified economy. Now economic stats for April have been released, and they reveal quite a different picture.

For one thing, the April purchasing managers’ index for the UAE dropped by almost two points from 54 in March to 52.8. Although any reading of a metric above 50 means economic expansion, in the UAE this expansion – in manufacturing and services but not counting the oil industry – is slowing.

For another thing, employment is stalling, with the April reading at 50, down from 51.5 in March. Basically, although all seems in order and the private sector is doing well, companies are not hiring, in spite of a solid order backlog, according to Khatija Haque, the regional head of research for Emirates NBD.

A third factor pointing to a slowdown is the latest financial results released by UAE banks. All of the big lenders in the emirates reported profit declines for the first quarter of the year, weighing on the stock market.

Apparently, however diversified an economy is, if oil is one of the main contributors to budget revenues, the whole economy will suffer, although, to be sure, the suffering of the UAE is mild compared to some other oil producers.

This combination of factors has had its effect on the housing market as well, which is good news for homebuyers and real estate investors.

According to a note from Standard & Poor’s, house prices in the emirates will shed an average 10 percent of their value by the end of the year, which comes on top of a 10 percent reduction in 2015 as oil dropped lower and lower.

The rating agency explained in the note, however, that there are no signs of demand picking up despite the more favorable price environment in real estate. This suggests that real estate investors and homebuyers are either waiting for further price falls, or that this greater affordability of housing brought about by the oil price depression is not enough to stimulate demand. The latter seems to be true in regards to investors operating in currencies different from the greenback. The dollar has performed well so far this year, making UAE real estate more expensive for non-dollar investors.

So, it’s a buyers’ market in Dubai and Abu Dhabi, as long as the buyer has dollars. And yet, it’s only fair to note that there is truth to the words of Energy Minister Suhail bin Mohammed Faraj Faris Al Mazrouei. The UAE may not be completely immune to the effect of low oil prices, but it is without question doing infinitely better than Saudi Arabia, Libya, Iraq, Nigeria, or Russia.

A diversified economy is indeed the best guarantee against price shocks in any one industry. The UAE economy may slow down for a while but it will pick up pace again much more easily than those over-reliant on oil revenues.

Read the original article on OilPrice.com. Copyright 2016.

Annabelle Selldorf's Pricey, Exclusive Bowery Condos Are Now For Sale With COMPASS

The building will be home to just five expensive condos (four duplexes and the penthouse), starting at $6.5 million for the cheapest and going up to $17 million for the three-floor, tower-topping penthouse. True to form, each apartment will also have ultra-luxury finishes, including cabinetry designed by Selldorf Architects and "disappearing kitchens" outfitted in white oak and soapstone.

There will also be a private entry on 3rd Street through a "landscaped mews" lined with seasonal greenery, including magnolias and evergreen shrubs. That's in addition to the communal garden on the third floor of the building, along with the private balconies found in each apartment.

A Trip In The “First Apartment In The Sky” Will Cost You $32,000

Why book a first class seat when you can book a first class suite?

That’s the thinking behind Etihad Airways’ latest venture, which has just set off into the skies for the first time on wings of gold and oil. A new section of their superjumbo planes is called the First Apartment and consists of a series of suites. Etihad is claiming this is “the world’s most luxurious living space in the air.” No surprises here, but Etihad Airways comes from Abu Dhabi. 

“The Residence” is the most luxurious of all the suites, and was designed for two people. It has three separate rooms — a living room with a dining table and a 32-inch flatscreen TV; a bedroom with Egyptian cotton sheets; and a bathroom with a shower. It’s enough space to accommodate a lover’s quarrel (and an even more glorious make up).

According to their marketing video, you also get to eat on Bernaudaud china and drink cognac from Vera Wang glassware.

You will also have access to a butler who trained at the Savoy and will bring you breakfast-in-bed, and a chef who will make you anything your rich, little heart desires. The price for all this? A one-way ticket between New York and Abu Dhabi will cost you$32,000 for two people.

New Sales Listing - Westchester Estate 181 Mead Street, Waccabuc, New York

181 Mead Street

Offered At $15,985,000

Offered for the first time in 25 years, this spectacular estate is nestled on over 10 lush, private acres, including 300 feet of direct waterfront on Lake Waccubuc. 

Set in Westchester County, an hour's drive north of Manhattan, this idyllic sanctuary is a rare opportunity to own your own slice of heaven. Arrive via a charming, winding lane, flanked by stone walls, and take in the sprawling 9,900+/- square foot Nantucket style residence accented with a gabled roof, dormers and bay windows. Inside, you'll find six bedrooms — five of which offer tranquil lake views from Juliet balconies — including a master wing with a spa-like en suite bathroom and upstairs sitting area. Oversized living and dining spaces and a well-appointed chef's kitchen, make this a home that begs to entertain city-weary guests with long weekends of country living. 

On the expansive property, dotted with swaths of lawn and old-growth trees, you'll find an infinity swimming pool with spectacular views of the lake, a cascading waterfall, year - round Jacuzzi spa, two golf greens built by renowned Home Green Advantage, a one-bedroom guesthouse with separate utilities, plus a rustic boathouse and 100-foot dock. The property is outfitted with professional lighting throughout, highlighting its most beautiful features, especially at night. 

Waccabuc is a historic hamlet located often called "New York's secret suburb". The town of Waccabuc with it's fewer than 500 residents, includes a number of privacy-conscious CEOs and celebrities among it's dwellers. Lakefront properties in this bucolic getaway are few and rarely available. This spectacular estate has only been available twice in 75 years! Don't let this truly special offering pass you by.

See More Photos Here

New Sales Listing - 236-238 East 15th Street

236-238 East 15th Street

Offered At $19,750,000

Consisting of two combined, historic townhomes facing one of Downtown’s most picturesque parks, Stuyvesant Square, never before has a property of this magnitude been offered. Set within the Stuyvesant Square Historical District, just moments from Union Square, these homes were first occupied by Lewis L. Squires, a local ship chandler, and Mahlon Day, a printer and seller of children's books, and were later acquired by the Missionary Sisters in the early 1940s.

These two individually impressive townhouses have been combined to create a 52-foot-wide mega-mansion of epic proportions. At 60 feet deep, and ascending five stories tall, the buildings span nearly 18,720 square feet in total (15,600 above grade and 3,120 SF in cellar) and include a spacious south-facing garden. This property is now available as an impressive single-family home unlike any other, as two separate townhouses, or as a condominium conversion.

Built in 1850 in the Italianate and Greek Revival styles, many pre-war
 architectural details remain intact and are in excellent condition. While the Federal style doorway and window lintels have been updated, the brick facades and the rooflines' cornices, modillions and console brackets are original. The parlor floor includes majestic low-sill windows overlooking the lush park, and an elevator services all floors, which boast impressive ceiling heights throughout.

Located in Gramercy Park and flanked by the East Village and Union Square, this home is at the epicenter of Lower Manhattan with superb restaurants, shopping and abundant transportation options moments away. Historic Stuyvesant Square, built in 1836 on land deeded to the city by Peter Gerard Stuyvesant, founder of the New York Historical Society, sits gracefully across the street providing scenic views and comforting open space. Zoned R-7-B, this is the perfect opportunity to renovate the property as a grand mansion or foundation, divide it into two separate townhouses or develop it as a multiple condominium residential conversion.

New Sales Listing - 29 Downing Street

29 Downing Street

Offered At $8,995,000

Having appeared in House Beautiful, Elle and two coffee table books, the stunning townhouse at 29 Downing Street is not only one of the most photographed homes in New York City, it's also among the oldest.

Built in 1829 on land owned by the third Vice President of the United States, Aaron Burr, "Hamilton" alert!!! — this unique three-story brick carriage house features all the charm and rustic details you'd expect of the period, including exposed beams and brick and original antique wood floors. 

The 3,500 square foot home is 25-feet wide and features a curb cut. The ground floor is currently used as a gallery space, lit by huge skylights, while the main living area is on the second floor just off a massive terrace. The current configuration puts three large bedrooms on the third floor surrounding a full bath, while a full roof deck above delivers lovely views of the historic West Village.
 Set in the Greenwich Village Historic District Extension II, this home provides the perfect canvas to create the home of your dreams while owning a slice of Manhattan history.

Located at the corner of Downing Street and Bedford Street, this home is surrounded by the great restaurants the West Village is known for, including local favorites Blue Ribbon, Da Silvano and Bar Pitti. Small parks dot the neighborhood and Washington Square Park is just blocks away providing ample greenspace. Transportation is effortless with 1, A/C/E, B/D/F/M and PATH trains nearby. 

 

New Sales Listing - 236 East 15th Street

236 East 15th Street

Offered At $9,755,000

Rarely available Historic townhouse facing one of Downtown’s most picturesque parks, Stuyvesant Square is new to market. Set within the Stuyvesant Square Historical District, just moments from Union Square, this home was first occupied by Lewis L. Squires, a local ship chandler, and Mahlon Day, a printer and seller of children’s books, and was later acquired by the Missionary Sisters in the early 1940s.

At 26 X 60 feet deep, and ascending five stories tall, the building spans nearly 7500 square feet (plus and additional 1560 SF in the cellar level) and includes a spacious south-facing garden. This property is now available as an impressive single-family home unlike any other, or as a condominium conversion.

Built in 1850 in the Italianate and Greek Revival styles, many pre-war architectural details remain intact and are in excellent condition.
 While the Federal style doorway and window lintels have been updated, the brick facades and the roofline; cornices, modillions and console brackets are original. The parlor floor includes majestic low-sill windows overlooking the lush park. Located in Gramercy Park and flanked by the East Village and Union Square, this home is at the epicenter of Lower Manhattan with superb restaurants, shopping and abundant transportation options moments away. Historic Stuyvesant Square, built in 1836 on land deeded to the city by Peter Gerard Stuyvesant, founder of the New York Historical Society, sits gracefully across the street providing scenic views and comforting open space. Zoned R-7- B, this is the perfect opportunity to renovate the property as a grand single family or develop it as a condominium residential conversion.

Hackers Got The New York Fed To Transfer Them $81,000,000

DHAKA/NEW YORK (Reuters) - Hours before the Federal ReserveBank of New York approved four fraudulent requests to send $81 million from a Bangladesh Bank account to cyber thieves, the Fed branch blocked those same requests because they lacked information required to transfer money, according to two people with direct knowledge of the matter.

On the day of the theft in February, the New York Fed initially rejected 35 requests to transfer funds to various overseas accounts, a New York Fed official and a senior Bangladesh Bank official told Reuters. The Fed’s decision to later fulfill a handful of resubmitted requests raises questions about whether it missed red flags.

The New York arm of the U.S. central bank initially denied the transfer requests because they lacked proper formatting for the SWIFT messaging system, the network banks use for international financial transfers, the two officials said.

The Bangladesh Bank official said they lacked the names of correspondent banks, which typically receive wired funds. The Fed rejected the requests, which came from hackers who had broken into the SWIFT network through Bangladesh Bank systems.

Later in the day, however, the cyber thieves resubmitted those 35 requests. On the second try, the messages had the proper formatting, the New York Fed official said. The requests had been authenticated by SWIFT, the first line of defense against fraudulent wire transfers.

Despite the technical compliance, the New York Fed rejected 30 of the requests a second time. But the Fed did approve five requests – for a total of $101 million. Later, one of those five transfers - a $20 million request - was reversed because of a misspelling.

The New York Fed has said it blocked the 30 resubmitted requests because they were flagged for economic sanctions review. Only afterward were they deemed potentially fraudulent.

The Bangladesh Bank official and another source close to the bank said the New York Fed should have rejected all the requests on both the first and second attempts.

The source close to the bank, who also had direct knowledge of the matter, said anomalies in the four transfers that ultimately went through should have raised questions at the New York Fed. They were paid to individual recipients, a rarity for Bangladesh's central bank, and the false names on the four approved withdrawals also appeared on some of the 30 resubmitted requests rejected by the bank, said the source close to the Bangladesh Bank.

"Of course, we asked the Fed why the repetition of the names did not create red flags," the source said.

"They are saying they rejected 35 badly submitted ones," the source said. But when the requests were re-submitted, they "paid 5 of them and stopped 30. Why? They can give no answer."

Bangladesh Bank and SWIFT declined to comment. The New York Fed has said there were no problems with its procedures for approving SWIFT fund transfers, and declined to comment on whether it missed any warning signs.

The cyber theft from Bangladesh’s central bank - and recent disclosures of other similar fraud attempts - have brought scrutiny on the SWIFT messaging system. SWIFT is a cooperative of global banks formally known as the Society for Worldwide Interbank Financial Telecommunication, and its transaction system was used as a conduit for one of the largest cyber bank heists in history.

In the United States, a congressional committee has launched a probe into the New York Fed's role in the bank heist. The Bangladeshi central bank might seek compensation for the funds from the Federal Reserve, and Bangladesh Bank police have said that recent installation of a new SWIFT settlement system at the bank last fall may have provided thieves an opportunity to gain access to the bank’s SWIFT servers.

RED FLAGS?

The New York Fed's reviews of payment requests that come over the SWIFT system are focused chiefly on guarding against money laundering and transfers to people and entities that are under U.S. government sanctions, Fed officials have said. But requests often also are temporarily halted to fix typos and other formatting problems.

The Fed branch has said its clients, including Bangladesh Bank, and SWIFT have primary responsibility for preventing unauthorized transfers.

Fed employees queried Bangladesh Bank about the purpose of the payments requested on Feb. 4 and again on Feb. 5, according to a letter to congresswoman Carolyn Maloney (D-NY) by New York Fed General Counsel Thomas Baxter.

The four transfers totaling $81 million went to accounts in the Philippines. The money wound up with casinos and casino agents and remains missing. An attempt to transfer $20 million to a foundation in Sri Lanka was reversed because the word “foundation” was misspelled.

The source close to Bangladesh Bank said questions about the anomalies in the approved requests were discussed at a meeting in Basel last month between New York Fed President William Dudley, Bangladesh Bank Governor Fazle Kabir and representatives from SWIFT.

Rep. Maloney and Tom Carper, the top Democrat on the Senate Homeland Security Committee, both have made inquiries to the New York Fed.

The House Science Committee informed the New York Fed in a letter this week that it is launching a probe into its handling of the transfer requests. The committee plans to examine the New York Fed’s response to the heist, the oversight of SWIFT, and whether additional measures are needed to address vulnerabilities to cyber attacks.

SWIFT, which has come under scrutiny after the Bangladesh Bank heist and cyber attacks in at least three other cases, plans a new program to improve security and also wants banks to "drastically" improve information sharing.

(Additional reporting by Tom Bergin in London; Editing by Raju Gopalakrishnan and David Greising)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

A $16 Million Westchester Lake House With Golf Greens, Illegal Beach

A $16 Million Westchester Lake House With Golf Greens, Illegal Beach

The 10-acre estate, an hour's drive from NYC, has had just three owners in 90 years.

James Tarmy jstarmy

June 8, 2016 — 7:30 AM EDT 

Mark Mosello, an outdoor lighting designer whose business, Design Lighting by Markshas lit the estates of financiers like Sanford Weill and Jamie Dimon, is selling a mansion of his own. The six bedroom, eight-bath house is on offer for $15,985,000.

The original house was built in 1928, and significantly enlarged by the present owner.

 The property sits on over 10 acres.

Mosello has lived in the house for more than 25 years. "My broker found this unbelievable piece of property, this was in 1990 when the housing market was as bad as it was in 2008," he said during an interview. Offered at $1 million, "I couldn't afford it, but I couldn't afford not to buy it,"and after paying a $240,000 downpayment, moved in.

At the time, the house was just about 2,200 square feet, Mosello said. Built in 1928 for a descendent of Enoch Mead, who owned the entirety of Lake Waccabuc and the surrounding area, the house has had a total of three owners; the Mead family sold it in 1940 to a composer who lived there for 50 years, said Mosello.

The home's interior.

The property also has a one-bedroom guesthouse, a 100 foot-long dock, and a boat house.

There are a total of six bedrooms.

"Originally, the boathouse was across the lake, and one winter they pushed it across the ice," said Mosello. "That's how it came to be part of my house."

Eventually, Mosello found that the house was too small to raise his five children, and in 2001 built a 6,000-square-foot addition to the main house, adding five bedrooms and three full baths. In total, the house now spans just under 10,000 square feet.

The house looks out onto conserved land.

The house looks out onto conserved land.

Mosello is also finishing up a recent interior renovation, where he's transformed five rooms in the original house into three larger spaces.

"And out of the master bath we have a set of staircases that lead to a 40-foot-long dressing room," Mosello said, noting that the dressing room has its own terrace and "the most unbelievable view."

One of the home's eight bathrooms.

That view looks out over the property, which has two golf greens, a driving range, and 10 tee boxes for 10 different golf shots, Mosello said. There's also an infinity pool and a heated spa that can be used year round. The property has 300 feet of direct waterfront, along which Mosello installed about 60 feet of beach, for which he paid a "huge" fine. ("I'm not good at following rules," he said during a phone call.)

The house, which is about an hour's drive from Manhattan, is far away from the road—even the gate is set 100 feet back "so that it's understated," Mosello said, adding that he leveled the driveway and spent "about a zillion dollars to do it."

"When you start talking about the house you realize how unique it is," Mosello said. "But I don't notice because I've lived there all my life." 

One of the home's eight bathrooms.

181 Mead Street in Waccabuc, NY is listed by Elise Knutsson of Douglas Elliman and Dylan Hoffman of Compass.

Monthly Update - June 2016

Bidding Wars?!

Not in a "down" or "changing" market. Well, not so fast!

What kind of market are we in, anyway? "Correcting," "down," "changing," " hot," "competitive," "buyers'" or "sellers'" — You pick the adjective or type of market that best describes your own experience. I’ve had buyers lose properties in bidding wars and others get 20 percent off the asking price. I've had sellers accept an offer 15 percent off their asking price, and sellers who have signed contracts at 10 percent over the asking price — all in the same week!

Let’s take a step back. Where were the asking prices of these properties? Were they condos or co-ops? Where were they located: Brooklyn or Murray Hill? All of these questions are very relevant to how the market will treat either your sales listing or your purchase and your experience in this [insert your favorite adjective] market. I’ve reported in the past at #thetaleoftwomarkets, and this trend seems to be continuing. Maybe this is the new normal, if you can call it that.  

 

Is Your Broker Leaving Money on the Table?

Co-brokering your most valued asset could be the difference between a best offer and leaving cash on the table!

James Nelson

A friend and fellow real estate powerhouse James Nelson at Cushman Wakefield reported last month on the power of the co-broke. I felt that it’s such an underrated topic that it needed to be given more attention. The brokerage community is such a powerful resource, with billions in pre-approved lending from thousands of well-qualified buyers represented by hungry buyer agents — who can’t get into your listing! It bewilders me that sellers' brokers would do a huge disservice to their sellers by blacklisting the brokerage community and cutting their sellers out of thousands, possibly hundreds of thousands of dollars, and they do it just to line their own pockets with 2 or 3 percent more commission.

"When fees and buyer pools are shared, properties generate a higher demand and price, resulting in the most value for everyone involved."  

These actions are from an, albeit, small contingent of rogue brokers, but they are large and powerful enough to be ultra-annoying and utterly confusing to this agent. Why they are even in business is beyond me. The actions of these few agents are weakening our industry and giving brokers a bad name. Most of all, they cheat their owners out of money.

Owners, listen up! Cell phone photos, no floor plans and no marketing plan to the brokerage community will cost you money. Hire the best and most professional agents you can find. Make sure they have a well-proven plan. The little black book of hidden listings is long past.


COMPASS News:

  • Compass is now in Aspen
  • Compass is now #3 in Washington D.C.
  • The Compass Quarterly is here

Hoffman Team Active Listings


The Hoffman Team Has Gone Social


Request More Information

YOUR OFFICE AIR IS KILLING YOU

An invisible killer had infiltrated Sto-Rox High School.

When workers installed a cell tower on top of the school outside Pittsburgh, no one realized the exhaust spewed by its diesel generator was being sucked into the building’s ventilation system and inhaled by everyone inside. This is stuff you really do not want in your teen’s homeroom: Diesel fumes contain particulate matter and chemicals like benzene and arsenic, which in the long term increase the risk of lung cancer and in the short term cause breathing problems and dull the mind. But lucky for the Sto-Rox students, they had Joe Krajcovic—and a Speck.

Krajcovic had installed this new device in his science classroom as a school project. The Speck measures airborne particulate pollution, which increases the risk for and exacerbates symptoms of respiratory problems like asthma. Krajcovic’s class was analyzing the data gathered by the sensor to learn about indoor air quality when they noticed spikes in particle levels every few hours. Those coincided with the generator’s daily schedule: Whenever it kicked on to power the tower’s battery, particulate pollution increased, says Speck developer Illah Nourbakhsh, a robotics researcher at nearby Carnegie Mellon University. After parsing this unnerving data, Krajcovic filed a grievance, and the tower was moved.

But that is just one school, in one corner of Pennsylvania. Right now, there’s essentially no way of knowing how many schools and homes and offices are being filled with pollutants from diesel generators on rooftops, highway overpasses down the block or some other source spitting out invisible killers in your face all year long.

Your life depends on good air. Every year, air pollution causes the premature deaths of between 5.5 million and 7 million people, making it more deadly than HIV, traffic accidents and diabetes combined. The majority of these deaths—about 4 million—are caused by indoor air pollution, primarily in developing countries. But it takes a toll in developed countries as well. In Europe, for example, air pollution shortens the average life expectancy by nearly one year. Worldwide, more than 80 percent of people living in urban areas breathe air that exceeds pollution limits advised by the World Health Organization (WHO).

Particulate matter is the prime villain. The most lethal are the smallest particles (also known as PM2.5, for particulate matter smaller than 2.5 microns in diameter, about one-third the diameter of a red blood cell), which are produced by combustion and household activities like cooking. These specks can get deep into the lungs, tarring the airways and weathering the heart, disrupting its ability to beat properly: Many studies have linked exposure to PM2.5 with heart attacks, cardiac arrhythmias, strokes, chronic obstructive pulmonary disease, worsened symptoms of asthma and an increased risk of respiratory illness. Worldwide, particulate matter contributes to about 800,000 premature deaths each year, according to the WHO, making it the 13th leading cause of death worldwide. Other pollutants also cause major problems, especially indoors—radon, a gas produced naturally in the Earth, is the second leading cause of lung cancer in the U.S., and additional gases like carbon monoxide and volatile organic compounds (VOCs) cause myriad health effects.

Poisonous indoor air is almost completely ignored by the press, the public and those who bankroll scientific research—it gets about 100 times less research funding than outdoor air, even though the average American spends about 90 percent of the time inside. “Outdoor air is a political hot topic,” but it means less for public health than indoor air, says Jan Sundell, a researcher at the Technical University of Denmark. “You get sick due to indoor air. You die due to indoor air.”

While the federal government has a nationwide network of sensors perched atop towers that sniff for particulate matter, these cost around $100,000 each and aren’t exactly mobile—there’s simply no way the program could be expanded into schools, homes and offices, even if we could overcome all the red tape necessary for that to happen.

The Speck, however, costs $150 and is the size of an alarm clock. It’s just one example of a new generation of devices that measure air quality, many of which are priced at $200 or less and can quantify levels of particulate matter, VOCs, carbon dioxide, carbon monoxide and other gases. Although many of these devices aren’t yet 100 percent accurate (and certainly aren’t as precise as the fed’s monitors), they have already allowed people to improve the air they breathe in ways that would’ve been impossible even a few years back.

Choke Points

Air quality was never a primary concern for building developers, but the past few generations of construction have been particularly problematic; since the 1950s, buildings have increasingly been constructed to be more airtight, mostly for energy efficiency, says Joseph Allen, an environmental health researcher at Harvard University. But often that trend wasn’t offset by increased ventilation, leading to a common problem: buildup of carbon dioxide and various pollutants. This leads to “sick building syndrome,” a term coined in the 1980s to describe the increasingly common maladies caused by improperly designed and ventilated buildings. By 1984, a WHO Committee reported, “up to 30 percent of new and remodeled buildings worldwide may be the subject of excessive complaints related to indoor air quality.” Since that time, standards improved, and now some architects are specifically designing buildings with air in mind, Allen says.

Architectural firm CookFox is a good example. The company designed One Bryant Park in New York City, also known as the Bank of America Tower, which was the first in the state to receive the highest rating for occupant health set by the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) certification program. Special filters remove more than 95 percent of the particulate matter, and occupants can individually control the flow and ventilation of air in their offices or cubicles, says CookFox partner Brandon Specketer. The firm is now designing a residential building in Manhattan with indoor and outdoor particle monitors that advise residents whether it’s safe to open their windows.

Increasingly, new buildings contain sensors like these that sniff the air for pollutants. Carbon dioxide monitors have become commonplace in buildings, Specketer says. In offices, these are often coupled with the ventilation system to ensure that the latter automatically starts running when carbon dioxide concentrations get too high. But a few companies are also experimenting with more exotic sensors, like those that measure VOCs, says Valentine Lehr, a partner at Lehr Engineering, which consults on mechanical and electrical engineering projects. Lehr is currently working on a building that will incorporate VOC sensors to decide when to draw in outside air and whether to clean it using new chemical filters. These kinds of add-ons are still relatively uncommon, though, mostly because tenants are not aware of the health benefits—and if they are, they are often (and unwisely) unwilling to pay for them, Lehr says.

The San Francisco–based company Aclima has made headlines by setting up a system of air quality sensors measuring things like carbon dioxide and particulate matter at 21 of Google’s buildings and handling “half a billion data points per day,” an enormous amount of information that just a few years ago would have been completely inaccessible, says Aclima CEO Davida Herzl. The company uses sensors in its own building to optimize ventilation and will cut short a meeting if carbon dioxide levels in the conference room get too high, Herzl says.

Herzl believes this vast amount of new air quality data will guide construction and design of the future. The potential impact is enormous, considering that 70 percent of the infrastructure that will be around in 2050 has yet to be built. India and China—where air pollution is already particularly destructive—are projected to add another 700 million urban dwellers by 2050. As hordes of people move to the city in those countries, more cars and power plants are inevitable, adding up to more emissions and dirtier air. But that doesn’t have to be the case, Herzl says. If these millions of structures are designed with new data in mind, they could save many lives.

Improvements in filtration and ventilation in older buildings are equally important to global public health. And it’s wrong to assume that “only new buildings can be clean,” Allen says. A soon-to-be-published study led by University of Illinois researcher Paul Francisco looked at the health of people in 81 low-income houses in the Chicago area before and after installing a ventilation system up to federal standards. Francisco’s team found that six months after installation, children living in the homes reported fewer headaches and respiratory problems, and adults reported significantly less “psychological distress” than previously.

Indoor air quality is a bigger problem for the poor and underprivileged. According to the WHO, 56 percent of cities with more than 100,000 inhabitants in high-income countries do not meet its guidelines. In low- and middle-income countries, that rises to 98 percent. The problem is particularly severe in East and South Asia, says Kirk Smith, an air quality researcher at the University of California, Berkeley. Smith and his team designed a device they called the UCB (UC Berkeley) Particle and Temperature Sensor to map air pollution in India. Using the device, Smith and other researchers found that smoke and particulate matter from household cooking fires create one-quarter of the country’s air pollution—more, even, than the notoriously noxious and pervasive vehicle exhaust there. Cooking indoors with wood and other solid fuels leads to millions of cases of pulmonary disease and deaths each year. Smith has helped quantify the misery caused in India by this pollution; he hopes that data will lead to systemic changes to ease it. Already, there are projects underway in many areas to replace wood stoves with cleaner-burning materials like natural gas.

The technology necessary to convince people their air is killing them is improving and dropping in price. Recently, Smith and colleagues created a new monitor called the UCB Particle and Temperature Sensor Plus, which should cost several hundred dollars (about half the price of the original model) and will be available to buy in mid-2016. The Plus is lightweight and durable, and it can measure extremely high levels of fine particulate pollution, sometimes surpassing 50,000 micrograms per cubic liter of air in Indian villages. That’s about 1,000 times worse than the dirtiest American city and 30,000 times higher than levels the U.S. Environmental Protection Agency considers safe. Because Smith’s devices measure higher PM2.5 levels, they aren’t that useful in places with relatively clean air, like U.S. cities. For that, there are new sensors on the market that can measure lower levels of particulate matter with reasonable accuracy, such as theSpeck and the Dylos monitors.

Researchers are already using both types of monitors, along with carbon dioxide, carbon monoxide and radon sensors, in a project to increase awareness of indoor air pollution in southwest Pennsylvania. Known as “Reducing Outdoor Contaminants in Indoor Spaces,” or ROCIS, the initiative was founded about two years ago with financial support from philanthropic organization the Heinz Endowments. It places monitors in people’s homes for three weeks and shows people what activities increase pollution levels, says project leader Linda Wigington. For example, it’s vital to turn on the ventilation hood over your oven when cooking, to use the backburner whenever possible (allowing the hood to suck up particles and gases like carbon dioxide) and to put lids on pots, Wigington says. All of these tweaks can greatly reduce levels of poisons produced by cooking, she says. Getting rid of carpets and curtains can also decrease the amount of particles found indoors, as these items store large amounts of these pollutants. And use a vacuum cleaner with a HEPA filter; vacuuming without one increases particulate pollution.

Many people underestimate the amount of particulate matter they are exposed to indoors, Wigington adds. Without taking these precautions, people unnecessarily expose themselves to more pollution and are even shortening their lives. As the WHO notes, there’s no absolutely safe level of particulates.

You’re not helpless when it comes to dirty air, though. Ryan Allen, an environmental health scientist at Simon Fraser University, has shown that using commercially purchased air filters in your home, even for a few weeks, can significantly improve several measures of health, including levels of inflammation and blood vessel function. In one 2011 study, his team found that people using a filter have about 30 percent lower levels of C-reactive protein, which is linked to inflammation, than those who did not. The preliminary results of a nearly completed study in Mongolia suggest that pregnant women with air filters in their houses give birth to larger babies (generally an indicator of good newborn health) than those without, he says. Yet another study in Nova Scotia by the Canadian Home Mortgage Department found that when fans were installed to ventilate and filter air, the number of infectious diseases declined by 75 percent. And other research has shown that those who work in well-ventilated buildings have lower levels of anxiety.

But not all filters work equally well. David Palmer and Judith Piscione founded a company called Progressive Technologies Inc., which produced a proprietary air-filtering system that removes all particles from the air and is still used in “clean rooms” used to produce many types of electronics, like computer chips and transistors. After selling that company, they decided to start American Innovative Research Corp., which uses the same technology to filter air in houses and buildings. Palmer says the device, which looks like an air conditioning unit, removes all particles from the air. It relies on a special technology that works like a car’s catalytic converter, breaking down contaminants until they turn into carbon dioxide and water, and filtering out any remaining junk using an extremely fine filter.

Bad Air Makes You Stupid

Air quality also affects the mind. A landmark study published in October 2015 in the journalEnvironmental Health Perspectives found a strong link between air quality and cognitive function. In the paper, the researchers gathered 24 professionals of various stripes and had them work in the same office, where the air quality could be altered and carefully monitored. Each of the participants worked in the office for six days, during which time they were exposed to differing levels of ventilation, carbon dioxide and the types of VOCs ubiquitous in indoor environments. On each day, the subjects took tests measuring a wide range of cognitive abilities.

One of the parameters tested was the difference between air quality in the average office building compared with that in a “green” building that meets standards for occupant health and energy efficiency set by the LEED council. The scientists found that in the green condition—where air was better ventilated and had lower carbon dioxide and VOC concentrations—participants scored 61 percent higher in cognitive function compared with those in conventional office building conditions. When exposed to air ventilated at twice the rate required in the LEED certification, a condition the authors named “green+,” participants’ cognitive scores jumped 100 percent.

The tests measured various areas of mental performance, and some were especially improved by better air quality. Scores on “information usage”—the ability to gather and apply information toward attaining a specific goal—went up by 172 percent and 299 percent in the green and green+ conditions, respectively. And when it came to “strategy”—participants’ ability to plan, prioritize and sequence actions—the green and green+ day scores were 183 and 288 percent higher than on the conventional-air day. Better air led people to make better decisions and to be more productive, says Joseph Allen, first author of the study.

To measure carbon dioxide, temperature, sound level and humidity at each cubicle, the researchers used a device called the Netatmo Weather Station that costs just $150. But to calibrate the device, the scientists used a more accurate, research-grade sensor called the TSI Q-Trak 7575, which would put you back around $4,000.

This highlights a major problem in this nascent field: Many of the sensors are not very accurate, and every researcher Newsweek spoke with was careful to point out the limitations of inexpensive monitors. For now, very few produce data precise enough to be incorporated into studies or to be used by regulators. And in some cases, these monitors may create false alarms—“anxiety is actually a health effect of [some of] these sensors,” Nourbakhsh jokes—or a false sense of security.

On the other hand, even though the affordable sensors don’t generally produce data solid enough for scientific research, many can accurately reveal trends, enabling people to tell when activities such as using a filterless vacuum or frying bacon create problems—or discover an underlying issue (like an air-fouling generator). And getting people to change their behavior often requires showing them the direct effects of their actions in the form of real data. In a 2013 paper published in the journal PLOS One, Neil Klepeis, an environmental health scientist at San Diego State University, found that when pollution monitors were installed in the homes of smokers, two out of three people involved promised to quit smoking indoors or to smoke less after several weeks. “There’s nothing like that real-time feedback to drive the point home,” Klepeis says. So these sensors can make a difference, even if their data isn’t perfect.

“Sick building syndrome,” a term coined in the 1980s, describes the increasingly common maladies caused by improperly designed and ventilated buildings.BBOSTJAN/GETTY

Meanwhile, the accuracy of low-cost technology is only going to improve, because consumers will demand it, Joseph Allen says, pointing out that pension funds are looking to invest in companies with green infrastructure, including those that employ new-generation sensors. Several banks and funds have consulted with Allen and colleagues about “putting their money on [corporations] that stress sustainability and health,” and sensors are part of that. “When these funds are starting to invest...it will force shifts in how companies prioritize health, particularly real estate companies,” Allen says. “It’s going to be massive, and you can already see the movement happening.”

But before the huge leaps come the small improvements. Besides gifting a Speck monitor to Sto-Rox High, Nourbakhsh also sent one to Quail Hollow Elementary School outside Salt Lake City as part of the company’s educational outreach mission. Quail Hollow used the device to show that particulate matter created by parents idling their cars while waiting to pick up kids produced high pollution levels. That led the parents to sign a pledge to stop running their cars while waiting, and subsequent tests with the monitor showed improved air quality.

Students found that “through an intervention, they could improve the conditions,” Nourbakhsh says. The devices, despite their flaws, are giving people a rough but real idea of what they’re breathing in, and, more important, the information they need to do something about it. At Quail Hollow, Nourbakhsh says, there will be “no more idling.”

187-Year-Old West Village Carriage House Receives $4M Price Chop

187-Year-Old West Village Carriage House Receives $4M Price Chop

Two years and two price adjustments later, the 19th-century home will try again with a lower ask

BY AMEENA WALKER JUN 7, 2016, 4:00P

A few months back, it was agreed that despite its magnificent charm, the 19th-century carriage house at 29 Downing Street would need a good price-chopper before a buyer would snatch it up. The owners must have come to this same realization—the home is now asking $8.995 million—a $4.005 million price cut from its most recent ask of $13 million.

Back in June 2014, the 3,480-square-foot home, built in 1829 on land once owned by Aaron Burr, was listed for $12 million. No one bit at that price so the sellers, artist John Bennett and photographer Karen Lee Grant, re-listed the following year for $13 million (yes, we scratched our heads at that too). But it looks like reality has set in, and with that came the new lowered price.

Hopefully the charming home, which has been featured in photo shoots for magazines and fashion brands alike, will have better luck finding a new owner on this go-round. (Or maybe the Hamiltoncraze will make people more interested? It's big enough to get mentioned in the brokerbabble, anyway.)

Down to One Resident in 15,600 Square Feet, a Missionary Sisterhood’s Home Is for Sale

Down to One Resident in 15,600 Square Feet, a Missionary Sisterhood’s Home Is for Sale

JUNE 6, 2016

The Appraisal

By MATT A.V. CHABAN

The Missionary Sisters of the Immaculate Heart of Mary have served others across the world for more than a century. They have salved wounds in the slums of India, prayed with prisoners in Brazil, built schools in Cameroon and provided aid to a shaken Haiti.

Hundreds of the sisters of the Immaculati Cordis Mariae have also passed through the brownstone-framed doors of 236 and 238 East 15th Street. Since 1948, the sisterhood, begun in Belgium, has resided here on Stuyvesant Square.

For all their globe-trotting, many of the sisters still consider Manhattan their spiritual home.

“I remember seeing the park, and being so excited to have some greenery,” Sister Rosemary Cicchitti said last week during a tour of the house. She arrived in the summer 1953, before departing for Antigua. “When I was away, I would think of the park. And when I moved back, it was so nice to have it outside my window again.”

Sister Rita Cavaretta, who came to the house the same year, said: “It was so beautiful. The only problem was there was no air-conditioning then, and the drunkards would gather in the park and keep us up at night, so we had to yell at them to be quiet.”

And though she arrived here permanently only nine years ago, to serve as something of a caretaker, Sister Kathryn Vercelline always felt a connection when she passed through between one mission and the next.

“Seeing all the sisters, and seeing all the souvenirs from their travels, it was a reminder of the work we do,” said Sister Vercelline, who has served in Brazil and Rome.

Those memories are fading too, along with the sisterhood. By the 1960s, its ranks had dwindled to such an extent that the order began to rent some of its 25 bedrooms to other congregations and even to other young women. But even the boarders, and a top-to-bottom renovation in the last decade, were not enough to keep the Missionary Sisters at the site. Last spring, eight of those remaining relocated to the Bronx, to a Jewish nursing home, of all places, which has become something of a sanctuary for retired nuns. Three different orders call it home, and they quite enjoy the kosher meals, too.

By the 1980s, the sisterhood’s ranks had dwindled to such an extent that the order began to rent some of its 25 rooms to young women. KARSTEN MORAN FOR THE NEW YORK TIMES

Sister Vercelline was the only one to remain on East 15th Street, amid the African, Indian and Mongolian tapestries; the carved elephants from the Philippines and palm trees from Haiti; the crucifixes and icons from all over; and the occasional prayer group or guest to keep her company in the 15,600-square-foot residence.

That is a lot of space in the middle of Manhattan in 2016. As so many religious groups have done, the sisters are cashing out. The homes are now on the market for a combined $19.75 million.

“I saw the wisdom in it,” said Sister Cavaretta, who returned here in 2000, following a volcanic eruption at her final mission, in Montserrat. “For me, personally, happiness isn’t attached to buildings, it’s attached to people.”

With the sale, the order will have only one home in the United States, just outside Brownsville, Tex. It once occupied properties in Albany; East Los Angeles; Philadelphia; Wilson, N.C.; and Yonkers, among others.

The proceeds will be distributed to missions around the world, after enough is set aside for the sisters to live out their days in the Bronx.

“It can help, especially since in Belgium there are over 300 sisters, but the majority of them are over 80,” Sister Vercelline said. “I think the youngest just turned 50.”

At 64, she is the youngest, and likely last, of the Immaculati in the United States.

After putting up the “For Sale” signs two weeks ago, the brokers, Lisa Kobiolke and Leonard Steinberg of the brokerage Compass, have received more than two dozen inquiries. They have shown the homes three times, including to an art dealer couple who would like to use one building as a gallery.

“I remember seeing the park, and being so excited to have some greenery,” Sister Rosemary Cicchitti said last week. She arrived in 1958, two years after taking her vows. KARSTEN MORAN FOR THE NEW YORK TIMES

Dylan Hoffman, Lisa Kobiolke & Leonard Steinberg

“We thought we’d have a lot of interest in dividing the homes in two, but so far, most everyone seems to want both,” Ms. Kobiolke said. (Such combos are becoming quite common in Manhattan; Sarah Jessica Parker and Matthew Broderick recently bought two townhouses on 11th Street for $34 million, while Madonna has a $40 million, triple-wide spread on East 81st Street. And there is former Mayor Michael R. Bloomberg’s continuing project, an East 78th Street combination).

Such a sale would arguably bring the 1850s Greek Revival-style homes full circle. According to research by the Landmarks Preservation Commission (both properties lie within the Stuyvesant Square Historic District), No. 236 was first occupied by Mahlon Day, an early children’s book publisher, while No. 238 was home to a ship chandler. The neighbors included a lime merchant and a tea dealer.

Before the sisterhood arrived, No. 236 had been home to the St. Elizabeth’s Industrial School for Girls since the 1920s. The family of George Bird Grinnell, the naturalist and founder of the Audubon Society, owned No. 238, followed by a dentist, who sold it to the nuns.

The Missionary Sisters of the Immaculate Heart of Mary was established in New York almost by accident. It was founded in 1897 by Mother Marie Louise De Meester, who was visiting during World War I following a missionary trip to St. Croix. During her stay, she realized a residence in the city might not only ease the order’s work in the Western Hemisphere, but also improve recruitment.

A house at 437 West 47th Street became the order’s first outpost in the United States. Faced with condemnation there for an urban renewal project, the sisterhood moved to 236 East 15th Street in 1948, then home to the St. Joseph’s Residence for Working Girls.

“The lights in the girls’ rooms used to be set to a master switch,” Sister Cavaretta recalled, “and we slept with our lights switched on. That way, if the girls tried to turn on the light, it would wake us up, too, and we could get them back to bed.”

In 1952, the order bought No. 238 and combined the two townhouses through a doorway on each floor.

“It’s the perfect story of international ownership in New York — people who live here don’t just live here,” Mr. Steinberg, the Compass broker, said. “And think of all the amazing work this real estate facilitated. If you rented, this never would have been possible.”

Nor will it be.

“Ideally it would have gone to one of the congregations, but none of them could afford it,” Sister Vercelline said. “If it’s a family that can find joy here like we did, that’s fine,” she continued. “We have our preferences, and God has his.”

See the article HERE

Hudson Valley Real Estate Boom Puts Squeeze On Apples

Miro Uskokovic, the pastry chef at Gramercy Tavern, buys the apples for his apple and carob cake from Elizabeth Ryan’s orchard in the Hudson Valley. But the demand for local produce like Ryan’s is now colliding with real estate interests that are dividing up farms for vacation homes at an accelerating rate.

The number of farms in New York State has fallen to 35,537 in 2012 from 38,264 in 1997, according to the Department of Agriculture. And since 1982, real estate developments have transformed more than 471,000 acres of New York farmland, according to American Farmland Trust data.

“The risk to farmland is a risk to healthy food for New York City residents,” Councilman Daniel Garodnick, Democrat of Manhattan, told the New York Times. He added that many farmers markets serve neighborhoods that have few stores selling fresh produce.

“If we want all New Yorkers to have access to fresh, local food, then we must save the nearby farms that serve the city’s neediest neighborhoods now, before they are lost to development,” Steve Rosenberg, executive director of the Scenic Hudson Land Trust, told the Times. “This modest, but visionary, strategic investment will make the city a national model of how to create a more equitable and secure regional food system.” [NYT] –Christopher Cameron

NYC Subway Use Nears All-Time Peak As U.S. Public Transport Use Declines

The New York subway is unlike any other transit system in the United States. This system extends for 230 miles (375 kilometers) with approximately 420 stations. It serves the four highly  dense boroughs of the city (Manhattan, Brooklyn, Queens and the Bronx), each of which is 20 percent or more denser than any municipality large municipality in the United States or Canada. Much of the fifth borough, Staten Island, looks very much like suburban New Jersey and has no subway service, though has a more modest system, the Staten Island Railway.

Overall, the older Metros (Note 1), New York's subway, along with London's Underground and the Paris Metro dominated the world's urban rail systems for decades. Until the recent emergence of Chinese urban areas (Beijing and Shanghai), London had the longest extent of track in the world, followed by New York.

As one of the original Metros in the world, it might be thought that the New York City Subway's best days are over. That would be a mistake. It is true that ridership reached a peak in the late 1940s and dropped by more than half between the late 1970s and the early 1990s. However, since that time ridership has more than doubled, according to American Public Transportation Association data. And it is not inconceivable that new records may be set in the years to come.

Perhaps the most incredible thing about the New York City Subway has been its utter dominance of the well-publicized national transit ridership increases of the last decade. According to annual data published by the American Public Transportation Association (APTA), ridership on the New York City Subway accounts for all of the transit increase since 2005. Between 2005 and 2015, ridership on the New York City Subway increased nearly 1 billion trips. By contrast, all of the transit services in the United States, including the New York City Subway, increased only 800 million over the same period. On services outside the New York City subway, three was a loss of nearly 200 million riders between 2005 and 2015 

The New York City subway accounts carries nearly 2.5 times the annual ridership of the other nine largest metro systems in the nation combined (Figure 2). This is 10 times that of Washington’s Metro, which is losing ridership despite strong population growth , probably partly due to safety concerns (see America’s Subway: America’s Embarrassment?). Things have gotten so bad in Washington that the federal government has threatened to close the system (See: Feds Forced to Set Priorities for Washington Subway).

The New York City subway carries more than 11 times the ridership of the Chicago “L”, though like in New York, the ridership trend on the “L” has increased impressively in recent years. The New York City subway carries and more than 50 times the Los Angeles subway ridership, where MTA (and SCRTD) bus and rail ridership has declined over the past 30 years despite an aggressive rail program (See: Just How Much has Los Angeles Transit Ridership Fallen?).

With these gains, the New York City Subway's share of national transit ridership has risen from less than one of each five riders (18 percent) in 2005 to more than one in four (26 percent) in 2015. This drove the New York City metropolitan areas share of all national transit ridership from 30 percent in 2005 to over 37 percent in 2015.

Subway ridership dominates transit in the New York City metropolitan area as well, at 67 percent. Other New York City oriented transit services, including services that operate within the city exclusively and those that principally carry commuters in and out of the city account for 28 percent of the ridership. This includes the commuter rail systems (Long Island Railroad, Metro-North Railroad and New Jersey Transit) and the Metro from New Jersey (PATH) have experienced ridership increases of approximately 15 percent over last decade (Note 2).

Other transit services, those not oriented to New York City, account for five percent of the metropolitan area's transit ridership (Figure 3). By comparison, approximately 58 percent of the population lives outside the city of New York. The small transit ridership share not oriented to New York City illustrates a very strong automobile component in suburban mobility even in the most well-served transit market in the country.

Last year (2014), APTA announced that the nation's transit ridership had reached the highest in modern history, having not been higher since 1957. In fact, the ridership boom that produced the record can be attributed wholly to the New York City Subway. If New York City Subway ridership had remained at its 2005 level, overall transit ridership would have decreased from 9.8 billion in 2005 to 9.6 billion in 2015. The modern record of 10.7 billion rides would never have been approached.

Thus, transit in the United States is not only a "New York Story," but it has also been strongly dependent on the New York Subway in recent years. After decades of decline, the revival of the New York subway is a welcome development.

Life After The White House...

Back in March, the Obamas announced that they would remain in D.C. until their youngest daughter, Sasha, graduates high school. Apparently, this home at 2446 Belmont Road NW is good enough for the First Family. And it really does seem to be *almost* as nice as the White House.

According to the Independent Journal, the Obamas have chosen the beautiful, 1920s home as their next residence. It is currently owned by Bill Clinton’s former press secretary, Joe Lockhart, who left DC for New York, where he works as the executive vice president of communications for the NFL. He purchased the home in 2014 for $5.295 million. The home is unlisted (photos are from its previous listing), and the Obamas are said to have negotiated privately with Lockhart.

The 8,200-square-foot home has nine bedrooms, eight and a half bathrooms, gardens, and room for 8-10 cars to park — necessary for Obama’s security detail. Also good for security is the home’s proximity to embassies and the Vice President’s home at the Naval Observatory.

Obama will be the first president since Woodrow Wilson to remain in DC after his term is over.

Pileup of $100 Million Homes

From the “Le Palais Bulles” in the South of France, to a $350 million penthouse in Monaco, to a $250 million spread at 220 Central Park South, the are more properties listed above the $100 million mark than ever before. And that poses a problem.

A record 27 properties with nine-figure prices are officially for sale, according to Christie’s International Real Estate. Last year, there were 19 homes with similar asking prices and about a dozen in 2014. And according to the New York Times, if you added “whisper listings,” the actual number of nine-figure listings worldwide could top 50.

“When you have a record number of homes for sale at a price point of $100 million or more, that tells you these homes aren’t selling,” Jonathan Miller, president of Miller Samuel Inc., told the Times. “It’s not as deep a market as some might hope.”

According to Christie’s, only two homes sold for over $100 million last year: a 9,455-square-foot house in Hong Kong purchased for $193 million by Jack Ma, the chief of Alibaba, and a $132 million townhouse in London. Two other nine-figure listings sold last year (a $700 million Texas ranch and a $100 million home in Dallas), but the actual sale prices were not disclosed.

To many, this looks like a bubble that could soon burst. But many in the industry remain hopeful.

“I don’t think it’s a sign of a bubble,” Dan Conn, chief executive of Christie’s International Real Estate, told the Times. “It’s a sign of growing wealth in the world and the quality of some of the new construction.”

Still, even below the $100 million price mark, the market for luxury homes is on the decline, according to a Real Deal analysis. Luxury sales volume is down a stomach-churning 25 percent in the first 20 weeks of 2016 compared to the same period last year. Just 449 contracts at or above $4 million were signed so far this year, compared to 597 in the first 20 weeks of 2015, and 552 in 2014. [NYT] –Christopher Cameron