28 East 10th Street, Unit 10H

28 East 10th Street, #10H

GREENWICH VILLAGE, MANHATTAN

3 Bed  |  3 Bath  |  2,004 SqFt

Offered At $6,300,000

Taxes: $1,791 / mo.  |  CC:$2,558 / mo.  |  Condo  |  Doorman  |  Gym  |  Roof Deck  

 

Classic millwork and thoughtful details abound in this gorgeous three-bedroom, three-bathroom residence in Greenwich Village's esteemed Emory Roth-designed Devonshire House.

Spanning 2,004 square feet, this elegant home's split-bedroom layout offers a well-planned backdrop for gracious entertaining and serene daily living. Interiors by Victoria Hagan beckon you inside to enjoy an oversized living room, offering a relaxing and intimate environment on a grand scale. Beamed ceilings guide you toward the adjoining dining room — separated from the living room by lovely built-ins, desk space and a wet bar — where sumptuous meals arrive from the refined open kitchen. This marble-lined and windowed cookery delights with state-of-the-art appliances by Wolf, Bosch and Sub-Zero surrounded by ample cabinet space and a massive island/breakfast bar.

Escape to the expansive master suite to enjoy rows of large closets and a well-appointed en suite bathroom. At the opposite end of the home, you'll find another well-crafted bedroom with en suite bathroom and two immense closets, while a third bedroom sits adjacent the home's third luxurious full bathroom, outfitted with an in-unit washer-dryer.

The Devonshire House is a pre-war condominium designed by the revered Emory Roth. Residents enjoy full-time doorman, superintendent, gym, common room, central laundry and a bike room. Set on 10th Street near University Place, the building is on a quintessential tree-lined street in the literal heart of Greenwich Village. Within steps, you'll find the amazing restaurants, nightlife and entertainment this exciting district is known for, and iconic Washington Square Park is just minutes away. Transportation is unbeatable with nearby N/Q/R/W, 4/5/6, L, A/C/E, B/D/F/M and PATH trains waiting to whisk you to your destination.

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Bowery Wall’s newest mural by PichiAvo

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The Bowery Wall stands as one of the city's most coveted spots for public art, with a history that stretches back to 1982, when Keith Haring cleared out piles of trash from the sliver of a lot and gave the city one of his iconic, day-glo murals.

Haring's original piece was destroyed, but in 2008 developer Tony Goldman (who owned the lot) and downtown gallery owner Jeffrey Deitch hired an artist to replicate the work on the site, and a succession of commissioned murals have followed. Among the all-star street artists who have put their stamp on the highly visible corner are Futura 2000, Swoon, Shepard Fairey, Os Gemeos, Revok and Pose, Aiko, Cope2, Retna, JR, Faile, Maya Hayuk, and Kenny Scharf.

And now it's PichiAvo's turn, and their piece, mostly finished yesterday afternoon after a full week of work, is a stunner. The mural follows the Spanish duo's signature "Urban Mythology" style: they spray on a layer of old-school tags and throw-ups, then lay down an epic Greco-Roman-looking classical scene, then finish up with more graffiti on top.

At the moment, the never-ending construction along that stretch of Houston Street has turned the space directly in front the wall into a parking lot, but you can still get a good view of PichiAvo's piece from the sidewalk. It will be on display for at least another three months.

When Will Fannie, Freddie Switch To New Credit-Scoring Model?

Borrowers probably know that their credit score is a crucial factor in their ability to qualify for a mortgage. They might also know that their score can vary depending on the type of scoring model their lender uses. If it’s an old, outdated version, they might get a lower score. If it’s a newer, more advanced model, they’ve got a better shot at being scored more fairly.

That brings up a long-festering controversy: The two behemoths of the mortgage business — Fannie Mae and Freddie Mac — continue to use a credit scoring model that even its developer, FICO, says is not as “predictive” as its much newer models. Worse yet, Fannie and Freddie require that all lenders who want to submit loan applications to them must use the same, outdated technology.

The net result, agree critics from the lending industry, consumer groups, civil rights organizations and even a bipartisan coalition of legislators in Congress, is that many applicants don’t get the credit scores they deserve. Meanwhile, many other consumers — estimates put the figure at more than 30 million — aren’t even scoreable using the models currently employed at Fannie and Freddie. Disproportionately, critics say, these are people who don’t make heavy use of the credit system or are young and don’t yet have much information in the files of the national credit bureaus. Large numbers of them might qualify for a mortgage, say scoring experts, if they were simply given a fair shot.

Fannie’s and Freddie’s government regulator, the Federal Housing Finance Agency, acknowledged the problem two years ago, when it directed the companies to begin examining how to improve their scoring systems. The FHFA told them to “conclude [their] assessment,” and “as appropriate, plan for implementation” of a better approach in 2016.

Since it’s now December and there have been no announcements about possible reforms, it’s appropriate to ask: When are Fannie and Freddie rolling out their new and improved scoring models and what will they look like? The question is especially timely given the release in late November of a new study from the Urban Institute documenting how recent credit standards in the mortgage arena have impacted millions of would-be borrowers.

Researchers found that roughly 1.1 million home-loan applicants were turned down in 2015 because the standards used to evaluate them were much more stringent than they were in the pre-housing-boom era, when defaults were relatively low. Between 2009 and 2015, “lenders would have issued 6.3 million additional mortgages,” researchers calculated, “if lending standards had been more reasonable,” as they were back in 2001.

A major culprit: a big shift toward the highest credit scorers when it comes to mortgage approvals. From 2001 through 2015, the share of borrowers approved for mortgages who had FICO scores above 700 jumped to 66 percent from 51 percent, while those approved with scores below 660 more than halved to just 14 percent from 31 percent. Preliminary figures for 2016 showed that credit scores of approved applicants at Fannie and Freddie averaged between 752 and 754, according to loan technology firm Ellie Mae. That stands well above the average score among all Americans of just 699, according to score developer FICO. (FICO scores range from 300 to 850, with low scores indicating higher risks of default.)

In response to the question, a spokesperson for the FHFA said that Fannie and Freddie continue to discuss their plans for scoring reforms with “a broad range of stakeholders” about the “cost, operational implications, and potential impacts on access to credit.”

Who exactly are some of these “stakeholders” and how do they see this issue? Among the most directly affected are the banks and mortgage companies that deal with the two companies daily. They strongly favor a move to more advanced scoring models to broaden the base of potential home buyers and borrowers without exposing themselves or Fannie and Freddie to higher risks of default.

Michael Fratantoni, chief economist for the Mortgage Bankers Association, said in an interview that “by sticking to old models we are disadvantaging” sizable numbers of consumers. Groups such as Fratantoni’s also want to see the introduction of advanced scoring models from companies other than FICO permitted as an option by Fannie and Freddie. One possible example is VantageScore Solutions, LLC, which offers a rival system now used in most other segments of lending.

“We are on the record for more competition in this space,” Fratantoni said. “We shouldn’t be locked into just one set of scores.”

Nor should millions of potentially credit-worthy consumers.

Kenneth R. Harney is a syndicated columnist.

15 Broad Street, Unit PH3910

15 Broad Street, Unit PH3910

FINANCIAL DISTRCT, MANHATTAN

4 Bed  |  3.5 Bath  |  3,000 SqFt

Offered At $4,700,000

Taxes: $1,186 / mo.  |  CC:$2,609 / mo.  |  Condo|  Doorman  

 

TOWNHOUSE IN THE SKY priced to sell QUICKLY! Pre-war Condominium Duplex Penthouse Designed by the iconic Philippe Starck.

Set in a corner high above Wall Street, this four-bedroom, three-and-a-half-bathroom haven offers panoramic city and water views from rows of oversized windows wrapping the home's northern and western exposures, accentuating the towering, 11-foot-tall beamed ceilings. 
On the main level, you'll find an expansive 18-foot by 32-foot great room, providing ample room for dining and relaxing as sparkling river views and bright sunshine provide a stunning backdrop. Nearby, the open custom kitchen is expertly outfitted with custom cabinetry, granite countertops and stainless steel appliances by Miele and Bosch, and Sub-zero. A well-appointed guest suite with en suite full bathroom, plus a large foyer closet and powder room with in-unit washer-dryer complete this gracious level.
Upstairs, you'll find serene private quarters, including the impressive master suite. Two massive walk-in closets attend to wardrobe needs while the en suite bathroom boasts white Thassos marble floors, Duravit soaking tub, a walk-in shower and a marble dual vessel sink vanity. Two more spacious bedrooms one with an en suite bathroom plus additional closet space fill out the rest of this upper level.
Set at the intersection of Broad and Wall streets, 15 Broad is a 42-story white glove building offering a near-endless list of amenities including doorman and concierge services, dry cleaning/laundry, housekeeping services, lounges and children's rooms, a bowling alley, and a state-of the art fitness center with swimming pool, yoga/ballet room, basketball and squash courts. The building's crowning glory is the stunning 5,000-square-foot roof terrace. Placed in the middle of the Financial District, this home provides direct access some of the best dining the city has to offer, plus proximity to the thriving South Street Seaport neighborhood and newly unveiled Westfield World Trade Center shops. 4/5, J/Z and 2/3 are literally just outside your doorstep.

Live in Ryan McDonagh's Loft, Just Below Taylor Swift for $5.75M

Now’s your chance to get in at Tribeca‘s celebrity heavy condo, the Sugar Loaf Building at 155 Franklin Street. Rangers captain Ryan McDonagh has listed his $5.75 million three-bedroom apartment, which is situated right below Taylor Swift’s palatial, lofty pad. And at 155 Franklin, all things revolve around Taylor Swift: Sir Ian McKellen was staying in Peter Jackson’s apartment and got evicted when Jackson sold the unit to Swift; and Orlando Bloom sold his apartment soon after Swift moved in with rumors of paparazzi annoyance. But if you don’t mind the crowd of fans, this unit boasts 2,450 square feet as well as the same exposed brick and timber-beamed ceilings that decorate Swift’s nearby abode.

According to the Observer, McDonagh bought the third-floor apartment in 2014–the same year Swift moved in–and paid $5.2 million it. Swift paid a much higher price of $20 million to Lord of the Rings director Peter Jackson for the top two floors of the building.

The loft is decorated with 11-foot ceilings, many south and east facing windows, exposed brick galore and timber-beamed ceilings.

A snazzy new kitchen was outfitted with Calacatta gold marble and custom white cabinetry, as well as a massive six-seat breakfast bar. Other upgrades include new floors and lighting.

The master bedroom has its own ensuite bathroom with a double vanity and separate soaking tub. A second bedroom was outfitted as a nursery–as the Observer points out, McDonagh and his wife had their first child last October.

Any buyer will have to wait until they spot Taylor Swift in the lobby–she is currently living in a West Village townhouse while she completes renovations to her upstairs apartment. The building, however, offers plenty of privacy, with a video intercom system to see visitors and grant access though your phone or tablet.

44 East 67th Street, Unit 8DE

44 East 67th Street, Unit 8DE

LENOX HILL, MANHATTAN

3 Bed  |  3 Bath  |  1,810SqFt

Offered At $3,995,000

Taxes: $2,235 / mo.  |  CC:$2,207 / mo.  |  Condo|  Doorman  

 

Rare opportunity to live in one of New Yorks poshest neighborhoods one block from Central Park. This three-bedroom, three-bathroom condominium in the beautiful art-deco building designed by famed architect, Rosario Candela could be your perfect Lenox Hill full time residence, investment or pied-et terre. 
Flooded with sunlight and oversized windows throughout make this 1,810-square-foot home feel light and airy. The massive living room spans 18-feet by 27-feet and is topped by gorgeous beamed ceilings.


The combined residence offers a convenient split bedroom layout with the master suite and en suite bathroom situated to the east and two more nicely sized, windowed bedrooms one with another en suite bathroom situated to the west. Storage is never a concern in this large home with spacious closets lining each bedroom, plus even more roomy closets in the foyer and an in-unit washer-dryer hookup.


Set in a full service elevator building, 44 East 67th offers full-time doorman service and bike storage and is pet-friendly. The renowned boutiques and shops of Madison Avenue Kate Spade, Fred Leighton, Armani, Michael Kors, Tory Burch and more are right outside your door. Peruse the neighborhood's numerous galleries and museums, followed by a meal at the delightful cafes and restaurants.

Luxury Pads With The Biggest Price Cuts This Week

Which asking price will get whacked this week?

Two adjacent co-ops belonging to “The Sopranos” creator David Chase received one of the biggest price reductions in the city’s over-$10 million market during the past week. The penthouses at London Terrace were listed last year for $16.5 million, but are now asking a more subdued $14.9 million.

In total, 13 ultra pricey pads received reductions of more than 5 percent in the period between Jan. 9 through 15, according to data from StreetEasy.

Here’s a look at the biggest chops in New York City for the week:

795 Fifth Avenue, 2204

795 Fifth Avenue, 2204
Previous Price: $25.9M
Current Price: $22.5M
Percentage Drop: 13 percent

Back in May 2014, this four-bedroom co-op hit the market for an ambitious $33 million. But that was back when ultra-luxury pads were selling like hot cakes, and sellers had high hopes for what their apartments could (and often would) fetch. In October 2014, the asking price was shaved back to $29.9 million, where it sat for nearly 18 months. In March last year, the price was slashed to $25.9 million. Last week, it was dropped again by 13 percent, and is now asking $22.5 million.

The unit in the famed Pierre Hotel building has north, south, east and western exposures, as well as expansive views of Central Park. Each bedroom has an en suite, according to the listing. There are two kitchens, a service entry and concealed china cabinets.

Designed by architect Leonard Schultze, the building opened in 1930. It is now owned and operated by Taj Hotels Resorts and Palaces, according StreetEasy. In 2015, Charlene Haroche, the widow of travel agency mogul Gilbert Haroche, purchased a co-op in the building for $22.9 million.

Brown Harris Stevens’  Paula Del Nunzio has the listing. She did not return a request for comment.

7 Bond Street, PHAB

7 Bond Street, Penthouse AB
Previous Price: $14.5M ($4,222 per square foot)
Current Price: $12.9M
Percentage Drop: 11 percent

Designed with the help of a Feng Shui master and a building-biology consultant, this 3,000-square-foot penthouse is now on the market asking $12.9 million. Owned by hedge funder Jason Pickard, the four-bedroom, three-bathroom apartment was renovated as a “healthy living retreat.” It has naturally-sourced and reclaimed building materials, a 1,200-square-foot outdoor terrace equipped with built-in speakers, “mood lighting” and an irrigation system. All the water in the apartment is filtered and there are sound-dampening windows to minimize noise.

Pickard, who paid $9.2 million for the apartment for the apartment in 2013, told Architectural Digest in August that he wanted to design a place that was “organic, nature-friendly and peaceful.”

But despite the “mindful design,” and the links to the musician Moby — who also owned an apartment in the building — the unit has sat on the market since September. It was first listed for $14.5 million, and was reduced by 11 percent to $12.9 million last week.

Ryan Serhant and Amy Herman of Nest Seekers International have the listing. Neither returned a request for comment.

47 West 24th Street, PHAB

470 West 24th Street, Penthouse AB
Previous Price: $16.5M
Current Price: $14.9M ($2,980 per square foot)
Percentage Drop: 9 percent

David Chase, the creator of “The Sopranos,” put these adjacent, but not combined, London Terrace penthouses on the market for $16.5 million in April last year.  Alec Baldwin and his wife Hilaria reportedly toured the units in September, but it clearly wasn’t to their liking. The price was slashed by 9 percent last week, and the apartments are now asking $14.9 million.

The apartments together have roughly 5,000 square feet, five bedrooms, four-and-a-half bathrooms and a terrace with 360-degree views. Chase bought one of the apartments, once owned by writer and activist Susan Sontag, for $9.6 million in 2013. Plans to combine the two co-ops have been approved, according to the listing. The new place would include an eat-in dining room and a north-facing master bathroom with views of the Empire State Building.

Joshua Wesoky and Steve Dawson of Compass have the listing. The brokers did not return a request for comment.

435 East 52nd Street, Apt 16C

435 East 52nd Street, 16C
Previous Price: $11.7M
Current Price: $10.8M ($2,700 per square foot)
Percentage Drop: 8 percent

This 4,000-square-foot apartment, which is owned by financier and philanthropist Edmund Hajim, first hit the market in October 2014 for $14.7 million. Over the past two years, it’s been removed from the market and reduced several times. Last week, $900,000 was sliced from the asking price. It’s now on the market for $10.8 million.

The co-op in the exclusive River House has three bedrooms and three bathrooms, as well as a wood-burning fireplace, a mahogany paneled library and a chef’s eat-in kitchen. The Art-Deco building has a staff of 36, including a full-time concierge, doormen, handymen, and an on-site property management office.

Buyers, beware, however: the co-op board is notoriously strict. It’s turned away a number of applicants, including Richard Nixon, Diane Keaton, Joan Crawford and Gloria Vanderbilt. In the 1990s, billionaire Wilbur Ross, now Trump’s pick to head the Commerce Department, was knocked back by the board. But he got his revenge in 2015, buying a unit in the building for $7.8 million. The building certainly has some famous faces. Henry and Nancy Kissinger have a unit there, as does Uma Thurman.

Joshua Wesoky and Steve Dawson of Compass have the listing. They did not return a request for comment.

12 East 13th Street, PH

12 East 13th Street, Penthouse
Previous Price: $20M
Current Price: $18.5M ($3,243 per square foot)
Percentage Drop: 8 percent

This 5,700-square-foot triplex apartment at DHA Capital and Continental Properties’ 12 East 13th Street hit the market in November 2013 for $28.4 million. Seven months later, the asking price was lifted to $30.5 million, and then dropped last November by $10 million to $20 million. It’s now on the market for $18.5 million.

The sponsor unit has four bedrooms, four bathrooms and two 900-square-foot private terraces.

DHA Capital and Continental Properties paid $32 million for the 45,000-square-foot property in 2012. Apartments in the building hit the market in 2013, ranging from $7.5 million to $28.5 million for the top triplex.

Steven Fisch, of Continental Properties, told the Wall Street Journal at the time that the companies were seizing on the limited supply of ultra luxury properties in the city.

“It’s a very different market now,” said Compass’ Herve Senequier. “Properties above $15 million have received pricing adjustments, and the price now makes more sense.”

Senequier is marketing the apartment with colleagues Leonard Steinberg, Herve Senequier, Amy Mendizabal and Calli Sarkesh.

Prettiest Apartments To Hit The Market Last Week

So, here it is: five listing that have that special "je ne sais quoi" that separates them from the rest. Happy gawking!

↑The West Chelsea condo just hit the market for $9.5M with a full-floor, open-plan, column-free interior offers 2,600 square feet of (mostly) uninterrupted living space, with a huge foyer, an expansive living/dining area, an eat-in cook’s kitchen, two bedrooms, three full bathrooms, and so many windows your domestic life is basically public performance art.

↑There’s a lot happening with this week’s Pricespotter, a gorgeous triplex condo in Bed-Stuy, which comes with two bedrooms, two and a half bathrooms, and a roof deck that’s the size of some people’s apartments. Huge windows flood the apartment with light, and a staircase connects the different levels. It also comes with a smart home system, a washer/dryer, and a 72-square-foot private storage space, all for the price of $1.095 million.

↑A historic Ellis Island ferry—the oldest remaining, built in 1907—is looking for a new steward willing to lay down $1.25 million to own, and take care of the vessel. The ferry currently serves as the residence of artists Richard and Victoria MacKenzie-Childs, who have lived out of and docked the ship around New York City and its surrounds for the last 15 years.

↑An elegant two-bedroom, two-bathroom co-op on East 10th Street in the East Village that’s loaded with unfussy but lovely details. The downside: it’s asking $2.5 million.

↑A sprawling Tribeca condo has returned to the market just a week after it was purchased by actor/comedian Mike Myers in what we assume might’ve been a case of buyer’s remorse. The $15 million apartment is a beauty with plenty of chic, industrial charm. Some of its highlights include 14 arched windows, original beams and columns that have been restored, a huge open concept chef’s kitchen, and much more.

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$1.16 Trillion Skyline

The total tentative assessment for all the properties in New York City hit $1.16 trillion this year, an 8.74 percent increase from 2016, when the total crossed $1 trillion for the first time. That’s according to new data from the city’s Department of Finance.

Jacques Jiha, DOF commissioner, attributed much of the increase to new developments in Brooklyn that are disproportionately driving up property values in the borough.

And the data show that Brooklyn had some of the highest increases across the board. In a borough where multifamily buildings now regularly sell for more than 15 or even 20 times the rent roll, the assessment increase for multifamily rental properties was up 19.05 percent year-over-year. The borough also saw the sharpest uptick in assessment for commercial properties, which rose 13.49 percent year-over-year, as well as the largest rise in market value for one-, two- and three-family homes homes, which rose 13.77 percent.

At $538.8 billion, one-to-three family homes homes make up almost half of the city’s total tentative property assessment. Assessed value, however, should not be confused for the true market value a property might actually sell for, which is typically much higher.

Although it may seem logical that a rising property market brings with it higher assessments, Jeffrey Golkin, a real estate tax attorney, said that’s not a good enough reason for citywide assessments to be rising at their current rates.

“It’s clearly pricing people out of New York City,” he said. “This is just a continuation of what I consider an egregious trend of over-assessment which the people who live and work in the city can’t keep pace with.”

In Brooklyn, particularly, rising property tax rates are putting pressure on small commercial property owners who may have to “get out of the way for the next condominium,” Golkin said.

Assessments have long been politicized, with many choosing to direct their ire at whoever occupies City Hall at the time that tax roll numbers climb. Last week, a former city official told the Wall Street Journal that mayors “can largely raise property value assessments for commercial properties at will.”

“This is false,” a spokesperson for the Department of Finance told The Real Deal on Tuesday. “The mayor does not have any control over the assessment process. It’s calculated by a professional staff who are members of the international association of assessing officers. Values are based on information provided by commercial property owners on their income and expenses that reflect economic growth in the City.”

One of the biggest property tax exemptions on the books, 421a, was unavailable to developers that began new construction projects over the last year. But even though new applicants couldn’t sign up for it, buildings already in the program cost the city more than $1 billion in foregone tax revenue last year. On Sunday, Gov. Andrew Cuomo announced a plan to revive 421a (which also subsidizes some affordable housing) and retroactively grant the benefit to the builders who started work without it last year. He dubs the proposal “Affordable New York.”

City property owners have until March to decide whether to challenge their new tax assessments through a process known as tax certiorari. The DOF will release a final assessment roll for fiscal year 2018 in June.

Monthly Update - January 2017

Happy New Year!

The election dust has settled, the holidays have passed and a new year has begun. We bid adieu to our current president, and shortly, will inaugurate a new one. But before we plunge headlong into the rest of 2017 — sure to be an interesting year — let's pause and take a look back at the end of 2016.

Compass recently released its Q4 2016 Manhattan Market Report, and the results show a marketplace in flux and influenced by real-world events, namely the election and the Fed's long-expected decision to raise interest rates. Some key findings from the report include:

  • Overall, closings were down year-over-year, but much of that slowdown might be attributable to a collective holding of breath before the election. Compass data finds that there were 24 percent more contracts signed in the four weeks after the election (837) than in the four weeks before the election (677).
  • Inventory, especially in the condo market, continues to be out of pace with current consumer demand with units priced above $3 million comprising 29 percent of total inventory, but only 15 percent of signed contracts.
  • Asking and closing prices continued to trend up at a significant pace, meaning that while total annual closing numbers were down from 2015, total sales volume was down a mere 3 percent for 2016 ($24.4 billion) compared to 2015 ($25.2 billion).

While post-election activity ended the year on the upswing, the potential impact of the new administration leaves us with more questions than answers, making it more important than ever to make smart, informed real estate choices in the coming months.


For more information, download the full report and for instant access to real-time market data any time of year, download the Compass Markets for iOS app.

Stay Tuned, Coming January 17th....

    Hot Off The Press:

Compass Expands In Miami; Acquires Local Firm
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New York Business Journal |  Read Full Article

"Compass is building the first modern real estate platform, pairing the industry's top talent with technology to make the search and sell experience intelligent and seamless. "


As part of our promise to offer a more intelligent and seamless real estate experience, we’ve launched Market Insights HERE. You can gain timely insights about your local market by scrolling down the page and entering your ZIP code.
 

With Market Insights, here’s what we’re offering:

  • Gain the following high-level insights based on your ZIP code
    • Percent change in home sales for the previous two quarters
    • Trends in home sales over the past eight quarters
    • Pricing patterns for properties per square foot
  • Feel free to share the report by email address or even post it to your social networks

Going, Going, Gone...

Thanks to our friends over at StreetEasy, we’re rather on top of this city’s real estate comings and goings — emphasis on goings.

This week, a handful of highly priced pads left the market, and here are the ones we’re saddest to see go — although, we rather suspect we’ll see some of them again soon, perhaps with a spanking new price tag.

781 Fifth Avenue 18th Floor | Off Market

We happen to know that the full floor unit on the 18th floor of the Sherry Netherland makes an excellent party venue, but alas that doesn’t seem to be enough to sell the pricey pad.

Most recently asking a whopping $78 million, the spread has been on and off the market since 2015, and was originally asking an even more sizable $86 million. It comes with seven bedrooms, a library, and a balcony with a hell of a view.

Billionaire hedge fund manager and record-breaking art collector, Steven Cohen is the owner of this spread, and it seems as though he just can’t get rid of it. Cohen snapped up the unit in 2005 for $24 million, and first listed it for $115 million back in 2013. Then the price was dropped to $98 million, then $82 million, then $79 million before it was taken off the market altogether last December. In April 2016 it reappeared with a $72 million price tag, then asked $67.5 million – still to no avail.

Some say its cursed, and we’re starting to think they might be right.

This $25 million penthouse belongs to Tamara Mellon, the shoe designer and co-founder of Jimmy Choo.

It first hit the market back in 2014 for $34 million, and since then it saw a couple of price chops. It comes with five bedrooms, 12-foot ceilings, a chef’s kitchen, a formal dining room, maid’s quarters, an enclosed solarium, a walk-in closet that is currently filled to the brim with shoes, and a whopping 5,290-square-foot of terraces.

34 East 74th Street | In Contract 

This is likely the last we’ll see of this particular Upper East Side townhouse for a while.

The home — which was last asking $19.9 million — has gone into contract. It comes with five stories plus a basement, an elevator, an eat-in kitchen, high ceilings, a library, a wine cellar, a rooftop terrace, and a garden.

It was once owned by millionaire newspaper executive Harry F. Guggenheim (nephew of Solomon R. Guggenheim, of museum fame).

7 East 76th Street | Off Market 

This 14,000-square-foot townhouse has also bid farewell to the market.

It was last listed for $42 million, and features nine bedrooms, two kitchens, two staff rooms, and original details galore. Plus a handball court, gym, greenhouse, finished basement in addition to the six other floors. Below the basement there is storage space and a wine cellar.

By 2020 You’ll Be Able To Walk From Manhattan To Buffalo.....If You Wanted To

Imagine a trail that connects the metropolises, small towns, historic landmarks, and parks of New York state—and know that it’s not far off. Today Governor Cuomo announced the Empire State Trail, a 750-mile path for anything but driving that will stretch from Manhattan to northern New York, across to Albany and Buffalo.

The announcement came during the second stop on Cuomo’s week-long State of the State tour. The Empire State Trail is envisioned as a way to continue stoking tourism throughout the state, already at an all-time high.

“It would change the economic activity throughout the state,” Cuomo said. “The Empire State Trail, once completed, will be the nation’s largest state multi-use trail network, providing residents and visitors alike unprecedented access to New York's outdoor treasures, driving tourism and economic activity to communities across the state and helping to protect our environmental resources for generations to come.”

The Empire State Trail will be a paved surface along which trail-goers can run, bike, walk, and rollerblade (if anyone still does that) through parks and valleys, and along waterways across the state. It will complete and connect the unfinished Erie Canalway, which extends from Albany to Buffalo, and the Hudson River Greenway that runs 11 miles along Manhattan’s west side and into the Hudson River Valley, while also branching towards the Canadian border.

Though its a long way off, Cuomo’s vision is clear: the Empire State Trail would require the state to build, pave, and grade 350 miles of multi-use trails that would be constructed over three phases. The first phase would include 72 miles of trail, the second, 82 miles, and 196 miles in the third phase. The additional mileage is already built out through the Hudson River Greenway and Erie Canalway. The trail in its entirety is expected to be complete by 2020.

The state already owns most of the land the trail would wind past, and $53 million has been committed from this budget to see it realized. The experience, of course, wouldn’t be complete without a new website and app, which will connect users to local economies by helping them scout out attractions and services.

New ‘One-Seat Ride’ Options to JFK Airport Proposed By The Gov.

Earlier this week, Governor Cuomo unveiled his latest nine-figure infrastructure proposal, a $10 billion overhaul of JFK Airport. As 6sqft explained, the plan address three main issues: “unifying all the terminals with an interconnected layout so the airport is more easily navigable; improving road access to the airport; and expanding rail mass transit to meet projected passenger growth.” This final point included a direct rail link so that passengers traveling to and from Manhattan wouldn’t need to ride the subway to connect to the AirTrain. The Regional Plan Association decided to explore this idea further, and in a report out today they’ve detailed five different approaches for a “one-seat ride” to JFK, which includes an extension of the Second Avenue Subway and a new underground tunnel.

Photo of the JFK AirTrain courtesy of the Port Authority of New York and New Jersey

According to the report, the five options are as follows:

Air Train Connection: Connect the existing AirTrain to the LIRR mainline at Jamaica, creating a one-seat ride from Penn Station and Grand Central to JFK.

This option is feasible since it relies mostly on existing infrastructure, though it would require the construction of a “flying junction to connect AirTrain to the LIRR main line” and since the tracks and trains of both systems are different, a “hybrid vehicle” may need to be developed to bridge both lines. Other issues are the already-taxed train slots at both Grand Central and Penn Station and the small nature of the current AirTrain stops. On the plus side, it would be a future connection with the East Side Access project and could run express to Manhattan after Jamaica Station.

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The following three options use all or part of the existing Rockaway Beach Branch of the LIRR (which, it should be noted, is the site of the proposed QueensWay park). It’s currently an abandoned line that runs 4.8 miles from Rego Park to Howard Beach, and it connects with the Lower Montauk Branch (a freight line) and the Atlantic Branch to Downtown Brooklyn’s Atlantic Terminal. They would function in addition to the AirTrain, but would cost significantly more than the AirTrain Connection outlined above.

LIRR Airport Express: Extend the unused Rockaway Beach Branch LIRR line in Queens into the airport, and run service from Penn Station or Grand Central along the LIRR mainline to the branch line.

Save for a new on-airport tunnel and stations, this could be done with little new infrastructure and could run express from JFK to Manhattan. However, it could only run to Penn Station or Grand Central (not both), and commuter service would be reduced on the LIRR to accommodate the new airport trains (unless a new East River tunnel was constructed).

2nd Ave Subway Extension to Airport: Extend the Second Avenue subway to Brooklyn and connect to the airport using the Atlantic and Rockaway Beach rights-of-way.

Like a subway, this option would run 24/7 and provide more connections with existing subway lines in the outer boroughs. Because it would connect at Atlantic Avenue, it would also preserve most of the Rockaway Beach Branch for the Queensway. But the subway element has its drawbacks; there would be no express service, so timing would be slower, and many existing subway stations lack accessibility (even more of an issue when you’re traveling with luggage).

3rd Avenue Express: Connect a new rail line along Third Avenue in Manhattan through the Atlantic and Rockaway Beach rights-of-way as part of a larger transformation of the region’s rail network.

This option would link up with both the LIRR and Metro-North and create another new subway line for the east side. Like the 2nd Avenue idea, it preserves most of the line for the QueensWay, but unlike it, the 3rd Avenue option would allow for “limited-stop, express service to JFK and service to major business and tourist destinations in Manhattan, and possibly Brooklyn.” On the con side, this is an entirely new subway line, and we know how long and how much money that took to put in motion on Second Avenue.

+++

Super Express: Construct a new rail right-of-way, most likely a tunnel, between Manhattan and the airport.

The RPA calls this the “most direct, fastest, express alignment between JFK and Manhattan.” It would avoid all the complexities of reinstating the Rockaway Beach Branch, but it would also be the most expensive option since it utilizes no existing infrastructure. Additionally, it would only benefit airport travelers and would pass through a good deal of private property (which could spell eminent domain).

2016 Closing Thoughts...

As 2016 comes to a close we reflect on the year, we are grateful for the friendships and new opportunities that have supported our team’s continued growth.

The hard work and dedication of everyone on the team has played a tremendous role in our successful year. By joining COMPASS this year we are fortunate to now be at the forefront of the city’s real estate market, and are being supported by its cutting edge technology.


We wanted to take this opportunity to thank you for your continued business, trust and support throughout this past year. We wish everyone a healthy, safe and prosperous New Year, and can't wait to share our 2017 together. 

                  - The Hoffman Team

17 Predictions For NYC's Real Estate In 2017

MANHATTAN — As the year wraps up, one thing hasn't changed in the city's real estate market: affordability still eludes many New Yorkers.

The average sale price for an apartment in Manhattan, including co-ops and condos, surpassed $2 million for the first time ever, according to City Realty, which predicts that 2017 will see average prices for condos drop for the first time in more than 5 years.

But that's little consolation given that 2016’s average Manhattan apartment price was 91 percent higher than just 10 years ago, City Realty found.

And rents are still pricey, even with many landlords offering a free month.

Manhattan’s average price for a one-bedroom in November was $3,440 a month, according to a Douglas Elliman report. Since landlords often require you earn 40 times the monthly rent, that means you’d need to earn $137,600 a year to afford it.

Here’s what experts are forecasting for 2017:

1. Interest rates will increase.

With the Federal Reserve, which raised interest rates for the first time in 2016 on Dec. 14, likely to increase rates over the course of the coming year, mortgage rates will likely inch up.

Mdrn. Residential’s Zach Ehrlich believes rate increases will positively affect the market by narrowing the spread between the asking price and bidding price.

"More sellers will adjust pricing to ensure they don't get caught in receding sales market," he said. "More buyers will lock-in and pull the trigger given upward trend of rates."

He also predicted that some potential buyers will opt to continue renting instead as their buying power decreases.

2. Landlords will continue offering deals.

The rental market will remain “soft” into spring, Ehrlich said, with inventory increasing as new projects open.

“Smart renters will negotiate with current management companies to limit or block increases and in some cases may even be able to get concessions on existing apartments if they speak up,” he advised.

The incentives, however, are largely in the new developments, said BOND New York’s Douglas Wagner, giving some renters a misconception about how widely available deals are.

“We’re seeing people coming in for lower-priced apartments thinking they’ll get a deal,” he said. “If you’re spending $4,200 a month you can get a free month, but not necessarily if you’re spending $2,400.”

3. There will be more migration between Manhattan, Brooklyn and Queens in all directions.

A rendering of the rooftop at Astoria's Graffiti House, which is attracting Manhattan and Brooklyn renters. Courtesy of AKI.

As pricey new developments floods the market in Long Island City and parts of Brooklyn, rents in Manhattan might not look too bad anymore, brokers said.

“The run-up in pricing in Brooklyn and Long Island City will get some residents to look back at Manhattan,” Ehrlich predicted.

The migration will go in all directions, said Eric Benaim, CEO of Modern Spaces.

“People will be more open to hopping around,” he said.

4. Developers will convert some rentals to condos.

With so much competition in Long Island City — where roughly 9,000 new units are expected in the latter part of the year — and in Brooklyn, where another 5,000 units are expected, the softening prices and competition will force some developers to rethink the rental market, Benaim said.

“Developers will change their business plans and convert their small rental projects to condos, or sell them altogether,” he believes.

5. The Second Avenue subway will boost the Upper East Side.

Regardless of whether the MTA meets its deadline at the end of this month, the Second Avenue subway is expected to be ready for the spring buying and rental season.

“Rental demand east of Third Avenue will change overnight,” Ehrlich said. “Expect more sales activity with units and buildings there as well. It’s easier for the average buyer to understand once they see subway opened and operating.”

6. South Williamsburg will become more popular.

With the construction of the mega-project at the former Domino Sugar site and the 18-month shutdown of the L train between Brooklyn and Manhattan pegged for 2019, the South Side of Williamsburg is gaining ground, many brokers said.

A rental with about 80 units and rooftop garden plots near the Marcy Avenue J, M, Z stop has been leasing briskly, said Mehul Patel, COO of Midwood Investment and Development, of the 282 S. Fifth St. project.

“It’s near the first stop over the [Williamsburg] Bridge, well placed considering eventual shutdown of L train,” he said.

But don’t discount the Northside just yet, especially as jobs are expected to move to 25 Kent Ave.

And while rental and condo prices will likely dip because of the L train, Benaim said, “2017 would be a good time to buy in the neighborhood, as prices will rebound afterward.”

7. Queens gets higher-end projects.

With prices in Long Island City rising, many see a spillover effect in markets like Astoria, Flushing and Forest Hills/Rego Park.

More developers are also eyeing Sunnyside, Woodside and Jackson Heights.

“You’ll start to see more modern, architecturally-driven product there,” said Benaim. “Queens is where it’s happening.”

8. Astoria is on the rise.

Already, a new wave of tenants from Manhattan and North and Brownstone Brooklyn are coming to Astoria, said Brett Harris, managing partner at AKI Development, whose Graffiti House building along Astoria's rapidly changing waterfront has such upscale touches as radiant heated floors, heated terraces and outdoor showers.

“We see this neighborhood taking off,” Harris said.

New ferry service to Astoria is expected to launch in the spring, the MTA is renovating the subway stations in the neighborhood, and it brought back the W train. The city earmarked $30 million to restore Astoria Park and is continuing to push it pricey streetcar project that would terminate in Astoria.

“That would be a major catalyst,” he said.

9. Attention turns to The Bronx’s Concourse...

Lee Williams, of Level Group, has seen an uptick of renters looking at The Bronx's Concourse neighborhood, which is just two stops from Manhattan on the express train and has one-bedrooms for $1,400 a month.

Plus the area has dry cleaners and grocery stores, he added.

10. ...and Riverdale neighborhoods.

Elizabeth-Ann Stribling-Kivlan, president of Stribling and Associates, is also seeing renewed interest in Riverdale.

“For $800,000 you can have an incredible view and amenities,” she said. “People don’t realize how close it is and that if you live outside of Manhattan, you can have a car.”

11. People just might pay $1,735 to live in a studio in Staten Island.

Urby Staten Island, on Stapleton's waterfront, is a project to watch for, said Kathy Braddock, of William Raveis Real Esate.

“I think you will hear more about Staten Island in the years to come,” she said. “You can get beautiful new apartments with all the amenities for $1,700.”

The trick is giving the ferry more cachet like ferries have in Sydney, Istanbul and Chicago, she said.

“Wall Street is becoming hipper and happening, and it’s a hop, skip and a jump to Staten Island. How cool would it be to take a ferry there and back?” she said.

12. Amenities will focus more on experiences than space.

Especially for millennials, buildings are more about lifestyle, so amenities will focus more on building-wide programing, like at 1 North Fourth St. in Williamsburg, where there’s yoga night, Monday Night Football and celebrations like National Cookie Day — anything that brings people together, said Andrew Barrocas, of MNS Real Estate.

“These are amenities that are not only going to attract people but keep them,” he said.

13. Yes, more affordable is coming.

More projects being built under the de Blasio administration's Mandatory Inclusionary Housing program will coming through the pipeline, said Jolie Milstein, president and CEO of the New York State Association for Affordable Housing (NYSAFAH), a group that represents affordable housing developers.

Communities whose neighborhoods have been targeted for the program, including a wide stretch of The Bronx along Jerome Avenue, East Harlem and East New York, however, have raised concerns about the impacts of new zoning and whether new buildings will be affordable enough for existing residents.

Milstein said her group plans to work with City Council and community leaders “to fully explain new projects, address concerns and reach positive resolutions.”

14. But $2 billion in affordable housing funds still hangs in the balance with a 421-a deal in limbo.

Until the agreement over 421-a, a tax break for certain newly built residential developments that expired in January, is finalized with a vote in Albany, the state legislature has refused to release $2 billion in state affordable housing funds.

“New Yorkers are at risk of losing thousands of already-planned affordable housing units,” Milstein said.

Other developers are pushing for the state to approve 421-a, as many can’t do rental projects without the tax break, they said.

“No one is doing land deals anymore,” Harris said. “We can’t make our numbers work. We’re waiting on the sidelines."

Instead, Barrocas said, many development firms have been looking at buying older buildings in prime neighborhoods that they can renovate to command higher rents, like the 890-unit former Mitchell-Lama complex at Kips Bay Court.

15. Affordable housing goes super green.

Affordable housing developers are embracing the latest in energy efficient construction — like Passive House standards — as a way to keep operating costs down, said Don Clinton, partner at Cooper Robertson architecture and design firm.

“This uptick is driven by sustainability advocates working together with the nonprofits who provide financing for affordable housing projects," he said.

“We'll likely also see affordable housing developments that are more sustainable and technologically advanced than a lot of their market-rate counterparts."

16. The wealthy will return to older buildings for security and privacy.

Buildings made of stone or brick are becoming popular again, said Richard Cantor at marketing firm Cantor-Pecorella.

“Top-level buyers [are] gravitating towards their thick walls, shapely windows, and quiet central courtyards that provide safe, bomb-proof security and privacy along with a sense of elegance and style that new glass towers can't match,” he said.

17. Bespoke kitchens are all the rage.

The "It" kitchen of 2017 from 443 Greenwich. Photo by Adrian Gaut and courtesy of MetroLoft.

“Look for more kitchen designs that truly embody the luxury lifestyles in leading properties,” Cantor said.

For instance, he noted MetroLoft's collaboration between the architectural firm CetraRuddy and cabinetmaker Christopher Peacock at TriBeCa’s 443 Greenwich.

“The look is perfect for New York in 2017: dark-stained white oak cabinetry with walnut interior surfaces and antiqued bronze hardware, and the island is topped with Calacatta marble, highlighted with polished stainless steel straps,” he said.

The 10 Biggest Sales Of 2016

A decade after developer Harry Macklowe acquired the site for 432 Park Avenue, sales at the supertall condo tower dominated 2016’s top residential deals.

Six of the building’s ultra-luxe pads were among this year’s 10 priciest closed sales — including the building’s $87.7 million penthouse, which closed in September. The spate of big-ticket deals at 432 Park  can be attributed to the fact that three years after sales launched, developers Macklowe Properties and CIM Group finally obtained a certificate of occupancy in late November 2015, allowing buyers to close on their purchases.

Overall, the top 10 sales of 2016 accounted for $517.4 million in deals, an 8 percent drop from last year, when the aggregate sale price of the 10 priciest pads was $565 million.

This year’s drop isn’t too surprising given the widespread softening in the high-end market.

Even at Rafael Vinoly-designed 432 Park, buyers who signed contracts and closed on their units this year received an average discount of 10 percent, according to a recent analysis by real estate appraisal firm Miller Samuel.

Barring any deals at the 11th hour, this year’s priciest transaction also falls short of last year’s biggest purchase, when an investor group led by hedge funder Bill Ackman shelled out $91.5 million for a penthouse at One57. But with several other ostentatious pads on the market — the 12,000-square-foot apartment listed for $96 million at 834 Fifth Ave comes to mind — anything could happen.

Here’s how this year’s top closed sales stack up. Keep in mind that the closed sale prices in property records do not reflect so-called price concessions, which are indicated on a separate rider and are not publicly recorded. So some of these buyers on the list below may have paid less than the prices indicated.

View from the Penthouse at 432 Park Avenue

1. 432 Park Avenue, PH 96 | $87.7 million
Three years after going into contract, Saudi retail magnate Fawaz Al Hokair reportedly closed on the highest — and priciest — pad at Harry Macklowe’s stratospheric 432 Park Avenue. In September,  Al Hokair shelled out $87.7 million, or over $10,600 per foot, for the 8,255-square-foot aerie. In an unusual move, co-developer CIM provided a $56 million money mortgage to acquire the unit, which was asking $95 million. The penthouse features a wood-burning fireplace and the building’s signature 10-foot-by-10-foot windows.

2. 432 Park Avenue, Unit 88 | $60.9 million
Lew Sanders, the former CEO of asset manager AllianceBernstein, forked over $60.89 million — or just under $7,600 per square foot — for one of the priciest penthouses at 432 Park. The five-bedroom, 8,055-square-foot pad, one of the last full-floor units in the building, was first listed in May 2014 for $76.5 million, or $9,497 per square foot. Sanders retired from AllianceBernstein in 2008 and now runs his own money-management firm, Sanders Capital, which claims to have $20 billion in assets under management.

3. 432 Park, Unit 79 | $59.1 million
In June, a Los Angeles-based corporation, 432 Crotona Park Avenue LLC, plopped down $59.1 million for a full-floor spread on the 79th floor, property records show. The buyer paid roughly $7,337 per foot for the apartment, a combination of two half-floor units that together span more than 8,000 square feet.

4. 4 East 66th Street, 5 | $52 million
Hedge funder Chase Coleman III parted with $52 million in July to expand his den at 4 East 66th Street, paying a premium over the co-op’s $48 million asking price. The Tiger Global Management head and his wife bought the fifth-floor pad from Gracie Capital’s Daniel Nir and his wife, Jill Braufman, who paid $29 million for the 15-room apartment in 2007. They listed the apartment for $48 million last year. The Colemans already live in the building, having spent $36.5 million in 2007 for two apartments on the sixth floor that were once owned by Veronica Hearst.

5. 212 West 18th Street, PH2 | $45 million
Talk about a workout: LA Fitness CEO Louis Welch sold his Walker Tower penthouse for $45 million in June, two years after picking up the Chelsea pad for $40 million. According to brokers in the building, the unit wasn’t even listed for sale when the mystery buyer — identified as Walker Tower 1-8 LLC — came out of the woodwork, paying $6,678 per square foot for the pad. Welch paid just over $6,044 per foot for the five-bedroom condo, which has 360-degree views and three wood-burning fireplaces. The 47-unit tower served as an office for Verizon before JDS Development Group and Property Markets Group converted it to high-end condos.

6. 432 Park Avenue, Unit 64A | $44.8 million
Bennett LeBow, chairman of Douglas Elliman’s parent company, Vector Group, made a big splash at 432 Park this year — dropping $44.8 million on a 64th-floor pad. LeBow bought the full-floor condo in April, joining partner Howard Lorber, who bought a half-floor unit on the 67th floor. LeBow paid roughly $5,562 per square foot for his digs, several floors below Lorber.

7. 432 Park Avenue, Unit 82B | $43.3 million
At $43.4 million, 432 Park’s Unit 82B was one of the year’s priciest sales — but the condo is just one of two units the mystery buyer picked up for a combined $62 million. Property records show that buyer Blessings Investments also paid $18.6 million for Unit 82A, giving the LLC a full floor at Macklowe and CIM’s ritzy tower. The larger condo, Unit 82B, spans 5,421 square feet and was not publicly marketed. The smaller unit, with 2,633 square feet, was listed for $21.5 million.

The Baccarat Penthouse

8. 33 East 74th Street | $42.8 million
Russian billionaire Alexey Kuzmichev jumped into the megamansion game this year, dropping $42.8 million on the 10,000-square-foot Atterbury Mansion at 33 East 74th Street, which he planned to combine with a smaller unit to make an even bigger spread. Kuzmichev, head of Russia’s Alfa Bank, closed on the townhouse in May, when he also shelled out $15.5 million for a 3,800-square-foot condo in the adjacent Whitney Condos, a 10-unit building developed by Daniel Straus. But Kuzmichev has since had a change of heart: In September, he listed the quadplex for $44 million.

9. 20 West 53rd Street, PH | $42.6 million
A mystery buyer paid $42.6 million for the penthouse at the Baccarat Hotel & Residences — a nearly 30 percent discount from the condo’s original price. The buyer — identified in public records as PH 20 West 53rd LLC — snagged the condo in July for $5,771 per square foot. The 7,381-square-foot duplex, with five bedrooms and five baths, was originally asking $60 million when it hit the market in August 2015. Developers Starwood Capital Group and Tribeca Associates later cut the price to $54 million. According to the developers, there are only two unsold units left in the 60-unit building.

10. 432 Park Avenue, Unit 77B | $39.2 million
A mystery buyer paid $39.2 million in July for a casa in the sky at Macklowe and CIM’s 432 Park. According to public records, a corporation known as Residencia LLC closed on Unit 77B, paying $7,242 per square foot for the four-bedroom, five-bathroom condo spanning 5,421 square feet.

This Map Reveals The Shadows Cast By Bvery New York City Building

The Times calls the phenomenon a “struggle for light and air.” And indeed, while New York City architecture is lauded for both its design and innovation, the decades-long race to build bigger and taller has taken a toll on the cityscape, particularly in the form of shadows. While any recent criticism of the effect has been directed towards the tall towers rising along Billionaire’s Row, as The Upshot’s interactive map reveals, New Yorkers on the whole spend most of their time cutting through long stretches of shadow. The map documents thousands of buildings across the five boroughs, denoting age, height and the resulting shadows cast at ground level over the course of one day, down to the minute, during all seasons. As seen above, tall-tower haven Central Park South is cloaked in darkness 24/7 during the fall, winter, spring and summer months—but then again, if you peruse the map, you’ll see a lot of other blocks are too.

As the paper points out, New York City’s latitude and orientation (the grid is 30 degrees off of true north) gives way to a skewed sunrise and sunset, where in the summer the sun rises in the northeast and sets in the northwest, and in the winter the sun rises in the southeast and sets in the southwest; incidentally, the standard east/west sunrise/sunset is an outlying event that happens only the equinoxes when day and night are of approximately equal duration. As such, the angle and length of a building’s shadow will vary significantly depending on the time of year. Moreover, neighborhoods that exist in shade in the winter can also be soaked in sunlight in the summer.

Parts of the West Village exist primarily in the shadows during the winter but are bathed in sunlight during the summer months

However, according to research provided by Claudio Silva and Harish Doraiswamy, engineers at New York University, “on average, most neighborhoods in Manhattan are covered in shadow for at least half of daylight hours.” And this has considerable implications.

As the Times writes, “Sunlight and shadow shape the character and rhythm of New York’s public spaces … In most parts of America, sunlight is not debated the way it is in New York, where the city’s thirst for living space, working space and economic growth has turned the sun into a virtual commodity.”

We see this as New Yorkers often opt to skip over dark “side streets” sandwiched between more major thoroughfares like 14th Street, 23rd Street, or 57th Street, as well as with rents where smaller, independent retailers (and to be sure, sometimes big chains) will set up shop along darker corridors to save cash.

Explore the map here >>

Five Largest Units On The Manhattan Market Right Now

As nice as private pools and radiant floors are, everyone knows that the ultimate luxury in New York City real estate is space. While most New Yorkers make do in cramped quarters (or just give up and adopt Marie Kondo’s philosophy), for a lucky — and very wealthy — few, it is possible to snag a home that is big enough to accommodate even the most extensive collections. As proof, take a look at the homes below, which are the biggest non-commercial units on the market right now. Read ’em and weep.

Address: 50 East 69th Street
Price: $72,000,000
Size: 21,070 square feet
The gargantuan Upper East Side spread is the largest home on sale in New York — though it is in need of a little TLC, much like the guests it has been housing recently. Up until May 2016, the building was home to the Center for Specialty Care, an outpatient facility for plastic surgery.

Address: 3 Pierrepont Place, Brooklyn
Price: $40,000,000
Size: 18,000 square feet
We guess you really do get more for your money in Brooklyn! The second-largest home in the city is significantly cheaper than the Manhattan-based winner. Of course, it is the most expensive home in the borough and it’s apparently attracted some star visitors; Matt Damon was spotted checking out the home in September.

Address: 12 East 96th Street
Price: $19,500,000
Size: 17,700 square feet
Built in 1916 by Ogden Codman, Jr., the building once belonged to Robert Livingston, a blue-blooded American financier, but since 1990 the house has been home to the Italian international school, La Scuola d’Italia Guglielmo Marconi. It comes with seven stories, an elevator, a wood paneled ballroom, seven fireplaces, high ceilings, a garden, and right now – a whole lot of classrooms.

Address: 12 East 79th Street
Price: $38,500,000
Size: 16,200 square feet
This building, which currently serves as the New York headquarters of the School of Practical Philosophy, has seen a couple of serious price chops since it first hit the market in 2014 asking for a whopping $51 million. Its sizable 16,000 square feet is spread across six stories, an English basement and a cellar. It’s right across the street from former Mayor Michael Bloomberg and his very-very-nearly two townhouses.

Address: 62 Cooper Square #PH
Price: $29,500,000
Size: 15,781 square feet
Spread across the top three floors of the Carl Fischer Building, this unit – obviously – holds a whole lot, including two private terraces, a billiards room, a library, and personal yoga studio. Pretty impressive. No news on who’s selling up, but songstress Norah Jones once owned in the building.

Central Park Ghost Tunnel Will Reopen For 2nd Ave. Subway

There are countless relics from the subway’s past hidden beneath NYC, but one of the most intriguing will reveal itself again in just 10 days when the Second Avenue Subway (SAS) invites straphangers to swipe their Metro cards for the first time. As Quartz noticed this past summer, a peculiar loop cutting through Central Park appeared when the MTA released their new subway map touting the addition of the SAS. Reporter Mike Murphy immediately questioned the mysterious addition that would move the Q train further north without issue (“I felt like people would have noticed if the MTA had been ripping up Central Park to build a tunnel,” he wrote). After a bit of digging, he found out the half-mile stretch was built over 40 years ago and, at least according to archival maps, it’s only been used only twice since then.

With the help of the Transit Museum, Murphy found that the “ghost line” runs between the 57th Street and 7th Avenue, and Lexington Avenue and 63rd Street in Manhattan, and was built in the 1970s as part of a past attempt to bring the Second Avenue Subway to life. The plan, however, was squashed when the city went into recession.

1998 map depicting the ghost tunnel via Quartz courtesy of the NYC Transit Museum

But the line wasn’t a total waste. Working with museum archivist Halley Choiniere, Murphy found two instances, of about six months each, where the tunnel appeared on transit maps. He writes:

“In 1995, the mysterious tunnel was included on the map when the Manhattan bridge was out of service, allowing Q trains to cross back over to Long Island farther up the East River while the bridge was being worked on. Once the work was completed in late 1995, the tunnel disappeared, and the Q train went back to its regular route. In 1998, the tunnel reappeared as a special temporary shuttle service while work was being done on the Sixth Avenue line, cutting off access to lower Astoria through the regular route. Again, when the work was finished, the tunnel disappeared, and the map went back to its regular delineations.”

And now, with the SAS opening in just over a week, the Q train will once again be rerouted—but this time permanently—to travel through the forgotten tunnel and up the newly constructed line.

[Via Quartz]

Your new home awaits.