Samantha Bee Gets New $3.7M Riverside Drive Co-op

Now that political commentator Samantha Bee is into her second season hosting “Full Frontal” it looks like she wants to put down some permanent roots near the show’s west side studio at CBS. According to city records, she and her husband, fellow comedian Jason Jones, dropped $3.7 million on a somewhat basic Riverside Drive co-op.

The top-floor home home has lovely details like beamed ceilings, picture moldings, and hardwood floors. A bright living space is anchored by a marble mantle that was original to the Plaza Hotel. Through glass-paneled French doors is a less formal den, which features a custom walnut wall unit.

Directly adjacent to the living room is the dining area, which is open to the eat-in kitchen.  Here you’ll find granite counters, a large island with a table attachment, high-end appliances, and a farmhouse sink.

Glass-paned French pocket doors lead to the other wing where there are four bedrooms–perfect since Bee and Jones have three children. The master has another custom built-in walnut wall of cabinetry and its own half bath.

It appears that the co-op is move-in ready, so Bee will have plenty of time to work on her Not the White House Correspondents’ Dinner.

Most Beautiful NYC Homes To Hit The Market Last Week

Every week, Curbed covers dozens of market listings that vary in price, location, size, grandeur, quirkiness, and other distinct characteristics. If they managed to capture our attention, that means there’s definitely something special going on. But some of these homes are so lovely that they warrant a special kind of notoriety as some of the prettiest homes currently up for sale in New York City. And so, here it is: five listing that have that special "je ne sais quoi" that separates them from the rest. Happy gawking!

↑The brokerbabble calls this Williamsburg two-bedroom duplex “the ultimate loft space, a rarity these days,” which, okay, sure. The apartment itself is pretty nice, if not the ultimate loft space: it has positively enormous 18-foot ceilings, with exposed brick walls that hark back to the building’s past as a former factory, and pretty stellar views of Manhattan and Brooklyn.

↑Designed by Parish & Schroeder and built in 1898, this magnificent Upper East Side mansion, asking a whopping $45 million, has six bedrooms, more than seven bathrooms, two galleries, a wine cellar, solarium, and even a card room linked to the library via a secret passageway.

↑With striking details, a celebrity pedigree, and views of the Met, the park, and the Chrysler Building, this $4.295 million pre-war co-op is about as Upper East Side as it gets. It was also once the home of pioneering TV personality Julia Meade.

↑$35 million buys you this 10,000 square foot Upper East Side townhouse featuring “elegant yet comfortable modern day living.” That means six bedrooms, including a master suite with his- and hers- dressing areas; endless living spaces; a grand spiral staircase; eight and a half bathrooms; and a caretaker’s apartment on the cellar floor. The home also boasts a “lush” rooftop garden, centrally controlled sound, heat, and lighting systems.

↑A Chelsea townhouse that we’ve previously labeled one of Chelsea’s strangest homes, and the Wet and Wild ‘Pool House’ is now back on the market for the umpteenth time, and it’s asking $13.8 million for its quirky spread. So what makes this six-bedroom townhouse so over the top? Take for instance the the saltwater swimming pool in the middle of the living room, into which an 18-foot high waterfall drains, or think of the double height solarium that leads to a manicured garden, and there’s more...

Best Countries To Live In If You’re Super Rich

Even the super rich are feeling a bit down on America right now. So for anyone with a spare million or billion dollars who is looking for an escape route, the folks at Lotto Land have put together this handy-dandy infographic that shows the best places to live for the super rich.

The typical contenders are all there: Saudi Arabia, Australia and Norway all take top slots. But there are also few surprises thrown in like Bahrain, Canada, Brunei and even the United States in a few categories (we’re number 10 for purchasing power, wahoo?). Scandinavia swept the rug in the Better Life category, while the Middle East took most of the slots in the best tax rates for the rich bracket.

Overall, the best country for the super rich to live in is Australia, followed by Switzerland, Saudi Arabia, Norway, Denmark, Canada, New Zealand, Brunei, Bahrain and Germany. See below for all of the rankings.

De Blasio Pushes Again For New 2.5% ‘Mansion Tax’ On Sales Over $2M

Mayor De Blasio will renew his call for a “mansion tax” before this state Legislature in Albany today, reports Politico. In support of rent subsidies for 25,000 low-income senior citizens, the mayor has detailed a proposal that will raise the property transfer tax to 2.5 percent for any sale above $2 million. “We are asking for some basic tax fairness from the wealthiest New Yorkers so low-income seniors can afford their rent and continue to call the greatest city in the world their home,” the mayor said in a statement.

As Politico is quick to point out, the proposal is expected to struggle for Legislative support in the state capital. In 2015, the Mayor asked a similar tax be rolled into negotiations of the 421-a tax abatement that expired early last year, where sales over $1.75 million would be taxed 1 percent, and sales over $5 million would see a 1.5 percent tax. The increased rates would have provided another $200 million a year in revenue to be directed towards affordable housing initiatives, but the idea was rejected by state lawmakers.

As it stands, home sales over $1 million are subject to a 1 percent tax. The city’s Office of Management and Budget estimates 4,500 homes will sell for $2 million or more in the upcoming fiscal year, which would mean another $336 million in revenue for the city if the proposal were to be adopted.

Regardless, flop or not, the call alone will do a lot to enliven De Blasio’s supporters.

“DOA,” said one real estate official to Politico. “But it works for the mayor in terms of running for re-election and is a red meat issue for much of his base.”

Indeed, the mayor is up for re-election this year, and similar to his first campaign, he’s taken on affordable housing and income equality as his mantles. De Blasio also counts seniors as one of his most reliable voting blocs, many of whom have organized to support his previous housing proposals.

[Via Politico]

Map Reveals How Manhattan’s Working Population Moves From Home To Work In 24 Hours

Odds are if you’re reading this post right now, you’re probably at work in Midtown.

Created by Joey Cherdarchuk, “Breathing City” is a hypnotic visualization that tracks Manhattan’s working and resident population as they move from their home to their office.

To build the map, Cherdarchuk pulled population, employment, land use and building footprint data from the U.S. Census Bureau and New York City Planning, and plotted it against a breakdown, hour by hour, of what the Bureau of Labor Statistics deems a “typical” workday for the average American (“Manhattan probably has a different profile than the US average, but close enough,” he admits).  

Per Cherdarchuk, the roughly 1.5 million people living in Manhattan and 2 million people working in Manhattan were assigned the schedule. And as you’ll see ahead, New York is truly the city that never sleeps. 

Apartment or Townhouse: Which Was The Better Investment To Make Back In 2007?

Who’s getting the most bang for their buck: Manhattan’s townhouse investors — or those who went the apartment route?

Since 2007, townhouse prices in the borough increased significantly more than apartment prices, according to an annual decade report from Douglas Elliman. The median price of a townhouse last year was $4.9 million, compared to $3.1 million in 2007 — a jump of 59 percent. By comparison, condominiums and co-ops collectively had a median sale price of $1.1 million in 2016, an increase of 28 percent from the $860,000 median price in 2007.

While the figures look dramatic, it’s worth remembering that townhouses make up just 2.6 percent of total Manhattan residential sales.

“It’s a luxury niche market,” said Jonathan Miller, CEO of Miller Samuel and author of the report. “Whereas the apartment market is the market that’s expanding, particularly on the condo side.” Miller said the past decade was characterized by a significant uptick in new development and, up until the past year, an “insatiable demand” for high-end real estate.

The median price of a co-op last year was $771,000, a 14 percent jump from $675,000. For condos, the median sales price rose 58.5 percent between 2007 and 2016, going from just over $1 million to nearly $1.7 million in 2016. Over the past decade, the average price per square foot for apartments jumped significantly, going from $1,120 in 2007 to $1,771 in 2016.

There were 11,459 apartments sold last year, compared to 13,430 in 2007, an all-time record, according to Miller’s figures. Last year, 5,435 condos sold compared to 5150 in 2015, a jump of 5.5 percent year-over-year. However, the co-op sales numbers fell significantly, going from 6,805 to 6,024 between 2015 and 2016, a drop of 11.5 percent.

While overall sales for apartments have been drifting down since 2014, Miller said he expects the number to stabilize and potentially increase in 2017. He added the notion that rising interest rates will cool the market is an “incomplete” characterization.

For luxury townhouses, which is the upper 10 percent of all Manhattan townhouses, the median price was $19.3 million. That figure represented a 29 percent jump from $14.9 million in 2007.

For townhouses Downtown, the median sale price last year was $7.5 million, a 75 percent jump from $4.3 million in 2007. On the east side, the median price for townhouses was $8 million, a 15 percent jump from 2007. The median sale price on the west side last year was $7.1 million, a 52 percent jump from a decade ago.

Most townhouse sales occur in northern Manhattan, where the median price last year was $2.1 million, a 55 percent jump from the $1.3 million median price nearly a decade ago.

The Monthly Update - February 2017

With one month under our belts, we're seeing a brisk start to the new year, and all indicators are looking positive for a robust 2017 in the New York City real estate market.

Our new administration's plans to deregulate and cut taxes have Wall Street — and pretty much all other key economic indicators — predicting continued growth for business, and the Dow finally topped the much anticipated 20,000 mark in the last full week of January.

Gordon Gollob, managing director at Compass’s world headquarters in New York, said he’s seeing (dare we say it) "bidding wars" back on the table for apartments priced in the $2 million to $3 million range. Further solidifying the positive press we’ve been seeing recently, in the first week of January, the weekly luxury market report from Olshan Realty tracked 50 contracts signed at$4 million or higher, matching the record set back in 2014. But, as our market still pulls itself out of the doldrums of 2016, some wavering is to be expected, and the third week of January saw the lowest number contracts signed at $4 million or higher — only three more than the slowest third week of January on record. As the saying goes: Two steps forward, one step back.

While things do seem to be outpacing 2016, many in the industry still feel the current market climate is a shifting one and that only well-priced properties, marketed strongly and effectively, will reap the benefits being forecasted by the elite market indicators of the world.

 

 

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The Numbers
↑815

In Manhattan January saw 1,262 new properties come to the market, which is an increase over December's 447 new listings. 

Beautiful Apartments That Came To Market Last Week

Every week, Curbed covers dozens of market listings that vary in price, location, size, grandeur, quirkiness, and other distinct characteristics. If they managed to capture our attention, that means there’s definitely something special going on. But some of these homes are so lovely that they warrant a special kind of notoriety as some of the prettiest homes currently up for sale in New York City. And so, here it is: five listing that have that special "je ne sais quoi" that separates them from the rest. Happy gawking!

↑After several years off the market, one of the units in the American Express Carriage House—so known because it was built in 1866 as a stable for horses used by the American Express Company—has returned to the market, with a $4.75 million price tag. Exposed brick walls in the living room nod to the building’s history, though there are ultra-modern touches, like the chef’s kitchen, or a hallway “illuminated by artistic neon blue lights.”

↑This immaculate Upper East side co-op is so stylish it’s hard to imagine, you know, actually living there, but $8.5 million would get you the privilege. The listing doesn’t include a floor plan, so it’s not exactly clear what’s going on here, but what we do know is that there are the five bedrooms spanning across 3,825 square feet, and the apartment is dripping in pre-war details.

↑It may be thoroughly modern, but there’s nothing generic about this two-bedroom duplex loft, which has an dreamy rustic-industrial vibe going. Priced at $1.469 million and “pin-drop quiet,” the loft comes with plenty of covetable design elements.

↑A Brooklyn Heights co-op with a million-dollar view just hit the market asking shockingly less than that. This New York City anomaly is a one-bedroom, one-bathroom apartment within an Art Deco building and sports lovely views onto New York Harbor, the Manhattan skyline, and Brooklyn, all for just $840,000. The apartment itself isn’t too shabby either.

↑This charming early-20th-century home in Brooklyn’s Fiske Terrace-Midwood Park Historic District comes with six bedrooms a huge wraparound porch and gable roof with dormers. The original details include a mahogany-covered parlor, stained-glass windows, carved wood mantels, and a balcony off the master bedroom. It’s asking $2.48 million.

 

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
City Biz List |  Read Full Article

Billion-Dollar Trio: Here's a look at NYC's unicorns of 2016
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.

Your new home awaits.