Emmy Rossum Lists Her Stunning Sutton Place Pied-à-terre

Actress Emmy Rossum’s perfectly outfitted pied à terre has a new owner. LLNYC reports that a buyer has just scooped up the “Shameless” star’s one-bedroom charmer at 455 East 57th Street for $1.1 million.

Rossum quietly listed the home last November, just a month after she invited Elle Decor over to photograph the space. The full spread shares Rossum’s journey of turning the “pied-à-teardown” into an elegant escape with the help of Brooklyn interior designer Antonino Buzzetta. According to Elle, Rossum asked Buzzetta for something “chic, European, the look of a modern girl who has inherited her grandmother’s stuff.” “I wanted it to have a young energy, but with old-fashioned touches,” she said.

French glamor with a contemporary bent is certainly the vibe that permeates the 800-square-foot home, helped along by a 19th century carved Cararra marble mantle from Paris, a wood-burning fireplace, beamed ceilings, and herringbone floors. Large iron-framed casement windows also offer plenty of light and air, and large antique mirrors flanking the fireplace open the place further.

The kitchen also received a complete gut renovation with Scavolini custom cabinetry, Carrina Caeserstone-covered countertops, and Miele appliances. A large bedroom offers north and south exposures, and the windowed bath is clad in marble. Rossum originally purchased the apartment in 2015 for $715,000. The residence sits within a 1928 white-glove co-op.

Hidden Tunnel Will Take You From 30Rock To Times Square

New York City’s avenue blocks are long, as are its winters; getting from Rockefeller Center to Times Square can be an unpleasant, cold and crowded experience–unless you take the underground passageway, the city’s largest, that spans the entire two-block-plus distance. Below, take a virtual stroll from avenue to avenue (and from the B/D/F/M to the N/R/W subways): Enter on the west side of Fifth Avenue between 50th and 51st Street and exit at Seventh Avenue and 49th Street–and buy yourself a few more minutes before you burrow into that parka.

Intrepid guide Minh T. Nguyen from nycsubwayguide.com explains how you can use the indoor underground passageway to get from Rock Center to Times Square, starting at 630 Fifth Avenue across the street from St. Patrick’s Cathedral, and emerging triumphantly into Seventh Avenue’s commercial melee. Even better, you can shop, dine, or stop to read a book and have a coffee at various points along the way. The passageway is only available during business hours as it traverses the bowels of various office buildings along the way.

The 10 Best Plants For Apartments

From purifying the air to making your apartment feel more welcoming and alive, there are a multitude of reasons to incorporate plants into your home decor. However, for many of us, keeping these precious specimens alive can be a small but legitimate challenge—especially when space and natural sunlight is limited (like many apartments in New York City). To make the commitment to caring for and sustaining the life of greenery a bit easier, we’ve put together this list of special and very sturdy plants perfect for apartment dwellers like yourself.

1. Pothos – Epipremnum Aureum ↑
This leafy green is ideal for adding lively accents higher up in your apartment. They are perfect for hanging baskets or as a climbing plant. Plus their purifying qualities allow them to absorb and strip toxins like formaldehyde often found in common household items like carpet and area rugs. They can survive in a variety of lighting conditions, but please note that low light may reduce the leaves’ variegation.


2. Snake Plant – Sansevieria Trifasciata ↑
Snake plants are some of the most tolerant plants out there. They can withstand weeks of neglect without loosing their shape and fresh look. Snake plants are great for the novice green thumb as they can thrive in environments with very low light and water. Added benefits include their ability to help purify the air by removing toxins like formaldehyde and benzene.


3. ZZ Plant – Zamioculcas Zamiifolia ↑
ZZ Plants are native to Zanzibar, a country located in East Africa, and are considered by some as the “Houseplant of the Future.” This is one of the lowest light plants available, only needs to be watered three times per month, and rarely attract pests.


4. Iron Plant – Aspidistra Elatior ↑
Iron Plants boast dark leafy greens, and can add a visually striking aesthetic to any dark corner. They also have an affinity for low lighting and can survive with very little water and poor soil.


5. Cacti – Cactaceae
If variety is what you’re looking for then you might want to invest some of your apartment funds into purchasing cacti. Cacti are available in all sorts of weird and wonderful shapes and sizes. These easy to care for plants can survive in the desert, so if you have a window available, it’s likely your apartment will be an equally equip environment to provide these plants with everything they need to thrive.


6. Succulents ↑
Who doesn’t love a succulent? Over the past few years we’ve seen a boom in this plants popularity which can probably be attributed to their good looks and their no fuss MO (they are nearly indestructible). All you need to keep these guys going is a little bit of sunlight and water once every other month.


7. Spider Plant – Chlorophytum Comosum ↑
Spider plants again fall into the low light category, but they also self propagate by sending out off-shoots. So if abundance is what you’re after, look no further. Spider plants do well when their roots are crowded, making them the perfect companion for any New York apartment whether planted in a bundle or on their own.


8. Bamboo ↑
Bamboo only needs water and shade to survive, and in addition to its good looks, bamboo is also meant to create a positive living environment. It is considered a living example of the feng shui elements of water, wood and earth, and in accordance with feng shui practices, if you place your bamboo in the correct pot, it can introduce fire and metal to complete a balance of the five elements.


9. Ficus Tree – Ficus benjamina ↑
If you’re lucky enough to have room for a full tree, then the ficus is what you should be after. Also known as the weeping fig or Braided Ficus, this low-maintenance, attractive plant is perfect for your indoor oasis. The braided trunk however does not occur naturally. When the plant is young, its multiple trunks can be weaved together to grow into a permanent braid. While the ficus is a very common indoor plant, they are also grown outdoors. In nature it can reach up to 50 feet tall.


10. Peace Lily (Spathiphyllum Wallisii) ↑
This beautiful plant boasts long dark green leaves and elegant white flowers. The Peace Lily is great for small spaces and requires little sun for survival. In fact, direct sunlight can actually damage the plant’s foliage—it has the nickname “Closet Plant.” The plant doesn’t require a lot of watering, but when it does, it’s easy to tell as the leaves begin to drop.

9 Artsy & Cheap DIY Wall Decor Ideas

1. Make your own wall decals
Decals work best on a clean white space, but even if your walls are brick, a mess of pipes, or otherwise unsuitable for decorating, your ceiling is also a great area for a DIY mural. Using cardstock, cut out an easily repeatable shape, like a triangle, and tape it in a pattern on your wall.

2. Window art
Not all of us can afford to live in homes with original stained glass, but GelGems, Window Art, and vellum make for a pretty good alternative. While personal experience has shown GelGems to have the shortest lifespan, they’re also the least effort to acquire and apply, available at plenty of local and corporate retailers. Window Art, meanwhile, is a pricier option, but makes for a fun art project and can last for decades (at the risk of having to chisel the material off your windows)

3. Paint chip collages
Using the free paint chips available at your local hardware store, create a gradient mural or mini collages by designating a background color and a front color. Cut the front color, as you would with a paper snowflake, and paste it on the background one. Easy peasy!

4. Smash a mirror
Find a mirror, break it, coat the shards in rubber cement, and securely tape, paste, or otherwise fasten them to your wall in a design of your choosing. Sure it’s taboo, but it’s neat, so burn some lavender and enjoy your creation. It’s worth the risk of bad luck.

5. Add greenery
Whether it be a single mini succulent, a window box of perennials, or a full indoor garden, plants will bring oxygen and literal life to your apartment. For those with limited window space and not a lot of light, try setting up a grow light for your plants (yes, these can be used to grow things besides marijuana). Put it on a timer, leaving you responsible only for watering them. Here’s a full list of plants suitable for apartment dwellers.

6. Paper taxidermy
Cheap, animal-friendly, and fun, paper taxidermy is a growing trend with kits increasingly available for purchase at local art suppliers. An added bonus is that they are light and easily mountable.

7. Hang Plates
Decorative plates are another easy and cheap way to dress up a plain white wall. Use sets that you already have, or if you don’t have a collection you feel you can show off, hit up your local thrift store, flea market, or even Target for some inexpensive but attractive options.

8. Washi Tape Frames
Can’t afford to frame your art? Consider creating Japanese washi tape frames. This handy tape comes in all sorts of colors and costs just a few dollars a roll.

9. Tie dye
Sure you haven’t done it since summer camp, but the fact that you were able to tie dye shirts back then proves that tie dying is pretty difficult to screw up. You’ll need white sheets within your price range, a tie dye kit, and somewhere to put your creation as its drying. Follow instructions (they’ll be more pleasant to follow outdoors, in warm weather) and voila, you now have a lovingly made, posi-vibed bed spread (it works for throw pillows and couch covers, too!). Pro tip: Thinking beyond the typical swirl tie dye pattern of psychedelic rainbow colors will keep you from looking like a Dead Head. Instead, carefully choose your color palette and consider different folding styles like shibori, suburst, or ombre.

The Monthly Update - March 2017

As the U.S stock market continues its steady climb to as-yet unexplored heights, real estate brokers are finally starting to see the fruits of the upward trajectory in our day-to-day activity of buying and selling New York City property.

Leading with the luxury market, the Oshlan Luxury Market Report, which focuses on properties at the $4 million mark and above, noted that February 2017 was the second strongest February on record for contract signings. The bulk of those luxury market contracts were in a sweet spot between $4 million and $6 million, specifically.

The Hoffman Team at Compass, indeed felt the same surge in business with 10 contracts signed in February. We are also seeing an increased number of online website views of our listings — a good indicator of future business — and at the water cooler, other agents are talking about a general buzz industrywide.

Is it the Trump effect? Is spring finally in the air? Is it because the Fed all but guaranteed that interest rates will be given a hard look during their March meeting? I'd say all of the above are, at last, bringing buyers to the point of purchase, so let's all ride this general wave of optimism while it lasts, shall we?

But alas, there are future hurdles ahead for markets around the word. Take a look at France's elections in late April, for example. Another Nationalist is leading in the polls, and if Marine Le Pen wins, there could be another blow to the EU as she would like to go the way of Great Britain and exit (Frexit?). And, our own Fed has given us mixed singles as to what exactly they intend to do with rates over the long haul.

These type of pluses and minuses point to a general rule that one cannot look too far into the future. It's best to just capitalize on what is happening right now, which is cautiously positive if you are in the real estate market.



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Gwyneth Paltrow’s All-White Tribeca Penthouse Hits The Market For $10M

Though not notable for leading a private lifestyle (might we mention her very public “conscious uncoupling” and certain intimate products that she’s touted on her blog Goop), Gwyneth Paltrow has been reticent to showcase interior photos of her Tribeca penthouse. She first listed the pad at 416 Washington Street last March for $14.25 million; after chopping the price to $12.85 million in November, she self-published a few images on Goop; but now that it’s taken a third cut to $9,995,000, it looks like Gwynie is loosening up. LL NYC first spotted the new listing with Compass, which now has plenty of views, from the famous fuzzy nap zones, to the living room swing made of an antique Indoor door, to endless swaths of white marble and ethereal hand-painted wall coverings.

Gwyneth enlisted celeb designers Roman & Williams to outfit the 3,892-square-foot home, requesting a departure from their usual dark and moody interiors. According to Robin Standefer, principal at the firm, “Gwyneth saw how we could instead channel this ethereal palette: light delicate whites, palest lavenders, grays, silvers, embroidery details.” On Goop she was sure to note that it’s unlike those Tribeca lofts with ““rough-hewn wooden beams and exposed lightbulb filaments,” but rather “floats above the cobblestone streets like a pale, dreamy cloud” thanks to “pastel silks, hand-embroidered wallpapers, and cool swaths of marble.”

A large entry gallery is filled with storage, as well as a fireplace, skylight, and powder room. Next, the great room is topped by an 11-foot-tall, custom-pressed tin ceiling and lined with oversize arched windows and French doors leading to a charming 500-square-foot terrace. There’s a marble gas fireplace, the aforementioned sofa swing, and a super-low, zen-like dining table.

Another oversized banquette-style dining area is off the kitchen, which is covered in book-matched white marble, custom white cabinetry, and white-painted wood floors.

The master suite has access to another terrace and also boasts four custom closets and a sky-lit bathroom with heated floors, a steam shower, and deep soaking tub.

There are two more bedrooms, both with large closets and en-suite bathrooms, joined by a pocket door.

As 6sqft previously explained, “Gwyneth and then-husband Chris Martin bought the apartment as a pied-a-terre in 2007 for $5.1 million after selling a nearby loft at 13 Harrison Street that they’d bought in 2005 for $7.95 million.” Since the family is now based full-time in LA, she decided to sell.

‘The Daily Show’ Host Trevor Noah Buys $10M Hell's Kitchen Penthouse

It looks like Trevor Noah’s $15,000 rental at Stella Tower was just a space for him to kill time while waiting to move upstairs into a $10 million penthouse. The Journal reports that Noah closed today on the top-floor duplex apartment that spans the 17th and 18th floors of the 1927 Ralph Walker-designed skyscraper. In all, the star’s new spacious abode measures 3,600 square feet and comes encircled by a large, 930-square-foot terrace with sweeping views of the city.

Per the Journal, Noah scored quite a deal on the three-bedroom home, which was most recently listed at a discounted $11.5 million, down from an initial ask of $13 million.

The penthouse is surely a stunner with 14-foot ceilings and oversized windows with jaw-dropping views of Midtown and Downtown NYC. There’s also an eat-in kitchen, large closets, and solid oak flooring, details resulting from a recent conversion and renovation by JDS Development.

Amenities in the building include a 24-hour attended lobby, fitness center, media room, resident’s lounge with piano and bar, and outdoor garden.

The Hell’s Kitchen home is also close to the 52nd Street and Eleventh Avenue studio where “The Daily Show” is filmed, making for an easy commute for the TV star.

3 Things to Know About Selling a House on Your Own

3 Things to Know About Selling a House on Your Own

Do-it-yourself sellers hope to save commission fees but will have to work at it.

By Jeff Brown | Contributor Feb. 27, 2017, at 10:39 a.m.

The internet is full of sites that help homeowners sell property on their own, promising thousands in savings by avoiding commissions, but the National Association of Realtors says commission savings on a for-sale-by-owner transaction, or FSBO, are more than offset by lower sales prices.

The truth lies somewhere in between, according to most objective analysts. So for most sellers, deciding whether to go FSBO is a tough call.

Ali Wenzke, a Chicago writer with a blog called the Art of Happy Moving, says do-it-yourself transactions have worked well for her.

"My husband and I have sold two houses FSBO and purchased one home without an agent," she says. "Be objective. Work hard. Be flexible to do showings at any time."

"Anyone can do it and the average home is shown five times or less," says Sissy Lappin, co-founder of the FSBO website ListingDoor.com. "The notion that no buyers or sellers can understand or manage what happens in a transaction is simply absurd."

One thing is sure: the average seller's experience does not necessarily apply in any specific case. What matters is whether you can succeed with a FSBO, regardless of whether your neighbor has.

Adjust your expectations. Experts do agree that FSBO novices should be realistic. Even if you get top dollar and avoid the agent's commission, the process can be a time-consuming headache. And even if you don't have an agent of your own, you may have little choice but to pay one representing the buyer, cutting the savings in half.

"While listing on your own seems easy, you are in fact replacing a job which you usually employ a broker to do full time," says New York-based real estate agent Dylan Hoffman, who is not a fan of FSBOs. "You will need to organize showings, tours, previews and open houses. Plus all the back-end work, like maintaining photos and descriptions on websites, checking for a clear title, etc. An owner would also take on the role of marketing, both digital and print."

The internet has made the process much easier, with many sites now offering listings, advice and services like printing signs. For a fee, usually several hundred dollars, some services will get your home on the multiple listing service used by real estate agents and buyers, though Lappin says it's good enough to list on a site like Zillow.com, which is free. The goal is to save the agent's commission, typically about 6 percent of the sales price, or $18,000 for a $300,000 home.

"FSBO has grown up and sellers don't have to settle for a red-and-white generic yard sign," Lappin says.

She says the seller of a $400,000 home with $60,000 in equity would spend 40 percent of that equity if they paid a real estate agent 6 percent commission, or $24,000.

What kind of homes sell without an agent? The National Association of Realtors says about 10 percent of home sales are conducted without an agent, though some critics say the figure is higher. The association says the average FSBO sells for 13 percent less than the average agent-assisted sale. Again, critics like Lappin disagree, with many noting the association's studies do not look at comparable homes and lump in mobile homes and other inexpensive properties, as well as intra-family deals that tend to have low sales prices. Association figures do show that FSBO is less common with high-priced homes.

FSBO advocates generally agree that doing it yourself is more difficult for the seller, and can take longer. Though you might catch a buyer's eye right off the bat, the FSBO approach is relatively passive, as you won't have an agent steering buyers your way. Obviously, the seller must be available to show the house, and that can require weekdays, not just Sunday afternoons.

"It takes a lot of people skills to sell your own home," says law professor David Reiss, director of The Center for Urban Business Entrepreneurship at New York's Brooklyn Law School. "Can you engage with potential buyers even as they are criticizing your house and the choices you made about it? Can you distinguish serious buyers from window shoppers? Can you negotiate without giving away the farm or playing too hard to get?"

Anti-discrimination laws limit what you can tell buyers about issues like the ethnicity of neighbors, or even the number of school-aged kids or seniors on the block. And you have to be willing to show to all comers.

Going it alone also means you won't have an agent's advice setting the home up to it up to look its best, though you could hire a professional stager.

Pricing a home can be difficult. While online services like Zillow and Realtor.com show asking prices and recent sales prices in the neighborhood, your home might need an adjustment up or down for the age of the roof or presence of a pool. So it may pay to hire an appraiser for several hundred dollars.

Generally, the title company handles the nuts and bolts of the closing, like paying off property taxes and title insurance, though many experts say the FSBO seller should have a lawyer.

"I think by doing FSBO you are going to increase your days on the market unless you are incredibly well priced – most likely under market," says Kevin Lawton, an agent with Coldwell Banker's Schiavone & Associates in Bordentown, New Jersey. "The reason for this is that unless you work really hard to market the property the exposure will not be so great. On top of not having as much exposure, you run the risk of agents not showing FSBOs to their buyers as options. "

The FSBO seller can get agents on board by offering a buyer's agent commission of 2.5 to 3 percent.

Experts also say DIY sellers should require prospective buyers to show they have been preapproved for a mortgage large enough to buy the home.

Haggling over terms can be draining. The two parties must agree on a closing date, a penalty if the buyer pulls out and contingencies such as what happens if the buyer's appraisal comes in too low or the buyer doesn't get a mortgage.

Full Article HERE

Brooklyn Farmers Are Growing Crops Inside Shipping Containers

Square Roots first broke ground by financing and mentoring local entrepreneurs who are growing tasty, nutritious greens in, of all places, a Brooklyn parking lot. Now it’s taking things a step further — right to your New York City office. 

The new “Farm to Local, by Square Roots” initiative delivers snack-size bags of salad greens to workplaces. It already has subscribers at Vice Media and Kickstarter, said Square Roots CEO and cofounder Tobias Peggs.

“Your farmer will literally come to your desk and drop off same-day-harvested greens,” he said.

These farms aren’t your traditional sprawling upstate acreage tended by laborers or a guy on a tractor in bib overalls. Set up near where Jay Z grew up, they’re 10 steel shipping containers converted into hydroponic vertical farms, meaning crops grow in tower formation with recycled water and without soil.

Inside the LED-lit modular containers are rows of panels sprouting pesticide-free plants in a controlled climate — so freezing temperatures and snow pose no problem. Each container produces an annual harvest equivalent to an estimated two acres of land.

Square Roots raised seed financing to build the campus, which cost more than $100,000. Then, 10 young farmers were chosen from more than 500 applicants for a yearlong stint that started in November.

One of them is Electra Jarvis, 27, an Alphabet City resident who grows kale, mustard greens, and Salanova lettuce and is working on cilantro.

“At farmers markets, people are always impressed with the shelf-life and the taste,” said Jarvis, who had been a master’s student in sustainable environmental systems at Pratt Institute and interned with a hydroponic research and development company and an urban farming consulting firm.

The farmers work about 30 hours per week, splitting their time between working on the crops and sales, Peggs said.

“They build a big network of mentors and learn how to build a sustainable business,” said Peggs, whose background is in technology. “Then they are in an incredible position to go off on their own entrepreneurial journey.”

Germination of the idea

Peggs, 44, arrived in the U.S. in 2003 from the United Kingdom. A few years later, he met Kimbal Musk (whose brother is the entrepreneur Elon Musk). Musk, a chef, had cooked for firefighters at ground zero after 9/11. “That’s when he began to see the power of real food and its ability to strengthen communities,” Peggs said.

Peggs and Musk worked together in social media analytics, until Musk broke his neck in a skiing accident and, “realizing life can be short,” shifted his focus to The Kitchen, a farm-to-table restaurant group that started in Colorado, Peggs said. In 2014, the duo began developing the idea for Square Roots.

“What we saw was that millions of people, especially in our biggest cities, were at the mercy of industrial food,” Peggs said. “This is high-calorie, low-nutrient food, shipped in from thousands of miles away. The results are awful, from childhood obesity to adult diabetes to a total loss of community around food.”

For example, Peggs said, a supermarket apple may have been traveling for nine months and is coated in wax. “You think you’re making a healthy choice, but in that time the nutrients have broken down, and you’re basically eating a ball of sugar.”

Square Roots aims to expand to 20 metropolitan areas by 2020.

Until then, in Brooklyn, they’re growing mainly leafy greens (spinach, arugula, chard) and herbs (basil, shiso). Peggs believes berries and tomatoes could follow.

“At the end of the day, if the food doesn't taste amazing, no one will buy it,” Peggs said. “So we focus every day on making sure the food tastes amazing. And it does.”

125-Year-Old Cathedral Finally Declared a City Landmark

On Tuesday the Landmarks Preservation Commission voted unanimously to designate the 125-year-old Cathedral Church of St. John The Divine, the world’s largest cathedral; in addition, 115 neighboring buildings became the Morningside Heights Historic District. The designated district runs from West 109th to 119th streets between Riverside Drive and Amsterdam Avenue and includes the famously unfinished cathedral and surrounding campus. With the designation, calendared by the LPC in September, comes a 3-D online map that provides more information about the buildings in the district, most of which were constructed between 1900 and 1910, including townhouses dating back to the late 1800s as well as pre-war apartment buildings.
 

Full Morningside Heights Historic District interactive map here.

Commission Chairwoman Meenakshi Srinivasan said in a statement, “The Cathedral is among the most famous church buildings in the world and is visited by hundreds of thousands of people each year who want to experience this 125-year-old masterpiece and complex with its varied and unique architectural styles…Preservation is not static; it can look towards the future.”

The first phase of construction of the iconic 124-foot French Gothic cathedral happened from 1892 to 1911, and the second phase, from 1916 to 1941, saw the nave completed and connected with the choir; a third phase was begun in 1979 on the western section, which remains unfinished.

Commissioner Shamir-Brown said, “It’s meaningful and important to designate the cathedral as a building that is unfinished. We’re recognizing not only what it was but what it will become. That says something about the potential open-endedness of preservation.”

Enclave at the Cathedral; image: CityRealty

In 2002 the City Council overturned a decision to designate the unfinished cathedral in an attempt to preserve the entire Cathedral Close. Two rental towers known as Enclave at the Cathedral that flank the cathedral’s northern exposure were excluded from the site’s designation. As 6sqft previously reported, the new rental buildings developed by the Brodsky Organization were involved in a controversy for their position obstructing the cathedral.

Jason Biggs & Wife List Stylish Tribeca Loft For $3M

“American Pie” and “Orange is the New Black” actor Jason Biggs married actress and author Jenny Mollen in 2008, after they met filming “My Best Friend’s Girl.” Five years later, the trendy couple bought a sprawling Tribeca loft at 288 West Street for $2.55 million, enlisting designer-to-the-stars Cliff Fong (with whom they’d worked previously on two L.A. homes) to outfit the space with a combination of modern furniture and accessories from Wayfair.com, their extensive art collection, and playful and comfortable pieces to accommodate their three-year-old son Sid–all of which blend seamlessly with the loft’s brick walls, exposed timber framing and beams, raw pipes, and open floorplan. They’ve now decided to put the apartment on the market, and it’s asking a not-especially, marked-up price of $2,995,000.

The 2,200-square-foot home is currently configured as a three-bedroom plus home office. Throughout are high ceilings, hardwood floors, and sleek recessed lighting. Fong used patterned and textured rugs to divide the open space into separate functions; he also thoughtfully mixed colorful statement pieces like the orange chairs in the sitting area with more classic choices like the Danish-style dining table and chairs. In a feature on their home, Biggs told People magazine that his style is “eclectic, rebellious and comfortable,” which certainly comes through in the interior design and artwork.

The kitchen is outfitted with all stainless steel, high-end appliances, as well as custom concrete countertops, a wine fridge, and industrial-style open shelving.

The master suite is quite large and has two window seats, an updated bathroom, and a washer/dryer.

In addition, the building has a 1,000-square-foot common roof deck with a gas grill and panoramic Hudson River views.

Who Is Getting Rich (or richer) From The Snap IPO

Snap's hotly-anticipated IPO is going to make a lot of money for its founders, investors and early employees. 

The company is seeking to price its share sale at between $14 to $16 a share, although that could always go up (or down) before its anticipated IPO on March 2.

According to its S-1 filings, Snap's co-founders Evan Spiegel and Bobby Murphy own the most shares. 

Benchmark could also see some nice returns, as one of the company's top shareholders. 

Here's the list of Snap's major shareholders at its IPO and what the value of their stake would be at $16 a share.

Note: This doesn't include shares that haven't vested by the time it goes public (including a $145 million stock bonus for Imran Khan), but does include Spiegel's bonus that he'll receive immediately upon IPO. 

View As: One Page Slides


Evan Spiegel, Snap cofounder and CEO: $4.2 billion

Projected value at $16 a share: $4.2 billion (which includes the extra 3% of stock he'll get when it goes public.)

Class A shares: 113,164,485
Class B shares: 5,862,410
Class C shares: 107,943,924 + 37,232,102 granted as a bonus for going public

Evan Spiegel launched Snapchat with Bobby Murphy in September 2011. Described as a product visionary to rival Steve Jobs, Spiegel holds the title of CEO at the company and has set up its share structure so he and Murphy will retain control in the future too.


Bobby Murphy, Snap cofounder and CTO

Projected value at $16 a share: $3.63 billion

Class A shares: 113,164,485
Class B shares: 5,862,410
Class C shares: 107,943,924

Murphy and Spiegel were frat brothers at Stanford when they cofounded the app and have grown it to a company much larger than just disappearing messages. While Spiegel is described as a product genius, it is Murphy who is leading a lot of Snap's cutting edge work in its Snap Labs division.


Benchmark

Projected value at $16 a share: $2.11 billion

Class A shares: 65,799,720
Class B shares: 65,799,720

Benchmark is the largest venture shareholder in Snapchat, thanks to the round it lead in 2013. "We believe that Snapchat can become one of the most important mobile companies in the world," Benchmark's Mitch Lasky wrote in a blog post at the time of the deal.


Lightspeed Venture Partners

Jeremy Liew is a partner at Lightspeed Venture Partners who found hot startups like Snapchat and Whisper before everyone else.Lightspeed

Projected value at $16 a share: $1.38 billion

Class A shares: 43,314,760
Class B shares: 43,314,760

Lightstpeed's Barry Eggers first heard about Snapchat from his daughter. Jeremy Liew sent Spiegel a message on Facebook about meeting up, right at the time when the company was about to run out out of money to pay the server bills. Liew flew to LA and wrote Snapchat its very first check.


Timothy Sehn

Projected value at $16 a share: $108 million

Class A shares: 3,373,332
Class B shares: 3,373,332

Since joining in 2013, Timothy Sehn grew Snapchat's software engineering team by more than 10x. Before joining Snapchat as its VP of Engineering, Sehn spent over a decade at Amazon, where he started as a software developer intern and left as an engineering director.


Michael Lynton

Projected value at $16 a share: $48.3 million

Class A shares: 1,509,820
Class B shares: 1,509,820

Former Sony Entertainment CEO Michael Lynton stepped down from his position to focus on another role as Chairman of Snap Inc. Lynton has been a trusted adviser to Snap's Evan Spiegel and on the board of Snapchat's parent company since 2013.


Imran Khan

Imran Khan, Chief Strategy Office of Snapchat, speaks the Financo CEO Forum 2016 on January 18, 2016 in New York City.Dave Kotinsky/Getty Images

Projected value at $16 a share: $45.4 million

Class A shares: 1,418,868
Class B shares: 1,418,868

Imran Khan jumped from the banking world to the tech world in January 2015 when he joined Snap as its Chief Strategy Officer. His connections have already helped Snap get a $200 million investment from Alibaba — he was the lead banker for the Chinese retail company's IPO — and Snap raised an additional $1.8 billion in May 2016. One of Spiegel's direct reports, Khan's main job at Snap is to lead its strategy and help chart its path to IPO. 

Snapchat Started Selling Its Camera Glasses Online

Until now, the only way to buy Snapchat's Spectacles has been through yellow vending machines that appear unannounced in random cities for 24 hours.

Snapchat's "Snapbot" vending machines are going on hiatus while the company starts selling its Spectacles online.

Starting Monday, Snapchat will also sell its camera-equipped sunglasses on its website. Anyone in the US can order a pair of the $130 glasses, which record 10-second video clips and connect to the Snapchat app.

Snapchat maker Snap Inc. is also shutting down its Spectacles pop-up store in New York City that's been open since late November. A spokesperson confirmed that the company's "Snapbot" vending machines will continue to appear throughout the US after going on a "brief" hiatus.

Snap made a big splash with the unexpected debut of Spectacles last fall. The product garnered long lines during the weeks leading up to the holidays, and pairs were quickly resold online for thousands of dollars. Demand has since slowed, and Snap likely feels confident that it can finally fulfill online orders.

Spectacles represent Snap's first hardware effort to rebrand itself as a "camera company" ahead of its $22 billion public offering in March. Snap said it had planned to "significantly broaden the distribution of Spectacles" in its IPO paperwork earlier this month, although the product "has not generated significant revenue" yet.

Removing Garbage Cans Led To More Trash On The Tracks and Tack Fires

For those who thought removing subway station garbage cans as a means to decrease litter and rats seemed counterintuitive, you were right. The Post looks at how things have fared since the MTA took out cans in 39 stations in 2012, and since this tactic was nixed by the state Comptroller’s Office in 2015. Despite the latter attempt to course correct, a new state report shows that the situation is still just as bad in many stations, with the amount of litter on the upswing and an increased number of track fires.

As 6sqft previously reported, “This past May the MTA recorded 50,436 subway delays, 697 of which were caused by track fires that could have been ignited by the 40 tons of trash that are removed from the system every day.” The build up of garbage isn’t exactly rocket science; with nowhere to dispose of their waste, subway riders end up leaving things like coffee cups and newspapers on benches and stairways or throwing it onto the tracks.

In response, state Comptroller Thomas DiNapoli said, “The clearest progress in the MTA’s pilot program so far is that they’ve returned garbage cans to some of the stations,” referencing the seven stations where they were replaced on the mezzanine level when track fires there had “become rampant.” However, there are still no garbage cans in high-trafficked stations like the Eighth Street stop on the R line in Manhattan, Flushing-Main Street stop on the 7 line in Queens, and all the above-ground stops on the J, M and Z lines in Brooklyn and Queens. And the MTA doesn’t have a system in place for alerting riders about which stations don’t have trash cans.

“Five years after they started this experiment, there’s still no evidence that it’s benefited riders by reducing trash or rats in stations,” DiNapoli continued, despite the MTA’s assertations that workers have had to pick up less trash in those stations targeted by the initiative. The agency also cites the success of their “Operation Trash Sweep.” Under the three-phase initiative, the agency employed a more vigorous cleaning schedule, instituted a system-wide cleaning blitz during which all 469 stations were completely cleaned over just two weeks, and, most recently, tested individually-operated Mobile Vacs that allow workers to quickly suck up trash. MTA spokesman Kevin Ortiz said track fires decreased at the targeted stations by 41 percent since the Sweep began.

Meg Ryan's Stunning SoHo Loft Just Came To Market For $10.9M

Fresh off a cover feature in the holy tome of celebrity interiors, the impeccable Soho loft of actress Meg Ryan has hit the market for $10.9 million. Ryan purchased the apartment from fellow celeb Hank Azaria in 2014—and he from artist Cindy Sherman—dropping $8 million on the 4,100-square-foot abode on Mercer Street. The classic loft was fine in its own right when Ryan moved in, but its been elevated with a gut renovation by architect Joel Barkley and designer Monique Gibson.

Ryan’s no stranger to redesigning spaces. The When Harry Met Sally actress told Architectural Digest that the loft is the ninth home she’s renovated. “I know it sounds crazy to most people, the idea of renovating that many houses. But I love renovating,“ she said. “I think it’s tied to living the actor’s life. As an actor, you are so rarely in control. [W]ith decorating I am in control; it’s a chance for me to bring my vision into the world.” She does it so often, in fact, that her son Jack has a name for it: the Megan-ize effect.

The Megan-ize effect is on full display on Mercer Street, where brooding hues and antique finishes meet. The apartment is a classic loft in that it has a flowing yet funky layout suspended by seven architectural columns. The keyed elevator opens up onto a 40-foot entry hall with five windows overlooking Mercer Street on one side, and a set of high gloss black french doors that lead into the living area on the other. A separate formal dining area with a marble mantled decorative fireplace can be found behind another set of french doors at the far end of the living room.

The loft’s kitchen includes custom cabinetry by Fine Woodwork, marble shelving and countertops, subway tile, and tons of built-in shelving. The appliances are what one would expect: a six-burner Viking range with a grill, two stainless steel refrigerators, and a Bosch dishwasher.

The master bedroom is found off of the formal dining room, and doesn’t include the oversized walk-in closet that has become so desired, but has eight smaller closets as well as a massive en suite bathroom with a free-standing tub designed by Water Monopoly and vanities by Urban Archaeology. The two additional bedrooms are smaller, each with their own bath. A media room can be found off of the living room.

Welcome To The Team!

Welcome To The Team!

Jaclyn B. Treinkman

Licensed Associate Real Estate Broker

jtreinkman@compass.com

M: 646.678.1889

For Jaclyn Treinkman, New York City real estate is a natural fit. She hails from a family of shrewd real estate investors and agents, and her parents are NYC natives. "Both of my parents are from the city, and my grandparents lived in the Village my whole life," she explains. 

With that solid base of city and real estate know-how, Jaclyn is devoted to thoroughly educating clients and calmly guiding them through the challenging New York real estate landscape. That means being accessible 24/7 and always striving to be the hardest working agent around. 

Former roles in ad sales and hospitality have honed Jaclyn's marketing savvy and elite customer service skills, but at its core, her hands-on approach is all about getting to know people's wants and needs, and matching them with the perfect New York City home. Known for her perseverance and meticulous nature, she gives 100 percent to every client interaction and prides herself on the long list of clients who have become close friends. 

A graduate of Penn State University, Jaclyn is an artist and maker at heart. In her free time, you'll find her indulging her passion for painting, travel, and flea markets.

Yellen Says More Interest-Rate Hikes Might Be Coming

Federal Reserve Chair Janet Yellen said more interest-rate increases will be appropriate if the U.S. economy meets the central bank’s outlook of gradually rising inflation and tightening labor markets.

“At our upcoming meetings, the committee will evaluate whether employment and inflation are continuing to evolve in line with these expectations, in which case a further adjustment of the federal funds rate would likely be appropriate,” she told the Senate Banking Committee in prepared remarks Tuesday.

Yellen’s semiannual report on monetary policy is her first since Donald Trump became president vowing to boost U.S. growth, which could push the Federal Open Market Committee to pick up the pace of rate hikes if such steps fan higher inflation. She reiterated that falling behind on inflation could harm to the economy and possible cut short the expansion.

“Waiting too long to remove accommodation would be unwise, potentially requiring the FOMC to eventually raise rates rapidly, which could risk disrupting financial markets and pushing the economy into recession,” she added.

Read Yellen’s Opening Statement

Yellen gave no indication of the timing of the next hike in her prepared remarks. Investors see about a 34 percent chance of an increase at the next meeting of the FOMC on March 14-15, up from about 30 percent before she spoke. Treasuries fell, U.S. stocks pared losses and the dollar rose.

The Fed, which has only raised rates twice since the recovery began in 2009, has penciled in three quarter-point rate increases in 2017, as the economy closes in on the central bank’s goals for maximum employment and 2 percent inflation.

Moderate Growth

Yellen said the Fed panel’s outlook for a “moderate pace” of growth is based on continued stimulative monetary policy, and a pick-up in global activity. She did not mention Trump administration proposals as a key element in the central bank’s forecast.

In response to questioning, Yellen said Fed policy makers will be discussing in coming months their strategy for the balance sheet, which swelled to about $4.5 trillion after the crisis from less than $900 billion in 2006 as the central bank sought to hold down long-term market rates.

She said she expects the balance sheet to end up being “substantially smaller” than it is now, with policy makers wanting to shrink in an “orderly and predictable way.” The Fed doesn’t want to use the balance sheet as an active policy tool and it should eventually be comprised primarily of U.S. Treasuries, she said.

On the economy, she said in her opening statement that consumer spending has continued to rise at a “healthy pace,” supported by gains in household income and wealth, favorable sentiment and low rates. The recent rise in mortgage rates “may impart some restraint” on housing markets, she said.

The Fed chief said changes in fiscal and economic policies could affect the outlook, though she declined to speculate how, adding that it’s “too early to know” what policy changes will be put in place. She urged lawmakers to focus on investments that would improve living standards and raise productivity while noting that she hoped any changes would keep fiscal accounts “on a sustainable trajectory.”

Reform Push

Trump’s victory could expose the U.S. central bank to reforms favored by his Republican party, which still controls both chambers of Congress. Yellen could previously rely on President Barack Obama, a Democrat, to shield with his veto any perceived encroachment on Fed independence.

The shift in power may force her to engage more with lawmakers than in the past. Republicans want to roll back post-crisis banking regulations enshrined in the Dodd-Frank Act, arguing it hurts growth by making credit scarce for small businesses. While Yellen did not mention financial regulation in her remarks, lawmakers had many questions on the issue as the hearing progressed.

In his opening remarks at the hearing, Senate Banking Committee Chairman Mike Crapo said “it is time to reassess what is working and what is not” with financial regulations, which need to “strike the proper balance” between the safety of the system and economic growth.

Trump’s opportunity to influence regulatory policy improved last week when Fed Governor Daniel Tarullo, who oversees bank regulation, announced his departure in early April. It also means that Trump can fill three of the seven Fed Board seats, where there are two existing vacancies, while Yellen’s own term as chair ends in February 2018.

Yellen gave an upbeat description of the labor market saying gains in recent years “have been widespread.” The unemployment stood at 4.8 percent in January.

The personal consumption expenditures price index, the Fed’s preferred price benchmark, rose 1.6 percent in the 12 months through December.

High Line Co-Founder Say Park Failed Residents Of Chelsea

When Robert Hammond first conceived of turning a disused elevated railway on Manhattan’s West Side into a high-design “linear park,” he thought it would attract maybe 300,000 visitors a year. He and co-founder Joshua David didn’t really think about what the High Line could do to the neighborhood, apart from adding a little extra breathing room.

“This was right after 9/11,” Hammond says almost two decades later, sitting in his glassy office perched above the now-famous planked pathway. On a February afternoon, walkers are admiring views of the Hudson River and park greenery hushed grey by winter. “People were worried about buildings falling apart, and whether the stock exchange would leave town,” he says. “New York’s future was not guaranteed.”

In 2016, seven years after it opened, nearly 8 million bodies would flock to the High Line—that’s more visitors than to any other destination in New York City. With those visitors came riches the park’s founders never predicted: Between the glossy condos, eateries, and museums that have flowered around its steel girders, the High Line is set to generate about $1 billion in tax revenues to the city over the next 20 years.

“Instead of asking what the design should look like, I wish we’d asked, ‘What can we do for you?’ People have bigger problems than design.”

By these measures, the High Line is a runaway success. But by one critical metric, it is not. Locals aren’t the ones overloading the park, nor are locals all benefiting from its economic windfall. The High Line is bookended by two large public housing projects; nearly one third of residents in its neighborhood, Chelsea, are people of color. Yet anyone who’s ever strolled among the High Line’s native plants and cold-brew vendors knows its foot traffic is, as a recent City University of New York study found, “overwhelmingly white.” And most visitors are tourists, not locals.

“We were from the community. We wanted to do it for the neighborhood,” says Hammond, who is now the executive director of Friends of the High Line, the nonprofit that funds, maintains, programs, and built the space (New York City owns it, and the parks department helps manage it). “Ultimately, we failed.”

Now he’s course-correcting. Hammond is striving to bring in more diverse park-goers to the High Line’s narrow pathways, and to new public spaces around America. On top of changes to how FHL engages with neighbors, Hammond has founded the High Line Network, a coalition of designers and planners building “adaptive reuse” parks in the High Line mold. Leaders from 17 projects at different stages of life in the U.S. and Canada—think Atlanta’s rails-to-trail BeltLineDallas’ highway cap park, and the 51-mile L.A. River overhaul—have been meeting over the past year to share insights on how to turn disused infrastructure into bustling public amenities.

A lot of the conversation focuses on nuts-and-bolts topics, like capital financing and marketing strategies, attendees say. But at every convening (there have been four since June, in New York, D.C., Toronto, and Houston), Hammond and others have opened up the question of equity—“sort of like a Trojan Horse,” he says—and driven at it hard, to figure out strategies for keeping public parks inclusive.

It’s harder than it should be, and the stakes are much higher than visitor statistics. The network of project leaders is tackling a long overdue conversation about how to improve neglected neighborhoods, without pushing away the very people they intend to serve.

The ugly side of “adaptive reuse”

As American downtowns repopulate and densify, green space is at more and more of a premium. Very few open lots that could be turned into parks remain around urban cores; often, land that becomes available holds remnants of the industrial past. That’s why so many of these “adaptive reuse” projects—with sleek aesthetics that often highlight, rather than hide, the old highway/flood channel/railway—are getting built.

Meanwhile, city governments rarely have room in their budgets, or even imaginations, to redevelop those tracts on their own. It’s largely up to private funders to bankroll these projects—and it’s mostly private individuals who dream them up. From an investor standpoint, the High Line’s stunning successes make these projects no-brainers to back: Green space draws new businesses and dwellings. There’s big redevelopment money to be made. So they partner with city governments, hungry for a heftier tax base, to do it.

But these obsolete bits of infrastructure generally have people living near them, and often, they are park-poor, low-income communities of color, forgotten in the shadows of that very strip of concrete or steel. This is true for many of the 17 projects involved in the High Line Network. Planners and designers—who are usually white—may try to engage residents in dialogue; often, they fail.

During the High Line’s planning stages, Hammond and David set up offices inside a local community agency in order to make themselves accessible to public housing tenants, and solicit their opinions on design. But the questions they asked at their “input meetings” were essentially binary: Blue paint, or green paint? Stairs on the left or the right? They rarely got to the heart of what really mattered.

“Instead of asking what the design should look like, I wish we’d asked, ‘What can we do for you?’” says Hammond. “Because people have bigger problems than design.”

His organization finally did launch a series of “listening sessions” with public housing tenants in 2011. What people really needed were jobs, Hammond says, and a more affordable cost of living. Residents also said they staying away from the High Line for three main reasons: They didn’t feel it was built for them; they didn’t see people who looked like them using it; and they didn’t like the park’s mulch-heavy programming.

Those findings led to the several new initiatives. In 2012, FHL launched a suite of paid jobs-training programs aimed at local teenagers, focused on environmental stewardship, arts programming, and educating younger kids. The organization also started to partner with the Elliot-Chelsea and Fulton Houses, the two public housing projects, to develop their programming schedule. That’s how “¡ARRIBA!”, a summer series of Latin dance parties got started—a resident thought it up, and it’s been a big hit. Friends of the High Line also started putting on occasional events within the public housing campuses themselves, avoiding the swarms of tourists.

But there’s a lot the High Line could have done before it opened that it can’t make up for now. Its designers might have paid stronger attention to a few basic principles of attractive public spaces, and specifically those that attract low-income and minority park-users. “The more open and visible a place is, the more easily you transition into it,” says Alexander Reichl, a professor of urban studies at Queens College who has studied social mixing patterns at the High Line. The High Line’s elevated structure naturally preempts street-level walk-ins, but its designers also chose to put in very few staircase entry points, further limiting access.

“The question we're constantly challenging ourselves on is: Who is this project really for?”

There are also no areas for open play, and a long list of posted rules: No “throwing objects” (including, say, a ball), no rollerblades, bikes, or skateboards. It stands to reason that the park would need to prohibit these activities within its narrow confines, but research shows that these kinds of common recreations draw people of color in particular to parks. “How much can you do with an elevated park space?” says Miguel Acevedo, director of the Fulton House Tenants Association. He says he doesn’t fault FHL, given how much they’ve reached out to his community in recent years. Still, “our residents don’t feel it’s a park that is available to them.”

Perhaps more critically, Friends of the High Line could have worked harder from the start to advocate for affordable housing. Hammond likes to say that his park gets too much credit and too much blame for Chelsea’s explosive makeover—city zoning codes were already changing to support redevelopment in the mid-2000s. But the fact is, the High Line has become a symbol of the “new” New York, a city of profound inequality. Luxury high-rises and catwalk clothiers have taken the place of Chelsea’s old bodegas and butchers; neighborhood income disparities are among the city’s most extreme. People can’t afford to shop nearby, and the prospect of shouldering a market-rate rental is laughable. Even though public housing costs haven’t increased for public housing tenants, displacement anxieties are running high.

“The scariest thing is being in this kind of district—especially with the kind of president we have today,” says Acevedo. He could see public housing in Chelsea targeted for redevelopment. “With NYCHA in a large deficit, too, it’s very serious.”

Acevedo wishes that FHL had pushed the city harder to keep more of the land values that the High Line created for affordable housing and public services; although a zoning amendment approved in 2005 did encourage some low- and middle-income rate units to be built, it wasn’t nearly enough. Hammond agrees. “There could have been more government action through zoning changes,” he says. (He also wishes he’d gotten the city to use more tax revenues to fund his own organization.)

But that’s just it: in hindsight, it might be obvious, but few could have anticipated the High Line’s downright gravitational pull on tourists and developers. For new projects that are modeled after it, however, it’s not too late to plan around the social problems that accompany economic success. Hence, the High Line Network. “I want to make sure other people don’t make the mistakes we did, and learn how to deal with these issues,” says Hammond. “We certainly don’t have all the answers.”

The equitable redevelopment toolkit

Other projects in the High Line Network are paying much more than lip service to equity concerns. Washington, D.C.’s 11th Street Bridge Park is national leader on this topic. That $45 million project is making a park out of an old highway bridge spanning the Anacostia River, touching one of the poorest sections of the District. There are sure to be dramatic increases in home values there, and displacement is a real risk. So project leaders are moving ahead of time.

“The question we're constantly challenging ourselves on—with staff and publicly—is, who is this really for?” says Scott Kratz, the project’s director. “For us, before we even engaged a single architect or engineer, we had 200 meeting meetings where we asked: ‘Is this even something you want?’ Going out and getting permission, and then having the community shaping every aspect, has been critical.”

Not everyone would agree that the park will be good for long-time residents. But the most important test will be whether the project can successfully mitigate displacement ahead of time—and so far, the organizers are putting money where their mouth is. In 2015, Kratz and his team released a set of equitable development goals, generated by a working group of local stakeholders. They included neighborhood hiring targets for construction and operations, a strategy to help nearby businesses serve the park, and plans for a land trust to buy up disused properties for future housing projects. The Bridge Park’s organizers have raised $1.5 million so far to implement those goals, including the land trust, which it’s setting up with a nonprofit housing developer. A $50 million investment by the Local Initiatives Support Corporation will further anchor its equity work.

Kratz points to Atlanta’s BeltLine as another leader in keeping affordable housing and equity at the top of their priority list. That $2.8 billion project will turn 22 miles of rusting freight rails into a ribbon of trails, parks, and transit-friendly developments connecting 45 neighborhoods. Special bond measures have created tens of millions of dollars to incentivize affordable housing developments, and several hundred below-market-rate units have already been built.

But it’s a massive project, with unique challenges for each of the enclaves it reaches. Ryan Gravel, the urban planner who first conceived and proposed the BeltLine concept, stepped down from the project’s steering board in September 2016 over concerns about affordability promises not being kept. Funds generated by additional proposed bonds, for example, would only be “a drop in the bucket when compared to the need,” Gravel wrote in his resignation letter, signed by another board member who also stepped down. Gravel figured he’d do better from the outside with his new focus—advocating for equitable development.  

“If you care about the places you’re working in, then you have to be talking about this,” he says. “Because in a growing economy, if you’re building a greenway trail or a transit station or improving a school, it will drive up land values.”

The answer is not not to build parks and other improvements, Gravel says, or to hold neglected places back. The problems are essentially financial, and there are ways to fix them, whether it’s traditional tax credits, (which are already hurting under Trump), subsidies to renters, inclusive zoning, land value capture, or clearing paths in zoning codes for snug accommodations like accessory dwelling units or tiny homes.

Not every tool is right for every city. But tools do exist. “It’s mostly about finding the will,” says Gravel. “That comes from leadership. But the public also needs to say this is important, and needs to demand that we do better.”

Even though he’s no longer officially part of the BeltLine’s development, Gravel has still been attending the High Line Network meetings. He’s been pleased to hear other cities talking openly about equity: The $1.3 billion L.A. River revitalization project is feeling a lot of pressure from housing advocates in Frog Town; New York City’s Lowline—the world’s first underground park—is working hard to engage longtime Lower East Siders in its design. Hammond is proud to report steady changes in the High Line’s visitor make-up: In 2015, 44 percent of park-users who hailed from New York City were people of color, up 20 points from 2010. However, tourists still dominate the space.

The High Line Network should help keep its many ambitious projects accountable to their equity promises, and that is a good thing. Gentrification and displacement concerns arise with almost any new development in this era of city-building, but when it comes to turning certain corners of forgotten neighborhoods into beautiful parks, these anxieties can be especially painful—after all, public spaces are supposed to be for everyone.

Still, big challenges lie ahead, not least of which is the fact that the leaders of the projects in this network are themselves overwhelmingly white. Perhaps this is the most overlooked piece of the puzzle: A diverse set of voices should be at the design table from the get-go.

The same goes for the folks doing the pushback, according to Acevedo.

“I represent people who’ve been here 40 years, and this is all they have,” he says. “I’ll fight tooth and nail to protect them. But people like me, we need to make sure that the next generation knows: if you’re not part of the fight, you might not be living here in the future.”

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110 Third Avenue, Unit 10D


110 Third Avenue, Unit 10D

East Village, Manhattan

2 Bed  |  2 Bath  |  1,103 SqFt

Offered At $7,900 / mo.

Condo  |  Doorman  |  Gym  |  Roof Deck  


Enjoy open city views south and east from this corner unit with floor-to-ceiling windows.

This open and modern unit features upgraded quite soundproof windows as well as motorized blinds. The beautiful oak floors run throughout the entire apartment. The true chef style kitchen opens to the dinning area and living room which creates a downtown loft feel to the apartment. Perfectly located between Union Square and the East Village. With amenities such as a fully equipped fitness center, landscaped common rooftop terrace, Fresh Direct certified refrigerated storage, full time concierge, and bike storage, its a perfect a fit. 

 

One-third Of All Manhattan Apartment Leases In January Included Concessions

New York City residential landlords are continuing to rely on renters’ incentives to keep vacancies at bay, a trend that is expected to become more widespread throughout 2017.

The number of leases with concessions reached new highs in January, according to the monthly rental report from Douglas Elliman. In Manhattan, 31 percent of all new leases included some form of concession last month, nearly double what it was a year ago. In Brooklyn, 18 percent of leases had concessions, compared to just 5 percent last year.

“Landlords are trying to strike a balance and that means fine tuning rents to fit market conditions,” said Jonathan Miller, CEO of appraisal firm Miller Samuel and author of the report. He predicts landlords will use concessions even more aggressively in 2017.

“I don’t think we’re at the end of this — nothing is changing and there’s a lot of product coming in,” he said. “The rental market is going to get weaker before it gets stronger.”

In Manhattan, the vacancy rate fell slightly from 2.3 percent from 2.8 percent in January 2016. That’s a sign concessions are working, although they are “painful for landlords,” said Miller.

The borough’s median rental price, after concessions, was $3,259, essentially the same as January last year. Softening in the market continues to be particularly acute at the high end. The median rent of a Manhattan studio was $2,600, a negligible change from last year. But for three-bedrooms, the median price was $5,500, a drop of almost 7 percent. While non-doorman median rent went up 2.8 percent to hit $2,800, the median price for doorman rentals fell back 1.2 percent to $3,750.

Luxury rentals, which account for the top ten percent of the market fell again this month, dropping 5.5 percent year-over-year to a median price of $7,595.

In Brooklyn, the effects of vast amounts of luxury rental product is also being felt. The median rent in the borough was $2,702, after taking concessions into account. That’s a fall of 2.8 percent compared to January 2016, when median rent was $2,779. Just like in Manhattan, the lower end of the market held firm or saw modest gains. But the two-bedroom median rental price was $3,025, a fall of 4 percent year-over-year. For three-bedrooms, it was $3,318, a fall of 8 percent. The luxury market dropped just under one percent to $5,119.

“In the last six months in 2016, you started to see a run-up in Brooklyn in the use of concessions,” said Miller. “Even though the concessions are still less than in Manhattan, the amount of concessions tripled over the year, whereas in Manhattan it doubled.”

The market in northwest Queens continues to be “choppy,” according to Miller. The median rent fell 2.4 percent year-over-year to $2,700. Out of all the leases signed last month, 38 percent included concessions. The concessions are driven by the uptick in new development rentals, which had a market share of 34 percent last month, more than double what it was this time last year.