Five years ago, I told a reporter from The New York Times that Manhattan was essentially becoming one luxury neighborhood and we would start to see properties in “newer” residential areas meet the market in more established areas. With all of the residential development over the past ten years, this is now a reality, and, to the surprise of a few people, last month showed that the average price of a home was more expensive downtown than it was uptown.
Above: The Atalanta Building (one of the first TriBeCa conversions) was originally a refrigeration building with no windows.
Having sold downtown for almost 2 decades, I’ve pioneered sales and marketing in a number of these newer downtown areas. And it’s because of the pioneering developers that these neighborhoods have evolved into some of the most desirable residential neighborhoods in the City. Some of the more notable pioneers should be recognized for their vision, and for blazing a trail that benefited the adopters.
What these “downtown” developers created was a product to satisfy the demand of their generation of buyers. Conversions in loft buildings with great volumes of space that the uptown buildings couldn’t satisfy. Homes that had the amenities, services, and finishes that uptown buyers expected, but in architecturally different and historically significant buildings. New residential neighborhoods like West Chelsea, SoHo, TriBeCa, and the Bowery have now become expensive zip codes and it’s no surprise that we are currently selling a new development in Chelsea at higher prices than almost every new development in Manhattan.
In 2009, there were more than 10,000 Manhattan apartments for sale. This year, there aren’t even half that many. On Tuesday, April 2nd, Jarrod Guy Randolph was featured on a CNN Money segment about the creative measures brokers must take in Manhattan’s current low inventory market. In the segment, “NYC Brokers Get Creative to Score Listings,” Jarrod was interviewed by CNN reporter, Zain Asher. Strategies Jarrod has employed include schmoozing with doormen who know “everything that’s going on in their building” to sending strategically targeted letters. Jarrod has been able to remain successful even in one of the worst markets. His creativity even allowed him to score a gorgeous $1.975M listing at 456 West 19th Street. Watch Jarrod’s interview on CNN Money below.
One Museum Mile made New York City real estate history yesterday with the news that one of its residences sold for the highest price per square foot in the neighborhood of Upper Carnegie Hill. At $3.6 million – a price which broke over $2,000 per square foot – residence 11Bfeatures a wrap-around terrace with sweeping views of Central Park. Outlets including Curbed, The Real Deal, and Buzz Buzz Homefeatured this neighborhood record and referenced One Museum Mile’s recent sales milestone of over 50% sold and in contract.
The Wallabout neighborhood in Brooklyn is featured in last week’s Wall Street Journal.Doug Bowen gives insight into the revival of this area, spurred by bolstered activity in the nearby Navy yard, thriving businesses, and the development of a new mixed-use complex.
Taken from the penthouse at 39 Fifth Avenue, this week’s photo of the week was shot by CORE’s Tony Sargent, who perfectly captured the mechanics and architecture of old New York. If you’re walking around Manhattan, especially downtown, it’s hard to miss dozens of rooftop water towers, even when they’re concealed. In addition to the water tower’s charm, we are drawn to the beautiful architectural details of this Emery Roth-designed building that is covered in interesting patterns and designs that are typical ofSpanish Renaissance-style architecture.
Welcome to Ten, CORE founder and CEO Shaun Osher’srapid-fire interview series with prominent CORE figures. Read on to find out how this week’s subject deals with being on the hot seat.
CORE has set the standard for New York City real estate brokerage websites. Luna Vega has been working with CORE for the past two years and is responsible for the look and feel of our webpage. She started her own business in 2006 and has been a digital strategist for the past seven years with a range of clients including Unilever, Chase, Nissan, Nokia and Verizon Wireless. Here are Luna’s answers to Ten questions:
1) How long have you been a digital marketing strategist?
My “digital birth”, as I like to call it, was in 2003 when I attended ITP, a NYU graduate program and immersed myself in the digital realm. I fell in love with the tech industry, so I decided to follow my passion and start my own business in 2006.
2)How did you get into the business?
While working at RGA, a digital advertising agency, I witnessed first hand the newly-found power of bloggers. The roles were shifting. Influential blogs like RocketBoom, Cool Hunting, etc. had more committed audiences than bigger publishers. Audiences were also becoming increasingly segmented, creating more opportunities for marketers to target desired demographics. I was exhilarated by all these novel opportunities and wanted to transfer this knowledge to small businesses. My goal was to empower and grow their business organically, strictly using the web.
Recently awarded with the Pritzker Prize, one of architecture’s most prestigious and coveted honors, Japanese architect Toyo Ito’sportfolio of work is a true architectural achievement. At 71-years-old, Ito is known by many within the architectural community for creating conceptual architecture, which in many ways has shaped the discipline of modern architecture today.
Ito’s rich portfolio of structures includes several public spaces, theaters, libraries, and offices throughout Asia and Europe. Ito had the privilege of designing the 2009 World Games stadium which was built by using 100% reusable materials in addition to 8,844 solar panels on its roof. Click below for an image of the stadium.
A sampling of last week’s press coverage of CORE and CORE properties.
Worth It! Innovative App Lures Buyers to Tribeca Luxury Condo New York Daily News 93 Worth’s interactive app was featured on the cover of the Daily News’ real estate section. With the use ofAurasma, the app showcases unique features that allow users to experience the history and amenities of the new development. Shaun Osher sits with Daily News real estate Editor Jason Sheftell to discuss the innovative digital marketing campaign.
Living Large CBS 2 Tony Sargent and Emily Beare take us on a tour of their $5.4 million exclusive, duplex penthouse at 39 Fifth Avenue. CBS’ Emily Smith follows them throughout the home, complete with intricate finishes and features, including hand-painted wallpaper and walls.
Unique Homes CNN
At 105 Chestnut Ridge Road, Michael Graves’ $17.5 million dollar listing is showcased in CNN Money’s “Unique Homes” feature. A truly one-of-a-kind listing, this mansion is most noted for its grand entry and in-ground swimming pool in the home’s living room.
93 Worth, CORE’s new development project in Tribeca, made today’s cover of theDaily News’real estate section for its unique marketing campaign which includes the use of Aurasma, an augmented reality app that brings images within 93 Worth’s marketing campaign to life. Watch CORE CEO, Shaun Osher and Daily News real estate Editor, Jason Sheftell discuss this innovative marketing campaign in the video below.
CORE marked a New York City real estate first by being the first real estate group to partner with Aurasma on the marketing of a luxury new development. 93 Worth’s augmented reality campaign can be seen by downloading the free ” 93 Worth” iTunes app and will instantly allow images to come to life when your smartphone or iPad’s viewfinder is placed over any one of six trigger images that can be found throughout 93 Worth’s advertisements, brochure and other marketing materials.