Culture

 

Commercial Basis: What Was Once Old Is Now New Again

23 January, 2017 posted by: CORE

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Commercial Basis explores how technology, branding and demographic preferences are shaping office and retail real estate in New York City. As these forces break down the barriers from where we live to where we work and shop, Lead Commercial Specialist Alex Cohen will assess the impact on real estate values and opportunities.

Dating back to the 19th century, the famous department stores of New York (Bergdorf Goodman, Bloomingdale’s, Macy’s etc.) were developed and continue to be owned by the retailers themselves. In some cases, as the fortunes and appeal of certain department store brands waned, it was their real estate that actually retained value because of its locational strength.

For example, Vornado’s Steve Roth purchased the depleted Alexander’s retail chain precisely because of the value of its Manhattan location across from Bloomingdale’s and developed it into Bloomberg’s 731 Lexington Avenue mixed-use skyscraper.

After World War II, most new stores were not typically owned by the retailers, but were in space developed and owned by shopping center developers (later reconstituted into mall REITS) and leased to department stores and specialty retailers. For over 50 years most retail development was channeled into suburban shopping centers.

With the resurgence of urban downtowns over the past 20 years, the focus has returned to “main street” retail and particularly to mixed use developments and nonhomogeneous shopping centers, that often combine shopping, dining, office space and apartments. Interestingly, during the 2010-2020 period, New York City is seeing the largest investment in new and redeveloped retail projects in its history. With the exception of the Nordstrom’s tower, these projects are largely outside the upscale tourist-oriented retail/hospitality core (Fifth Avenue, Madison Avene, 57th Street), that with New York’s tourist boom, has recently seen the largest increases in store rents in history. They follow the post-World War II model of shopping space developed for and leased to retail brands. These range from the redevelopment of South Street Seaport and Brookfield Place to the Shops at Hudson Yards and the Westfield World Trade Center. Each of these shopping centers is geographically proximate, but not necessarily spatially integrated into a much larger mixed-used development. However, with the exception of restaurant and entertainment offerings, these shopping centers are not generally attuned to the consumption habits of those who will live and work in the balance of these developments.

Another model of retail development being pursued by LVMH through its L Real Estate affiliate, which perhaps other global luxury conglomerates would be wise to consider, involves investing in and owning luxury retail-driven urban mixed-use developments in prime shopping/lifestyle neighborhoods where the prospective retail brands (owned by LVMH) generate not only value (and rent) for the investors but in essence become part of the branding of the entire project to attract the highest paying office and residential tenants. This is the basis for L Real estate’s investment in Miami’s Design District http://corenyc.com/culture/2016/12/commercial-basis-brand-meets-space/  and for L Real Estate mixed used retail-center projects in Shanghai, Ginza and Abu Dhabi.



 

House Call: 4 West 21st Street, 10C

20 January, 2017 posted by: CORE

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THE LISTING
4 West 21st Street, 10C

THE AGENTS
Brett Caspi
Lic. Real Estate Salesperson
516-633-6106
bcaspi@corenyc.com

Adrian Noriega
Lic. Assoc. Real Estate Broker
Licensed as Adrian S Noriega
646-279-6104
kwallison@corenyc.com

Nicole Fasciglione
Lic. Real Estate Salesperson
631-457-9976
nfasciglione@corenyc.com

THE DETAILS
Offered at $1,595,000, this oversized, beautifully designed 1-bedroom is located in the heart of Flatiron. The home offers an open layout and large windows throughout, providing for  sun-drenched living. Stop in this Sunday for an open house tour of this lovely property!

THE HOUSE CALL
Sun, Jan 22, 2:00 – 4:00



 

Presenting Quoin

20 January, 2017 posted by: CORE

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Value in a home can be quantified differently. Different attributes add value in different ways. Quoin is a new report that analyzes these unique differentiating factors, one at a time. Every month, we will highlight a specific topic with facts and data supporting how it adds value, what buyers are seeking and trends worth tracking. Subscribe below to not miss an issue!

 



 

VoiceAmerica with Tim Crowley

19 January, 2017 posted by: CORE

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Tim Crowley, CORE’s Managing Director – Innovation and Design, was Tuesday’s guest on “Good Morning New York Real Estate” with Vince Rocco. The two discussed new development inventory growth and how it’s impacting today’s buyer mindset. They also touched on the Financial District and its transformation into the “new downtown”due to an increase in restaurants, parks and its convenient transportation – all of which has had a profound influence on new development. Tim and Vince discussed the 2nd Avenue subway and how it will change the real estate industry. Take a listen and learn the latest on all things NYC new development.

Click here to listen to the entire show: Tim Crowley on Good Morning New York, Real Estate



 

Hot Topic: Luxurious Loft Living

18 January, 2017 posted by: CORE

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Did you catch last week’s Observer? Adie Kriegstein and Michael Rosser‘s listing at 650 Sixth Avenue, 2F was featured for its versatility and “distinctive personal touches.” The 2-bedroom home is the definition of luxury loft living and is located in the heart of the coveted Flatiron district. Take a look at the story and find out what else Adie and Michael had to share about this stunning property.

Click here to read the full article: Pineapple Paradise: Inside a Glitzy Flatiron Loft



 

Dwell Diaries: Hampshire House, TH

17 January, 2017 posted by: CORE

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Dwell Diaries provides a peek at a “day-in-the-life” in one of CORE’s exclusive listings. From master suites to neighborhood hotspots, our diary doesn’t spare a detail!

Mornings at Hampshire House, TH seem star-studded and sophisticated regardless of the day of the week. A luxurious one-bedroom with a living room designed for grand entertaining is perfectly glamorous in this white glove full-service building. With Hollywood history and Central Park views abound, it’s no wonder each day at Hampshire House, TH is equal parts “yesterday’s charm and today’s sophistication.” The master bedroom and living room provide direct Central Park views – what could be better than gazing across the park while enjoying your morning cup of coffee? Each floor of the iconic 37-floor Hampshire House is certainly unique but this 3rd Floor one-bedroom features tree-lined views that feel traditionally European. Round out your morning routine in the stunning open kitchen where you can whip up a petit déjeuner fit for a Hollywood star.

Outfitted with a stunning staircase and live piano three evenings per week, the lobby at Hampshire House is truly luxury hotel-like in its amenities. If the weather permits, you might consider taking a stroll to Central Park and exploring the newly restored section of the park right across the street. The Plaza Food Hall is only a few blocks away and features a plethora of fine food purveyors for lunch. Barneys, Bergdorf Goodman and countless flagship stores dot the neighborhood near Central Park South and Fifth Avenue, and provide plenty of excuses to stop and see what’s new this season on your way home from lunch. Iconic New York City restaurants old and new are never far away at 150 Central Park South. The Russian Tea Room, where actors, writers and politicians have wined and dined for nearly a century, is right around the corner. The modern and effortlessly chic Marea is applauded for its fine Italian seafood and homemade pastas and also situated on Central Park South.

Winding down your day at Hampshire House, TH is nothing short of the luxurious day behind you. As the only full-service residential building on Central Park South, you can effortlessly collect your mail and packages at the front desk while enjoying the tranquil sounds of the evening pianist. Yesterday’s charm isn’t spared in this building and is only enhanced by the convenience of luxury amenities such as these. Sonny and Cher, live piano and tree-lined Central Park views – Hampshire House, TH is straight out of the Hollywood history books!



 

House Call: 101 Warren Street, 2660

13 January, 2017 posted by: CORE

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THE LISTING
101 Warren Street, 2660

THE AGENTS
Christian Rogers
Lic. Assoc. Real Estate Broker
917-270-4119
crogers@corenyc.com

Mike Fruman
Lic. Real Estate Salesperson
Licensed as Michael Ross Fruman
646-780-5265
mfruman@corenyc.com

Danielle Fruman
Lic. Real Estate Salesperson
646-677-2101
dfruman@corenyc.com

THE DETAILS
Offered at $5,225,000, this Tribeca 3-bedroom, 3-bath condo boasts stunning cityscape views throughout. The home is in one of Tribeca’s most sought-after, full-service buildings with over the top amenities. Stop by the open house this Sunday for the chance to see this spectacular property!

THE HOUSE CALL
Sun, Jan 15 , 12:00 – 2:00



 

Hot Topic: New Beginnings

11 January, 2017 posted by: CORE

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Looking for a fresh start in the new year? Last week, CORE broker and holistic health coach, Lisa Graham was featured on Brick Underground offering her expertise on how new apartment owners can rid their homes of negative spirits. Graham recommends staging and setting intentions for a new home, while also prescribing the use of essential oils to cleanse a space. Here’s to new beginnings in 2017!

Click here to read the full article: How to survive—and Thrive—When You’re Making an Unplanned Move



 

CORE 10: Lawrence Treglia

10 January, 2017 posted by: CORE

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Welcome to CORE 10, an off-the-cuff interview series with prominent CORE figures. Read on to learn more about this week’s guest, broker Lawrence Treglia!

  1. Who is the living person you most admire? Pope Francis.
  2. Who is the most interesting New Yorker you know? Mike Bloomberg.
  3. What is your earliest New York memory? Coming into the city as teenager with my childhood friend and walking from Grand Central Station to Canal Street to buy off-market Gucci and Rolex watches. We were intimidated by the train and did not want to get ripped off by a cab driver. 
  4. What is the best advice you’ve ever received? Never count other people’s pennies as you will always come up short. 
  5. What do you consider your greatest achievement so far? Being a father. 
  6. What are your three most treasured possessions? My son, partner and weekend home. 
  7. Name a movie, book or work of art that changed your life. Nothing in particular but I always enjoy reading an autobiography. 
  8. What’s your greatest extravagance? Lotions and potions. 
  9. What’s your secret talent? Ask Adrian Noriega or Emily Beare. 
  10. Which words or phrases do you most overuse? “A noche.”

 



 

Bringing The Flynn to Life

09 January, 2017 posted by: CORE

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When CORE was faced with the task of transforming a mid-block Chelsea building at 155 West 18th Street into a place that appealed to a broad range of high-end buyers, they decided to bring the building to life. CORE created a character who personified the variety of lifestyles the building offered through a marketing campaign. The new development team started with a film and later extended to live performances and a social media campaign. As a result of this creative approach, 67% of the Flynn sold after the first two months of sales launch. What’s successful is also fun!

Click here to watch the Flynn come to life: The Flynn: 155 West 18th Street



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