News

Restored Brick Townhouse in Bed-Stuy Asks $1.998 Million

CurbedSeptember 14, 2014

Welcome to the Brooklyn Townhouse Roundup, where we—you guessed it—take a look at the most notable Brooklyn townhouses on the market. Got tips? Send 'em here.

Would You Pay $1M to Park Your Car?

MSNBCSeptember 13, 2014

In light of the million dollar parking spot being offered for sale in Soho, we sent comic Jamie Kilstein out to talk to the developer and ask some folks on the street if they’d pay $1 million to park their car.

The 44 New Developments Hitting The Market This Fall

The Real DealSeptember 11, 2014

Just because fall is coming doesn't mean things are about to cool down. From 57th Street to City Island, the real estate market is still booming, with 44 developments preparing to unleash hundreds of new homes—both condos and rentals—onto the market. Highly anticipated projects like the conversion of the Verizon Building and the glitzy 515 High Line are joined by under-the-radar boutique Brooklyn developments, while a few long-in-the-works buildings (looking at you, Fortress of Glassitude) are finally ready to make their debuts. See something missing from the map? Leave a comment or send a note to the tipline.

NYC Condo Sells Parking Spots For $1 Million

NPRSeptember 10, 2014

And that brings us to today's last word in business, where to park a million bucks - well, in a parking space in New York City. A new luxury condo in lower Manhattan is offering underground parking spots that will cost $1 million each. We're told that is more per square-foot than the apartments being sold above the parking spaces according to The New York Times. The Department of City Planning says the number of off-street parking spaces in New York City has declined by 20 percent since the late '70s, going down even as the population of the city has gone up. That has driven up the price of residential parking in New York City to an average $136,000 per spot by one estimate. And remember, that is the average space, $136,000. That much money would not even get you a single wheel in one of the new million dollar spots. That's the business news on MORNING EDITION from NPR News. I'm Steve Inskeep.

10 NYC Parking Spots Are Going For A Mind-Boggling $1 Million Each

Huffington PostSeptember 10, 2014

As worsening income inequality and a serious lack of affordable housing place ever more strain on vast numbers of New York City residents, a new luxury apartment building in Manhattan is offering several $1 million parking spots for uber-wealthy buyers.

 

The 10 spots, located underground at 42 Crosby Street, in the SoHo neighborhood, will accompany apartments reportedly selling for between $8.7 million and $10.45 million, The New York Times reports.

 

"The parking spots, some of which will be a generous 200 square feet, will run between $5,000 and $6,666 a square foot," writes the Times, "whereas the nine three-bedroom units upstairs will range between $8.70 million, or about $3,170 a square foot, and $10.45 million, around $3,140 a square foot. Monthly carrying charges for the three-bedrooms will run as high as $8,880 ($18,360 for the $25 million duplex penthouse)."

 

We wish we could say we're completely shocked, but the story is all too familiar. Back in 2012, a Manhattan residence at 66 East 11th Street made jaws drop by placing on the market a $1 million dollar parking spot. The meagre garage space offered a width of just 12 feet and a length of 23 feet.

 

More recently, an NYC developer provoked outrage after proposing a plan to outfit a new luxury condo building with a designated "poor door" from which lower-income residents would enter and exit.

 

According to Gawker, separate entrances for wealthy and poor residents are pretty common in New York buildings that designate some of their units for low-income tenants.

Parking Spaces in New York Go on Sale for $1 Million

The IndependentSeptember 10, 2014

Parking spaces in New York are being sold for $1 million (£620,000) as developers try to cash in on a shortage of car parks.

 

A luxury development at 42 Crosby Street in the fashionable SoHo district of Lower Manhattan is offering 10 underground parking spots to residents,the New York Times reported.

 

The site itself is a former car park but spaces are at a premium in the packed district and with the nine three-bedroom flats above costing up to $25 million (£15.5 million), estate agents believe clients will pay the price.

 

At around $5,500 (£3,400) a square foot, the spaces are more expensive per unit than the apartments upstairs, and anyone buying one is only paying for a 99-year lease that expires if they move out, rather than owning it outright.

 

Shaun Osher, founder of the brokerage firm handling sales at 42 Crosby, said there are “few to no options” for parking in the area, let alone a private spot in your own building.

 

“We’re looking at setting the benchmark,” he added. “In real estate, location defines value and parking is no exception to that rule.”

 

Parking spaces elsewhere in New York have been seen selling for up to $500,000 (£310,000) and it is not the only city being affected by rocketing prices.

 

In July, a garage in Kensington went on the market for half a million pounds - the same price as an eight-bedroom Georgian mansion in Yorkshire, or a stunning light keeper's house in Scotland.

 

Measuring almost 9ft wide and 18ft long, if you rip out the cupboards, it also comes with a £280 a year “service charge”.

 

Estate agents described it as a “valuable asset” and assured prospective buyers it could “accommodate cars as large as a Range Rover or a Bentley Continental”.

Is This the World’s Most Expensive Parking Space at Over £600,000?

Irish MirrorSeptember 10, 2014

Developers are charging sky high prices for underground parking spaces in the heart of Manhattan, New York.

 

At an eye-watering $1m apiece, the 10 parking spaces may include some storage space and electric charging stations for those who need them, but still come in at more than FOUR times the national average house price in the USA, which is $217,800.

 

The exclusive development of 10 three-bedroom units in Lower Manhattan's Crosby Street is ironically on the site of a former car park. The real estate comes in at $8.7m per apartment, except for the $25m duplex penthouse.

 

Shaun Osher, founder and chief executive of the brokerage firm CORE in Manhattan which is handling the sale of 42 Crosby, said: “We’re looking at setting the benchmark. In real estate, location defines value and parking is no exception to that rule.”

 

He said that in Manhattan's SoHo district there are "few to no options" for parking, let alone a private spot in your own building.

 

According to the New York Times, a private garage with space for two cars at 66 East 11th Street was listed for $1 million by the Manhattan real estate firm Delos last year.

It is still available in conjunction with the sale of the building’s $50 million dollar penthouse. In April 2012, a parking space at 60 Collister Street, a loft condominium building in TriBeCa, sold for $345,459.

 

Over the last year, residential parking spots in Manhattan have been selling for an average of $136,052, according to Jonathan J. Miller, the president of the appraisal firm Miller Samuel.

 

Buyers at 42 Crosby Street who pay $1 million for their parking spot will not actually own it. There are 99-year licenses available for each spot.

 

The license entitles buyers to use the space as long as they are residents of the building and requires that it be sold in the event of a move.

 

 

$1 Million Parking Spot Highlights the Insanity of New York Real Estate

Yahoo! SingaporeSeptember 10, 2014

If you're shopping for a luxury condominium in New York City, chances are having a designated parking spot is more important than a building with a gym, or even a view. Hell, you'd probably ditch the doorman, too.

 

The problem is that parking seldom comes free. Buyers need to budget extra to snatch one of the building's limited spaces.

 

Those moving into a new luxury development in SoHo, however, will need to do more than set aside some spare change. Parking at 42 Crosby Street is being offered at a staggering $1 million per spot. Or the equivalent of three 5,000 sq.-ft. mansions in Indianapolis.

 

The new development, designed by Annabelle Selldorf, will feature ten luxury apartments; nine priced between $8.70 million and $10.45 million, with the penthouse set at $25 million, according to the New York Times. Each of the ten parking spots will be 200 sq.-ft., and provide a small storage area and a charging station for the inevitable Tesla.

 

Despite shelling out the equivalent of four Ferrari 458 Italias on parking, or more than the $920,000 median sales price for an actual Manhattan apartment, the buyers won't own the underground space. They'll receive a 99-year license, and be forced to sell that license if they ever decide to move.

 

Extravagant NYC apartments commonly arrive with pricey parking, but when you're paying $50 million for a home, an extra $500,000 is almost irrelevant. At $8.70 million, however, the additional $1 million for parking at 42 Crosby Street does seem excessively steep, making the thought of walking a block or two that much more appealing.

 

But as any real estate agent in NYC will tell you, parking is currently the city's most sought-after amenity; a concept that seems baffling to those of us outside city walls. And this isn't the first million dollar parking spot to arrive on the market, and they had no trouble finding willing customers. With more cars than parking spaces, developers can, and do, charge a premium. Meaning buyers will only be too happy to hand over that extra mill.

On the Market: New York Foundling Finds $45M Buyer; Vogue Deems Bushwick Cool

New York ObserverSeptember 10, 2014

Dan Doctoroff has found an outlet for his energies after agreeing to step aside to let Bloomberg resume leadership of his eponymous company come 2015, Crain’s reports—the former deputy mayor will be devoting more time to the Culture Shed in Hudson Yards, on whose board he already sits.

 

The New York Foundling home has found a buyer willing to pay $45 million for its Greenwich Village home, The New York Daily News reports;  the foster-care-focused non-profit paid a mere $3 million for the building in 2002. And while the sale is undeniably a boon for the non-profit, which will move operations to 16th and Sixth, it also raises the question of what happens if and when Manhattan becomes primarily a place for the single-family residences of rich people. This, naturally, will be the former Foundling Home’s fate, which has been purchased by—who else?—an unnamed buyer.

 

Further evidence that the end of Manhattan is upon us: parking spaces in Soho are now going for $1 million, according to The New York Times. Sure, parking in the city can be hell, but is there really a good justification for the fact that the parking spots at 42 Crosby will be going for more per square foot than the apartments? Of course, it should be noted that no parking spaces, these included, have actually sold for anything approaching $1 million.


But there’s always Brooklyn, which is especially desirable now that Vogue has given Bushwick it’s seal of approval, deeming the neighborhood the seventh coolest in the world. Still, though it’s no longer “disfavored,” as Gothamist points out, it still falls behind Shimokitazawa, Japan and West Queen West, Canada in hipness. And next year, goddamn Ridgewood will probably steal all the attention.


This should life your spirits, though: Bushwick Daily has a rundown of all the ridiculously Bushwick-themed merchandise out there, from North Face jackets to Van’s sneakers.

 

And in proof that there’s more to real estate than cold, hard cash, the owner of Junior’s has decided to turn down a slew of big money bids to buy the restaurant’s desirable site in Downtown Brooklyn, DNAInfo reports. The largest, a $45 million offer from the Chetrit group, would have ousted the purveyor of cheesecakes and other decadent diner goodies from its longtime home. Other, lesser offers would have allowed them to stay, albeit at the base of a condo tower. “I have never felt better in my life,” said owner Alan Rosen of the recent decision.

 

Billionaire industrialist and arch conservative David Koch sprays his name all over yet another venerable New York Institution: the Met. Crain’s reports that the museum’s new $65 million plaza—financed, of course, by Mr. Koch—was unveiled with a choral rendition of “New York New York” by a Harlem Team Choir. Said Mr. Koch of his improvements: “It feels illuminated. I am so pleased with the project and what it means for the museum and the city.”

 

Another way to spend a small fortune: try to buy enough co-op shares to take over a 19,000 square-foot building and transform it into your personal mansion. That’s what Aby Rosen of RFR Holdings is attempting to do with a 10-unit building at 1025 Park Avenue, according to The Daily News. Mr. Rosen, apparently looking for some distraction after putting the whole Picasso curtain thing behind him, is apparently undaunted by the debacle that was 22 East 71st.

 

 

$1M Parking Spaces Pricier Than the Condos Upstairs

The Real DealSeptember 10, 2014

How much is a parking spot in New York City worth? For some, apparently, the answer is $1 million.

 

A new development at 42 Crosby Street in Soho is offering interested buyers one of 10 underground parking spots that are more expensive per square foot than the condos they accompany, according to the New York Times.

 

Residents will hold a 99-year lease on the parking spaces, which they will have to sell if they move out of the building. Atlas Capital Group is developing the property and Annabelle Selldorf is the architect.

 

Those interested will have to be quick, as the parking spaces are first come, first served. The price of the spots works out to between $5,000 and $6,666 per square foot. The nine three-bedroom condos upstairs are priced between $8.7 million to $10.5 million, or between $3,140 to $3,170 per square foot. The building also has a $25 million duplex penthouse.

 

According to the Times, residential parking spots on Manhattan run an average of $136,000. At $1 million, the parking spots at 42 Crosby are more than four times as expensive as the national median sales price for a home, the Times reported. 

New York Parking Spaces on Sale for $1 Million

The TelegraphSeptember 10, 2014

They are properties with noisy neighbours, no windows and an eye-watering million-dollar (£620,000) price tag, but estate agents are in no doubt that they will shift.

 

Ten of the world’s most expensive parking spaces have gone on sale in New York City, each costing more than four times as much as the average American home - or $250,000 (£155,000) per tyre.

 

The parking spots are being offered in an underground garage which will be attached to a luxury apartment block in Manhattan’s SoHo area.

 

At $6,666 (£4,125) a square foot, they are considerably more expensive by area than the nine three-bedroom flats they are attached to, which are on the market for up to $10.45 million (£6.47 million), or $3,140 (£1,943) a square foot.

 

And one million dollars will not even provide outright ownership of the parking spaces. Instead, the proud new “owners” will hold a 99-year lease which is only valid while they live in the apartment building, and which must be surrendered once they sell up.

 

Designed by architect Annabelle Selldorf, the new building is going up, ironically, on the site of a former parking lot.

 

Shaun Osher, of the brokerage firm CORE in Manhattan, which is handling the sale and marketing of the property, called 42 Crosby, said the chronic shortage of parking spaces in SoHo meant that the $1 million spots were certain to be snapped up.

 

He told the New York Times: “In real estate, location defines value and parking is no exception to that rule.” As well as space to park a car, the spots come with a charger for an electric vehicle and storage space - also at a premium in cramped Manhattan.

 

If sold, it is thought that the spaces will be the most expensive in the world. A private garage with space for two cars was listed for $1 million last year in New York’s East Village, but failed to sell.

 

Earlier this year, a parking space was sold in London for £400,000.

 

 

Done Deals

Real Estate WeeklySeptember 10, 2014

UPPER WEST SIDE

135 W. 69th Street

$11,000,000

 

This four-story, 19-foot-wide townhome boasts five bedrooms and three-plus bathrooms. There's also a chef's kitchen, multiple woodburning fireplaces, a terrace and a private garden - as well as a separate recording studio on the top floor. Listing agents: Tom Postilio and Mickey Conlon of CORE.

Buy Condo, Then Add Parking Spot for $1 Million

The New York TimesSeptember 09, 2014

What will $1 million buy in New York City? A diamond-encrusted Cartier men’s watch. A small fleet of 2014 Bentley Continentals. Or maybe your very own parking spot in SoHo.

 

A new development, 42 Crosby Street, is pushing the limits of New York City real estate to new heights with 10 underground parking spots that will cost more per square foot than the apartments being sold upstairs.

 

The million-dollar parking spots will be offered on a first-come-first-served basis to buyers at the 10-unit luxury apartment building being developed by Atlas Capital Group at Broome and Crosby Streets, itself the former site of a parking lot. At $250,000 a tire, the parking spaces in the underground garage cost more than four times the national median sales price for a home, which is $217,800, according to Zillow.

 

So instead of a 5,000-square-foot house with a wine cellar in Dallas or a 3,500-square-foot home with a sauna in Seattle, one could choose 150 square feet in the basement of 42 Crosby, a condominium designed by the architect Annabelle Selldorf.

 

The parking spots, some of which will be a generous 200 square feet, will run $5,000 to $6,666 a square foot, whereas the nine three-bedroom units upstairs will cost between $8.70 million, or about $3,170 a square foot, and $10.45 million, around $3,140 a square foot. Monthly common charges for operational expenses and taxes for the three-bedrooms will run as high as $8,880 ($18,360 for the $25 million duplex penthouse). But the parking spots, which also provide a bit of storage space and a charging station, if not views, will not rack up additional monthly charges.

 

In Manhattan, where luxury condominiums and their lavish amenities have been commanding stratospheric prices, the million-dollar parking spots are strategically priced. The median sales price of a Manhattan apartment has been tickling the million-dollar mark, reaching $920,000 in the second quarter of 2014, while apartments at the ultrahigh end have been selling for more than $90 million.

 

“We’re looking at setting the benchmark,” said Shaun Osher, the founder and chief executive of the brokerage firm CORE in Manhattan, which is handling the sales and marketing at 42 Crosby. “In real estate, location defines value and parking is no exception to that rule.”

 

In SoHo, Mr. Osher said, there are “few to no options” for parking, let alone a private spot in your own building.

 

The number of off-street parking spaces in the city was 102,000 in 2010, or about 20 percent less than in 1978, when there were 127,000 spots, according to the Department of City Planning. While scarcity is a factor in the price of parking, $1 million for a parking spot may still be a reach.

 

Last year, a private garage with space for two cars at 66 East 11th Street was listed for $1 million by the Manhattan real estate firm Delos. It is still available in conjunction with the sale of the building’s $50 million dollar penthouse. In April 2012, a parking space at 60 Collister Street, a loft condominium building in TriBeCa, sold for $345,459.

 

Over the past year, residential parking spots in Manhattan have been selling for an average of $136,052, according to Jonathan J. Miller, the president of the appraisal firm Miller Samuel.

 

Buyers at 42 Crosby Street who pay $1 million for a parking spot will not actually own it. The condo is selling 99-year licenses for each spot. A license, unlike a deeded parking spot, entitles buyers to use the space as long as they are residents of the building and requires that it be sold in the event of a move.

 

To build the 10 spots, the developer had to get a special permit from the city, which typically limits the number of parking spaces in new buildings to no more than 35 percent of the units.

 

Parking spaces in new developments across Manhattan are selling at a brisk pace. At 56 Leonard, a 145-unit TriBeCa tower codeveloped by Alexico Group and Hines, 25 of the 28 parking spots were listed for sale in May at $500,000 apiece; all were sold within months. There is a waiting list for the remaining three spots, which the developer is holding to offer to the buyers of two remaining units. A penthouse in the building went into contract for $47 million in June 2013.

 

“When someone is paying $50 million for an apartment, another $500,000 for the luxury of not walking a block or two and having your own spot, I guess it becomes a rounding error,” said Izak Senbahar, the president of the Alexico Group.

 

Beth Fisher, a senior managing director of Corcoran Sunshine, which is marketing 56 Leonard, said: “The No. 1 amenity is parking. In the luxury market, parking is really one of the key, key features that distinguish one development from another.”

 

In other cities where parking is scarce, residential parking also sells at a premium. Last year, a tandem parking space sold for $560,000 at 298 Commonwealth Avenue in the Back Bay neighborhood of Boston. In central London, “a secure underground parking space in Knightsbridge is now 350,000 pounds,” or $565,859, said Giles Hannah, a senior vice president at Christie’s International Real Estate. That is roughly the same price as a studio apartment in the London borough of Camden, he said.

 

“Most ultrahigh-net-worth individuals have car collections as well as service vehicles for their staff,” Mr. Hannah said. “Parking is in serious demand and has proven an excellent investment with no sign of a decline.”

Latest NYC Condo Amenity: $1 Million Parking Spot

The Miami HeraldSeptember 09, 2014

NEW YORK (AP) - A condo development in New York City's pricy SoHo neighborhood is charging for a parking spot as much as it would cost to buy a nice house in Dallas or Seattle — $1 million.

 

The New York Times reports the 10 underground spots at 42 Crosby St. will cost more per square foot than the apartments upstairs. The parking spots will run between $5,000 and $6,666 a square foot.

 

The three-bedroom apartments will cost around $8 million to $10 million, or about $3,100 a square foot.

 

Brokerage firm CEO Shaun Osher says there are "few to no options" for parking in SoHo, just northeast of the World Trade Center site. He says his firm is "looking at setting the benchmark."

Welcome to a World Where a New York City Parking Spot Costs $1 Million

SlateSeptember 09, 2014

For today’s update on how the one percent are doing—or more like the .001% in this case—we turn to the daily grind that is parking. Finding a parking spot, after all, is a pain for everyone, particularly in Manhattan. Street parking has some pretty serious downsides for the uber-rich looking to land their uber-ride for the night. First, there are human obstacles—mainly pedestrians, cyclists, taxi cab drivers, along with the occasional Elmo impersonator—that don’t care as much about your car as you do. There’s also the problem of scarcity of parking spots on the street given that pedestrian crosswalks, handicap spaces, and fire hydrants remain public goods and so far are not tradable commodities.

 

For the super-rich the problem of doing things you don’t really want to do, however, is an eminently solvable one. Enter the $1 million parking spot. The New York Times on Tuesday details this new plaything of the rich and famous—a parking place.

 

A new development, 42 Crosby Street, is pushing the limits of New York City real estate to new heights with 10 underground parking spots that will cost more per square foot than the apartments being sold upstairs. The million-dollar parking spots will be offered on a first-come-first-served basis to buyers at the 10-unit luxury apartment building… itself the former site of a parking lot. At $250,000 a tire, the parking spaces in the underground garage cost more than four times the national median sales price for a home, which is $217,800, according to Zillow.

 

 The parking spots, some of which will be a generous 200 square feet, will run $5,000 to $6,666 a square foot, whereas the nine three-bedroom units upstairs will cost between $8.70 million, or about $3,170 a square foot, and $10.45 million, around $3,140 a square foot…. The number of off-street parking spaces in the city was 102,000 in 2010, or about 20 percent less than in 1978, when there were 127,000 spots available, according to the Department of City Planning… Buyers at 42 Crosby Street who pay $1 million for a parking spot will not actually own it. The condo is selling 99-year licenses for each spot.

Latest NYC Condo Amenity: $1 Million Parking Spot

The Washington TimesSeptember 09, 2014

NEW YORK (AP) — A condo development in New York City’s pricy SoHo neighborhood is charging for a parking spot as much as it would cost to buy a nice house in Dallas or Seattle — $1 million.

 

The New York Times reports the 10 underground spots at 42 Crosby St. will cost more per square foot than the apartments upstairs. The parking spots will run between $5,000 and $6,666 a square foot.

 

The three-bedroom apartments will cost around $8 million to $10 million, or about $3,100 a square foot.

 

 

Brokerage firm CEO Shaun Osher says there are “few to no options” for parking in SoHo, just northeast of the World Trade Center site. He says his firm is “looking at setting the benchmark.”

No Room for Blues: Jazz Musician Drops Westside Townhouse for $11M

New York ObserverSeptember 08, 2014

Citing the need for a lifestyle change, the six-time Grammy-winning jazz musician David Sanborn put his brownstone mansion at 135 West 69th Street on the market four years ago with Sotheby’s International Realty asking $9 million, roughly five times the $1.45 million he bought it for in 1989. Times, of course, had changed—and so had the home. A year after the purchase, the area received landmark status, and Mr. Sanborn, a saxophonist, spent two years on painstaking renovations that restored the property to opulent single-family purposes. But in the immediate wake of the financial crisis, the townhouse failed to move.

 

That, as it turns out, was a good thing for the owner. Having re-listed it last summer with Mickey Conlon, Tom Postilio and Shaun Osher at CORE, he’s just sold the place for $11 million—just one million off the asking price—according to city records. (Mr. Osher, also a saxophonist, made the jazz star’s acquaintance some 20 years ago in an instrument repair shop.)

 

Nineteen feet wide, with five bedrooms, the house was built in 1900 and stands replete with original details. No fewer than four wood burning fireplaces warm its hearths, and for balmier months, a fenced private garden awaits out back. The master bedroom sports a terrace, whose greenery and quietude yield a dose of outdoor serenity most-difficult to find so close to Broadway, which is steps away.

 

Mr. Sanborn installed molding to complement coffered ceilings of intricate oaken design, and breathed new life into etched glass and stained glass panels. An original front stoop, which had been torn away, was likewise recreated. Modern man that he is, Mr. Sanborn did not, however, fail to spring for a few modern updates, including a kitchen whose metallic appliances showcase a gleam that’s pretty much standard in places this pricey, and a recording studio on the top floor.

 

 

When first he listed the place, Mr. Sanborn hoped that another musician might buy him out, lest the studio go to waste. But it’s unclear whether the buyers, 135 W. 69th Street LLC, are members of that particular guild. Still, everyone loves a meditation room, right?

Ask an Expert: Should I Sell Before I Buy?

AM New YorkSeptember 07, 2014

I own a two-bedroom condo worth roughly $1.5 million, with a $300,000 mortgage and $500,000 in the bank. I want to buy a three-bedroom for between $2.25 million and $2.5 million. What’s the best strategy to do this? Should I sell the current place and rent while I look? Or make an offer on a new place and hope to sell before I close?

 

The unfortunate trade-off of being a seller in a seller's market is that, often, you wind up being a buyer as well, and this is particularly tricky when you're in the market for pricier digs. While a host of personal factors will go into this decision, our experts recommend that you sell first -- or at least line up a buyer, even if you don’t close on the deal -- before you seriously bid on a three-bedroom.

 

“In this competitive and inventory-starved market, it is best to go to contract on your current home and then proceed with a purchase,” says Douglas Heddings, the executive vice president of sales at the brokerage CORE. “No seller will go to contract contingent on the sale of your home."

 

In other words, many sellers these days have their pick of buyers, and no one wants to hinge their own deal on the success of yours.

 

From a financing perspective, “the easiest and least stressful scenario is to sell first, get pre-qualified from a bank for a new mortgage, and rent while you are looking for your next home,” says Robbie Gendels, a senior loan officer in the New York City office of National Cooperative Bank.

 

Plus, if you’re looking to buy a co-op, the board may look askance if you haven’t at least listed your former home.

 

First, put your place on the market, so “you can start your search right away and try to narrow your focus or investigate various new developments or new neighborhoods,” says Gordon Roberts, a broker at Sotheby's International Realty. Check out real-life three-bedrooms in your budget -- both for sale and rent -- to “give you some comfort that you will find something,” advises Heddings.

 

If and when a buyer pounces on your condo, “you may have enough leverage as a seller in this market to extend the closing date on your sale," says Heddings, so that you could delay actually giving up your condo until you snag the three-bedroom.

 

Or, if you don’t find a place right away, your fallback position could be to rent short-term while you keep looking. “A period of renting might be carefree fun and give you an opportunity to test drive an otherwise unfamiliar neighborhood,” suggests Roberts.

 

Alternatively, “another option is a post-closing possession agreement whereby you sell and close on your current home and then become the tenant of the new owner at a market rent for a finite period of time,” Heddings says. “Attorneys aren't fans of these but they may be a solid option.”

 

In any event, unless you close on the sale first, “you will need to have sufficient income to carry both mortgages, maintenance and/or common charges, etc.,” says Gendels. “Have sufficient funds for the down payment and show that you have your current home up for sale -- an agreement with a broker is sufficient.”

 

 

Listing of the Day: 35-36 76th Street, #320

Brownstoner QueensSeptember 04, 2014

Coming to you from Jackson Heights, it’s a corner one-bedroom apartment at 35-36 76th Street, aka Colonial Court. The space is lovely in the way that many co-ops in the neighborhood are, with wood floors, big arched entryways, built-in cabinets and original moldings. The bedroom also looks extremely large. The one thing we’re not crazy about is the raised dining room area, separated from the living room by a little fence. We do love the black and white tile, though. This one is asking $327,500 with a monthly maintenance of $605.

Star Saxophonist Unloads Brownstone for $11M

The Real DealSeptember 04, 2014

Six-time Grammy winner David Sanborn has sold his home on the Upper West Side.

 

The saxophonist got $11 million for his four-story brownstone at 135 West 69th Street, the New York Post reported. In 2013, the home was listed for $12 million.

 

The home includes five bedrooms, three-and-a-half bathrooms as well as multiple fireplaces and a private garden, according to the New York Post. A recording studio is located on the top floor.

 

 

Sanborn has worked with stars like David Bowie, Paul Simon and Stevie Wonder. Shaun Osher, Tom Postilio and Mickey Conlon of CORE were the seller’s broker on the deal.

Green Guru Selling Pennsylvania Pad for NYC Move

New York PostSeptember 03, 2014

Now that green lifestyle expert Danny Seo has launched his eponymous magazine, “Naturally, Danny Seo,” the editor-in-chief is selling his Pennsylvania home and moving full-time to New York.

 

It’s a move that will reduce his carbon footprint while he’s in the city working on the magazine. Seo’s Bucks County home was featured in the first issue of his magazine this summer as well as in Dwell.

 

The 2,824-square-foot home, at 2681 Dark Hollow Road, is on 2.81 acres and on the market for $750,000. Set on a wooded hillside, it features glass walls, 18-foot ceilings and a river stone-floored foyer.

 

Built in 1970 above a rock-bed stream, the home’s floor-to-ceiling stone fireplace and chimney is its “heart,” according to the listing.

 

The brokers are Michael Richardson and Hellen Cannon, of Kurfiss Sotheby’s International Realty.

 

Sax and the city

 

David Sanborn, a star saxophonist and six-time Grammy winner, has sold his brownstone at 135 W. 69th St. for $11 million — a million bucks off its 2013 asking price.

 

The four-story, 19-foot-wide home boasts five bedrooms and three-plus bathrooms. There’s also a chef’s kitchen, multiple woodburning fireplaces, a terrace and a private garden — as well as a separate recording studio on the top floor.

 

Sanborn has collaborated with the likes of David Bowie, the Rolling Stones, Paul Simon, Stevie Wonder and Eric Clapton.

 

The listing brokers, Tom Postilio andMickey Conlon, of Core, declined to comment.

 

Fashion house

 

As creative director of fashion brand Cynthia Steffe, Suwha Hong has created a distinct style.

 

Now Hong can transfer that style to the new $5 million Upper West Side home at 112 West 88th St. that she bought with her husband, Timothy Weld, a principal at StepStone Group.

 

Listing brokers Susanne Columbia and Todd Vitolo of Corcoran declined to comment.

 

We hear…

 

That NYC developer Property Markets Group is putting a 12,000-gallon shark tank in its South Florida luxury condo, Echo Brickell.

 

The tank, designed by SeaVisions, will house different types of sharks and serve as a “refuge” for displaced sharks, rays and groupers.

 

Residents will be able to check in to a live 24/7 streaming video of life in the tank.

 

 

Good Morning New York Real Estate

Voice AmericaSeptember 02, 2014

Parul Brahmbhatt is featured in this weekly online real estate segment.

Soho Steampunk Paradise 15 Renwick Shows More of Itself

CurbedSeptember 02, 2014

Ahead of a mid-September sales launch, condo building-in-progress 15 Renwick is continuing to produce visuals for a rather outlandish marketing campaign that involves Marie Antoinette lookalikes hanging out in million-dollar Soho condos. (Well, since it's west of Sixth Avenue, the building is technically in Hudson Square.) The latest images show the lobby, above, and a living room, below. Spotted: a dirigible; a chalice with spilled red wine; a vicious game of backgammon; two-foot-high hairdos. From the outside, the long-stalled project will be black, glass, and boxy, courtesy of Eran Chan at ODA Architecture.

 

The 11-story, 31-unit building is slated for completion in 2015. It will include 24 two- and three-bedroom asking between $2 million and $5 million, as well as three adjoining townhouses ($3.9 million to $7.5 million) and four duplex penthouses ($7.85 million to $10.5 million). We can only hope that the buyer-vetting process includes not just how good their credit is but also how many Victorian gowns they own.

NoHo Real Estate That Comes With a Tale of Murder

The New York TimesSeptember 02, 2014

In the annals of crime, 31 Bond Street casts a particularly creepy spell. An 1833 New York guidebook rhapsodized that the marble-trimmed brick rowhouses in what is now NoHo “may vie, for beauty and taste, with those of the finest cities of Europe.”

 

By the middle of the 19th century, when No. 31 was converted into a boardinghouse, the block between the Bowery and Lafayette Street had lost some of its luster — no longer fashionable, now simply genteel, according to one contemporary account. Yet a few years before the Civil War, it was still not the sort of neighborhood where one would expect an assailant, who has never been identified, to commit what is often considered 19th-century New York’s most sensational murder.

 

The four-story scene of the crime was razed about three decades later. It was replaced with a six-story Renaissance Revival ground-floor store and loft building. But the fascination with the bloody murder of a 45-year-old well-to-do dentist, Dr. Harvey Burdell, and the circumstances surrounding it have endured into the 21st century in novels, nonfiction books and magazine and newspaper articles.

 

Joshua Gurwitz, a self-described history enthusiast, was fully cognizant of the site’s past when he bought the building last December for $16 million. While what happened in 1857 did not dissuade him, he said, he does not intend to capitalize on the site’s singular notoriety when he converts No. 31 into several condominium residences.

 

Mr. Gurwitz, who owns a real estate development company, prefers to promote the resurgent neighborhood’s collective storied past rather than the story behind that one specific address.

 

Anyway, he said, “what occurred did not occur in the current structure.”

 

“Over the last 150 years or so,” he added in an interview, “31 Bond Street has gone through a number of iterations, originating as a single-family townhouse, later being turned into a large manufacturing building and then ultimately becoming offices, artists’ studios and a performance space. Similar to many of New York City’s downtown neighborhoods, NoHo has a rich history that contributes to its desirability.”

 

NoHo has become so desirable, in fact, that at an 11-story building across the cobblestone street from 31 Bond, owned by the developer and hotelier Ian Schrager, a seven-and-a-half-room apartment is selling for $13 million.

 

Lurid details of the brutal murder at 31 Bond consumed two-thirds of the front page of The New-York Daily Times on Monday, Feb. 2, 1857. Suffice it to say that Dr. Burdell was found dead in his second-floor office on a Saturday morning in a sea of blood, strangled and stabbed 15 times, including twice in his heart. A disembodied cry of “murder” was supposedly uttered that Friday night, but the 10 boarders in the house insisted that they had heard nothing.

 

Suspicion immediately fell on Emma Cunningham, a widow who ran the boardinghouse for Dr. Burdell and who claimed to have married him — a claim that turned out not be true. (She was later caught up in another scam to procure a baby, supposedly their child.) Marriage also provided a motive: If her claims proved valid, she stood to inherit Dr. Burdell’s $100,000 estate (about $2.5 million today).

 

She was charged with murder; another boarder, John Eckels, a tanner and Ms. Cunningham’s reputed paramour, was branded an accessory. The case obsessed New Yorkers for months, pitting the defense lawyer Henry Lauren Clinton against District Attorney A. Oakey Hall, who would go on to become mayor. Dr. Burdell’s own dodgy reputation contributed to Ms. Cunningham’s acquittal. The mystery was never solved.

 

But New Yorkers typically don’t dwell on (or in) the past, which, in the case of where they choose to live, may be prudent. Moreover, the conditions that the state requires sellers of real estate to disclose to prospective purchasers — including information that may affect the property’s value — can be vague and subjective.

 

“I think if one could do an accurate history of every building in New York, it probably was the scene of a murder at some point or another,” said Leonard Steinberg, the president of Urban Compass, a real estate brokerage firm. “For some there is a stigma to this and for many it is considered a point of interest and fascination.”

 

“I bet we all live on land in New York where mass murders of Indians took place,” he added.

 

 

The Flip Side of Katie Holmes

DuJour MagazineSeptember 01, 2014

One doesn’t know quite what to expect from Katie Holmes. At the beginning of her career, she was the typical ingénue, best known for her portrayal, on Dawson’s Creek, of the literal girl-nextdoor. Even in her “edgier” big-screen projects, like Go and Pieces of April, an air of wholesomeness clung to her like dew.

But that all changed in 2005, when Holmes fell hard for one of the biggest movie stars in the world. Or rather, it changed when he fell for her and seemed to go a bit insane with—well, no one was quite sure what, but let’s be generous and call it love. It’s a testament to the weirdness of that situation that getting married and having a baby—albeit in not exactly that order—tarnished her reputation, and that her decision, in 2012, to leave her then-husband helped to bolster it. But that’s exactly what happened.

 

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