News

Superfund Chic: In Gowanus, Industrial Touches Aren’t Just Affectations

New York ObserverOctober 01, 2014

The very word “Gowanus” seems to resist the possibility of glamor. Were the Brooklyn neighborhood’s famously fetid canal to vanish suddenly, there would still be that name—an unpleasant gulp of syllables, somehow reptilian in flavor. Until recently the province mostly of garages and machine shops, it is not the sort of place where one expects to find condos on the market for $4.395 million.

 

But one evening last week, at an open house for the lower of two duplex apartments occupying a brick building at 459 Carroll Street, that’s just what we discovered. A former brush and ink factory dating to 1888, the structure was purchased by two couples in 2006, divided and outfitted for occupancy.

 

The lower unit, an airy abode of 3,300 square feet, is owned by artists and evinces a variation on Soho chic, rather than a take on the brownstone aesthetic of pricier neighborhoods nearby. Walls of clean, white-painted brick rise to high ceilings, while dark, intricately tooled radiators offer warmth and slatted skylights peer out at the world above. An open kitchen softens bright metallic appliances with a block counter of smooth, blonde wood.

 

Industrial styling notwithstanding, as we entered, we could smell neither the sulfur nor the gasoline of Gowanus’ traditional bouquet, detecting instead the unmistakable aroma of fine hors d’oeuvres. A small crowd composed chiefly of real estate agents invited by CORE listing brokers Doug Bowen and Paul Johansen moved over dark wood floors, sipping wine and plucking dainty toasts spread with sprouts, fennel and sea bass from passing trays.

 

“There really aren’t any comps for this,” Mr. Bowen said, meaning area properties of comparable style and not the asking price. “It’s a condo, but it’s a potentially attractive option for a townhouse buyer.”

 

One broker cooed over a swing hanging whimsically from the ceiling between the kitchen and dining space on great lengths of rope. Another offered an approving one-word appraisal: “Damn.” Yet a third considered that the sellers were “shooting for the moon.”

 

We ascended the “sculptural” staircase, wherein light wood steps climb inside a weathered-looking metal frame, to inspect a trio of simple and elegant sleeping quarters, and a sleek, lumbered roof deck.

 

The master bedroom had been configured as an artist’s studio, with an array of worktables, fabric rolls and small images attached to walls. We peeked through a window looking out onto Carroll Street, across which stands a dark brick building with graffitied garage doors. Outside, a man in mechanic’s garb wearing forearm tattoos buffed a late model BMW to high sheen.

 

ModernNYC.Weekly Featured Listing – 459 Carroll Street, 1

Modern NYCSeptember 30, 2014

Formerly an Ink & Brush factory circa 1888, the residence located at 459 Carroll Street is an innovative industrial space reimagined as a cutting-edge functional home. This prime Gowanus locale has seamlessly made the transition from its original workingman's roots into two distinct condominium residences. The 25-foot by 100-foot property sits on Gowanus' most significant block and was developed by its two current residents and completed in 2006. The entire building was stripped to its core and then completely rebuilt including all systems and mechanical. The lower two floors were crafted into an approximately 3,300-square-foot multi-level modernist home. The voluminous living floor is accentuated by its high ceilings, six skylights and sculptural metal and wood staircase; this floor also contains a gallery/office/guest suite space. The upper level has three bedrooms and is the egress to a remarkable 900-square-foot private outdoor space. Additionally, there is an approximately 1,200-square-foot cellar area with 10-foot ceilings that is a fully built-out artist studio. Please note: the common charges for this home are yet to be determined.

The Price of Parking: There’s More Than One $1 Million Parking Space in Manhattan

6SqFtSeptember 30, 2014

Car-owing New Yorkers can probably recite year-round alternative-side parking laws on cue, but most will also tell you how they loathe circling their block for 20 minutes, tracking which days to stay put, the inconvenience of babysitting a spot before the switch, figuring out a cluster of parking signs or, worse yet, arguing with a paid-for parking squatter. It often drives one batty.

 

Yet, there is an option and that’s paying for a monthly but costly sliver of asphalt—hopefully an elevator ride away or at the very least, a quick walk a few doors down. However, the key word here is “paying” and if you live in New York, that slice of space could put you back a pretty penny, especially if you’re shoveling out dollars for one in a new development.

 

 

Unless you’ve been living under a real estate rock, there’s no doubt you’ve read about the $1 million dollar spaces at 42 Crosby Street’s garage in SoHo. Is this lofty price tag for parking a market first? Nope.

 

Last spring, nearly all 28 parking spots at 56 Leonard went in a New York-minute at $500,000 a pop. Same thing at the Delos-developed (pioneer of Wellness Real Estate with an advisory board filled with the likes of Deepak Chopra and Leonardo DiCaprio) at 66 East 11th Street. They’re remaining firm on a million dollarparking space from the penthouse buyer, which, at $50 million, is still on the market.

 

Many ask if selling spots at absurd prices is simply a clever publicity stunt to garner lots of ink and airtime for a new project—or is this yet a new benchmark for guaranteed parking? Perhaps it is possible to shell out the kind of money (the current average cost is about $140,000), given that the Department of City Planning conducted a comprehensive parking study in 2011 and reduced the number of off-street parking spaces from 127,000 to 102,000 below 60th Street in Manhattan.

 

 

But more importantly, how are on-site parking prices determined? Jacqueline Urgo, the president of The Marketing Group said: “There is no formula, but an on-site garage is a highly coveted amenity, much like buying a townhouse with a private garage versus one without. The cost is determined by several factors, including the level of the product, the overall pricing of units and garage space inventory. In other words, pricing in a luxury condominium might be more than one in a building that would be considered more mid-market.”

 

Expert development marketers such as Ms. Urgo and Stephen Kliegerman, the president of Halstead Property Development Marketing, agree that they are involved early in the game, which is when a decision must be made about building an on-site garage, given that a potential car-owning buyer won’t even take look inside if there’s no garage. “Another aspect of including a garage is the local zoning regulations. Outside of Manhattan, the number of required parking spaces is tied to the number of units,” said Mr. Kliegerman. “But for New York City, there are no requirements to be met. That being said, on-site parking in a luxury development in Manhattan is key to distinguishing that development from another one.”

 

 

Some other things to keep in mind: The developer can sell a garage outright to a garage operator. And though you may pay a king’s ransom for a parking spot, you’re required to sell your parking spot to another resident if you move. In 80/20 buildings, spaces must be available not just to market-price residents, but to those residing in Affordable Housing units as well.

On the Market in New York City

The New York TimesSeptember 28, 2014

In the Sutton Area, a three-bedroom two-bath with a fireplace and a washer/dryer in a prewar full-service building with 24-hour doormen.

Will Zeckendorfs Get a Record $130M for 520 Park Penthouse?

The Real DealSeptember 26, 2014

Earlier this week, Zeckendorf Development announced that it would seek $130 million for the penthouse triplex at its 520 Park development, the priciest current listing for a condominium unit in New York City. The ask surpassed the $118 million listing for the Ritz Carlton Hotel’s penthouse and surely made more than a few jaws drop.

 

To be sure, the space is one of a kind — at 12,394 square feet, it will be the largest condo on the Upper East Side. But in a luxury market in which contract signings have slowed to a trickle and listing discounts have deepened, was it a wise move?

 

The Real Deal sought the opinions of some of the city’s top brokers to find out whether $130 million is a bridge too far.

 

“My feeling is the mission has been accomplished already in the fact that you’re writing about it,” said Leonard Steinberg, president of Urban Compass.

 

He added that in an area packed with high-end development, Zeckendorf’s penthouse has become the focus of attention.

 

Still, Steinberg noted that the steady announcement every few months of a new record listing can backfire for the next big thing. If buyers perceive that escalating asking prices are down to publicity rather than legitimate valuation, owners can lose some credibility.

 

Certainly, headlines about record condominium prices and have been coming fast and furious in recent month. In June, Ryan Serhant of Nest Seekers International listed the Battery Park penthouse at the Ritz Carlton. Less than a month earlier, news broke that the penthouse at Alchemy Development’s Woolworth Building conversion would hit the market at $110 million.

 

Given that the 520 Park unit will likely be marketed to international buyers, the price may not seem out of this world, said Steinberg. He pointed to the $237 million penthouse sale at One Hyde Park in London and the $391 million listing for the penthouse at Tour Odeon, Monaco’s tallest residential building.

 

Steinberg also noted that 520 Park is a spectacular property, boasting an exclusive address, views of Central Park and the imprimatur of celebrated architect Robert A.M Stern. But that last point could swing sentiment either way, he said. While Stern’s name lends a sense of exclusivity and stature, it is also associated with 15 Central Park West, and he has another project nearby — 220 Central Park South — in the pipeline.

 

“Does that take away from the luster and collector quality of living in a Robert A.M. Stern building? We don’t know,” said Steinberg. “We just have to see how this plays out.”

 

Emily Beare of CORE is not so sure that Stern’s output in the area will count against 520 Park. She points to the enduring allure of buildings designed by legendary and highly prolific architects Rosario Candela and Emery Roth.

 

And while those designers achieved fame nearly a century ago, 520 Park has something in common with their work.

 

“It is an iconic old world building and it’s not even built yet,” said Beare, “People like timeless and I think that’s what this will be. I think it speaks for itself and I don’t know that they need to do any hard sell on it.”

 

That aspect of the building sets it apart not just from other condo buildings on Park Avenue, but also makes it more desirable than the ultra-luxury buildings rising on Billionaire’s row, she said. Looking back 10 years from now, the time during which those buildings were constructed will be evident, Beare added.

 

While the market at the high end is a little quiet and buyers are not rushing decisions, Beare believes that the price of the penthouse is not out of the realm of possibility.

 

The timing of the announcement is significant, said Michael Graves of Douglas Elliman, given that no one knows if the market will hold and there is currently a race to the top in terms of similar product being delivered.

 

“What I think these developers are doing is they’re trying to capture what I think has been a very strong luxury market over the last 15 to 18 months,” he said. “They’re trying to capitalize on that now and increase their exposure with foreign buyers.”

 

Graves believes 520 Park was specifically designed to bring those overseas clients to the table and said that in the context of what the billionaire international buyer is looking at, a $130 million price is not out of step.

 

Knowing that, increasing the penthouse’s exposure at the top of the market could impact the way it is perceived among the international set.

 

“If they have already heard the name of the building we’re bringing to them, that starts to open up a dialogue that can lead to a sale,” he said. “If it’s a building they’ve never heard of, there are more question marks there.”

 

Ultimately though, Zeckendorf’s ability to close the deal at the asking price will depend on the boots it puts on the ground, said Graves — and moving a penthouse of this caliber will require considerable relationship building.

 

 

Fort Greene, Brooklyn: A Neighborhood With Many Faces

The New York TimesSeptember 24, 2014

Amid New York’s variegated urban landscape, Fort Greene has been known since the 19th century for its low-rise human habitat: intimately scaled, tree-lined blocks of brownstones, brick rowhouses and occasional frame houses. But a lofty new habitat is emerging on the neighborhood’s western edge, as a forest of mixed-use towers rises in the Brooklyn Cultural District around the Brooklyn Academy of Music’s Peter Jay Sharp Building on Lafayette Avenue. Incorporating more than 1,200 new apartments into a kind of high-rise Lincoln Center, the district will be home in the next few years to more than 400,000 square feet of cultural space, including performance, rehearsal and studio facilities.

 

“The idea was always concentrating great culture together in a small area to spur economic development and provide the people of this area with great cultural options,” said Andrew Kalish, the director of cultural development for the Downtown Brooklyn Partnership, a public-private local development corporation.

Gowanus Condo Asks $4.395 Million

BrownstonerSeptember 24, 2014

When we first saw this listing asking $4,395,000, we thought it was for the whole house. Then we realized it’s a condo. For that kind of money, you could buy a whole brownstone, renovated, with details, in Carroll Gardens.

 

But it turns out the ask isn’t so crazy after all on a per square foot basis. The building at 459 Carroll Street in Gowanus was converted into two condos in 2006 by the sellers, and this is the first unit up for sale.

 

The 19th century factory building is very large at 25 feet wide by about 64 feet deep, plus there is an extension on the ground floor that takes up the rest of the 100 foot lot. (So no garden.) The unit for sale, No. 1, has about 3,300 square feet of living space on the first and second floors. There is also a terrace and an art studio in the cellar.

 

The renovation has very much kept the industrial vibe, with a metal stair, white painted exposed brick, and high ceilings. The building housed a factory making ink and brushes in the late 1880s, according to the listing.

 

 

The ask works out to be about $1,330 per square foot. It may be high for Gowanus but it’s not unusual for prime Brooklyn these days. How do you think this sale could affect prices in the area?

Artists Who Converted Ink & Brush Factory into Their Own Masterpiece List it for $4.4M

6SqFtSeptember 23, 2014

By their very nature artists are visionaries blessed with an innate ability to create something out of nothing. Time and time again some of New York City’s most industrialized areas have seen rebirth as residential enclaves courtesy of these imaginative souls. Examples of such artist-led gentrification abound – think SoHo, Chelsea, and Williamsburg, to name a few.

 

 

So it should come as no surprise that it was two artists who came to the rescue of this former ink and brush factory located at 459 Carroll Street in Carroll Gardens and gave it new life as a practical-yet-cutting-edge home. Stripped to its core in 2006, the four-story manufacturing building built in 1888 was completely renovated into two distinct condominium residences, one of which is now on the market for $4.4 million.

Open House Agenda: 3 Apartments to See This Weekend

DNA InfoSeptember 18, 2014

419 E. 57th St., Apt. 10C, Midtown East
3 Bedrooms/2 Baths
Co-op
Approximately 1,450 square feet
$1.975 million
Maintenance: $3,384 per month
Open House: Sunday, Sept. 21, 12:30-2 p.m.

 

Lowdown: Photographers generally do not shoot closets in apartments, but in this case, the broker insisted because the space “is so beautiful,” said Doug Eichman, of CORE.

 

The sellers, who purchased the apartment about five years ago, commissioned an architect who worked for Robert A.M. Stern's renowned firm "for many years” to renovate the space “from front to back,” Eichman said. “He reconfigured it and created the [windowed] closet and dressing area. It was a very clever and intelligent redefining of the space.”

 

In addition, there are three closets off the entrance and foyer, one of which is a cedar closet. All the cabinets are maple, custom-made by a craftsman brought in from Michigan. The bathrooms are marble with heated floors. The architect converted the third bedroom into an office space with pocket doors and his and hers desks.

 

There’s “beautiful workmanship” throughout the apartment, they found and created storage “everywhere you could,” and all the walls have been “beautifully glazed.” The unit faces south, and the building across the street is historic, so the view is protected, Eichman noted.

 

George and Edward Blum designed the full-service building, built in 1927. It has a “magnificent” newly replanted roof deck with views to the Chrysler and Empire State buildings, said Eichman, who lives in the building.

 

Location: This block between First Avenue and Sutton Place South “is considered one of the prettiest blocks in New York City,” said Eichman. There’s a small park at the river, and there’s a Whole Foods between Second and Third avenues, “which has changed the energy in the neighborhood.”

 

The nearest trains — 4, 5, 6, N, Q and R — are at 59th Street and Lexington Avenue. There are also crosstown and select bus services on 57th Street.

 

Why put it on your open house calendar? Aside from the “tremendous closet space,” the “flexible” layout “flows beautifully," Eichman said.

 

 

16 Swoon-Worthy Condos on the Fall Real Estate Market

New York PostSeptember 17, 2014

Joanne and Peter Rosten have an unassailably nice apartment. It’s in Lux 74, an Upper East Side condo that came on the market right before the implosion in 2008. And it’s gargantuan: five bedrooms, 5½ bathrooms and 3,207 square feet, with a 44-foot long great room.

 

But the Rostens are moving on — listing this gem for $6.295 million with Jacky Teplitzky of Douglas Elliman and swapping it for something brand-new on the High Line.

 

“I want to put my money into A-plus real estate because I know the returns will be generous,” says Joanne. “To go in on a pre-construction building, I kind of compare it to what Apple does. There’ll be lines around the block. That’s what’s going on downtown.”

 

Condos are arriving on the scene with more frequency than new hosts of “The View.” And they boast a huge amount of space — and massive prices to match. Many of the buyers are well-heeled phantoms — foreigners looking for a safe place to park their cash as they wait for the seemingly endless stream of bad international news to play out.

 

“It’s the new safe deposit box of foreigners,” says Teplitzky. “You can bring money from wherever and you can own [the condo] under an LLC; no questions are asked.”

 

And such astronomically priced new properties aren’t hard to find — at Ian Schrager’s new hotel/condo at 215 Chrystie St., on the Lower East Side, the asking prices are expected to be $4,000 per square foot.

 

At a new condo development, 42 Crosby St., parking spaces are fetching $1 million. Want a more modest parking space? The ones at 27 Wooster St. are practically a steal at $500,000. (“It didn’t make me think I was underpriced,” says Tony Leichter, developer of 27 Wooster. “It made me think, if the guy can get it, god bless him.”)

 

But that’s only half the story. Amid the insanity there has also been smaller, more modest rumblings on the real estate scene.

 

“There’s a whole segment of the market that’s been largely ignored,” says Kelly Mack, president of Corcoran Sunshine, “and that’s the mid- to entry-level offerings. There’s a new generation of buildings that’s not just for the super rich; 60 percent [of the new market is] priced below $2,200 per foot.”

 

She adds, “I realize that sounds a little nuts, but that’s the reality.”

 

From high-end to entry-level, here are 16 projects to salivate over this fall.

 

 

Good Morning New York Real Estate

Voice AmericaSeptember 16, 2014

Parul Brahmbhatt is featured in this weekly online real estate segment alongside host Vince Rocco and a panel of industry experts.

NYC’s 20 Best Nabes for Young Families (Including 5 You May Not Have Considered)

Brick UndergroundSeptember 16, 2014

Choosing the right neighborhood is an individual endeavor for anyone. But add a kid or three to the mix and it gets exponentially more difficult. For one thing, real estate brokers are barred by federal discrimination laws from steering clients with children to areas that might fit best. (Even describing an apartment as “family-friendly” is verboten.)

 

 

For another, as more public and private schools open up, including in the outer boroughs, parents don’t necessarily pick where to live based on school choice alone.  “Now when I have parents tell me what neighborhood they’d like to live in, I can generally give them three or four decent public schools in those neighborhoods,” says school consultant Robin Aronow, founder of School Search NYC.

 

Finally, with prices ticking upwards across the boroughs, buying or renting in the go-to kid-friendly neighborhoods may be wildly out of budget. “People should look at places in Queens and Brooklyn that aren’t immediately transparent and obvious, but because of, say, green space or close proximity to public transit, would lead them to believe that over time this is going to accrue value," says Michael Graves, a broker with Douglas Elliman.

 

 

With that in mind, BrickUnderground spoke to parents, real estate brokers and school experts, and sourced data on prices, listings, schools, crime and more to rank the 10 best neighborhoods for young families. (You’ll find an explanation of our methodology at the end.) The first half of this list is made up of under-the-radar ‘hoods that are (nearly) perfect for raising children, while the second half rounds up  some of the classic spots to raise a family.

Family Week

Brick UndergroundSeptember 15, 2014

Q. I'm shopping for a co-op, and I have two young children. Will they have to do anything as part of my application for an apartment, like come to the board interview or get reference letters? Will I get turned down if they don't like my kids?

 

A. It’s a curious feature of the co-op application process in New York City: board members will scrutinize your dog’s behavior and breeding, with some going so far as to “interview” Rover or review his training certificates, but won’t do the same for a buyer's kids. For you, that means your little ones get a pass, our experts say. 

 

“When I first read this, I had to look at the calendar but alas it is not April 1. I have never in my 22 years [of working in real estate] heard of a board asking to interview children nor asking for reference letters for children,” says Douglas Heddings, the executive vice president of sales at the brokerage CORE​. “Oh, and I would be stunned to hear that someone was turned down over their kids. But with a co-op, no one ever knows as they do not have to provide a reason for denial.”

 

Likewise, Deanna Kory, a broker at the Corcoran Group, has never heard of a board interviewing children, especially if they’re on the younger side. “It's one thing if there were older children that were going to be part of the family and they were using [the co-op] on a periodic basis, but even then I haven't had that happen.”

 

That said, it doesn’t hurt to have your own references gush about your children in their recommendation letters, notes Heddings. (For more on putting together reference letters, click here.) “If your children are ‘challenging,’ you can tell your friends to skip that,” he says. 

 

 

It's also worth keeping in mind that boards increasingly check Google, Facebook and Twitter for clues to a buyer's worthiness, and they'll check your kids' pages too. If Junior has some questionable content up there—one Upper East Side co-op found ties to a hate group on the Facebook page of a potential buyer's child—the prospect of a board application might provide the perfect excuse to delete it. 

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.

Top Residential Agents of the Week

The Real DealSeptember 12, 2014

Price: $11,000,000

Listing brokers: Tom Postilio, Mickey Conlon and Shaun Osher of CORE

Address: 135 West 69th Street 

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.

Million Dollar Parking Spot

ABC - Jimmy Kimmel LiveSeptember 11, 2014

In New York there’s a new condo development that is also selling parking spots for one million dollars. They will be available to residents only on a first-coIn New York there’s a new condo development that is also selling parking spots for one million dollars. They will be available to residents only on a first-come-first-served basis. We have to admit, they are pretty nice. nice.

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. 

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