News

Oh-La-Lita!

Gotham MagazineMay 13, 2016

It turns out the outskirts of Little Italy are totally in. Nolita is on the verge of booming with an increase of trendy stores, restaurants and new development real estate projects. Gotham Magazine highlights the thriving neighborhood while featuring three of CORE's latest projects - 42 Crosby, The Residences at Prince and 224 Mulberry. 

These Holy Sites Double as Dapper Digs

New York PostMay 12, 2016

Soaking tubs, chef’s kitchens and private patios: It’s safe to say nobody had those hallmarks of luxe New York living in mind back in 1859, when the congregants of the Sullivan Street Methodist Episcopal Church built their sacred space.

 

Devout worshippers frequented the church at 135 W. Fourth St. in Greenwich Village for a century and a half before the building was sold in 2004.

 

While a landmark designation protects the white marble facade, the interiors were transformed into eight luxury condos, one of which celeb Jude Law briefly called home.

 

Despite the change in use, there’s no escaping that you live in a church. “This building isn’t cookie cutter in any way, shape or form,” says CORE broker Jim St. Andre, who was marketing the now in-contract $12.49 million penthouse, where Law lived in 2009.

 

That apartment boasts 20-foot cathedral ceilings and panels of stained glass, as well as a wall of glass leading to a terrace and a floating chrome staircase; other units on the market right now are asking $3.59 and $3.69 million.

 

“It’s that blend of old and new, modern and historic,” adds St. Andre, who showed the apartment to a Formula 1 racecar driver, actors and a celebrity chef before locking down a buyer earlier this week. “Buyers want compelling residential spaces … It’s rare to find something like this.”

 

As religious institutions struggle with dwindling congregations and New York land prices soar, more of these historic buildings are being sold either for conversion or demolition.

 

In converting these houses of worship to houses for people, developers and architects have to domesticate spaces notorious for soaring ceilings, few windows and religious imagery — not the stuff of an easy religious-to-condo makeover.

 

Costs are greater compared to a traditional conversion, according to Jordan Rogove, an architect with DXA Studio.

 

He speaks from experience: the firm is currently converting an Upper West Side church at 142 West 81st St. into six apartments.

 

Newly built rooms need to be structurally reinforced; special attention must be paid to exterior details like stained glass. The list of challenges can add between 10 and 20 percent to the bill for construction, he said.

 

But the payoff can be big in an over-saturated market with buyers looking for one-of-a-kind homes.

 

“There are quite a few opportunities to redevelop religious buildings as the US becomes more secular,” says Jody Kriss, co-founder of development company East River Partners. The firm gutted the interiors of an East Village synagogue at 415 E. Sixth St. and plans to launch its three units, starting at $3 million, this summer.

 

Kriss is spot on: according to the Christian Post, a record $1 billion worth of religious properties were sold in the US in 2014 due to high maintenance costs and declining membership — nearly twice the sales made in 2010. Last year, the Roman Catholic Archdiocese of New York, citing shrinking attendance and rising costs, finalized plans to merge about 40 city parishes and sell off properties. Most churches, in fact, cite similar pressures and the desire to help fund their congregations.

 

With that kind of ready availability, one man’s prayer hall can quickly become another man’s living room. Martin Davis purchased an East Village synagogue in 2002 after it had fallen into disrepair. The building required a complete gut renovation, but vestiges of its past life remain. “I wanted to keep as many old details as I could,” he says.

 

Separate floors for men and women were taken down and a rooftop addition was added, but Davis retained and restored the stained glass and the building’s original Star of David. He couldn’t save murals of zodiac signs painted on the wall, so he photographed them to project onto his curtains in the living room.

 

Davis’ apartment ties him back to when the East Village was home to a flourishing Jewish community. After moving in, he discovered his grandfather grew up in the tenement behind his building (although he didn’t attend the same synagogue). One of Davis’ plumbers, it turns out, even celebrated his bar mitzvah in the house.

 

Many conversions, though, pose significant challenges to developers, architects and designers. “These are spaces with lots of volume and not a lot of windows,” explains Corcoran broker Deborah Rieders. As for interior design, “religious iconography and too much dark wood can create more of a somber situation,” she says.

 

Rieders is handling sales at 541 Leonard St., a freestanding former church in Greenpoint, Brooklyn, that has the marketable perk of windows on all four sides. Despite the constraints associated with a house of worship, the project still results in drool-worthy living spaces.

 

“A developer would never choose to build 22-foot ceilings … but buyers get to take advantage of that,” Rieders says. Two of the three units at 541 Leonard are in contract with prices starting at $2.6 million; the remaining pad, a three-bedroom, three-bathroom with original wooden beams, is asking $2.97 million.

 

To create The Residences at Prince Street in Soho, Time Equities and Hamlin Ventures renovated the old St. Patrick’s Cathedral School into seven condos starting at $7.74 million. The placement of the windows on the landmarked facade “had certain implications for the layouts,” says Time Equities director Roberta Axelrod.

 

The firm added walls of windows on one side of the building, which faces a courtyard, to bring extra light into the apartments, which retain the building’s peaked ceilings.

 

DXA Studio, meanwhile, got creative on 81st Street, designing a glassy enlargement for the landmarked church. Although the addition is contemporary, Rogove says, “we designed it as a gabled roof that refers back to the Romanesque church design.” CMC Development made an agreement with the church to provide sanctuary space for the congregation alongside six condo apartments. “By buying in this building, you can help support this institution that’s been in the Upper West Side for 40 years,” Rogove says.

 

Renters can also find salvation in former churches — for a price: within the Spire Lofts, at 167 N. Sixth St. in Williamsburg, two rentals with exposed beams and cathedral ceilings are on the market starting at $5,500 a month. The last unit remaining at the 12-unit Fort Greene church conversion 232 Adelphi St., a two-bedroom duplex, asks $8,600 a month.

 

Julia Lichtblau bought one-half of a Cobble Hill church with her husband and two children in 2001. (Their first to-do was to enclose a waist-high parapet inside the space, making it safe for children.) Lichtblau occasionally offers her home as a vacation rental from $530/night through luxe website Onefinestay. “It’s more interesting and memorable than a brownstone,” she says. “It’s a perfect space … for a New York visitor because you get to experience the city’s traditional architecture adapted in a creative way.”

 

Right next door is 58 Strong Pl., a church redeveloped into 24 condos in 2010. Units don’t often come to market here; the last apartment sold in 2013 for $2.85 million. A close-knit community has blossomed among residents.

 

“There’s a communal feel — it’s kind of churchy,” says Gregory Copeland, who runs the condo board. “There are potlucks, yoga, a book club.”

 

The common hallways are decorated with stained glass and old pews, but Copeland selected his apartment because “inside… you wouldn’t realize you were in a church.” He said that owners have added different flourishes alongside the arched doorways and windows that remain from the church. “People have left their own imprints on the units,” he says. “But we were given a pretty good template to begin with.”

Inside Look: Five Properties with High Line Views

MetroMay 12, 2016

In Manhattan, the term “park view” is synonymous with Central Park. Though it’s still highly coveted for its scenery and adjacent addresses, it’s not the only park in the borough that can increase real estate values.

 

Proximity to Riverside Park on the Upper West Side, and access to the private Gramercy Park to those who live around it are also desired by renters and buyers.

 

Since it opened in June 2009 — later expanding from Gansevoort Street to West 30th and around Hudson Yards — the High Line has been an attraction to both visitors and West Chelsea real estate investors. Luxury buildings have popped up along the elevated park, creating a voyeurism-like atmosphere, with big windows looking onto the typically crowded greenway.

 

High Line-adjacent apartments also feature unique views of a space that blends out-of-use railroad trestle with a landscape of bushes, shrubs, trees and flowers.

 

Here are five properties with High Line views, some close enough to wave to park-goers.

 

450 West 17th Street

 

This three-bedroom, two-and-a-half bath apartment features a larger outdoor space - 1,700 square feet compared to 1,637-square-foot - than the inside. According to its listing, the terrace “was transformed into a private, lush and exquisite garden that resembles the informal and natural beauty of the plantings on the nearby High Line.” It is also organized into an outdoor living room, dining room, lounge area and recreation space. For the colder months, future residents can enjoy the $6,295,000 home and its views through the 10-foot floor-to-ceiling windows.

How to Invest in Co-Working Spaces

US News & World ReportMay 11, 2016

As the shared economy continues to evolve companies – both big and small – are managing their expense lines and testing new urban markets with co-working spaces.

 

"Companies will have to start treating leases for office or retail spaces as liabilities on the balance sheet, not as public expenses," says Alex Cohen, lead commercial specialist for CORE, a real estate brokerage firm in New York City. "Tenants will have to take a net present value of their remaining lease obligation as a liability."

 

This will have a major impact on reducing earnings before interest, taxes, depreciation and amortization (also referred to as EBITDA) in leased office spaces, Cohen says. "It's going to encourage companies to take shorter-term leases," he says. "So there is less of a liability they have to apply against their earnings."

 

If the lease obligation is less than 12 months, companies won't have to treat it as a liability, Cohen says, "and that makes co-working with a six- or nine-month commitment much more attractive."

Pristine 174-Year-Old Townhouse In the West Village Asks $26.5M

CurbedMay 11, 2016

Nestled between West 4th and Bleecker streets, the townhouse at 74 Bank Street is one of those charming buildings that hides away its surprisingly spacious 6,000 interior square feet. Its interiors are unfussy yet pristine, making it unsurprising that the townhouse was the subject of a 2012 Architectural Digest feature.

 

The owners taped architecture firm Leroy Street Studio and interior designer Christine Markatos Lowe to remake the space after they purchased it in 2005 for $8.35 million. "Frankly it was hard to see the potential," the owner told AD of the townhouse when they bought it, "It was a bachelor pad." The former owner had caked the home's moldings in maroon and mustard paints; upkeep was minimal. The result of their renovation is a townhouse with spaces that conform to modern life yet honor the house's 174-year history.

 

The cellar level has been remade into an open kitchen and an informal living area and dining area, with the parlor floor giving way to a more formal living space and dining room. The third floor is used now as a master suite including an office, and the house is topped by three smaller bedrooms. The townhouse is now on the market asking $26.5 million.

A Look at this Week’s 5 Most Expensive Listings

Luxury Listings NYCMay 10, 2016

In the past seven days, 29 new listings priced at $10 million and above hit the market, according to StreetEasy. From that list, these are the crème de la crème, otherwise known as the five most expensive residential listings to hit the Manhattan market.

 

Address 464 Greenwich Street


Price
 $29,995,000


Type/Size Townhouse: five bedrooms and five bathrooms and two half bathrooms


This Tribeca townhouse was built in 1892 by the builder Hugh Getty for Samuel Crooks, a wholesale coffee and tea merchant who used the building as a roasting plant. The current owner, who bought the place in 2008, commissioned the French architect Thierry Despont to redesign the residence into a single-family home, which now includes a grand entrance foyer, a rooftop terrace, a gym, a sauna and a commercial-sized elevator. Fun/depressing fact, in 2002 the building was bought for the grand total of $365,000.

Hey, Jude (Law): Actor’s Former Greenwich Village Penthouse Has Found a Buyer

New York ObserverMay 10, 2016

A few years ago, to the excitement of many a NYU student, Jude Law decided to take up residence in a Greenwich Village penthouse that just so happened to be next door to one of the college’s freshman dorms.

 

We could see why Mr. Law would be so taken with the 3,500-square-foot duplex at 135 West 4th Street—it was built in 1860 as a Methodist church before being converted to a condominium in 2006, and retained such features as original stained glass windows and beamed ceilings.

 

Sadly for the co-eds, Mr. Law didn’t seem to be quite as enamored with his new neighbors as he may have been with the penthouse, which he rented while he was starring in ‘Hamlet’ on Broadway in 2009.

 

While the students were rather thrilled when Mr. Law happened to step out onto his terrace, the actor grew somewhat tired of having his name screamed out, and proceeded to reportedly throw oranges at the dorm windows.

 

Hopefully, the new occupant of the penthouse doesn’t have quite the same penchant for citrus as Mr. Law. After being put on the sales market by an owner known as Fnyt Property LLC in September, the three-bedroom, 2.5-bath condo has found a buyer.

 

The apartment, which was last listed for $12.5 million by CORE broker Jim St. Andre, has quite a few other attributes other than just being graced by the British actor’s presence. There are 20-foot ceilings on the upper level, an open Boffi kitchen, and a floating chrome staircase. There’s also a library-slash-media room, Venetian white plaster walls, and Brazilian walnut floors.

 

And, of course, there’s the wall of glass that opens out onto the 500-square-foot terrace, where Mr. Law was known to work out with his trainer to the elation of the NYU students who proceeded to take as many photos as possible on their phones.

 

The current owner paid $6.3 million for the condo in 2009, so we imagine there must have been quite the renovation to spark the near doubling of the price tag–or, maybe the fact that Jude Law deigned to occupy one of the bedrooms at some point in the past has a larger impact on real estate values than one would ever have imagined.

Buyer Snaps Up Jude Law’s Former Greenwich Village Penthouse

CurbedMay 10, 2016

A lovely penthouse with celebrity pedigree is now off the market: This 3,500-square foot duplex, located in the Novare, was last listed for $12.5 million, and according to the New York Observer, a buyer has snapped it up. Thanks to its past as a Methodist church, gorgeous stained glass windows still grace the impressive penthouse, which has three bedrooms, two and a half bathrooms, a 500-square-foot terrace, a library and media room, 20-foot ceiling living room, Venetian plaster walls, and much more.

 

Despite all of that, the penthouse is probably best known for being adjacent to a NYU dorm (so, a party pad); when actor Jude Law rented the place, students who saw him hanging out on his terrace would yell out to him, forcing him to resort to orange-flinging. Hopefully the new owners won't have the same problem.

Panel Lineup Set for The Real Deal’s NY Showcase

The Real DealMay 10, 2016

Real estate's leading voices to share market expertise this Thursday.

See this Coffee Roasting Plant Flipped into a Gorgeous NYC Home

Today HomeMay 09, 2016

You'd expect a man who's led two of the most popular clothing brands in the country to have a stylish pad, but you might not expect the fully stylized force of this 9,000-square-foot loft building in New York.

 

The five-story (plus basement) home of J. Crew CEO Mickey Drexler, now on the market for $29.995 million, melds Art Deco simplicity and the exposed bolts and gears of a steampunk aesthetic into a home with noir to spare. Designed by renowned French architect Thierry Despont, it makes a statement with every square foot — including the ceilings, from which hang whimsical works of art disguised as lighting.

 

The master suite occupies the entire second floor, with a bathroom that boasts a wall of textured glass blocks and another wall above the soaking tub that's mostly covered by a flat-screen television. There's also room for a chaise lounge and a dressing table, all below an exposed-bulb lighting fixture that would have fascinated Thomas Edison.

 

The five-bedroom, six-bath home measures just 24 feet across, and was once a coffee roasting plant, as a sign still on the front of the building attests. The 1,500-square-foot living room is on the top floor, with 12-foot ceilings and a rooftop terrace above it.

 

The listing agents for Drexler, who once ran Gap and sat on the board of Apple, are Shaun Osher and Jim St. Andre of CORE. Drexler sold an estate in Montauk last year for $50 million, according to The Wall Street Journal.

Olshan Realty Reports 28 Contracts at $4M+ Last Week

The Real DealMay 09, 2016

Last week, 28 contracts were signed at $4 million and up including Emily Beare and Patrick Lilly's townhouse listing at 243 East 17th Street.

Buildings Get Bike Friendly

The New York TimesMay 06, 2016

One recent morning Erik Harrison, a vice president of the Patrinely Group, stopped by 535W43, a rental complex nearing completion that his company is developing with the USAA Real Estate Company between 10th and 11th Avenues in Manhattan. But it wasn’t the 280 units in the two 14-story brick towers designed by CetraRuddy that were on his mind.

 

It was the bike rooms, one in each of the towers, located not in a shadowy basement but right on the ground level, with big windows letting in abundant light.

 

“We’re going to have a table where people can fix their bikes, and maybe we’ll hold workshops,” Mr. Harrison said, surveying the south tower’s 850-square-foot bike space as cyclists seen through the windows zipped by toward the Hudson River Greenway. “We’ll fit as many bike racks as we can.”

 

Driven by demand as well as a city mandate, developers and building owners are carving out bike rooms for residents to store what for some has become their transportation mode of choice.

 

The state-of-the-art spaces often have their own entrances, saving wear-and-tear on the lobby and passenger elevators. They also offer their own gear by way of pumps and repair stands, and, sometimes, homey touches like hooks for hanging helmets. In the fancier buildings, porters and door attendants act as bike valets.

 

“People come to an open house and ask, ‘Do you have a gym, a roof deck, a doorman?,’ ” said David Maundrell III, the executive vice president for Brooklyn and Queens new development of Citi Habitats. “Now they also ask, ‘Do you have a bike room?’ ”

 

Ridership has been growing steadily, according to the New York City Department of Transportation. A 2014 survey by the New York City Department of Health and Mental Hygiene indicated that in vast swaths of Manhattan, Brooklyn and Queens, up to 20 percent of the population cycled several times a month. While the Citi Bike program can lay claim to some of the increase in cycling, people who own their own wheels still make up the majority of riders, according to Paul Steely White, the executive director of Transportation Alternatives, an advocacy group.

 

Of course, riders can store their bikes in their apartments, if there’s room. But “now when you’re spending a million dollars for a one-bedroom,” said Roberta Axelrod, the director of residential sales and marketing at Time Equities, “no one wants a bike in there” propped against the wall.

 

Residents of older buildings have been clamoring for the conversion of formerly empty or underutilized “back-of-house” space into storage for bikes.

 

“If you have a building with two- and three-bedroom apartments, 100 units doesn’t mean 100 bikes,” said Matthew Baron, the president of Simon Baron Development. “It could be 300 or 400.” Consequently, there are waiting lists for many of the city’s bike rooms.

 

As for new buildings, a zoning amendment passed in 2009 requires the provision of one bike space for every two units in structures of 10 apartments or more. The law also applies to substantially enlarged buildings and to those being converted to residential use.

 

“It used to be you’d build a building and then say, where should we put the bikes?” Ms. Axelrod said. “Now it’s included in the program from the beginning.”

 

In Downtown Brooklyn, 388 Bridge, a new 378-unit rental/condo building, created 190 bike spaces in three separate rooms in the basement, one space above its mandated quota.

 

Many buildings near parks or bike lanes, or ones geared to a demographic group that favors cycling, exceed the minimum number of spots. Forty2East, a new 53-unit condo building in East Williamsburg, has 36 bike spots, nine more than its quota.

 

In some cases, bike rooms are muscling out other types of storage. The Richard Meier-designed condominium One Grand Army Plaza, in Brooklyn’s Prospect Heights neighborhood, originally was going to have 75 bike slots, but even before the building opened in 2008, that number was deemed inadequate — especially considering the location, opposite Prospect Park, and the number of family-size apartments it contained. After space from the garage was folded into the bike room, it accommodated 90 bikes, and, more recently, with the addition of double-decker racks and wall hooks, it now has 117 spots.

 

These days, however, it seems the mere provision of space isn’t enough.

 

Bike rooms in buildings coming to market now are being tricked out with compression air pumps, of the sort found in bike shops and gas stations, and work stands to which one can clamp a bike while oiling a chain or fixing a flat. Tools are often on hand, and sometimes there’s a hose for washing bikes down after a muddy ride.

 

At 252 East 57th Street, a condominium under construction near Second Avenue, one of the door attendants stationed at the porte-cochere will be able to whisk away a bike after a ride and have it readied for the next outing.

 

At the Residences at Prince, a condominium project in an 1826 landmark-designated building in NoLIta that previously housed a Catholic school, the bike room will have hooks where residents can hang their helmets between rides.

 

Many buildings are providing the bicycles themselves, acquiring their own fleets — emblazoned with the buildings’ names — for residents’ use.

 

Circa Central Park, a condominium taking shape at West 110th Street and Central Park West, will have four branded single-speed recreational bikes by Priority Bicycles, according to Shlomi Reuveni, a managing director of Town New Development, which is handling sales and marketing.

 

At 50 West, a condominium under development in Lower Manhattan, residents will be able to take the building’s four Porsche bikes, which cost $3,700 each, out for a spin.

 

At least one building is even giving bicycles away. Nine52, a luxury condo soon to open on West 52nd Street in Hell’s Kitchen, will have 20 black single-speed Joulvert bikes, according to Maria Theresa Ienna of Park River Properties, the director of sales. It is also offering a bike, valued at around $450, as a closing gift to the first 25 buyers.

 

“Customers come in and listen to the sales presentation and say, ‘That’s a beautiful bike,’” Ms. Ienna said. “We say, ‘If you buy an apartment, the bike is yours.’ ” The least expensive unit in the building (already in contract) is a studio for $597,000.

 

There is usually a price for parking in a bike room, according to owners and developers. The charges, which can come in the form of a monthly or annual fee, vary widely, from a token $10 per year to $10 to $100 per month.

 

“It’s a decent revenue stream,” said Marc Kotler, a senior vice president for the new development group of FirstService Residential. “It can be $10,000 or $20,000 a year in income” for a building.

 

For some New Yorkers, even a bike room won’t do. The finicky can stow their top-of-the-line bikes in the private storage lockers that some buildings have, safe from jostling and scratching.

 

Or come up with other solutions. Susi Wunsch, the founder of Velojoy, a cycling lifestyle website, keeps her everyday bike, an all-black aluminum Kona Dew with disc brakes, in the bike room of her Greenwich Village building, though she isn’t a fan of wrestling it on and off overhead hooks.

 

She balances her Serotta Ottrott road bike — which she called her “pride and joy” — atop a bookcase in her home office. With a frame that’s clear carbon and titanium, it weighs only 16 pounds.

 

Meanwhile, her midnight blue Pashley Britannia, with its big wicker basket strapped to the handlebars, is parked in the dining room, where “its beauty merits ‘sculpture’ status,” she said.

 

It helps, she added, that she has “a very understanding husband.”

Revisiting 10 Celebrity Homes in NYC with Epic Renovations

CurbedMay 06, 2016

Most everyone likes some good celebrity real estate gawking, so in that spirit and in honor of Curbed's first-ever Renovation Week, we've rounded up 10 of the best finished and on-going renovations in celeb-owned homes.

 

374 Broome Street

When John Legend and Chrissy Teigen purchased their condo in Nolita's Brewster Carriage House in 2012, the space was monochromatic andsubdued. For a celebrity couple as cheeky as Legend and Teigen, that just wouldn't do. The duo brought in Don Stewart and architect Winka Dubbeldam to imbue the space with an old-school industrial look that included dark woods and brass and bronze accents. The overhaul also included turning a bathroom into a walk-in closet and adding a wall to create a vestibule. The couple listed the apartment in June. It's currently on the market for $3.995 million, down from $4.495 million.

 

39 Fifth Avenue

Celebrity interior designers Nate Berkus and Jeremiah Brent listed their stunning Greenwich Village duplex in November, unveiling the apartment's (unsurprisingly) lovely interiors, and a renovation that combined an adjacent one-bedroom apartment with their penthouse. Berkus and Brent are looking for $10.5 million, which is $4.5 million more than they paid for it in 2013.

J.Crew CEO Mickey Drexler is Selling His Decked-Out Tribeca Townhouse

Business InsiderMay 05, 2016

For the fashion-forward house hunter with $29.995 million to spend, Mickey Drexler's converted warehouse home just might be the winning ticket.

 

The J.Crew CEO's 9,000-square-foot downtown Manhattan townhouse has hit the market for just shy of $30 million, the Wall Street Journal reported. He bought it in 2008 for $5.5 million.

 

A converted coffee warehouse from the 1890s, the eclectic Tribeca home is filled with colorful design details and custom amenities, including a rooftop terrace, sauna, and commercial-sized elevator.

 

This is Drexler's second property currently on the market; the other is a $24.95 million townhouse, also in Tribeca. He sold a massive Hamptons estate last summer for a whopping $50 million. Drexler's primary home is reportedly an Upper East Side apartment.

 

This listing is with CORE's Shaun Osher and Jim St. Andre.

Here's The $30 Million Apartment The CEO Of J.Crew Calls Home

Refinery29May 04, 2016

J.Crew has become a go-to shopping spot for fashionistas and prepsters alike, and the store's CEO, Mickey Drexler, has a lot to do with that. So, what does being at the helm of one of America's favorite stores gets you?

 

Well, for starters, it can get you a one-of-a-kind house right in the heart of Tribeca. The Wall Street Journal reports that Drexler is listing the house, a former coffee plant, for sale. While it didn't come cheap (Drexler bought it for $5.5 million in 2008), he's selling it at a steep markup. The listing price is a whopping $29.95 million after Drexler's extensive renovations.

 

The house was converted into a single-family residency, with many of the industrial elements cleverly incorporated into the overhaul. And like J.Crew, the home incorporates classic American style with a modern twist.

 

Not included in the listing pictures? Some of the house's most luxe offerings, like a basement sauna and rooftop terrace with views of the Hudson River. But we do get a glimpse into the home's stunning interiors, which include several giant bedrooms, an elevator, and Mad Men-esque decorating that would go well with any J.Crew outfit.

 

So, why is Drexler leaving? According to his real estate agent, he spends most of his time at his Upper East Side residence. Considering what this house looks like, the other place must be pretty great — click through to see what we mean.

J.Crew CEO Mickey Drexler Is Selling His Tribeca Townhouse for $29.95 Million

Town & CountryMay 03, 2016

What began as an industrial warehouse was transformed by French architect and designer Thierry Despont into a stunning single-family home for J. Crew chief Mickey Drexler. And now it's for sale.

 

The 24-foot wide, 9,000-square-foot Renaissance-style loft building, located at 464 Greenwich Street in New York City's Tribeca neighborhood, was built in 1982. After companies like the Turkish & Arabian Coffee Company, whose sign remains on the front of the building, used the building to roast coffee, Drexler bought it in 2008 for $5.5 million, according to the Wall Street Journal. (Speaking of sales, Drexler sold his Montauk estate formerly owned by Andy Warhol for $50 million in December.)

 

The house now includes five bedrooms, an elevator, sauna, gym, and roof terrace with views of the Hudson River. Its entrance hall is inspired by the Maison de Verre in Paris, and there's a "sprawling 1,500-square-foot living room with over 12-foot-high ceilings at the top of the building," according to the CORE listing. Below, a look inside.

J. Crew CEO Drexler Lists Tribeca Townhouse for $29,995,000

StreetEasy BlogMay 03, 2016

Fittingly on the heels of the Met Gala comes another extraordinary fashion unveiling: The gorgeous Tribeca townhouse owned by J. Crew CEO Mickey Drexler.

 

Hitting the market today for $29,995,000, the five-floor townhouse occupies 9,000 square feet and includes a basement and a roof deck with views of the Hudson River, which lies two blocks to the west.

 

Drexler hired the services of French architect Thierry Despont to transform the building, which was once an industrial warehouse, into a sensory gift of colors, layers, and textures perfectly fitting for the CEO of one of fashion’s leading apparel outfitters.

 

In addition to the roof top terrace, the property has 5 bedrooms, 5 full bathrooms and 2 half-baths, a custom eat-in kitchen, gym, sauna and commercial-sized elevator.

 

And rather than explain the finishes, take a look yourself.

J. Crew’s Mickey Drexler Lists Tribeca Townhouse for $29.95 Million

The Wall Street JournalMay 02, 2016

Originally used as a coffee roasting plant, the downtown New York building was converted into a roughly 9,000-square-foot single-family home.

 

A Manhattan townhouse owned by J. Crew CEO Millard “Mickey” Drexler is going on the market for $29.95 million, according to listing agents Shaun Osher and Jim St. Andre of Core.

 

Located in the popular downtown neighborhood of Tribeca, the home measures about 9,000 square feet with five bedrooms and a rooftop terrace with views of the Hudson River, Mr. Osher said. The house also has an elevator, and in the cellar there is a sauna and a gym, he said.

 

Built in the 1890s, the five-story building was originally used as a coffee roasting plant, and still has signage for one of the coffee companies that occupied it, according to the Tribeca North Historic District Designation Report. Mr. Drexler bought the building in 2008 for $5.5 million, according to public records. He worked with architect and designer Thierry Despont to turn it into a single-family home, but maintained some of the industrial feel with exposed steel, wood and brick, Mr. Osher said. The renovation was completed in 2015, he said.

 

Mr. Drexler couldn’t be reached for comment. Mr. Osher said he lives primarily on the Upper East Side.

 

Mr. Drexler has made several other significant real estate moves recently. A five-bedroom condo he owns in Tribeca, also designed by Mr. Despont, was listed in 2015 for $35 million with another firm, but was taken off the market before returning in January for $24.95 million with Messrs. Osher and St. Andre. In December, Mr. Drexler sold his Montauk estate for $50 million.

Inside This Former West Village Church Is a $12.5 Million Penthouse

Architectural DigestMay 02, 2016

What looks like a church from the outside is actually a light-filled duplex penthouse inside, complete with sweeping rooms—and former pews. The historic Romanesque-style church, built in 1860, was transformed into a boutique condo with eight units, reports StreetEasy. The apartment itself makes a dramatic impression. Think: original stained-glass windows, white Venetian plaster walls, and Brazilian walnut flooring. The showstopping feature, however, is the main level’s massive glass wall that looks out on a 500-square-foot terrace. There’s an open kitchen, a living room, and a dining room that leads to the outdoor space. A floating chrome staircase leads downstairs to the expansive media room, which is framed by those beautiful stained-glass windows. There are also three bedrooms down the hall. 

 

Stats 

3 Bedrooms, 2.5 Baths

3,500 sq. ft. 

$12.5 million

CORE, 212-612-9602; corenyc.com

The Week in Luxury: A Map of NYC’s Priciest Apartment Sales

The Real DealMay 02, 2016

Doug Heddings' listing at 23 East 22nd Street, #43A was included in The Real Deal's round-up for priciest sales of the week.

28 Contracts Signed at $4M and Above: Olshan

The Real DealMay 02, 2016

There were 28 Manhattan luxury residential contracts signed at $4 million and above last week, including Emily Beare's PH listing at 252 Seventh Avenue and Todd Lewin and Michael Rubin's listing at 100 Grand Street. 

Alfa Development and CORE Present "The Future of Boutique Condominiums" at 199 Mott

Mann Report ResidentialMay 01, 2016

Recently, Alfa Development and luxury real estate group CORE, welcomed brokers and real estate executives for a lively breakfast and panel discussion titled, "The Future of Boutique Condominiums." Topics included the projects that now epitomize the city, the ever evolving real estate market and what's next for New York's neighborhoods.

Navigating the Turbulent Landscape of NYC Real Estate

Turn the Page with Hemda MizrahiApril 29, 2016

Agents Arthur Korant and Gerry Kendrick guest starred on radio show, Turn the Page with Hemda Mizrahi. The duo discussed how to successfully navigate the torrid waters of selling and buying in New York City and how to make the overall process as seamless as possible.

Historic on the Outside, Modern on the Inside

Wall Street JournalApril 26, 2016

This federal-style townhouse in Manhattan, built in the early 1800s, underwent a renovation that made the staircase a big attraction.

 

Location: Manhattan, United States

Price: $8,750,000

 

Ten years ago, Sarah Bartlett took advantage of something that rarely presents itself in Manhattan: the opportunity to buy a historic home in a quiet neighborhood that still has cobblestone streets. ‘You get a sense of being in the country,’ said Ms. Bartlett, dean of City University of New York’s CUNY Graduate School of Journalism. The purchase price of the federal-style townhouse in Tribeca was $3.6 million in 2006, she said. The architect was John McComb Jr., who also designed New York’s City Hall. Built in the early 1800s, the home and two others were designated for historic preservation and relocated nearby in the early 1970s.

 

The home had been two duplexes. When Ms. Bartlett moved in, she wanted to turn it into a single-family home, which are few and far between in the neighborhood. Though the townhouse has a historic-looking facade, it looks modern inside, said Ms. Bartlett, 60 years old. The home, which has a basement, has an atrium-like feel on the first floor with the ceilings at least 20 feet high, she said. ‘It’s like a loft on the ground floor, yet you have all this privacy that a loft doesn’t offer.’

 

Ms. Bartlett estimated she spent about $1 million for the gut renovation by Dean/Wolf Architects that opened up the ground floor to give her more space. Major changes included replacing a wooden staircase, putting in a new kitchen and reconfiguring the upper-floor layouts, she said. The townhouse is 3,700 square feet; its width is 25 feet.

 

Ms. Bartlett said one of the first things that visitors notice when they walk is the door is the modern, stainless-steel staircase, which was moved away from the wall. On one side of the staircase is stainless steel ribbons; the other side is made of glass. Guests often remark that the staircase resembles a piece of art or a gigantic sculpture, Ms. Bartlett said. During the three-year project, architect Kathryn Dean said her firm opened the center of the house, joined the duplexes and inserted the stairway to tie together the floors. ‘Dynamic Descent,’ the name of the staircase, brings light from the roof skylight down through the center of the house, she said. 

 

She is selling her home because her children are living on their own and the place is too large for just her. She plans to find a smaller place in the neighborhood. Tribeca is a family-friendly neighborhood with parks and good schools, she said.

 

The master bedroom has a vaulted ceiling and a fireplace. The room is large enough that Ms. Bartlett has a workspace there. On the right is a plexiglass wall, which Ms. Bartlett said can capture the sunlight and the movement of the clouds.

 

The home has an asking price of $8.75 million and is listed with Shaun Osher, founder and chief executive of the real-estate brokerage CORE.

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