New NYC Apartments Hitting the Market: Spring 2016

CurbedMarch 23, 2016

The weather is turning warmer and flowers are finally in bloom, which can only mean one thing: spring has arrived. And that can only mean one thing: it's time to look at the many, many, many apartments—both rentals and condos—that will be hitting New York's real estate market in the next few months. Across more than 40 developments, there are starchitect-designed condos (your Selldorfs, Sterns, and Pianos among them) and super-pricey, family-friendly apartments, along with under-the-radar outer-borough rentals and apartments that are deemed "affordable luxury." It's a lot to take in, and as always, if we missed anything, the tipline is right this way. 


Check out three of CORE's new developments featured below including 70 Vestry, The Residences at Prince and 42 Crosby.


70 Vestry


There are very few details still on this Robert A.M. Stern-designed building, but what we do know so far is that it will stand 14-stories tall and have 46 condos. The Related Companies-developed project is expected to be ready for move-ins sometime in 2018.


The Residences at Prince


The condo conversion at St. Patrick's Old Cathedral School has been teasing itself out for a while now, but will finally hit the market within the next month. The Residences at Prince are comprised of seven condos and two townhouses asking from $7.74 million. Word has it one of the townhouses will ask a whopping $25 million. Time Equities Inc. and Hamlin Ventures teamed up with Marvel Architects to remake the Nolita corner, and have thought of everything. Each of the seven townhouses will have unique floor plans, and all residents will have amenities like a gym with web-equipped machines, private common garden, climate-controlled wine cellar, dry cleaning, on-site bike storage, and refrigerated storage for flowers and grocery deliveries.


42 Crosby


A Soho parking lot has given way to Annabelle Selldorf's latest downtown project, a seven-story building with a facade of steel developed by Atlas Capital Group. The Landmarks-approved building will include 10 apartments ranging in size from two-bedrooms to penthouse units. Although pricing has yet to be formally announced—previous estimates pegged units at asking between $8.7 and $25 million—42 Crosby has made the news for its million dollar parking spots. Other building amenities include a porte cochère, a courtyard, and a lobby with terrariums and sculptures by artist Paula Hayes. Expect listings in early May.

28 Contracts Inked for $4M and Up: Olshan

The Real DealMarch 21, 2016

The Manhattan residential luxury market saw 28 contracts signed for pads asking $4 million or more, according to Olshan Realty’s weekly luxury market report. CORE's listing at 23 East 22nd Street was included in the mix.

Gabrielle Wuhl: Licensed Real Estate Salesperson at CORE

The Native SocietyMarch 21, 2016

My NativeAdVantage:

Gabrielle Wuhl joins top producing broker Emily Beare as a Licensed Real Estate Salesperson to support her sales and marketing initiatives. Responsible for creating and executing one-of-a-kind marketing strategies, Gabrielle’s creative skills and innate understanding of one’s needs ensures each client and property is uniquely approached.


Inspired from an early age by the ever-evolving culture of each New York City neighborhood, her passion for real estate came naturally. Gabrielle graduated Cum Laude from New York University and has since remained a Downtown New Yorker. She currently resides in Nolita, where in her free time she may often be found in the Elizabeth Street Garden with her rescue dog, Toby.


What do you do best?

I’d like to think I’m best at keeping track of the little tasks and nuances, but also sight of the bigger picture.


What makes you the best?

When it comes to marketing, I offer fresh perspectives and ideas and a “yes” attitude. As for sales, I know New York City like the back of my hand so not only can I speak to a building, but also the neighborhood culture, offerings and character. I probably even know the coffee shop and dog run around the corner.


What are your aspirations?

I hope to be known as a loyal co-worker, professional, friend, daughter and sister. My aspirations are always changing, but my character remains the same.


Biggest Success?

The best is yet to come.


Most Challenging Moment?

There are never enough hours in the day!


Favorite Motto?

Your personality is your business card and how you leave others feeling after having an experience with you is your trademark.


Favorite People?

Anyone who is different than me. I’m always intrigued by those who have lived and thought differently – whether across the world or in my backyard.


Favorite Places?

Off the beaten path, wherever the locals are. Otherwise, Prince Street here in New York and Rue du Bac in Paris.


Favorite Products?

Reformation clothing, Catbird jewelry, Outdoor Voices active wear, Glossier skincare and diptyque scents.


Current Passions?

Meeting new people and growing closer to the old, The Sunday New York Times, Hamilton, Adam Platt food reviews in New York Magazine, Derek Blasberg culture reviews in Vanity Fair and hard work.

Roxana Rafatjah Kessler: Real Estate Salesperson at CORE & Founder of

The Native SocietyMarch 21, 2016

My NativeAdVantage:


Whether seeking, surveying or selling property is the goal, Roxana Rafatjah Kessler applies her understanding of consumer behavior, partnerships, negotiation and marketing strategies to connect buyers and sellers for successful transactions. Roxana is also the founder and president of ROXIontheROX, LLC, a marketing, events and branding consultancy. Residential, commercial and investment properties are each treated uniquely with a customized approach by Roxana and her abilities to effectively attract the right buyers and best offers. As a Licensed Real Estate Salesperson with CORE, Roxana is dedicated to sharing her passion for New York City, where she has lived for 10+ years, building strong networks in various industries including real estate investments.


Roxana has a bachelor’s degree in Communications from Boston University, with a minor in Economics, and has also completed Digital Marketing coursework at NYU and a summer program at FIT. A humanitarian at heart, Roxana is on the leadership council for the Resolution Project, is an animal lover and avid gym-addict.


What do you do best?

I’m a problem-solver. Whether that means finding a client an investment property, selling a home, striking up a mutually beneficial brand partnership, or producing a flawless event, I like to fill gaps and connect opportunities. It comes naturally to me, so I always enjoy it.


What makes you the best?

I’m genuine. And I don’t necessarily mean that others may not be genuine. But I can be proud of everything I say and do when I’m connecting people and creating opportunities because I strive to always be authentic to my own intentions and the intentions of my clients.


What are your aspirations?

Personal: Owning and investing in properties nationwide and maybe internationally

Business: Building businesses so successful and widespread that they impact the world in some great way.


Biggest Success?

My biggest success always lies ahead of me!


Most Challenging Moment?

Making the decision to work for myself. But this has also been the most rewarding experience.


Favorite Motto?

Go big or go home.


Favorite People?

What an odd question! I appreciate everyone in my life for all sorts of different reasons! If I had to pick one -- my 7-pound shorkie, Bibi.


Favorite Places?

In NYC, anything in the West Village. I love trying out new places. On the west coast, I love Santa Barbara for relaxing and the most delicious Mexican food in the country. Internationally, I have fallen in love with Rome, Paris, and the most peaceful place on earth, the Chapung Sebali in Ubud, Bali.


Favorite Products?

Vinylux nail polish – it lasts chip-free for 2 full weeks! And you can take it off with regular nail polish remover, unlike gel. You’re welcome ladies. Coconut oil – for cooking, and for moisturizing - Double whammy! My TimePassages app – for astrological charts… Gotta time those successful deals! 


Current Passions?

I’ve always been passionate about real estate. Before I ever had a real estate license, I would help friends find their apartments just for fun. Now, this passion has just grown and expanded. And baby animals. I’m pretty obsessed with baby animals.    

Lisa Graham: Licensed Associate Real Estate Broker at CORE

The Native SocietyMarch 21, 2016

My NativeAdVantage:


As a Licensed Associate Real Estate Broker with a decade of experience in residential sales, Lisa Graham brings a wealth of knowledge, expertise and authenticity to CORE. Lisa specializes in the luxury market representing a wide range of clientele, including first time buyers, foreign investors and real estate developers. Her strong referral business and loyal client base are solidified by her attention to detail, keen discretion, integrity as well as her attentive and intuitive nature. In addition to being a native New Yorker, she is also a member of the Real Estate Board of New York (REBNY), a Certified Negotiation Expert (CNE), and has appeared on several episodes of the HGTV series Selling New York.


Having an athletic edge, Lisa was an NCAA Division I scholar athlete for the Radford University women’s soccer team and graduated with a B.S. degree in Marketing and Fashion Merchandising. She received her certification as a holistic health counselor while studying at the Institute of Integrative Nutrition in New York City and traveled to India to further her studies in Ayurvedic healing. Lisa enjoys a health-conscious lifestyle and merges her passions for real estate and wellness to her clientele who are open to the idea of creating a healthy home environment.


What do you do best?

I am best at going above and beyond, and getting the job done whether it’s finding the perfect home for my buyer, selling my clients home or representing a landlord to rent out their investment property. My strength is listening, communicating with a collaborative approach and maintaining my composure in challenging situations.


What makes you the best?

My unwavering work ethic and the ability to intuitively understand and respond to the needs of my clients.  


Biggest success?

Having built solid and authentic relationships and a very loyal client and referral base.


What are your aspirations?

Personal: To finish writing my first book which is about healing autoimmune disease naturally with alternative healing therapies.

Business: To double my real estate business in the next couple of years, continue to stay inspired, positive and grateful. Always play to my strengths and follow my passions. 


Most challenging moment?

The downturn of the market in 2008.


Favorite Mottos?

If you change the way you look at things, the things you look at change. - Dr. Wayne Dyer


Favorite People?

My seventeen month old daughter and my husband, family and friends.


Favorite Places?

Some of my favorite places are Amalfi Coast, Turks & Caicos, Paris, and South Africa although, I always love coming home to NYC.


Favorite Products?

Pratima skincare from the Ayurvedic Spa located in Soho and DoTerra essential oils for wellness and diffusing in the home.


Current Passions?

Motherhood, health and wellness and clearing clutter. 

Alfa Development And CORE Present “The Future Of Boutique Condominiums” At 199 Mott

citybizlistMarch 21, 2016

On the morning of March 11th, 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.


The panel featured some of the leading names in New York’s boutique condominiums including Shawn Katz of KUB Capital, Jon Kully of FLANK, and Roy Stillman of Stillman Development. The discussion was moderated by Tim Crowley, Director of New Development with CORE.


The event was held in Residence 2, one of the final remaining homes at Alfa Development’s 199 Mott Street, an 11-unit boutique condominium located in the heart of NoLita, and hosted by Emily Beare, a top-producing agent with CORE, who Alfa recently tapped to exclusively sell the home. It is currently listed at $7,775,000. 199 Mott is the fourth building in Alfa’s Green Collection of sustainable residential developments and features various locally-sourced and sustainable materials.

Cute Seafoam Apartment Offers Two Bedrooms in Harlem for $699K

6sqftMarch 18, 2016

Located just across from the northern edge of Central Park, the Park Lane Condominium is a prewar building in Harlem that’s been turned into a boutique condo development. This two-bedroom unit has been renovated nicely — it retains that spacious prewar feel (the foyer is large enough to house two harps!) but has been upgraded with a new kitchen and bathroom. The apartment last sold in 2011, likely before the renovation, for $435,000 and now it’s priced for a profit, asking $699,000.


In the foyer, you have a washer/dryer and a spacious closet to your left. It’s a nice flow from here into the open living and dining area, and it looks like the space is large enough to store some very large musical instruments. There’s oak hardwood floors throughout the apartment.


The kitchen is completely open, lining one wall of the living room. There’s not enough room for a breakfast bar, which means a buyer will have to use some creativity when it comes to sitting down to eat. The kitchen was upgraded with white cabinets and countertops, as well as chrome appliances.


The bedrooms are located across from the kitchen, on the other side of the living room. The second bedroom isn’t huge and looks like it’d work best as a nursery or office space. The master bedroom, of course, offers a lot more space to spread out.


118 West 112th Street is a beautiful, red brick building and it’s location across from Central Park makes it even lovelier. Other perks that come with this so-called boutique condo? A renovated lobby, package room, fitness room, bike storage and a common courtyard for residents.

Restaurateur Serving Up $1.2M Chelsea Pad

New York PostMarch 17, 2016

Restaurateur Julie Taras Wallach, owner of the Tipsy Parson eatery, is selling her apartment at 219 W. 14th St. The fifth-floor unit is asking $1.2 million.


It was designed by her brother, the architect Jeffrey Taras.


The best part of the one-bedroom, one-bathroom, 636-square-foot apartment — beyond its private rooftop — might be its chef’s kitchen.


We can just imagine her restaurant’s chef, “Top Chef” star Ty-Lor Boring, dropping in to make his signature shrimp with grits and buttermilk biscuits.


The apartment features ceilings more than 11 feet high and a wood-burning fireplace.


A pocket door leads from the living room to the bedroom, with custom floor-to-ceiling closets and a built-in counter/desk.


There’s also a spiral staircase that leads to that 450-square-foot private, landscaped roof deck with city views.


The listing brokers are Henry Hershkowitz, Cartwright Lee and Heather McDonough, of CORE.

Suburban Sprawl

New York ObserverMarch 16, 2016

Jim St. Andre's combined two-unit listing at 101 Warren Street was featured in the New York Observer's "Opener" section.

How Do NYC Apartments Stack Up Against Irish Castles?

Luxury Listings NYCMarch 16, 2016

Everyone’s favorite alcohol-soaked holiday – St. Patrick’s Day – is tomorrow! To celebrate CityRealty has put together a very useful/depressing infographic pitting Ireland against New York City, to show us just how much further money goes in basically anywhere but NYC.


For example $7.2 million in the city could bag you the very respectable #PH1B at 205 East 85th Street. The four bedroom, four bathroom duplex has two terraces and 2,433 square feet of internal space.


But in comparison, take your pennies to Ireland, and the same amount could get you the 700-year old Glin Castle, which comes with 21 bedrooms, 20,000 square feet and a 380-acre estate.


Likewise, $11.6 million (slightly less in fact) could get you a penthouse at the very pretty 456 West 19th Street, which has 2,800 square feet of indoor space, 1,200 square feet of outdoor space, three bedrooms, three-and-a-half bathrooms and a lot of very lovely windows.


But over the Atlantic $11.6 million will get you the ocean-front, Victorian, Inniscorrig Castle. Spread over 5,773 square feet, it has six bedrooms, a boathouse, and views to die for. Take a look at the infographic below.

Townhouses: The New, Extravagant and Over the Top

New York ObserverMarch 14, 2016

Super high-end condos may grab the headlines, but single-family homes still retain their classic appeal. 


“It’s a unique buyer that buys a townhouse versus another condo or co-op,” Corcoran broker Timothy Scott said. “That’s what makes townhouses special—there are only a handful of them.”


“It’s a fixed asset class,” agreed Core broker Jim St. Andre. “The limited supply makes it infinitely more interesting.”


As the ultra-high-end market sees some frothing, price has become even more important. “You’ve seen some compromising on pricing from sellers, but I think the market in general got too enthusiastic at one point,” Mr. St. Andre said. “Anyone who owned a townhouse that was 20 feet or wider downtown in the Village thought the house was worth $20-something million immediately!”


“The townhouse is the most stable part of the luxury market—it’s much less influenced by international buyers than the condo market,” Douglas Elliman broker George van der Ploeg said. “The townhouse market is dominated much more by well-to-do New Yorkers.”


Check out a list of the best townhouses currently on the market where CORE's 38 Prince Street was included in the mix. 

Advertising Big Selling Chelsea Penthouse for $11.45M

New York PostMarch 10, 2016

Brandon Ralph, founder and executive creative director of the design and advertising firm Code and Theory, and his wife Adriana Biasi, co-founder of interior design firm Braga Biasi, have put their penthouse duplex at 456 W. 19th St. back on the market — this time for $11.45 million.


Code and Theory’s clients have included Mashable, Vogue, Dr. Pepper, The Daily Beast and Lenny Kravitz. Ralph bought the unit for $6.77 million in 2011 — down from its $7.5 million asking price — and then, two years later, put it back on the market for 2013 for $11.75 million.


He stuck with that asking price until now.


The high-style penthouse is currently listed with his third broker, Emily Beare, of CORE.


The Cary Tamarkin-designed home is 2,829 square feet and comes with three bedrooms, and 3½ bathrooms. It also boasts 1,200 square feet of private outdoor space.


Inside, the home features a double-height living room with 20-foot ceilings and a gas fireplace.


There’s also an open chef’s kitchen, an upstairs breakfast terrace in the master suite, which also has a spa-like bathroom and views of the Empire State Building.

On the Scene at W Fort Lauderdale Reveal in NYC

The Real DealMarch 10, 2016

Related Companies unveiled the redeveloped W Fort Lauderdale at a cocktail reception in New York City last week. CORE's Cassie D'Agata, Sergio Zuluaga, Cameron Culver and Mike Fruman were in attendance.

Nolita's Ritzy Church-to-Condo Conversion Reveals Interiors, Pricing

CurbedMarch 09, 2016

The former St. Patrick's Old Cathedral School is on its way to becoming a fancy condo complex.


A little more than a year after the first renderings appeared for the condo conversion at St. Patrick's Old Cathedral School, a full website for the development has launched, revealing both pricing for the project, as well as a plethora of new renderings. Those images show off the interiors of the project's seven condos, as well as those for the $25 million townhouse that will sit at the complex's northeast corner.


And even more tantalizing for real-estate gawkers: The website has full floorplans for the complex's seven condos, as well as that schmancy townhouse. As previously reported, no two apartments have the same floorplan; but each unit is quite large (the smallest, 3B, measures 2,616 square feet) and comes with a number of amenities, including en-suite bathrooms and plenty of storage space. Most are duplex or triplex units, and nearly all come with private outdoor space.


As for the prices, the cheapest ("cheap" being a relative term here) apartment—a 2,734-square-foot corner duplex with three fireplaces—is asking $7.74 million, and the most expensive is a duplex penthouse, which has three terraces and is asking $13.1 million. The townhouse, which is a whole other thing in terms of amenities, is asking $25 million. So not inexpensive by any means, but we already knew that. Sales are expected to launch later this month.

The Women Shaping Our Skylines

AmuseMarch 08, 2016

To celebrate international women’s day here are 11 women shaping where we live.


Architecture has long been a man’s world. It’s hard to believe that the Pritzker Prize, the most sought-after award in architecture, hadn’t been won by a woman until 2004, a whole century after the first female architect was recorded. (She was called Louise Bethune and she designed The Lafayette, an impressive 19th century hotel in Buffalo, New York.)


But rather than remind you what more there is still to do for women globally, here is a celebration of just some of the women who’ve triumphed in a man’s world – and in doing so have shaped the way we live through buildings and space.


Annabelle Selldorf – 42 Crosby Street by Selldorf Architects

Annabelle Selldorf is the New York-based architect behind a number of iconic properties on the Manhattan skyline. Born in Germany, Annabelle studied in New York where her restrained and elegant designs became a firm favourite with artists and galleries. Hauser & Wirth, David Zwirner, Jeff Koons and David Salle have all called on her. Selldorf Architects’s latest designs include the Abercrombie & Fitch flagship stores in New York, London, Milan, Paris, Copenhagen and Tokyo, as well as a new residential building in Manhattan.


Zaha Hadid – 520 West 28th Street by Zaha Hadid Architects

The British-Iraqi architect, Zaha Hadid was the first woman to win the Pritzker Prize. Zaha is the Grande Dame of architecture and the only female architect to gain worldwide acclaim in her own right. Her designs—often described as ‘neofuturistic’ mimic the ebbs and flows of nature with bold curves and elegant lines. Most notably in Zaha’s design for the Heydar Aliyev Centre in Azerbaijan, which won her numerous awards. Her latest project is the first residential design byZaha Hadid Architects, a space-age block of flats overlooking the Whitney Museum in Manhattan.


On the Market in New York City

The New York TimesMarch 04, 2016

Sutton Area Co-op • $750,000 • MANHATTAN • 320 East 57th Street, #11F


A one-bedroom one-bath in a full-service prewar elevator building. Jill Libman, CORE (917)439-9840;


MAINTENANCE $1,727 a month


PROS This south-facing unit has been meticulously renovated, but maintains prewar details including original moldings and herringbone floors, which have been refinished. The bedroom is roomy with two exposures. The foyer is big enough for a dining table.


CONS The bathroom is reached through the bedroom or kitchen, and lacks a tub.

If These Walls Could Talk

Manhattan MagazineMarch 03, 2016

In Manhattan Magazine's March 2016 issue, what's old is new again in NYC real estate. We take a look at the regal past made de rigueur in cool residential conversations. Patrick Lilly's new development townhouse at 38 Prince Street is included in the mix. 

New York Luxury Real Estate: "A Dent, But No Crash"

Deutsche WelleMarch 02, 2016

German-speaking agent Tony Sargent lent his expertise on the current market to German network, Deutsche Welle. In his interview Sargent discussed how New York will always recover from crises and that the value of real estate will continue to increase over the years.

Enjoy the Unseasonably Warm Weather on This Harlem Rental's Dreamy Terrace

Brick UndergroundMarch 01, 2016

We know its wishful thinking to act like summer is just around the corner, but with the balmy temperatures of the past few days, we're already imagining ourselves wiling away the warmer months. Enter this Harlem two-bedroom, which comes with a peaceful private terrace with huge windows connecting it right to the living room. If you're feeling more social, the building has a shared residents' garden, as well.


The apartment is listed at $4,900/month with CORE—on the steep end for the neighborhood—but the building does come with lots of higher-end touches, including an attended lobby (that's doorman in developer speak), a fitness room, "media room", and cold storage for food deliveries. The apartment itself looks newly renovated (and crucially, has a washer and dryer), with up-to-date appliances in the bathroom as well as the small-ish open kitchen.


However, two caveats here: While the listing notes that the apartment is on a "high first floor," presumably meaning it's a bit elevated from street-level, it is still a first-floor apartment, which could be a turn-off for some renters. (However, it does seem to get much better natural light than your average ground floor setup.) The second is that in addition to the two bedrooms, the listing mentions a "home office than can be used as a third bedroom," which is code for a windowless extra room that can't legally be considered a bedroom. Handy if you need extra storage or an office, but not as great if you're going into this with hopes of using it as a real three-bedroom.


Still, we'd understand being sold on this apartment based solely on the strengths of that sweet little terrace...

Nate Berkus, Cameron Diaz and Irina Shayk are Unloading Their City Pads

New York Cottages & GardensMarch 01, 2016

You, too, can live like a celebrity—or even in a celebrity’s apartment—as long as the desire and your pockets are deep enough. And if you act quickly enough.


Stylish sophisticates across town are swooning over designer Nate Berkus and Jeremiah Brent’s chic Greenwich Village penthouse, which they share with their toddler daughter, Poppy. The prewar co-op at 39 Fifth Avenue, listed for $10.5 million in November with Emily Beare of CORE, boasts three bedrooms, three wood-burning fireplaces, and an eight-burner Viking range.

Open House Insider: 3 Two-Bedroom Apartments to See This Weekend

DNAinfoFebruary 25, 2016

MANHATTAN — The two-bedroom, two-bathroom apartment is considered a coveted piece of New York real estate. Here are three at a rage of price points with open houses this weekend.


188 Woodpoint Rd., #PHB, East Williamsburg

Two bedrooms/Two baths

Approximately 956 square feet



Common charges: $400 a month

Taxes: $50 a month

Open House: Feb. 28, noon to 1:30 p.m.


Lowdown: Besides two bedrooms and two bathrooms, this East Williamsburg condo comes with another huge perk: two private outdoor spaces.


On the main floor of the apartment, there's a balcony off the living room. “It's just a sitting balcony,” said CORE broker Win Brown. “You could fit little cafe tables or plantings.”


From the second floor, which houses the master bedroom, there's a terrace that faces east and south, toward Bushwick and Queens.


“It's big,” said Brown. “You could do whatever you wanted up there.” The current owners set up lounge furniture, a BBQ and planting pots.


The apartment gets tons of light, Brown said, especially from the glass doors leading to the outdoor spaces. The living room also has double height, 18-foot ceilings with two large windows underneath.


The owners were the first buyers of this condo, built in 2011. They've added central air conditioning and heat since their purchase.


This will be the third open house for the apartment.


Location: This development is located off Graham Avenue, which Brown called “the main attraction east of the BQE.” The drag is lined with bars and restaurants. Trendy butcher the Meat Hook is opening there this week. From the apartment, it's about three blocks to the Graham Avenue L train.


Why put it on your open house calendar? “It's the best price you'll find for a two-bedroom, two-bathroom condo in Williamsburg,” Brown said.

Brooklyn's 20 Most Expensive Residential Sales

The Real DealFebruary 25, 2016

While the highly sought after historic townhouses of Brooklyn Heights again dominated The Real Deal's list of priciest Brooklyn sales in 2015, the year's top sale closed in Cobble Hill for $15.5 million. Our very own Lawrence Treglia clocks in at #9 for his sale at 114 Amity Street.

Is It Worth Renovating to Raise Your Apartment's Potential Sale Price?

Brick UndergroundFebruary 22, 2016

Q: I’ve owned my small NYC apartment for 20 years, and have recently started to price out the cost of renovations. (I've been quoted $30,000 to $40,000 for the kitchen; $25,000 to $30,000 for the bathroom; $20,000 for a floor replacement; and $100,000 to $130,000 for a total gut.) My question is this: How much value can I really expect to get out of this kind of work, if I want to sell? I've been told that in this city, renovations are considered outdated after seven years.


While some wisely chosen upgrades will boost your potential sale price, it's likely not worth laying out tens of thousands of dollars (and months of reno-related headaches) if your only goal is to raise your apartment's value for an impending sale, say our experts.


"Renovating to sell is a very different proposition than renovating to remain in the home," explains CORE Executive Vice President of Sales Douglas Heddings. "Renovating to sell is more of a business proposition in that the owner, with advice from a broker and/or designer, needs to choose cost-effective upgrades that maximize profit upon sale."  If you're renovating for your own long-term use and quality of life, you can feel more free to choose finishes that fit your specific tastes, and splash out on high-end appliances that you know you'll use every day. That is, with the knowledge that you'll most likely recoup your investment on an eventual sale, but won't do much more than break even.


The prices you've been quoted do line up with citywide averages for renovations, says Bolster founder Fraser Patterson, and if you want to price out specific return on investment, it's worth looking over the most recent edition of the Remodeling Cost vs. Value report, which has estimates of the cost (and estimated resale value) of different renovation projects in the NYC market.


Even so, if you're doing renovations this large (and costly) just in the hopes of boosting your sales price, the amount of difference it will make depends on the size and price point of your apartment, as well as how dramatic a difference the upgrades will make, says Corcoran's Deanna Kory. "For example, if you have a one-bedroom, and the price ranges in the neighborhood are $695,000 to $850,000," says Kory. "It's possible that unrenovated you could get around $700,000, and renovated you could achieve around $800,000 to $850,000. So in that case, if your contractor is correct and the amount you're spending is around $130,000 or $140,000 you would just about break even."


All of which raises a natural follow-up question: how do you decide what updates are worth spending money on if you're not doing a full-scale renovation? While there are some classic affordable-but-visually-high-impact updates like new fixtures, countertops, and backsplash, to figure out what works best for your particular apartment you'd do well to bring in some outside expertise. "Ask a real estate broker with experience in your building to look at your apartment, and get a professional’s take on what improvements would create the most impact and added value," suggests Gordon Roberts of Sotheby's International Realty. "They may have seen other apartments in your line, and make worthwhile recommendations based on the work of others, for instance, improving the floor plan in some way. You may even be surprised by what they recommend—it might be changing your window A/C to thru-wall, skim-coating walls, or increasing storage space, as opposed to new floors." (When it comes to staging for a sale, 'sleek and universally appealing' tends to win the day.)


Kory adds that with the right planning (and a savvy team in place), "You can spend less than $30,000 and still achieve $100,000+ increase in value."


As for the question of your work becoming outdated within seven years, this is a possibility, but the effects can be minimized by using classic materials like whites and neutral colors, and subway tiles if you're in a pre-war, says Bolster architect David Yum. "Some renovations are outdated the moment they are completed—highly personalized, idiosyncratic renovations can make a buyer think, 'I need to rip this out if we move in to this place,'" says Yum.  "Still, even a renovation that looks a bit tired will bring value since prospective buyers very often see the difference between seven-year-old work and 27-year-old fixtures.”


In sum, the scope of your work should depend entirely on your goals, your budget, and your patience for living through a renovation. "If you're going to live there, I would say go for it because you'll get your money out," says Kory. "But if you're doing it to sell the apartment, it's a lot of hassle and there's a risk as well that it may go higher in construction price, and so it's not usually wise to do a complete renovation in order to sell."

Winter Palaces

New York SpacesFebruary 19, 2016

These outstanding properties encompass all the space and amenities anyone could possibly desire.


38 Prince Street


7 bedroom, 7.5 baths; 8,069 square feet


Marvel Architects have transformed this landmarked Soho townhouse, once a wing of Old Saint Patrick’s School and Convent. The kitchen includes a La Cornue range and Smallbone cabinets. It leads through a casual dining room to a bi-level garden and outdoor kitchen. The master floor has a private study and a bath with Waterworks fixtures. The top two floors house a family room and playroom.


Listed at $25,000,000


Contact: Patrick Lilly, CORE, 212-612-9681 or

Alfa Development Taps Emily Beare of CORE as Exclusive Broker for 199 Mott Street Residence

The Mann NewswireFebruary 12, 2016

Alfa Development announced that they have selected Emily Beare, top-producing broker at luxury real estate group CORE, to sell Residence 2, the last remaining unit at 199 Mott. 199 Mott is an 11-unit boutique development located in the heart of Nolita, with each custom designed residence celebrating the history of the neighborhood. The building is the fourth in Alfa's Green Collection of sustainable residential developments.


Residence 2 is a 2,907-square-foot full-floor unit with three-bedrooms, three-bathrooms, and 1,500-square-feet of exterior space. 199 Mott is designed to reflect the modern lifestyle of the quintessential Nolita resident, with classic materials and turn of the century details. The residence has wide plank oak floor, 10" base moldings, and character grade European oak paneled doors, with oversized windows, a state of the art central air system, a loft kitchen that opens onto the living space, and ceilings over nine feet. The residence is listed at $7,775,000.


"Emily Beare is a talented broker and a strong new development marketing and sales force," said Michael Namer, Founder & CEO of Alfa Development. "We're confident that her industry expertise and knowledge of the luxury market will be instrumental in closing out sales at 199 Mott."


As with all projects in Alfa Development's Green Collection, interiors of 199 Mott feature various locally-sourced and sustainable materials, and it is a targeted LEED Gold certification condominium with a 24-hour doorman, storage, bike room, and rooftop lounge overlooking the city, with views of the Empire State Building, the Williamsburg Bridge and the East River. Period-specific details throughout the residence include tall raised panel doors, oiled bronze finishes and fixtures, and wide plank European oak flooring. The kitchen offers custom Siematic cabinetry and a suite of high-end appliances including a Bertazzoni Classic Collection stove and Siematic Chinese Wedding Cabinet refrigerator. Tailored marble clad bathrooms feature polished nickel fixtures and finishes from Lefroy Brooks' 19th century collection, a freestanding tub and Bosch washer and dryer.

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