News

Bluelight Special: Price Cuts, Broker Incentives Increase

The Real DealJanuary 15, 2016

Although real estate execs said price cuts are a function of overpricing, the sale of apartments over $10 million dropped 12 percent in 2015 compared with 2014, according to CityRealty. “We’re seeing an incredible dichotomy in the market, where certain projects are selling better and quicker and for higher prices than ever seen in history, and there are projects where very little is happening,” said Shaun Osher, CEO of brokerage firm CORE, who evoked a “tale of two markets” in his description.

On the Market: J.Crew CEO Lists $25M Condo

New York ObserverJanuary 15, 2016

J. Crew CEO Mickey Drexler has listed his 6,226-square-foot Tribeca condo for $25 million, according to Curbed. Mr. Drexler put the Thierry Despont-designed five-bedroom pad at 140 Franklin on the market last year for a full $35 million, so if you think about it, it’s really a steal.

J. Crew CEO's Designer Tribeca Apartment Is Back For $25M

CurbedJanuary 14, 2016

J. Crew CEO Mickey Drexler first listed his apartment, with interiors by celebrated designer Thierry Despont, back in early 2015 for $35 million. And there it sat for only a few months before being de-listed in July, after a price chop that took it to $29 million. Now, the apartment is back on the market with new listings photos (which show off Despont's quirky-but-swanky design) and an even bigger price chop: it's asking "just" $25 million. The 6,226-square-foot apartment has five bedrooms, more than five bathrooms, and plenty of over-the-top features, including three walk-in closets, 11-foot ceilings, and a custom "billiards area," if that's your thing. "This is, quite simply, the kind of loft that everyone imagines and desires, yet never finds," so sayeth the brokerbabble—all you need is $25 million.

Industry Experts Weigh in on 2016 Residential Market

New York ObserverJanuary 13, 2016

After a year filled with talk of both $100 million sales and a softening at the top of the luxury sales market, opinions on 2016’s direction are as disparate as they are authoritative. Below, a poll of industry experts on what to expect from this unpredictable market.

 

Richard Grossman, executive vice president and senior managing director, Halstead

“I think the highest neighborhood on the market will still be the 57th Street corridor—quite frankly, just like how 20 years ago, you were living in the 60s or 70s on Fifth or Park—but there’s a whole different level of arrival to say you have an apartment on the 57th Street corridor. It’s a whole different dynamic; I still think at the end of the day, for a lot of people that is going to be the trophy property of people saying, ‘I’ve arrived!’ ”

 

Julia Boland, broker, Corcoran

“Hamilton Heights is really emerging as a chill neighborhood, slower-paced than Central Harlem. Buyers are coming from different areas. People coming from downtown who have just said, ‘it’s too expensive, it’s too crazy.’ They cash out, and then they can buy an entire townhouse [in Harlem] for $4 million. The area has seen an explosion of cute restaurants popping up—they’re not huge. That’s becoming very appealing, and getting a great neighborhood vibe. I see that continuing to grow. People are going to find a very different feel than they get in Central Harlem, which is much busier.”

 

Stuart Siegel, president, Engel & Völkers

“I really think the far West Side, just north of Riverside Boulevard, is a neighborhood to watch—the Riverside Center area. I think you’ve got amazing potential to be a true mixed-use destination. There’s retail, food—and anything touching the river or overlooking the river, river views! The kind of community and the urban-planned aspect of it will be very attractive to buyers.”

 

 “I think the biggest change [from 2015] is a change of psychology and the introduction of anxiety into a market. I think we are in a transition market right now—sellers think they are selling 18 months ago and buyers think they are buying 18 months from now. The anxiety now is, ‘how do you close that gap?’ In the mid-high end, the $2,500- and $3,000-per-square-foot condo market, there are all these new units coming on, there is going to be a flood of inventory. We’re going to have to be very aggressive about pricing and, for a change, passionately proactive about buying—it’s no longer ‘build it and they will come!’ ”

 

Darren Sukenik, broker, Douglas Elliman

“People are buying where they want to live. The people who are serious in the market right now are the people who are buying second and third homes, and who are actually going to be living in their properties. I see a need to buy in luxury neighborhoods like West Chelsea, West Tribeca and West Village. Everyone seems to be wanting the same thing, so there’s some competition! Buyers are all looking for amenities—the obvious amenities have become a staple, like a doorman and a pool. View has become the ultimate, most coveted amenity, and you either have it or you don’t. Anything that has a spectacular view is going very quickly—buildings like 150 Charles and 111 Murray; buildings that have a completely open view are the ultimate amenity. People want to live a very comfortable, suburban lifestyle in an urban environment.”

 

Kenneth Scheff, uptown brokerage manager, Stribling

“A great place for people to be buying is the east, East Side. I think that the Second Avenue subway, scheduled to open December of 2016, is going to be huge for the eastern part of the Upper East Side. The thing about the Second Avenue subway that I think most people don’t understand is that it’s going to be a continuation of the Q train. I think it’ll have a tremendous impact. I’ve already noticed that on Second Avenue, a lot of storefronts are coming back, and leases. I think it’s a great time for people to be investing over there. We’ve been saying this for years now, but it really does look like the end is near.”

 

George van der Ploeg, broker, Douglas Elliman

“I think we are in a correction that began and will become more evident in terms of sold and closed transactions for 2016. It’ll be a year with a further reduction in the number of sales in the resale market for both houses and apartments. I predict somewhat lower prices—we could be talking about 5 to 10 percent off peak. What we are benefitting more from is that we are the safest haven in the world for capital, and that is something that is not being reflected quite so much in resale as in new development. It’s the tale of two cities; the tale of two markets!”

 

“Unless you want to go to Harlem, the only place you can get something nice for under $5 million is Murray Hill. You can’t buy a house on the Upper East Side for less than $5 million, and you can’t really do it in the Upper West Side. You can’t do it in the Village, Chelsea, or Gramercy.”

 

Hall Willkie, president, Brown Harris Stevens

“The best buys are on the far Upper East Side, east of Third, and especially east of Second. I think that it’s a neighborhood that has in many ways been neglected over a few years, and I think [has] a lot of great space for the price, and with the coming of the Second Avenue subway, it will be more accessible. I think as a neighborhood, [it] has the best value. I think the best part of it is that the Upper East Side is really the best New York traditional neighborhood, and then there have been so many neighborhoods that have popped up over the years, and been gentrified and been more exciting, but now it’s back to basics. It’s not the Upper East Side that we used to think of—I think it’s exciting. It represents good value, good real estate, good pace.”

 

Tim Crowley, director of new development, CORE

“The Financial District will be the best piece of theater in real estate in 2016. We’re going to see a lot of Financial District inventory come to the market in 2016—from what I know of these projects, they’re going to be expensive. Buyers in the Financial District have been always attracted by more affordability, so it’ll be interesting to see if they’re attracted to premium price condos in the neighborhood.”

 

“Buyers are going to become incredibly picky about what they’re buying into. Projects that are extraordinarily well located and have a successful concept will do well; buyers will gravitate to those. Some of the harder to understand concepts, locations, and price points—I think buyers almost en masse will avoid those projects, or not be tempted by them. Eight-figure price points in what have traditionally been six-figure locations will be interesting to watch.”

 

Rebecca Mason, downtown brokerage manager, Stribling


“We are going to see much more limited inventory in 2016, and I think we are really going to see a separation from new development on the market versus resales on the market. I think we are going to see, perhaps, a return to the popularity of the co-op, not only for value—I see co-ops maybe coming back a little bit more than resale condos, [because] I think resale condos are not in an ideal position competing with new developments.”

 

Dottie Herman, president and CEO, Douglas Elliman

“Today, people really like new; they like places that have already been done—people don’t really want to take a lot of time to be redoing things all over again. They want to move into it and have it done the way they like it. And no matter what, everyone who looks at real estate looks at neighborhoods. One of the biggest places I’d look in terms of up-and-coming is the Lower East Side; there’s a lot of inventory that will be coming on the market—that was the last holdout. Developers are flocking to the area, and they should be cheaper than a lot of places. It’s not going to be cheap, but cheaper. It’ll be younger buyers; people that want to live in the city and want to find something new.”

On the Market

New York ObserverJanuary 12, 2016

The penthouse at 224 Mulberry Street has sold for $21 million, Curbed reports. Stephen Zide, a senior advisor at Bain Capital, is the new owner of the 5,646-square-foot four-bedroom duplex, which is one of six units throughout the condo’s eight floors. CORE handled sales and marketing for the building—the penthouse was the priciest sale of the week, but it sold for nearly $3 million under the $23.75 listing price.

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

The Real DealJanuary 11, 2016

An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week. Emily Beare and Tim Crowley's 224 Mulberry penthouse unit was the most expensive unit to sell this week.

Flank's Nolita Condos Sell Out With $21M Penthouse Purchase

CurbedJanuary 11, 2016

The penthouse at the coveted 224 Mulberry Street has sold for $21 million, Curbed has learned, which at the time of it's sale in the week after Thanksgiving last year, was the priciest sale that week, according to CORE, who handled the sales and marketing for the development. The owner who shelled out the big bucks is Stephen Zide, according to property records. He works as a senior advisor at global investment firm, Bain Capital, a company that was co-founded by former presidential candidate Mitt Romney.


The duplex apartment has four bedrooms spread out over 5,646 square feet of space. It has an astonishing four private terraces that offer views of the downtown bridges and One World Trade Center on the south side and the Empire State Building and the Chrysler Building on the north.

 

Some of the other highlights of the apartment include custom-designed marble countertops in the kitchen, two wood-burning fireplaces, and a cast iron bathtub in the master bedroom's en-suite bathroom.

 

Designed and developed by Flank, 224 Mulberry Street has six units spread out over its eight floors. Amenities include a 24-hour concierge, a rooftop terrace, and a fitness center. Construction started in the summer of 2013, and sales launched the following January. Most units had sold out within six months of the launch. The penthouse was the final unit to sell at the development. The average price per square foot in the building at $3,115 is 27 percent higher than the neighborhood average of $2,259, according to CORE, and the highest price per square foot average in the neighborhood for a sold out new development. The penthouse, which was originally listed for $23.75 million, sold for almost $3 million below its asking amount.

For $26 Million, Terraces in Greenwich Village

The New York TimesJanuary 08, 2016

A duplex penthouse at the Greenwich Lane condominium complex, which is rising at the site of the former St. Vincent’s Hospital campus in Greenwich Village, sold for $26,030,475.81 and was the most expensive closed sale of the week, according to city records.

 

The loft-like sponsor unit with ample outdoor space, PH8, at 140 West 12th Street, between Avenue of the Americas and Seventh Avenue, has monthly carrying costs totaling $16,769, according to StreetEasy.com; its most recent list price was $26.5 million.

 

Richard Ziegelasch and John Burger of Brown Harris Stevens represented the buyer, identified by the Pennsylvania limited liability company 140 Greenwich Lane.

 

Closed sales at the Greenwich Lane complex have been heating up in recent weeks. In late December, PH6B, a full-floor unit in the same building, with five bedrooms and five and a half baths but no outdoor space, officially sold for $21.16 million. Another penthouse there, PH7B, closed in mid-December for $20.14 million, while several units closed at another building, 145 West 11th Street.

 

The apartment in the most recent sale has three bedrooms and three and a half baths, along with a media room and a spacious entry gallery spread over 4,027 square feet. There is also a total of 3,148 square feet of outdoor space, which includes a 1,114-square-foot terrace off the living room, dining area and kitchen, as well as a 186-square-foot balcony off the media and living rooms.

 

The master suite, which opens onto an 1,848-square-foot wraparound terrace, takes up the entire second level and features a fireplace and a windowed dressing room and bathroom. The two other en-suite bedrooms just below overlook a lush central garden through large casement windows.

 

The building at 140 West 12th is the second of the five condominiums to be completed in the 200-unit Greenwich Lane development by the Rudin family and Global Holdings; five separate townhouses are also planned. The Corcoran Sunshine Marketing Group is handling sales for the development.

 

The week’s runner-up, at $21,000,000, according to city records, was the sale of a penthouse on the seventh and eighth floors of 224 Mulberry Street in NoLIta, the new condo by the architecture and development firm Flank.

 

The sponsor unit, No. 7, which has monthly carrying charges of $16,956, has four bedrooms, four full baths and two half baths spread over 5,646 square feet. There are also two wood-burning fireplaces and four terraces.

 

The listing brokers were Emily Beare and Tim Crowley of CORE. The buyer’s identity was shielded by the limited liability company JS Property NY.

The Flynn, the Latest Luxe Chelsea Condo, Launches Sales

CurbedJanuary 07, 2016

Name/Address: The Flynn, 155 West 18th Street

Developer: IGI-USA

Architect: ODA New York

Size: 11 floors, 30 units

Prices: Starting from $1.775 million

Sales and Marketing: CORE

 

The hotly anticipated ODA New York-designed condo The Flynn quietly launched sales over the holiday season, and has already sold 25 percent of its units. (Some of that success may be attributed to developer IGI-USA's marketing campaign, which included an animated film, a thriving Instagram account, and a theatrical production on-site.) But sales officially launch to the public today, and Curbed has the exclusive on the pricing for the apartments. One-bedrooms, which have just under 700 square feet of space, start at $1.775 million, followed by two-bedrooms starting at $2.3 million, and three-bedrooms starting in the high $3 million range. Prices for the four duplex penthouses with private terraces have yet to be released. The building is notable for its Jet Mist-clad facade, floor-to-ceiling French glass doors, and European-style balconies. Amenities include a gym, a rooftop garden, and private parking.

5 New York City Apartments You Can Nab For Under $600,000

CurbedJanuary 04, 2016

Every once in a while, a listing comes along in New York that is priced so low, it seems like it must be a prank. Bad news: it usually is (if Craigslist has anything to do with it), but some six-figure apartments do exist within the confines of this fine (and astronomically expensive) city. We set out looking for a selection of affordable pads after the Post ran a story about a $126,750 apartment—the buyer "got an amazing deal" because she already lived in the building—and while none of what our search turned back is quite so inexpensive, it did reinvigorate hope that you don't have to be a bajillionaire to settle down here. Here now, ten one-bedrooms asking less than $600,000.

 

On the Upper West Side, $599,000 nets a spacious one-bedroom co-op. Nestled on West 75th Street between Riverside Drive and West End Avenue, the co-op has a corner bedroom with a customized walk-in closet and en suite bathroom (which just so happens to be the only bathroom in the apartment.) Monthly maintenance is $1,412.

14 Gorgeous New York City Homes That Went On the Market in 2015

CurbedDecember 31, 2015

In between the mansions and luxury condos and teeny-tiny apartments that hit the market in New York City in 2015, there were plenty of places that stood out simply because we thought they were stunning. Check out 14 of our favorites below—they run the gamut from a detached Victorian in Ditmas Park to an Upper East Side megamansion to a huge penthouse in a domed Nolita building.

 

Celebrity interior designer Nate Berkus listed his three-bedroom Greenwich Village duplex for $10.5 million, which is noteworthy because it's a whopping $4.5 million more than he paid for it in 2013. Some of its stellar features include windowed walk-in closets, three wood-burning fireplaces, and a double-doored terrace. It's still up for grabs.

5 Reasons Why 2016 Will Be Gotham’s Biggest Year in Luxe Living

New York PostDecember 30, 2015

This year may have been a record for New York City property sales, but 2016 promises to bring even bigger, grander and far luxer real estate designs and developments.

 

Sure, naysayers now warn that the market could be cooling. But that doesn’t mean sales will cease — or even necessarily slow down.

 

For buyers looking to score, new trends ranging from the rise of condo hotels to new Brooklyn condo towers await eager buyers.

 

Here are the five top trends to look for next year.

 

$100M+ apartments

 

Last December, a penthouse at Midtown goliath One57 sold for $100.5 million, shattering the record for the most expensive apartment ever sold in NYC. But given the pace at which new condos are appearing — and the sums they are asking — that record might not last long.

 

Just consider this list of mega properties with price tags to match: The penthouse at the Woolworth Tower Residences (dubbed The Pinnacle) is slated to ask $110 million; there will be a $130 million triplex atop an under-construction classic limestone tower at 520 Park Ave., and there’s a $150 million apartment said to be in the works for the topmost floors of the Philip Johnson-designed Sony Tower.

 

Topping them all are rumors that there’s a deep-pocketed buyer cobbling together three floors at 220 Central Park South — to the tune of $200 million.

 

The king of this caliber of apartment? It’s indubitably Robert A.M. Stern of 520 Park, the Sony Tower conversion and 200 Central Park South, former dean of Yale’s architecture school and current designer du jour of the city’s fanciest residences.

 

Hotel condos

 

It often goes unacknowledged by its everyday denizens, but almost every major NYC hotel has affiliated apartments: from grand dames like the Waldorf to newer buildings like the Trump SoHo. Hand in hand with the area’s overall construction boom comes the latest wave of these two-faceted buildings.

 

On the Lower East Side, at 215 Chrystie St., Ian Schrager is putting up a 370-room Public Hotel with 11 edgy condos on top, where a penthouse asks $18.75 million. On a more affordable level, the AKA brand announced apartment sales at three of its New York extended-stay hotels in the last year, one of which is in the Midtown East neighborhood Sutton Place, where prices now start at $1.2 million. British architect David Chipperfield’s first New York project is The Bryant, just southeast of Bryant Park; it will contain 230 hotel rooms and 57 condos. Here, a one-bedroom asks $2.25 million.

 

Next up: the Crown Building, an architectural gem on Fifth Avenue and 57th Street, which developer Michael Shvo bought a chunk of earlier this year. Though official plans haven’t yet been announced, Shvo is known for developing expensive apartments. And part of Shvo’s investment team here is Russian billionaire Vladislav Doronin of luxury hotel label Amanresorts, so keep your eyes peeled.

 

Teen rooms

 

Sure, a bunch of new residential developments have playrooms for kids, and — for the adult crowd — bar-equipped lounges. But what about recreational space for those too old for building blocks and too young for cocktails? Previously overlooked, developers are increasingly adding teen rooms to their amenity plans.

 

“Mom and Dad are buying the apartment, but [the whole family] is living there; it’s important we did something for every member at every age,” says Winston Fisher, partner at Fisher Brothers, of 111 Murray St. This 157-unit tower, which Fisher is developing with Witkoff and New Valley, will come with a 1,692-square-foot Teen Lounge, featuring an arcade, plus a separate nook with a television and couches. Prices here now start at $2.02 million.

 

There’s also fun to be had at the 43-unit 20 East End Ave. (a penthouse currently asks $35 million here), where a 500-square-foot “Junior Lounge” will deliver televisions, old-school arcade staples like Ms. Pac-Man and more. But it’s not just games — the 12-unit Brooklyn Trust Company Building features a teen room with study space and room for lounging (units from $3.24 million).

 

“Developers are starting to think differently,” says CORE broker John Harrison, who was on the sales team at the 2012-constructed One Museum Mile, which boasts a teen room with games, like Wii and air hockey. “‘How can we get everybody to be really happy?’”

 

Brooklyn on high

 

Low-slung Brooklyn has a skyscraping future in store.

 

Earlier this month, Extell filed preliminary plans for a 57-story residential structure at City Point in Downtown Brooklyn, reports say. Just before that, new plans emerged for Chetrit Group and JDS Development’s 90-story 340 Flatbush Ave. Extension — a mixed-use structure with 550 units that will be Brooklyn’s tallest tower.

 

Recent zoning changes now allow developers to reach heavenly heights in certain enclaves, but the flurry also owes itself to residents’ demands for Manhattan-style living.

 

“The market is very receptive to apartments on higher floors with views and will generally pay a premium for them,” says Martin Piazzola of AvalonBay, which developed the new 57-story, 826-unit AVA DoBro rental project at 100 Willoughby St. Pre-leasing here began this past summer; prices begin at $2,605.

 

The Stahl Organization’s 53-story 388 Bridge — a project with 144 condos and 238 rentals — is another example.

 

But it’s not just views that are great (they’re panoramic here); towering heights also give developers greater space for amenities.

 

This project has a media room, roof terrace and lounge.

 

These tall towers pack in nice perks for residents, and they also help builders stand out.

 

“[It] gives developers more creativity with what to build and doesn’t make it as monotonous as it otherwise might be,” notes Doug Steiner, of Steiner NYC, which is crafting The HUB — a recently topped-out 56-story rental in Boerum Hill that’s gunning for a fall 2016 occupancy.

 

New meets old

 

The Fitzroy, a 14-unit condominium in West Chelsea, will bear a prominent design that sets it apart from its ultra-glassy, modern-looking neighbors: a classic green-tone terra cotta facade with copper windows. It’s reminiscent of Art Deco-style grandeur, but most of all, this Roman and Williams-designed structure, where prices begin at $5.35 million, is the latest ground-up project to shy away from glass in favor of older, more classic construction materials. And there are more buildings like it to come.

 

At the Morris Adjmi-designed 55 W. 17th St. condo, which stands near the Ladies’ Mile Historic District, a facade of handmade brick will help this building fit into its historical surroundings.

 

“We wanted to respect the period architecture of this great neighborhood by designing a masonry building,” said David Von Spreckelsen, of Toll Brothers City Living, which is developing this under-construction, 54-unit project, where a penthouse listed for $15.24 million is now in contract.

 

Meanwhile, the 16-unit BKSK-designed 1 Great Jones Alley in NoHo, which launches sales in January, boasts terra cotta fins juxtaposed with Corten steel and glass — a nod to the area’s older-world aesthetic. And Robert A.M. Stern adorned the facade of mega-luxe 30 Park Place’s residential entry with limestone and custom-designed bronze sconces — the classic New York look.

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

The Real DealDecember 28, 2015

Keren Ringler's closing at 71 Laight, 5B was ranked #4 as week's priciest sales. The deal was finalized at $9,950,000.

In 2015, Shattering Records in New York City Real Estate

The New York TimesDecember 24, 2015

In the realm of New York City real estate, what goes up just keeps going up, and up.

 

This past year prices again punctured records, with the official closing of a $100.47 million penthouse at the pinnacle of Extell Development’s One57, the vitreous Midtown skyscraper and popular abode for billionaires worldwide seeking to park their cash.

 

Other sales in the Central Park-facing condominium, at 157 West 57th Street, flirted with the nine-digit mark. And across Manhattan, records were set for co-ops and extravagant prices paid for other condos and townhouses. Brooklyn, which is becoming ever more desirable (and dear) as a home address, also posted a record for the most expensive sale for a single residence, in Cobble Hill.

 

“We shattered just about every record that pre-existed,” said Shaun Osher, the chief executive of the brokerage firm Core. “It was the year of the big sale.”

 

But the record books are almost certain to be rewritten in the months ahead as new “billionaire bunkers” are added to the city’s ever-evolving skyline, like 220 Central Park South, 432 and 520 Park, and 56 Leonard, to name just a few.

 

The current record price will be surpassed — make that doubled — when another megadeal is filed with the city in the next couple of years. The hedge fund manager Kenneth C. Griffin, whose net worth totals $7 billion by Forbes’s estimate, entered into a contract in late summer to buy a triplex at 220 Central Park South for around $200 million, according to sources familiar with the sale who, like others in this article, requested anonymity so as not to jeopardize a current or future deal. This purchase would not only be the city’s largest sale of a single residence, but also the country’s, usurping the $147 million sale of an 18-acre East Hampton, N.Y., estate in 2014, according to Jonathan J. Miller, who runs the Miller Samuel appraisal firm. He wonders, though, how long this upward trajectory will endure: “Developers and those observing the market are asking how many $10 million-and-up buyers are really out there.”

 

So far, roughly half the 118 or so apartments are under contract at 220 Central Park South, the 65-story limestone-clad building designed by Robert A.M. Stern Architects and at the ninth floor of construction, according to Steven Roth, the chief executive of Vornado Realty Trust, the developer. Fourteen of those units went for $50 million or more, he said in a recent earnings conference call.

 

Real estate brokers and market observers say that at least for the next few years, more of these astronomical sale prices will surface as signed contracts in the city’s nascent developments finally close. (Most of the units at 56 Leonard, for instance, are spoken for, said Kelly Kennedy Mack, the president of the Corcoran Sunshine Marketing Group, adding that full-floor units are listed for above $20 million, and the most expensive penthouse is around $50 million.) There are unsold units, too, at completed developments like One57 and those nearing completion, like the Greenwich Lane in Greenwich Village. And then there are the resales.

 

 “With the inventory out there, the extraordinary amount of wealth, and the continued demand for New York real estate, we will continue to see robust sales in the superluxury market,” said Pamela Liebman, the chief executive of the Corcoran Group. Corcoran Sunshine Marketing is handling sales for 220 Central Park South.

 

Daniel Levy, the chief executive of CityRealty, which tracks condo and co-op sales, shares this opinion: “There seems to be plenty of demand for all these buildings,” he said. “Next year the story will be 432 Park and 56 Leonard; the following years will be 220 Central Park South and 520 Park.”

 

For 2015, the story, of course, was the Christian de Portzamparc-designed One57, where eight of the 20 biggest big-ticket sales took place — that is, those that were signed, sealed and officially recorded with the city.

 

All the year’s top 20 sales were for more than $30 million, and the top 10 for above $45 million. They included three co-ops, two townhouses, one condop and several other luxury condos, among them, two units at 15 Central Park West, which was designed by Robert A. M. Stern Architects and where another apartment had held the record until this year for the city’s most expensive residence, at $88 million. That was the full-floor penthouse the Russian billionaire Dmitry Rybolovlev bought in 2012, through a trust benefiting his daughter, from Sanford I. Weill, the former Citigroup chairman.

 

One57

 

The city’s record $100.47 million sale (and the seventh priciest in the nation, according to Mr. Miller) was for the 89th and 90th floors of the brash blue tower, a.k.a. unit No. 90, a 10,923-square-foot aerie with a reception gallery and grand salon. Extell initially marketed the duplex for $98.5 million, then raised the price to $115 million, according to the state attorney general’s office. Only a handful of people know the identity of its new owner, who, like most others buying these ultraluxury digs, hid under the mantle of a limited liability company. The buyer actually made the purchase in late December 2014, but it didn’t pop up in city records until mid-January.

 

While that deal was covert, the buyer of the city’s second most expensive residence (and No. 12 nationally), at $91.54 million, was more forthcoming. The hedge fund mogul William A. Ackman revealed his purchase of a six-bedroom on the 75th and 76th floors months before it officially closed in April. The apartment, known as the Winter Garden, is distinctive for, among other things, its 2,500-square-foot curved-glass atrium that opens to the sky.

 

In February, Guoqing Chen, a founder along with his brother, Chen Feng, of Hainan Airlines, part of the HNA Group, one of China’s largest private airline companies, paid $47.37 million for an apartment taking up the entire 86th floor. Two months later, at nearly the identical price, another full-floor apartment, on the 88th floor, was bought through a limited liability company associated with HNA’s New York subsidiary. Could this one be for Chen Feng?

 

Many of the buyers in the building are foreigners, particularly from China. “They are really looking to park money here because of the uncertainties of their governments,” Dorothy Herman, the chief executive of Douglas Elliman Real Estate said of this building and others like it.

 

Among the other big closed sales at One57: Unit No. 85 for $55.56 million and No. 77, $47.78 million.

 

Other Condos

 

Most of the top sales this year happened in condominiums, and several involved recognizable names.

 

The Related Companies’ Time Warner Center, one of the priciest buildingsof the early 2000s and a favorite of Russian buyers, registered a record of its own. In late July, the Russian financier Andrey Vavilov sold his penthouse on the full 78th floor of the south tower, at 25 Columbus Circle, for $50.92 million. Mr. Vavilov served as deputy finance minister during the presidency of Boris N. Yeltsin and made a fortune when his oil company was taken over by a state-controlled enterprise in 2003. According to Mr. Levy of CityRealty, the sale of his six-bedroom apartment surpassed the building’s previous highest price, $37.5 million in 2009 — for the same unit.

 

Nearby, at Zeckendorf Development’s 202-unit 15 Central Park West, apartments sold for $45 million and $35 million, both around the same time in the fall. Then there was the $33 million sale in January of a penthouse at 1 Central Park West, a.k.a. the Trump International Hotel and Tower.

 

Speaking of Trump, the real estate developer and presidential hopeful Donald J. Trump sold one of his two investment penthouses at Trump ParkAvenue, at 502 Park Avenue, last summer for $21.38 million to a founder of the supermarket chain Fresh Market, Ray D. Berry.

 

In other celebrity sales, the palatial triplex where the comic Joan Rivers lived for more than a quarter of a century until her death last year at age 81, was sold by her estate in July for $28 million. The buyer of the apartment, at 1 East 62nd Street, was said to be Middle Eastern royalty.
Also, Jon Bon Jovi, the rock star, sold his penthouse at the New Museum Building, at 158 Mercer Street, a.k.a. 583 Broadway, for $34 million.
And Stephen Griggs, whose family business had owned the British footwear company behind the Dr. Martens brand of boots, paid $17.26 million for an apartment at 35XV, Alchemy Properties’ glass-and-stone high-rise at 35 West 15th Street.

 

The Carlton House condop at 21 East 61st Street, meanwhile, had a $52 million penthouse sale.


Co-ops


Two of the year’s top five sales were co-op apartments, including one that shattered the city’s record for co-ops: the $77.5 million purchase of a duplex on the 11th and 12th floors of 834 Fifth Avenue, designed by Rosario Candela.


The unit was sold in early spring by Woody Johnson, the owner of the New York Jets, to the Ukrainian-born billionaire Leonard Blavatnik. The previous co-op record was set in 2014, when the hedge fund manager Israel Englander paid $71.28 million for a duplex at another Candela building, 740 Park Avenue.


The same week the new record-holder surfaced in late March so, too, did the official closing of the year’s second most expensive co-op at $67.5 million: a full-floor apartment on the 18th floor of the Sherry-Netherland, at 781 Fifth Avenue. The seller was Gilbert Haroche, a founder of Liberty Travel. And in early May, a triplex at 775 Park Avenue sold for $35.14 million; the buyers were Elizabeth Right, the daughter of Stephen A. Schwarzman, a founder of the Blackstone Group, and her husband, Andrew Right.


There were other boldface deals in co-ops. This past spring, Paul McCartney and his wife, Nancy Shevell, bought a duplex at 1045 Fifth Avenue for $15.5 million.

Just down the street and a few months later, Jeff T. Blau, the chief executive of the Related Companies, sold his apartment at 1040 Fifth Avenue, yet another Candela building, for $30 million. And across the park, the architect Cesar Pelli, known for the design of some of the world’s tallest buildings, bought a lower-floor apartment at the San Remo, at 145 Central Park West, for $17.5 million.

 

Two other big sales took place on Central Park West. T-Mobile’s chief executive, John J. Legere, paid $18 million in October for a duplex penthouse once occupied by William Randolph Hearst, at 91 Central Park West. And the estate of Lauren Bacall sold for $21 million the apartment at the Dakota, at 1 West 72nd Street, that the legendary actress called home for more than half a century until her death last year at age 89. Ronald N. Beck, a hedge fund manager, and his wife, Cynthia Lewis Beck, were the buyers.

 

Townhouses

 

The year’s most expensive townhouse, at 125-127 East 70th Street, sold for $37 million. (The record is still the 2006 sale of the Harkness Mansion at 4 East 75th Street, for $53 million.)

 

But most of the buzz seemed to center over the $18.25 million sale of a townhouse owned by Sarah Jessica Parker and Matthew Broderick. The famous couple took a loss on the 25-foot-wide Greek Revival-style townhouse, at 20 East 10th Street in Greenwich Village, for which they paid nearly $19 million in 2011, and likely spent more on upgrades. A nearby house that they were once reportedly in contract to buy, at 16 East 10th Street, sold for a tidy profit, at $32 million. The developer David Amirian, and his business partner, Warren Hammerschlag, an orthopedic surgeon, had paid $11.2 million in 2012 for the house, which had been owned by Pen and Brush, a nonprofit group for female artists and writers.

 

Mr. Levy noted that some buyers see townhouses as relative bargains. “Generally speaking, we’re seeing price per foot substantially less than in new buildings, so certain people see them as a value proposition given the size,” he said.

 

In another notable sale, a Facebook founder (no, not that one) was the likely buyer of a $22.3 million four-story Greenwich Village townhouse with a separate rear studio, at 157 West 12th Street. Chris Hughes, one of the five founders and a roommate at Harvard of Mark Zuckerberg, the Facebook chief executive, bought the property, according to a source familiar with the private transaction who requested anonymity. The seller was Michael P. Stewart, a money manager.

 

Brooklyn

 

The borough broke a record for its most expensive residence with the $15.5 million sale of a nearly 27-foot-wide, three-story brick townhouse in a historic district of Cobble Hill. The photographer Jay Maisel bought the house, at 177 Pacific Street, after selling his previous home and studio — the gritty six-story former Germania Bank building at 190 Bowery in Manhattan — to Aby J. Rosen’s RFR Holding for $55 million.

 

Mr. Osher of Core predicted more record closing sales in Brooklyn’s townhouse market in 2016. “We’ll see a $20 million-plus sale,” he said. “Once the townhouse buyer realizes they can’t get what they want in Manhattan, they’ll be looking in Brooklyn.”

New Listings, 38 Prince Street

Real Estate WeeklyDecember 20, 2015

Patrick Llilly's downtown townhouse located in 38 Prince Street is featured in the New Listing section of Real Estate Weekly. 

The 20 Most Expensive NYC Homes of 2015, Mapped

CurbedDecember 17, 2015

It's time to make up a bunch of awards and hand them out to the most deserving people, places and things in the real estate, architecture and neighborhood universes of New York City! Yep, it's time for the 12th Annual Curbed Awards! Up now: the most expensive homes sold in New York City this year.

 

The most expensive apartment sold in New York City last year went for $71.3 million—but this isn't last year, and 2015's most expensive home is officially a whopping $91.5 million. (And it doesn't even have an occupant! Madness!) With the help of our friends at PropertyShark, we're taking a look at the 20 biggest home sales (including apartments and townhouses) in New York City this year. They include seven (yes, seven) apartments at One57, a townhouse that doesn't even exist, and a fancy co-op that's since returned to the market. Welcome to New York real estate in 2015.

 

$30M – 1040 FIFTH AVENUE

 

Related Companies CEO Jeff Blau bought unit 14A for $21.4 million in 2008, put it on the market for $43 million in 2014, and dropped the asking price to $34.5 million in 2015. What he got on July 10 was a clean $30 million for the four-bedroom pad with 26 windows and a view of the Jacqueline Kennedy Onassis Reservoir.

The 10 Priciest American Homes Sold in 2015

House BeautifulDecember 17, 2015

This year's schmanciest listings appeared in just three states.

 

To commemorate the end of 2015, our friends at Zillow have compiled a list of the most expensive properties that were on the market this year — and while only a choice few could ever afford them, taking a look back is great excuse to fantasize about beautiful homes. Even if we can only dream about 'em, it's still fun to see the amazing architecture, features, and locations that earned them one of these prized spots.

 

#9 $20 million in New York, New York

 

Nestled in the heart of Greenwich Village, this New York property dates back to 1900 — and its original interior has been restored to remain (almost exactly) the same. Its wet bar and private terrace are the stuff of dreams — but we also adore the Bohemian history behind it. Unfortunately for us, the town home was sold in October by Shaun Osher and Emily Beare of CORE.

The Inman Top 101

InmanDecember 16, 2015

Patrick V. Lilly from CORE was nominated for the 2015 Inman Top 101 award. Patrick is the associate broker and team leader at Core Group Marketing. Lilly has built a new “young blood” network of top-performing agents called REV, real estate visionaries, who are mapping out the future role of the agent.

 

First job: Taking orders at Jack in the Box

They’re the Top: The Biggest Residential Real Estate Deals of 2015

Observer Real EstateDecember 16, 2015

There has been a whole lot of fuss over the innumerable downtown developments this year, with each new condo decked out even more than the last, and each declared to be signaling the true arrival of the neighborhood into the real estate community. The real money, however, has remained right where it has always been: uptown.

 

In fact, only two of the 20 most expensive deals of 2015 were located south of 57th Street: Jon Bon Jovi’s beleaguered 158 Mercer Street penthouse, and a Greenwich Village townhouse at 16 East 10th Street—and neither made the top 10.

 

One57 has reigned supreme, with six units in the Extell tower making the list. The legendary $100.47 million sale of a duplex penthouse at One57 actually closed in December 2014, hitting public record the following month, but it led the way for the multitude of other over-the-top, seemingly endless One57 sales in 2015.

 

Another One57 penthouse topped the list for 2015, at $91.54 million. Maybe we’ll see it again next year, since it’s allegedly going to be back on the market at some point in the near future—it purchased as a “fun” investment.

 

While only four of the most expensive deals this year were co-ops, the second and third place spots were both taken up by Fifth Avenue co-ops. Both sold, surprisingly, to foreign buyers, perhaps signaling something of an adjustment in the attitudes of co-op boards.

 

“Co-op apartments at that level, there are very few,” Brown Harris Stevens president Hall Willkie told the Observer, “and they rarely come on the market. Co-ops are still the majority of the market, and high-end co-ops are so desirable. When they are properly priced to sell, they sell well.”

 

The previously unchallenged 15 Central Park West suffered a bit of a setback. Its $88 million penthouse sale once seemed untouchable, but what a difference a year makes! Duplex 1819B sold at a shocking $3 million loss from the purchase price of $48 million in 2014—and it’s seen by some as a canary in the coal mine.

 

“The biggest problem in our market is overpricing,” Mr. Willkie said. “There’s a softening, but mostly in condos, because there’s a lot of inventory coming on. A lot of buildings are being built in that luxury category. When you increase supply, it can have a softening effect.”

 

So, what do we have to expect in coming months?

 

“We are coming into more of a buyer’s market than we have been in a long time,” Mr. Willkie said. “Buyers are extremely price-sensitive. It has nothing to do with budget; they are out there and willing to buy, and are signing contracts, but it’s only on properties where they feel the price is justified.”

 

On that note, here are the top 20 deals of the year, as compiled by appraiser Miller Samuel.

 

#19) 1040 Fifth Avenue, No. 14A

$30 million

 

After a three-year renovation by Shelton, Mindel and Associates, Related CEO Jeff Blau and his wife, Lisa, put their floor-through co-op on the market, attaching a hefty $43 million price tag to the listing held by mother-daughter CORE team Emily and Elizabeth Beare. A private elevator landing, library, 26 windows, a wood-burning fireplace, and the knowledge that Jacqueline Kennedy Onassis once resided just a floor above still did not ensnare a buyer for such a cost. Removing $13 million did, though, or perhaps the planting terrace was what attracted a buyer known as Tulpe LLC—it’s German for tulip, in case you were wondering, since flowers are apparently so in this year.

Tim Crowley on What’s Next in 2016

InmanDecember 16, 2015

Inman is interviewing industry through leaders to find out what's next in 2016. Here's Tim Crowley, the director of new development at CORE

 

Are you optimistic about 2016? The economy? Why?

 

I am cautiously optimistic. I have concerns about the U.S. political environment’s negative impact on macro level investment — particularly investment in real estate. The U.S. has become a global destination for real estate investment. The rhetoric and isolationist tenor that has defined the election may be just wacky enough to pump the brakes on that inflow of global capital. If that is the case, it is likely a short term headwind, but annoying just the same.

 

The housing market? Why?

 

The housing market in urban centers, especially New York, is going to be defined by a nearly instantaneous shift from irrational exuberance to meritocratic markets where good real estate will perform exceedingly well and ill-advised/bull market concepts are going to back to the bank. I would be very concerned to be holding any measure of inventory in the 57th Street corridor, which had asking prices in excess of $5,000 per square foot. Fortunately, that type of real estate is aberrant enough to not overly affect the larger housing market. I would imagine that the market for sailboats in 1912 was not terribly affected by the sinking of the Titanic.

 

Your success? Why?

 

We have several very promising projects in the 2016 pipeline, in both Brooklyn and Manhattan, that we very excited about because they are thoughtful, well-considered and their success does not hinge on Gazprom or Petrobras having positive quarterly results.

 

What are you worried about?

 

The instability in the oil and gas markets.

 

How much do you fret about global events?

 

Probably not as much as I should. My concerns tend to focus on financial and commodity markets and the domestic political environment. I worry less about global stability, for two reasons — one, the Western world and developed Eastern world are inherently stable and two, because ignorance is bliss. I worry about the environment, but am hopeful that China especially has come to the conclusion that scrubbing China of pollution is probably its greatest economic and social opportunity. Far and away my biggest concern about global terror is our collective reaction to global terror. Violence is the worst. It hurts people and it makes politicians act like loons.

 

Will mortgage rates go up or down next year?

 

I don’t think that they will skyrocket, but I hope they start to get to a place that isn’t long-term detrimental to the health of U.S. currency.

 

Which market are you in?

 

New York City is where I live and work. E-trade is where I trade securities; Fairway is where I shop — but I am not currently in that market. I am at my office.

 

Will unit sales go or up or down in your market?

 

They will go up in the more consumable price points, $50 million apartments within wafting distance of Benihana will not sell particularly well. There is a finite number of billionaires, and only some fraction of those individuals want to own residential real estate in New York. A smaller fraction yet want to own non-waterfront, non-park front real estate in Midtown. 15 Central Park West and 220 Central Park South make total sense to me, but I am fairly bearish on the teriyaki towers.

 

Will home prices appreciate in your market next year?

 

Those not defined by the sweet smell of chicken teriyaki should do just fine.

 

Will agents be more productive next year? Why? Or why not?

 

Agents will start to leave the business next year because information exchange is almost at full saturation. Those who made a career by selling access and information are going to find new industries. Those who can analyze all the available information into cogent thoughts on valuation and market trajectory are going to dine very well over the next several years.

 

What will be the biggest source of real estate leads next year?

 

Leads will come predominantly from two places: good real estate brokers (regardless of firm size or level of Instagram fame), and very informed direct buyers.

 

Are you making plans to expand, contract or maintain your business this year?

 

Expand with the cogent types.

 

What is your biggest challenge in the coming year?

 

Maintaining New Year’s resolutions beyond January 7. I really think I got it this year. Candy, I will miss you the most, friend.

Survey: Renovated Kitchens and Washers/Dryers Wanted

StreetEasyDecember 16, 2015

Maybe NYC renters have had their fill of ragtag kitchens with tiny fridges, undulating counter tops, a stove that sometimes works and barely a ledge to eat. Likewise, buyers do not relish the idea of schlepping to the bowels of the building to use the washer and dryer for hours at a time. At least, that seems to be sentiment from the findings of a recent online survey StreetEasy conducted, asking buyers and renters a myriad of questions around their apartment shopping experience, including which amenities rose to the top of their wish lists. For renters, it was a renovated kitchen and for buyers, it was an in-unit washer-dryer.

 

“I am not surprised at all to find that the survey of buyers’ most desirable in-unit feature is the washer/dryer,” said Adie Kriegstein, real estate agent for CORE. “Buildings either permit them or not and for many people it’s a ‘must have’ non-negotiable feature of their search, so when conducting online searches they list this as a criteria.” In the survey, renters and buyers were asked to stack-rank the following amenities: Dishwasher, in-unit washer/dryer, central AC, recently renovated kitchen, recently renovated bathroom and enter other amenities, if not listed. Nearly 50 percent of the results from the renter’s survey chose “recently renovated kitchen” above all else. Here are the findings for renters, in order of importance:


  1. Recently renovated kitchen

  2. In-unit washer/dryer

  3. Recently renovated bathroom

  4. Other (Closets, outdoor space, pets, doorman, elevator)

  5. Central AC

  6. Dishwasher


Nearly 50 percent of the buyers surveyed chose in-unit washer/dryer as their most-wanted amenity, followed by recently renovated kitchen. “In Manhattan, if there isn’t a washer-dryer in the unit, the likelihood you can install your own is slim,” said Kriegstein.  “I have had buyers forgo larger homes priced at greater price points just so they can have a washer-dryer in their unit.  It’s a modern-day convenience and once you have had one in your home you can’t give it up.” Here are the findings for buyers, in order of importance:


  1. In-unit washer/dryer

  2. Recently renovated kitchen

  3. Dishwasher

  4. Recently renovated bathroom

  5. Central AC

  6. Other (Outdoor space, building amenities)


Apparently, central AC is far down everyone's list, but come the dog days of August, those surveyed might want to change their answers.

Map: 50 Biggest Celebrity Real Estate Moves of 2015 in NYC

CurbedDecember 15, 2015

It's time to make up a bunch of awards and hand them out to the most deserving people, places and things in the real estate, architecture and neighborhood universes of New York City! Yep, it's time for the 12th Annual Curbed Awards! Up now: the biggest celebrity real estate moves of the year.

 

With two weeks until the end of the year, we're looking back at some of the biggest real estate stories of 2015—and what could be bigger than celebrity real estate? Every year, bold-face names make some of the biggest property moves throughout the five (well, let's be honest, two—Manhattan and Brooklyn) boroughs. They trade apartments like currency: buy, sell, and rent—and Curbed obsessively tracks the real estate moves of the rich 'n' famous every step of the way. Here now, 50 different property moves made by the city's most bold-faced names, all laid out in a handy map. Which star made the biggest deal of the year? Check the map to find out. Happy ogling.

 

NATE BERKUS - $10.5M

 

Is anyone surprised that Nate Berkus's home is impeccable? The celebrity interior designer listed his three-bedroom Greenwich Village duplex for $10.5 million, which is noteworthy because it's a whopping $4.5 million more than he paid for it in 2013. Berkus and his husband, interior designer Jeremiah Brent, purchased an adjacent one-bedroom apartment in the building (which was designed by famed architect Emery Roth), then renovated it and combined it with the penthouse to create the apartment as it is now.

 

JOHN LEGEND AND CHRISSY TEIGEN - $4.5M

 

John Legend and Chrissy Teigen are parting with their one-bedroom Nolita pad for an apartment fit for a family. Of course the apartment's as beautiful as the A-list celebrity couple; it underwent a Don Stewart and Winka Dubbeldam-led renovation before getting the Architectural Digest treatment in February. The renovation reconfigured the master bathroom and converted another bathroom into a dead-end hallway of closets and laundry facilities, all while bringing an "old-school industrial look" to the nearly 2,000-square-foot apartment.

 

ZACHARY QUINTO - $3.2M

 

Actor Zachary Quinto bought a two-bedroom loft in 43 Great Jones Street. The apartment, which had previously sold in 2007 for $2.5 million, was listed in March 2014 for $3.7 million but lingered on the market and endured a series of price cuts before Quinto and his longtime boyfriend Miles McMillan scooped it up for $3,162,500. It was recently renovated, and features a private elevator landing.

 

NOELLE BECK - $17M

 

Noelle Beck, known for her roles on "Loving" and "As the World Turns," and her husband purchased the four-story Anglo-Italianate style townhouse at 243 East 17th Street in 1997, paying $1.6 million. Now, almost two decades later, they are cashing out, having put the house back on the market for $17 million. The house itself is really something, with arched windows, cast-iron balconies, five fireplaces, fancy chandeliers, and a skylight, along with a bevy of original details.

Luxe Buyers Signed 19 Contracts at $4M and Up: Olshan Report

The Real DealDecember 14, 2015

The priciest contract was a 4,078-square-foot condo unit at 224 Mulberry Street, which asked $12 million, down from $13.25 million when it first hit the market last year. The three-bedroom apartment features at 990-square-foot terrace, as well as an eat-in kitchen and two parking spots. Developer and architecture firm Flank developed the eight-story, 32,000-square-foot Nolita building, with sales opening in September 2014.

 

Eberhard Pencil Factory Conversion Hits the Market for Lease

Commercial ObserverDecember 11, 2015

A little over a year after purchasing one of the buildings at the former Eberhard Pencil Factory in Greenpoint, Brooklyn, the owner has put the property up for lease, Commercial Observer has learned.

 

Caerus Group is looking to lease the landmarked 74 Kent Street between Franklin and West Streets to a single user with a blended asking rent in the $60s per square foot, said Alex Cohen, a commercial real estate broker with Core who is marketing the property along with Stephen Ruiz of Cushman & Wakefield. The 33,372-square-foot property is adjacent to Kickstarter’s headquarters.

 

“There is no other commercial space in Greenpoint that competes with it,” Mr. Cohen said.

 

CO reported when Caerus went into contract to buy the building for $7.5 million in August 2014. Since the acquisition, Caerus has redeveloped and restored the landmark with open loft floors and exposed brick. Each floor has outdoor space and there will be elevator access to a 6,000-square-foot green roof.

 

Construction, which includes a large storefront, is almost complete and the tenant can move into the Hustvedt Cutler Architects-designed four-story building (three floors plus a lower level) at the beginning of the second quarter of 2016.

 

“Having realized last year the acute office shortage in Greenpoint, we saw 74 Kent Street as a diamond in the rough,” Leo Tsimmer, managing partner at Caerus, emailed CO. “We worked hard with [New York City] Landmarks Preservation Commission to make sure to keep the brilliant intact, while taking advantage of the fantastic architectural features, such as impressive ceiling heights, century-old brick walls, timber beams, an opportunity to create outdoor spaces on every floor and a roof deck with spectacular views.”

CORE Scoops Up Cobble Hill Space for Its First Brooklyn Real Estate Office

Commercial ObserverDecember 09, 2015

Residential real estate company CORE is moving into the Brooklyn market.

 

CORE has signed a lease for its first office in Kings County, at 180 Smith Street in Cobble Hill, the firm announced to Commercial Observer.

 

Leasing 1,800 square feet, CORE will occupy retail space on the first floor and have offices on the second floor of the five-story building owned by Donald Boyce. Twenty to 25 agents will work out of the new office when it opens in spring 2016.

 

Having a Brooklyn office could help draw new talent to the Manhattan-based firm.

 

“We have a number of current agents that will be moving to the new location,” a spokeswoman for CORE said. “Additionally, we have been in discussions with several teams interested in joining the firm now that we have a Brooklyn location.”

 

Shaun Osher, CORE’s founder, brokered the deal directly with the landlord. The spokeswoman declined to provide the lease terms.

 

CORE’s headquarters is at 104 Fifth Avenue. Its other offices are at 127 Seventh Avenue and 673 Madison Avenue. The firm has an upcoming office at 149 Fifth Avenue, on which CO previously reported.

 

The Cobble Hill office will have “a more relaxed ‘Brooklyn’ feel with more steel and wood when compared to our other offices,” the spokeswoman noted.

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