News

The $1 Million Parking Spot is Here

FortuneAugust 20, 2015

It’s not diamond encrusted, or made of gold. Just asphalt and capitalism.

 

Ever wondered where billionaires park their cars?

 

The Wall Street Journal might have the answer. In cities such as San Francisco, New York, and Boston, parking prices have reached an all-time high, according to the Journal, with at least two new developments in Manhattan asking $1 million for a single parking spot.

 

“Condominium developers are touting parking spaces with glossy brochures and promotional videos, marketing the small patches of concrete as luxury amenities,” the Journal said.

 

Stories of a $1 million parking spot graced the Internet last year when the new development at 42 Crosby Street in Manhattan set that record, high-bar price.

 

Supply and demand in real estate has rarely seemed quite so pronounced—unless the asphalt is literally diamond encrusted. In which case, it will really go well with your brand new Ferrari.

 

In SoHo, Shaun Osher, chief executive of the brokerage firm CORE, which is responsible for the sales and marketing at 42 Crosby, told the Times in September: “There are ‘few to no options’ for parking, let alone a private spot in your own building.” He added that: “In real estate, location defines value and parking is no exception to that rule.”

 

With parking prices in major metropolitan areas on the rise—a parking spot in San Francisco sold, for example, at $82,000 last year—the amount of asphalt for us to share is dwindling, and building owners are cashing in.

From Farkas to Eklund: A Roundup of Panelists at TRD’s Shanghai Showcase

The Real DealAugust 20, 2015

(N-Z) Miki Naftali of Naftali Group; Rodrigo Nino of Prodigy; Shaun Osher of CORE; Stephen Owens of Swire Properties; Eran Polack of HAP Investments; Dan Riordan of Turnberry; Shlomi Reuveni of Town Residential; Billy Rose of the Agency; Rotem Rosen of Sapir; Rick Rush of Hodges Ward Elliott; Jonathan Simon of Simon Baron Development; Philip Spiegelman of International Sales Group; Eliot Spitzer of Spitzer Enterprises; Neal Sroka of Douglas Elliman; Clem Turner of Homeier & Law; Mauricio Umansky of the Agency; Allen Wu of Fenwick Keats; and Yong Zhang of Xinyuan Real Estate.

 

Related Matters

New York ObserverAugust 20, 2015

Emily and Elizabeth Beare's listing at 1040 Fifth Avenue was featured in the Transfers column. 

Soho A-Go Go

New York PostAugust 20, 2015

Shaun Osher and 42 Crosby are featured in the neighborhood piece about Soho.

The Race to the $1 Million Parking Spot

The Wall Street JournalAugust 19, 2015

Buyers of luxury condos have a new place to park their cash: in their parking spots.

 

In cities like San Francisco, New York and Boston, parking prices have reached an all-time high. At least two new developments in Manhattan are asking $1 million for a single parking spot. Condominium developers are touting parking spaces with glossy brochures and promotional videos, marketing the small patches of concrete as luxury amenities.

 

Price tags are rising as parking options become scarce in major cities. Until recently, the rule of thumb for San Francisco developers in prime, central areas was to build one parking space for every unit, the maximum allowed by the city planning department in some locations, says Alan Mark, the president and CEO of the Mark Company, which handles sales and marketing for condo and apartment buildings. Now, the maximum allowed in many central locations is an average of half a parking space for each unit, after a change in local rules.

 

Prices now run as high as $125,000 for a single parking space in a prime San Francisco neighborhood, compared with $40,000 to $70,000 per spot several years ago, says Mr. Mark.

 

For about four times the cost of an average single-family home in the U.S., buyers can purchase a parking space in New York’s Soho. At 42 Crosby Street, a 10-unit luxury building under construction in Soho, 10 underground parking spaces are asking $1 million—more on a price-per-square foot basis than the units upstairs. The building’s developers declined to comment.

 

At 15 Renwick, also in Soho, there are three parking spots priced at $1 million each. Tim Crowley, director of new development at Core, which handles marketing for 15 Renwick, says parking is priced at a premium because developers hope the spots will be sold with the building’s two penthouses, priced between $7 million and $11 million.

 

Jonathan Miller, president of appraisal firm Miller Samuel, says the highest actual sales price he’s seen for a single parking space in Manhattan is $325,000. Million-dollar parking spaces, he says, aren’t anything close to market rate, but rather are priced proportionally to the high price tags of units in the building.

 

A single parking spot typically requires about 300 square feet of space, including aisles and driveways—roughly the size of a small studio apartment, says Jeffrey Tumlin, the director of strategy at Nelson\Nygaard, a transportation consultant. The median construction cost for a parking spot in the U.S. is about $20,000.

 

In more car-dependent cities like Miami, vehicle parking is typically included in the cost of a condo or offered for a small additional charge. But while a parking space has traditionally been considered a basic feature, Miami agents and developers say they are increasingly marketing parking as a luxury perk, on par with a high-end fitness center, in an effort to stand out from the competition.

 

Muse, a new 68-unit development under construction in Sunny Isles Beach, just north of Miami, will allot between two and five spaces per unit, depending on unit size, with parking on 27 floors. A mechanical system will stack the cars, which can be retrieved for residents by a fulltime valet.

 

Marc Schmulian, President of S2 Development, the co-developer of Muse, says for the first time, the company has featured images of parking in their marketing materials, dedicating part of the promotional video to visuals of the parking lot.

 

Porsche Design Tower, another new high-rise in Sunny Isles Beach, was designed around parking, with spots inside every condo, reachable by an automated car elevator. Residents can view their cars from their living rooms, behind a glass fire-rated wall. The building is expected to be completed in June 2016; currently six of the 132 units are unsold.

 

The building also has six “man caves” priced from $1.5 million to $2.5 million that hold up to nine cars and have room for a bar and billiard table. Two are still available.

 

Gil Dezer, the building’s developer, says the choice made financial sense. Local rules required that the developer provide 1.5 parking spots for each unit. By putting the required parking inside the units themselves, he was able to develop and sell space he would have otherwise had to allot for parking—which he says has brought in an extra $240 million in revenue.

 

Some developers are converting parking garages into condo buildings—a factor that’s contributing to the scarcity of parking in some cities. Flank, a New York-based development company, purchased a four-story parking garage in Manhattan’s Nolita neighborhood and converted it into an eight-story condo with seven units priced from $10.75 million to $28 million. Because the building was already zoned for parking, developers included two deeded parking spots with each condo.

 

“We have a lot more families moving downtown,” says Mick Walsdorf, a developer with Flank. “Where you have families, you will have cars.”

A Gorgeous Upstate Getaway Dubbed the Mission House Is Asking $1.4 Million

6sqftAugust 19, 2015

Have you spent the summer dreaming about where you want to escape to in upstate New York? This listing won’t make you feel any better. Called the Mission House, it is a beautiful modern mansion located in East Fishkill, a charming town on the southern border of Dutchess County, New York. The house itself is gorgeous, with stunning landscaping, modern design, and tons of space. Get this: the house covers 4,000 square feet, with an additional 2,400 square feet of decks. Of course, it isn’t cheap, but you’ll still get more bang for your buck up here than down in Manhattan—for the whole mansion, the asking price is $1.4 million, cheaper than many NYC apartments. (And keep reading for a way to stay here without forking over all that cash.)

 

The main level of the house features an open concept living, dining, kitchen and library. How much would you enjoy that wood-burning fireplace in the middle of an upstate winter? And through those nine-foot-tall windows, you have views of the pond outside.

 

Soaring ceilings, tall windows and big skylights bring tons of light into this modern space. The kitchen has a 13-foot marble island, multiple ovens, and great chandeliers.

 

Dark wood detailing and stone walls are quirky elements to be found throughout the home. Although this looks like it could be an older building, it is actually new construction. Many of the interior details, including a reclaimed exposed beam, have been collected by the current owners of the house over the years.

 

There are four bedrooms throughout the house. This one is our favorite, with a view of the pond and direct access onto a terrace with a sitting area.

 

When you’ve got 4,000 square feet to spare, there’s got to be a rec room! As the photo shows, it’s accessed by a spiral staircase.

 

And of course, the home is on plenty of beautiful land. Although it’s about five minutes off the Taconic Parkway (and a little more than an hour away from NYC), you’re in the middle of a secluded, wooded four acres. The pond and surrounding land is full of fish, frogs and birds, and there’s a creek on the other side of the pond. If you’re not into exploring the outdoors, you can just enjoy it from the many outdoor spaces around the house.

 

So you don’t have the $1.4 million to buy this property immediately? Well, you can spend a little less—$800 a night—to enjoy it through Airbnb. 

SoHo Braces For New Wave of Posh Pads

New York PostAugust 19, 2015

If you thought an apartment in a spiffy new building within heavily landmarked SoHo was unattainable these days, think again.

 

Just look at 150 Wooster St., where developer KUB Capital filed permits this month to erect a six-apartment building.

 

There’s also 30 Thompson St., where color-loving Karim Rashid is designing a flashy eight- to 10-unit condominium reportedly slated for completion in 2017.

 

Long after the neighborhood morphed into one of Manhattan’s most exclusive districts, residential developers are racing to put up a flurry of new buildings that are thrusting SoHo into the limelight once again.

 

The reason? They’re responding to deep-pocketed buyers’ demand to live in chic surroundings. Industry experts peg the area’s recent activity to SoHo’s coveted location, smack-dab in the middle of booming downtown development in nearby areas like TriBeCa and NoHo. Beyond projects in the planning phases, the nabe has several others gearing up for sales in the coming months. More supply means good news for buyers looking to score plush pads in this prime area.

 

“[SoHo] has the perfect appeal for the local and international buyer because it’s an established neighborhood,” says CORE honcho Shaun Osher. His firm is handling sales and marketing for the Annabelle Selldorf-designed 42 Crosby St. This 10-unit ground-up condo  made famous by its $1 million parking spots last year  will start at $8.25 million when listings hit the market this winter.

 

“It’s centrally located … it’s like the bull’s-eye of downtown. You can walk anywhere within five minutes,” Osher says.

 

Also alluring for buyers is SoHo’s charm. Cobblestone streets and the world’s largest collection of cast-iron buildings create an atmosphere that everyone agree is one of a kind.

 

“[It’s] got a magic to it,” says Douglas Elliman broker Tal Alexander, who, along with his brother and business partner Oren, lives and handles a number of deals in the neighborhood. “You can only understand it if you live here.”

 

And don’t forget the shopping! SoHo’s luxe offerings have long given the area prominent standing. New stores continue to attract tourists and would-be residents.

 

One recent arrival includes Moschino, which just opened on Wooster Street. This spring, Versace inked a 10-year lease for a store on Greene Street.

 

It’s no surprise that demand has pushed SoHo prices to jump at a double-digit clip. In the second quarter of 2015, median asking prices rose 21.24 percent to $3.69 million over the same period last year, according to StreetEasy.

 

Soon, there will be (slightly) more inventory to ease buyers’ appetites. Next month brings the sales launch of 52 Wooster St., a four-unit project developed by Continental Ventures. With architecture by Arpad Baska and interiors by GRADE New York, the units will measure roughly 2,044 to 4,263 square feet. Also listing this fall is the ground-up XOCO 325 condo at 325 West Broadway. Designed, developed and managed by DDG, this project will have 21 apartments.

 

In addition, the 20-unit Cary Tamarkin-designed new-build condo tower at 10 Sullivan St., a distinct triangular-shaped structure that began sales last year, will add four new townhouses to its count. Measuring roughly 6,500 square feet apiece, each spread will stand 25 feet wide and have backyards. They’ll ask $18 to $20 million when listed late this year.

 

For Kevin Maloney, the founder and principal of Property Markets Group, which is co-developing 10 Sullivan with Madison Equities, building in this neighborhood was simply a matter of responding to the downtown heat.

 

“I live on the Upper West Side, where it’s residential and boring … [SoHo] is a much younger, more vibrant neighborhood,” he says. “It’s a place where people are choosing to live.”

 

They’re also choosing to live west of Sixth Avenue — SoHo’s traditional western boundary. When discussing local real estate, it’s hard to ignore the activity that’s spread into this area, known as Hudson Square; it experienced its own development boom following a 2013 rezoning. Though some industry sources consider this former manufacturing district its own neighborhood (sources say NoCa, or North of Canal, is an emerging name), others insist it’s simply a western swath of SoHo.

 

Whatever it’s called, construction there sure is easier.

 

“Hudson Square presents a unique opportunity for SoHo in that it’s not landmarked,” says Robert Dankner, president of Prime Manhattan Residential, a brokerage active in the SoHo market. “There are lots, land and buildings with unutilized air rights.”

 

“The rezoning for us was the impetus,” says Tony Mannarino, executive vice president of development at Extell, which is developing 70 Charlton St., two 22-story towers that began sales in June with prices from $1.47 million. Designed by Beyer Blinder Belle with interiors by Workshop/APD, the project will have 122 units — 29 of which are affordable rentals, with the remainder being condops. “We felt it was a great opportunity to create luxury product given what’s going on in SoHo and TriBeCa … it presents a real opportunity for buyers as well. They’re getting in when the neighborhood is in transition and there’s more down the road.”

 

It’s also convenient — and that’s a big draw for buyers. This includes Nest Seekers International broker Ryan Serhant, a star of “Million Dollar Listing New York,” who bought a full-floor penthouse at 22 Renwick St. last year for $3.7 million.

 

“I can walk to TriBeCa, SoHo and the Village to get dinner,” he says. “The location is incredibly important.”

 

Several other projects are in the pipeline. One of them is 82 King St., an 18-story condo to be developed by Toll Brothers City Living that will open for sales in mid-2018. There’s also the 115-unit, 290-foot-tall 565 Broome St. — Pritzker Prize-winner Renzo Piano’s first New York residential building, which commences sales in 2016.

 

“[SoHo’s] in need of full-service, ultra-luxury development, which it doesn’t have,” says Michael Shvo, one of several developers behind Piano’s building.

 

The building boom isn’t limited to residential buildings.

 

A $6 million renovation of a half-acre open space at Spring Street and Sixth Avenue will begin in 2016 to create a community park dubbed SoHo Square.

 

Hotel Hugo opened last year bearing an Italian eatery and a rooftop bar — great additions to the area, which sources say still lacks commercial options.

 

Overall, there’s potential for appreciation, which is why Sonu Batra, CEO of real estate investment and development firm EastShore Management, snagged a pied-a-terre at 15 Renwick. Batra inked a $2.25 million contract for a roughly 1,200-square-foot two-bedroom condo last October.

 

“[Today], similar units with similar square footage are going for $2.55 million-plus,” he says. “You want to go where the next boom is going to be. It’s not only a personal move — it’s making the right investment.”

Tiny Yorkville Studio With Private Roof Deck Asks $425K

CurbedAugust 17, 2015

The duplex studio on East 87th Street looks like it was renovated recently, which makes sense because it last sold for $225,000 in 2013 and is now asking almost double that: $425,000. The murphy bed is definitely new, according to the listing, and everything else looks pretty bright and shiny as well. Though definitely not large, the place is pretty charming, and, most importantly, it comes with a private roof deck (which is actually bigger than the apartment itself).

Related C.E.O Sells Co-op for $30 Million

The New York TimesAugust 14, 2015

Jeff T. Blau, the chief executive of the Related Companies, one of the city’s largest private developers, sold the co-op he had bought more than seven years ago in an exclusive Rosario Candela-designed apartment house on Fifth Avenue to an unidentified buyer for $30,000,000 in the most expensive closed sale of the week, according to city records.

 

Mr. Blau, who has been at the helm of Related alongside the founder, Stephen M. Ross, since early 2012, had paid $21.42 million for the 10-room residence, No. 14A, at 1040 Fifth Avenue, near 85th Street, in January 2008; he purchased the unit from Scott A. Bommer, the founder of the hedge fund SAB Capital Management. The monthly maintenance is $12,040.

 

Mr. Blau and his wife, Lisa, commissioned an extensive three-year renovation of the four-bedroom four-and-a-half-bath apartment with Shelton, Mindel and Associates, and then put the property back on the market last year for $43 million. The most recent asking price was $34.5 million, according to StreetEasy.com. Emily and Elizabeth Beare of CORE, a mother-daughter team were the listing brokers. The buyer’s identity was shielded by the limited liability company Tulpe, which is the German word for “tulip.”

 

Mr. Blau declined to comment on the sale, or on published reports that he was the mystery buyer of a 30-foot-wide new-Georgian mansion at 113-115 East 70th Street, which was sold in early 2014 for $51 million by Reed Krakoff, formerly the executive director of the Coach brand.

 

The apartment on Fifth Avenue, which encompasses the entire 14th floor and includes a private elevator landing, features an abundance of windows (the listings say there are 26) that provide unobstructed views of Fifth Avenue, Central Park, and the Jacqueline Kennedy Onassis Reservoir, named for the former first lady who once lived on the 15th floor of the building. There is also a library; a formal dining room with a planting terrace; and an enormous living room with a wood-burning fireplace. The master suite includes a sitting room, walk-in closets and a terrae. And like most of the other 27 units in the 17-story 1930 building, the apartment has a staff wing.

 

The runner-up last week, at $20,063,025, according to city records, is a four-bedroom four-and-a-half-bath apartment on the 49th floor of One57, Extell Development’s blue-glass skyscraper, where the priciest transaction for a single-family residence took place. The sponsor unit, No. 49C, at 157 West 57th Street, has 3,466 square feet of space that includes a 21-by-43-foot grand salon. The monthly carrying chargers are $6,492.

 

Nataly Rothschild and Julie Zelman of Engle and Völkers New York brought the buyer, who was identified as Peralta LLC.

 

Ms. Rothschild said the purchaser was a European who paid all cash and planned to use the apartment as a pied-á-terre. She said the buyer was drawn to the “spectacular views of Central Park and the iconic Essex House,” along with the amenities available from the Park Hyatt New York hotel at the base of the building.

 

Big Ticket includes closed sales from the previous week, ending Wednesday.

Top Residential Agents of the Week

The Real DealAugust 14, 2015

Price: $30,000,000

Listing brokers: Emily and Elizabeth Beare of CORE

Address: 1040 Fifth Avenue

 

 

Price: $18,500,000

Listing broker: John Burger of Brown Harris Stevens

Address: 52 West 76th Street

 

 

Price: $16,000,000

Listing broker: Andrea Daniels of Warburg Realty

Address: 145-146 Central Park West

 

 

Price: $15,500,000

Listing broker: Ryan Serhant of Nestseekers International

Address: 56-62 Cooper Square

 

 

Price: $9,650,000

Listing broker: Adam Modlin of the Modlin Group

Address: 147 Waverly Place

Green, Grand, Great Eats: A History of Jackson Heights and Its Future as the Next Hot ‘Hood

6sqftAugust 12, 2015

As the transformation of Queens reaches a bit deeper into the borough, it’s really no surprise that Jackson Heights is quickly becoming a focal point for savvy buyers and renters. The area, roughly bounded by Northern Boulevard, Junction Boulevard, Roosevelt Avenue and the Brooklyn-Queens Expressway, is fully loaded with stunning pre-war co-ops practically everywhere and shiny new redevelopments for under $800,000. Combine this with its diverse cultural offerings and a myriad of subways that can always get you smack dab in the middle of Manhattan in less than 30 minutes (that’s better than a lot of the up-and-coming areas of Brooklyn, mind you), it has all the makings for the next hipster-setting housing boom.

 

Some time around 1916, a planned development for Jackson Heights was set up by the Queensboro Corporation, and by 1917, with the Flushing Line subway now reaching the neighborhood, the community began to attract middle- to upper-middle class residents in droves. At that time, the area was mostly made up of mid-rise co-ops, replete with ornate exteriors done up Tudor-style with parquet floors, sun rooms and working fireplaces surrounded by newly-built churches and private parks (incidentally, the term “garden apartment” was coined here to impart the idea of apartments surrounded by a plant life). Even the iconic neighborhood golf course near 79th Street and 35th Avenue was bulldozed by the Queensboro Corporation to make way for new co-ops.

 

A very large historic district was established in 1993 covering the neighborhood’s main areas which limited glassy towers built by deep-pocketed developers and maintained a sense of what was imagined nearly a century ago.

 

Within the historic district, one of the most prestigious addresses is the Towers, a pre-war co-op at 81st Street and 34th Avenue. Made up of eight buildings framing a lovely courtyard, the Towers’ original details still remain. Nearby, there are a slew of semi-attached homes that set themselves apart from typical semi-attached homes found throughout the borough. These homes are dressed in multi-toned slate roofs, shutters, and driveway gates especially near 87th Street near 34th Avenue.

 

TODAY’S JACKSON HEIGHTS

 

In the face of rising rents across Brooklyn and Manhattan, Jackson Heights has become a very attractive alternative for new families looking for more space and a diverse, integrated neighborhood to raise their children. The area boasts a large Latino and Asian community, the latter making up nearly a quarter of the residents, and overall represents more than 70 nationalities.

 

Although not quite caught up with neighboring Astoria’s hipstery offer, Jackson Heights is steeped with great boutiques and long-loved eateries. There are hundreds of ethnic restaurants found along its streets, and as a whole, they perfectly represent the area’s melting pot community. Great spots with savory bites include Uncle Peter’s (for the ultimate Italian), Amdo Kitchen (Tibetan food from a truck), The Arepa Lady (for cheesy Colombian-style arepas), Guadalajara de Noche (for juicy, stacked high sandwiches) and Khao Kang (for some super spicy Thai). If you have a sweet tooth, the pastries at Cannelle Patisserie are in order. Caffiene addicts will love Espresso 77. Opened in 2007, it has grown so popular that it’s expanded to none other than Park Slope, Brooklyn.

 

The neighborhood is also close to Fresh Direct for pick-up or delivery, making grocery shopping quick and easy (the ultimate sign of gentrification); while a greenmarket on 78th Street hawks practically everything from gluten-free and vegan baked goods to locally-made yogurt. You’d be remiss to not explore the Jackson Heights’ standby markets, including the massive Patel Brothers where you’ll find a colorful plethora of Indian ingredients, the New York Mart which is the go-to for Chinese staples, and Thai Thai Grocery for the spiciest and sweetest of Thai goods.

 

For outdoor pleasures, Travers Park is considered the main playground and boasts a variety of ball courts for basketball, baseball, soccer and tennis. There’s a huge Halloween Parade on the main avenue every year. And there’s an annual film festival featuring local artists’ work called Queens World that has screenings in various venues in the neighborhood. The One-Room Schoolhouse Park, named after the borough’s last one-room schoolhouse, is located at Astoria Boulevard and 90th Street. An indoor playground called Fiesta Kids (off 83rd Street) will set you back about $5 to $7 a day for offerings such as music classes, soccer clubs, Mommy and Me yoga sessions and Story Time.

 

HOMES FOR SALE AND RENT

 

The current housing market if mostly made up of co-ops, single-family homes and more than a handful of newly developed rentals and glassy condos. Prices have risen in recent years; in 2014, 501 co-ops, condos and single-family houses sold at an average of $276,000, according to figures recently published in the Times, indicating an 8.2 percent increase over the average of $255,000 for the 479 listings sold in 2013.

 

Homes currently on the market for rent range from about $1,550 to $2,000 for a one-bedroom, while two-bedrooms are going for $1,700 to $2,450. MNS’s most recent Queens Rental Market Report (June) reports that prices for studios took a sharp upturn, increasing by 6.82 percent since May. One-bedrooms also showed an increase of 1.83 percent in June. No surprise if a neighborhood is identified as “going trendy.”

 

Currently, CORE has a listing at the Versailles at 76-10 34th Avenue (above). This high-end two-bedroom co-op comes in at about 900 square feet and is priced at $398,500. The bathroom has recently been enlarged and renovated, and along with lovely views of Manhattan, there is access to a wraparound communal garden. The unit’s floors are hardwood and the ceilings are high. Another CORE co-op is inside the Madison at 35-06 88th Street. Inside the Historic District, the first-floor one-bedroom unit is made up of about 900 square feet and features its original hardwood floors, a windowed kitchen and lovely archways. The building offers a communal garden and is priced at $317,500.

Ben Jacobs + Emily Beare | CORE, 1 Centre Market Place

Modern NYCAugust 10, 2015

$6,950,000

 

1 Centre Market Place is a sophisticated and contemporary home built in 2006 by the famous NYC designer and developer duo, Robert and Courtney Novogratz. This rare 18-foot wide townhouse, perfectly located on a quiet, low traffic block on the border of Soho and Nolita is truly a unique offering. The four story 4,100-square-foot home has everything your heart desires including 5 bedrooms, 3 full bathrooms, 2 powder rooms, 2 terraces and a beautiful sun drenched roof deck overlooking the magnificent Renaissance Revival dome of the famous Police Building.

 

Having just undergone an extensive renovation, 1 Centre Market Place is without a doubt in
turn-key, move-in ready condition. Renovations and updates include: new exotic hardwood
floors, new hardwood moldings, fresh paint, new light fixtures, radiant floor heating throughout the entire house, new Siedle security system, new Nest heating/cooling system, new central Vacuflo system, upgraded electrical with smart outlets, and new noise cancellation/air-tight insulation throughout all of the walls/ceilings. Other amazing improvements to this townhouse feature updated Yamaha speakers with a brand new separately zoned (indoor and outdoor) Russound Audio System that can be controlled manually or by Bluetooth.

 

On the main floor the spacious living room and gourmet chef's eat-in kitchen features custom wooden cabinetry, stone countertops, Viking cooktop/oven/warming drawer/microwave, Sub-Zero refrigerator, Miele espresso machine, Miele dishwasher, and two skylights. Encompassing the entire second floor, the master suite includes a terrace, massive walk-in closet with custom built-ins and large master bathroom with a soaking Jacuzzi tub and stand up shower. The third and fourth floor offer 4 additional bedrooms, two split bathrooms and two walk-in closets. The fourth floor also has a terrace. In addition there is a finished basement with heated floors, powder room, enormous crawl space for additional storage and a laundry room with sink and Maytag W/D. 

Success or Excess: What’s Behind Manhattan’s New Residential Sales Record?

The New York TimesAugust 07, 2015

Manhattan added a new superlative recently when the average price for a residence was reported to have hit $1.7 million, the highest ever. The milestone was hailed as proof the real estate market has bounced back from the 2008 recession, and indeed, the good times seem to have returned for some, including the real estate industry. But can anyone who doesn’t run a hedge fund still get in?

 

The Eight-Figure Apartment

 

A key reason for the gaudy numbers is that the higher end of the island’s real estate market is exploding. In yet another indicator that the richest of the rich have had the best recession recovery, sales of $10 million residences have doubled since 2009. (That’s adjusted for inflation, meaning that the 2009 numbers include anything that was over $9 million at the time.)

 

One Madison 

 

Ten $10 to #15 million apartments sold in this building, which languished unfinished for years after the 2008 bust.

 

COMEBACK One Madison was built in 2007 but foundered during the recession and remained unfinished for several years. Buyers, which have included Tom Brady and Rupert Murdoch, are now scooping up its eight-figure apartments, many at double their 2007 prices.

Homes for Sale in Brooklyn and Manhattan

The New York TimesAugust 07, 2015

Bed-Stuy Brownstone $1,350,000 | BROOKLYN 900 Lafayette Avenue

 

A five-bedroom, three-and-a-half-bath circa 1899 brownstone, now divided into a garden-level two-bedroom one-bath unit and an upper duplex with three bedrooms and two and a half baths. Open house Sunday, noon to 2 p.m. Paul Johansen, CORE (917) 612- 1912; corenyc.com

Related CEO Jeff Blau Parts Ways with 1040 Fifth Pad for $30M

The New York ObserverAugust 07, 2015

We doubt real estate executives get too sentimental over the sale of their apartments, particularly lucrative ones, but now would be the time, if there ever was one, for Related CEO Jeff Blau and wife Lisa to shed a few tears over their old co-op at 1040 Fifth Avenue.

 

After one year and a few not-so-negligible price cuts, the Related Companies CEO and his wife have sold the apartment to Tulpe LLC for $30 million; the co-op went into contract this April, as the Observer previously reported.

 

The Blaus purchased the eleven-room apartment for $21.4 million in 2008 and after a perfectly respectable tenure of six years, listed it for more than twice the amount—$43 million in 2014.

 

The apartment was featured in Architectural Digest. (StreetEasy) In all fairness, the couple has shown themselves willing to pay premium prices for their personal real estate—last year they purchased a townhouse 113-115 E. 70th Street for a widely-discussed $51 million from former Coach executive creative director Reed Krakoff—so perhaps they expected the same of a buyer. No matter, the 1040 Fifth pad is sold now. And $30 million is no pocket change. While it might not have quite the same level of luxury as their new townhouse, it’s hardly shabby—the four-bedroom, 4.5-bath co-op was featured in Architectural Digest in 2011 after a three-year renovation by Shelton, Mindel and Associates. Mrs. Blau told the magazine that she and her husband both like a “modern aesthetic,” and that  Mr. Mindel was able to satisfy her love for color and her husband’s preference to stay away from it by selecting a tangerine and lime palette for the living room and dining room, and throwing in colorful accents elsewhere.

 

Mr. Blau kept it in the Related family with the brokers—Emily Beare and Elizabeth Beare at Core (Related purchased a fifty percent stake in Core in 2014). The Mlles. Beares had no comment on the sale, but per the listing, the co-op has a private elevator landing and features original herringbone floors, a planting terrace, and a wood-burning fireplace. The tastefully done en-suite master bedroom, meanwhile, has its own private terrace and no less than four closets.

Here Are the Resi Experts Coming to TRD’s China Showcase

The Real DealAugust 05, 2015

To date, the following individuals have confirmed their participation: Fredrik Eklund of Douglas Elliman, Andrew Heiberger of Town Residential, Stephen Kliegerman of Halstead Property, Jonathan Miller of Miller Samuel, Miki Naftali of the Naftali Group, Shaun Osher of CORE, Eran Polack of HAP Investments, Shlomi Reuveni of Town Residential and Jonathan Simon of Simon Baron Development. 

Saturating Social

The Real DealAugust 01, 2015

The day after mega brokerage Douglas Elliman launched its new 300-plus-page magazine this spring, its top executives and brokers took to social media. 

Charming East Village Apartment Asks a Wee $495,000

CurbedJuly 31, 2015

Welcome back to The Six Digit Club, in which we take a look at a newish-to-market listing priced under $1 million, because nice things sometimes come in small packages. Send nominations to the tipline.

 

This East Village apartment on 11th Street between avenues B and C might not look like much from the get-go, but it's got all the makings of a lovely little house: a whitewashed exposed brick wall, an updated kitchen, a windowed bathroom, a washer and dryer, and access to a communal backyard. Yes, the bedroom is teeny tiny, but so is the apartment's ask: it wants just $495,000. It also comes with a built-in gym membership in the form of five flights of stairs.

Manhattan’s Top 10 Condo Flips

The Real DealJuly 29, 2015

The next four most profitable flips were all at Related Cos. and HFZ Capital Group’s One Madison, at 23 East 22nd Street in the Flatiron District. The units – including two 14th-floor apartments sold by owner Michael Wolf for a combined $8.8 million – netted their owners a total profit of $5.2 million, or a 31 percent markup, mere months after the initial purchases.

 

David Anthony: Licensed Real Estate Salesperson, CORE Group Marketing

The Native SocietyJuly 22, 2015

What's Your NativeAdVantage: Licensed Real Estate Salesperson at CORE Group Marketing

 

Bio:

 

Securing local and international clientele with his charismatic personality, superior level of professionalism and passionate approach, David Anthony has established himself as a key player in the New York City real estate market. As a Licensed Real Estate Salesperson at CORE, he works tirelessly to
 educate each of his clients in order to achieve their lifestyle and financial needs. Offering almost a decade of client services, he is well versed on the nuances of working with both buyers and sellers throughout several of Manhattan’s most popular neighborhoods. David currently holds a designation as a Certified Buyer Representative (CBR®).

 

Before entering the real estate industry, David moved to New York City to study Fashion Advertising and Marketing Communications at New York City's Fashion Institute of Technology. As a result, he has held coveted positions in both sales and public relations for some of the world's top luxury brands, including Louis Vuitton, Burberry and Gucci. “I am an advertising and marketing specialist that just so happens to work with amazing properties everyday.” For that reason, David believes his professional experiences have provided him with the key characteristics and traits that help him successfully navigate his clientele through Manhattan’s housing market. When David is not working, he is out discovering new and exciting places to eat throughout the city and admiring the architectural designs of many of Manhattan’s most iconic buildings. In addition, when able, he commits several hours to volunteering with various organizations through New York 
Cares.

 

What do you do best?

 

I am best at being me!!! There is only one David Anthony and I didn’t get into real estate to be average. Stay tuned!

 

What makes you the best?

 

I think overall I have an amazing personality with a lot of confidence (can’t you tell) and that helps make me the best. The ability to connect with my clients, listen to them and understand them is something that is not easy for many to do effectively. Throughout my professional career thus far, I can honestly say that 95% of my clientele has crossed over to become more than just a client. They are individuals that I have developed great friendships with. The other 5% must have lost me number some how. Here is another little insight I will share about what makes me the best. HAVING FUN!! There is a time and place for everything, but don’t forget to enjoy this journey called LIFE.

 

How will you stay the best?

 

My formula for staying the best is very simple: faith, belief, confidence and hard work.

 

What are your aspirations: business & personal?

 

Personal: My personal aspiration is to be an overall better person than I was yesterday. Each new day I want to grow more, learn more, help more, do more and most importantly enjoy life more. I would love to one-day start a family.

 

Business: My business aspiration would be to grow and expand my brand as a real estate broker and ranked among the top-producing agents of New York City. Many of my CORE colleagues have been ranked , so I am in a great environment to learn. I also want to fulfill my longtime dream of developing a luxury-clothing brand, focusing on men’s suiting.

 

What fascinates you?

 

Hearing the success stories of others truly fascinates me. Their successes motivate and inspire me to work even harder. It helps me to never give up on my dreams. It reminds me that if they did it, I can do it too!

 

Favorite Motto?

 

LIVE life to the fullest, LAUGH often and LOVE what you do! Everything else will fall into place.

 

Favorite People?

 

My favorite people are the individuals in my life that genuinely and wholeheartedly believe in me. They motivate me to be the absolute best at any and everything I do. I am grateful to have my mother and father as my #1 supporters. I love you mom and dad!!! Although she is technically not a person, I have to include my Italian Greyhound, L’Oréal. She is the most sweetest, loving, adorable dog in the world. She loves me unconditionally and brightens up my day. (You have to be a dog owner to fully understand)

 

Favorite Places?

 

I need to get a few more stamps in my passport before I can answer this question. There are so many places I have yet to explore. Send me some suggestions!

 

Favorite Products?

 

For some reason when I think about my favorite product(s), skin care products first come to mind. So, we’ll go with that. My favorite skin care product is a mint julep masque. Twice a week you can find me at home with this green masque on my face for hours while I watch TV and clean around my apartment.

 

Current Passions?

 

I am very passionate about my career to the point that I probably could be clinically diagnosed as being a workaholic. When I am in work mode, I tend to work very long hours. It’s very common to find me up at 3am researching properties for a client or just keeping myself familiar as new listings and buildings hit the market. However, on the flip side, I absolutely love what I do, so it doesn’t feel like work to me. Even when I am watching TV the channel stays either on the HGTV or DIY network. When I do manage to pull myself away from work. I am also passionate about spending quality time with my amazing family and friends who I have neglected because I am a workaholic. LOL

Michael Lessner: Real Estate Salesperson, CORE

The Native SocietyJuly 22, 2015

What's Your NativeAdVantage:

 

Bio:

 

Michael Lessner joins CORE as an experienced real estate salesperson. Teamed with top-producing Associate Broker Maggie Kent, Michael supports and expands on all business endeavors. He is considered a consummate professional, always keeping his clients best interest at heart. His personable approach, trustworthiness and ability to creatively problem solve in any situation is what sets him apart in the industry. Prior to CORE, he worked in both digital analytics and sports marketing for two of the largest companies’ in their respective fields. These unique experiences enable Michael to strategically research, evaluate and market for his sellers and buyers and address their specific needs. Michael is a graduate of Syracuse University with a Bachelor’s Degree in Marketing and Entrepreneurship and Emerging Markets.

 

What do you do best?

 

I enjoy connecting with people. If you don’t understand someone’s goals and motivations, it’s very hard to deliver results. People are smart, they can tell when someone isn’t looking out for their best interests.

 

What makes you the best?

 

Never becoming satisfied with being the best. There is always better. Reaching and then exceeding goals and expectations is the fun of it.

 

How will you stay the best?

 

Embracing how much more there is to learn, surrounding myself with people much smarter than me and constantly moving forward.

 

What are your aspirations: business & personal?

 

Personal: Enjoy life, travel, try new things

 

Business: Continue to grow my business the right way. Never be satisfied. Never lose why I got in the business.

 

What fascinates you?

 

Studying the paths of successful businesspeople.

 

Favorite Motto?

 

Work like there is always someone working twice as hard.

 

Favorite People?

 

Family

 

Favorite Places?

 

Elberon, NJ

 

Favorite Products?

 

Apple

 

Current Passions?

 

Family, friends, sports, good food

Mapping ODA's Dozens of New Boxy Buildings In NYC

CurbedJuly 21, 2015

It seems like every week, plans for a new building are filed by the architecture firm ODA. Over the last two years, we've written about nearly three dozen different projects by ODA, ranging from towers on the Brooklyn waterfront to small boutique buildings on the Upper West Side. The firm has clearly become a go-to for developers big—TF Cornerstone tapped ODA for phase two of Hunters Point South—and small, and the firm has solidified its position as the experts of Jenga-tecture, i.e. buildings that look like stacked boxes. To track this proliferation of Lego-like structures, we mapped 34 of ODA's most recent commissions—some of which think outside the box.

Lisa Graham | CORE, Museum Tower

Modern NYCJuly 20, 2015

$8,390,000

 

One-of-a-kind, 4-bedroom corner residence boasts breathtaking Central Park and skyline views at the award-winning and world-renowned Museum Tower. This triple mint condition home is the result of two adjoining units being meticulously renovated and combined to form an expansive 3,454-square-foot residence of extraordinary scale and light in the most desirable line in this iconic building.

 

Upon entering this impressive residence, you are drawn to the grand living and dining room featuring high ceilings and oversized windows that frame awe inspiring northeast views, with the famed Museum of Modern Art (MoMA) Sculpture Garden below.

 

Exceptional details and custom finishes are featured throughout, including an immaculate Poggenpohl windowed kitchen with top-of-the-line Miele appliances. Wide plank solid oak flooring and the finest custom oak millwork have been installed throughout the home. The luxurious bathrooms feature custom Poggenpohl cabinetry and wall paneling and rainforest glass showers. This gracious abode also features two Miele washer/dryers, electronically controlled window treatments and custom lighting, a built-in sound system, and fitted closets throughout. All bedrooms are generously proportioned and a very large master suite and walk-in closet have been created as result of the combination of the two units.

 

The Museum Tower Condominium is part of the prestigious MoMA complex and is located in the heart of Midtown, among Manhattan's finest shopping and restaurants. The incomparable white glove building has an attentive staff of 52, and offers optional maid, laundry, and valet services. A spacious, well-appointed fitness center with a sauna is on the premises (nominal fee), as well as media, conference and wine tasting/storage rooms, and a beautiful landscaped roof terrace overlooking the MOMA garden.

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