News

Summer Cocktails at 93 Worth Penthouse

Real Estate WeeklyJuly 08, 2015

City brokers gathered for sunset cocktails at 93 Worth’s Penthouse 7  – the largest of the seven penthouses in the building, developed by IGI-USA. Currently on the market for $9.9 million, the penthouse terrace offers views of the midtown skyline and World Trade Center. 93 Worth is  over 95 percent sold and was one of the first buildings along the Broadway corridor of Tribeca.  Head of sales is Core’s Doron Zwickel.

Behind the Curtain with Tony Sargent, CORE

InmanJuly 06, 2015

Tony Sargent: ‘Clients demand information and service quickly’

Customer service, client needs and keeping up with technology

 

Tony Sargent of CORE on why hiring more people helps his business, how websites started his real estate obsession and why improving the customer experience is core.

Daughter of Billionaire Financier George Soros Finds Buyer for $24M W. Village Townhouse

Daily NewsJuly 06, 2015

A classic brick Greek Revival townhouse owned by the daughter of billionaire hedge fund titan George Soros has gone into contract, last priced at $23.95 million.

 

Andrea Soros Colombel and her husband Eric Colombel first listed the property for sale in 2012 with a price-tag of $29.5 million, nearly three times the $11.5 million they paid for it in 2006.

 

Listings brokers Shaun Osher and Emily Beare of residential brokerage Core did not immediately respond to a request for comment on the sale.

 

The 26-foot-wide townhouse, at 10 W. 10th St., was built in 1844 and has a whopping 21 rooms, including seven bedrooms and eight bathrooms. It has a grand formal living room with wood-burning fireplaces, a library with a wet bar, a fitness center with a ballet barre, a sauna and steam shower and a private 26-by-13-foot planted terrace on the top floor.

 

Soros Colombel is following in her father’s philanthropic footsteps. She’s best known as the founder and president of the Trace Foundation, which supports Tibetan culture and development among Tibetans in China.

 

She’s likely pocketing a pretty penny from the sale but not quite as much as her step mom, Susan Weber Soros, George’s ex, who sold her Upper East Side townhouse for $31 million last year.

Real Estae Listings: New York Apartments that Cost as Much as Luxurious Storage Spaces

Realty TodayJuly 03, 2015

In recent statistics, it was found that some towers and super luxury buildings offer storage spaces that have the same price as many New York starter homes. Bloomberg listed different storage spaces that are way pricey to live in. These storage units are reportedly used by billionaires to pile up their belongings in. Some of these storage units can be even more expensive than some listed apartments in the city.

 

First on the list is the stage place offered in 56 Leonard St., which has a price of $300,000 or $1,500 per square feet. According to New York Curbed, for this price, one can already buy a one-bedroom apartment in a newly redeveloped building in Elmhurst, Queens. 

 

At 157 West 57th St., the storage place of a $100M apartment costs $216,000 or about $4,000 per square feet. In Brooklyn, one can already find a 500-square-foot one-bedroom apartment in Fort Hamilton for this price. The place reportedly has a beautiful balcony and only asks for $220,000.

 

The storage units in 432 Park Ave have prices around $190,000 or $2,500 per square feet. There is a studio that is listed for the same price on East 63rd Street and Second Avenue.

 

For less than $160,000, there is also a spacious renovated studio in Forest Hills. There is also a brand-new looking studio located in Spuyten Duyvil near Manhattan with an asking price of $109,500. This is almost the same price as the storage units offered at 252 East 57th Street.

 

The cheapest storage unit offered on the list is at 93 Worth Street in a Tribeca building which opened back in 2013. For $65,000, one can already have their own storage unit. Apartments this cheap can be seen in the Bronx that is listed for $64,500. 

Manhattan’s Top Agents Benefit from Fame, Rising Prices and Personal Branding

The Real DealJuly 01, 2015

For the second year in a row, Douglas Elliman’s Fredrik Eklund and John Gomes dominated the ranking, buoyed by their new development prowess and Eklund’s star power, courtesy of his role on Bravo’s reality real estate TV show “Million Dollar Listing New York.” Their team, which moved to Elliman from CORE in 2010, racked up an impressive $542 million in listings this year, up from $535.5 million last year and $92 million in 2013. And their dominance illustrates a larger trend.

Where Will John Legend and Chrissy Teigen Move to Next?

Elle DecorJuly 01, 2015

Thanks to her never-ending stream of videos and photos on Instagram, we've all been granted a first-hand look into super model Chrissy Teigen's adorable life with musician John Legend and their three beyond cute fur-children, Penny, Pippa, and Puddy. Teigen's Instagram account has also given us a glimpse into the glamorous New York City apartment the couple keeps. That said, you can imagine our surprise when news broke last week that the pair had decided to sell their Manhattan digs.

 

Reportedly, the stars are looking for a more spacious home in the city, with room to start a family. While there's is one celeb baby we'd love to see, we'll definitely miss getting to peek inside their current apartment.

 

But, if there's one thing we can count on, it's that Teigen and Legend are moving on to bigger and better. So, we took it upon ourselves to find a couple of swoon-worthy Manhattan listings that would be perfect for the couple and their growing family. The credentials: a spacious kitchen for chef-extraordinaire Teigen, room to entertain celebrity friends like Kim Kardashian and Kanye West, and, of course, plenty of space for a nursery and kids rooms.

 

Here are four top contenders:

 

2) 1 Centre Market Place

 

Next up, from CORE, a four-story townhouse on the borderline of lower Manhattan neighborhoods SoHo and Nolita. Built on a low-traffic block, the five bedroom home offers 4,100 square feet of living space, two terraces, and a roof deck.

 

For Teigen, the home has a gourmet chef's kitchen with state-of-the-art appliances. Plus, Legend could easily transform one of the many bedrooms into a writing or recording studio, with plenty of room left for their potential little ones.

  

The townhouse would cost the celebrity couple $7.5 million, but the entire second floor master suite surely makes up for the high price tag. Space like that is a rare find in New York City.

Emily Beare + David Beare | CORE 74 Washington Place

Modern NYCJune 29, 2015

$25,000,000

 

With the "spirit of nature" as the inspiration 74 Washington Place, originally an 1853 Greek Revival style multi-family dwelling, has been transformed into a 6-story state-of-the-art single-family residence. With unparalleled views of Washington Square Park, The Empire State Building and the new One World Trade, this magnificent home redefines townhouse living by inviting the outdoors inside. The home boasts 6-bedrooms, 6-full baths, 4-half baths and over 1,300 square feet of outdoor living space.

 

Including the finished cellar with a skylight, the home spans 9,125 square feet with an elevator, glass walls allowing the home to fill with natural light and dramatic double-height spaces. The home's finishes include a Henrybuilt kitchen, wardrobe, and vanities, Siberian oak floors, two gas fireplaces and tailor-made marble and tile work. Additional amenities include a gym, wine cellar, radiant floor heating throughout, dumbwaiter, Savant Systems home automation and an audio/visual security system. 74 Washington Place was developed by Good Property and designed in collaboration with Turett Collaborative Architects. Furnishings by Good Property and BDDW.

 

Ask an Expert: Buying a Dead Neighbor's Digs?

AM New YorkJune 29, 2015

A neighbor in our building recently died, and another neighbor and I are interested in potentially splitting the apartment to renovate and add on to each of our own individual units. What's the appropriate way to approach her children, who are handling the estate? And how soon is too soon?

 

While you're right to think you should tread lightly here, if you approach the situation the proper way, there's no reason you and your neighbor can't put in a polite offer for the apartment in question,  say our experts.

 

"When it comes to New York real estate, it is difficult to ever be too early," says real estate attorney Dean Roberts of Norris, McLaughlin & Marcus. While you might want to feel out the timing based on common courtesy, says Roberts, "It is best to let the family and, if possible, the designated executor know as quickly as possible about your interest in the apartment. Simple and polite expression of interest early would not be deemed offensive if done tactfully."

 

If, understandably,  you would rather not bother your neighbor's grieving family with the request,  CORE NYC broker Douglas Heddings recommends a phone call or letter to the attorney for the estate, instead. "The doorman or super may be able to help you find out more information," about who to contact, he notes. Failing that, says Heddings, "Perhaps a sympathy card slid under the door gently mentioning your interest in the apartment would be less intrusive."

 

In fact, it's very possible your neighbor's estate will be happy to hear from you. "Frankly, it may be to the estate's benefit to know there's an interested purchaser early in the process so that they don't have to bother with showing the apartment and hiring a broker," says Roberts. "In some ways, the offer could be helpful and well-received."

These Luxury Storage Units Cost More Than a Starter Home

Bloomberg BusinessJune 29, 2015

The condominiums at 93 Worth St. in Manhattan's Tribeca neighborhood are appointed with high ceilings, bathtubs deep enough to drown a small horse, and rich shared amenities: a rooftop kitchen, children's playroom, and fitness facility.

 

Those extras help sell apartments in the former bank building, where a penthouse is listed for $9.9 million. The building perks that convert most readily to cold, hard cash, however, are in the basement: 4-foot-by-8-foot steel storage cages into which residents pile the accumulated stuff that doesn't fit into their apartments. Developer Eldad Blaustein, chief executive officer of IGI-USA, said he recently sold one such box for $65,000. That works out to about $2,000 a square foot—a higher rate than he has gotten on some of the building's apartments.

 

“I mean, the rationale behind it, it’s hard to justify,” said Blaustein. “We all still live in a space which is smaller than we want to. That extra space is always the most valuable.”

 

Irrational or not, such hard bargains for basement storage units have cropped up more and more in Manhattan’s luxury real estate market. In 2011, reports surfaced of a $200,000 basement storage unit in a luxury building near Central Park. Two years later, a buyer paid $300,000 for a 200-square-foot storage cage in a residential tower in Tribeca.

 

Six Basement Storage Units You Can't Afford to Live In


  1. 56 Leonard St.: $300,000, or $1,500 per square foot, according to the New York Post

  2. 157 W. 57th St.: $216,000, or $4,000 per square foot

  3. 432 Park Ave.: $190,000, or $2,500 per square foot

  4. 252 E. 57th St.: $155,000, or $1,220 per square foot

  5. 520 Park Ave.: $95,000, or $2,065 per square foot

  6. 93 Worth St.: $65,000, or $2,031 per square foot, according to Blaustein


 The rise of basement storage units priced in the ballpark of Blaustein's steel cages reflects two converging long-term trends: the soaring prices of Manhattan condos and the self-storage boom.

 

Wealthy buyers have poured assets into new luxury abodes while developers have vied to build the tallest, most expensive towers. As land gets more expensive, builders have become motivated to think of new ways to get a return on their investments.

 

“There's been a shift over the last 15 years or so to maximize every square inch of a building,” said Jonathan Miller, co-president of the appraisal firm Miller Samuel and a contributor to Bloomberg View. That includes hallways, rooftops, and even unused dumbwaiters, to name some spaces that Miller has appraised in recent years. At some buildings, basement storage is included in the cost of the apartment, or offered at a nominal charge—a strategy that probably leaves money on the table. “If you’re selling a $5 [million] to $10 million apartment, a 25-square-foot storage room gets lost in the shuffle. It’s more of a revenue opportunity to sell it separately,” said Miller.

 

Storage prices have risen apace with residential prices in recent years. The chart below, based on data from real estate website StreetEasy, shows the median price per square foot by year. StreetEasy recorded 96 storage sales in 2006, the most for any year in the survey. The residential data describes the average price per square foot on a quarterly basis and was furnished by Miller Samuel.

 

Across the U.S., meanwhile, the number of self-storage warehouses has more than doubled in the last 15 years as Americans have inched closer to grasping our manifest destiny to fill every inch with last year’s styles. There are 48,500 storage facilities in the U.S., making it physically possible, in the somewhat creepy formulation of an industry trade group, for "every American [to] stand—all at the same time—under the total canopy of self-storage roofing."

 

As with Manhattan's residential real estate, demand for storage is outpacing supply and prices are rising as a result. Thanks largely to a lull in construction during the recent recession, self-storage occupancy rates are at 90 percent nationally, according to John Egan, editor-in-chief at SpareFoot, a storage industry website. "There’s no secret that we’re a consumer society; people acquire various things,” Egan said. “As more people are moving to the urban core, there’s a good chance they’re not going to have as much space to keep stuff.”

 

Of course, expensive is a relative term. Some people spend more for a single flight on a charter jet than a young professional makes in a year. The monthly rent for a horse stable or a marina berth can cost more than the mortgage on a starter home.

 

Looked at one way, the storage units sold in tandem with luxury condos can actually be a good deal. A 50-square-foot storage unit at Gotham Mini Storage—the closest facility to 93 Worth St., according to SpareFoot—costs $269 a month. At those rates, 30 years would cost more than $96,000—more than enough to pay for one of Blaustein's storage units.

Is It Rude to Offer to Buy a Dead Neighbor's Apartment?

Brick UndergroundJune 29, 2015

Q: A neighbor in our building recently died, and another neighbor and I are interested in potentially splitting the apartment to renovate and add on to each of our own individual units. What's the appropriate way to approach her children, who are handling the estate? And how soon is too soon? 

 

A: While you're right to think you should tread lightly here, if you approach the situation the proper way, there's no reason you and your neighbor can't put in a polite offer for the apartment in question,  say our experts.

 

"When it comes to New York real estate, it is difficult to ever be too early," says real estate attorney Dean Roberts of Norris, McLaughlin & Marcus. While you might want to feel out the timing based on common courtesy, says Roberts, "It is best to let the family and, if possible, the designated executor know as quickly as possible about your interest in the apartment. Simple and polite expression of interest early would not be deemed offensive if done tactfully."

 

If, understandably, you would rather not bother your neighbor's grieving family with the request,  CORE NYC broker Douglas Heddings recommends a phone call or letter to the attorney for the estate, instead. "The doorman or super may be able to help you find out more information," about who to contact, he notes. Failing that, says Heddings, "Perhaps a sympathy card slid under the door gently mentioning your interest in the apartment would be less intrusive."

 

 In fact, it's very possible your neighbor's estate will be happy to hear from you. "Frankly, it may be to the estate's benefit to know there's an interested purchaser early in the process so that they don't have to bother with showing the apartment and hiring a broker," says Roberts. "In some ways, the offer could be helpful and well-received."

Hudson Square Emerging

The New York TimesJune 26, 2015

Building amenities include a private courtyard with a wall of plants, birch tee arbor, boxwood garden and water feature. There will also be a 60-foot indoor saltwater swimming pool, a fitness center, an outdoor sports court, a steam room, a lounge with a catering kitchen and a children’s playroom, as well as a 24-hour doorman and concierge, a package room with a refrigerator, and bicycle and other storage spaces.

 

The condos will have appliances from Miele and Sub-Zero, washers and dryers, and finishes that include oak hardwood flooring and hardwood baseboards, doors and trim. Kitchens are offered with cabinetry in white lacquer or stained oak, Caesarstone counters and glass backsplashes. Master bathrooms have marble walls, floors, and countertops, among other high-end finishes.

 

The building is working toward a Leadership in Energy and Environmental Design, or LEED, certification from the United States Green Building Council. It will also have 22 permanently affordable rental apartments reserved for those who earn no more than 60 percent of the area’s median income, Mr. Mannarino said. Those apartments mean that 70 Charlton is eligible for a 20-year tax abatement, so residents will have “exceedingly low taxes for the first 12 years or so,” he added. “And they phase in over time, which is a very attractive feature for buyers.”

 

Several other residential projects are in various phases of development in the neighborhood, which extends roughly from Canal Street to West Houston and from Avenue of the Americas to West Street. It was once a manufacturing area known as the printing district and is now primarily offices.

 

Trinity Real Estate, the property arm of the Episcopal Church, which oversees about 5.5 million square feet of office space in Hudson Square, announced last year that it might develop as many as four residential towers there. But work on the first proposed building, a tower at Juan Pablo Duarte Square in an area bounded by Avenue of the Americas, Canal Street, Varick Street and Grand Street, has not yet begun.

 

Other developers are moving forward with a building of about 200 rental units at 261 Hudson Street and have applied for permits for a building at 100 Varick Street, with about 115 units, and a 49-unit building at 111 Varick Street. The 122-room Hotel Hugo recently opened, with others in development.

 

While most of these buildings aren’t yet occupied, a handful of residential developments finished before or just after the 2013 rezoning include the Renwick Modern, at 22 Renwick Street, and the Arman Building, at 482 Greenwhich Street. And ground-floor retail spaces in the new buildings are beginning to fill with restaurants and shops, said Jeremy V. Stein, a real estate agent with Sotheby’s International Realty who lives in Hudson Square.

 

“It feels like things are on the cusp of significant change- there are more people walking about,” Mr. Stein said. “Once closings take place, we will really see it.”

The Thousand List

Real Trends/ The Wall Street JournalJune 26, 2015

CORE agents Doron Zwickel, Heather McDonough, Henry Hershkowitz, Emily Beare, and their respective teams, were included in the 2015 REAL Trends “The Thousand List”.

Why TriBeCa is Still Downtown’s Nabe to Know

New York PostJune 24, 2015

Decades after TriBeCa first emerged as one of Lower Manhattan’s most desirable enclaves, the district finds itself once again in the spotlight. Its prime location — a stone’s throw from buzzing downtown construction — has upped TriBeCa’s commercial offerings, helping give the sleepy nabe a 24-hour vibe.

 

Most of all, available neighborhood development sites are attracting world-class architecture, with prices on the rise and builders placing bets that deep-pocketed buyers will want to be part of the action — in luxury settings, no less.

 

Need proof? There’s the 13-unit 12 Warren launching sales this fall. There’s also the 24-unit 19 Park Place, where a handful of apartments have already entered contract in off-market deals.

 

But take a look at TriBeCa on a macro level to view the neighborhood’s continuing rise. Roughly 526 condominium units will come to market south of 14th Street in 2015, with 60 percent of them — some 316 — slated for TriBeCa alone, according to data compiled by agents, the Marketing Directors. In 2016, roughly 823 condo units are projected to come online in this zone, with 35 percent of them — or 288 — in TriBeCa. It would be an understatement to say that neighborhood builders have never been busier.

 

“[Developers] saw TriBeCa growing tremendously and decided to do more,” says Corcoran Group broker Tamir Shemesh, who’s handling sales and marketing at 52 Lispenard St. — a seven-unit condo that came to market in March. “They found deals that make sense because there’s a major upside to their investment.”

 

More supply means more luxury product, which ultimately means higher prices. Median asking prices in the neighborhood jumped 39 percent year-over-year to $4.27 million in 2014, according to StreetEasy. And on June 15 of this year, TriBeCa’s median ask hit $4.58 million, over three times higher than the overall Manhattan figure recorded through the same date.

 

What’s arriving in TriBeCa is a mix of ground-up projects and conversions. Of the new-construction builds, the most recent is 111 Murray St. — a 157-unit tower that launched sales this week, which is developed by Fisher Brothers, Witkoff and New Valley. The building, which will house one-bedrooms to penthouses with prices from $2 million to over $17.5 million (penthouse pricing is not available), comes designed by an all-star cast. Kohn Pedersen Fox’s A. Eugene Kohn is the architect, while MR Architecture + Decor’s David Mann is designing the units. Rockwell Group’s David Rockwell will lend his touch to the lobby and amenity spaces and Edmund Hollander will handle the outdoor green spaces.

 

While examining the site before purchasing it for $223 million in 2013, the project’s developers knew they’d benefit from commercial development at the World Trade Center.

 

“As we began to hear the roster of tenants that had signed up, we began to say to ourselves, ‘Wow, look what’s happening down here!’ ” recounts Witkoff honcho Steve Witkoff of the visit he took with Winston Fisher of Fisher Brothers. He adds that the Fulton Center and Santiago Calatrava’s WTC transportation hubs, plus all the retail they’d bring, would only lure more potential purchasers.

 

Indeed, TriBeCa is also a beneficiary of buzzing FiDi development activity. But the hype also extends to Battery Park City’s Brookfield Place, which offers upscale shops and eateries.

 

Other ground-up projects include the Robert A.M. Stern-designed 30 Park Place, which topped out in January. Colonnade Group is also bringing a nine-story condo, whose unit sales are anticipated to exceed $25 million, to 403 Greenwich St.

 

There’s also Related’s 268 West St. This 46-unit project, where pricing is not yet available, is also by Robert A.M. Stern and will be completed in 2017.

 

“Not everybody wants to drive a Maybach; there needs to be product that is beautiful and affordable, but not egregiously priced,” says Rob Gross, a Douglas Elliman broker who handles deals in TriBeCa.

 

It’s already possible to pay less to live large in TriBeCa, though prices are hardly modest. One of the nabe’s conversion projects, the CetraRuddy-designed 15 Hubert, launched sales in April with units largely priced under $1,500 per square foot, StreetEasy shows. Its three penthouses priced from $5.7 million to $6.22 million — the only apartments in the 12-unit building that have not entered contract — break $2,000 per square foot.

 

“This served a niche of the market in a price point that didn’t exist,” says Louise Phillips Forbes, who’s leading sales and marketing here for Halstead Property Development Marketing.

 

Other conversions include the eight-unit 60 White St., developed by Veronica Mainetti’s Sorgente Group of America, where prices now start at $4.58 million. There’s also the four-unit Obsidian House at 93 Reade St., where prices now begin at $3.05 million. The conversion at 93 Worth St. made a splash with the addition of seven penthouses up top; the 91-unit project is now 95 percent sold. The 27-unit 11 Beach will be completed next summer.

 

The benefit of a conversion project is its historical charm, which brought Arran Patel to buy a two-bedroom, 1,800-square-foot unit at Ralph Walker Tribeca two months ago.

 

Patel, a salesperson for Douglas Elliman’s Vickey Barron — who’s leading sales and marketing at this 159-unit project — will get custom cabinetry and over 10-foot ceilings once occupancy starts in the fourth quarter.

 

“I like things that can’t be replicated,” he says.

How Much Demand Actually Exists for Uber-Luxury Demand?

The Real DealJune 23, 2015

Emily Beare, a top-producing luxury broker at CORE who currently has four listings above $20 million, said she sees continued strong demand for uber-luxury units. But she also argued that the demand-to-supply ratio may be more favorable for sellers at lower price points. “I think the $5 million and below range is where we’re seeing a little bit of a [listings] void,” she said.

 

 

A Tech Power Couple is Selling Their Beautiful New York City Apartment for $2.2 Million

Business InsiderJune 18, 2015

A New York City apartment belonging to a noted couple in tech has hit the market for $2.2 million.

 

The owners of the East Village home are Jeff Hammerbacher, an early Facebook employee and cofounder of Cloudera, and his wife Halle Tecco, founder of medical venture fund Rock Health. They bought the apartment from Chloe Sevigny for $1.76 million in 2012.

 

The couple then spent nine months renovating the space.

 

"We struggled to use color in our last apartment in San Francisco, which was all gray and navy, so we really wanted to experiment with color, pattern, and texture in this home," Tecco told Business Insider.

NYC Real Estate with History

New York SpacesJune 17, 2015

New York City is full of real estate, some with a very unique history.

 

1 Centre Market Place: Currently listed for $7,500,000, this 18-foot wide townhouse was built in 1900. Back in the 1800s, Centre Market Place was situated at the top of a high hill and for more than 100 years, was the knife's edge of weather, corruption, poverty and crime. The townhome neighbors Onieal's restaurant that once served as a speakeasy during the Prohibition. Currently, the townhome is beautifully renovated, holding magnificent views of the Old Police Headquarters.

 

344 West 11th Street, 4W: Circa the early 1900's, this historic walk-up is currently listed for $1,250,000. Situated in a coveted 'backhouse', this listing is part of a charming five-building cooperative that surrounds a very special interior 'secret garden' a serene, furnished courtyard (image below).

 

374 Broome Street, PHS: Currently listed for $8,995,000 this 3-bedroom, 3-bath penthouse at the old Brewster Carriage House is exactly where Soho, Chinatown, Little Italy, the lower East Side and Nolita intersect. Originally built in 1856, the old Brewster & Co. carriage factory resurrected an American industry. Restored in 2010, the carriage house now houses nine units yet still embodies original detailing throughout—such as the Queen Anne lobby desk, dating back to the 1700s.

Ask an Expert: Does a New Lobby Increase Property Value?

AM New YorkJune 16, 2015

I live in a 72-unit co-op building, and the board is considering a renovation of the lobby and upper hallways. They're consulting with a designer on a new paint scheme, but another option is a complete renovation of the upper halls from walls to ceiling, including new fixtures. Would this kind of renovation bring appreciable or equal value to our apartment, or is there a wiser capital improvement that would bring greater value to our apartments?

 

Giving your building's common areas a facelift will almost certainly have a positive effect on values in your building, but you and your board should plan carefully and manage expectations, say our experts.

 

"The lobby, hallways and common areas are synonymous with 'curb appeal' in the suburbs," says CORE NYC broker Douglas Heddings. "A pristine and aesthetically appealing first impression will absolutely influence a buyer as they make their way to your front door."

 

Indeed, contractor Jeff Streich of Prime Renovations notes that buildings frequently undertake these kinds of upgrades in hopes of boosting value. Unless they're diving into pricier work like adding a gym or roof deck, "Most buildings just do the hallway or lobby," he says. (Unsurprisingly, the kinds of upgrades that will have a significant effect on values, like the addition of a gym, will also cost your board serious cash.)

 

This in mind, your board needs to do its homework before deciding exactly what, if any, kind of upgrade is right for your building. Given that part of its job is to ensure your building's financial stability, the board should take a careful look at its budget before making any plans, advises Thomas Usztoke of Douglas Elliman Property Management. "Choosing a repainting of public areas is a fraction of the cost of a 100% redecorating, including fixtures, of public space and still provides a noticeable improvement while reflecting an emphasis on fiscal management."

 

While lobbies and common areas do influence a buyer's first impressions of a building, "it doesn't necessarily follow that newly-renovated common areas will automatically increase the market value of an apartment," adds Sotheby's International Realty agent Gordon T. Roberts. "There are great apartments in buildings with bland lobbies and nondescript hallways, and vice versa. It's more important that there is a consistent level of quality in all common areas, preferably sending a message that the building is exceedingly well-maintained."

 

If you and your board are still on the fence, Roberts recommend chatting up brokers who've recently sold in the building and have up-to-the-minute insight into what buyers are -- and aren't -- responding to. "Ask what feedback they've been hearing from potential buyers," he says. "Their input might help you decide how to allocate funds."

Ask an Expert: Will a Sleek New Lobby Boost Our Building's Property Values?

BrickUndergroundJune 16, 2015

Q: I live in a 72-unit co-op building, and the board is considering a renovation of the lobby and upper hallways. They're consulting with a designer on a new paint scheme, but another option is a complete renovation of the upper halls from walls to ceiling, including new fixtures. Would this kind of renovation bring appreciable or equal value to our apartment, or is there a wiser capital improvement that would bring greater value to our apartments?

 

A: Giving your building's common areas a facelift will almost certainly have a positive effect on values in your building, but you and your board should plan carefully and manage expectations, say our experts.

"The lobby, hallways and common areas are synonymous with 'curb appeal' in the suburbs," says CORE NYC broker Douglas Heddings. "A pristine and aesthetically appealing first impression will absolutely influence a buyer as they make their way to your front door." Indeed, contractor Jeff Streich of Prime Renovations notes that buildings frequently undertake these kinds of upgrades in hopes of boosting value. Unless they're diving into pricier work like adding a gym or roof deck, "Most buildings just do the hallway or lobby," he says. (Unsurprisingly, the kinds of upgrades that will have a significant effect on values, like the addition of a gym, will also cost your board serious cash.)

 

This in mind, your board needs to do its homework before deciding exactly what, if any, kind of upgrade is right for your building. Given that part of its job is to ensure your building's financial stability, the board should take a careful look at its budget before making any plans, advises Thomas Usztoke of Douglas Elliman Property Management."Choosing a repainting of public areas is a fraction of the cost of a 100 percent redecorating, including fixtures, of public space and still provides a noticeable improvement while reflecting an emphasis on fiscal management."

 

While lobbies and common areas do influence a buyer's first impressions of a building, "it doesn't necessarily follow that newly-renovated common areas will automatically increase the market value of an apartment," adds Sotheby's International Realty agent Gordon T. Roberts."There are great apartments in buildings with bland lobbies and nondescript hallways, and vice versa. It's more important that there is a consistent level of quality in all common areas, preferably sending a message that the building is exceedingly well-maintained."

 

If you and your board are still on the fence, Roberts recommend chatting up brokers who've recently sold in the building and have up-to-the-minute insight into what buyers are—and aren't—responding to. "Ask what feedback they've been hearing from potential buyers," he says. "Their input might help you decide how to allocate funds."

Chloe Sevigny's Former East Village Digs Return For $2.2M

CurbedJune 15, 2015

The garden-level co-op once owned by East Village defector Chloe Sevigny is looking for a new owner, 6sqft reports. The sellers, noted tech power couple Halle Tecco and Jeffrey Hammerbacher, are attempting to unload the apartment at 119 East 10th Street for $2.2 million. Tecco and Hammerbacher purchased the cozy one-bedroom, once described by Sevigny as "womb-like" because of its low ceilings and wood-burning fireplaces, for $1.76 million from the actress in 2011. The couple saw through a nine month renovation that enlarged the kitchen into part of the backyard, turned a hallway closet into a laundry room, and added a new shower to the hallway bathroom, all detailed in a fawning feature on Apartment Therapy.

 

Sevigny says she left the East Village behind for a "classic six" bordering Prospect Park in search of a living arrangement less governed by co-op bureaucracy, but not too long after selling expressed to The Daily Beast that she missed all of the East Village's "weirdos."

 

Tecco and Hammerbacher haven't expressed why they're movin' on, but it's probably not for the same reasons as the actress; everyone knows the East Village that Sevigny is sentimental for is dead anyway.

Chloe Sevigny’s Former East Village Pad Is Back on the Market with a New Look

6sqftJune 15, 2015

The former home of indie film star and “Big Love” actress Chloë Sevigny is back on the market. Sevigny sold the garden-level abode located at 119 East 10th Street back in 2013 for $1.76 million to tech power couple Halle Tecco and Jeffrey Hammerbacher. The couple then turned around and gave the 1,250-square-foot pad a nine-month overhaul that was featured in Apartment Therapy. Now, it’s back on the market, sporting a modern new look, a slightly modified floor plan, and a $2.2 million price tag.

 

The East Village one-bedroom, formerly described as “womb-like” by Sevigny, has ditched its earthy, bucolic vibe for a crisper, fashion-forward aesthetic. A front patio and vestibule lead you to an entry hallway where a touch of antiques dealer/designer David Cafiero’s design remains in the bold, white and green wallpaper. One of the three hall closets has been converted into a laundry room directly across from the master bedroom.

 

The master bedroom overlooks the front garden, and features a wood-burning fireplace, a walk in closet, and an en-suite bath with a cast iron tub and a second entrance back into the hallway. The powder room has a new shower, and the home office has a new pocket door entrance from the hall rather than the kitchen, giving the kitchen some extra wall space for appliances.

 

The living room has built-in bookshelves and whitewashed exposed brick surrounding a second wood-burning fireplace. A full wall of antique mirrors reflect the light from the adjacent dining room. This dining room features casement windows overlooking the private rear garden, terra-cotta flooring, and a custom built-in home office. There’s also a Dutch door leading to the patio.

 

The renovated kitchen is fashion-forward with sleek new black cabinets, a hint of exposed brick, custom butcher-block counters, a boldly designed backsplash featuring hand-painted Urban Archeology tiles, a farmhouse sink and retro appliances. There’s also additional counter space and cabinet space thanks to the new wall created by moving the door to the home office.

 

119 East 10th Street is one of 29 residences in six 19th century townhouses that make up the landmark St. Mark’s Historic District. The home features such prewar details as original beamed ceilings, base moldings, and wide-plank pine flooring. Residents also enjoy access to a large common garden, a live-in super, basement storage lockers, and bike storage.

Townhouse Renovation by Good Property

Home AdoreJune 12, 2015

This six-story single family house was recently renovated by Good Property and Turett Collaborative Architects. It’s situated in Greenwich Village, New York, United States.

 

Description by Good Property

 

This six-story single family house was recently renovated by Good Property and Turett Collaborative Architects. It’s situated in Greenwich Village, New York, United States.

 

Designed and inspired by the “spirit of nature”, the original 1853 Greek Revival style multi-family dwelling, has been transformed into a 6-story state-of-the-art single-family residence. With unparalleled views of Washington Square Park, The Empire State Building and the new One World Trade, this magnificent home redefines townhouse living by inviting the outdoors inside.

 

The home boasts 6-bedrooms, 6-full baths, 4-half baths and over 1,300 square feet of outdoor living space. Including the finished cellar with a skylight, the home spans 9,125 square feet with an elevator, glass walls allowing the home to fill with natural light and dramatic double-height spaces. The homes finishes include custom millwork by Henrybuilt, Siberian oak floors, two gas fireplaces and tailor-made marble and tile work. Additional amenities include a gym, wine cellar, radiant floor heating throughout, dumbwaiter, Savant Systems home automation and an audio/visual security system. 74 Washington Place was developed by Good Property and designed in collaboration with Turett Collaborative Architects. Furnishings by Good Property and BDDW.

Inside Related Companies' Top-Selling Condos

Multi-Housing NewsJune 08, 2015

New York—Fewer than 60 days after the tower’s 100th sale, Related Companies’ Carnegie Park has reached the half-sold milestone. That makes it Manhattan’s top-selling building in terms of units sold in the first half of this year.

 

With an address at 200 East 94th Street, the 297-residence Carnegie Park is one of the few full-service high-rise condominiums in the elegant Upper East Side residential neighborhood known as Carnegie Hill. Stylish and sophisticated, the 31-story building provides panoramic city and river perspectives, as well as a re-imagined lobby and amenities suite conceived by Robert A.M. Stern Architects. Carnegie Park offers residences ranging from studios to five-bedroom homes.

 

“With ultra luxury condominiums setting record prices all over the city, there is a large market segment whose needs have not been addressed,” Sherry Tobak, senior vice president of Related Sales, told MHN. “Carnegie Park offers buyers the opportunity to live the same luxurious lifestyle at accessible pricing, without sacrificing first class services and amenities.”

 

Residents of Carnegie Park will be able to partake of Five Star Living by Related. This dynamic concept melds exceptional locations, awesome views, world-class architecture and design, unmatched amenities and superior services.

 

The Robert A.M. Stern Architects-designed amenities spread across two floors. The first offers an expansive entertainment lounge, sunny children’s playroom and custom-designed multi-lane swimming pool overlooking an outdoor patio and half-acre, private, foliage-filled park featuring an outdoor playground.

 

A state-of-the-art fitness and yoga center is found on the lower level, while the tower‘s roof features a landscaped terrace equipped with barbecue grill and seating and showcasing dynamic panoramas of Central Park, the East River and legendary Midtown skyline. A 24-hour-attended lobby and concierge round out the extras.

 

“The entire suite of amenities, re-imagined by Robert A.M. Stern, has been a remarkable draw,” Tobak said. “From our stunning 50-foot pool, imaginative children’s playroom and half-acre private park to our magnificent resident’s lounge and fully-equipped gym and yoga studio, there are ample amenities to appeal to all buyers.”

 

Conveniently located, Carnegie Park is within walking distance of local boutiques, upscale shops, winsome cafes and Michelin-starred restaurants.

 

Also nearby are Whole Foods, gourmet markets, some of Manhattan’s best schools and recreational venues ranging from Central Park and Carl Schurz Park to Asphalt Green and the East River Esplanade.

 

 “The Upper East Side has long had the reputation of being the most sophisticated neighborhood in Manhattan, with the best cultural institutions, the finest schools and the most expensive real estate,” Tobak said. “Carnegie Park Condominium gives purchasers who do not wish to spend UES prices the chance to live in this historic neighborhood.”

404 Park Avenue South, 10D

Modernnyc.comJune 08, 2015

$4,500,000

 

Price improvement and staged. Ready to sell. In the heart of NoMad sits Huys, a 17-story luxury condo building that exudes sophistication and elegant design. This 3-bedroom, 2.5-bath home is the first resale offered in this special boutique building. Inside you will find 11.5-foot ceilings, three exposures, 8-inch brushed oak floors, a 16-foot window seat, integrated window shades and beautifully detailed millwork and hardware. You’ll be sure to enjoy the chef’s kitchen featuring Chambolle countertops, Miele appliances and a wine refrigerator. The spacious master bathroom includes a double vanity, radiant heated floors and a luxurious soaking tub. The second and third bedrooms share a Jack and Jill windowed bathroom. A beautiful roof terrace garden, state-of-the-art gym and private lounge are just a few of the white glove amenities that Huys has to offer.

1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 / 18 / 19 / 20 / 21 / 22 / 23 / 24 / 25 / 26 / 27 / 28 / 29 / 30 / 31 / 32 / 33 / 34 / 35 / 36 / 37 / 38 / 39 / 40 / 41 / 42 / 43 / 44 / 45 / 46 / 47 / 48 / 49 / 50 / 51 / 52 / 53 / 54 / 55 / 56 / 57 / 58 / 59 / 60 / 61 / 62 / 63 / 64 / 65 / 66 / 67 / 68 / 69 / 70 / 71 / 72 / 73 / 74 / 75 / 76 / 77 / 78 / 79 / 80 / 81 / 82 / 83 / 84 / 85 / 86 / 87 / 88 / 89 / 90 / 91 / 92 / 93 / 94 / 95 / 96 / 97 / 98 / 99 / 100 / 101 / 102 / 103 / 104 / 105 / 106 / 107 / 108 / 109 / 110 / 111 / 112 / 113 / 114

ARCHIVES