News

Pricey Digs: Tranquil Spaces On the LES

Luxury Listings NYCJuly 14, 2015

Heather McDonough and Henry Hershkowitz's listing at 119 East 10th Street is featured in the July/August issue of Luxury Listings NYC.

Spaces with Vibrant Pops of Color

New York SpacesJuly 13, 2015

What is more fun than looking at real estate listings? CORE has some listings showcasing vibrant pops of color and interesting details—everything from a custom graphic mural to a beautiful garden and a space designed by a world-renowned architect.

 

 

32 West 18th St, 7A – Listed at $5,395,000, this 3-bedroom, 3-bath is located in Flatiron. The apartment was designed by world-renowned architect, Rafael de Cardenas and boasts a custom graphic mural in the dining area by muralist, James Conran.

22 Contracts Signed at $22M and Above Last Week

The Real DealJuly 13, 2015

Of the 22 sales over $4 million, fifteen were condos, five were co-ops and two were townhouses. The average asking price for listings over $4 million was $7.1 million. The previous week, 23 contracts over $4 million were signed. 

Open House Agenda: 3 Co-ops Under $550K to See This Weekend

DNAinfoJuly 10, 2015

NEW YORK CITY — These three new-to-market co-ops — in Manhattan, Brooklyn and Queens — are all recently renovated and roughly near the $500,000 mark.

 

226 E. 12th St., Apt. 3F, East Village
1 Bedroom/1 Bath
Co-op
Approximately 450 square feet
$485,000
Maintenance: $928 per month
Open House: Sunday, July 12, 3-4:30 p.m.

 

Lowdown: Though small for a one-bedroom, this pre-war, East Village co-op is in an excellent location and the owner, who has lived there for three years, painted and renovated, including outfitting the kitchen with custom cabinets, resurfacing the parquet floors and installing thick, soundproof doors.

 

“It’s on a great block, it’s quiet and it doesn’t need any work at all,” said Scott Stryker of Town.

 

His firm analyzed the monthly costs of owning this unit compared to what it would cost as a rental in the current market and found, "given the current mortgage rates, it’s cheaper to buy than to rent," Stryker said.

 

The unit doesn’t get direct sunlight, however there is “plenty of indirect light” and it “feels bright.” The western exposure helps.

 

The closet space is built up and has shelving for storage.

 

The pet-friendly building has “really good reserves." Amenities include bike storage (for $10 per month), two elevators, a recently upgraded laundry room and additional storage.

 

Location: The building sits between the Second and Third avenues. In addition to all that the East Village has to offer — including anew "postmodern Polynesian" bar — Union Square is a few short blocks away and SoHo, the Lower East Side and Greenwich Village are within easy walking distance. The closest train is the L station at Third Avenue and 14th Street, but it's not much farther to Union Square's 4/5/6 and N/Q/R trains.

 

Why put it on your open house calendar?  "It’s a turnkey ready apartment in a great location that you don’t have to put any additional money into. It’s ideal for a first-time buyer or a second-time buyer looking to change locations," Stryker said. Also, the seller had a designer friend decorate, and he’s willing to sell the furnishings to go with the apartment, he noted.

 

35-25 78th St., Apt. 31, Jackson Heights
2 Bedrooms/1 Bath
Co-op
Approximately 1,025 square feet
$520,000
Maintenance: $653 per month
Open House: Sunday, July 12, noon to 1:30 p.m.

 

Lowdown: Pre-war details and moldings, 9-foot ceilings, original hardwood floors and oversized windows are but a few reasons this Jackson Heights third-floor walk-up is worth checking out, said Barbara Lombardo of Core.

 

“The light is really quite beautiful,” Lombardo said, adding that the unit has both east and west exposures. “And the building’s garden is almost a block long.”

 

A full-sized dining room — that could also be used as an office or another bedroom, with a bit of remodeling — is another plus.

 

The sellers have lived there for eight years. They fully renovated the kitchen a little over a year ago, adding Caesarstone counters, cabinets (some of which are custom), new floors and walls, and stainless steel appliances, Lombardo said. Prior updates include a new bathroom vanity and fixtures.

 

The living room, dining room and master bedroom (which is currently a kids’ room) overlook 78th Street. The kitchen, bath and second bedroom face the large garden that has a path around it and seating. “It’s like your own park right outside your door,” Lombardo said.

 

The Hampton Court complex comprises four landmark buildings designed by George H. Wells and built between 1919 and 1921 that are within the Jackson Heights Historic District. This building has 15 units, an on-site super, laundry in the basement and a storage bin that comes at no additional charge. Pets are not allowed.

 

Location: Supermarkets, restaurants, cafes and additional stores, including a Starbucks, are down the block at 37th Avenue, a main shopping street. In the other direction at 34th Avenue and 78th Street is a year-round greenmarket on Sundays.

 

The subway hub of the Jackson Heights-Roosevelt Avenue and 74th Street-Broadway stations — with the 7/E/F/M/R trains — is less than half a mile away. The Q70 express bus to LaGuardia is also at Roosevelt and 75th Street.

 

Why put it on your open house calendar? With rents on the rise in the neighborhood, it’s an opportunity to own a large unit in an historic building that also has low maintenance.

 

“It’s an amazing space, is close to Manhattan with five train lines [nearby] and has a great green space outside the door,” Lombardo said. “It’s a very special apartment.”

 

315 Saint Johns Place, Apt. 1D, Prospect Heights
1 Bedroom/1 Bath
Co-op
Approximately 775 square feet
$549,900
Maintenance: $604 per month
Open House: Sunday, July 12, 1-3 p.m.

 

Lowdown: This “quiet” apartment is on the first floor, however it is raised about 6 feet off the lobby, said Mark Jovanovic of Compass. “It faces the garden and gets great light, especially in the afternoon, since there are no high rises around [the building].”

 

The efficient layout coupled with the 9-foot, 4-inch ceilings makes it “feel big and spacious.” The living room is large enough for the current sellers to have their nursery in its 10-foot by 10-foot alcove near the hallway to the washer/dryer and bathroom.

 

The sellers fully renovated it about three years ago, Jovanovic said, gut renovating the kitchen and bathroom, installing recessed lights and building out the closets. “It’s in move-in condition,” he said.

 

The building has “very low maintenance, especially for a part-time doorman building," Jovanovic said, noting that similar buildings normally run closer to $1,000 per month in maintenance.

 

In addition to the part-time doorman, the building has a common garden, a live-in super and is pet friendly.

 

Location: The building is on a block that extends out from Grand Army Plaza, which includes an entrance to the 2/3 trains. The B/Q are two blocks farther down Flatbush Avenue at Seventh Avenue. 

 

Prospect Park, the Brooklyn Library, Brooklyn Botanic Garden and the Brooklyn Museum are steps away, as are plenty of shops and restaurants in Prospect Heights, and nearby Crown Heights and Park Slope.

 

 

Why put it on your open house calendar? “It’s a lot of space for the price, it’s renovated, it feels good, is in a great location and has a low maintenance,” Jovanovic said. “We’re getting incredible web traffic and requests, and we think it will go quickly.”

Bryan Baltimore: Licensed Real Estate Salesperson, CORE

The Native SocietyJuly 09, 2015

What's Your NativeAdVantage:

Bio:

Bryan Baltimore is a Licensed Real Estate Salesperson at CORE, working alongside industry veteran Michael Rubin. As Michael’s assistant, he ensures that deals and transactions run smoothly from start to finish while overseeing marketing initiatives. First joining CORE as a New Development Associate, he is well-versed in researching relevant market trends, synthesizing data and keeping a pulse on New York City’s pipeline of residential projects. He boasts a highly unique portfolio of real estate experience in both the resale and new development sectors, complimented by his thorough approach to customer service. Bryan finds great joy in knowing that his clients are completely satisfied with the service that he provides. His outgoing personality, ability to solve problems and attention to detail are just a few of the qualities that make him a great asset to CORE. He is a graduate of the University of South Florida in Tampa, where he received a Bachelor’s in Economics with a minor in Business Administration.

 

What do you do best?

 

I am great at making people feel comfortable and gaining trust among others. I am very transparent and I’m always looking to make the lives of those around me better. When you look me in my eyes you know I am fully engaged. I genuinely care.

 

What makes you the best?

 

I have a strong faith in who I am and what I am doing. I believe in myself. That paired with a resilient mindset and an absurd willingness to succeed places me among the finest.

 

How will you become the best?

 

Day in and day out work ethic. There are no shortcuts. Real estate is a grind but each day is an opportunity to improve. It is important for me to learn something new, meet someone new and perfect my craft every day. I’m in this business for the long haul.

 

What are your aspirations: business & personal?

 

Personal: To build wealth for future generations. To become fluent in Portuguese and own property in Brazil. To learn to play the guitar. To live life with purpose and meaning.

 

Business: Ultimately, to be the best in what I do and how I do it while giving back and inspiring others. All profits, growth and gain follow these ideals.

 

What fascinates you?

 

I find great interest in diversification. I enjoy learning about cultures, ways of life and the evolution of people

 

Favorite Motto?

 

Be comfortable being uncomfortable.

 

Favorite People?

 

Family, friends and new people. I think that covers pretty much everyone.

 

Favorite Places?

 

San Juan, Puerto Rico, Montauk, New York and anywhere up real high or on the water. Clean air. Clear mindset. Renewed perspective.

 

Favorite Products?

 

A nice skeleton watch, tailor-fitted suit, a perfectly aged rib-eye steak and a really good glass of Pinot Noir…I’m a classic man.

 

Current Passions?

 

To see the world and rediscover myself over and over again in the process.

Bruce Mosler, Rodrigo Nino to Speak at TRD's Shanghai Showcase

The Real DealJuly 09, 2015

Bruce Mosler of Cushman & Wakefield and Rodrigo Nino of Prodigy Network have added their names to the group of panelists assembled for The Real Deal’s U.S. Real Estate Showcase & Forum in Shanghai.

 

Other new additions to the panels include Stan Gale of Gale International, Shaun Osher of CORE, Rotem Rosen of Sapir and Neal Sroka of Douglas Elliman.

 

Cassie D’Agata: Licensed Real Estate Salesperson, CORE

The Native SocietyJuly 09, 2015

What's Your NativeAdVantage:

 

Bio

 

A career in real estate was inevitable for Cassie D’Agata. From buying her first condominium in Washington, D.C. in 2002 to sitting on the board of her current Soho co-op, Cassie has gained practical experience buying, renovating and selling properties. Her passion for real estate grew from her own experiences, and has evolved into a career she truly loves. Through her coursework at Parsons School for Design and a background in interior design, Cassie is able to present her clients’ properties in the best possible light, whether renting or selling. She is also thrilled to help home-seekers find the building and neighborhood that best suit their needs, as well as visualize the potential of a new space to become their dream home.

 

Originally from the D.C. area, Cassie graduated from the University of Virginia and began her professional career in Management Consulting. Through 10 years as a project manager, she gained customer-facing experience managing the design and delivery of innovative business solutions for her clients. Cassie serves her real estate clients with the same focus on detail and organization through customized home searches and property sale marketing plans so they receive the full attention and results they deserve. Besides her work, Cassie also enjoys experiencing all New York has to offer – from culture and music to community activism. She is currently part of a mentorship program donating time guiding a high school student in preparation for college.

 

What do you do best?

 

I don’t consider myself as a salesperson; I see my role more as a trusted advisor. When working with buyers, I help them figure out what they want and then advise them how to get it, never the reverse. When working with sellers, I figure out the unique selling proposition of their home and, through staging, photos and marketing, highlight that uniqueness to attract the right buyers.

 

What makes you the best?

 

I can’t sleep until I know every detail has been taken care of.

 

How will you become the best?

 

By continuing to grow and push past what makes me uncomfortable.

 

What are your aspirations: business & personal?

 

Personal: To have a balanced life that includes spending time with family and friends, pursuing hobbies that I love and taking the time I need for myself.

 

Business: When I decided to make the career change to become a Real Estate Agent, my goal was to be knowledgeable and someone that people want to work with. There are a lot of factors that go into both, but as long as I am working towards those two things I am content and believe success follows.

 

What fascinates you?

 

People following their passions. I am inspired by those that take a leap of faith to pursue a talent or an idea that is outside of the mainstream.

 

Favorite Motto?

 

“Be fearful when others are greedy and greedy when others are fearful” – Warren Buffet. I am a strong believer in not following the pack and doing what is best for you at the time and not necessarily for the masses.

 

Favorite People?

 

Warren Buffet, Ellen Degeneres, Diane Von Furstenberg, the guy that plays the piano in Washington Square Park

 

Favorite Places?

 

Paris and Hawaii

 

Favorite Products?

 

Elle Décor magazine and shoes!

 

Current Passions?

 

My dog, my family, my home, pre-war architectural details, Words with Friends, dance classes, watermelon

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.

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