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New York City (Real Estate) Versus the World

The Real DealSeptember 01, 2014

Can “a real New York bargain” carry a multi-million dollar price tag?

 

The answer is an emphatic “yes” if the product in question is real estate — and if you’re comparing it to property in other parts of the world.

 

There are a number of global cities where prices are far higher than they are in the Big Apple. “We’re a bargain, and that’s the way it’s been for a number of years,” said Kevin Brown, an associate broker for Sotheby’s International Realty, who has a long list of clients from Asia. “We’re perceived as value.”

 

And the prices differentials are pretty astounding in some cases.

 

For example, in Monaco, the most expensive market in the world, homes average $6,200 per square foot, according to the most recent Wealth Report from London-based real estate consultancy Knight Frank.

 

By comparison, the average price in Manhattan was $2,300 a foot as of March, according to the report. That’s 60 percent less, though appraisal guru Jonathan Miller pegged the Manhattan average at $2,735 in the second quarter (see related story).

 

Hong Kong, London and Singapore are also pricier than New York, which ranked sixth on Knight Frank’s top 10 list, two notches higher than the year before. The cities were ranked based on the top 5 percent of their sales during all, or part, of 2013.

 

While the ranking includes several locations in Asia and Europe, Middle Eastern and South American cities are noticeably absent: For all its vast investments in luxury development, for instance, Dubai did not crack the top 10. Neither did Sao Paolo, Brazil, though both were price leaders in their regions, the data show.

 

And faced with a softening housing market, much of it by governmental design, the four Asian cities on the list may see prices drop soon.

 

In addition, New York is narrowing the gap with some Asian cities, where values are sliding after a massive multi-year run-up, brokers say.

 

“Prices are softening,” Brown said, adding that government efforts to keep real estate bubbles deflated seem to be working, especially in China.

 

“The Chinese government works in the same fashion as co-op boards do here in Manhattan,” he said. “They are the breaks in the marketplace so as to control runaway speculation.”

 

This month, The Real Deal looked at the priciest markets on the planet for residential real estate and at how they stack up against New York.

Tribeca's Priciest Rentals

Luxury Listings NYCSeptember 01, 2014

Price: $35,000/month

 

Address: 90 Franklin Street

 

Type/Size: Five bedrooms, four baths, one half bath; 5,000 square feet

 

Look Out: This full-floor home offers four exposures and 28 windows.

NYC’s Premier Properties

Luxury Listings NYCSeptember 01, 2014

93 Worth Street, 1205 in Tribeca

 

Condo (934sf): 3.5 rooms, 1 bed, 1.5 baths | Amenities: Fitness Room, Nursery, Lounge | Common Charges: $784 | RE Taxes: $995

 

93 Worth boasts an original, grand vaulted lobby inspired by Tribeca's historic textile industry, plus a fitness room, nursery and lounge. Listed at CORE by 93 Worth Sales Office, 212-219-9393, info@93worth.com. 

The Changing Face of New York Real Estate

Bello MagazineSeptember 01, 2014

In the old days, reaching 500' or 1,100' into the sky was something! For the last forty years or so, that height seemed to be the invisible line above which no one really built in Manhattan. Around the world, "starchitects" were in the business of pushing the limits, but in New York, luxury new development lagged behind commercial real estate. In its drive to touch the stars, After 9/11, many said they would never live that high up in the sky, so perhaps that contributed to New York no longer inspiring the design world with its architecture. 

The Talented Mr. Gruffudd

Bello MagazineSeptember 01, 2014

In an industry of "hurry up and wait," it is nothing I hadn't experienced before, but it was refreshing to be met with an apology. That doesn't happen often in Hollywood. Then again, Ioan Gruffudd isn't your average Hollywood actor. While the Welsh native has lived in Los Angeles for the better part of ten years, neither his accent nor his humility have been greatly affected.

Autumn Equinox

New York SpacesSeptember 01, 2014

200 East 66th Street, A1202

3 BR, 3 Baths, Approx. 2,588 SF

With two south-facing balconies off the living room and master bedroom, this gracious Upper East Side property has three exposures. The 32-ft, -by-18-ft. great room flows directly into a spacious, top-notch gourmet kitchen. Featuring one of the city's largest private gardens, Manhattan House - the 1950s white-brick structure by Gordon Bunshaft with Skidmore, Owings and Merrill - is now a landmarked Modernist icon. Listed at $6,900,000

 

Contact: CORE, Christian Rogers, 917.270.4119 and Emily Beare 212.726.0786; CORENYC.com

Autumn Equinox

New York SpacesSeptember 01, 2014

30 Bond Street, PH

3 BR, 2 Baths, Approx. 2,350 SF

This Noho duplex penthouse on Bond Street has a convivial cook/eat space in the form of a long, open-plan kitchen-and-dining area with an extended skylight overhead. With three exposures, all the living areas have abundant light - unusual for such a large, loft-like space. Up the stairway is a study with its own private terrace and yet more light. Wood-clad and faux-painted walls add charm and warmth. Listed at $5,500,000

 

Contact: CORE, Tony Sargent, 212.500.2105 and Shaun Osher, 212.726.0778; CORENYC.com

Viewpoint: Shaun Osher, CORE

9Fi5thSeptember 01, 2014

Wondering what's selling in New York City these days? The answer is anything and everything - for the right price. And prices are higher than they have ever been. Ever! We are also seeing a number of rookie developers delivering generic product in an exuberant market, and while the demand continues to outweigh the supply, they will continue to look like superstars, and sell their property in record time. Fortunately, there are also some experience developers who are active. A number of them take their task of building responsibly with an understanding that this is the greatest city on the globe, and what they build will impact our skyline for years to come. For those who want any kind of legacy, this is all about tenacity, honesty and integrity - the three ingredients that brought CORE to the top.

You Know Me - Michael Rubin

PMC MagazineSeptember 01, 2014

1. How do we know you?

I met Patrick through mutual acquaintances several years ago and we became good friends soon after. We talk about everything from real estate to our favorite places to get Chinese food.

 

2. What is your latest project?

As a luxury real estate broker, I am constantly working on the same project–finding my clients their “dream home” in Manhattan.

 

3. Where are you living?

I live in the Flatiron District on 22nd Street by Madison Square Park.

 

4. What don’t we know about you?

During my free time, I enjoy painting and training as an amateur boxer.

 

5. What is your favorite travel destination?

Recently, I’ve really enjoyed spending time in Cartagena. In general, I like to explore new travel

destinations that I have never been to.

 

6. What inspires you?

I’m inspired by the beauty found in simple things and seeing how far I am able to push myself to achieve specific goals.

 

7. If not yourself, who would you be?

When I was very young, I really wanted to be a cowboy. After all these years, I still think that would be pretty cool.

 

8. What book is your bible?

I don’t have a “bible,” but I tend to pick up books that are relevant to what I am interested in at the time. Overall, I would say etiquette books are resources that I consistently gravitate to. Good manners and knowing how to treat people well really goes a long way in this business.

 

9. What is your favorite word?

The word dichotomy, even though I have only had the opportunity to use it in a sentence a few times.

 

10. Who is your biggest hero?

Someone who does the right thing, not the easy thing.

 

11. How would you define success?

Leaving the world a better place than how you found it.

 

12. What would the last question of this questionnaire be if you were the one asking?

Q: What scares you?
A: Having my picture taken. Seriously, ask Patrick.

 

 

On the Market in New York City

The New York TimesAugust 29, 2014

- In Bedford-Stuyvesant, a four-story house with an owner’s triplex that has four bedrooms and two baths, and a two-room garden-floor rental.

 

- In Sutton Place, a two-bedroom two-bath with a staff room with an en-suite bath in a pet-friendly, prewar Emery Roth building with full-time doormen and a laundry room.

 

- In Chelsea, an alcove studio with a walk-in closet in London Terrace, a prewar elevator building with 24-hour doormen, a roof deck, a gym and a pool.

‘Glee’ Actor Darren Criss, Marc Cherry Sing at Marie’s Crisis

New York PostAugust 28, 2014

A multitalented crew led a happy singalong early Sunday morning at West Village piano bar Marie’s Crisis.

 

Spies said “Glee” star Darren Criss, “Desperate Housewives” creator Marc Cherry, cabaret singer Michael Feinstein, Broadway songbird Laura Osnes and top real estate brokers Tom Postilio and Mickey Conlon belted out “One Day More” from “Les Misérables.”

 

Later, Osnes led the crowd in “Ten Minutes Ago” from “Cinderella.”

 

The group had just wrapped shooting a TV special at the new Rainbow Room.

Design in Architecture: Shaun Osher of CORE (HGTV) chats with French Architect Joseph Dirand

Portobello DesignAugust 28, 2014

HGTV's Selling New York, which has since been canceled (What were they thinking?), was my favorite program on Thursday nights, or any other night.   So much so, I would watch it live and then immediately re-watch the DVR'd portions I wanted to see again.  Shaun Osher of the boutique, full-service consulting brokerage firm CORE (Cayre Osher Real Estate) revealed a 5th Avenue penthouse in New York in 2011 by the famed French Architect Joseph Dirand, and I was mesmerized.  His design is the perfect revelation of architecture and nature; an expression of functionality "while not adding, what is not needed."  The  rooms' compositions are a concert of styles, contemporary as well as classic, with relation to the framed view as the art work.  The penthouse is featured as a gallery-like showing, with a poignant design and breath-taking views as only Joseph Dirand could create.  His work is compelling and engaging and entirely memorable and the bench mark for all architects and designers.  Dirand created a conversation between line, form, and nature, it is simplicity personified.  Several weeks back,  I remembered that Shaun Osher had produced films, CoreTalks, and I am pleased to announce the conversation between Shaun and Dirand as they tour the penthouse at 812 5th Avenue was still available to view.  Enjoy!

Construction Update: 15 Renwick Street

New York YIMBYAugust 28, 2014

After years of recession-induced delay, 15 Renwick Street, on the southern edge of the newly-rezoned Hudson Square area, is finally entering the home stretch. While it doesn’t appear to be topped out – it will eventually reach 11 stories – it appears to be almost there, and has made considerable progress since June, when it had just barely poked its head above the surface.

 

The original Ismael Leyva design was ditched when the downturn forced Harry Jeremias to give up the site. But Jeremias’s loss was the Izaki Group’s gain – they picked up the site for just $11 million, and tapped ODA, an architectural practice led by Eran Chen that’s been seeing a lot of work lately, to redesign the project.

 

ODA’s design for 15 Renwick won’t be quite as boxy as some of his others – for example, his building on Jackson Avenue in Long Island City – but it will nevertheless have his signature proliferating boxes towards the top, where the strong grid-like design will dissipate into cantilevered penthouses, which will also maximize green space.

 

“In the original plans, it was a glass building, a curtain wall from bottom to top, and we changed the façade, added more industrial elements, consistent with the cast iron architecture of the neighborhood,” the developer told the Observer. ODA’s new design, on the other hand, “has a more industrial finish and the apartments will all have exposed columns.”

 

A sign on site sets puts completion of the 31-unit condo building at spring 2015, which seems about right given the pace of construction thus far.

Hudson Square Coming Alive With New Condos

New York PostAugust 27, 2014

“Five years ago, we got our first pharmacy,” says Ellen Baer, the president of Hudson Square BID, about new happenings in the neighborhood that sits on SoHo’s western end. “That was exciting.”

 

If that’s excitement, then we’re not sure if Hudson Square — starting at West Houston and going south to Canal Street, and from Sixth Avenue west to Greenwich Street — will be able to handle everything the future has in store.

 

Two of the biggest developers in the city — Related and Extell — have set their sights on this modest area once known as the Printing District, which most New Yorkers only go through on their way to the Holland Tunnel.

 

Fancy boutique hotels like the 122-key Hotel Hugo are popping up (it soft-opened in April, but will have its official launch this fall) and more are on the horizon, including the 329-key Tommie, the first in a new line of micro-hotels from Commune Hotels & Resorts, which owns Thompson Hotels. Also arrived, an outpost of the hip eatery Westville (with locations in the East and West Village) and artisanal slow-food joints Dig Inn and ’Essen.

 

And naturally on the horizon are residential projects, like 15 Renwick, a 31-unit condo developed by IGI-USA and designed by Eran Chen, of ODA, that Core is unveiling next month. “The product is different fundamentally than anything on the market right now,” says Shaun Osher, CEO of CORE.

 

For one thing, 15 Renwick’s units are smaller. Where developers “brought big units into the market because there were none — now everything is big units, and the market demands smaller units,” notes Osher. And smaller units mean less crazy prices.

 

Which is not to say that 15 Renwick is cheap. Two-bedrooms start at $2 million (with some going as low as $1,575 per square foot) and go up to $10.5 million for a penthouse. But there is a considerable difference between Hudson Square new condo prices and those of its neighbors.

New Listings

Real Estate WeeklyAugust 27, 2014

BROOKLYN

Williamsburg

66 North 1st Street, 1D

$1,250,000

 

One-bedroom, two-bathroom duplex loft condo with 1,600 s/f of living and outdoor space including 700 s/f two-tiered private patio. Double-height ceilings, oversized windows, exposed brick, walnut flooring. Modern chef's kitchen with a breakfast bar overlooking dining area. Ion staircase leads to bedroom, second full bath and an additional nursery/den/office. Custom closet, washer/dryer, central HVAC. Low common charges and 421a tax abatement. Listing agents: Patrick Lilly & Cassie D'Agata, CORE.

From Broadway to Brokering: Tom Postilio & Mickey Conlon of CORE on the Similarities of Show Biz and Real Estate

6SqFtAugust 26, 2014

No need to rub your eyes, if Tom Postilio and Mickey Conlon look familiar, it’s probably because you’ve spent a season watching them run around Manhattan showing multi-million dollar properties to some of the world’s richest. The pair, who also share a Broadway past, were one of the first to bring real estate reality television to the masses with HGTV’s hugely popular Selling New York. But there’s more to Tom and Mickey than their stage sheen.

 

To date, the “Dream Team” has brought in over a $1.5 billion dollars in sales at CORE, securing the firm’s spot as the #1 brokerage in town, and earning themselves CORE’s 2013 Top Producer Award while at it. Charismatic and capable, it comes as no surprise that Tom and Mickey are a prime pick amongst developers and celebs looking for record-breaking results (David Sanborn, Lady Gaga, Jim Carey and Joan Collins are just a few of the names that make up their roster). We recently chatted with the powerhouse pair who gave us the scoop on everything from their first sales, to bringing what they learned on Broadway to the real estate business, to one of their most memorable closings involving a 7-foot fiberglass replica of the Statue of Liberty!

Almost Gramercy Park

New York ObserverAugust 25, 2014

It is a commonplace of New York City real estate that brokers and developers often label less desirable neighborhoods to cash in on proximity to more established bastions. Thus "Nolita" and "NoMad," the too-liberal applications in listings of "East Williamsburg" and "South Slope." More unusual are instances of marketers dispensing with perfectly good, geographically appropriate brand names in favor of sobriquets less well known.

New York City's 10 Best-Selling Buildings of 2014 (So Far)

CurbedAugust 25, 2014

As Curbed is wont to do as each quarter goes blazing by, we've asked our friends at Property Shark to compile the buildings that sold the most apartments so far in 2014. It's been a gangbusters time for real estate sales. Despite the crazy number of new developments, many of 2014's best-selling buildings are ones that have been around for a little while—and even in locations we normally wouldn't consider booming, like Bayside. Of course, Midtown West and the Financial District sell a lot, too. Remember, for projects with hundreds of units, it takes a while to offload them all. Also, note that this list is ranked by sheer number of units sold through August 20, 2014, without considering the context of how big or small the development may be.

Should I Sell My Two-Bedroom Before or After I Buy a Bigger Place?

Brick UndergroundAugust 25, 2014

Q. I own a two-bedroom condo worth roughly $1.5 million, with a $300,000 mortgage and $500,000 in the bank. I want to buy a three-bedroom for between $2.25 million and $2.5 million. What’s the best strategy to do this? Should I sell the current place and rent while I look? Or make an offer on a new place and hope to sell before I close?

 

A. The unfortunate trade-off of being a seller in a seller's market is that, often, you wind up being a buyer as well, and this is particularly tricky when you're in the market for pricier digs. While a host of personal factors will go into this decision, our experts recommend that you sell first—or at least line up a buyer, even if you don’t close on the deal—before you seriously bid on a three-bedroom.

 

“In this competitive and inventory-starved market, it is best to go to contract on your current home and then proceed with a purchase,” says Douglas Heddings, the executive vice president of sales at the brokerage CORE. “No seller will go to contract contingent on the sale of your home." In other words, many sellers these days have their pick of buyers, and no one wants to hinge their own deal on the success of yours.

 

From a financing perspective, “the easiest and least stressful scenario is to sell first, get pre-qualified from a bank for a new mortgage, and rent while you are looking for your next home,” says Robbie Gendels, a senior loan officer in the New York City office of National Cooperative Bank. 

 

Plus, if you’re looking to buy a co-op, the board may look askance if you haven’t at least listed your former home.

First, put your place on the market, so “you can start your search right away and try to narrow your focus or investigate various new developments or new neighborhoods,” says Gordon Roberts, a broker at Sotheby's International Realty. Check out real-life three-bedrooms in your budget—both for sale and rent—to “give you some comfort that you will find something,” advises Heddings.

 

If and when a buyer pounces on your condo, “you may have enough leverage as a seller in this market to extend the closing date on your sale," says Heddings, so that you could delay actually giving up your condo until you snag the three-bedroom.

 

Or, if you don’t find a place right away, your fallback position could be to rent short-term while you keep looking. “A period of renting might be carefree fun and give you an opportunity to test drive an otherwise unfamiliar neighborhood,” suggests Roberts.

 

Alternatively, “another option is a post-closing possession agreement whereby you sell and close on your current home and then become the tenant of the new owner at a market rent for a finite period of time,” Heddings says. “Attorneys aren't fans of these but they may be a solid option.”

 

In any event, unless you close on the sale first, “you will need to have sufficient income to carry both mortgages, maintenance and/or common charges, etc.,” says Gendels. “Have sufficient funds for the down payment and show that you have your current home up for sale—an agreement with a broker is sufficient.”

 

Some options for drumming up a down payment while you’re still paying off the mortgage on the two-bedroom: selling off other assets, like stocks; hitting up your parents for a gift; or taking out a home equity line of credit. 

 

 

Cute Brick Townhouse in Prospect-Lefferts Asks $1.675M

CurbedAugust 24, 2014

Welcome to the Brooklyn Townhouse Roundup, where we—you guessed it—take a look at the most notable Brooklyn townhouses on the market. Got tips? Send 'em here.

 

First up is this cute two-story brick and limestone townhouse in Prospect-Lefferts Gardens. The home has been recently restored, with a new kitchen and appliances, central A/C and heating, and two skylights. The house has high ceilings, lots of closet space, and hardwood floors with mahogany inlay. It's asking $1.675 million.

 

Next up is this three-story brownstone in Fort Greene. Built in 1871, the 20'-wide brownstone has been preserved well but could use some updating. Details include plaster moldings and medallions, original woodwork and flooring, pocket doors, and marble mantels. It's asking $2.695 million

 

Up next, this recently-renovated three-story in Bushwick is asking $995,000. The two-family house has good income potential, with a washer-dryer in each unit, new kitchens and baths, and hardwood flooring throughout.

 

Next is this two-story house on the border of Greenpoint and Williamsburg. The strange-looking house has a garage, a nice patio, and a standalone studio in the back. The place has also been recently updated, renovated, and soundproofed. It's asking $2.1 million.

 

Finally, in Carroll Gardens, this cute two-story is asking $2.990 million. Despite some interesting decorating choices, the house has lots of potential, including three working fireplaces, a nice garden patio and arbor, and tons of closet space.

Park Slope Duplex With 18-Foot Ceilings Asks Under $1 Million

CurbedAugust 22, 2014

Double-height ceilings and two private outdoor spaces make this 1,181-square-foot Park Slope two-bedroom, two-bathroom open and airy. North and south exposures, as well as two skylights, provide a lot of natural light, and the home's duplex layout allows for a somewhat flexible floorplan. The current owners have the smaller upper level configured as an office and a den, but it could easily be turned into a master suite, as it has its own full bathroom. It's located at 267 Eighth Street near Fifth Avenue, and it's listed for $995,000, which is just a teensy bit under the neighborhood's median price for two-bedroom condos.

Brooklyn's Northernmost Neighborhood Greenpoint Follows in Williamsburg's Steps

Epoch TimesAugust 22, 2014

NEW YORK - Buried between two mammoths, Manhattan and Brooklyn, lays the emerging neighborhood of Greenpoint.

 

Known for townhouses, good schools, and a large Polish community, Greenpoint has long been a neighborhood for families but is entering the development spotlight with full force.

 

In the past four years, Greenpoint has come a long way in terms of artistic, culinary, and commercial progress. Newcomers - young and energetic, enterprising you filled with the fire for creativity - have set the stage for the neighborhood's transformation. 

Open House Agenda: 3 Apartments to See This Weekend

DNA InfoAugust 21, 2014

MANHATTAN — For buyers looking for value, co-ops can be more economical than condos. The median price for a one-bedroom co-op is $600,000 compared to $930,000 for a condo, according to Douglas Elliman’s 2014 second-quarter report for Manhattan sales. The average price per square foot fares better as well: $1,121 versus $1,484.

 

Here are three one-bedroom co-ops below Manhattan's 96th Street with open houses this weekend priced even below those median markers. All are listed at or near $520,000, with the average price per square foot from about $690 to just over $1,100.

 

345 E. 93rd St., Apt. 7D, Yorkville
1 Bedroom/1 Bath
Co-op
Approximately 750 square feet
$518,000
Maintenance: $1,200 per month
Open House: Sunday, Aug. 24, 1-3 p.m.

 

Lowdown: The sellers have lived in this Yorkville one-bedroom since 1988. Their daughter, an architect, completely redesigned it about four years ago, transforming the apartment into a “beautiful minimalist space with a very Japanese feel to it,” said Ruthann Richert, of Perry Associates Realty.

 

She replaced the sheetrock wall separating the living room and bedroom with sliding mahogany and glass doors, making this bright, south-facing unit unlike most of the cookie-cutter units typically found in the neighborhood, Richert said.

 

Built-ins abound, including an office area, a Murphy bed, two large closets “with sliding drawers, so you don’t need a dresser,” and custom kitchen cabinets with so much storage that “a dining table that folds on two sides fits into one of the cabinets under the stainless steel countertop,” Richert said.

 

The board recently renovated the lobby and hallways of the doorman building. There's laundry on each floor, a fitness center, a private terrace off the second floor, and an elevator that goes to the garage that has "special rates for owners.”

 

Location: The 32-story Mill Rock Plaza sits just west of First Avenue. Nearby is Bobby Wagner Walk along the East River, the 92nd Street Y, Fairway at 86th Street, and several restaurants and shops. A new Maison Kayser bakery opened earlier this month on Third Avenue near 87th Street.

 

Until the Second Avenue subway opens, the nearest train station is the 6 at 96th Street. There are express buses on First and Second avenues and easy access to the FDR Drive.

 

Why put on your open house calendar? “It’s very good value for its location and the renovation work that’s been completed,” Richert said. “Plus, the maintenance is 67 percent tax deductible, and you can sublet after one year for up to five years.”

 

188 E. 75th St., Apt. 6D, Upper East Side
1 Bedroom/1 Bath
Co-op
Approximately 500 square feet
$520,000
Maintenance: $1,315 per month
Open House: Sunday, Aug. 24, 11:30 a.m. to 1 p.m.

 

Lowdown: The seller of this pre-war one-bedroom in the heart of the Upper East Side is an architect. She renovated the space after purchasing it about eight years ago and recently refreshed it after a tenant moved out, said Adrian Noriega, of CORE.

 

“She upgraded the bathroom and completely redid the kitchen, which is compact but has plenty of storage space and everything you need, including a dishwasher,” Noriega said.

 

The apartment faces north and looks onto the Church of St. Jean Baptiste, which has a little bit of a Parisian feel to it,” Noriega noted.

 

The co-op recently installed a video intercom system, upgraded the elevator and painted the common spaces. Laundry is in the basement; extra storage is available for a fee.

 

Location: The building is located between Lexington and Third Avenue, both of which teem with shops, restaurants and services. A few blocks west are Central Park and several museums, including the Frick, which plans to expand its gallery space and add a rooftop garden.

 

The 6 train is around the corner on Lexington at 77th Street.

 

Why put it on your open house calendar? “If your price range is even up to $550,000, on the Upper East Side you’ll find very few apartments west of Third Avenue,” Noriega noted. “It’s very good value for the neighborhood."

 

633 E. 11th St., Apt. 2, East Village
1 Bedroom/1 Bath
Co-op
Approximately 475 square feet
$529,000
Maintenance: $530 per month
Open House: Sunday, Aug. 24, noon to 1 p.m.

 

Lowdown: This “cute” railroad apartment in Alphabet City, with exposed brick throughout, comes with an unusual perk — an additional room with more than 100 square feet of space directly beneath the unit’s bedroom and bathroom, said Beverley Rouse, of Town Residential.

 

“If you wanted to join it, you would need to put a spiral staircase in. Currently its only access is through the basement at the front of the building,” Rouse said.

 

The sellers used the space “like a big closet,” but it could also be a workroom or artist’s studio. The next-door neighbor combined their spaces, and the sellers brought a contractor in when they purchased it about four years ago and were assured it could be connected, Rouse said, advising, “Bring an architect so you can see what the possibilities are."

 

Prior owners upgraded the bath and kitchen, which includes both a dishwasher and washer/dryer. The bedroom, though narrow, holds a queen-sized mattress.

 

The co-op “is self-managed and in very good state financially.” There’s a “beautiful, charming garden” in the backyard with “a table, chairs and two hibachis.” Bike racks are in the basement.

 

Location: Situated between avenues B and C, the building is close to Tompkins Square Park and boutiques, bars and restaurants— including longtime neighborhood favorite St. Mark’s Bookshop, which recently moved to East Third Street near Avenue A.

 

The M8 and M14 crosstown buses are a couple blocks away. The nearest subway is the L at 14th Street and First Avenue.

 

Why put on your open house calendar? “It’s good value and in good condition in a great neighborhood and with fantastic low carrying costs,” Rouse said. “And the bonus room is exceptional for this price — regardless if you connect through to it or not.”

 

 

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