News

Latest NYC Condo Amenity: $1 Million Parking Spot

The Washington TimesSeptember 09, 2014

NEW YORK (AP) — A condo development in New York City’s pricy SoHo neighborhood is charging for a parking spot as much as it would cost to buy a nice house in Dallas or Seattle — $1 million.

 

The New York Times reports the 10 underground spots at 42 Crosby St. will cost more per square foot than the apartments upstairs. The parking spots will run between $5,000 and $6,666 a square foot.

 

The three-bedroom apartments will cost around $8 million to $10 million, or about $3,100 a square foot.

 

Brokerage firm CEO Shaun Osher says there are “few to no options” for parking in SoHo, just northeast of the World Trade Center site. He says his firm is “looking at setting the benchmark.”

Latest NYC Condo Amenity: $1 Million Parking Spot

ABC NewsSeptember 09, 2014

NEW YORK (AP) –  A condo development in New York City's pricy SoHo neighborhood is charging for a parking spot as much as it would cost to buy a nice house in Dallas or Seattle — $1 million.

 

The New York Times reports the 10 underground spots at 42 Crosby St. will cost more per square foot than the apartments upstairs. The parking spots will run between $5,000 and $6,666 a square foot.

 

The three-bedroom apartments will cost around $8 million to $10 million, or about $3,100 a square foot.

 

 

Brokerage firm CEO Shaun Osher says there are "few to no options" for parking in SoHo, just northeast of the World Trade Center site. He says his firm is "looking at setting the benchmark."

No Room for Blues: Jazz Musician Drops Westside Townhouse for $11M

New York ObserverSeptember 08, 2014

Citing the need for a lifestyle change, the six-time Grammy-winning jazz musician David Sanborn put his brownstone mansion at 135 West 69th Street on the market four years ago with Sotheby’s International Realty asking $9 million, roughly five times the $1.45 million he bought it for in 1989. Times, of course, had changed—and so had the home. A year after the purchase, the area received landmark status, and Mr. Sanborn, a saxophonist, spent two years on painstaking renovations that restored the property to opulent single-family purposes. But in the immediate wake of the financial crisis, the townhouse failed to move.

 

That, as it turns out, was a good thing for the owner. Having re-listed it last summer with Mickey Conlon, Tom Postilio and Shaun Osher at CORE, he’s just sold the place for $11 million—just one million off the asking price—according to city records. (Mr. Osher, also a saxophonist, made the jazz star’s acquaintance some 20 years ago in an instrument repair shop.)

 

Nineteen feet wide, with five bedrooms, the house was built in 1900 and stands replete with original details. No fewer than four wood burning fireplaces warm its hearths, and for balmier months, a fenced private garden awaits out back. The master bedroom sports a terrace, whose greenery and quietude yield a dose of outdoor serenity most-difficult to find so close to Broadway, which is steps away.

 

Mr. Sanborn installed molding to complement coffered ceilings of intricate oaken design, and breathed new life into etched glass and stained glass panels. An original front stoop, which had been torn away, was likewise recreated. Modern man that he is, Mr. Sanborn did not, however, fail to spring for a few modern updates, including a kitchen whose metallic appliances showcase a gleam that’s pretty much standard in places this pricey, and a recording studio on the top floor.

 

When first he listed the place, Mr. Sanborn hoped that another musician might buy him out, lest the studio go to waste. But it’s unclear whether the buyers, 135 W. 69th Street LLC, are members of that particular guild. Still, everyone loves a meditation room, right?

Ask an Expert: Should I Sell Before I Buy?

AM New YorkSeptember 07, 2014

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?

 

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.”

 

 

Listing of the Day: 35-36 76th Street, #320

Brownstoner QueensSeptember 04, 2014

Coming to you from Jackson Heights, it’s a corner one-bedroom apartment at 35-36 76th Street, aka Colonial Court. The space is lovely in the way that many co-ops in the neighborhood are, with wood floors, big arched entryways, built-in cabinets and original moldings. The bedroom also looks extremely large. The one thing we’re not crazy about is the raised dining room area, separated from the living room by a little fence. We do love the black and white tile, though. This one is asking $327,500 with a monthly maintenance of $605.

Star Saxophonist Unloads Brownstone for $11M

The Real DealSeptember 04, 2014

Six-time Grammy winner David Sanborn has sold his home on the Upper West Side.

 

The saxophonist got $11 million for his four-story brownstone at 135 West 69th Street, the New York Post reported. In 2013, the home was listed for $12 million.

 

The home includes five bedrooms, three-and-a-half bathrooms as well as multiple fireplaces and a private garden, according to the New York Post. A recording studio is located on the top floor.

 

Sanborn has worked with stars like David Bowie, Paul Simon and Stevie Wonder. Shaun Osher, Tom Postilio and Mickey Conlon of CORE were the seller’s broker on the deal.

Green Guru Selling Pennsylvania Pad for NYC Move

New York PostSeptember 03, 2014

Now that green lifestyle expert Danny Seo has launched his eponymous magazine, “Naturally, Danny Seo,” the editor-in-chief is selling his Pennsylvania home and moving full-time to New York.

 

It’s a move that will reduce his carbon footprint while he’s in the city working on the magazine. Seo’s Bucks County home was featured in the first issue of his magazine this summer as well as in Dwell.

 

The 2,824-square-foot home, at 2681 Dark Hollow Road, is on 2.81 acres and on the market for $750,000. Set on a wooded hillside, it features glass walls, 18-foot ceilings and a river stone-floored foyer.

 

Built in 1970 above a rock-bed stream, the home’s floor-to-ceiling stone fireplace and chimney is its “heart,” according to the listing.

 

The brokers are Michael Richardson and Hellen Cannon, of Kurfiss Sotheby’s International Realty.

 

Sax and the city

 

David Sanborn, a star saxophonist and six-time Grammy winner, has sold his brownstone at 135 W. 69th St. for $11 million — a million bucks off its 2013 asking price.

 

The four-story, 19-foot-wide home boasts five bedrooms and three-plus bathrooms. There’s also a chef’s kitchen, multiple woodburning fireplaces, a terrace and a private garden — as well as a separate recording studio on the top floor.

 

Sanborn has collaborated with the likes of David Bowie, the Rolling Stones, Paul Simon, Stevie Wonder and Eric Clapton.

 

The listing brokers, Tom Postilio andMickey Conlon, of Core, declined to comment.

 

Fashion house

 

As creative director of fashion brand Cynthia Steffe, Suwha Hong has created a distinct style.

 

Now Hong can transfer that style to the new $5 million Upper West Side home at 112 West 88th St. that she bought with her husband, Timothy Weld, a principal at StepStone Group.

 

Listing brokers Susanne Columbia and Todd Vitolo of Corcoran declined to comment.

 

We hear…

 

That NYC developer Property Markets Group is putting a 12,000-gallon shark tank in its South Florida luxury condo, Echo Brickell.

 

The tank, designed by SeaVisions, will house different types of sharks and serve as a “refuge” for displaced sharks, rays and groupers.

 

Residents will be able to check in to a live 24/7 streaming video of life in the tank.

 

 

Soho Steampunk Paradise 15 Renwick Shows More of Itself

CurbedSeptember 02, 2014

Ahead of a mid-September sales launch, condo building-in-progress 15 Renwick is continuing to produce visuals for a rather outlandish marketing campaign that involves Marie Antoinette lookalikes hanging out in million-dollar Soho condos. (Well, since it's west of Sixth Avenue, the building is technically in Hudson Square.) The latest images show the lobby, above, and a living room, below. Spotted: a dirigible; a chalice with spilled red wine; a vicious game of backgammon; two-foot-high hairdos. From the outside, the long-stalled project will be black, glass, and boxy, courtesy of Eran Chan at ODA Architecture.

 

The 11-story, 31-unit building is slated for completion in 2015. It will include 24 two- and three-bedroom asking between $2 million and $5 million, as well as three adjoining townhouses ($3.9 million to $7.5 million) and four duplex penthouses ($7.85 million to $10.5 million). We can only hope that the buyer-vetting process includes not just how good their credit is but also how many Victorian gowns they own.

NoHo Real Estate That Comes With a Tale of Murder

The New York TimesSeptember 02, 2014

In the annals of crime, 31 Bond Street casts a particularly creepy spell. An 1833 New York guidebook rhapsodized that the marble-trimmed brick rowhouses in what is now NoHo “may vie, for beauty and taste, with those of the finest cities of Europe.”

 

By the middle of the 19th century, when No. 31 was converted into a boardinghouse, the block between the Bowery and Lafayette Street had lost some of its luster — no longer fashionable, now simply genteel, according to one contemporary account. Yet a few years before the Civil War, it was still not the sort of neighborhood where one would expect an assailant, who has never been identified, to commit what is often considered 19th-century New York’s most sensational murder.

 

The four-story scene of the crime was razed about three decades later. It was replaced with a six-story Renaissance Revival ground-floor store and loft building. But the fascination with the bloody murder of a 45-year-old well-to-do dentist, Dr. Harvey Burdell, and the circumstances surrounding it have endured into the 21st century in novels, nonfiction books and magazine and newspaper articles.

 

Joshua Gurwitz, a self-described history enthusiast, was fully cognizant of the site’s past when he bought the building last December for $16 million. While what happened in 1857 did not dissuade him, he said, he does not intend to capitalize on the site’s singular notoriety when he converts No. 31 into several condominium residences.

 

Mr. Gurwitz, who owns a real estate development company, prefers to promote the resurgent neighborhood’s collective storied past rather than the story behind that one specific address.

 

Anyway, he said, “what occurred did not occur in the current structure.”

 

“Over the last 150 years or so,” he added in an interview, “31 Bond Street has gone through a number of iterations, originating as a single-family townhouse, later being turned into a large manufacturing building and then ultimately becoming offices, artists’ studios and a performance space. Similar to many of New York City’s downtown neighborhoods, NoHo has a rich history that contributes to its desirability.”

 

NoHo has become so desirable, in fact, that at an 11-story building across the cobblestone street from 31 Bond, owned by the developer and hotelier Ian Schrager, a seven-and-a-half-room apartment is selling for $13 million.

 

Lurid details of the brutal murder at 31 Bond consumed two-thirds of the front page of The New-York Daily Times on Monday, Feb. 2, 1857. Suffice it to say that Dr. Burdell was found dead in his second-floor office on a Saturday morning in a sea of blood, strangled and stabbed 15 times, including twice in his heart. A disembodied cry of “murder” was supposedly uttered that Friday night, but the 10 boarders in the house insisted that they had heard nothing.

 

Suspicion immediately fell on Emma Cunningham, a widow who ran the boardinghouse for Dr. Burdell and who claimed to have married him — a claim that turned out not be true. (She was later caught up in another scam to procure a baby, supposedly their child.) Marriage also provided a motive: If her claims proved valid, she stood to inherit Dr. Burdell’s $100,000 estate (about $2.5 million today).

 

She was charged with murder; another boarder, John Eckels, a tanner and Ms. Cunningham’s reputed paramour, was branded an accessory. The case obsessed New Yorkers for months, pitting the defense lawyer Henry Lauren Clinton against District Attorney A. Oakey Hall, who would go on to become mayor. Dr. Burdell’s own dodgy reputation contributed to Ms. Cunningham’s acquittal. The mystery was never solved.

 

But New Yorkers typically don’t dwell on (or in) the past, which, in the case of where they choose to live, may be prudent. Moreover, the conditions that the state requires sellers of real estate to disclose to prospective purchasers — including information that may affect the property’s value — can be vague and subjective.

 

“I think if one could do an accurate history of every building in New York, it probably was the scene of a murder at some point or another,” said Leonard Steinberg, the president of Urban Compass, a real estate brokerage firm. “For some there is a stigma to this and for many it is considered a point of interest and fascination.”

 

“I bet we all live on land in New York where mass murders of Indians took place,” he added.

 

 

The Flip Side of Katie Holmes

DuJour MagazineSeptember 01, 2014

One doesn’t know quite what to expect from Katie Holmes. At the beginning of her career, she was the typical ingénue, best known for her portrayal, on Dawson’s Creek, of the literal girl-nextdoor. Even in her “edgier” big-screen projects, like Go and Pieces of April, an air of wholesomeness clung to her like dew.

But that all changed in 2005, when Holmes fell hard for one of the biggest movie stars in the world. Or rather, it changed when he fell for her and seemed to go a bit insane with—well, no one was quite sure what, but let’s be generous and call it love. It’s a testament to the weirdness of that situation that getting married and having a baby—albeit in not exactly that order—tarnished her reputation, and that her decision, in 2012, to leave her then-husband helped to bolster it. But that’s exactly what happened.

 

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.

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