News

Just Stopping By: Briefly Occupied Two-Bedroom at One57 Lists for $10.75 M.

New York ObserverOctober 03, 2014

One57 has never evoked a homey vibe—from the early renderings of a vast apartment occupied by a bored-looking woman in evening dress to the building’s reputation for attracting buyers shopping primarily for a safety deposit box. But since closings started at 157 W. 57th Street early this year, a smattering of residents have indeed come to call the striped glass tower home. Among the units with the lights on these past six months has been 44B, which an entity by the name of 44B LLC purchased for $7.02 million in April, according to city records.

 

But simply it doesn’t do to get too familiar, and now, after an evanescent acquaintance, the unit is back on the market for the considerably larger sum of $10.75 million.

 

Listed with Emily Beare at CORE, the spacious two-bedroom (it clocks in at just over 2,000 square feet) boasts two distinct advantages over the sponsor units lingering on the market (as Bloomberg recently reported, just two sponsor units have gone into contract this year and 25 percent of the building’s units remain unsold). All the other two-bedroom units in the building have been sold out, according to Ms. Beare, and the listing has a new development rarity—actual photos. What’s more, there is furniture in the photos, courtesy of the owner’s son and daughter-in-law, whom Ms. Beare said had decided to leave after such a short residency because of their expanding family.

 

True, the sparse, modern furnishings don’t exactly make the place look cozy, but even a gloss of habitation at One57 is a distinction that makes the place appear downright liveable. Provided that one has $10.75 million, of course.

 

Ms. Beare said the owner, a domestic type that the broker declined to identify further, hadn’t intended to sell the unit so fast, but was persuaded by the strong market that now was the time to list.

 

Whether or not the owner will be able to realize a $3.73 million profit—more than $500,000 for every month he’s been in possession of the pad—remains to be seen. Of the five One57 resales currently on the market, only one has found a buyer, albeit for an impressive $34 million, as The New York Daily News reported yesterday. A tidy profit considering that the owner had paid $30.5 million a few months before, but a far smaller percentage increase than 44B is trying for. Still, Ms. Beare said that she has had “quite a bit of showings.”

 

 

“It’s a two bedroom, probably one of the lesser apartments in the building, but still very impressive,” she noted. “Every room has a view.”

Superfund Chic: In Gowanus, Industrial Touches Aren’t Just Affectations

New York ObserverOctober 01, 2014

The very word “Gowanus” seems to resist the possibility of glamor. Were the Brooklyn neighborhood’s famously fetid canal to vanish suddenly, there would still be that name—an unpleasant gulp of syllables, somehow reptilian in flavor. Until recently the province mostly of garages and machine shops, it is not the sort of place where one expects to find condos on the market for $4.395 million.

 

But one evening last week, at an open house for the lower of two duplex apartments occupying a brick building at 459 Carroll Street, that’s just what we discovered. A former brush and ink factory dating to 1888, the structure was purchased by two couples in 2006, divided and outfitted for occupancy.

 

The lower unit, an airy abode of 3,300 square feet, is owned by artists and evinces a variation on Soho chic, rather than a take on the brownstone aesthetic of pricier neighborhoods nearby. Walls of clean, white-painted brick rise to high ceilings, while dark, intricately tooled radiators offer warmth and slatted skylights peer out at the world above. An open kitchen softens bright metallic appliances with a block counter of smooth, blonde wood.

 

Industrial styling notwithstanding, as we entered, we could smell neither the sulfur nor the gasoline of Gowanus’ traditional bouquet, detecting instead the unmistakable aroma of fine hors d’oeuvres. A small crowd composed chiefly of real estate agents invited by CORE listing brokers Doug Bowen and Paul Johansen moved over dark wood floors, sipping wine and plucking dainty toasts spread with sprouts, fennel and sea bass from passing trays.

 

“There really aren’t any comps for this,” Mr. Bowen said, meaning area properties of comparable style and not the asking price. “It’s a condo, but it’s a potentially attractive option for a townhouse buyer.”

 

One broker cooed over a swing hanging whimsically from the ceiling between the kitchen and dining space on great lengths of rope. Another offered an approving one-word appraisal: “Damn.” Yet a third considered that the sellers were “shooting for the moon.”

 

We ascended the “sculptural” staircase, wherein light wood steps climb inside a weathered-looking metal frame, to inspect a trio of simple and elegant sleeping quarters, and a sleek, lumbered roof deck.

 

The master bedroom had been configured as an artist’s studio, with an array of worktables, fabric rolls and small images attached to walls. We peeked through a window looking out onto Carroll Street, across which stands a dark brick building with graffitied garage doors. Outside, a man in mechanic’s garb wearing forearm tattoos buffed a late model BMW to high sheen.

 

New York's Super Brokers: Tom Postilio and Mickey Conlon

Mann Report ResidentialOctober 01, 2014

Tom Postilio and Mickey Conlon stand out even among the exclusive coterie of New York's "Super brokers." As the breakout stars of HGTV's hit reality series Selling New York, which airs in 65 countries and 99 million American homes, Tom and Mickey have been hailed as the show's "Dream Team," with a track record to support the title. Responsible for more than $1.5 billion in residential sales, the duo are internationally renowned for their unique command of the luxury market, repeatedly shattering price records at many of Manhattan's most desirable addresses. Last year they were named CORE's top-producing agents, helping Shaun Osher and Jack Cayre's firm to seize the coveted ranking of #1 Midsize Brokerage for the third consecutive year.

ModernNYC.Weekly Featured Listing – 459 Carroll Street, 1

Modern NYCSeptember 30, 2014

Formerly an Ink & Brush factory circa 1888, the residence located at 459 Carroll Street is an innovative industrial space reimagined as a cutting-edge functional home. This prime Gowanus locale has seamlessly made the transition from its original workingman's roots into two distinct condominium residences. The 25-foot by 100-foot property sits on Gowanus' most significant block and was developed by its two current residents and completed in 2006. The entire building was stripped to its core and then completely rebuilt including all systems and mechanical. The lower two floors were crafted into an approximately 3,300-square-foot multi-level modernist home. The voluminous living floor is accentuated by its high ceilings, six skylights and sculptural metal and wood staircase; this floor also contains a gallery/office/guest suite space. The upper level has three bedrooms and is the egress to a remarkable 900-square-foot private outdoor space. Additionally, there is an approximately 1,200-square-foot cellar area with 10-foot ceilings that is a fully built-out artist studio. Please note: the common charges for this home are yet to be determined.

The Price of Parking: There’s More Than One $1 Million Parking Space in Manhattan

6SqFtSeptember 30, 2014

Car-owing New Yorkers can probably recite year-round alternative-side parking laws on cue, but most will also tell you how they loathe circling their block for 20 minutes, tracking which days to stay put, the inconvenience of babysitting a spot before the switch, figuring out a cluster of parking signs or, worse yet, arguing with a paid-for parking squatter. It often drives one batty.

 

Yet, there is an option and that’s paying for a monthly but costly sliver of asphalt—hopefully an elevator ride away or at the very least, a quick walk a few doors down. However, the key word here is “paying” and if you live in New York, that slice of space could put you back a pretty penny, especially if you’re shoveling out dollars for one in a new development.

 

 

Unless you’ve been living under a real estate rock, there’s no doubt you’ve read about the $1 million dollar spaces at 42 Crosby Street’s garage in SoHo. Is this lofty price tag for parking a market first? Nope.

 

Last spring, nearly all 28 parking spots at 56 Leonard went in a New York-minute at $500,000 a pop. Same thing at the Delos-developed (pioneer of Wellness Real Estate with an advisory board filled with the likes of Deepak Chopra and Leonardo DiCaprio) at 66 East 11th Street. They’re remaining firm on a million dollarparking space from the penthouse buyer, which, at $50 million, is still on the market.

 

Many ask if selling spots at absurd prices is simply a clever publicity stunt to garner lots of ink and airtime for a new project—or is this yet a new benchmark for guaranteed parking? Perhaps it is possible to shell out the kind of money (the current average cost is about $140,000), given that the Department of City Planning conducted a comprehensive parking study in 2011 and reduced the number of off-street parking spaces from 127,000 to 102,000 below 60th Street in Manhattan.

 

 

But more importantly, how are on-site parking prices determined? Jacqueline Urgo, the president of The Marketing Group said: “There is no formula, but an on-site garage is a highly coveted amenity, much like buying a townhouse with a private garage versus one without. The cost is determined by several factors, including the level of the product, the overall pricing of units and garage space inventory. In other words, pricing in a luxury condominium might be more than one in a building that would be considered more mid-market.”

 

Expert development marketers such as Ms. Urgo and Stephen Kliegerman, the president of Halstead Property Development Marketing, agree that they are involved early in the game, which is when a decision must be made about building an on-site garage, given that a potential car-owning buyer won’t even take look inside if there’s no garage. “Another aspect of including a garage is the local zoning regulations. Outside of Manhattan, the number of required parking spaces is tied to the number of units,” said Mr. Kliegerman. “But for New York City, there are no requirements to be met. That being said, on-site parking in a luxury development in Manhattan is key to distinguishing that development from another one.”

 

 

Some other things to keep in mind: The developer can sell a garage outright to a garage operator. And though you may pay a king’s ransom for a parking spot, you’re required to sell your parking spot to another resident if you move. In 80/20 buildings, spaces must be available not just to market-price residents, but to those residing in Affordable Housing units as well.

Good Morning New York Real Estate

Voice AmericaSeptember 30, 2014

Parul Brahmbhatt is featured in this weekly online real estate segment.

On the Market in New York City

The New York TimesSeptember 28, 2014

In the Sutton Area, a three-bedroom two-bath with a fireplace and a washer/dryer in a prewar full-service building with 24-hour doormen.

Will Zeckendorfs Get a Record $130M for 520 Park Penthouse?

The Real DealSeptember 26, 2014

Earlier this week, Zeckendorf Development announced that it would seek $130 million for the penthouse triplex at its 520 Park development, the priciest current listing for a condominium unit in New York City. The ask surpassed the $118 million listing for the Ritz Carlton Hotel’s penthouse and surely made more than a few jaws drop.

 

To be sure, the space is one of a kind — at 12,394 square feet, it will be the largest condo on the Upper East Side. But in a luxury market in which contract signings have slowed to a trickle and listing discounts have deepened, was it a wise move?

 

The Real Deal sought the opinions of some of the city’s top brokers to find out whether $130 million is a bridge too far.

 

“My feeling is the mission has been accomplished already in the fact that you’re writing about it,” said Leonard Steinberg, president of Urban Compass.

 

He added that in an area packed with high-end development, Zeckendorf’s penthouse has become the focus of attention.

 

Still, Steinberg noted that the steady announcement every few months of a new record listing can backfire for the next big thing. If buyers perceive that escalating asking prices are down to publicity rather than legitimate valuation, owners can lose some credibility.

 

Certainly, headlines about record condominium prices and have been coming fast and furious in recent month. In June, Ryan Serhant of Nest Seekers International listed the Battery Park penthouse at the Ritz Carlton. Less than a month earlier, news broke that the penthouse at Alchemy Development’s Woolworth Building conversion would hit the market at $110 million.

 

Given that the 520 Park unit will likely be marketed to international buyers, the price may not seem out of this world, said Steinberg. He pointed to the $237 million penthouse sale at One Hyde Park in London and the $391 million listing for the penthouse at Tour Odeon, Monaco’s tallest residential building.

 

Steinberg also noted that 520 Park is a spectacular property, boasting an exclusive address, views of Central Park and the imprimatur of celebrated architect Robert A.M Stern. But that last point could swing sentiment either way, he said. While Stern’s name lends a sense of exclusivity and stature, it is also associated with 15 Central Park West, and he has another project nearby — 220 Central Park South — in the pipeline.

 

“Does that take away from the luster and collector quality of living in a Robert A.M. Stern building? We don’t know,” said Steinberg. “We just have to see how this plays out.”

 

Emily Beare of CORE is not so sure that Stern’s output in the area will count against 520 Park. She points to the enduring allure of buildings designed by legendary and highly prolific architects Rosario Candela and Emery Roth.

 

And while those designers achieved fame nearly a century ago, 520 Park has something in common with their work.

 

“It is an iconic old world building and it’s not even built yet,” said Beare, “People like timeless and I think that’s what this will be. I think it speaks for itself and I don’t know that they need to do any hard sell on it.”

 

That aspect of the building sets it apart not just from other condo buildings on Park Avenue, but also makes it more desirable than the ultra-luxury buildings rising on Billionaire’s row, she said. Looking back 10 years from now, the time during which those buildings were constructed will be evident, Beare added.

 

While the market at the high end is a little quiet and buyers are not rushing decisions, Beare believes that the price of the penthouse is not out of the realm of possibility.

 

The timing of the announcement is significant, said Michael Graves of Douglas Elliman, given that no one knows if the market will hold and there is currently a race to the top in terms of similar product being delivered.

 

“What I think these developers are doing is they’re trying to capture what I think has been a very strong luxury market over the last 15 to 18 months,” he said. “They’re trying to capitalize on that now and increase their exposure with foreign buyers.”

 

Graves believes 520 Park was specifically designed to bring those overseas clients to the table and said that in the context of what the billionaire international buyer is looking at, a $130 million price is not out of step.

 

Knowing that, increasing the penthouse’s exposure at the top of the market could impact the way it is perceived among the international set.

 

“If they have already heard the name of the building we’re bringing to them, that starts to open up a dialogue that can lead to a sale,” he said. “If it’s a building they’ve never heard of, there are more question marks there.”

 

Ultimately though, Zeckendorf’s ability to close the deal at the asking price will depend on the boots it puts on the ground, said Graves — and moving a penthouse of this caliber will require considerable relationship building.

 

 

Fort Greene, Brooklyn: A Neighborhood With Many Faces

The New York TimesSeptember 24, 2014

Amid New York’s variegated urban landscape, Fort Greene has been known since the 19th century for its low-rise human habitat: intimately scaled, tree-lined blocks of brownstones, brick rowhouses and occasional frame houses. But a lofty new habitat is emerging on the neighborhood’s western edge, as a forest of mixed-use towers rises in the Brooklyn Cultural District around the Brooklyn Academy of Music’s Peter Jay Sharp Building on Lafayette Avenue. Incorporating more than 1,200 new apartments into a kind of high-rise Lincoln Center, the district will be home in the next few years to more than 400,000 square feet of cultural space, including performance, rehearsal and studio facilities.

 

“The idea was always concentrating great culture together in a small area to spur economic development and provide the people of this area with great cultural options,” said Andrew Kalish, the director of cultural development for the Downtown Brooklyn Partnership, a public-private local development corporation.

Gowanus Condo Asks $4.395 Million

BrownstonerSeptember 24, 2014

When we first saw this listing asking $4,395,000, we thought it was for the whole house. Then we realized it’s a condo. For that kind of money, you could buy a whole brownstone, renovated, with details, in Carroll Gardens.

 

But it turns out the ask isn’t so crazy after all on a per square foot basis. The building at 459 Carroll Street in Gowanus was converted into two condos in 2006 by the sellers, and this is the first unit up for sale.

 

The 19th century factory building is very large at 25 feet wide by about 64 feet deep, plus there is an extension on the ground floor that takes up the rest of the 100 foot lot. (So no garden.) The unit for sale, No. 1, has about 3,300 square feet of living space on the first and second floors. There is also a terrace and an art studio in the cellar.

 

The renovation has very much kept the industrial vibe, with a metal stair, white painted exposed brick, and high ceilings. The building housed a factory making ink and brushes in the late 1880s, according to the listing.

 

 

The ask works out to be about $1,330 per square foot. It may be high for Gowanus but it’s not unusual for prime Brooklyn these days. How do you think this sale could affect prices in the area?

Artists Who Converted Ink & Brush Factory into Their Own Masterpiece List it for $4.4M

6SqFtSeptember 23, 2014

By their very nature artists are visionaries blessed with an innate ability to create something out of nothing. Time and time again some of New York City’s most industrialized areas have seen rebirth as residential enclaves courtesy of these imaginative souls. Examples of such artist-led gentrification abound – think SoHo, Chelsea, and Williamsburg, to name a few.

 

 

So it should come as no surprise that it was two artists who came to the rescue of this former ink and brush factory located at 459 Carroll Street in Carroll Gardens and gave it new life as a practical-yet-cutting-edge home. Stripped to its core in 2006, the four-story manufacturing building built in 1888 was completely renovated into two distinct condominium residences, one of which is now on the market for $4.4 million.

Open House Agenda: 3 Apartments to See This Weekend

DNA InfoSeptember 18, 2014

419 E. 57th St., Apt. 10C, Midtown East
3 Bedrooms/2 Baths
Co-op
Approximately 1,450 square feet
$1.975 million
Maintenance: $3,384 per month
Open House: Sunday, Sept. 21, 12:30-2 p.m.

 

Lowdown: Photographers generally do not shoot closets in apartments, but in this case, the broker insisted because the space “is so beautiful,” said Doug Eichman, of CORE.

 

The sellers, who purchased the apartment about five years ago, commissioned an architect who worked for Robert A.M. Stern's renowned firm "for many years” to renovate the space “from front to back,” Eichman said. “He reconfigured it and created the [windowed] closet and dressing area. It was a very clever and intelligent redefining of the space.”

 

In addition, there are three closets off the entrance and foyer, one of which is a cedar closet. All the cabinets are maple, custom-made by a craftsman brought in from Michigan. The bathrooms are marble with heated floors. The architect converted the third bedroom into an office space with pocket doors and his and hers desks.

 

There’s “beautiful workmanship” throughout the apartment, they found and created storage “everywhere you could,” and all the walls have been “beautifully glazed.” The unit faces south, and the building across the street is historic, so the view is protected, Eichman noted.

 

George and Edward Blum designed the full-service building, built in 1927. It has a “magnificent” newly replanted roof deck with views to the Chrysler and Empire State buildings, said Eichman, who lives in the building.

 

Location: This block between First Avenue and Sutton Place South “is considered one of the prettiest blocks in New York City,” said Eichman. There’s a small park at the river, and there’s a Whole Foods between Second and Third avenues, “which has changed the energy in the neighborhood.”

 

The nearest trains — 4, 5, 6, N, Q and R — are at 59th Street and Lexington Avenue. There are also crosstown and select bus services on 57th Street.

 

Why put it on your open house calendar? Aside from the “tremendous closet space,” the “flexible” layout “flows beautifully," Eichman said.

 

 

16 Swoon-Worthy Condos on the Fall Real Estate Market

New York PostSeptember 17, 2014

Joanne and Peter Rosten have an unassailably nice apartment. It’s in Lux 74, an Upper East Side condo that came on the market right before the implosion in 2008. And it’s gargantuan: five bedrooms, 5½ bathrooms and 3,207 square feet, with a 44-foot long great room.

 

But the Rostens are moving on — listing this gem for $6.295 million with Jacky Teplitzky of Douglas Elliman and swapping it for something brand-new on the High Line.

 

“I want to put my money into A-plus real estate because I know the returns will be generous,” says Joanne. “To go in on a pre-construction building, I kind of compare it to what Apple does. There’ll be lines around the block. That’s what’s going on downtown.”

 

Condos are arriving on the scene with more frequency than new hosts of “The View.” And they boast a huge amount of space — and massive prices to match. Many of the buyers are well-heeled phantoms — foreigners looking for a safe place to park their cash as they wait for the seemingly endless stream of bad international news to play out.

 

“It’s the new safe deposit box of foreigners,” says Teplitzky. “You can bring money from wherever and you can own [the condo] under an LLC; no questions are asked.”

 

And such astronomically priced new properties aren’t hard to find — at Ian Schrager’s new hotel/condo at 215 Chrystie St., on the Lower East Side, the asking prices are expected to be $4,000 per square foot.

 

At a new condo development, 42 Crosby St., parking spaces are fetching $1 million. Want a more modest parking space? The ones at 27 Wooster St. are practically a steal at $500,000. (“It didn’t make me think I was underpriced,” says Tony Leichter, developer of 27 Wooster. “It made me think, if the guy can get it, god bless him.”)

 

But that’s only half the story. Amid the insanity there has also been smaller, more modest rumblings on the real estate scene.

 

“There’s a whole segment of the market that’s been largely ignored,” says Kelly Mack, president of Corcoran Sunshine, “and that’s the mid- to entry-level offerings. There’s a new generation of buildings that’s not just for the super rich; 60 percent [of the new market is] priced below $2,200 per foot.”

 

She adds, “I realize that sounds a little nuts, but that’s the reality.”

 

From high-end to entry-level, here are 16 projects to salivate over this fall.

 

 

Good Morning New York Real Estate

Voice AmericaSeptember 16, 2014

Parul Brahmbhatt is featured in this weekly online real estate segment alongside host Vince Rocco and a panel of industry experts.

NYC’s 20 Best Nabes for Young Families (Including 5 You May Not Have Considered)

Brick UndergroundSeptember 16, 2014

Choosing the right neighborhood is an individual endeavor for anyone. But add a kid or three to the mix and it gets exponentially more difficult. For one thing, real estate brokers are barred by federal discrimination laws from steering clients with children to areas that might fit best. (Even describing an apartment as “family-friendly” is verboten.)

 

 

For another, as more public and private schools open up, including in the outer boroughs, parents don’t necessarily pick where to live based on school choice alone.  “Now when I have parents tell me what neighborhood they’d like to live in, I can generally give them three or four decent public schools in those neighborhoods,” says school consultant Robin Aronow, founder of School Search NYC.

 

Finally, with prices ticking upwards across the boroughs, buying or renting in the go-to kid-friendly neighborhoods may be wildly out of budget. “People should look at places in Queens and Brooklyn that aren’t immediately transparent and obvious, but because of, say, green space or close proximity to public transit, would lead them to believe that over time this is going to accrue value," says Michael Graves, a broker with Douglas Elliman.

 

 

With that in mind, BrickUnderground spoke to parents, real estate brokers and school experts, and sourced data on prices, listings, schools, crime and more to rank the 10 best neighborhoods for young families. (You’ll find an explanation of our methodology at the end.) The first half of this list is made up of under-the-radar ‘hoods that are (nearly) perfect for raising children, while the second half rounds up  some of the classic spots to raise a family.

Family Week

Brick UndergroundSeptember 15, 2014

Q. I'm shopping for a co-op, and I have two young children. Will they have to do anything as part of my application for an apartment, like come to the board interview or get reference letters? Will I get turned down if they don't like my kids?

 

A. It’s a curious feature of the co-op application process in New York City: board members will scrutinize your dog’s behavior and breeding, with some going so far as to “interview” Rover or review his training certificates, but won’t do the same for a buyer's kids. For you, that means your little ones get a pass, our experts say. 

 

“When I first read this, I had to look at the calendar but alas it is not April 1. I have never in my 22 years [of working in real estate] heard of a board asking to interview children nor asking for reference letters for children,” says Douglas Heddings, the executive vice president of sales at the brokerage CORE​. “Oh, and I would be stunned to hear that someone was turned down over their kids. But with a co-op, no one ever knows as they do not have to provide a reason for denial.”

 

Likewise, Deanna Kory, a broker at the Corcoran Group, has never heard of a board interviewing children, especially if they’re on the younger side. “It's one thing if there were older children that were going to be part of the family and they were using [the co-op] on a periodic basis, but even then I haven't had that happen.”

 

That said, it doesn’t hurt to have your own references gush about your children in their recommendation letters, notes Heddings. (For more on putting together reference letters, click here.) “If your children are ‘challenging,’ you can tell your friends to skip that,” he says. 

 

 

It's also worth keeping in mind that boards increasingly check Google, Facebook and Twitter for clues to a buyer's worthiness, and they'll check your kids' pages too. If Junior has some questionable content up there—one Upper East Side co-op found ties to a hate group on the Facebook page of a potential buyer's child—the prospect of a board application might provide the perfect excuse to delete it. 

Would You Pay $1M to Park Your Car?

MSNBCSeptember 13, 2014

In light of the million dollar parking spot being offered for sale in Soho, we sent comic Jamie Kilstein out to talk to the developer and ask some folks on the street if they’d pay $1 million to park their car.

Top Residential Agents of the Week

The Real DealSeptember 12, 2014

Price: $11,000,000

Listing brokers: Tom Postilio, Mickey Conlon and Shaun Osher of CORE

Address: 135 West 69th Street 

Landmarked Fort Greene Stable Perfectly Suited for Two-Legged Residents with $1.2M to Spare

6SqFtSeptember 12, 2014

It’s hard to imagine a place as crowded and cosmopolitan as New York City once being filled with the clip-clop of equine hooves, but at the turn of the century it is estimated there were 130,000 horses working in Manhattan—more than 10 times the number of taxicabs on the streets here today! In most cases, the stables that housed our four-legged friends have long since been razed to make way for buildings more suitable to modern commercial enterprise or human occupancy.

 

Fortunately, the Feuchtwanger Stable located at 159 Carlton Avenue in Fort Greene didn’t meet a similar fate. Nearly a century after its construction in 1888, this gorgeous Romanesque Revival building was designated by the National Register of Historic Places and subsequently underwent a stunning condo conversion now home to a lovely one-bedroom apartment.

 

Outside, the property’s first floor features three wide, round arches once used as entrances for the horses, and now serve to highlight the building’s classic appeal. Inside, the apartment’s high ceilings, wide plank floors and original post-and-beam features accentuate every inch of the 1,360 square-foot space and beautifully complement the dramatic open plan and thoughtful finishes.

 

In addition to an enormous living room, dining area, office (check out the terrific rolling wood door), and completely renovated kitchen with breakfast bar, the apartment features an authentic loft space perfect for a den or small guest bedroom.

 

Location-wise, you couldn’t ask for more, with direct access to Fort Greene Park, the BAM Cultural District, the thriving Myrtle Avenue and Fulton Avenue corridors, and DeKalb Avenue’s restaurant row—all simply a short stroll away.

 

 

While it’s true we owe the horses of New York City’s past a debt of gratitude for their critical role in its history, we are also thankful their overwhelming presence on the streets of Manhattan in the 19th century meant that one-of-a-kind homes like this are here for us to enjoy today.

The 44 New Developments Hitting The Market This Fall

The Real DealSeptember 11, 2014

Just because fall is coming doesn't mean things are about to cool down. From 57th Street to City Island, the real estate market is still booming, with 44 developments preparing to unleash hundreds of new homes—both condos and rentals—onto the market. Highly anticipated projects like the conversion of the Verizon Building and the glitzy 515 High Line are joined by under-the-radar boutique Brooklyn developments, while a few long-in-the-works buildings (looking at you, Fortress of Glassitude) are finally ready to make their debuts. See something missing from the map? Leave a comment or send a note to the tipline.

Million Dollar Parking Spot

ABC - Jimmy Kimmel LiveSeptember 11, 2014

In New York there’s a new condo development that is also selling parking spots for one million dollars. They will be available to residents only on a first-coIn New York there’s a new condo development that is also selling parking spots for one million dollars. They will be available to residents only on a first-come-first-served basis. We have to admit, they are pretty nice. nice.

NYC Condo Sells Parking Spots For $1 Million

NPRSeptember 10, 2014

And that brings us to today's last word in business, where to park a million bucks - well, in a parking space in New York City. A new luxury condo in lower Manhattan is offering underground parking spots that will cost $1 million each. We're told that is more per square-foot than the apartments being sold above the parking spaces according to The New York Times. The Department of City Planning says the number of off-street parking spaces in New York City has declined by 20 percent since the late '70s, going down even as the population of the city has gone up. That has driven up the price of residential parking in New York City to an average $136,000 per spot by one estimate. And remember, that is the average space, $136,000. That much money would not even get you a single wheel in one of the new million dollar spots. That's the business news on MORNING EDITION from NPR News. I'm Steve Inskeep.

10 NYC Parking Spots Are Going For A Mind-Boggling $1 Million Each

Huffington PostSeptember 10, 2014

As worsening income inequality and a serious lack of affordable housing place ever more strain on vast numbers of New York City residents, a new luxury apartment building in Manhattan is offering several $1 million parking spots for uber-wealthy buyers.

 

The 10 spots, located underground at 42 Crosby Street, in the SoHo neighborhood, will accompany apartments reportedly selling for between $8.7 million and $10.45 million, The New York Times reports.

 

"The parking spots, some of which will be a generous 200 square feet, will run between $5,000 and $6,666 a square foot," writes the Times, "whereas the nine three-bedroom units upstairs will range between $8.70 million, or about $3,170 a square foot, and $10.45 million, around $3,140 a square foot. Monthly carrying charges for the three-bedrooms will run as high as $8,880 ($18,360 for the $25 million duplex penthouse)."

 

We wish we could say we're completely shocked, but the story is all too familiar. Back in 2012, a Manhattan residence at 66 East 11th Street made jaws drop by placing on the market a $1 million dollar parking spot. The meagre garage space offered a width of just 12 feet and a length of 23 feet.

 

More recently, an NYC developer provoked outrage after proposing a plan to outfit a new luxury condo building with a designated "poor door" from which lower-income residents would enter and exit.

 

According to Gawker, separate entrances for wealthy and poor residents are pretty common in New York buildings that designate some of their units for low-income tenants.

Parking Spaces in New York Go on Sale for $1 Million

The IndependentSeptember 10, 2014

Parking spaces in New York are being sold for $1 million (£620,000) as developers try to cash in on a shortage of car parks.

 

A luxury development at 42 Crosby Street in the fashionable SoHo district of Lower Manhattan is offering 10 underground parking spots to residents,the New York Times reported.

 

The site itself is a former car park but spaces are at a premium in the packed district and with the nine three-bedroom flats above costing up to $25 million (£15.5 million), estate agents believe clients will pay the price.

 

At around $5,500 (£3,400) a square foot, the spaces are more expensive per unit than the apartments upstairs, and anyone buying one is only paying for a 99-year lease that expires if they move out, rather than owning it outright.

 

Shaun Osher, founder of the brokerage firm handling sales at 42 Crosby, said there are “few to no options” for parking in the area, let alone a private spot in your own building.

 

“We’re looking at setting the benchmark,” he added. “In real estate, location defines value and parking is no exception to that rule.”

 

Parking spaces elsewhere in New York have been seen selling for up to $500,000 (£310,000) and it is not the only city being affected by rocketing prices.

 

In July, a garage in Kensington went on the market for half a million pounds - the same price as an eight-bedroom Georgian mansion in Yorkshire, or a stunning light keeper's house in Scotland.

 

Measuring almost 9ft wide and 18ft long, if you rip out the cupboards, it also comes with a £280 a year “service charge”.

 

Estate agents described it as a “valuable asset” and assured prospective buyers it could “accommodate cars as large as a Range Rover or a Bentley Continental”.

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