News

Neighborhood Search Leads to NoHo

The Wall Street JournalJune 26, 2014

After moving to New York City from Brazil, the homeowners lived in, and looked at, several neighborhoods for their growing family before finding the right fit in NoHo

 

The hallway of the apartment is shown. Mr. Jereissati works in finance and Ms. Jereissati was a fashion designer who specialized in children's clothes and now works as a fashion consultant. The couple have three children; two daughters aged 13 and 4 years old, and a son, six years old. The couple moved here from Brazil for Mr. Jereissati's work. Initially they lived in the Upper East Side in a rental building, which they found convenient, but they didn't feel like the neighborhood had 'the right vibe' for the family., Mr. Jereissati said.

 

The living room is pictured. The couple had visited New York City before, but weren't familiar enough with its neighborhoods to know what would work for them. 'It's one thing to come for four, five days, it's another thing to come for a place for yourself,' Mr. Jereissati said. After a few months on the Upper East Side, the family decided to try living downtown, where their daughter was accepted into school. They moved to TriBeCA and stayed there for two years.

 

When the couple were expecting their son, they decided to look for a larger space in a neighborhood other than TriBeCa, which felt a bit too far south for the family, and not 'like a place we wanted to be in for the long haul,' Mr. Jereissati said. They set out on a year-long search, looking at neighborhoods like Chelsea, the West Village, SoHo and NoHo. 'When we came across this place, it had a lot of things we wanted,' Mr. Jereissati said.

 

Custom bookshelves are pictured in the living room. The apartment was basically move-in ready for the family. The building, located close to several subway stops and with only six units, felt 'very private,' Mr. Jereissati said. At the same time, there was an opportunity to get to know neighbors through co-op meetings, he said.

 

The apartment's open plan kitchen is pictured. The couple viewed over 40 homes and looked at this one three times before putting in an offer, the only offer they made other than a space in Chelsea. 'We were being very critical,' Mr. Jereissati said. When they first moved in they didn't do much to the space other than painting. Wardrobes and built-in cabinets were painted white, which 'brought in a lot of light and amplitude,' to the space, Mr. Jereissati said.

 

The master bedroom is pictured. An elevator opens directly into the approximately 2,300-square-foot apartment, which has two bedrooms, an additional room that could be used as an office, two full bathrooms and one half bathroom, as well as access to a roughly 200-square-foot basement storage space, according to listing broker Martin Eiden. The building has a shared roof deck.

 

Last summer, the couple gut renovated the apartment's bathrooms. The spaces were done in light tones with white marble and tile, giving them a 'clean, modern look' that was still 'cosy,' Ms. Jereissati said

 

During the renovation, the couple gave their daughter a budget to buy furnishings for her bedroom. 'She did it to her taste, under our supervision,' Mr. Jereissati said, adding that it was a 'good opportunity' for her to learn the cost of things. She also picked up some negotiation skills, Ms. Jereissati said. Spying a carpet in a SoHo store that she liked, she told the store owners it was outside of her budget and was able to negotiate an over $900 discount, according to Ms. Jereissati.

 

During the renovation of the apartment, the walnut floors were refinished and a built-in bed was installed in the children's bedroom, which gave them more 'more space to play,' Mr. Jereissati said. The couple estimate they spent almost $300,000 on improvements to the home.

 

A second bathroom is pictured. The couple has decided to sell so that they can be closer to their children's schools, which are now uptown. Mr. Jereissati said it will be hard to find another neighborhood he can love as much. 'We're going to trade off what I think is the best block in the best neighborhood for something that's very far...but something's got to give,' he said. 'If we could move the schools to where the house is, that would be perfect, or if we could move NoHo to the schools, that would be perfect,' he said.

 

'I have the sense of neighborhood here,' said Ms. Jereissati, who said she's enjoyed the nearby shops, restaurants and taking her kids to Washington Square Park, a ten minute walk from the apartment. 'It's close to everything I love, but I'm not in the middle of things,' she said. The water fountain at Washington Square Park is pictured on June 22.

 

A view of Great Jones Street from the apartment is shown. The apartment was first listed in 2012 and again in 2013 for around $3 million before it was renovated. It was relisted in mid-March for $3.7 million before reaching its current listing price of $3.425 million. Patrick Lilly and Martin Eiden of CORE hold the listing.

Where Actors Are Living in New York

Gotham MagazineJune 25, 2014

Are Leo DiCaprio’s days of wanderlust coming to an end? Is the poker-playing thespian finally hankering to settle down? It would appear so by his recent real estate purchases. After tantalizing New Yorkers by looking at almost every high-end trophy property on the market, DiCaprio has finally made a bold real estate move. The Wolf of Wall Street star recently closed on a $10 million apartment in a new luxury building earning kudos for its healthy built-ins.

 

The Delos building at 66 East 11th Street includes a circadian lighting design that offers “dawn simulation,” and has other healthy details like “heat reflexology flooring” for posture, vitamin C–infused showers, a circulated aromatherapy air supply, and an herb garden in the chef’s kitchen. This buy follows DiCaprio’s $8 million March purchase of a 2,300-square-foot two bedroom apartment—where he is reportedly living with 22-year-old gal pal Toni Garrn—adjacent to his $4 million home, which he bought at 2 River Terrace in Battery Park City

 

Jake Gyllenhaal has also been in the hunt downtown. The actor, who will be filming Southpaw this summer, checked out a Federal-style three-story home on a cobble stoned street in Tribeca. The landmarked 21-foot-wide dwelling at 37 Harrison Street, known as the William Hunt House, has 13½-foot ceilings, six wood-burning fireplaces, and a private garden as well as a $3.75 million asking price. The three-bedroom, two bath house was built in 1828 and landmarked in 1969. The listing brokers are Core’s Tom Postilio and Mickey Conlon, stars of HGTV’s Selling New York, whose open houses have led to lines around the block, even on rainy Sunday mornings—and that’s exactly where and when Gyllenhaal was reportedly spotted sporting a low-key grunge look with ponytail and beard. 104 Fifth Ave., 17th Fl., 212-609-9100

 

The Upper West Side, long a playground for actors, is also seeing a spike in celebrity activity. Demi Moore has put her sprawling San Remo triplex apartment on the market for an eye-popping $75 million. The Emery Roth–designed building is famous for its Art Deco style and high-powered residents who, over the years, have included Donna Karan, Steven Spielberg, Glenn Close, Diane Keaton, Tiger Woods, Dustin Hoffman (who sold his San Remo triplex for $21 million in February), and Steve Jobs. For $75 million, Moore is also throwing in a two-bedroom ground-floor apartment that can be used for staff or guests, according to the New York Post.

 

Moore’s apartment, however, has already had its own 15 minutes of fame. It made headlines last year when TMZ reported that Moore demanded Ashton Kutcher pay for renovations to the triplex in her divorce proceedings. We’re guessing that the renovations were made and are part of the reason why the triplex is listed for so much. The listing broker is Adam Modlin, of the Modlin Group. 200 W. 57th St., 212-974-0740, ext. 15

 

Also on the Upper West Side, Hank Azaria, best known for his voice-overs on The Simpsons, scored a $9.2 million apartment at 75 Central Park West. This is a big move for Azaria, who was downtown at 84 Mercer Street, where he sold his flat last year for $8 million, according to the New York Observer. Azaria’s new apartment is in a 1928 building designed by Rosario Candela. The listing broker was Stribling’s Valerie Artzt. 924 Madison Ave., 212-585-4525

 

 

Find an Architect Service Launched

Real Estate WeeklyJune 25, 2014

In partnership with the Wall Street Journal/WSJ Magazine, CORE, and Dwell, Architizer -- the largest platform for architecture online -- announced the launch of Find an Architect, the first service to connect real estate developers, investors, and private owners with the qualified potential architects for their upcoming projects.

Marc Kushner Offers Blueprint for Linking Developers, Architects

The Real DealJune 24, 2014

As of today, you can add design expertise to the growing list of goods and services real estate developers can procure on the web.

 

Architizer, an online community for the architecture community, on Tuesday launched Find An Architect, a service aimed at connecting real estate developers, investors, and private owners with architecture firms, both local and global.

 

“Architecture is still filled with mystery and finding an architect can become incredibly daunting,” said Marc Kushner, CEO of Architizer and an alum of Harvard’s Graduate School of Design. “This is a way to create transparency and open up the industry and turn it back to a client-facing profession.”

 

Similar projects have taken off in the past, albeit on a more limited scale. Porch, Houzz, and Sweeten are all portals that help potential clients decorate and remodel their homes and gardens.

 

Find An Architect, however, solely targets commercial, institutional, and ground-up residential developments.

 

It works like this: would-be clients submit a project to be posted anonymously on the website. Firms that have some interest in the project then submit their applications through the online portal. Architizer vets the applications and, within a week, provide the client with a list of qualified submissions, based on level of experience, previous works, and geographical location. The client then selects a firm from that list.

 

Not surprisingly, only companies that have registered on Architizer’s website are eligible to participate to the Find An Architect marketplace. There are no initial fees for clients during the Find An Architect beta, which should run for the summer, Kusher said. After that, developers and other clients will be charged less than $1,000 to use the site, although different fee structures will be in place for residential, commercial and institutional projects. Architecture firms will be charged $95 for each entry.

 

 

Architizer started the Find An Architect project in collaboration with the Wall Street Journal, WSJ Magazine, Dwell and brokerage CORE.

{FunnelCast Contributor} It's Simply Staring You in the Face! | By Shaun Osher

The News FunnelJune 23, 2014

The best ideas are usually the most obvious ones, and they are the ideas that are the most simple. They are the ones that, when implemented, don’t seem that complicated, and almost as if they should have always been there. Sometimes, they have the ability to revolutionize an industry (Uber is a great example of this). The same rules apply to real estate. If you try to overthink it or overcomplicate the deal, it won’t work or be as effective.  When it comes to marketing, selling, negotiating, or buying, it is always best to keep the idea simple and uncomplicated. This will enable you to get right to the heart of the matter and achieve your end game.

--

 

By: Shaun Osher

Good Morning New York Real Estate

Voice AmericaJune 23, 2014

Parul Brahmbhatt is featured in this weekly online real estate segment, discussing topics such as bidding wars, million-dollar studio listings and tough negotiations.

A Night for Celebrating the New Lonny Relaunch: Making Home Design Glam

ExaminerJune 21, 2014

Earlier this week, Lonny Magazine, an online home design magazine with offices in Silicon Valley and New York, threw a party in partnership with CORE at one of the real estate brand's Soho penthouses at 111 Mercer Street to celebrate Lonny's recent relaunch. The new Lonny is very accessible, as it can be viewed via desktop, tablet, and mobile, and functional with a very clean, organized layout. It also features videos on home design and impressive slideshows. The brand recently featured Cindy Crawford on the cover of its May 2014 issue to kick off Lonny’s relaunch, followed by Bridget Coulter on the cover of its June 2014 issue. The magazine is quite entertaining and offers a good variety of home design topics. Attendees at the party, which included top designers and creatives, were thrilled about the magazine’s redesign.

 

 

At the event, guests enjoyed rosé wine and specialty cocktails provided by Lillet and Hendrick’s Gin. Guests were also served small bites such as pita triangles and hummus, tarragon chicken, spring rolls, red beets, eggs, and tomato on toast. The entire venue was decorated for the party by using brands such as Anthropologie, CORE Real Estate, Sugar Paper Los Angeles, Flower Muse, and Calico Wallpaper. There were even white Lonny coasters with gold writing placed throughout the party venue that had sayings such as “But first, let me take a #selfie,” “Raise your glass! #Cheers,” and “This _______ (noun) is #Everything.” It was a perfect day to be on a rooftop and celebrate. Be sure to check this cool online magazine out!

Instagramming the Night Away at Our Relaunch Party

Lonny MagazineJune 20, 2014

The Lonny Relaunch Party, Starring the Penthouse at 111 Mercer!
CORE’s swanky $12 million pad—one of NYC’s hottest listings of the moment—was the setting for our festive cocktail soirée.

Architizer Launches Online Tool, Find An Architect

The Editor at LargeJune 20, 2014

“Architecture is a profession that touches everyone…and yet finding an architect is a task filled with mystery and frustration,” said Architizer founder and CEO Marc Kushner, who recently launched a tool to simplify the process of finding an architect. “Sites like ZocDoc and Angie's List have proven the efficacy of using the internet to find and contract professional talent. It’s time to do the same thing for architecture.”



Find An Architect delivers a regular digest of vetted project opportunities to the Architizer community. The result is a time and money saving opportunity for clients to access the world’s best architects with minimal risk—a curated packet of applications are delivered in under a week and posting a project is free during the beta period. Architects are may apply through the Architizer platform.

 

 

While services like Houzz target the substantial residential renovation market, Architizer targets the even bigger ground-up construction market, according to Kushner. 



“Finding the right architect for a development project is critical to the brand, vision, and ultimate success of that project,” said Shaun Osher, Founder & CEO of CORE. “Find An Architect is a much-needed and valuable resource to match the right architect to a project.”



The site was created in partnership with The Wall Street Journal, CORE and Dwell. According to Architizer, each of the partners share the vision that a great building starts with a great client and architect coming together. Each partner will be involved in different strategic programs with Find An Architect. Details will be available as the programs roll out.

Fort Greene Townhouse to Sell for $600,000 Over Ask

CurbedJune 18, 2014

Although we're not quite in the heady days of last summer (yet), the Brooklyn townhouse market is still certifiably insane. For proof, look no further than the impressive-but-in-serious-need-of-renovation townhouse at 252 Carlton Avenue in Fort Greene, which was listed for $2.595 million, attracted 110 visitors and 22 offers in five days, and, a month later, went into contract for $3.2 million. According to its broker, it will need at least an additional $800,000 in repairs, including replacing the roof, floors, electrical, and plumbing. The 1864 house has undeniably great bones, though, and in this day and age that seems to be all that matters. As the sale has yet to close the identity of the buyers is still a mystery. [UPDATE: The sale has actually closed already.]

Tribeca Condo Earning its Worth

Brokers WeeklyJune 18, 2014

It may be hard to remember now, but there was a time when few believed condo prices in Tribeca would ever reach $2,000 per s/f.

 

As late as 2009, frozen credit markets and the specter of a looming recession gave little reason for optimism.

 

The Israeli developer, Izaki Group Investments (IGI), was one of the first firms to enter the market in the anxious post-meltdown days, and its bet is now paying off. 

 

IGI's 92-unit condo conversion at 93 Worth is almost fully sold, with only a $7.35 million penthouse and a $1.9 million one-bedroom remaining on the market. It seems only a matter of time before those units will be gone, too. CORE's Doron Zwickel, who handles sales at the building and helped with the planning, told Brokers Weekly that he is showing the penthouse about six times a week -- an impressive frequency at this price level. 

Fort Greene Fixer-Upper Sells for $600K Above Asking Price

DNA InfoJune 18, 2014

FORT GREENE — A fixer-upper townhouse in Fort Greene's hot real estate market sold for $3.2 million — $605,000 more than the asking price — even though it needs about $800,000 in work.

 

Over the course of five days, 110 people visited the Italianate townhouse at 252 Carlton Ave., a block east of Fort Greene Park, and 22 made offers, according to CORE real estate agent Doug Bowen who brokered the deal with Paul Johansen.

 

None of those offers were below the asking price, he said.

 

"It's an extremely competitive market," Bowen said, noting that the four-bedroom house built in 1864, needs approximately $800,000 in upgrades, including a new roof, floors, electrical work and plumbing.

 

But the 19th-century details — including arched frames, ornate plaster moldings and medallions, original woodwork and mantels — make the house highly desirable.

 

"It's a trend," he said. "More people are purchasing properties and reinterpreting them for today's use."

 

The 4,100-square-foot property is currently split into two units, with a garden apartment on the ground floor and a three-story home above.

 

The potential new owners plan to convert the space to a single-family home, Bowen said, noting that the previous owner, who lived there for more than 25 years, is happy with the sale.

 

 

"Everyone at the table was very pleased with the deal," he said.

Coffee Purveyor from Greece Heading to East Village

Commercial ObserverJune 18, 2014

European-influenced café and coffee bar Maza Loukouma and Espresso Bar is planning to enter the U.S. market via the East Village.

 

Maza signed a 10-year lease last month for 500 square feet on the ground floor, plus a basement for storage, at 30 Carmine Street between Bleecker and Bedford Streets. The asking rent was $300 per square foot, Eastern Consolidated said. The firm’s James Famularo and Ravi Idnani represented the landlord, 30 Carmine St. LLC, in the deal. CORE‘s Leora Aimee Hasas and John Harrison represented Maza.

 

“The storefront with 20 feet of frontage in this well-established location is a prime opportunity for the new coffee bar concept,” said Mr. Famularo in a prepared statement. “Given the highly trafficked neighboring retail locations, we believe Maza is sure to be a success.”

 

When Maza opens in the fall, it will serve coffee, wines and healthy Greek breakfast, lunch, and dinner options.

 

Maza will occupy space lease by MetroPCS store and a shoe-repair shop, which leased space there for 30 years, Mr. Famularo said.

 

 

The company is looking for other locations in New York City including in the Financial District, CORE’s director of communications said.

Last Night's Parties: Reformation Celebrates Its New Collection With A Tiki Party, Maggie Gyllenhaal Steps Out For The "Boyhood" Premiere & More!

Guest of a GuestJune 18, 2014

Where: The Penthouse, 111 Mercer Street

Other details: Lonny Magazine feted its recent re-design with over 300 of New York's interior design glitterati on June 18th at a 3,500 sq. ft. luxury SoHo penthouse at prestigious 111 Mercer St. Notable guests such as designer and TV personality Thom Filicia toasted Lonny's Outdoor Entertaining issue with Executive Editor Irene Edwards and VP of Content John Newlin along with listing brokers Emily Beare and Christian Rogers of CORE. Guests took full advantage of the triplex's three terraces while sipping Lillet and Hendrick's cocktails and nibbling on small bites prepared by PS Tailored Events.

 

Go HERE for more photos by Natalie Poette from the Lonny Magazine Relaunch Event

Greek Yogurt with a Coffee Chaser

Crain'sJune 17, 2014

Café hopes that there's more to New Yorker's love of Greek cuisine than cultured milk. Owners of Maza Loukouma and Espresso Bar hope their Village outpost will be the first of many.

 

Greek-style yogurt has been an increasingly popular choice for New Yorkers in recent years. Now one entrepreneur is hoping Greek coffee might catch on as well.

 

Maza Loukouma and Espresso Bar, a new café serving java roasted in Greece, and also offering healthy doughnuts and savory pies, recently signed a 10-year deal for 500 square feet at 30 Carmine St., between Bleecker and Bedford streets. Asking rent for the space, which includes an additional storage basement, was $300 a square foot.

 

The coffee shop, which is scheduled to open for business in late summer, was lured to the area by heavy foot traffic and nearby retailers such as Blue Ribbon Bakery and Greenwich Village Bistro.

 

"There's a big explosion of coffee in New York City, but this is something New Yorkers haven't seen before," said Leora Aimee Hasas, the CORE broker who, along with colleague John Harrison, represented Maza. She noted that Maza is currently searching for additional locations here.

 

Maza's space will be the combination of a former shoe-repair shop and a MetroPCS store. Landlord 30 Carmine St. LLC was represented by James Famularo and Ravi Idnani of Eastern Consolidated.

Seeking Apartment: North of Houston, South of $6 Million

Bedford + BoweryJune 17, 2014

The B+B offices are right here in Cooper Square, so we spend a lot of time walking the cobblestones of NoHo, wondering if we’ll ever get to live in one of those $23,000-a-month penthouses (this while we’re splurging on a Papaya Dog for lunch). So when a representative of CORE invited us to tour some luxe properties in our own backyard, we couldn’t resist. Come along as the brokerage firm’s director of communications, Erin Ryder, shows off some pads that are a smidge pricier than the $150-a-month A.I.R. lofts of yore.


43 Great Jones 
3-bedroom (or two-bedroom, one home office)
$3,425,000


Our first stop is in a six-story coop on Great Jones. There’s storage space in the basement, and a rooftop garden. One of the apartment owners is a beekeeper.

 

As we burst into the sun-filled apartment, sales agent Martin Eiden assured us, “The fire engines don’t turn their sirens on until the end of the street.” The station across the street might be one of the reasons the home has been on the market three months (the original asking price was $3,700,000).

 

Eiden has shown the apartment to fifty groups. He tells us the space “attracts the self-made individual, who likes their privacy. They did the whole limelight thing and now when they come home they don’t need that flashy stuff.”

 

The hallway wall is noticeably bare. “We removed the art,” says Eiden. “Otherwise showings just turn into an art conversation.” I ask what was there. “Oh, nothing offensive! But it was big art,” he says.

 

This is the third time Eiden has sold the space: it sold for $1 million in 2004 and then, after $500,000 in renovations, it went for $2.5 million in 2007. The current owners refinished the floors (now solid walnut) and refurbished the three bathrooms. The sizeable floor in the second bedroom’s en suite bathroom is composed of two gigantic marble tiles: waxen grave-sized chunks of stone. Meanwhile, the master bedroom’s en suite has a shower/steam-room area, in additional to a two-person-sized tub. “They did go a little over the top on the bathrooms,” Eiden concedes.

 

Despite the amenities, Eiden assures us that this is a groovy, eclectic little spot. “It was one of the original artist loft buildings,” he tells us. Basquiat had his studio on Great Jones, and died somewhere on the pavement outside. “So that’s a fun fact,” says Eiden. “It’s always been a very colorful street.”

 

The building itself gets into the community spirit—it’s “the classic anti-doorman building.” A self-managed co-op, everyone has a little task to do. The unit in question is in charge of keeping the lobby in order. “But that’s super easy,” Eiden reassures us. “When your cleaning lady cleans your house, she can just mop the floors down there.”

 

30 Bond Street
Penthouse
$5.5 million


Our second potential home is in a six-residence building that’s tucked next to Herzog and de Meuron’s green monster at 40 Bond. The storefront is a high-end showroom for jewelry. As we arrive, sales agent Tony Sargent is escorting his latest showing (a be-suited gentleman and a beautiful blonde woman in black lycra sweatpants) out of the building.

 

Sargent is a strapping fellow who worked in the building that housed Tower Records (at Lafayette and Fourth St) in the early ’90s. “People used to flock there,” he recalls. “But no one came down here.” Now, “when you look around you, you see new and old,” says Sargent. “I honestly think this is the cultural heartbeat of New York.”

 

The apartment is remarkably spacious and light, outfitted in “Scandinavian” minimalist style, and with a private, sizeable outdoor patio. Sargent has already seen 25 groups in the five days it’s been on the market. “There’s a pent-up demand for penthouse lofts with truly special outdoor space,” he confides. Mostly, the groups have been composed of “a lot of successful creatives” and Europeans. We ask about interest from the Russians. Erin dismisses the thought: “That’s kind of on its way out.”

 

There’s currently a photographer on the sixth floor, says Sargent. “I think there’s quite a few artists in here,” he adds vaguely. (One would hope so given the still ostensibly functional A.I.R. zoning laws.) The penthouse’s current tenant is an English attorney plus family.

 

As we pass the cookbooks in the roomy kitchen, Erin stops. “This book” she says, pointing at Ottolenghi’s Jerusalem, “is in every single CORE listing I’ve ever been in. I see it every time.” Sales of pomegranate molasses and black garlic must be skyrocketing.

 

 

We go on a quick jaunt to the rooftop, accessed via an exposed spiral staircase. The patio comes complete with water tank, and a view of the Empire State building. “Creatives love light and outdoors,” Sargent explains. “The actors I’ve seen just fall in love with that—” he gestures at the skylight and by extension the rooftop. “They’re probably from LA,” adds Erin, to explain the actor’s Vitamin D and fresh air requirements.

Upper Story by Charlie Palmer to Replace Astra at D&D Building

New York PostJune 16, 2014

Superchef Charlie Palmer is enlarging and transforming his cafe/events in the D&D Building.

 

This fall, Upper Story by Charlie Palmer will replace Astra, which closed last month after 17 years.

 

The D&D Building is owned by Charles S. Cohen, the commercial real-estate mogul who has branched out into film.

 

His production company released 10 movies last year and will soon release “Breathe In” starring Felicity Jones, Guy Pearce and Amy Ryan.

 

Upper Story, a completely new venue designed by Scott Salvator, will be 765 square feet larger than its predecessor for a total of over 2,700 square feet. Like Astra, it will be a modern-American restaurant at lunchtime, serving the building’s interior-design community as well as the general public.

 

At night it will transform into an events space that can seat up to 160. The new design, more plush than before, is meant to complement far-ranging views through windows.

 

Palmer is on a roll in New York: in addition to his Michelin-starred Aureole on West 42nd Street, he will also run the restaurants in the new Knickerbocker Hotel across the street, and recently made a deal to launch Crimson & Rye on the ground floor of the Lipstick Building.



Land-sale activity in East Harlem has begun to rival that to the west. In the latest transaction, HAP Investment Management bought the southeast corner of Third Avenue and 121st Street for $13 million from Tahl Propp Equities.

 

The 17,661 square-foot site, now vacant, includes 100 feet of avenue retail exposure.

 

The website for HAP, which owns several other East Harlem sites, says a planned development will include 120,000 square feet of luxury rental apartments, 26,000 square feet of commercial space, 5,000 feet of parking and 1,000 for community use — all as-of-right.

 

Eastern Consolidated’s Matthew Sparks, who worked both sides of the deal, cited “huge demand” for new development along Third Avenue, and said the 121st Street corner is “ideal for new construction.”



Next time we get an e-mail from retail brokers touting phenomenal demand and record rents, we’re going to tell them: “Oh yeah? Take a walk on Madison Avenue.”

 

Right now, we count a half-dozen vacancies on what’s supposed to be the city’s premier, Numero Uno high-end retail drag — the fabled stretch between 59th and 72nd streets.

 

The total doesn’t include sites currently dark but where new tenants have signed leases — like 747 Madison, where Givenchy is coming this fall.

 

Nor does it include storefronts under construction, such as the Carlton condo block and the Wildenstein mansion.

 

It does include only locations which say “retail space available” in the windows. In a truly healthy market, shouldn’t landlords have new tenants lined up before old leases expire — or at least soon after they do?



Maza Loukouma and Espresso Bar, a European-style cafe and coffee bar, has signed a lease at 30 Carmine St. The asking rent for the 500 square-foot ground-floor space between Bleecker and Bedford streets was $300 a square foot.

 

The landlord was repped by Eastern Consolidated’s James Famularo and Ravi Idnani. Famularo said Maza “will be a great complement” to the neighborhood’s many restaurant offerings, which include Blue Ribbon Bakery and Da Silvano.



Allied Service Center of New York City is moving and growing. The nonprofit signed a lease for nearly 24,000 square feet at 60-64 W. 35th St. between Fifth and Sixth avenues.

 

The asking rent was in the $45-per-square-foot range.

 

ASCNYC, a multiservice community organization focused on health and mental care, will move from 41 E. 11th St.

 

The tenant was represented by a Savills Studley team including executive managing directors Marc Shapses and Joseph Messina. EVO Real Estate repped the landlord.

 

 

Shapses said ASCNYC will have its own 35th Street entrance and signage.

Only a Fool Can Time the Market | By Shaun Osher

The News FunnelJune 16, 2014

Or a liar! Real Estate markets move, and they are moving quicker now than ever before. This is in large part due to the fact that technology has made it easier to track inventory, sales, and general consumer confidence - which is usually the most powerful determining factor of most market fluctuations. The smartest thing you can do as a buyer or seller is to ACT! 

 

Procrastination is the enemy of making a fundamentally good decision. If you consider the fundamentals and reason for your purchase, your goal should be to act swiftly when the opportunity arises.  The market will certainly go up from where it is (at some point in the future), and very possibly go down, but your opportunity will also move. Regardless of where you are looking to buy (or sell), if your reasons to buy (or sell) are sound, and based on factors that are defined by your needs (rather than by making a quick buck) you'll do well. In my personal experience in New York City, over the past twenty years, I have never met a person who regretted buying a piece of real estate. I have only met people who regretted not buying a piece of real estate.

 

Waiting for that "right opportunity" and "the right time" will paralyze your decision-making process and allow all those tangible opportunities right in font of you to be seized by someone less "smart". At the end of the day, once you've defined the reason you are buying (or selling), make sure your reason is sound. Do your due diligence on the opportunity, and if it makes sense under the current market conditions - dive in. 

 

 

By: Shaun Osher

Closing Bell: Fort Greene Fixer Upper in Contract for $3.2 Million

BrownstonerJune 13, 2014

We did a double take when we saw this flyer: A fixer upper at 252 Carlton Avenue in Fort Greene is in contract for $3,200,000 — that’s a hefty $605,000 over the asking price of 2,595,000.

 

The flyer says it’s 4,100 square feet, which breaks down to $632 per square foot for the ask and $780 per square foot for the contract price. It was a House of the Day in March and the listing is still online. What do you make of it?

Take it to the Top: Penthouse Deals Around Town Offer Splendid Views and Deluxe Amenities that are Surprisingly Affordable

New York Daily NewsJune 13, 2014

The loftiest bragging rights in town go to penthouse dwellers — but you don’t have to be Rupert Murdoch or Jon Bon Jovi to own trophy aeries.

 

True, a penthouse in the iconic Woolworth Building will reportedly hit the market this fall with a whopping $110 million price tag — but not all penthouses are triple-digit budget-busters. In fact, a buyer can still snap up a small top-floor pad in Manhattan for around $1 million, brokers said.

 

That sounds like a lot — but not compared to the average price for any old condo in Manhattan: $972,428.

 

“It’s a little secret that you don’t have to spend so much money to get onto the top floor," says broker John Harrison of Core. "When you hear ‘penthouse,’ you think ‘grand’ — and you think the price is going to be grand as well. That’s not necessarily the case."

 

Here are five New York City penthouses where you can live like an oil baron without a matching bank balance:

 

East Harlem

 

The Upper East Side is notorious for its expensive penthouses, but venture a little farther uptown to E. 118th St. and you’ll find this colorful two-bedroom pad for $1.02 million.

 

The eighth-floor pad’s owner, former Austrian pop princess and artist Doris Boris Berman, bought the two-bedroom co-op spread for $779,873 in 2011 but is now moving to Berlin, said her broker, Karla Carrington of Bond New York.

 

The big selling point: The apartment has its very own north and south-facing terraces, which Berman has brightened up with some cheerful-looking garden furniture.

 

 

She snagged the unit with money she got from selling her interest in a real live castle in Austria.

 

Financial District

 

Prices are rising quickly, but for now the Financial District remains one of the few neighborhoods left in Manhattan where you can still find a steal.

 

This one-bedroom penthouse on the 26th floor at 99 John St. is no exception with a price tag of $999,000, a bargain even for the neighborhood.

 

The owner recently lowered the price because he wants to sell quickly, says Core’s Harrison, who is listing the property with Michael Rosser.

 

The pad has lofty 14-foot ceilings and comes with access to the building’s fifth floor Zen garden, a fitness center and parking.

 

The former rental building was converted to condos in 2007.

 

Gramercy

 

The buyer of this 280 Park Ave. S. penthouse could borrow sugar from neighbor Rupert Murdoch, who just bought the five-bedroom penthouse around the corner at One Madison Park for a cool $43 million.

 

The pad on the 27th floor is a little more within reach than Murdoch’s glassy abode. For $1.45 million, you get one bedroom, one bathroom, cool angled glass ceilings and access to the building’s pool and gym.

 

The building was formerly home to New York Bank for Savings. It was built in 1984 and converted to condos by celebrated architecture firm Beyer Blinder Belle.

 

Murray Hill

 

You can watch the world go by from this pretty-in-pink penthouse on the 15th floor at 139 E. 33rd St. The two-bedroom corner coop is a bit small, but it has an impressive wraparound terrace to make up for it.

 

It also has a mammoth closet fit for a fashionista and a custom sound system. The price tag: $1.28 million.

 

Brokers Mary Beth Adelson and Jody Martini of Douglas Elliman have the exclusive listing.

  

SoHo

 

This flashy aerie at 255 Hudson St. is on the pricey side at $2 million, but in a neighborhood known for celeb residents and pricey boutiques, finding a penthouse gem for that price is a victory.

 

The one-bedroom pad, perched atop an 11-story building, has floor-to-ceiling glass windows and 13-foot ceilings. The building has a landscaped roof deck with Hudson River views and an outdoor shower for rinsing off after a day in the sun.


TAKE IT TO A HIGHER LEVEL

 

If your purse strings are a little looser, a new $2.75 million duplex at Central Harlem’s Adeline building has the wow factor.

 

The four-bedroom pad, one of three penthouses at the building at 23 W. 116th St., has high-end finishes such as wide-plank oak floors, floor-to-ceiling windows, hand-laid herringbone tiles and marble throughout.

 

It’s perched atop a full-service building with a doorman, a kid’s playroom, a fitness room, a massive central courtyard and a landscaped roof terrace.

 

A similar apartment in the West Village would cost $8 million, listings websites show.

 

 

A (Museum) Mile in Their Shoes

The Wall Street JournalJune 12, 2014

 

Julie Tucker was apprehensive when her husband Adam Tucker was offered the position of president of Ogilvy & Mather in New York. She loved London, and had a great job as business director at international ad agency TBWA. The couple, both American, lived in a beautiful, terraced house in the picturesque Hampstead area, with plenty of room to raise their three children and their Welsh terrier, Fergus.

 

Her mood dimmed during her first apartment-hunting trip in New York. She told an agent she wanted four bedrooms, a yard and off-street parking. "They laughed at me," says Ms. Tucker, 44 years old, a native of the Chicago area. Instead, she was led through a series of small, dark rentals asking $20,000 a month. "I was really depressed."

 

For nearly a week, she would call her husband at day's end and tell him the move just wouldn't work. Then she suddenly changed her tune.

 

"She called and said, 'I've found our dream home. We have to buy this now.' We went from renting to buying really quickly," says Mr. Tucker, 45, who hails from St. Louis.

 

The building that seduced Ms. Tucker is on Fifth Avenue and was designed by architect Robert A. M. Stern. The yard she sought for her three children was all of Central Park, just across the street. It also was a gateway to a stretch of some of New York's finest museums: El Museo del Barrio, the Museum of the City of New York, the Jewish Museum, the Cooper Hewitt, the Guggenheim and the Metropolitan, among others. The building itself was slated to house the Museum for African Art.

 

One Museum Mile, as the building is called, has its own amenities: a rooftop swimming pool, and outdoor terraces with barbecue grills and granite tables that overlook the park and the Manhattan skyline. The 114 units have access to five impeccably decorated common rooms with TVs and big windows, including a dining/conference room, a living room, and a teen hangout with Wii, Foosball and air hockey. A well-stocked fitness space shares a glass wall with a play area so exercising parents can keep an eye on their children.

 

Despite all the good points, Ms. Tucker wondered if the neighborhood was a good fit for her young family, or whether she was taking a risk in a city unfamiliar to them. The building, built in 2008 at 109th Street, had been called a poster child for gentrification. Several New York City Housing Authority projects are located around the corner. Some of East Harlem had an edginess. At the time, in May 2012, there wasn't a supermarket nearby.

 

Ms. Tucker called her father, Gary Busch, a retired dentist who lives in the Chicago suburbs, for advice. Dr. Busch visited and loved it—especially the people. "Everyone is really friendly," he says.

 

The Tuckers made an offer for two units in 2012 (just after the building was rebranded from its original name, 1280 Fifth Avenue) for $2.2 million—paying full price but negotiating for the building to pay $50,000 in closing costs on condition the savings be used for renovation. The building was 20% sold then; now it is sold out, with one unit going for $3.6 million, said Tom Postilio, director of sales for the building.

 

The eight-month renovation, finished in May, cost about $500,000. The studio and two-bedroom were combined into a 2,300-square-foot, three-bedroom home, starting with a Carrara-marble entryway. The wood floor leads to seven-year-old Jack's bedroom and bath, decorated with British flags, and offering a view of train tracks in the distance. (He loves trains.)

 

The main living room, dining area, kitchen and playroom are open. The couple completely redid the kitchen, putting in a breakfast bar with stools and glass tile walls. The master bedroom is airy, with large windows offering park views. Olivia, 4, and Millie, 2½, share a small pink room with a walk-in closet. "It feels like an oasis in the city," says Mr. Tucker.

 

The Tuckers met in 1993 in Chicago when both worked at Euro RSCG Worldwide (now Havas Worldwide). They moved to the U.K. in 2001, and after Mr. Taylor became a managing partner of London's largest ad agency, BBDO London, bought a 1,700-square-foot home in Hampstead for about $1.1 million. When the couple left London eight years later, they sold the home for $2.2 million.

 

There are still downsides to the new home. The opening of the African Art museum, planned for the lower floors, has been delayed for years. A 10-by-12-foot storage closet in the building costs $30,000. (They declined.) The parking garage fits only 23 cars and has no direct access. (You have to go around outside.) The two daughters share a room. A local grocery store has good prices but few specialty items. There is a Dunkin' Donuts but no Starbucks SBUX +1.01% nearby.

 

Ms. Tucker, now executive director of marketing at the New York Times, NYT -1.28% says she appreciates her neighborhood. Once a week she takes the children to a local food pantry to donate dinner. Duke Ellington Circle, across the street, has a statue of the great jazz musician playing a piano and attracts local musicians. The Lasker swimming pool and ice-skating rink is an easy walk. So is the Harlem Meer, where the family fishes and rides bikes. "There's a vibe here you lose when you go south," she says.

Airy $12 Million Soho Penthouse Offers Up a Premier Indoor/Outdoor Living Experience

6SqFtJune 12, 2014

If you’re wondering what to do with that extra $12 million, consider the stunning penthouse triplex at 111 Mercer Street. This condo offers more than gorgeous city views, it practically invites the city in for coffee.

 

If you’re reading this we’re going to assume we don’t have to tell you this penthouse is flooded with light… unless, of course, you’re blinded by it. The main floor of the 3,500-square-foot ultra chic condo is framed in all glass NanaWalls that open to its expansive terraces, creating the ultimate indoor/outdoor living experience. The living room and dining area opens up to a 1,200-square-foot terrace — or let’s be honest — it’s an outdoor living room. Meanwhile the kitchen has its own terrace complete with an outdoor dining space… and a fireplace… and west facing sunset-ready views… of the Freedom Tower.

 

Want more?

 

The kitchen’s not too bad either, with Calacatta Gold marble countertops and top-of-the-line Miele appliances including a built-in espresso machine and a wine fridge.

 

The lower level of the home features an inviting living space, perfect for tucking yourself away for a little R&R. The master suite has a sitting area and a fireplace, and we’re imagining an old, worn Jane Austen novel just because not everything in this loft can be in pristine condition.

 

The master has tons of storage space, including a large walk-in closet. And the en suite has a Waterworks tub and steam shower, and radiant floor heating.

  

On the other side of the condo’s charming den are the second and third bedrooms, both with luxurious en suites.

 

The crowning jewel of this spectacular pad is… well… the crown. There’s a third terrace on the roof with glass balcony walls and views all over Soho.

 

This precious pad has the best of the best, with a virtual doorman and automated sound, light and shade. The next owner will also have full access to the amenities of Nolitan Hotel.

 

 

The listing is held by CORE Group agents Emily Beare and Christian Rogers.

Good Morning New York Real Estate

Voice AmericaJune 09, 2014

Michael Gross is a real estate historian, gossip monger extraordinaire who penned a best-selling book about the storied building, 15 Central Park West in Manhattan, the World’s Most Powerful Address. Michael will talk about the uber wealthy that reside at 15 CPW and the developers that created one of the most famous buildings in all of New York. Also joining the show on Monday is Julian Niccolini, a co-owner of the infamous NY Restaurant, The Four Seasons. Julian will discuss the longevity of this institution and the celebrities who frequent this establishment.

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