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Park-Front Locales Remain NYC’s Most Valuable Properties

New York PostMay 07, 2014

In most cities, the valuable real estate is along the water.

 

But New York is a big global exception — our priciest real estate is along our parks.

 

 “We’re inward looking,” says Jonathan Miller, president of the appraisal firm Miller Samuel. “We like to look to the neighborhoods. While there’s certainly a premium to [river views] the greater premium is being in close proximity to a park.”

 

On the Upper East Side, Miller says that there’s a 5 to 10 percent premium on being between Madison and Fifth — a block from Central Park — than one block east.

 

Other real estate pros suggest that number might be too low when you account for other factors.

 

“Depending on the park, the apartment and the views it can be as much as double,” says Ziel Feldman, founder of HFZ Capital, which has built along Central Park, the High Line and other parks. “But [it’s at least] in excess of 20, 25 percent.”

 

And if you were to tick off many of the most desirable neighborhoods — Gramercy, West Chelsea, the Upper West Side — with few exceptions they have some great green spots anchoring the neighborhood.

 

 “What’s interesting,” says Beth Fisher, senior managing director for Corcoran Sunshine, “is that what constitutes the perfect park-front location has really changed.”

 

Indeed, there are old parks, new parks, private parks, elevated parks and riverfront parks. And the real estate on their periphery is some of the city’s most luxe and desirable.

 

These are eight of our favorites.

Victor Homes’ NoMad Condo Building Sells Out

The Real DealMay 05, 2014
All 46 units at Victor Homes’ 20-story NoMad condominium building at 241 Fifth have been sold. The three-bedroom penthouse was the last apartment to close in the building.

Half of the condos were in contract within two months of sales launching in April 2013. Prices ranged from $820,000 for a one-bedroom unit to $10 million for the penthouse. The latter was sold at the price of $2,600 per square foot.

CORE, which handled marketing for One Museum Mile, which also recently sold out, marketed the building.

The 3,200-square-foot ground-floor retail space, meanwhile, is vacant. Midtown-based developer and brokerage JTRE bought it for $6.8 million last month, as The Real Deal reported.

Good Morning New York Real Estate

Voice AmericaMay 05, 2014
Top Manhattan Brokers handle Hot Topics in a round table discussion.

Guests: Parul Brahmbhatt - CORE Group Real Estate, Justyna Czekaj - Spire Residential, Rachel Altschuler - Douglas Elliman, Nile Lundgren - Dallien Realty, JP Smith - BLU Realty Group, Debra Hoffman - Town Residential

Ten Questions with Real Estate Brokers Tom Postilio and Mickey Conlon

WorthlyMay 05, 2014
With residential sales volume totaling more than $1.5 billion, Postilio & Conlon were named CORE’s top-producers in 2013, propelling Shaun Osher & Jack Cayre’s firm to secure the #1 Brokerage spot for the third year in a row. They have been credited with breaking pricing records in several of Manhattan’s most closely watched neighborhoods, which has made CORE’s “Dream Team” the top-pick for developers looking to achieve the same results for their projects. With the successful $200 million sellout of Robert A. M. Stern’s One Museum Mile at 1280 Fifth Avenue, the record price per square foot achieved in the neighborhood was twice-shattered, reigniting interest in future new development around Upper Carnegie Hill and East Harlem. Within the past several months, they have announced the achievement of similar results in Midtown and NoMad, breaking the very pricing records they established the prior year at The Windsor Park, a Rosario Candela conversion at 58th Street, and at Sky House, a 54-story tower on East 29th Street. Postilio & Conlon are stars of HGTV’s reality series, Selling New York, which is now in its eighth season. Famous for catering to a list of celebrity clients that includes Lady Gaga, Barry Manilow, Joan Collins, Michael Feinstein, Jim Carrey and David Sanborn, they have lent their television notoriety to assisting several causes, and most recently hosted the Bailey House Gala & Auction at Chelsea Piers. Both are jurors for the 2014 Architizer A+ Awards, the largest architectural awards program in the world.

We had a chance to ask these two some great questions and they were kind enough to take the time to give us some fantastic answers. Here they are:

Manhattan’s One Museum Mile Reaches Sell-Out

Multi-Housing NewsMay 02, 2014
New York—One Museum Mile, a condo development at 1280 Fifth Ave. on Central Park in Manhattan, has sold all of its units. The 115-unit building, developed by the locally based real estate private equity firm Brickman and designed by A.M. Stern, is atop the Museum for African Art.

Initially called 1280 Fifth Ave., the property was rebranded as One Museum Mile about three years ago, coincident with the revival of the New York for-sale residential market. Since then it has sold units at a faster clip. About two years ago, a three-bedroom unit in the property sold for about $3.56 million, or a new record for the neighborhood of $2,030 per square foot.

Amenities include a 24-hour full-service concierge, landscaped roof terrace, rooftop pool and terrace overlooking Central Park, and a residents’ lounge with fireplace. There’s also a media lounge and card room, children’s playroom, teen game room, formal conference and dining room on Central Park, bicycle room, cold storage in the lobby and private storage.

A 421a tax abatement is in place at the property. 421a is a program (most recently amended in 2013) that offers eligible condo and coop owner-residents in New York a reduction in property taxes, though the specific amount depends on the taxable value of the property.

Condo and coop sales and sales prices have been steadily rising in Manhattan since the worst of the recession ended. According to Douglas Elliman, the average sales price of a condo/coop in the borough was about $1.77 million in the first quarter of 2014, up a whopping 30.9 percent compared with last year. Even so, buyers are buying: in Q1 2014, just over 3,300 for-sale properties traded hands in Manhattan; a year earlier, the total was just over 2,450.

Across the East River: Brooklyn

SCENE MagazineMay 01, 2014
“When I first moved to Brooklyn, you had to beg your friends to get their passports stamped to come here,” jokes Jay Molishever, a licensed broker at Citi Habitats. “Now it is well known this is where the creative people live. Brooklyn is what New York used to be—a city of neighborhoods and human-scaled living.”

Once the cheap alternative to Manhattan, Brooklyn has become known for its rich identity rooted in the arts and culture.

“Now, Brooklyn is a choice and a lifestyle,” says Eric Sidman, a broker at Town. “The value proposition that once existed is almost gone and people are now moving to Brooklyn because they want to.” Ten years ago, Sidman explains, Brooklyn was considerably cheaper than Manhattan and a two-bedroom in Williamsburg would go for the price of a one-bedroom in Manhattan. But the western neighborhoods in Brooklyn, especially those along the water, have become highly desirable and now scale the ranks of Manhattan’s expensive neighborhoods with prices equaling, and in the case of Dumbo surpassing, its counterparts across the river.

10 Multi-Million Dollar Properties to Wow You

Leverage Global PartnersMay 01, 2014
Lavish residences, with price tags to match, are the stuff dreams are made of. Take a peek at these incredible and inspiring multi-million dollar properties from our Leverage Global Partners, and prepare to be wow-ed.

Listing of the Day: 99-34 67th Road, #1H

Brownstoner QueensMay 01, 2014
Here’s a two-bedroom condo from the Wainwright building, located in Forest Hills at 99-34 67th Road. While the building’s prewar, this unit was totally remodeled and modernized. The owner added a home office, expanded the bathroom, and tricked out the kitchen. And at 1,100 square feet, there’s plenty of room to work with. We heard this one-bedroom apartment at the building only took 21 days to go into contract. Think this two-bedroom will be snatched up as well? There’s an open house this Sunday from 1 to 3 pm.

Pricey Digs: Chelsea's Most Expensive Rentals

Luxury Listings NYCMay 01, 2014

Price: $38,000/month

Address: 200 11th Avenue

 

One57: A Rundown of the Deals, Budget and Revenue at the City’s Most-Talked-About Tower

The Real DealMay 01, 2014

Gary Barnett’s One57 is the most talked-about residential project to hit the city since 15 Central Park West.

 

But while it may be providing juicy, of-the-moment fodder for the industry, the land for the 90-story skyscraper took a decade for Barnett and his team at Extell Development Company to assemble.

 

The long process was worth the wait for him. Barnett reportedly had to put up only 10 percent of the $700 million equity investment for the $1.4 billion tower, which is located on West 57th Street overlooking Central Park. (He convinced two Abu Dhabi–based investment funds, Aabar Investments and Tasameem Real Estate Company, to cough up the rest.) Extell and its partners are expected to gross about $2 billion in sales from the project, according to news reports.

 

This month, The Real Deal took a close-up look at the glassy behemoth — from its 10 closed sales to its other notable, in-contract deals. We also reviewed amendments that Extell recently filed with the state Attorney General’s office that detail some of the quirky rules that the building’s owners, wealthy and powerful as they may be, will be required to follow, and outlined the building’s operating budget and revenue intake. Needless to say, the tower shouldn’t be hurting for cash if enough owners pony up for storage bins, some of which are asking a stratospheric $4,000 per square foot.

 

And despite controversy along the way, which has played out in 19 civil suits against the building, the mega-project comes with outsized expectations and many unconventional flourishes. Read on for a look.

 

NYC’S priciest storage bins?

 

Deeded underground parking and maid’s quarters are old news; these days the latest “extra” up for purchase in New York’s priciest condos may be the least sexy: storage bins. At One57, there are 21 of them up for grabs, but those who need the subterranean space to stash away their bric-à-brac can expect to pay big. One57 is asking $216,000, or about $4,000 a square foot for a 54-square-foot bin, according to a recent amendment that Extell filed with the AG.

 

As a point of comparison, that price rivals the average per-square-foot price of a condo at Jared Kushner’s Puck Building penthouses at 295 Lafayette Street.

 

“I’ve never seen that at any other buildings,” said CORE’s Emily Beare, one of the city’s top luxury brokers. “Usually, buildings of that caliber would include a storage unit with the apartment.”

 

 

Three of the 30-square-foot storage bins are asking $110,000 each, or about $3,667 per square foot. In comparison, similarly sized bins at 15 CPW go for about $35,000.

One Museum Mile at 1280 Fifth Avenue is 100 Percent Sold

Buzz Buzz HomeApril 30, 2014
One Museum Mile at 1280 Fifth Avenue is sold out.

Brickman developed the 115-unit building, which was designed by Robert A.M. Stern Architects.

Andre Kikoski did the interiors, which feature open kitchens and breakfast bars, Bosch dishwashers and stainless steel appliances by Thermador.

Amenities include a 24-hour concierge, landscaped roof terrace, rooftop pool and terrace overlooking Central Park, gym with terrace and residents’ lounge with fireplace. There is also a media lounge and card room, children’s playroom, game room, formal conference and dining room, bicycle storage, cold storage in the lobby and private storage. A 421a tax abatement is in place.

One Museum Mile, 241 Fifth Ave. Sell Out; Metrocard Panel

CurbedApril 30, 2014
EAST HARLEM—CORE announced today that 100 percent of the units in neighborhood record-setting condo development One Museum Mile are now closed or in contract. The Robert A.M. Stern-designed building was slow out the gate and ended up rebranding (it was originally called 1280 Fifth Avenue) and relaunching sales in April of 2012. [CurbedWire Inbox; previously]

FLATIRON—And (much) further down Fifth Avenue, 241 Fifth Avenue, also marketed by CORE, had sold out following the sale of its 20th-floor penthouse. Sales for the 46-unit, ODA-designed building launched in April of 2013. [CurbedWire Inbox; previously]

DOWNTOWN BROOKLYN—To celebrate the 20th anniversary of the MetroCard's iconic design, the New York Transit Museum is hosting a panel on May 21 that will discuss "questions of the MetroCard's aesthetics, function, inspiration and ownership." The panel will include two MTA officials, the Chief Officer of Advertising & Digital Media Management, and the General Council, as well as the President and Creative Director of Creative Source, a marketing communications firm. It's free. [CurbedWire Inbox; previously]

Condo of the Day: 190 West Street, #8

BrownstonerApril 30, 2014
It’s hard not to fall for the high ceilings, exposed joists and open loft space of this one-bedroom condo at 190 West Street in Greenpoint, except a lot of new high-rise construction will be coming across the street soon.

The unit has 1,364 square feet of space, according to the listing. Do you think they will get their asking price of $1,825,000?

We Hear...

New York PostApril 30, 2014
That the Kips Bay Opening Night Cocktail Reception was held last night at the Mansion on Madison … that Shaun Osher, CEO of Core, was honored last night by the Union Settlement Association, East Harlem’s oldest social service association, at Gustavino’s … that a rare Egyptian Ptolemaic Period mummy sarcophagus, circa 332-330 BC, was taken out of a three-bedroom apartment at 30 Sutton Place and sold for $60,000 at Capo Auction Fine Art and Antiques in Long Island City. It had been purchased for $3,000 in the 1980s from Sam Haddad Egyptiain Antiquities, which has long been out of business. The auction house estimates had been $5,000 to $7,000.

Black Tie International: Union Settlement Annual Solutions Benefit

Black Tie MagazineApril 30, 2014
Union Settlement Association, East Harlem’s oldest and largest social service provider, honored Shaun Osher, Founder & CEO of CORE and Robert F. Quaintance, Retired Partner of Debevoise & Plimpton LLP, at its annual fundraising gala. Union Settlement’s “Solutions Benefit”—which promises to bring together hundreds of New York City’s business and community leaders, elected officials, and honored guests to support Union Settlement’s mission— shined a spotlight on the venerable East Harlem organization’s 50 years of college readiness programs.

House of the Day: Family History in Murray Hill

The Wall Street JournalApril 29, 2014
Price: $6,500,000
Location: Midtown East, NY

This almost 5,780-square-foot Murray Hill townhouse has been in the same family for almost 60 years, and houses the law practice of the current owner, as it did for his father before him.

Suzuki to Turn Old 21st Precinct Station House Into Condos

New York ObserverApril 25, 2014
Suzuki Capital, which recently closed on the purchase of the former 21st Precinct station house in the Gramercy Park area, is turning the property, at 327 East 22nd Street, into luxury condos.

“The history of the building and East 22nd Street are very intriguing and we plan to develop and design a boutique condo buyers will find appealing,” said Sam Suzuki, CEO of Suzuki Capital, in a prepared statement. “This area of Gramercy Park was once known as the Gashouse District, and offers a true New York City story dating back to the ‘Gangs of New York’ era.”

As Commercial Observer reported on Monday, the building was owned by Green Chimneys, a Brewster, NY-based nonprofit organization that provides residential, educational, clinical and recreational services to young people. The structure was being used as a group residence for 25 lesbian, gay, bisexual, transgender and queer young people before a contract with the city’s Administration for Children’s Services expired last year. The April 3 sale to Suzuki, which closed for $11.5 million, included 7,000 square feet of extra air rights.
CORE’s Tom Postilio, Mickey Conlon and Natalie Rakowski will be marketing the building.

No other details were provided about the condo.

Ex-Police Station in Gramercy Park Will Get the Luxury Condo Treatment

Buzz Buzz HomeApril 25, 2014
A former precinct station house in Gramercy Park will be transformed into luxury condominiums.

327 East 22nd Street will be converted by Suzuki Capital into a seven-story, 10-unit building. Two of the ground-floor residences will have adjoining backyards. The project between First and Second avenues will be designed by Philip Johnson/Alan Richie Architects and Crown Design.

Built as a police precinct in 1863, the five-story structure was originally designed by NYPD architect Nathaniel Bush. The building was home to the former 21st Precinct (renamed the 13th Precinct), which moved to a new location on East 21st Street in 1952. Most recently, 327 East 22nd served as a youth group home, dubbed Gramercy Residence at Ungar House, the New York Observer reported.

Green Chimneys, the Brewster, NY-based nonprofit operating the group home, paid $1.7 million for the property in 1998. Late last year, the building traded to Suzuki Capital for $11.5 million, according to the New York Observer. The deal, which closed earlier this month, included 7,000 square feet of additional air rights.

CORE’s Tom Postilio, Mickey Conlon and Natalie Rakowski will lead sales for the building.

How Murdoch Made a Mansion in the Sky

The Hollywood ReporterApril 25, 2014
When a second brownstone became available next door to Michael Feinstein's Upper East Side residence in 2005, the singer purchased the four-story home, which he connected with his original structure to create an 8,000-square-foot residence. "We realized the only way to find what we were looking for was to create it ourselves -- it's an extraordinary feat of engineering," Feinstein tells THR. The home, with it's double-sized back garden, is on the market for $17.9 million.

Former Gramercy Police Station Being Converted to Condos

CurbedApril 25, 2014
327 East 22nd Street in Gramercy was built in 1863 as a police station and was later used by a nonprofit as a group home for LGBTQ youth. But now it's 2014 and the building is being turned into luxury condos, just like everything else. After the nonprofit's contract with the city's Administration for Children's Services expired last year, the building (along with 7,000 square feet of additional air rights) was sold to Suzuki Capital for $11.5 million, and Suzuki just announced plans to convert it into a "boutique condo buyers will find appealing," according to the company's CEO. He added that the building's past and location "offers a true New York City story dating back to the 'Gangs of New York' era."* Specifics about the project have yet to be revealed.

* This is a reference to a long-forgotten period in New York City history where buildings were used for purposes other than luxury condos. Obviously, it was a really long time ago.

Suzuki to Convert Former Gramercy Police Station Into Condos

The Real DealApril 25, 2014
Suzuki Capital announced plans to convert the site of the former 21st Precinct in Gramercy into luxury condominiums. The developer purchased the property at 327 East 22nd Street, along with 7,000 square feet of air rights, for $11.5 million in early April.

The building has a storied past, and one that Suzuki hopes to capitalize on, CEO Sam Suzuki told the New York Observer. Built in 1863 as a police station, the property was later repurposed by the non-profit organization Green Chimney as a group home for LGBTQ youth.

“The history of the building and East 22nd Street are very intriguing and we plan to develop and design a boutique condo buyers will find appealing,” Suzuki said in a statement cited by the Observer.

Suzuki has not yet released details of the plan.

Why Realtors Are Therapists Too

New York ObserverApril 24, 2014
During the snowy, drawn-out winter, residential real estate sales took a hit but not as bad a hit as you might think. Less people turned up to viewings on the worst weather days, so the eager beavers who showed up were lucky. Seems like the law of averages, right? Wrong. Psychologists would say there was more than mere numbers at work. Those with determination of spirit and a goal in mind got the deals.

Robert Dankner of Prime Manhattan Residential, who sold a loft apartment at 7 East 17th Street for $3.3 million on one of the snowiest days, told the Observer:

“People who bother to battle subway stoppages and blocked streets to get to you are very determined to get a deal, so that is a positive in their favor. They may be the only clients viewing that day and if the seller needs to get moving, the clients make an offer and the deal gets done.

“I prefer viewings on a bad weather day because clients see a place at its worst, and if they like it then, we can return when things are better to really finalize their decision.”

Random circumstances including bad weather expose the truth. Real estate may be an industry of high finance but beneath the surface, “This is a far more emotional business than many realize,” said Mickey Conlon, one half of CORE Real Estate’s most successful duo with partner Tom Postilio. “Feelings can get in the way for buyers and even cloud their decisions. As a realtor, you sometimes need to be the therapist or sounding board for what is happening elsewhere in a client’s life. The key to success for agents and buyers lies in staying focused. That’s the reason why some agents are more successful and why, occasionally, buyers lose out on a property they should have bought.”

“Property viewing is seldom a relaxed stroll around a potential pied-à-terre. Most people squeeze viewings in between workdays and the gym, babysitters and family duties or a million and one other time suckers. All of these circumstances can really get in the way for a client,” added Mr. Postilio.

Factor in the limits of an individual search, such as actually needing two full bedrooms instead of one, or a waning mortgage offer with only three weeks left to complete an application, and the picture is clear. Stress can overwhelm and even shape how a property is viewed.

“I have had clients arrive in a terrible mood because, say, they drove around the block for hours and couldn’t find a parking space or something else occurred to make them cranky,” Jessica Cohen of Douglas Elliman told the Observer.

“The clients walk in seething and can barely even see the walls of a place that is ideal for their needs. It is hugely disheartening, when as a realtor, you have worked hard to find a place that ticks all the boxes for a client. This means it’s very important to be able to read their moods and give them space on a viewing if they need it. The best result is to invite them back for a second time if they are just not seeing the place clearly,” Ms. Cohen said.

Ruthless brokers could capitalize on buyer’s stress, added Mr. Conlon, “but that would only lead to a bad deal which would collapse down the line and waste everyone’s time. It’s not in an agent’s interest to pressurize.”

The more the modern broker understands about human psychology, the less likely they are to try and push a sale through that might be wrong for their client, even if the client seems to have ‘fallen in love’ with a place.

“My husband and I viewed an apartment on the Upper West Side that was so charming we fell in love immediately,” explained Katy Dukes, mother of two teenage boys who had outgrown their shared bedroom in a rental. “However, it turned out that the second and third bedrooms had no windows and were too small for our sons. I was so in love with the huge living room with wrought iron balconies and charming street views on the front of this property on West 100th and Riverside, I wanted it there and then. My realtors, though, knew it was wrong and that I would regret the decision later. They literally talked me off the balcony and later found us a much better option.”

A report by Realtor.com originally conducted for Valentine’s Day found that 69 percent of its users confessed to having had a “home crush” and having fallen in love with a property that did not properly meet their needs. There is no doubt among brokers that deals often fall apart down the line after a buyer mistakenly fixates on one thing they love about a property that blinkers their view of every other aspect.

“Buyers can be overly influenced by how they feel about something right now versus how it might actually turn out if they bought. They sometimes think they are more rational than they actually are,” said Mr. Dankner. “It’s my job to keep a level head.”

The one big influence on the psychological factor is price. Peter Noel Murray, Ph.D., is principal of a consumer psychology practice in New York City. He advises corporations and not-for-profits on consumer spending and behavior. “There are two main factors at work in a property viewing process. Firstly, price is everything—it instantly sets the tone for a transaction. A low price means people can be pleasantly surprised. A high price is just asking for disappointment and the ‘They want how much?’ attitude.”

“The second component is the moment,” added Mr. Murray. “People reach a buying point in their lives and it happens at a particular moment in time. It could be that their finances came through all of a sudden, or it could be they’ve been looking for months and need to make a decision because other circumstances depend upon it. Pressure pushes a purchase forward but it can also cause decision-clouding stress.” Mr. Murray suggested that potential buyers benefit from analyzing their feelings and all the circumstances surrounding any stress, in order to detach from it and make the right decisions.

Ms. Cohen advises potential buyers to toughen up. “If you are a buyer, sort out your emotions before going to a property viewing. I have had people say ‘The doorman was not very nice on the way in.’ I say, if the price is right and everything else works, we can fix that. Emotional niggles can be mended, whereas one bedroom too few or a brick wall view through a window cannot.”

Improved weather as spring finally arrives means the viewing process will be a little easier for buyers and sellers alike. Brokers are gearing up for a busy season.

JTRE Buys Retail Condo at Victor Homes’ 241 Fifth Avenue

The Real DealApril 23, 2014
Midtown-based developer and brokerage JTRE has scooped up the ground-floor retail condominium at 241 Fifth Avenue from Wall, N.J.-based homebuilder Victor Homes for $6.8 million, brokers told The Real Deal.

The 20-story condominium building, between East 27th and East 28th streets in NoMad, opened last year. While the 46 apartments are almost fully sold, the 3,200-square-foot retail space at the base of the property remains vacant. The condo features 12-foot ceilings and more than 27 feet of street frontage.

Yoav Oelsner and Glenn Tolchin, executive vice presidents at JLL, represented both Victor Homes and JTRE in the deal. JTRE could not be reached for comment.

Average asking rents on the block are up to $200 per square foot, Tolchin said. The new owner is likely looking for a fashion retailer to move in, he said.

“Given the amount of real estate activity transpiring north of Madison Square Park, it’s a natural location for a retailer seeking additional foot traffic,” Tolchin told The Real Deal

JTRE, led by Jack Terzi, has had its eye on Manhattan retail as of late. The firm entered contract in December to buy the Soho retail space at 63 Spring Street currently occupied by Lafayette Smoke Shop, the New York Post reported.

Victor Homes raised condominium prices by 20 percent shortly after sales launched last year. Doron Zwickel of CORE Group marketed the apartments. A three-bedroom penthouse is currently on the market there for $9.8 million.

JTRE Buys Retail Condo at Victor Homes’ 241 Fifth Avenue

Real Estate News NYCApril 23, 2014
Midtown-based developer and brokerage JTRE has scooped up the ground-floor retail condominium at 241 Fifth Avenue from Wall, N.J.-based homebuilder Victor Homes for $6.8 million, brokers told The Real Deal.

The 20-story condominium building, between East 27th and East 28th streets in NoMad, opened last year. While the 46 apartments are almost fully sold, the 3,200-square-foot retail space at the base of the property remains vacant. The condo features 12-foot ceilings and more than 27 feet of street frontage.

Yoav Oelsner and Glenn Tolchin, executive vice presidents at JLL, represented both Victor Homes and JTRE in the deal. JTRE could not be reached for comment.

Average asking rents on the block are up to $200 per square foot, Tolchin said. The new owner is likely looking for a fashion retailer to move in, he said.

“Given the amount of real estate activity transpiring north of Madison Square Park, it’s a natural location for a retailer seeking additional foot traffic,” Tolchin told The Real Deal

JTRE, led by Jack Terzi, has had its eye on Manhattan retail as of late. The firm entered contract in December to buy the Soho retail space at 63 Spring Street currently occupied by Lafayette Smoke Shop, the New York Post reported.

Victor Homes raised condominium prices by 20 percent shortly after sales launched last year. Doron Zwickel of CORE Group marketed the apartments. A three-bedroom penthouse is currently on the market there for $9.8 million.
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