Brokers WeeklySeptember 25, 2013
Buyers are flocking to the new NoMad condo at 241 Fifth Avenue.
CORE's Doron Zwickel is the exclusive agent for the 20-story building, one of the new developments to go up within the Madison Square North Historic District.
Developed by Victor Homes, the 46-unit property has surpassed sales expectations since opening this summer and only a handful of units remain for sale.
Brokers WeeklySeptember 25, 2013
Long Island CIty
11-25 45th Avenue, 2I
529 s/f studio in One Murray Park, a new condominium on the renovated Murray Playground. Close to MoMAs PS1 and the E,M and 7 subway lines. Amenities include doorman, indoor parking, gym, common roof deck, residents' library and a bike room. Asking Price: $465,000, CC: $393. Time on the market: 8 months. Brokers: Doron Zwickel and Brittany Fox, CORE.
BrownstonerSeptember 25, 2013
A Clinton Hill brownstone at 105 Cambridge Place closed yesterday for $3,100,000, or $875,000 over the original asking price of $2,275,000, a spokeswoman for the real estate firm handling the listing, CORE, told us. The sale price set a record as did the square foot price, $861, according to the firm. It was a House of the Day in July.
“As potential homebuyers find themselves priced out of New York City properties, this information ties in perfectly to a trend the industry is currently seeing, regarding the increasing popularity of Brooklyn listings, particularly townhouses,” she said.
The house was in good condition but needed some updating, according to the listing. It features a grand parlor floor with ornate plasterwork ceilings and cornices. There were nine offers at or above ask almost immediately following the single open house, said CORE. Curbed was the first to report the sale.
Meanwhile, other nearby houses have reduced their asking prices. Just down the street at 86 Cambridge Place, the sellers slashed their ask by $1,200,000, as we reported yesterday. Previously priced at $4,495,000, the freestanding Greek Revival-Italianate house with a garage is now asking $3,295,000.
To the east in Stuy Heights, a house at 260 Decatur that was a HOTD in August reduced its ask from $2,000,000 to $1,850,000. A number of commenters on the HOTD thread said they thought it was overpriced.
One of Corcoran’s Biggest Teams Leaves for CORE
The Real DealSeptember 24, 2013
Real estate veteran Patrick Lilly and six of his team members are leaving the Corcoran Group, one of the largest brokerages in Manhattan, for the boutique brokerage CORE, The Real Dealhas learned exclusively. Lilly, who began work at CORE today, ran a nine-person team at Corcoran. Six of his team members will join him at CORE immediately, while two others are still deciding to move, he said. One member decided to stay at Corcoran. Adie Kriegstein, Martin Eiden, Andres Soto, Latoya Anderson, Eric Purcell and Cassie D’Agata are part of Lilly’s team who are joining him at CORE. Lilly said he made the decision to hop to CORE because of the way the real estate industry is changing. Being a boutique firm, CORE has the ability to market his team more efficiently than a larger firm, like Corcoran, he said. “[A] wider reach was not as necessary as it was in the past,” because most real estate buyers and sellers now go to aggregators like StreetEasy, as opposed to brokerages, for information, Lilly said. “I am really looking forward to the opportunity to be with a company that can help me grow the marketing portion of my team. [CORE’s] going to really assist me with that and that’s going to be really great for us.” Shaun Osher, the CEO of CORE, added that he and Lilly have known each other “for well over a decade,” since Osher’s brokerage days. “I’m very excited to stand alongside [Lilly] and build his business,” Osher said. The addition of at least seven brokers represents a substantial increase in size for CORE, which had 55 agents as of mid-March, according to TRD’s ranking of Manhattan’s largest residential brokerages. Meanwhile, Corcoran had 1,091 brokers. A spokesperson for Corcoran did not respond to requests for comment. CORE has also been on a hiring spree as of late. Earlier this month, the brokerage hiredtop Manhattan broker Deirdre DeRisi from Douglas Elliman and the team of Sidney Whelan and Reggie Grayson from Halstead Property. Lilly joined Corcoran in 2009. He previously spent 13 years at Coldwell Banker Hunt Kennedy, which went out of business in 2009. Lilly’s team was recently ranked No. 110 on the list of the top 250 national teams of real estate agents by The Wall Street Journal. Last year, the team was the Soho team of the year at Corcoran.
CurbedSeptember 24, 2013
The townhouse at 105 Cambridge Place in Clinton Hill hit the market in early July asking $2.275 million and entered contract 30 days later. The sale was set to close this morning, and reps tell us that after one open house and nine offers, the house is selling for $3.1 million. (That's about $861/square foot.) So yes, the Brooklyn townhouse market is strong right now. Both the price and the price per square foot are highs for the neighborhood. But another Cambridge Place property could still take that #1 spot.
The two-family property was originally built by Thomas Lambert in 1873, and the listing describes it as "structurally solid," with updated electric and plumbing systems, but in need of "updating." One update could be scrapping the top-floor rental and turning the whole thing single-family, though we're guessing the listing had some more basic upgrades in mind to begin with.
Realtor MagSeptember 24, 2013
Off-market real estate deals, also referred to as "whisper listings" or "pocket listings," appear to be on the rise in major housing markets — and they're not just for luxury properties at $20 million or more. These top-secret listings, which are marketed off the MLS, are now happening among transactions below $1 million, as more sellers try to test the market without the commitment of officially putting their properties up for sale.
In Manhattan, for example, "sellers feel cocky. Sellers feel like they have the ball," Brian K. Lewis, an associate broker at Halstead Property, told The New York Times. He says he has taken on seven whisper listings in the past six months from clients who did not want to list their apartments on the open market. The sellers, however, were still willing to accept offers from all potential buyers. "In an improving economy with no inventory, they have the asset people want," Lewis says.
Off-market listings seem to be rising most in markets with inventories that are particularly stretched thin, such as San Francisco, Los Angeles, and Miami, the Times reports.
"There's more of it now than ever before," says Shaun Osher, CEO of New York brokerage CORE. "We as brokers know everything is always for sale at a price."
Some sellers are opting to go the route of whisper listings because they believe, by keeping their homes off the open market, they won’t have to deal with the hassle of constantly getting their homes ready for showings.
New technology also is causing a growth in whisper listings. Yapmo, a mobile software company, is one such innovation. Its mobile app allows brokers to share information about properties with each other before the properties hit the market. Chicago firm @properties, which adopted the software in January, says an average of 41 properties per month — or 5 percent of the firm's transactions — have gone into contract before being put on the market.
Still, some real estate professionals say they have a distaste for these under-the-radar deals. Those who represent buyers may like that there's less competition, but on the seller side, some brokerage firms argue that these deals inevitably shut some brokers out. Also, sellers hoping for a quick full-price sale are limiting their buyer pool and their chance of securing the highest price possible.
"It's sort of like saying, 'Achieve this great price and do all of this, but don't tell anybody about it,'" says Brown Harris Stevens President Hall F. Willkie.
But sometimes you just have to do what the client wants, other real estate professionals say.
“It’s really up to the seller in terms of how they want a real estate broker to represent them,” says Neil Garfinkel, broker counsel to the Real Estate Board of New York.
Whisper Listings Quietly Selling at All Price Points
The Real DealSeptember 22, 2013
Off-market deals, known as “whisper listings,” have always been a fixture of the high-end market. But now whisper listings are becoming increasingly commonplace at all price points.
In the past, properties with price tags in the tens of millions would be quietly shopped around, fomenting a mixture of excitement, urgency and exclusivity. Now brokers are using the approach to sell properties that cost below $1 million.
“Sellers feel cocky. Sellers feel like they have the ball,” Brian Lewis, an associate broker at Halstead Property, told the New York Times. In the last six months, Lewis has taken on seven whisper listings from clients that don’t want to put their homes on the market, but who are willing to hear offers. Lewis’ off-market properties include a two-bedroom on the Upper West Side seeking around $1.295 million and a downtown loft asking $12 million.
“In an improving economy with no inventory, they have the asset people want.”
And in a market with such tight inventory that open houses turn into flash mobs, the practice is expected to grow.
“There’s more of it now than ever before,” said CORE CEO Shaun Osher, who admitted to having at least 50 off-market properties stowed away on his computer. “We as brokers know everything is always for sale at a price.”
For Your Ears Only
The New York TimesSeptember 20, 2013
No open houses, no advertising and not a single online photo. And yet a $27 million town house on the Upper East Side and an $850,000 two-bedroom co-op in Lower Manhattan had no problem finding buyers in the past six months. Neither home was listed on the open market.
Off-market deals, known as whisper listings, have long been the purview of the ultra-high-end market. Certain properties, often with price tags of $20 million or more, are shopped with a shroud of mystery among a small circle of well-connected agents instead of being put on the market for the world to see.
Now this hush-hush approach has spread to many price points, including apartments below $1 million, as sellers realize the advantage they have, thanks to the lack of apartments available for sale in Manhattan.
“Sellers feel cocky. Sellers feel like they have the ball,” said Brian K. Lewis, an associate broker at Halstead Property who in the last six months has taken on seven whisper listings from clients who do not want to list their apartments, but are willing to entertain offers. These range from a two-bedroom for $1.295 million on the Upper West Side to a downtown loft for $12 million. “In an improving economy with no inventory, they have the asset people want.”
The number of apartments for sale in Manhattan at the end of August was at its lowest level in at least 13 years, according to Miller Samuel, the appraisal firm. The shortage has forced real estate agents to use aggressive tactics to drum up inventory, from trolling through expired listings in the hopes of reviving a dead deal to sending letters to owners in choice buildings to try to persuade them to sell.
No one knows how many properties are sold through a well-placed word, but off-market tactics appear to be on the rise in major markets where there is a scarcity of inventory, including San Francisco, Los Angeles and Miami.
“There’s more of it now than ever before,” said Shaun Osher, the chief executive of the brokerage firm CORE in New York, noting he has a database of about 50 apartments owned by people willing to sell given the right circumstances. “We as brokers know everything is always for sale at a price.”
Plenty of circumstances arise in which it makes sense to keep a listing out of the limelight, ranging from celebrities who don’t want to read about their property transactions in the tabloids to sellers who would rather not upset tenants prematurely. Some sellers hope to avoid the hassle involved in getting a property in shape to show. Others don’t want a lot of people traipsing through.
In March, for example, a five-bedroom town house at 12 East 76th Street on the Upper East Side sold for $27 million in a whisper sale without any wear and tear to the carpets. The place traded after just three viewings.
Yet most brokerage firms are of two minds about off-market deals. On the buy-side, they are largely for it. After all, quietly gaining access to an off-market listing means less competition in a market where open houses often provoke a stampede. Uncovering a whisper sale — by say, chatting up the doorman — for a client unable to find something on the open market ultimately benefits that buyer.
On the sell-side, brokerage firms tend to discourage whisper listings. For one, the secretive nature of whisper listings means some brokers will inevitably be shut out of a possible deal. Moreover, sellers hoping for a quick full-price sale through a whisper listing, they say, limit the buyer pool and thus, their chance of getting the highest possible price.
“The seller is always going to be best served by making sure the property is exposed to the widest possible marketplace,” said Frederick Peters, the president of Warburg Realty.
In addition, a whisper campaign can be a tall order. “It’s sort of like saying, achieve this great price and do all of this but don’t tell anybody about it,” said Hall F. Willkie, the president of Brown Harris Stevens.
Finally, if discretion doesn’t move the merchandise, brokers can end up doing a lot of work for nothing.
In a whisper campaign, the broker frequently has no signed contract with the seller, a scenario commonly referred to as a “pocket listing.” When there is a contract, it often mandates a quiet sale. If the broker finds a buyer, he or she often collects both sides of the commission.
Whatever the arrangement, brokers must go with what the client wants. “It’s really up to the seller in terms of how they want a real estate broker to represent them,” said Neil Garfinkel, the broker counsel to the Real Estate Board of New York. The association requires members to share listings within 24 hours after obtaining an exclusive listing, “unless the seller instructs them otherwise,” according to the bylaws.
For some sellers, an off-market deal is often worth any loss they may take, especially if the target price is met. “It could save you some aggravation,” said Pamela Liebman, the chief executive of Corcoran. Ms. Liebman sold her two-bedroom Miami home in an off-market deal earlier this year after receiving a call from an agent with whom she had previously worked who had a buyer who wanted it badly.
“I said I would do it as long as they gave me everything I wanted,” Ms. Liebman said. Her terms included a dollar-per-foot asking price that she said was a record for the building and a five-month option to lease the property back while renovating a new, larger Miami home.
“I wanted time to finish my renovation and I didn’t want to be in between apartments,” she said.
Such under-the-radar deals also can be advantageous for buyers, even if they end up paying a bit more. “When you get to the building and there are 15 people waiting in the lobby and you go up and another 12 people are in the apartment, you begin to think, ‘O.K., I’m never going to be able to find an apartment,’ ” said Jennifer Abrams, who works in the fashion industry in Manhattan.
Ms. Abrams searched for a large one-bedroom in Chelsea and the Flatiron for more than a year, only to be outbid when she finally fell in love with a place listed for $1.6 million at 49 East 21st Street, a boutique condo building.
After resigning herself to renting for another year, she received a call from her agent, Michael Rubin of CORE.
Mr. Rubin had just sold an apartment that needed a gut renovation to a client who would be moving from a one-bedroom at the Yves Chelsea, a glassy condo building at 166 West 18th Street — where Ms. Abrams had previously rented and had expressed interest in buying.
Though Mr. Rubin’s client wasn’t planning on listing the place until his new one was finished, he had told Mr. Rubin he would entertain offers from flexible buyers who could wait to move in until his renovation was completed — however long that might be.
“I was O.K. with kind of hanging loose,” said Ms. Abrams, who saw the apartment in April and quickly signed a contract. “It was my way of mitigating the stress.”
In some ways, going off the market in search of apartments for clients is “a throwback,” said Dottie Herman, the chief executive of Douglas Elliman. Before the advent of online services, brokers knocked on doors and cold-called owners to find new business, she said.
After the entry of online listing services, she said, “they didn’t do that extra work. They didn’t have to.”
But new technology is facilitating off-market deals. In 2006, Zillow.com introduced “Make Me Move,” which lets homeowners name a price that would compel them to sell. There are 60,000 such listings on the site, with more than 1,000 homes added each week, according to the site.
Yapmo, a Chicago mobile software company that started in January, allows brokers within a given firm to virtually whisper about listings through a mobile app so they can engage directly about properties before they hit the market, without sifting through mounds of e-mail.
Since adopting the software in January, @properties, a Chicago-based brokerage firm, has had an average of 41 properties per month go into contract before being put on the market, or roughly 5 percent of overall transactions.
In today’s tight market, quiet listings are also born out of the concerns of sellers worried about relocating in a climate of scarce listings.
“A lot of owners want to sell but they don’t know where they’re going next,” said Raymond Dillulio, an agent with Douglas Elliman who is handling the whisper listing of a $23 million Greek Revival town house on Washington Square Park. Such clients, he said, feel more comfortable “rolling it out quietly” to see what they can get. “They don’t want to be pressured,” he said.
Just last week, Nanette Shaw, who founded the Shaw Team at Coldwell Banker Bellmarc with her business partner Isa Goldberg, closed an off-market deal at Chatham Towers at 170 Park Row in Lower Manhattan. While showing a home in the building last March, they had been approached by the son of an elderly woman who had lived in a two-bedroom apartment there for 44 years.
“He explained that he would like to sell his mother’s apartment so that she could, at some point, when she’s ready, move to Bronxville, closer to him and his family,” Ms. Goldberg said.
Keeping the listing quiet allowed them to be sensitive to the mother’s schedule and avoid the huge job of de-cluttering an apartment with decades of personal items. Ms. Goldberg and Ms. Shaw listed the place for $850,000 in Bellmarc’s internal database in March and put the word out to brokers with clients who had expressed interest in two-bedrooms in the building. They showed it three times and quickly received an offer for the full asking price. Another buyer offered $50,000 more. The initial buyer, represented by Pascal Blacque-Belair at Douglas Elliman, matched that offer and closed last week.
“I think they paid a fair price,” Mr. Blacque-Belair said. “Who knows — had it been listed and they had gone into a bidding war with multiple buyers they may not have gotten it.
“It was a quiet kind of bidding war,” he said.
New York PostSeptember 19, 2013
In the Flatiron area, Joe Jonas and his girlfriend, former model-turned-graphic artist Blanda Eggenschwiler, toured a penthouse duplex near Madison Square Park, at 21 E. 22nd St. The listing broker was Michael Rubin of CORE.
The two-bedroom, two-bathroom rental is asking $8,500 a month. It features high ceilings and a private outdoor terrace. There’s also a communal roof deck.
The area is hot — with purchasers including Chelsea Clinton and race-car-driving heartthrob Jeff Gordon, both at the nearby Whitman on East 26th Street — but that didn’t stop a thief from snatching a purse from a breast-feeding mom in the park recently. Fortunately, the thief was tackled by Douglas Elliman broker Todd Crittenden, who used to be a professional soccer player, bringing him down until the cops came.
New York PostSeptember 19, 2013
TriBeCa, $7.25 million The location of this condo loft — on Walker Street, between Church and Broadway — is spectacular, but so is the space: a full 4,781-square-foot floor with four bedrooms, four bathrooms, two home offices, a den, a study and an open, modern kitchen — all of it recently renovated. And there are those great loft details: lots of oversized windows (14 of ’em), high ceilings and exposed columns. Agents: Emily Beare and Shaun Osher, CORE, 212-726-0786 and 212-726-0778
Joe Jonas Checks Out Flatiron Duplex Penthouse
The Real DealSeptember 19, 2013
Joe Jonas, part of the Jonas Brothers music trio, has checked out a Flatiron District penthouse duplex near Madison Square Park.
Jonas and his artist girlfriend Blanda Eggenschwiler looked at 21 East 22nd Street, which is currently asking $8,500 per month in rent. The two-bedroom, two-bathroom apartment has a private outdoor terrace that leads to a communal roof deck, according to the New York Post.
The apartment is listed with Michael Rubin of CORE, according to the newspaper, which did not include a comment from Jonas or the broker.
HGTV FrontDoorSeptember 19, 2013
Five-time Grammy nominee Michael Feinstein has put his Upper East Side home on the market, and what a home it is. Priced at $17.9 million, the 18-room, five-story house offers six bedrooms, seven baths, two kitchens, twin staircases, eight fireplaces, a gym and meditation terrace. The expansive backyard houses two pagodas, one used as a living room and the other as a dining room.
The home's most notable feature, though, is its double-wide size. Feinstein and his husband, Terrence Flannery, created the 25-foot townhouse by merging two bow-front 1800s brownstones.According to the New York Times, they bought the first brownstone in 2004 for around $3 million then scooped up the neighboring brownstone in 2005 for $3.825 million. After a gut renovation, they removed walls on the garden and parlor floors and installed archways to connect the two homes. "The vision was to combine them into one grand house for entertaining," Flannery told theTimes. (The couple regularly hosts guests like Liza Minnelli, Elaine Stritch, Stephen Sondheim and Tony Bennett.)
The listing is carried by Tom Postilio and Mickey Conlon of CORE.
Inman NewsSeptember 19, 2013
Using Video to Market Your Brand
Featuring Elizabeth Kosich, Director of Digital Marketing and Strategy, CORE
Broadway WorldSeptember 18, 2013
Last night, Casey Nicholaw and Josh Marquette hosted a cocktail event to benefit the Matthew Shepard Foundation at One Museum Mile (1280 Fifth Avenue). Attendees included Broadway luminaries Jeff Blumenkrantz, Danny Burstein, Carolee Carmello, Jeanine Tesori and Michael James Scott, and stars of HGTV's Selling New York Tom Postilio and Mickey Conlon. The event raised over $7,500 for the Matthew Shepard Foundation.
Check out photos from the special event below!
The Matthew Shepard Foundation seeks to replace hate with understanding, compassion and acceptance. For more information, please visit www.matthewshepard.org.
Nicholaw, a longtime supporter of the Foundation, is the Tony Award winning co-director of The Book of Mormon along with Trey Parker. He was also nominated for Tony Awards for directing and choreographing The Drowsy Chaperone, choreographing Monty Python's Spamalot, and choreographing The Book of Mormon.
One Museum Mile is a new residential condominium located at 1280 Fifth Avenue on Central Park in Manhattan. The 116 residential interiors at One Museum Mile were created by Andre Kikoski. Robert A.M. Stern Architects, LLP served as design architect for the building. SLCE Architects served as architect-of-record. Amenities include a landscaped roof terrace, rooftop pool and terrace overlooking Central Park, fitness center with terrace, and a residents' lounge with fireplace. For more information, please visit www.onemuseummile.com.
Brokers WeeklySeptember 18, 2013
Sidney Whelan and Reggie Grayson have joined CORE at the firm's Chelsea flagship office. A team of high-producing brokers, collectively Whelan and Grayson have over 10 years of experience in the industry.
The News FunnelSeptember 17, 2013
It’s no secret that NYC is home to some of the best restaurants in the world. With so many diverse options, choosing a place to eat can be overwhelming!
As real estate professionals, it’s nice to know the insider spots where we can meet and network with our colleagues. Luckily, we have lots of friends in the real estate industry and we got some restaurant recommendations from some of the top players on the east coast.
Enjoy these suggestions from our friends, Wayne Heicklen, Partner of Pryor Cashman, Nick Romito, Founder of View the Space, and Shaun Osher, Founder and CEO of CORE Group as they uncover their favorite food joints in The Big Apple.
From filet mignon to fried chicken, we've covered all our bases!
CurbedSeptember 16, 2013
Here's the beautiful Manhattan townhouse that belongs to Grammy-nominated songwriter Michael Feinstein and Terrence Flannery, on the market for a whopping $17.9M. According to the Times, the duo bought the first half of the place—which had "high ceilings and grand rooms but not a sense of massiveness," apparently—for about $3M, later spending an additional $3.825M on the neighboring property in order to break combine them into a 25-foot-wide "grand house for entertaining." Herringbone floors are nice, and all, as are two kitchens, a "soaking tub from which a bather can survey the gardens," and "a man cave reimagined as a 16-by-11 foot dressing room with its own marble fireplace and a built-in center unit with a marble top and multiple storage drawers," but one of the real standouts doesn't actually come with the house: an enormous wall-size Al Hirschfeld mural depicting Feinstein's great showbiz peers, such as Liza Minnelli and Barbra Streisand.
CurbedSeptember 16, 2013
An impressive Lenox Hill townhouse, combined from two adjacent houses, owned by Grammy-nominated musician/Great American Songbook archivist Michael Feinstein and his spouse, Terrence Flannery, has hit the market with an asking price of $17.9 million. The couple, who were married by Judge Judy in 2008, bought the first of the two houses, 141 East 63rd Street, in 2004 for just over $3 million. Although it hadn't factored into their original plans, they bought the neighboring house (143 East 63rd Street) went it went on the market the following year, shelling out an additional $3.825 million plus the cost of a gut renovation.
To combine the houses, Feinstein and Flannery knocked down some walls on the first two floors in order create connective archways and included, among other things, a fourth-floor master suite accessible by private staircase, two kitchens, a home gym on the fifth floor, and an enormous walk-in closet, which can easily accommodate the kind of wardrobe that includes something like 50 button-down white shirts. The house, which is now 100 feet deep, 25 feet wide, and contains 18 rooms, isn't all new, though—many of the original details were preserved, including ornate crown molding and floor-to-ceiling bay windows. The wall-sized Hirschfeld mural in the foyer will not be included in the sale.
Feinstein’s Home: Isn’t It Romantic?
The New York TimesSeptember 13, 2013
An uncommon property created from a pair of bow-front Upper East Side brownstones that, 120 years after they were built around 1886, were combined to form a singular town house of grand and gracious dimensions earmarked for entertainment, is about to enter the market for the first time. The sellers are the cabaret singer, pianist, and Great American Songbook archivist Michael Feinstein and his spouse, Terrence Flannery. The asking price is $17.9 million, which does not include the wall-size Hirschfeld mural, populated by stars like Liza Minnelli, Fred Astaire, Woody Allen and Barbra Streisand, that sets the tone in the foyer.
The 18-room house, at 143 East 63rd Street, just east of Lexington Avenue opposite the Barbizon 63, has twin staircases, seven baths, two powder rooms, eight fireplaces, and a 25-foot-wide backyard with ivy-covered brick walls and two outdoor pagodas, one furnished as a living room and the other as a dining area. The annual taxes are $57,380.
Mr. Feinstein and Mr. Flannery, who were married in Los Angeles in 2008 by their close friend, Judith Sheindlin of “Judge Judy” fame, bought the town house at No. 141 in 2004 for just over $3 million. “It had high ceilings and grand rooms but not a sense of massiveness, and we thought, ‘This is plenty for us,’ ” Mr. Feinstein, a five-time Grammy nominee, said from San Francisco, where he was performing at Feinstein’s at the Nikko Hotel.
As it turned out, it wasn’t plenty.
Mr. Feinstein, a serial host, often entertained friends like Ms. Minnelli, Elaine Stritch, Stephen Sondheim, Tyne Daly, Tony Bennett and other songbirds after his gigs nearby at Feinstein’s at Loews Regency. So when the brownstone next door at No. 143 came on the market in 2005 for $3.825 million, the couple snapped it up and gutted it, save for some key period details. What had been a narrow home and garden instantly doubled in size, width and possibilities.
“The vision,” said Mr. Flannery, who was assisted in achieving it by the designers Michael Bagley and Michael Adams, “was to combine them into one grand house for entertaining.” They partially broke through walls on the garden and parlor levels, where floor-to-ceiling bay windows face north and overlook the garden, to create connective archways between what had been two separate homes.
Now the parlor floor has a formal entry gallery with a hidden bar behind mirrored doors (one of Mr. Feinstein’s favorite things), a sunken sitting room to the west, and a music room and living room in the back overlooking the garden. There are herringbone wood floors and two spindle staircases. Downstairs on the garden level there is an 11-by-30-foot formal kitchen with a marble center island and countertops, a Viking stove and grill, and a formal dining room with a triple set of French doors to the backyard. There is a full bath with a soaking tub from which a bather can survey the gardens. (The town house does not lack for witty embellishments.)
The third floor has an informal “family kitchen,” a dining area, three bedrooms, and two baths. A private staircase leads to the fourth-floor master suite on the western half of the home; the master bath is at the top of the stairs, the 11-by-16-foot bedroom with an original fireplace to the rear, and in the front overlooking 63rd Street is a man cave reimagined as a 16-by-11 foot dressing room with its own marble fireplace and a built-in center unit with a marble top and multiple storage drawers. There are two bedrooms and baths on the eastern side of the fourth floor, and on the top floor, a home gym, another full spa-type bath and a large covered terrace in front.
Mr. Feinstein said they are reluctantly downsizing in the city because their main residence is now in Carmel, Ind., where he is the artistic director of the Center for the Performing Arts and where he established the Michael Feinstein Great American Songbook Initiative in 2008.
The exclusive listing is offered by Tom Postilio and Mickey Conlon of CORE and Maria Torresy and Sami Hassoumi of Brown Harris Stevens. Mr. Postilio said the home provides an unusual haven for entertainment-minded buyers who also value peace and quiet.
Cabaret Entertainer Feinstein’s Double Brownstone Asks $18M
The Real DealSeptember 13, 2013
Cabaret singer, pianist and Great American Songbook archivist Michael Feinstein and spouse Terrence Flannery have put their legendary Upper East Side home on the market, asking $17.9 million.
The price tag for the grand home, which consists of conjoined bow-front brownstones built around 1886, does not include the wall-sized Hirschfeld mural sprinkled with stars such as Fred Astaire, Liza Minnelli and Woody Allen.
The 18-room house at 143 East 63rd Street features twin staircases, seven baths, two powder rooms, eight fireplaces and a 25-foot-wide backyard complete with ivy-covered brick walls and two outdoor pagodas.
Feinstein and Flannery purchased the first half of the townhouse — No. 141 — in 2004 for just over $3 million.
“It had high ceilings and grand rooms but not a sense of massiveness, and we thought, ‘This is plenty for us,’” Feinstein told the New York Times.
But it wasn’t. Feinstein later picked up No. 143 next door in 2005 for $3.825 million. He and Flannery gutted the twin property and doubled the size of their home.
The couple is now reversing course, downsizing in the city now that their main residence is in Carmel, Ind., where Feinstein is artistic director for the Center of the Performing Arts.
Tom Postilio and Mickey Conlon of CORE, along with Maria Torresy and Sami Hassoumi of Brown Harris Stevens share the exclusive listing.
Top Residential Agents of the Week
The Real DealSeptember 13, 2013
Listing broker: Emily Beare and Elizabeth Beare of CORE
Address: 407 East 75th Street
Deirdre De Risi Joins CORE
September 12, 2013
New York, N.Y. (September 12, 2013)
– Deirdre De Risi has joined CORE as the newest addition to the firm’s Madison Avenue office. As an agent for close to a decade, she sold over $300M worth of real estate in the last two years as a key member of Ann Cutbill Lenane’s team at Douglas Elliman. Deirdre was recently named #70 on The Real Deal’s
list of “Top 75 Real Estate Agents” for 2013.
“I came to CORE because it truly is unlike any other real estate company,” notes DeRisi. “From the first meeting with Shaun Osher, I knew CORE was a company I wanted to be a part of - a collaborative team that thinks outside of the box, cares about quality and is a company that gives their agents a platform to conduct business at the highest level.”
Deirdre takes pride in being an intelligent, honest, dedicated and straight-forward broker. She has an outstanding work ethic, a great ability to listen to both her buyers’ and sellers’ needs and both the knowledge and intuition to negotiate a deal. Whether it is her keen eye that helps stage your apartment for sale or her warm and empathetic personality, Deirdre always puts her clients’ needs first. She treats every property as its own unique space and has a reputation for getting the job done.
CORE is a real estate sales and marketing firm delivering the best in brokerage, communications and advisory services for the luxury residential segment. In addition, CORE’s elite group of highly experienced and successful professionals service developers who value efficient, no-nonsense results. CORE was founded by Shaun Osher as a full-service boutique firm with a strict adherence to the principles of integrity, efficiency and results. For more information visit www.corenyc.com
Real Estate WeeklySeptember 11, 2013
Adams & Co. Real Estate brokered a 5,420 s/f new lease for Anbau Enterprise, Inc. at 11 East 26th St.James Buslik, principal, represented the landlord, East Twenty Sixth Associates, while JeffreyBuslik represented the tenant. Asking rent was $55 psf. Anbau Enterprises plans to use the space as general and executive offices and will be using a portion as a showroom for the display of model kitchens, baths and other similar architectural designed rooms.
Giscombe Realty Group announced the completion of a lease agreement with Nicole Shops, a ladies clothing store, at 66 West 125th Street, between Lenox and Fifth Avenues. The five-year lease is for 2,400 s/f with a full basement.It is the company’s second store on 125th Street. The other store is located on 324 West 125th Street.Holley Drakefordof Giscombe Realty represented both the landlord, 66 West LLC, and the tenant.
Savitt Partners announced that Hector Rodriguez negotiated three new lease transactions totaling approximately 6,900 s/f at 134 West 26th Street, the Chelsea Arts Building. Rodriguez represented the property owner, President Realty LLC. The average asking rent for office space at office property is $44 psf:
• Neal Beckstedt Studio, an architectural and interior design firm, inked a 2,600 s/f lease. The company is expanding and relocating from its current location at 135 West 26th Street. Alex Cohen of Cushman & Wakefield arranged the five-year transaction on behalf of the tenant.
September 06, 2013
New York, N.Y. (September 6, 2013) – Sidney Whelan and Reggie Grayson have joined CORE as two of the newest additions at the firm’s Chelsea flagship office. A team of high-producing brokers, collectively Sid and Reggie have over 10 years of experience in the industry, generating an impressive portfolio of real estate transactions throughout New York City. Sid Whelan is credited with over $190,000,000 in gross real estate sales and was ranked #46 in The Real Deal’s “Top 75 Listing Agents” of 2012 during his time at Halstead. With a solid background in managing sales, Sid is well-regarded for his keen awareness of the Manhattan housing market and productive marketing strategies. Sid was also the owner and landlord of several co-op and townhouse properties, additionally accumulating experience as a co-op board President. Sid is recognized for his expertise in townhouses and new development condominiums, particularly throughout Upper Manhattan. Notable new development projects that he has sold include The Langston Condominium, The Kalahari and The Dillon. “We are thrilled to join the excellent roster of top-selling agents at CORE,” says Sid. “Since CORE opened, we have been impressed by their unparalleled marketing skills and their fresh, clear and powerful brand. We are now in a position to leverage that brand on behalf of our growing client base, which is very exciting.” Reggie Grayson specializes mostly in larger apartments in neighborhoods along the West side of Manhattan, from Hudson Heights to the West Village. After earning a spot in the prestigious New York City Urban Fellows program, he earned an MBA in Finance and a Master of Science degree in Real Estate Development and Investment from NYU. Recently nominated for Halstead’s ‘Rookie of the Year’ distinction, Reggie holds a Bachelor’s Degree in Urban Planning from Alabama Agricultural and Mechanical University. “As a team, Sid and Reggie bring to CORE valuable expertise in a targeted market segment on the Upper and middle West Side, with experience in both resales and new development that complements CORE’s competencies,” says Ryan Fitzpatrick, CORE’s Director of Sales at the Chelsea flagship location. “Sid and Reggie’s personable, ethical and client-oriented approach is a perfect fit with CORE’s culture. We are thrilled to have them on board and look forward to building on their track record of success.” About CORE CORE is a real estate sales and marketing firm delivering the best in brokerage, communications and advisory services for the luxury residential segment. In addition, CORE’s elite group of highly experienced and successful professionals service developers who value efficient, no-nonsense results. CORE was founded by Shaun Osher as a full-service boutique firm with a strict adherence to the principles of integrity, efficiency and results. For more information visit www.corenyc.com.
New York PostSeptember 05, 2013
That “The Book of Mormon” co-director Casey Nicholaw and Josh Marquette are hosting an event to benefit the Matthew Shepard Foundation on the roof terrace at One Museum Mile, at 1280 Fifth Ave., overlooking Central Park, on Sept. 17. “Selling New York” reality stars Tom Postilio and Mickey Conlon will be there.