News

Luxe Listings: 23 Downing

New York PostOctober 08, 2013
$8.995 Million, 23 Downing St.: This five-story landmarked West Village townhouse maintains its original early-19th-century facade, yet it has been nothing short of “remastered” on the inside. Its 3,700 square feet (with four bedrooms and four-plus bathrooms) is filled with 21st-century amenities like “professional-grade” appliances, radiant-heat floors and central air. The 900 exterior square feet include a rooftop terrace and a gorgeous private garden. Agents: Emily Beare and David Beare, CORE, 212-726-0786 and 212-726-0743

Luxe Listings: 143 East 63rd Street

New York PostOctober 08, 2013
$17.9 Million, 143 E. 63RD St.: This manse has played host to “the world’s most celebrated luminaries in show business, literature and politics.” No wonder, given that this combo of two townhouses was “designed for seamless entertaining on any scale” — measuring 25 feet wide and sporting 18 rooms, including six bedrooms and seven-plus bathrooms, plus a garden. A pair of pagodas create a harmonious outdoor living/dining room, and crowning it all is a fifth-floor gym and “meditation terrace.” Agents: Tom Postilio and Mickey Conlon, Core, 212-726-0783 and 212-612-9623

The Patrick Lilly Team Joins CORE, New York's Premier Boutique Real Estate Firm

Luxury Real EstateOctober 07, 2013
NEW YORK - The Patrick Lilly Team was recently featured in an article in The Real Deal by Hayley Kaplan about their move to the boutique brokerage, CORE.

“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 Deal has 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.”

About Patrick Lilly
Patrick Lilly holds a coveted position in the world of New York real estate as not only a top-tier producer in the city, but a sought-after expert in his field who’s been spotlighted in books, the media and seminars. A mainstay in the industry for over 25 years, Patrick has excelled to great heights in his field thanks to his exceptional knowledge of the market, proven flair for successful deals, and strong relationships with clients and peers alike.

Singer Michael Feinstein Lists Double Brownstone On Upper East Side

ForbesOctober 07, 2013
Many celebrities alternate between living in New York and Los Angeles. Singer, entertainer and pianist Michael Feinstein, however, is trading the Manhattan lifestyle for Carmel, IN, where he is the artistic director of the Center for the Performing Arts.

Feinstein recently listed his double brownstone home for $17.9 million. While nearly $18 million is not utterly outrageous for a home on the Upper East Side (where the median list price is $1.895 million), it’s light years away from Carmel’s most expensive home, which is listed at $4.5 million. The median list price in Carmel is $349,900, and unlike Manhattan, most homes for sale there are situated on green lots within suburban neighborhoods.

The New York residence, located at 143 E 63rd St, New York, NY 10065, is made up of two brownstones that create an 18-room home with 6 bedrooms and 8 baths. The three levels of living space have 12-foot-high ceilings and enormous windows that offer “lush tree-line or garden views.” Designed for entertaining, the house has two kitchens — one for “light meals and casual conversation” — as well as a gym, meditation terrace, music room and a pair of pagodas that connect the living room to the outdoors. Herringbone hardwood floors, marble fireplaces and other designer details fill the turn-of-the-century space.

Feinstein became famous in the late 1980s with a series of concerts on Broadway. He’s produced a number of albums covering George and Ira Gershwin’s work, and currently serves as an anthropologist and archivist for the Great American Songbook, a collection of the most popular songs of the 20th century.

Fall Real Estate Preview: As He Finishes His Tenure, Mayor Bloomberg is Hailed by Brokers

New York Daily NewsOctober 04, 2013
Mayor Bloomberg would be crazy to try to run for a fourth term — but real estate brokers say it’s crazy to want anyone else in City Hall.

“I’m depressed at the thought that someone else will be mayor,” says Shaun Osher, president of real estate brokerage CORE. “I wish we could change term limits again.”

“I really wish he’d run again — and I’m a Democrat,” says Suzanne Hof, third-generation owner of Terrace real estate in Forest Hills, Queens.

“Mayor Bloomberg has been the finest mayor New York City has ever had,” says Brown Harris Stevens broker John Burger.

Burger was the top-selling agent in the country, and maybe even the world, in 2011 and 2012.

Does he have the mayor to thank for his industry’s booming success? Look no farther than the skyline for proof.


“Eight of the 20 tallest buildings in the city have been built in the past decade, and many of them are apartment buildings,” Corcoran Group CEO Pam Liebman says.

Many are the result of Bloomberg-led rezonings intended to spur development citywide.

“What he’s done all up and down the West Side has been amazing,” says Warburg broker Richard Steinberg, one of the stars of HGTV’s real estate reality show “Selling New York.”

Bloomberg’s vision gave rise to hundreds of thousands of new homes, creating inventory in a city where space always comes at a premium. The mayor’s plan for the 26-acre Hudson Yards project — creating 13 million square feet of new apartments, offices, shops, plus two new parks on the far West Side — wows Steinberg.

“The biggest problem for us right now is there’s no product, and now he’s giving us all this product to sell,” Steinberg says.

It’s a big change from the real estate downturn that came after 9/11. Raphael De Niro, Douglas Elliman’s top broker for two years running, credits the mayor’s unerring support for rebuilding the World Trade Center with helping downtown recover.

Tribeca, the West Village and SoHo now beat the upper East Side as the city’s most expensive neighborhoods.

The mayor’s sweeping changes are not confined to Manhattan, either. Across the boroughs, brokers are cashing in on Bloomberg’s legacy projects.

“I don’t think any broker can talk about Brooklyn without talking about what he did at the Barclays Center,” says James Cornell, who has worked in Corcoran’s Brooklyn Heights office for 21 years. “The borough is a brand now, and Barclays is at the heart of that.”

David Maundrell of aptsandlofts.com probably wouldn’t have a business if it weren’t for the mayor. He started out leasing apartments on Craigslist when Williamsburg was still best known as a Colonial town in Virginia. But now his operation is one of the biggest brokerages in Brooklyn.

It’s all thanks to changes engineered by the mayor that allow gleaming towers to replace vacant lots and empty warehouses on the Williamsburg waterfront.

Similar changes hit the Queens waterfront under Bloomberg’s watch. The biggest is the 6,500-unit Hunter’s Point South. It’s a megaproject, but thanks to the mayor’s affordable housing plan, 60% of the units will be set aside for middle-income families. That makes it a perfect fit for Queens, according to Rick Rosa, head of Douglas Elliman’s Long Island City office.

Under Bloomberg’s watch, developers set in motion a planned Ferris wheel and outlet mall slated for St. George on Staten Island. Bloomberg suffered a rare real estate defeat in his bid to turn the Kingsbridge Armory in the Bronx into a mall, but scored on his second attempt with a giant ice rink complex, now in the works.

New projects aren’t the only things going up. Prices have soared as well.

A year into the mayor’s tenure, the average New York apartment cost $382,000, according to appraiser Miller Samuel. A decade later, it’s almost tripled to $825,000.

Manhattan went from $800,000 to $1.4 million, and Brooklyn doubled, from $336,000 to $671,000. Queens and Staten Island saw more modest growth, about a $100,000 gain for each over the decade, to $440,000 and $411,000, respectively. The Bronx grew from $244,000 to $327,000.

“It used to be there were only certain neighborhoods you lived in,” Liebman says. “He has really stretched the boundaries of the city to make every neighborhood desirable.”

Just ask Elizabeth Stribling, head of the brokerage that bears her name. A longtime upper East Sider, she left the borough and now calls a penthouse in One Brooklyn Bridge Park home.

A conversion of a former Jehovah’s Witnesses printing plant, the building funds a neighboring 85-acre park built on old waterfront piers under a unique private-public partnership that exemplifies Bloomberg’s vision.

“When people are looking for a home, they want views of the park or the river,” Stribling says.

But no Bloomberg-era park was more celebrated by brokers than the High Line. It took $150 million in city funds to turn abandoned railroad tracks into a world-class green space — and it has already attracted more than $2 billion in private investment on surrounding blocks.

“I wanted to buy CORE bikes for my brokers, so they could get around easier, but the mayor did it for me,” Osher says.

For all the development that went up under his watch, Bloomberg deserves credit as a preservationist, says Melanie Lazenby, the Douglas Elliman broker and daughter of former James Bond actor George Lazenby. Landmarking has had a huge impact on the business — but not in the way most people think.

“It makes neighborhoods like the Village beautiful and appealing, sure, but it also limits new development, which constrains supply, and that drives up prices,” she says.

That’s a blessing and a curse, because commissions are higher, but there is also less to sell.

In Bloomberg’s 12 years in office, brokers have seen once-desolate neighborhoods boom and their earnings soar. Some have even become celebrities.

TV shows like “Selling New York” and “Million Dollar Listing” present the crazy and wonderful world of New York City real estate. Bloomberg’s work promoting film and television in the city makes the Big Apple only shine brighter on screens across the globe, says Michele Kleier, president of Kleier Residential and a “Selling New York” star.

“It makes the city look so good,” she says. “I go to the theater, and people from the Midwest recognize me and they tell me they want to move here.”

The mayor has welcomed those tourists, some 52 million from the Midwest and beyond, with open arms. Kleier and others say it has exposed the city to a new clientele and helped boost sales as well.

But the biggest gain, many brokers agree, is public safety. With crime at a historic low, Bloomberg’s biggest legacy — at least for homeowners — might the end of broken windows.

“It used to be you couldn’t sell a townhouse, and if you did, the first question was where to install the bars and the security system,” says Wendy Sarahson of Corcoran, who has been in the business since 1989. “Now, all the bars are coming off.”

Buyers, especially Europeans, who love to pedal around town, brokers say.

“I wanted to buy CORE bikes for my brokers, so they could get around easier, but the mayor did it for me,” Osher says.

For all the development that went up under his watch, Bloomberg deserves credit as a preservationist, says Melanie Lazenby, the Douglas Elliman broker and daughter of former James Bond actor George Lazenby. Landmarking has had a huge impact on the business — but not in the way most people think.

“It makes neighborhoods like the Village beautiful and appealing, sure, but it also limits new development, which constrains supply, and that drives up prices,” she says.

That’s a blessing and a curse, because commissions are higher, but there is also less to sell.

In Bloomberg’s 12 years in office, brokers have seen once-desolate neighborhoods boom and their earnings soar. Some have even become celebrities.

TV shows like “Selling New York” and “Million Dollar Listing” present the crazy and wonderful world of New York City real estate. Bloomberg’s work promoting film and television in the city makes the Big Apple only shine brighter on screens across the globe, says Michele Kleier, president of Kleier Residential and a “Selling New York” star.

“It makes the city look so good,” she says. “I go to the theater, and people from the Midwest recognize me and they tell me they want to move here.”

The mayor has welcomed those tourists, some 52 million from the Midwest and beyond, with open arms. Kleier and others say it has exposed the city to a new clientele and helped boost sales as well.

But the biggest gain, many brokers agree, is public safety. With crime at a historic low, Bloomberg’s biggest legacy — at least for homeowners — might the end of broken windows.

“It used to be you couldn’t sell a townhouse, and if you did, the first question was where to install the bars and the security system,” says Wendy Sarahson of Corcoran, who has been in the business since 1989. “Now, all the bars are coming off.”

Luxury Moves to Mulberry Street

The New York TimesOctober 04, 2013
The architecture and development company Flank set out years ago to prove what others are now discovering: there is a market in Lower Manhattan for oversize condominiums in boutique buildings, no matter the neighborhood.

Flank started out on the Far West Side with a 12-unit building at 385 West 12th Street, and more recently created the 10-unit Abingdon, also on West 12th, where a triplex sold for $23.4 million. Now, in its latest project, the firm will be creating seven capacious units, each with two to four bedrooms, in the unlikely location of 224 Mulberry Street, the site of a parking garage in NoLIta. (Demolition has already started, with completion of the building set for the first quarter of 2015.)

And as the project’s broker, Tim Crowley, puts it, at $6 million to $30 million a unit, pricing will be “unapologetically high.” Calculated to average in excess of $3,500 a square foot, the cost may set records for the 16-square-block neighborhood, which was once part of Little Italy to the south. Its name, NoLIta, is an acronym of “North of Little Italy,” and prices for new-construction condos there tend to hover around $2,000 a square foot.

“If you can figure out a way to build here,” Mr. Crowley said, “every project that comes into this neighborhood inevitably breaks a record, because there’s a lot of desire and a following in this neighborhood, but not a lot of real estate.”

Coming to market this week, 224 Mulberry Street isn’t alone in seeking to break new ground in NoLIta. Six loft-style residences being built atop the famed Puck Building, about a block away, are being marketed for $20 million to $60 million apiece.

Mr. Crowley says prices north of $3,500 a square foot aren’t out of line for large apartments, ranging from about 1,950 to 5,650 square feet, in a well-constructed building of solid materials with classic high-end finishes.

“We’re going to set records on Mulberry Street obviously, but we’re in line with the other high-end, really-sought-after real estate in the city,” he said, asserting that potential downtown buyers tend to be “agnostic” when it comes to neighborhood. “They go to great real estate, and are less sensitive to where SoHo stops and NoHo starts.”

But with a growing number of developments in Manhattan offering large, exceptionally pricey apartments, there is more competition than there has been, brokers said. The asking prices that 224 Mulberry and the Puck Building hope to achieve are conceivable in NoLIta, but will require a “superior product,” said Shaun Osher, the founder and chief executive of the Core Group, a brokerage in Manhattan.

“It has to be exceptional,” he said, “whereas if you’re on Central Park or in the West Village on the water or in other prime neighborhoods, the location there will demand the price per foot. Here, you need the product to help achieve that number.”

Jon Kully, a managing partner of Flank, said he believed 224 Mulberry was just the product to do it. The eight-story building will be quite tall, at 110 feet, because some of the units will have living rooms with 25-foot ceilings, he said. And because NoLIta is a low-rise neighborhood with zoning restrictions of 80 feet, the higher floors of 224 Mulberry should have unrestricted views in perpetuity, Mr. Kully said.

Flank is able to build so high because “we’ve had an active permit for over five years, and a down-zoning took place after the permit was issued,” he said.

A 40,000-square-foot building, 224 Mulberry will replace a four-story garage that had a distinctly patterned enameled-brick exterior. That building was too expensive to salvage, but Flank chose to pay homage to it with Art Deco touches like black-and-white penny-round mosaic flooring in the bathrooms, Mr. Kully said.

There will be elevator-accessed parking beneath 224 Mulberry, which has a garage entrance adjacent to the pedestrian entrance. All units will have at least one parking space; some will have two. A 24-hour doorman will also park cars.

With an exterior of Roman brick on the first four floors, and top floors of cast stone and brick set back 10 feet, 224 Mulberry will have private terrace space for each unit along with a common roof deck. The other amenities, all of which will be free like the parking and the roof deck, include a gym and storage space.

The windows are to be old-style weight-and-chain mahogany structures; though divided into panes, they’re grouped into 10-by-10-foot openings, increasing the amount of light in the apartments. Elaborate brickwork, especially around windows that have cast-stone sills and jambs, will add texture to the facade, Mr. Kully said.

Kitchen cabinetry, including unusual upper cabinets of glass embedded with wire mesh, will be manufactured by the English kitchen designer Smallbone of Devizes. Floors will be white oak of mixed widths, and islands will be marble with a “waterfall” effect in its grain, Mr. Kully said.

Marketing materials include a large bound book that embraces the colorful immigrant history of NoLIta and is filled with romantic black-and-white portraits of the neighborhood’s old-time and new business owners. Potential buyers will very likely be a bit more cosmopolitan than the typical downtown buyer — perhaps world travelers, Mr. Kully said.

“This is a storied personality, a textured personality, someone who’s been around the block, who’s traveled incessantly and is arguably a collector of something or multiple things,” he said, “so we’ve given a lot of consideration to how we can house that person’s belongings.”

Flank’s 224 Mulberry Could Set New Price Record for Nolita

The Real DealOctober 04, 2013
Pricing for Flank’s seven units at 224 Mulberry Street will be “unapologetically high,” the project’s broker told the New York Times.

Pricing for the property’s individual units will range from $6 million to $30 million — in excess of $3,500 per square foot. The numbers could set a new record for the neighborhood, where prices for new-construction condominiums currently hover around $2,000 per square foot.

But the stratospheric price tags aren’t out of line for large apartments ranging from 1,950 square feet to 5,650 square feet in a well-constructed building.

“If you can figure out a way to build here, every project that comes into this neighborhood inevitably breaks a record, because there’s a lot of desire and a following in this neighborhood, but not a lot of real estate,” Tim Crowley, the project’s broker, told the New York Times.

Even so, competition is growing as units in the neighboring Puck Building, only a block away, are marketed for $20 million to $60 million a pop.

To nab such exorbitant asks, the properties will have to deliver a truly superior product, Shaun Osher, founder and chief executive of the CORE Group, told the Times.

“It has to be exceptional,” he told the Times, “whereas if you’re on Central Park or in the West Village on the water or in other prime neighborhoods, the location there will demand the price per foot. Here, you need the product to help achieve that number.”

The eight-story building is to feature living rooms with massive 25-foot ceilings, unrestricted views for upper-floor units, a four-story garage with an enameled-brick interior and Art Deco touches like black-and-white penny-round mosaic flooring in the bathrooms, John Kully, a Flank managing partner, told the Times.

Flank, 224 Mulberry’s developer, is also behind the Far West Side’s 385 West 12th Street and the Abingdon at 320 West 12th Street, unveiled plans for the new project on the site of a Nolita parking garage in March, as The Real Deal reported.

Odd New Home Buying Trend Might Creep You Out

Yahoo FinanceOctober 04, 2013
Ever wish you could test-drive a house before you buy it?

A new trend in real estate is encouraging potential buyers to do just that. They’re getting the opportunity to spend quality time in the home before putting a penny down. It might sound a little odd, but it can also help you make a more informed decision — and possibly save you from buying the wrong house.

In the accompanying episode of Destination Home, we follow Roy Berenholtz, a New York anesthesiologist, who tests out this strategy.

Berenholtz is interested in the one-bedroom, East Harlem apartment in New York City shown in the video. But before he decides to make an offer, the realtor is letting him and other serious buyers spend the day or night in the apartment to put it under some extra scrutiny. Berenholtz jumped at the chance.

"You can't get better than having the opportunity to try it out before you actually [put in an offer] and move in," he says.

Limor Nesher is the New York realtor behind this selling strategy, and it's catching on in other markets. Cities like in Santa Rosa, Fla., Harvey Cedars, N.J., and Colorado Springs, Colo., are boasting “try before you buy” options, allowing buyers to preview the home before contracts are signed.

In this case the apartment’s sellers handed over their keys, so Berenholtz had the entire apartment to himself for 12 hours. And after exploring the home without the pressure of a realtor around, we sat down with Berenholtz for a debriefing. (Watch the video above to find out what he really thought of the apartment.)


The experience, Berenholtz says, was invaluable in helping him come to a final decision. "Living there for a few hours made me realize the fine details that I would not have picked up on when coming in for a 10-minute viewing in an open house."

Berenholtz and others like him may be dodging real estate bullets with this “try before you buy” approach, but was the hassle of the visit worthwhile for the realtor and the sellers? According to Nesher, "Especially if you have a unique product, you might get a better price or even a faster sale."

Sales Keep NYC Housing Market Hotter Than Ever

New York PostOctober 02, 2013
Traditionally, the fall is the start of real estate’s busy season, where brokers — well-rested from a summer in Sagaponack — are champing at the bit, ready to unveil the next big thing.
But it’s almost as if summer never even began. A busy spring just kept going and going. “There was no rest for the weary this summer,” says Wendy Maitland, managing director of Town.

According to Corcoran Sunshine, 3,400 contracts were signed in Manhattan in the third quarter of 2013 — a 17 percent jump from last year. And the second quarter was even better. The second “quarter there were $7.6 billion in sales,” says Kelly Mack, president of Corcoran Sunshine. “That was the second highest ever.”

And one can only expect it to get busier. “So far in 2013, we’ve seen 1,660 new development units enter the market,” says Mack. “We’re projecting another 1,000 by the end of the year.”

One would hope these new units would ease pressure on prices and increase the vacancy rate. But it doesn’t look like that’s in the cards. According to a market report released this week by Jonathan Miller, CEO of Miller Samuel, for Douglas Elliman, Manhattan inventory dropped to the lowest level in 13 years (when Miller started tracking the market) and the number of sales — 3,837 — is the most since 2007. And most units coming to market are expensive.
“Land costs have gone up, which means cost of development has gone up and that has required the purchase price to go up,” says Susan de Franca, president and CEO of Douglas Elliman’s new development division.

In August, veteran developer Michael Shvo returned to the market spending $23.5 million — about $850 per square foot, the most ever paid for a residential site in New York — for a gas station at 239 10th Ave. His hope is to put up a new condo off the High Line, one of the most sought after new neighborhoods.

Prices are far from being set yet (the building is slated for 2015) — but if the nearby condos are any indication, numbers will be insane. At developer Cary Tamarkin’s 508 W. 24th St., the smallest unit is $3.35 million (it’s in contract), and the 3,018-square-foot penthouse is on the market for $10.5 million, or $3,479 per square foot. The developer Blackhouse recently announced it was building a six-unit condo at 534 W. 29th St.

According to Sean Ludwick, a partner at Blackhouse, “The penthouse should be $3,500 per square foot … Lower units should be in the $3,000 per-square-foot range.”

But the High Line is hardly the only downtown hood to command crazy prices. At 66 E. 11th St. by Delos, the new five-unit building in Greenwich Village that is being marketed by Dolly Lenz, the starting price is $15 million for a three-bedroom and goes up to $50 million for a 7,693-square-foot four-bedroom (an average of $4,764 per square foot).

Over in SoHo, at Jared Kushner’s Puck Penthouses at 293 Lafayette St., the six units — ranging from 4,895 square feet to 7,000 square feet — start around $21 million. And at the FXFOWLE-designed Greenwich Lane on the site of St. Vincent’s Hospital in Greenwich Village, prices haven’t been set but one can expect them to start at $2 million and go up to $20 million, or higher.

Nor is this a downtown phenomenon. This summer, the Witkoff Group shelled out $650 million for the Park Lane Hotel on Central Park South, which will include a condo component. “We’re big on downtown — and the other downtown neighborhoods,” says Steve Witkoff. “But Park Lane was a once-in-a-lifetime opportunity. How often do you get to build on the Park?” Down the block at 22 Central Park South, Lisa Lippman at Brown Harris Stevens is selling six full-floor two-bedroom residences, each spanning 2,021 square feet and starting at $6.7 million. A 2,943-square-foot penthouse is going for $26.5 million.

Resales have also gone through the roof. Last year, Tony Sargent, a broker with CORE, sold a TriBeCa apartment at 28 Laight St. for $3.8 million (it was featured on “Selling New York”) — he just closed on the same unit for $4.58 million, or $780,000 higher than a year ago.

In August, Corcoran broker Jana Koplen got a listing for a full-floor loft in SoHo for $3.5 million that she was planning on putting on the market after Labor Day, but decided to strike early. She had 10 showings within 24 hours, and 19 buyers came to the open house on the second day — with four offers. The property got eight offers and is in contract at $225,000 over the asking price.

And Witkoff, like other developers, is looking at sites in Queens and Brooklyn.

“While Manhattan is rising [in price] modestly, Brooklyn is rising sharply,” says Miller. Over the summer, Miller released a report showing the median price of housing was up 15 percent in Brooklyn from the year before and inventory was down 19 percent. Brooklyn is “no longer seen as a less expensive alternative — it’s now a specific destination,” says Miller. “I saw, the other day, a banner touting [a building in Queens] and the slogan was, ‘Queens is the new Brooklyn.’ I thought that was pretty clever.”

Some are slightly wary of the exuberance in the air. “Every market has to correct at some point, right?” poses Shaun Osher, CEO of CORE.

But most are bullishly riding the wave. “We’re in a comfortable place,” says John Gomes of Douglas Elliman, who is selling 11 N. Moore in TriBeCa. “Prices are strong [and] I think it’s healthy that interest rates are inching up … The temperament of the buyer is more relaxed, less rushed, more in control than the spring market. It’s a very healthy, very strong market.”

Who's News: Deirdre De Risi

Brokers WeeklyOctober 02, 2013
Deirdre De Risi has joined the CORE Group.

An agent for close to a decade who has helped sell over $300 million worth of real estate in the last two years alone, De Risi previously enjoyed a successful career at Douglas Elliman.

A New York resident for over 10 years, she has lived in neighborhoods including the Upper East Side, Chelsea, and now, the Upper West Side.

A Matter of Record

Gotham MagazineOctober 01, 2013
Meanwhile, on the Upper East Side, the late, great photographer Richard Avedon's former carriage house has sold for $11.4 million to an undisclosed buyer. The manse, at 407 East 75th Street, had also been home to financier Olivier Sarkozy, half brother of ex-French President Nicolas Sarkozy, who lived in the historic townhouse before he divorced his wife and moved in with actress-turned-The-Row-cofounder Mary-Kate Olsen. The four-story, six-bedroom, nine-bathroom townhouse, last listed at $12.5 million, includes a black-and-white stairwell, full-floor master suite with two wood-burning fireplaces, and a private terrace. The listing broker was Emily Beare of CORE (127 Seventh Ave., 212-726-0786; corenyc.com).

‘Beare’ Hugs

The Real DealOctober 01, 2013
CORE broker Emily Beare and husband Brian Beare celebrated their 30th wedding anniversary last month at the Natirar estate in New Jersey, home of the Ninety Acres Culinary Center, a critically acclaimed farm-to-table restaurant and cooking school. Their children Elizabeth and David — both CORE agents — were also on hand for the celebratory feast.

CORE Goes on Hiring Spree

The Real DealOctober 01, 2013

After losing several top agents, the boutique brokerage CORE went on a hiring binge last month, adding more than 10 new agents, including one of the Corcoran’s Group largest teams. Coldwell Banker Hunt Kennedy alumni Patrick Lilly and seven of his team members last month left Corcoran, one of the city’s largest firms, for the much smaller CORE. The agents who joined Lilly at CORE include Adie Kriegstein, Martin Eiden, Andres Soto, Latoya Anderson, Eric Purcell, Cassie D’Agata and Jasmin Abrol. Also last month, CORE hired broker Deirdre DeRisi from Douglas Elliman, and Sidney Whelan and Reggie Grayson from Halstead Property. The firm also hired real estate newcomer Marsi Gardiner, who previously worked in marketing and theater production. CORE has recently seen the departure of top producers Michael Graves, who left for Elliman, and Vickey Barron, who took with her the exclusive marketing assignment for the high-profile Walker Tower condo at 212 West 18th Street. When asked if the new hires are an explicit attempt to make up for the loss of Graves and Barron, CORE CEO Shaun Osher said through a spokesperson: “We are continuing to follow our original business model, which is to attract like-minded agents who are interested in building their business in a transparent environment that embraces the evolution of our industry and the art of marketing and selling real estate.” Lilly joined Corcoran in 2009, after 13 years at the now-defunct Coldwell Banker Hunt Kennedy. He said he decided to hop to CORE because of the way the industry is changing. With most buyers and sellers now going to sites like StreetEasy for information, he said, the reach of a large firm is “not as necessary as it was.” The addition of these 11 new brokers represents a substantial increase in size for CORE, which had 55 agents as of mid-March, according to a TRD ranking.

Neighborhood Spotlight: Midtown

Residency NYCOctober 01, 2013
"Midtown, especially where it meets Central Park, is becoming one of the most closely watched markets in the world."

Everything New is Old Again

New York ObserverSeptember 30, 2013
The early 21st century has proven to be very exhausting. Days are spent navigating traffic on a CitiBike (or a bespoke version), reconciling quinoa with a gluten-free diet, and trying to Lean In. All of which is enough to make even the most indefatigable New Yorker want to run home and curl up in her favorite chair. But you can't really curl up effectively in a fiberglass Hans Wegner shell chair reproduction.

A yearning for the warmth and comfort of yore is sending many New Yorkers' design styles time-traveling back to a bygone era, when chairs were composed of horsehair rather than plastic, when actual books were stored in bookcases, and kitchens were safely hidden behind doors. The decorative elements and architectural details commonly associated with the pre-war period are making a comeback.

$50M for NYC’s Top Trophy Apartments

New York PostSeptember 30, 2013
The base price for the city’s top trophy apartments has doubled to an unprecedented $50 million over the past year, thanks to an influx of foreign house-hunting billionaires.

At least 19 condos and co-ops are on the market for at least $50 million — with the most expensive offered for $130 million in the pre-construction phase.

It will occupy what is now a private club at the River House on East 52nd Street and will boast five bedrooms, 10 baths, a pool, tennis court and IMAX screening room.

If that seems a bit steep, there’s a triplex penthouse available at The Pierre hotel for $125 million.

Even Hell’s Kitchen is in on the act, with an $85 million apartment at 635 W. 42nd St. A smaller apartment in that building was once a Lindsay Lohan crash pad.

That 10,000-square-foot unit’s building includes a “sky-lit” indoor pool, 12,000-square-foot health club, rooftop lounge, rooftop terraces, basketball court, tennis court, golf driving range, movie theater, BBQ grills, and free bikes, crosstown shuttle buses and daily breakfasts. There’s also a garage, and a contemporary art gallery in the lobby.

“It’s a unique time in the market when the $50 million apartment has become the norm,” said Pamela Liebman, CEO of the Corcoran Group.

She credited “the creation of super-luxury towers that appeal to billionaires from around the world. New York City continues to be the number-one place where the world’s super-wealthy want a home.”

Billionaires from China and the Middle East “are helping to create the high demand for this once unheard-of number,” Liebman added.

“I wouldn’t be surprised to see $100 million apartments in the next couple of years,” she added.

If you want a hipper location, there’s a $50 million penthouse duplex at Trump Soho.
At 15 Central Park West — where Citigroup’s former chief Sandy Weill sold his penthouse for $88 million to a Russian billionaire — another listing is asking $70 million.

Nearby, at the Time Warner Center, there’s a $75 million six-bedroom for sale along with a $50 million three-bedroom.

Some of the buildings for billionaires have their own version of low-income units.
Sure, a $95 million unit is being offered at The Sherry-Netherland hotel.

But for a mere $1 million, you can buy a more modest one-bedroom unit in the Fifth Avenue building.

EXCLUSIVE: L.I.C. 5-story Rowhouse Sells for Eye-popping $3M

New York Daily NewsSeptember 27, 2013
Eyal Schuster decided to take on this small house because he spotted big profits. Developer bought the long-abandoned home for only $400,000 in October 2011.

All the attention in real estate circles has been on the shiny, new apartment towers popping up all over Long Island City.

But the real action is taking place behind the walls of a century-old rowhouse in the Queens waterfront hood.

The five-story, six-bedroom home at 531 51st Ave. just sold for $3 million — smashing neighborhood records for a single-family home.

No property had even broken the $1.5-million threshold, records show.

“It just sets a whole new stage for the neighborhood,” said CORE broker Doron Zwickel, who had the listing with Brittany Fox.

Family Compounds, by Elevator

The New York TimesSeptember 27, 2013
Some parents dream of owning a home where their adult children and grandchildren also can live. For those with the means, that translates into a family compound, with several generations living in their own houses within the same property line. But here in New York City, creating such expansive homes can be prohibitively expensive. Nevertheless, a lucky few are building multigenerational compounds in the sky.

At 10 Madison Square West, a 125-unit condominium at West 24th Street where asking prices top $4,000 a square foot, four separate families are hoping to create multigenerational homes. In each case, parents bought apartments for themselves and then a second, noncontiguous unit for their adult children.

It was the same at 150 Charles, a luxury condominium under construction in the West Village: two families have each bought two units. “We think it is fabulous, just a beautiful, special thing that the families will eat meals together, spend time together,” said Steven Witkoff, the developer who is building both 150 Charles Street and 10 Madison Square West.

“Citywide,” said Leonard Steinberg, a broker at Douglas Elliman, “there is a trend toward much larger apartments, where families want to create a suburban scale here in the city. The very wealthy in Manhattan today look at the very wealthy in other cities like Boston and see that their friends have 20,000-foot-houses — they want the same thing here and don’t want to compromise.”

This suburban-to-urban trend is driving developers to rethink the layouts of many of their condominiums and to create larger apartments, or configurations conducive to combining units. “It is called mother-daughter homes in the suburbs,” said Ziel Feldman, the founder and managing partner of HFZ Capital Group. “We are trying to orient our buildings for larger apartments rather than smaller, although not every building lends itself to that.”

At 11 East 68th Street, the conversion of a circa-1913 Beaux-Arts Revival-style building into condominiums where five-bedrooms come with $22 million asking prices, Mr. Feldman is in talks with a prospective buyer to combine units to create a floor-though apartment totaling 9,500 square feet. At 305 East 51st Street, another of Mr. Feldman’s developments, a buyer is considering buying several contiguous units on a single floor that he may or may not combine, “for the kids and grandkids to have a place,” he said.

Lena Diab was having a tough time finding at least four bedrooms to house herself, her husband and their two children.

“Four-bedrooms are almost unheard of in the city,” she said, “and if they do exist, they are either really expensive or need a lot of work.” To complicate matters, Ms. Diab, who runs the American arm of the fashion label Moka London, also wanted quarters in the same building for the occasional use of her mother and sister.

For her immediate family, Ms. Diab bought two two-bedroom apartments that she is in the process of combining at One Museum Mile, a new condominium development at 1280 Fifth Avenue designed by Robert A. M. Stern Architects. Two-bedroom apartments on the sixth floor, where Ms. Diab will live, are priced just shy of $1.6 million, according to Streeteasy.com.

“Wherever combinations are possible, people are jumping at the space to expand before someone else comes along to purchase it,” said John Harrison, a broker at CORE who represents One Museum Mile.

Ms. Diab also bought a third two-bedroom apartment one floor above as a pied-à-terre for other members of her family to stay in when they come to visit. When construction is completed in December, Ms. Diab and her relatives will own a 3,000-square-foot four-bedroom home and a second 1,800-square-foot pied-à-terre.

At a time when even homes in the boroughs outside Manhattan are asking astronomical numbers— a town house in Park Slope, for example, will shatter a price record if it achieves anything close to its $15 million price tag — affording such elbow room and privacy can be difficult.

“We are that class of New Yorkers that aren’t wealthy, but also are not living below the poverty line — we are properly middle class,” said Neil K. Aggarwal, a 35-year-old psychiatrist who lives with his wife, Ritambhara Kumar, and infant daughter in a two-bedroom on the Upper West Side. The couple are looking, so far without success, for an additional apartment in their building so that at least one set of parents can move in. Mr. Aggarwal’s parents live in Pittsburgh, his wife’s in Mumbai, India.

“We want to remain connected to our families in a more durable way than daily telephone and Skype sessions,” Dr. Aggarwal said. “In New York, we have very diverse friends, and it is really the culture of capitalism, of big-city life here. But because we don’t have a strong South Asian community like we had when my wife and I were growing up, having grandparents here would be a great way to teach our daughter, Amaya, our cultural traditions.”

Vik Kukar, Dr. Aggarwal’s broker, is trying to make this goal a reality. But “all of Manhattan is at the lowest level of inventory in 12 years and the Upper West Side is just ridiculous,” said Mr. Kukar, who is affiliated with Rutenberg Realty. “It is not easy to find a two-bedroom condominium that is in good shape with a decent view in their neighborhood, let alone their building.”

On the East Side, Patrice Jacobs has managed to create the kind of community the Aggarwals are seeking. Ms. Jacobs and her husband live in a penthouse at the Brompton, a 22-story condo at 205 East 85th Street. Also resident in the building are her two daughters, their husbands and four grandchildren, ranging in age from 2 to 7. They see one another every day.

“It is so easy for me,” Ms. Jacobs said. “If someone needs to walk the dog and one of the kids is sleeping, I can go downstairs in my bathrobe — I’ll take the service elevator if I’m in my bathrobe.”

The Jacobses bought their units together, and the developer, the Related Companies, seemed “happy to have one family buying three apartments, since my daughters got good deals,” Ms. Jacobs said. “Mine was a penthouse, so I’m not sure how much of a deal we got.”

Public records show that Ms. Jacobs paid about $5 million for her unit back in 2010. A similar penthouse sold earlier this year for $9.55 million.

But some buyers who want to create a family compound by acquiring several apartments may experience pushback from the building, particularly if it is a co-op. Boards might be concerned about a single family’s owning a majority of the co-op’s shares and thus being able to control much of what happens at the building, said Mary Ann Rothman, the executive director for the Council of New York Cooperatives and Condominiums.

“It can also be a gentrification issue,” Ms. Rothman said, “because when people can afford to buy multiple units, they probably will want a higher level of service than people who bought years ago and may live on a fixed income.” She added that at her building on the Upper West Side, “many years ago we made a rule that no one can own more than two apartments, and they have to be contiguous.”

The co-op board at 170 Second Avenue in the East Village thwarted an attempt by Amanda Rubin and her family to expand the number of apartments they own there. Ms. Rubin, 56, has lived at the building in two combined apartments for more than 30 years, and the family owns a third, smaller unit as well.

But when her sister relocated with her five children to New York City from California and made a successful bid on a fourth apartment, the building balked. “The co-op board wouldn’t approve her,” Ms. Rubin said. “It was devastating.”

“We are a really wonderful building with a very strong community spirit,” said David Seres, the president of the building’s board, “and we are very happy to have families in the building, because it supports the community spirit. But we were concerned that at the same time, we didn’t want there to be an imbalance.”

To that end, the building instituted a policy to allow up to three apartments to be owned by any given family. “This way,” Dr. Seres explained, “a smaller group of people doesn’t have a larger block of the votes.”

Henry Hershkowitz, a broker at Douglas Elliman who also lives at 170 Second Avenue in two combined units with his partner and their two young children, persuaded his parents to buy there a few years ago when they decided to move to New York City from the suburbs.
“I had just had children and loved the idea that they would be around to help,” Mr. Hershkowitz said.

Recently, his mother died. “It was a gift that we were able to be all together during that difficult time,” he said. “And now that my father is on his own, I can more easily care for him.”

It is a sentiment echoed by those who consider themselves lucky to have several generations living under a single roof.

Modernnyc.weekly: Featured Listing – 422 East 72nd Street, 28/29C

Modern NYCSeptember 27, 2013
Alison Abovsky | CORE Group
422 East 72nd Street, 28/29C
$4,500,000

This unique residence, designed by renowned architect Peter Wiederspahn, is a meticulous combination. The loft-like upper level offers an open living/dining area, a terrace, terrazzo floors and custom maple walls throughout. The eat-in chef's kitchen includes custom stainless steel cabinetry and high-end appliances. The upper level includes a bedroom and a bathroom with fixtures by Urban Archeology and Waterworks. A stunning internal steel staircase seamlessly connects the two levels. The lower level offers a suite of bedrooms with a master bedroom that has a balcony along with an attached home office (or convertible fifth bedroom) and a large Waterworks bathroom. The two additional bedrooms share a third custom bathroom. A separate laundry and storage room is situated off of the downstairs hallway.

The Oxford Condominium offers a 24-hour doorman/concierge, health club and indoor pool, private sun deck with playground, a basketball court and residents' lounge with catering kitchen.

$3 Million Townhouse Sale Sets Record in Long Island City

CurbedSeptember 27, 2013
Yesterday, the record for a single-family home sale in Long Island city was below $1.5 million. Today, it is $3 million, the price for which 531 51st Avenuejust sold, according to the Daily News. The home's owner, developer Eyal Schuster, had his eye on big numbers from the beginning, when he listed the house for $3.25 million. Schuster, who also developed new neighborhood condo One Murray Park, bought the house in a much more rundown state for $400,000 in October 2011 and spent more than $1 million on the renovation.

The building is set up as a 4BR triplex on the bottom and a 2BR duplex with roof terrace above. The buyers, a Greek family from Queens, were looking for precisely this layout. The buyers' two sons will take the duplex, and the buyers' daughter and her husband will get the triplex. Which could be ammunition for some family arguments in a few years.

Bono, Belafonte at Africa Fete

New York PostSeptember 27, 2013
Bono and Harry Belafonte joined African philanthropist Mo Ibrahim at Manhattan’s New Africa Center on Fifth Avenue to hear a performance by celebrated Senegalese singer Youssou N’dour.

Introducing N’dour, Bono said he has “the most beautiful voice in the world,” and added, “At the crossroads of the world, there was always a sign post pointing to Africa, and tonight the way is clearer.”

Looking enraptured, Belafonte sat in the wings while N’dour performed, telling Page Six, “He is just great.”

Also there were the Rev. Jesse Jackson, financier Michael Milken, supermodel and philanthropist Liya Kebede, former US Senator Chris Dodd, Bob Dylan’s filmmaker son Jesse Dylan, and former first lady of France Cecilia Attias.

Bono, Belafonte, N’dour and Jackson even sang “Happy Birthday” to Ibrahim’s daughter Hadeel, the co-chair of the New ¬Africa Center.

We’re told the party went on until 5 a.m. Friday, while Bono popped next door to One Museum Mile and ended up taking a nap on a couch in one of the model apartments.

Done Deals: Out-of-towners Liking NoMad

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.

Done Deals: 11-25 45th Avenue, 2I

Brokers WeeklySeptember 25, 2013
QUEENS
Long Island CIty
11-25 45th Avenue, 2I
$445,000

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.

Clinton Hill Brownstone Sale Sets Record While Bed Stuy House Reduces Price

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.

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