News

What $3,900/Month Can Rent You Around New York City

CurbedMarch 15, 2013
In Carroll Gardens, a 1,500-square-foot 2BR/1BA in a brownstone building features a decorative mantle, inlayed floors, built in mirrors, and windowed, renovated kitchen. The bathroom has a claw tub, if you happen to like claw tubs. It's going for $3,800/month.

57th Street’s Game of Follow the Leader: Hot Sales at Swanky Skyscraper Embolding Other Developers to Jump Into Action

Luxury Listings NYCMarch 13, 2013

Bunheads star sells Midtown apartment

The Real DealMarch 13, 2013
Tony Award winning actress Sutton Foster, the star of new ABC show “Bunheads,” has sold the Midtown apartment she once shared with ex-husband and “Smash” actor Christian Borle, public records show.

Foster, whose drama series was recently renewed for a second season, inked a deal to sell the apartment at 345 West 55th Street last month for $770,000, according to records filed with the city. She and Borle, both of whom have acted on Broadway as well as on television, bought the apartment for $749,000 in 2006, records show. The property was transferred into Foster’s name in 2009 following the couple’s separation.

The buyer of the property is listed as Antonio Freitas.

The two-bedroom home, between Eighth and Ninth avenues, was first listed for sale by the actress in November, according to Streeteasy.com, and went into contract just one month later. It was listed by Vickey Barron of Core. The broker was not immediately available for comment.

The third-floor, pre-war co-op unit features a large master bedroom, a granite breakfast bar and south-facing windows, according to the listing.

While it was not immediately clear why Foster sold the apartment, it has been reported that “Bunheads” is predominantly filmed in Southern California.

Condo Project Makes Splash After 25 Years

The Wall Street JournalMarch 12, 2013
Printing House at 421 Hudson St. is getting new life 25 years after the condo conversion stalled.

It seemed like a good idea back in what turned out to be the waning days of the condominium craze of the 1980s: Turn a massive 10-story former printing building on Hudson Street with Italian Renaissance details and 15-foot ceilings into 184 duplex loft condominiums with a large health club and a pool.

But the dream faded at Printing House—along with dozens of other 1980s condominiums in New York—as the real-estate market entered a long slump. Much of the building, already a rental, has been rented out since.

Many condo projects stalled during the latest real-estate crash are being resuscitated and put back up for sale in the past year or so. Now, Printing House, a West Village condo conversion first launched more than a quarter of century ago, is also getting a new life—and a new look.

The remaining 104 sponsor apartments are being gutted, combined and put back on the market as 60 larger apartments—with 21st-century prices and designs.

Dark one-bedroom lofts have been reconfigured with glass walls, thin metal railings and open stairs to bring in more light to the upper level.

In the printing era, windows were partitioning by thick horizontal metal bands. Now these have been combined into 9-foot-high, mullioned windows, many with views across Hudson Street to a city playground. A row of townhouses is planned on a landscaped mews in the back.

Since the 1980s, there has been a flourishing market among investors in blocks of unsold condo units from that era, but only few have had large scale rebirths.

At Morgan Court, a 32-story sliver tower on Madison Avenue built in 1985, sales stalled to the point that the developer allowed it to be used as the backdrop for a dark 1993 thriller movie, "Sliver" starring Sharon Stone, in which a body flies off a balcony.

Sales were relaunched in the 40-unit Morgan Court building in 2007 after renovations. Reba Miller, a broker at CORE who represents the Morgan Court developer, said that nine of 22 sponsor-owned condos have been sold since. Other apartments are being put on the market as they become vacant, she said.

At Printing House, the lobby was redesigned to evoke the building's past in the printing industry. The original 1911 vaulted tile ceiling is intact but there is now a doorman's desk with a large steel panel on which the Gettysburg Address has been laser-cut in an abstract font, evoking the age of metal type. Steel panels attached to the mailboxes have the Declaration of Independence, according to the architect, Andrew Kotchen of workshop/apd.

He called the redesign "rustic modernism."

How far the building has come can be seen in changing prices. Back in 1975, the original sponsors, Barnet Liberman and Winthrop Chamberlin, paid $476,000 for the entire building, at a time it was a half vacant printing building, Mr. Liberman said.

In 1988, the sponsors sold two 785-square-foot, one-bedroom apartments, that together cost close to the price of the building. Now prices on renovated apartments will range between $1.5 million for one-bedrooms and more than $7 million for larger condos, according to Tricia Cole, managing director of Corcoran Sunshine Marketing Group.

Mr. Liberman said that he and his partner sold off apartments from time to time over the years, but decided to put the rest of the building on the market a few years ago, at a time when he was nearing retirement age and needed to raise capital some of his other investments, in Florida, Texas and Las Vegas, that did not do as well as Printing House.

They sold most of their interest in the unsold apartments last year for $67.6 million to a group of investors—Myles Horn, Angelo, Gordon & Co. and Belvedere Capital Real Estate Partners. They still retained an ownership share as well.

The closing was delayed for many months because of a lawsuit from a losing bidder in the deal. Now it is coming on the market at a time when there is very little inventory, and the market is stronger than it was a year ago, Mr. Horn said.

Mr. Kotchen redesigned the hallways, ripping out low ceilings, and replacing them with multilevel spaces soaring to more than 15-feet high in places. Still sales in the buildings have a few challenges: On some floors, head clearance is only about 61⁄2 feet from the floor of the loft space to the concrete beams above.

The building also has a few unusual features. It has large solar-heating panels on the roof installed decades ago, before the current wave of green building, but the system is no longer in service.

It also has a large gym on the ground floor that was once a popular center for squash in Manhattan, and a rooftop pool workout space. A few years ago Equinox took over the space, renovated it and replaced the squash courts with exercise equipment. A one-year membership is included with purchase.

Mr. Liberman and Mr. Chamberlin both live in Printing House in apartments that they have long owned. In 1986, they turned them into penthouses, by expanding into the roof and adding a level.

Featured Listing: 166 Perry Street

Luxury Listings NYCMarch 12, 2013

Featured Listing: 17 West 17th Street, 5th Floor

Luxury Listings NYCMarch 12, 2013

Featured Listing: 22 Warren Street

Luxury Listings NYCMarch 12, 2013

Lower East Side/East Village: What’s On Your Real Estate Radar?

Luxury Listings NYCMarch 12, 2013

Featured Listing: 39 Fifth Avenue, PH 15B

Luxury Listings NYCMarch 12, 2013

Snapshot of a Recent Sale in The Village

Luxury Listings NYCMarch 12, 2013

Snapshot of a Recent Sale in The Village

Luxury Listings NYCMarch 12, 2013

Featured Listing: 305 East 85th Street, 4A

Luxury Listings NYCMarch 12, 2013

Chelsea: What’s On Your Real Estate Radar?

Luxury Listings NYCMarch 12, 2013

Midtown: What’s On Your Real Estate Radar?

Luxury Listings NYCMarch 12, 2013

Featured Listing: 27 West 19th Street, PH

Luxury Listings NYCMarch 12, 2013

Upper East Side: What’s On Your Real Estate Radar?

Luxury Listings NYCMarch 12, 2013

Featured Listing: Doug Bowen 152 Willow Street

Modern NYCMarch 08, 2013
152 Willow Street is a unique, turn-key, single-family home nestled on one of Brooklyn Heights' best blocks. Built as an apartment house in the 1920's, 152 Willow has undergone a complete conversion to become a one-of-a-kind residence. Each level has been customized to create well-proportioned rooms that comfortably accommodate today’s modern lifestyle. The 3-bedroom, 3.5-bath home has approximately 2,750-square feet of living space plus a fully built-out private roof terrace. All the floors have beautiful eastern exposures that look out to this storied Heights block with additional exposures to the west.

With 31-feet of frontage on Willow Street, you enter through a front patio area at the first level. This level opens onto a well-appointed cook’s kitchen outfitted with Sub-Zero, Viking and Miele appliances and Caesarstone counters there is also a dining area off the kitchen. Travel up the center, sculptural stair to find a relaxing and open plan living room/den level. The next two levels contain two en suite second bedrooms with subway tile and marble baths, and a master bedroom floor with a marble spa bath and fully built-out walk-in closet. There are walnut floors and treads from LV Wood Floor throughout.

What’s Hot: New York’s Latest High-Flying Residences

The Robb ReportMarch 07, 2013
The city that never sleeps is also the city that never stops growing. Each of the following new high-rise developments from top architects presents prospective homeowners with the opportunity to live in a work of art.

One Museum Mile
Residences: Located at 1280 Fifth Ave. with views of Central Park, the 20-story building was designed by Robert A.M. Stern Architects and features interiors by Andre Kikoski. The 113 residences, half of which have been sold, were completed late last year and range from 838-square-foot studios to a 4,963-square-foot, eight-bedroom penthouse.
Amenities: Residences feature open kitchens with Bosch and Thermador appliances, while the building offers a fitness center with terrace, a children’s playroom, a game room, a residents’ lounge, a media room, and a landscaped rooftop deck with a pool and lounge chairs.
Price: $735,000 to $6.94 million
Inquiries: 212.996.1280, onemuseummile.com

The Centurion
Residences: Forty-eight units with one to four bedrooms occupy the 19-story structure designed by the Louvre architect I.M. Pei. A plan to combine the building’s three penthouses has been envisioned by the designer James Stanley, whose video walk-through illustrates his designs for a triplex with five bedrooms, two kitchens, three full baths, a media room, a private elevator, a three-story glass staircase, and a private spa.
Amenities: Inside the homes, which have ceilings as high as 17 feet, are Bosch appliances; teak floors; tinted, sound-insulated windows; and marble and limestone floors and countertops.
Price: $2.8 million to $39 million
Inquiries: 212.888.5633, centurioncondo.com

56 Leonard
Residences: Designed by the Swiss firm Herzog & de Meuron, the 60-story structure will feature 145 residences upon its completion in 2016. Units will range from 1,400-square-foot two-bedrooms to 6,400-square-foot five-bedrooms. The top nine floors will house 10 penthouses with 14-foot ceilings and wraparound views. The building’s stacked design resembles a Jenga tower, with each of its glass-walled units affording a variety of layouts and terraces. A sculpture by Anish Kapoor, who created Chicago’s Cloud Gate at Millennium Park, will rest outside on the building’s first-floor base.
Amenities: The ninth and tenth floors include a library lounge, an indoor/outdoor theater, a 75-foot lap pool, a sundeck with hot tub, a fitness center, and an entertaining area with a dining room and catering kitchen.
Price: From $3.8 million to $33 million
Inquiries: 212.965.1500, 56leonardtribeca.com

Mapping the Priciest Brooklyn Townhouses on the Market Now

CurbedMarch 07, 2013
It has officially become impossible to keep track of all the $3+ million Brooklyn townhouses that have been springing up like mushrooms, or daisies, or other things that spring up all of a sudden because the mushroom/daisy markets have reached their probable apex and everybody who owns a mushroom or daisy simultaneously decides it's time to cash in. There's this place! And this place! This place is already in contract! Rag & Bone's cofounder paid $6.75 million for this place! And with all that in mind, we bring you the ten most expensive Brooklyn townhouses on the market right now [edit: that have come on the market in 2013] (somewhat surprisingly, mostly clumped in Boerum and Cobble Hills), all consolidated into one Brooklyn Townhouse Heatmap.

House of the Day: A Touch of Old Europe in Greenwich Village

The Wall Street JournalMarch 07, 2013
With a faux-finish walls painted to look like limestone and barrel tiles on its wraparound terrace, this Greenwich Village duplex penthouse calls to mind traditional Italian and Spanish architecture. -- Jackie Bischof

It was listed with Emily Beare and Tony Sargent of CORE in February this year for its current listing price of $5.4 million

Luxury Units are Moving Fast at this Red-hot Gray Building on the Upper East Side

New York Daily NewsMarch 07, 2013
19 high-end condos have sold at more than $8 million in two months at 135 E. 79th St. tower.

A rendering of the gray brick facade at 135 E. 79th St., one of the fastest developments in New York history to hit $200 million in sales.

The luxury condo market is so hot on the upper East Side that more than two-thirds of the apartments in one new tower sold out even though the building is far from finished and the sales office is 19 blocks away.

“Several buyers didn’t even to go into the building,” said James Lansill, a senior managing director at Corcoran Sunshine, in charge of selling the units at 135 E. 79th St., which is one of the fastest development in New York history to hit $200 million in sales.

Twenty-three of the 29 condos went to contract in two months selling from an E. 60th St. office. Nineteen homes sold for $8 million plus.

“People are starving for this kind of luxury product,” said Lansill, describing the buyers as upper East Siders in search of a state-of-the-art building and downtown families that want to be closer to their children’s private schools.

An interior garden is one of the many perks at luxury units.

The project, developed by the Brodsky Organization, has a façade made of limestone and gray Flemish brick — and ornamental gates forged by the same company that did the gates at Buckingham Palace.

Inside, elevators open up to private, double-height foyers, which lead to wide hallways and modern interiors.

“We wanted to build something legendary,” said designer William Sofield, who researched iconic buildings up and down Fifth Ave. to perfect this building. “I wanted to make a statement, to design a formidable structure. You look at the façade and you sense strength.”

The building isn’t the only project where buyers are plunking down hard cash from renderings alone.

In Tribeca, at 93 Worth, more than 60 of 92 units are in contract since December. And at 101 W. 87th St. 47 of 62 units went into contract in nine weeks. The building had a 1,000-plus person prospect list — thanks to prices that are half of other comparable luxury buildings nearby.

Rendering of the lobby at 135 E. 79th St. on upper East Side. Nineteen homes have sold for $8 million or more in the past two months.

“I knew if we offered big apartments at a fair price people would come in droves,” said Sonny Bazbaz, who developed the W. 87th St. building. “The city is in again. We have people coming back from the burbs to live here.”

The key to the sales frenzy is low inventory at the luxury end of the market.

“Inventory is at an eight-year low,” said Kelly Kennedy Mack, president of Corcoran Sunshine, a top new development marketing group.“Buyers are responding with bidding wars, fast decision making, and a willingness to purchase from floor plans.”

CORE Names New Chelsea Sales Chief in Advance of UES Office Opening

The Real DealMarch 05, 2013
It may still be a month away, but boutique brokerage CORE has announced a reshuffling of personnel in advance of the opening of its new Upper East Side office next month. CORE senior vice president Ryan Fitzpatrick has been promoted to director of sales at the firm’s Chelsea office, where he will oversee both the firm’s agents and its resale business, a spokesperson for CORE told The Real Deal today. He is taking over from Reba Miller, the current director of sales for Chelsea, who will head the firm’s new office at 673 Madison Avenue office when it opens in April, they said.

Fitzpatrick most recently oversaw sales and marketing for Walker Tower, JDS Development’s new condominium conversion at 212 West 18th Street, and has made sales in excess of $390 million since 2006, according to CORE. While he has been a broker for seven years, he previously led analyses of public debt offerings in the housing sector at Standard & Poor’s and was active in non-profit community development.

“This position is a unique opportunity for me in that it marries my experience in real estate sales with my prior tenure in the corporate world overseeing a team in financial services,” Fitzpatrick said in a statement.

The firm’s new Upper East Side retail office will occupy the second and third floors of a historic brownstone between East 61st and East 62nd streets, The Real Deal previously reported. Jewelry brand Judith Ripka operates a boutique store on the ground floor of the building.

CORE Names Ryan Fitzpatrick Director of Sales for Chelsea Office

March 05, 2013
New York, NY – (March 5, 2013) – CORE is pleased to announce the promotion of Senior Vice President, Ryan Fitzpatrick, to Director of Sales-Chelsea, where he will oversee both the firm’s agents and its re-sale business for its Downtown office. Ryan sales successes have has surpassed $390Million in total sales volume (including units currently under contract and resales) since 2006.

CORE CEO Shaun Osher says, “Having worked as a successful agent for seven years, Ryan's hands on experience has given him a deep understanding of the day-to-day challenges faced by our agents and clients.” Osher adds, “Ryan’s stellar reputation for professionalism and high level of integrity precedes him. His understanding of our culture, brand, and business model at CORE made him a natural choice for this position. I am looking forward to working alongside him.”

Fitzpatrick is excited about the opportunity saying, “This is an exciting time for our industry as the market is so strong. I look forward to building on CORE's incredible resources, specifically its roster of talented agents known in the industry for their knowledge, passion and professionalism,.” Fitzpatrick adds, “This position is a unique opportunity for me in that it marries my experience in real estate sales with my prior tenure in the corporate world overseeing a team in financial services. Working with the strong group of agents, as well as Shaun Osher and the leadership team, I feel we can do something really special.”

Most recently, Ryan has been part of the CORE team overseeing sales and marketing for the record-breaking Walker Tower. Prior to residential real estate, Ryan enjoyed a successful tenure at Standard & Poor’s, where he led analyses of public debt offerings in the housing sector. Ryan also worked in the realm of non-profit community development and advocacy on urban land use issues in New York, drawing on his academic experience at Stanford University where he received his BA. Ryan went on to receive an MBA from Yale University.

CORE’s current Director of Sales, Reba Miller, will transition her role to the new Madison Avenue office opening in April. CORE Madison Avenue is a 3,500-square foot location at 673 Madison Avenue at 61st Street, set in a prime retail location and occupying the second and third floors of a historic brownstone.

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.
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