One Museum Mile is 50 Percent Sold
The Real DealFebruary 13, 2013
Harlem’s 113-unit condominium tower, dubbed One Museum Mile, has reached the half way mark, with 50 percent of its units closed or in contract, according to Core, the brokerage handling sales. Located at 1280 Fifth Avenue, the Robert A.M. Stern-designed building has seen sale prices ranging from $650,000 for a studio to nearly $4.4 million for a four-bedroom unit, according to Streeteasy.com data.
“One Museum Mile has achieved success with New Yorkers as well as international buyers who are looking for good value on Fifth Avenue,” CORE CEO Shaun Osher said. “They have been drawn not only to the building’s prestigious location on Central Park, but also its superb architecture, amenities and modern interior design.”
The building is composed of 838-square-foot studios, two-bedroom apartments from 1,284 square feet to 1,699 square feet, and three-bedrooms up to 2,118 square feet. The building does also feature combination options, such as a 3,619-square-foot, six-bedroom unit and a 4,963-square-foot eight-bedroom unit. Amenities include 24-hour concierge service, a roof terrace, rooftop pool, Central Park views and a residents’ lounge with fireplace.
CurbedFebruary 13, 2013
UPPER EAST SIDE—One Museum Mile, formerly known as 1280 Fifth Avenue, has sold half of its condos. The Robert A.M. Stern designed building never sold as quickly as everyone anticipated, but last year, it rebooted and things have been steadily chugging along. The 113 condos sit atop the Museum for African Art, and they feature interiors designed by Andre Kikoski. Remaining units include studios, two-, and three-bedrooms, ranging in price from $735,000 to $2.995 million. Two combinations are also available—a six-bedroom listed for $5.49M and a 4,963-square-foot eight-bedroom asking $6.94M.
DNA InfoFebruary 13, 2013
EAST HARLEM — In another sign of New York City's real estate market bouncing back, the newly renamed One Museum Mile on Fifth Avenue has sold or is in contract for more than half of its 113 condos, the building's owners said Wednesday.
The apartments in the angular building at 1280 Fifth Ave. between 109th and 110th streets were designed by Andre Kikoski, who also designed The Wright restaurant at the Guggenheim Museum. The building originally struggled to find buyers before cutting prices and changing its name, The Wall Street Journal reported last April.
“One Museum Mile has achieved success with New Yorkers as well as international buyers who are looking for good value on Fifth Avenue,” Shaun Osher, CEO of the real estate and marking firm CORE, said in a statement.
“They have been drawn not only to the building’s prestigious location on Central Park, but also its superb architecture, amenities and modern interior design.”
An 838-square-foot, one-bathroom studio is listed at $735,000, according to the CORE's website.
The largest unit available, an eight-bedroom, eight-bathroom 4,963-square-foot apartment is listed at $6.94 million.
In addition to the sweeping views of Central Park, One Museum Mile also has a card room, a children's play room and a dining room.
In terms of museums, the condo is right next to the Museum for African Art and four blocks north of El Museo Del Barrio.
Dear Owner: Please Sell Faced With Apartment Shortage, Brokers Get Creative
The New York TimesFebruary 08, 2013
Dear Owner: Please Sell Faced With Apartment Shortage, Brokers Get Creative
The New York TimesFebruary 08, 2013
New York PostFebruary 07, 2013
Upper East Side $5.425 million
Looking for “sweeping Central Park vistas” and a “world-class” address on Fifth Avenue, as well as plenty of square footage? You’ll find it in this condo, a combination of two apartments that’s now a single “sprawling” spread measuring 3,619 square feet. The six-bedroom, 6 1/2-bathroom home in One Museum Mile, a Robert A.M. Stern building — the same architect known for 15 Central Park — features amenities such as a 24-hour doorman/concierge, gym, playroom, game room, parking, roof deck and swimming pool. Agent: Tom Postilio, Core, 212-996-1280
BrownstonerFebruary 06, 2013
The first three resales at Williamsburg’s 2 Northside Piers are complete, according to CORE broker Ralph Modica, who is responsible for the sales. The three units are 3W, a 640-square-foot alcove studio, 14D, a 603-square-foot alcove studio, and 10B, a 813-square-foot one bedroom with office. Unit 3W was the building’s first ever resale; it sold for $532,500, 20 percent more than the original purchase. Then came 14D, selling at $590,000. Finally, 10B went for $725,000. The unit initially sold for $575,311 in 2010. (The building’s final sponsor sale, Unit 26P, came fourth in line.) Can’t say these numbers are surprising considering how quickly Williamsburg’s luxury market is growing. Above, a photo of unit 3W. See photos of 14D after the jump.
Brick UndergroundFebruary 04, 2013
Who doesn't want to avoid a board interview? If you can't afford to buy a condo, then you might want to keep your eyes peeled for sponsor co-op apartments, two of which commanded a top spot on this weekend's Open House Scorecard -- the 10 open houses StreetEasy users saved to their open-house planners more often than any others this weekend.
A two-bedroom, two-bathroom co-op on 86th Street and West End Avenue on the Upper West Side is a sponsor unit on the market for $1.125m. That means you won’t need board approval before you can move into the prewar unit, which has southern exposures for natural light, a w/d hookup, a new windowed kitchen and renovated and windowed bathrooms. T It’s a block from the subway and crosstown bus and there’s a live-in super, but the doorman only works from 8 a.m. through midnight. Note: This one has been on the market for almost three months (with the price recently reduced by $75,000) so there may be a catch or two that's not obvious from the listing.
Over in Brooklyn Heights on a cul-de-sac on Grace Court and Furman Street, $629k is enough to get you a two-bedroom, one-bath co-op (no board approval necessary!). The full-service building has a doorman, live-in super and a common roof deck. But the unit itself requires some renovation, so you'll need to have your contractor in tow.
Though it’s not a sponsor unit, you might brave a board interview to move into a $1.15m two-bedroom, two-bathroom co-op for which the seller will pay the flip tax. Located on West End Avenue and 103rd Street, the prewar apartment is in its original condition and features high ceilings, oversized framed archways, detailed moldings, French doors, a fireplace mantel and herringbone floors. The eat-in kitchen is windowed, and the maid’s room with a private bath can also serve as a bedroom or home office. The second bedroom can function as a den or dining room.
For more sponsor units (or any other kind of apartment), check out the rest of the Scorecard below.
1. 132 Prospect Place—2-bed co-op, $519k
2. 349 West 21st Street—2-bed co-op, $1.095m
3. 54 East 8th Street—2-bed co-op, $675k
4. 215 Park Place—2-bed condo, $800k
5. 61 Horatio Street—1-bed co-op, $749k
6. 305 West 86th Street—2-bed co-op, $1.125m
7. 370 9th Street—2-bed co-op, $865k
8. 2 Grace Court—2-bed co-op, $629k
9. 2 Fifth Avenue—1-bed co-op, $895k
10. 885 West End Avenue—2-bed co-op, $1.15m
Brick UndergroundFebruary 01, 2013
Pied-a-terres are welcome in this $875k two-bedroom, one-bathroom co-op in Chelsea, which features two skylights, wall-mounted Bose speakers and a multi-zone, ductless central a/c system.
If you’re looking for a part-time residence, or a place for which you can get a little help in the payment department, you might take notes on this edition of StreetEasy’s Most Wanted -- the 10 sales listings StreetEasy users saved more often than any others this week -- since it features apartments that allow pied-a-terres, co-purchasing, sublets and more.
In Chelsea on 23rd and Ninth Avenue, a sweet-looking $875k two-bedroom, one-bathroom prewar co-op allows pied-a-terres. It features new double-hung 12-pane windows and two skylights. The renovated kitchen is equipped with Miele and Gaggennau appliances and a W/D. There's also a multi-zone, ductless central a/c system and wall-mounted Bose speakers. The hardwood floors have been refinished. The catch: It's a 4th floor walkup.
A $575k two-bedroom, one-bathroom co-op on 78th and Third Avenue on the Upper East Side is open to pied-a-terres, guarantors, parents buying for children and sublets. (Pets are welcome too!). The corner unit has a wood-burning fireplace and high ceilings, along
with copious window bars and a short supply of natural light. On the major plus side, an in-unit washer-dryer is permitted, and maintenance includes all utilities, such as gas and electric. The full service building offers a 24-hour doorman.
Pied-a-terres and co-purchasers are encouraged for a one-bedroom, one-bathroom condop on the market for $599k. This north-facing apartment on Ninth Street between Fifth and Sixth Avenues offers views of the tree-lined street and is less than a minute from Washington Square Park. The bathroom is brand new.
For more apartments that allow pied-a-terres, co-purchasing, guarantors and the like, browse the rest of the Most Wanted below.
1. 12 West 9th Street—1-bed condop, $599k
2. 26 Butler Place—2-bed condo, $579k
3. 529 Clinton Street—2-bed condo, $699k
4. 30 Fifth Avenue—1-bed co-op, $925k
5. 190 Garfield Place—2-bed condo, $749k
6. 356 West 23rd Street—2-bed co-op, $875k
7. 215 Park Place—2-bed condo, $800k
8. 205 East 77th Street—2-bed co-op, $1.1m
9. 205 East 78th Street—2-bed co-op, $575k
10. 115 East 9th Street—2-bed co-op, $1.1m
SceneFebruary 01, 2013
I'm a broker's broker - first and foremost - which gives me a unique perspective as the owner of CORE. As one of the top agents in NYC, I founded CORE as an extension of my business and ideology, which is to thrive on a transparent environment where we share ideas and information seamlessly. By eliminating hierarchies found in large organizations, we communicate in a manner that not only encourages us to grow, but also enables us to provide the highest level of service to our clients.
A fact that some people may not know about our firm is that we find inspiration from innovators and brands outside of real estate that are relevant to the world we live in. With this as an integral part of our culture, we can pioneer new initiatives that help the real estate industry evolve. CORE is a marketing firm that sells real estate, and we have built our resources around this model. We express this through everything we implement, from our agents, website and offices, to our use of social media, blogging and video content.
Our firm continues to grow organically, and I’m excited to expand our business to further service our clients on the Upper East Side with an office on Madison Avenue and 61st Street which will open in the spring of 2013.
2006: CORE is founded and opens its retail storefront in Chelsea.
2007: CORE releases the Real Time Report, the first monthly market report of its kind.
2008: The first NYC real estate brokerage blog, the CORE Blog, is introduced.
2010: HGTV’s Selling New York airs its first season, starring various CORE brokers.
2011: CORE implements the first proprietary listing system with StreetEasy.
2012: The Real Deal ranks CORE as the #1 boutique real estate brokerage in New York City
2013: CORE is set to open its Upper East Side office in the spring of 2013.
The New York Times HomesFebruary 01, 2013
From Harlem to TriBeCa to the Financial Dis trict, new construction and upscale conversions are luring buyers and renters alike to the opposite ends of Manhattan.
Harlem has had its share of renaissances,and one of them is happening now. In 2006, The Lenox, at 380 Malcolm X Boulevard, was Harlem’s first market-rate luxury residential building. Now that the area has weathered the economic storm, prices at the Lenox, known for its high-end finishes, 24-hour fitness center, indoor parking, 24-hour doorman and concierge, have climbed back to nearly $700 per square foot — up from around $500 two years ago.
A three-bedroom penthouse triplex with great views, 11-foot ceilings and a private rooftop terrace should move quickly at $1,725,000, said Leila Yusuf, associate broker with Stribling & Associates. “The increased prices shows the demand for quality here,” she said. “The restaurant scene nearby has followed the rebound, and we’ve seen a lot of diversity in our buyers. Many of them are upgrading from one- to two-bedrooms, and are being priced out of the Upper East and Upper West Sides. They are choosing to move 20 blocks up, and get more space.”
One of Harlem’s most luxurious buildings, at 1280 Fifth Avenue, is close to 50 percent sold. One Museum Mile, as the building above the soon-to-open Museum of African Art is known, is one of ten major cultural institutions running south along the park to the Guggenheim Museum. Said Tom Postilio, director of sales for 1280 Fifth Avenue, “At the end of the day, people are moving in here because of the park itself, the cachet of Fifth Avenue and Robert A. M. Stern’s striking contribution to New York architecture in this brand-new luxury condominium with a pool on the roof.”
Studios there start at $725,000, and prices range up to more than $6 million for a 3,500-square-foot combination unit on the 12th floor. “Sitting at the north tip of the park, the building has a magnificent roof deck overlooking the San Remo, Dakota the Empire State building and the entire skyline of Central Park
South,” added Postilio. “And that park view will not change any time soon.”
Downtown, 88 Franklin, just east of Church Street in the TriBeCa East Historic District, is a fully renovated full-floor, doublewide residential loft in a recently converted cast-iron, sixfloor condominium building. The $7,995,000 list price for the third-floor unit includes 50 feet of arched, southern facing windows. “A 50-foot-wide building is rare for even TriBeCa — and this place is very open and elegant at the same time,” said Daniel Hedaya, president of Platinum Properties. “Even though it is in heart of Downtown, it has a broad suburban appeal to it: everything is big and sprawling. You can play soccer in the halls there. It is perfect for a growing family that doesn’t want to move to the suburbs to grow.”
New York PostJanuary 31, 2013
Flatiron $1.995 million
Bedrooms: 2 Bathrooms: 2 Square feet: 1,282
Common charges: $1,285
Built in 1906, now a “full-service” boutique condo, this East 21st Street building houses this “exceptional” and “lofty” home features 11-foot ceilings and “airy, intimate” spaces, along with “rich” African oak floors and lighting by Jonathan Adler. Agents: Tom Postilio and Mickey Conlon, Core, 212-726-0783 and 212-612-9623
Market Ready: Adding Value with a Washer and Dryer
The New York TimesJanuary 30, 2013
Brokers WeeklyJanuary 30, 2013
BungaluxJanuary 28, 2013
Long before there were iPhone photos, Flickr, Instagram, Facebook photo tagging and even the digital camera there were … the photographers.
And by photographers we’re not talking about your friends who Samsung Galaxy-shoot grainy pics of late nights out for their blogs. (That’s the subject of a future editorial piece.) Instead, by “photographers” we’re referring to the big boys who sat in the studio
with actresses and supermodels and carried around heavy cameras and proper lighting.
We admit we’re still longing for those glamorous days, which is why this phenomenal Upper East townhouse caught our eye. The space was formerly owned by iconic fashion and portrait photographer Richard Avedon, the A+ list photographer who was inspiration for the lead character played by Fred Astaire in Funny Face and who shot many of the seminal photos of his day. Avedon used one level of the house as his studios and darkroom; the likes of Elizabeth Taylor, Truman Capote, Allen Ginsberg, Hillary Clinton, and countless others walked through these doors for their "Say Cheese" moments. For those of you photographers out there the studios remain ripe for the shooting. Despite the home's rumored $2 million remodel, the former owner wisely chose to leave the studios and darkroom untouched.
In addition to that pretty unusual and incredible feature, the carriage house-turned-townhouse has 8,500 square feet of living space, an outdoor entertaining garden, 6 bedrooms, 9 baths, and stunning architectural details throughout. We've included a carousal of photos above.
Oh, and one other point: The townhouse was also formerly owned by Olivier Sarkozy, who is lesser-known as a relation to some political figure in France and more-known as the boyfriend of Mary-Kate Olsen … who, herself, is extremely, extremely photogenic. So there you have it. Good photo energy all around this one.
Our advice? Point, click, and shoot … the Manhattan market's piping hot, so don't wait 'til it's gone.
For more information on this listing please contact Emily Beare and/or Elizabeth Beare at the CORE Group. Emily can be reached at 212-726-0786 and Elizabeth can be reached at 212-612-9696.
New York PostJanuary 24, 2013
Chelsea $1.095 million
Bedrooms: 2 Bathrooms: 1 ½ Square Feet: 1,100
Featuring an “open” floor plan across two levels on the fourth and fifth floors, this duplex co-op on West 29th Street offers garden and skyline views on the main level, along with a woodburning fireplace and corner kitchen. Both of the bedrooms and a “newly renovated” bathroom are upstairs. Agent: Ryan Fitzpatrick, CORE, 212-500-2112
Brokers WeeklyJanuary 23, 2013
The Wall Street JournalJanuary 22, 2013
The owners of this five-bedroom townhouse spent over 20 years creating their own pocket of suburban living in Chelsea, making a hobby of tackling design, renovation and decor projects in the home. -- Jackie Bischof
John and Penny Marzulli purchased this single-family townhouse on West 19th Street in Chelsea for $837,000 in 1989, according to public records. The couple met when they both worked at international law firm Shearman & Sterling, where Mr. Marzulli still works as an attorney. The facade of the townhouse, pictured, was cleaned and renovated in 2007.
After graduating from New York University School of Law, Mr. Marzulli purchased a different brownstone on 19th Street with two classmates in 1981. Noticing property values were rising, the Marzullis decided to purchase this townhouse on the same block. 'My sense was that the area was on an upward trajectory,' Mr. Marzulli says. The great room is pictured and features one of the home's five wood-burning fireplaces, relined by the couple.
The parlor-floor library provided a place for Mr. Marzulli to work after coming home from the office. 'I've always loved having that space,' he says. Listing broker Vickey Barron of Core describes the room as having 'worldly charm.'
During the initial renovation the couple removed flooring from the parlor floor to create a double ceiling height foyer, which allowed more light into the home.
Here, the master bedroom on the third floor. 'Growing up outside the city, light was exceptionally important to me,' says Ms. Marzulli. The couple considered restoring an original stoop to the brownstone but decided against it, concerned that it would cut off light to parts of the home.
The garden is pictured. The townhouse was listed in mid-December with Vickey Barron and Ryan Fitzpatrick of Core for $7.25 million.
New York MagazineJanuary 20, 2013
407 East 75th Street
Asking price: $12.5 million
A sleek, steel-framed fireplace is carved into the wall of this townhouse’s main living room.
Agents: Emily Beare, Elizabeth Beare; CORE NYC.
New York PostJanuary 17, 2013
UPPER EAST SIDE $4,685,000
303 E. 77th St.
Four-bedroom, 3 1/2-bath full-floor penthouse condo, 2,559 square feet, with direct elevator access, Poggenpohl kitchen with Viking and Sub-Zero appliances, floor-to-ceiling windows and four terraces; Isis building features doorman and storage. Common charges $2,849, taxes $382. Asking price $4,995,000, on market 20 weeks. Brokers: Jarrod Guy Randolph, Core and Elisabeth Mohlmann, Elegran Real Estate
CurbedJanuary 17, 2013
HGTV's Selling New York rides along with brokerages CORE, Kleier Residential, and Warburg as they try to sell fabulous properties fabulously. Here's our recap of how the NYC real estate industry is portrayed to the world, penned by Angela Bunt. Episode air date: 1/17/2013.
On this episode of Selling New York, we meet up with Gumley Haft Kleier agent Margo Fall for the first time this season. She's working with Nell and Chris Stephenson to find them the perfect space as they make the move from California to New York. Their only major requirement is a working kitchen. Shouldn't be too tough—everybody cooks in New York, right? We also join Core hotties Elizabeth Kee and Lindsee Silverstein as they try to sell a client's $4M East Village property....with a fratty appearance and a slide sitting in the middle of the living room. Can they spruce up the space and make it worth the four mill?
The episode kicks off with a lunch date between Kleier Residential agent Margo Fall, and nutritionist/author/buyer Nell Stephenson. Nell's husband, Chris, has been commuting back and forth from L.A. to New York for the last year, not to mention her agent and publisher are also NYC-based. While they love their California digs, it's time to make the move to the Big Apple.
The first stop is at The Indigo in Chelsea. Chris is stuck in a meeting, so it's just Margo and Nell hittin' the streets. As they enter the $2.25M, 2BR, 2.5BA apartment, they're instantly blown away by the humongous kitchen. Because Nell is a nutritionist, having a working kitchen is a must. I mean, look at those guns!
She's also impressed by the outdoor space of the apartment, as every bedroom has its own private terrace. Seems like the perfect pad, but Nell has something on her mind. She doesn't know how to tell Margo...but she's having cold feet about buying a property. Can they look at rentals instead? Margo forces a smile as she watches the dollar signs crumple around her, and through gritted teeth tells Nell not to worry.
In an attempt to bring a little California love to New York City, Margo takes Nell to the Metal Shutter Houses at 524 West 19th Street. It's a breathtaking 2BR, 3BA, and only $12,900 a month! Clearly, writing is a very lucrative career and this is pocket change for the health author.
The selling point of this apartment are the windows, which fold into themselves, leaving the entire living room wall open to the outdoors. The apartment is huge, filled with light and exposures, and has tons of storage for these furniture-less nomads. Plus, the kitchen is just perfect. Nell loves it and is ready to pull the trigger, but her gut is telling her to look at one more property just in case. Margo's reaction.
"I'm so sick of having to explain the harsh reality of New York real estate to these fun-loving Californians."
Although it seems Nell is sold on the Metal Shutter House(s), she still heads to200 Chambers Street in Tribeca to check out a 2BR, 2BA, listed at $12K a month.
The best feature of the apartment is the large, open living room that's lined with windows. The sleek, contemporary apartment has the non-cluttered look that the Stephensons are into, but Nell's not compelled. She still wants Shutter House. Time to bring hubby Chris in to get his blessing!
Chris loves the apartment, and with a sicky view of the Empire State Building, what's not to love? But Margo doesn't have time to celebrate yet: She needs to get all the paperwork ready for the apartment so the Stephensons can get board approval before they head back to California.
When we next catch up with Margo, she's making her way over to the Stephensons' awesome new pad to eat some of Nell's delicious cooking that she wont shut up about, and to make sure they're all settled in their new place (which is completely undecorated and they obviously haven't moved in yet). Bottle of wine in tow, she arrives and is ready to dig into Nell's fancy meal.
Mmm, I love… lettuce.
As a present to Margo for finding them the perfect space, Nell gives Margo a gift. A bonus? A referral? Nope: An autographed copy of her book, "Paleoista." It's just what she's always wanted.
One rental crisis averted, one more to go. This time it's with Core agents Elizabeth Kee and Lindsee Silverstein (not to be confused with Lindsay). They're working with online poker player Phil Galfon to try and sell his East Village apartment, located at 425 East 13 Street, aka the A Building. Phil couldn't be there for the initial meeting because online poker was made illegal in America last year, so he's hiding away in *gulp* Canada. His manager, Michael Stoltz, shows them around the 4BR,
Over Skype, Phil tells the ladies that he's spoken to three other agents who have all priced the apartment at $4M. But is he bluffing? Ms. Kee and Ms. Silverstein think that in order to hit the $4M mark the apartment needs some minor repairs and a complete restaging, because, as Elizabeth says, "Right now the apartment looks more like a frat house." I don't know what college she went to, but unless they forgot to show the urine-and-vomit-stained rugs during the tour, it doesn't look like any frat house I've ever seen.
I will crush you in Mario Kart.
After getting the go-ahead from Phil to do a little redecorating, it's time for these ladies to go shopping! They head to Lazzoni to pick up furniture that will hopefully turn this bachelor funhouse into a suitable four-million-dollar home.
The girls meet up with Phil and Michael at Bowlmor to discuss business. You can tell Elizabeth is horrified yet fascinated by the meeting spot. It's so different from where her other clients usually take her. First the slide, now the bowling...Phil's unlike any man she's ever met. He's so intriguing...
The dudes clearly took the girls here in an effort to try and pick them up. It's the same type of non-date that a guy asks you on when he's like, "Hey, want to meet up and have some food?" but never actually comes out and says it's a date so he doesn't have to deal with the potential rejection. Or paying.
The ladies explain their marketing plan, which is essentially just having a party filled with "influential trend-setters" aka any of their clients who have more than 1,000 Twitter followers. Phil's like, "Yeah yeah, that's great, now come sit on my lap and let's eat some more of this chicken strip basket."
The next time we see the budding couple is when Elizabeth and Lindsee are showing off the renovated apartment to Phil. The new décor and furniture have really transformed the space, and while Phil says it's not how he'd decorate it, he can see the vision. Wow, Lizzy, is that a new dress? And your hair and makeup – so fresh! It's almost like you're trying to impress somebody.
Did he really just say, "Let's sell it, I like to win?" We get it, you're a professional poker player.
It's the day of the shindig, and bottles are poppin' and hors d'oeuvre are rockin'. The party filled with "influential trendsetters" is a big success, and people seem to love the slide. In fact, it almost became a trending hashtag on Twitter! Finally, the property has generated the buzz it needed to get some offers. Or has it? So far the press has been amazing, but no bids yet. Via Skype, Elizabeth reassures Mike that because of the unique space it might take some time for people to make offers.
Then, in an effort to use as many poker puns as possible in the last two minutes of the show, she says that she knows they took a gamble hiring them as agents, but they're sure once they get the apartment sold it'll be a jackpot for them all. Lindsee is just like, "WTF did she just say? God, I hope I get to work alone next time."
After holding a broker open house at the property, the ladies receive an offer on Phil's apartment which the update says is currently in negotiations. Since this episode went into production, the place has actually sold, to someone who doesn't want to keep the slide.
It was easy sales all around in this episode, and we even got to see some potential young love blossom. For that reason, this episode gets 4 out of 5 cackling Kleiers.
Brokers WeeklyJanuary 16, 2013
CurbedJanuary 11, 2013
While 245 Fifth Avenue has been enjoying its permanent winter, construction has continued at 241 Fifth Avenue, a rising ODA-designed condo building. New York YIMBY has a fresh construction update, and things are pretty far along! The 210-foot tower will have 46 units, and pricing was originally said to be in the $2 million to $2.5 million range. The project received a stop-work order in mid-December due to lack of an FDNY permit.
New York Daily NewsJanuary 09, 2013
Prices are skyrocketing as prospective buyers add their names to long waiting lists for digs on upper West Side and beyond.
There are 1,200 prospective buyers for 62 units at 101 West 87th St. The availability of Manhattan condominiums has hit an all-time as prices continue to rise.
They probably should be called “condo- minimums .”
The number of available condos in Manhattan is at an all-time low — creating a seller’s market that is sending prices sky high.
On the upper West Side, for example, only 329 condos were available through November.
"Back in 2005, that 329 would have been available in one building and there would be five more buildings just like it in the same
neighborhood," said Adrienne Albert, CEO of the Marketing Directors, which tracks inventory of available units.
"That means price will continue to go up, and maybe for 18 months."
Developers who have condos to sell are reaping the benefits.
At 101 W. 87th St., more than 1,200 prospective buyers were on a waiting list for just 62 units.
Buyers have scooped up pads at Bazbaz Development's 101 West 87th St., which was 40 percent sold without a launch.
"There are just many more buyers than available apartments," said 101 developer Sonny Bazbaz, who has apartments ranging from
$790,000 one-bedrooms to $7 million penthouses. "If you have good product, it's gone. People are buying off floorplans and renderings."
The shortage is severe in many neighborhoods compared to four years ago:
- In downtown below 14th St., there are 606 apartments available, down from 1,737.
- In the upper East Side, there are 407 apartments available, down from 891.
- In Midtown East, there are 473 apartments available, down from 719.
The problem is a lingering hangover from the recession when banks were unwilling to give construction loans for large-scale developments.
As a result, few new buildings entered the marketplace — and the ones that are going up aren’t likely to be available for up to two years.
Developers with available units are already raising prices — and buyers are acting fast.
"They’re starting to realize if they don't buy something now they will lose it and pay more," said Michael Vargasm founder of Vanderbilt Appraisals. "We have five months of inventory left in the city. That's nothing."
Broker Jarrod Guy Randolph just sold a $4.685 million penthouse at Isis, a condo at 303 E. 77th St. after receiving multiple bids.
“Anyone sitting on a condo is in control," said Core’s Randolph. "They’ll make a lot of money on a resale over the next few years."
CurbedJanuary 04, 2013
HGTV's Selling New York rides along with brokerages CORE, Kleier Residential, and Warburg as they try to sell fabulous properties fabulously. Here's our recap of how the NYC real estate industry is portrayed to the world, penned by Angela Bunt. Episode air date: 1/3/2013.
In the first episode of the new year, we're introduced to CORE SVP Mickey Conlon, who's working with an Australian client to try and find her the perfect space on a less-than-perfect budget. With only a week to close the deal, Mickey aims to show her that if you want NYC views, you have to pay NYC prices. Also featured on this week's episode are the women of Warburg, Leslie Modell Rosenthal and Deborah Lupard. They're working with the New York Foundation for the Arts to bring fabulous artwork into their listings. The only problem: one of the apartments refuses to allow any holes to be put into the wall. Oy. It's always something.
Mickey Conlon, the SVP of Core, kicks off the episode when he meets with Sue Heath, a client from Australia. Her partner, Bruce, buys real estate as a hobby, so she's in the city scouting apartments for the week. Saying that you buy real estate as a hobby is like saying you travel or practice philanthropy as a hobby. It's essentially saying, "In my spare time, I like to be filthy rich." Her initial budget ranges from $600-800K, and she wants something that "feels like she's in New York." You know, perhaps something with a view of a skyscraper or a Manhattan landmark. Or maybe something that overlooks a few dumpsters and homeless people. That's uber New York.
The first property Mickey shows Sue is a 1BR, 1.5BA located on West 57 Street. Near the theaters, parks and shopping, this is as "New York" as it gets.
It's a spacious pad, with a view of the Hearst Building (like Sue has any clue WTF that is), and a teensy tiny Statue of Liberty out the living room window. It fits the bill for the client—except that the ceilings are kind of low. Besides, in a strategic move by Mickey to show Sue how much bang for your buck you get in Manhattan (hint: none), this apartment is actually listed at $1.345M. Which is about $500k over budget. You're not in Aussie any more, honey.
Mickey is desperately trying to stress to this couple that if having a quintessential New York view, plus high ceilings and polished finishes, are apartment musts, they're going to have to raise their budget. Perhaps the couple would take him more seriously as the Senior Vice President of Core if he took those ridiculous bow-ties and scarves off and stopped dressing so much like Ronald McDonald on a job interview. Just a thought.
The next apartment Mickey shows Sue is at 400 Fifth Avenue, aka Midtown's Setai. It's a 1BR, 1.5BA listed at $1.715M. Hey, that's still way over her price range!
But wait, is that Madison Square Garden I see out the window? And these ceilings are sooo high. Time to get on the horn with the hubby to try to convince him to raise the budget!
They rouse Bruce from his sleep halfway around the world to tell him the news. Mickey jokes to Bruce that he's glad he's in Australia so he "can't bite his head off." Or the yellow tie he's rocking. Bruce suggests making an offer of $1.2M, and Mickey lets out an audible sigh as if to say: these guys are clueless. He knows a lowball offer like that won't get them the apartment, and they're just wasting time as Sue is only in the states for two more days. Not surprisingly, the offer is too low and they lose the bid. Even I could've told them that would happen.
In an effort to forget about their rejection, Mickey shows Sue a pad at 211 East 51st Street, a 2BR, 2BA listed at $1.475M.
So I guess we have just completely disregarded their initial budget at this point. Although I like Mickey's tactic: show them the best and most expensive right off the bat, so everything else pales in comparison. I hear that commission climbing, cha-ching! Hey, he didn't become an SVP without serious skills. While Sue says the apartment is "lovely," she just can't get the Setai crib out of her head. They decide to revisit the building with a swift stronger offer.
With 45 minutes left in the city, Mickey meets with Sue to share some news. He found another apartment at 400 Fifth Avenue, on a lower floor and at a slightly lower price ($1.25M), and the developer is willing to sell it to Sue. Hooray! Was it Mickey's voracious attitude that got them the apartment, or his poop-colored bow-tie? The world may never know.
The other brokers featured in this episode are Leslie Modell Rosenthal (hey, didn't we just see her last week?) and Deborah Lupard. When we're first introduced to them, they're sitting through what looks like a really boring staff meeting at Warburg.
Warburg President Fred Peters is telling the staff about his new apartment staging idea. Rather than the martinis, appetizers, and strategically placed Moroccan statues that have become the staging norm, they're going to partner with the New York Foundation for the Arts (NYFA) to license artwork and place it throughout different apartments on the market. Leslie and Deborah both have listings on 72nd Street, and they want to utilize the art idea to revitalize the apartments and invite potential buyers over for an art show.
Deborah Lupard goes to visit her client Debra Kent (related to Maggie?) at the Mayfair Towers to discuss the idea of an art installation in her $1.095M, 1BR, 1BA apartment.
She has a few fragile pieces of her own she'd rather not move, and a curious portrait of Mao Zedong hanging in her kitchen, but she's down with the idea. The ladies are excited about the concept of an art show, because as Deborah says, "It's not just cheese and crackers," and will hopefully spark more interest than an average staging.
From there, we're taken to our girl Leslie's 2BR, 2BA, $10,400/month exclusive at 442 East 72nd Street.
She's brought Michael Royce from NYFA so he can evaluate the space and figure out what pieces will work best. Immediately, he's taken aback by the beautiful view and finishes of the place: "Wow. Can I live here? This is terrific." Obviously NYFA isn't paying him enough. It seems like the perfect place to exhibit art, except one thing: the place has just been painted, and the owner doesn't want any art hung on the walls. Michael knows it will be a challenge, but says he can make it work.
This year is the year that I ask for a raise -- I swear!
When we next catch up with the ladies it's the Big Day of the art show. Michael Royce is working furiously to place (notice I'm saying "place" rather than "hang") all the art at the East 72nd Street property, which he's ingeniously decided to prop on easels throughout the digs. The apartment at West 72nd street proves to be less of a challenge, as there was already plenty of art there, but the team still manages to revitalize the crib and "contextualize" the artwork. They've used the word contextualize about five times when referring to these stagings, and I have no idea what it means. Is this some type of real estate buzzword? Whatever, it's not like I'm a writer or anything.
Even though the open houses haven't seen any results yet, Leslie and Deborah are still happy with their staging results. They visit with Michael to view some more artwork at NYFA and talk about future stagings, and make up more buzzwords about art.
"I love the way that the light is feeding through the stained glass. It's very interesting," says Leslie. So now she's some type of art connoisseur? Eight weeks later, Leslie's client has taken her apartment off the market. Deborah got two offers on her client's apartment, but neither was accepted. Maybe these brokers should consider a career change to curating?
Episode Review: I have a deep hatred, but even deeper respect, for a man not ashamed to wear a bow-tie. Plus, I like the cojones that it took for Mickey to continually show his client apartments way above her price range. Also, even though it didn't generate a sale, Warburg's idea to use an art show as a new way to stage a property is a welcome change from the drinks and appetizers we've become accustomed to. For this reason, and because my New Year's resolution is to be nicer, this episode gets 4 out of 5 cackling Kleiers.