News

On the Market in New York City:141 Fifth Avenue #22

The New York TimesAugust 06, 2012

Walker Tower gets scrubbed down

CurbedAugust 06, 2012
CHELSEA—There are window washers, and then there are building washers. A tipster sent along these photos of the Walker Tower's brick getting a thorough scrub down. Just six short months ago, this side of the art deco building was getting its windows popped out. You can best see the contrast between the newly cleaned brick and the dingy, dirt-covered brick on the lower left side in the photo above.

Seen & Heard: World Party

Tribeca CitizenAugust 03, 2012
If you’re curious about how the four-story topper at 93 Worth (at Broadway) is coming along, look no further: A tipster sent in this photo.

Joan Collins’ midtown east apartment gets a makeover

NY Daily NewsAugust 02, 2012
Let’s face it, she is Joan Collins. She owns apartments in New York and Los Angeles, a villa in the South of France and a flat in London. She has starred in more than 50 feature films, and acted on stage since she was 13. She has charities, and is equally as glam now as when she starred as one of TV’s great she-devils, “Dynasty’s” Alexis Carrington.

In person and on the phone, Collins speaks quickly, has strong opinions and knows what she wants and how to get it. She understands how real estate, sex appeal and celebrity work.

“They follow celebrities everywhere these days,” says Collins, on the phone from the South of France. “Where they go on vacations, when they have babies, so why should it be any different when it comes to when they change abodes? I have moved over 40 or 50 times in my life, and each time everyone knew it was my house. I don’t think that hurts.”

Collins recently put her New York home back on the market, listing it with Tom Postilio and Mickey Conlon of CORE. The $2.35 million three-bedroom, three-bath had been on the market at various prices for a year with three brokerages but saw little action in a slow sales period. Postilio and Conlon, partners in work and life, saw an opportunity to restore Hollywood glamour that was diminished when Collins shipped many of her belongings to her homes around the world. They worked with interior designer John Lyle to put more than $1 million worth of rugs, chairs, art and other items to help the home show better.

“The place shows fantastic,” says Postilio. “We didn’t hide the fact that this is Joan’s apartment. We used that to our advantage.”

Postilio is a star himself. He and Conlon are main cast members on HGTV’s “Selling NY.” Before becoming a founder of CORE, the Ozone Park-born Postilio was a professional singer, headlining the Glenn Miller Band in a national tour and playing Tavern on the Green, the Algonquin’s Oak Room and the Rainbow Room.

“It’s all show business at the end of the day,” he says. “Sales is showmanship and personality. Of course, it’s more than that, but that’s a big part.

Conlon plays piano. As a freshman at Duke University, he got his real estate license to make money while home in Long Island during summers. He started out producing Broadway shows. He dresses in colorful suits with vests and bow ties.

“We sell luxury real estate,” says Conlon. “It’s what we do. CORE, our brand, reflects that. It’s not a part we’re playing.”

Postilio is always dapper, looking as much a 1950s Rat Pack crooner as 2012 luxury real estate agent. The two always seem to be smiling. They have an easy way about them, unlike other high-end brokers who have an intense look in their eye. These two take it as it comes. They know they are not curing cancer.

“Flexibility is a hallmark of good mental health,” says Postilio. “You have to be flexible in life, this city and this business.”

If ever a client and a set of brokers were born to work together, it might be Collins, Postilio and Conlon. When together, they laugh like old friends. The three met over Thanksgiving dinner at Michael Feinstein’s house around a table that included Liza Minnelli and Elaine Stritch. They sealed the deal at a party at Suzanne Somers’ Malibu home.

The apartment and Collins will guest- star in an episode of “Selling NY” set to air this fall. The home has its original parquet and herringbone floors, which Collins says is “chic.” The master bathroom is completely mirrored. The master bedroom is full of sage green toile. It covers the headboard, walls and curtains. In the makeover, Collins insisted it stays.

“This is the first time I’ve ever let a decorator touch any of my homes,” she says. “I've always done all the work myself.”

Collins bought the apartment in 2002. Her husband, stage manager Percy Gibson, saw 60 homes before they decided on the three-bedroom in the Dorchester at 110 E. 57th St.

“I like light and I need space,” says Collins. “This home had 16 closets. We combined one, so now it has 15. The master bedroom is large. I like the East Side. Right on my block, I can get a manicure, pedicure and massage. They have a diner we love and top restaurants nearby. Bloomingdale’s is a five-minute walk, and I’m steps to Park Ave. It was perfect for us. We love New York. Who doesn’t love New York? It was just time to sell. It’s not practical to have so many homes and there is more work for me in Los Angeles and London.”

The apartment has needs.

While a wall of windows fronting 57th St. makes the space feel loft-like, the home feels dated. Collins and Gibson spent little time there. The kitchen hasn’t been touched, except by caterers.

“Who cares about the kitchen?” says Collins. “I don’t cook.”

Designer Lyle placed $1 million worth of furnishings, carpets, accessories and paint inside to give it a golden age of Hollywood feel. He unveiled the makeover at a party last week.

Moroccan and Indian hand-woven carpets priced at more than $180,000 apiece from Doris Leslie Blau anchor the space. For spice, Lyle added vintage Chanel chairs ($10,000 each), mirrored bedside tables ($14,000), and walls colored by paint and wallpaper donated by Farrow & Ball ($4,200).

“Glamour, drama and sexy was my mantra,” says Lyle. “We wanted a buyer to see the full space. To update it properly, you’d have to gut the space. It works now, but it could be a sensational apartment.”

Artwork of Collins is everywhere. One portrait of the star is by her son, noted artist Sacha Newley. Photos of Collins’ idols Cary Grant and Laurence Olivier are in the red room, which served as Gibson’s study.

“We try desperately to get exposure for a listing,” says Conlon. “In this case, we wanted to use the glamour and sex appeal that is Joan Collins. The thing is, this is a very well-priced home. It is priced to sell. For $2.35 million, you get to live in one of the best-managed buildings on the East Side at the crossroads of the world.”

Architects and designers who know the value of the building and location have already toured the home, some more than once.
“There could be the temptation to keep some of the original design,” says Postilio. “The master bathroom could be in a museum. It’s pure glam.”

You Should Know:

WHAT: Joan Collins’ East 57th St. apartment, on the market for $2.35 million.

WHY: Designer John Lyle gave it a Hollywood makeover. Added goods cost over $1 million.

TO BUY: CORE brokers and HGTV “Selling NY” stars Tom Postilio and Mickey Conlon have the listing. Call (212) 612-9623.

The Ralph Walker Resurrection Continues: 435 West 50th Street, Developer’s Latest Art Deco Jem, Under Way with Starwood

The New York ObserverAugust 01, 2012
In an unassuming corner of the city, perhaps the last one left, an under-appreciated brick building is about to undergo a transformation into yet the latest luxury development to hit a city that always seems to have room for another. The tan- and yellow-brick pile sits in the middle of West 50th Street between 9th and 10th avenues, on the border between Hells Kitchen and the neighborhood that suddenly seems to be blossoming along the river as the Dursts, Walentas and others assemble shiny new apartment towers just to the northwest.

Yet 435 50th Street is anything but flashy and new. A throwback in the grandest sense, in that it is a far bit better than the original, the project is the second coming out for Ralph Walker, the long-forgotten AIA president and Art Deco master who dotted the city with at once industrious and luxurious old towers for the New York Telephone Company. It is noveau prewar of the first order.

The first such was the now eponymous Walker Tower, just off Sixth Avenue between 17th and 18th Streets, where developers JDS Development and PMG hope to achieve some of the highest prices not only downtown but in the entire city, including a possible duplex penthouse overlooking Chelsea and the Village asking $94 million. Walker also designed such tough jewels as 1 Wall Street and the Barclay Vesey Building, landmarks you never knew you knew.

On West 50th Street, the plan is much the same. JDS and PMG bought both the West 18th Street building and the West 50th Street building from Verizon, which retains control of the lower floors for office and operations while the developers assemble grand condos above, designed by Cetra/Ruddy. The developers paid $20 million for the latter building last July, and according to city records, Barry Sternlicht’s Starwood Capital—also a backer in the Chelsea project—just injected $25 million into the project last week.

“Construction is under way and we expect to complete the project in early 2014,” JDS principal Michael Stern said in a brief statement.The project is expected to come on the market some time next year, and renderings show new windows added to the grand 1930s facade but little alterations beyond that. The exact price of the renovation was not given, but for comparison, the one at Walker Tower is set to surpass $200 million.

Prices have also not yet been set, and while this building might not have the same commanding views or white hot neighborhood to boast, the area is certainly on the up and up. And so, too, is this new building.

Beyond Walker Tower

The Real DealAugust 01, 2012
Twenty-nine-year-old Michael Stern was riding the elevator in a Verizon-owned building at 212 West 18th Street when he found out that Lehman Brothers had filed for bankruptcy.

Stern’s company, JDS Development, wasn’t actively acquiring properties at the time, and he’d been dragged “kicking and screaming” by a broker to check out the prewar building, which Verizon was using as storage for copper wire. But once Stern saw the views from the upper floors of the Art Deco tower, he knew he wanted to turn it into residential condos.

Luckily for the up-and-coming developer, the Lehman Brothers collapse — and its subsequent devastation — discouraged others from bidding on the building, giving him the opportunity to buy it with partner Property Markets Group for just over $25 million. Other industry pros thought he was crazy, he said. It was risky, especially in the midst of a financial crisis, and the commercially zoned building did not look ripe for residential conversion.

“A lot of people couldn’t understand how I’d make this building work as a residential building,” Stern recalled, “but I knew the bones were great.”

Four years later, it looks like Stern made the right move. The conversion of what is now known as Walker Tower (after its architect, Ralph Walker) is complete, and it’s one of the only new development condos currently on the market. Stern, now 33, is working with residential brokerage Core to sell the building’s 50 units, some of which have already traded for up to $3,400 per square foot, he said. Despite having just hit the market in June, the building is already more than 25 percent sold.

“That deal is a total grand slam,” said Robert Knakal of Massey Knakal Realty Services, who has done deals with Stern but was not involved in the Walker Tower deal.

The soon-to-be-converted Verizon building at 435 West 50th Street Walker Tower has, to some extent, propelled JDS into the spotlight, particularly in New York City, where Stern previously focused mostly on lower-profile, outer-borough projects. And Walker Tower isn’t the only project JDS is doing with PMG, the Manhattan-based real estate acquisition and development firm where Extell’s Gary Barnett cut his teeth. JDS and PMG now have plans to develop a 70-unit condo at 435 West 50th Street, another Verizon building and a 100,000-square-foot retail and residential project at 105 West 57th Street.

John Cetra of architecture firm Cetra/Ruddy, which oversaw the conversion of Walker Tower, said Stern may be able to build on his current momentum.

If Stern “is able to keep that going, with the right properties, the right location, the right timing,” Cetra said, “he could be a real player.”

On deck

JDS, working alongside PMG, is currently one of the city’s most active development firms, brokers said.

Last year, JDS and PMG paid just over $20 million for 101,000 square feet of the West 50th Street Verizon building, including the penthouse, lobby and the 10th through 17th floors. The 70-unit condo, also designed by Cetra/Ruddy, is slated to hit the market in the spring of 2013.

Perhaps JDS’s highest-profile project with PMG, however, is at 105 West 57th Street, where the partners in May paid Starwood Capital Group $40 million for a majority interest in a development site.

In conjunction with Starwood, which retained a stake in the property, JDS broke ground on a 50-story condo and retail tower last month. Completion is slated for 2014. Meanwhile, JDS is planning two other developments in Soho and on the Far West Side, but Stern said he couldn’t yet disclose details about them.

JDS also has a number of projects in the outer boroughs. The company is finishing up construction of a 51-unit rental building at 202 Eighth Street in Park Slope, a site it bought for $5.8 million in early 2008. Leasing of the one-, two- and three-bedroom apartments, where asking rents will be $53 to $54 per square foot, is set to start in October.

In addition, JDS and PMG are planning a 50-unit rental building at 50 North First Street in Williamsburg. Brooklyn developer Israel Gold had previously owned the property, where a construction mishap in 2009 caused a roof to collapse. Last year, JDS paid $8.75 million for the defaulted note on the property and another $1 million to take control of the deed. Construction is slated to be completed by the end of the year, with the units set to come online in January 2013.

As if that weren’t enough, JDS is also ramping up its activities in Florida. With PMG, JDS recently launched a seven-residence development in Bal Harbour called 95th on the Ocean. The company also has plans for projects in nearby Aventura and Hollywood, Fla.
Getting all these projects in the ground has kept Stern busy. “I don’t sleep very much,” said Stern, whose youth makes him a rarity in the world of New York City development.

“If you look at the developers who have the most notoriety in town, they tend to have been in the market for a longer period of time than Michael,” Knakal noted.

A builder’s builder

Still, it’s been a long road for Stern, who does not have a college degree and said his parents are “very much the opposite of wealthy.”

He grew up in the village of Hewlett Harbor on the south shore of Long Island. His father owned an auto body shop and his mother was a nursing executive.

“Being a kid on Long Island, I just fell in love with the New York City skyline,” Stern recalled. “Heading into the city, I’d see the buildings rising in the distance, getting bigger as I got closer. I thought that if I could one day have an impact on that skyline, actually contribute to it, then I could look back and say I had a pretty good run.”

He started out in real estate in Miami, volunteering his services as an assistant project manager with a residential development firm. Eventually, he was hired as a project manager. After only two years, he formed JDS and began building single-family homes and, later, multifamily projects in and around Miami.

Those who work with Stern say he is unusually intense and focused.

“He’s like a freight train: He just does, does, does,” said Kemper Hyers, the head of design at Starwood Capital Group, who worked closely with Stern on the interiors of Walker Tower.

“Getting midnight e-mails from Michael is part of the experience,” Cetra added.

In 2004, Stern turned his focus to New York, building low-rise apartment buildings in the boroughs. With funding from bank loans and institutional partners, Stern said, the firm grew quickly, and has since developed several hundred units in Brooklyn and Queens, mostly two-family houses in Rockaway and East New York, though he also bought and sold a few office properties in the Financial District.

“It was very profitable at that time, before the market fell out,” said Stern. “The lending spigots were definitely open. Back then, I was a little too naïve to realize it was risky.”

Still, by the end of 2007, Stern was concerned about high prices for New York properties, and the company had slowed down its activities.

“Prices were too frothy for us,” he said. “We kind of bowed out of the market.”

Instead of acquiring new properties, JDS focused on completing construction on projects it had already begun and sold off some of its land in Brooklyn.

Walker Tower was one of the first buildings JDS purchased after this hiatus. And it wasn’t easy: After going into contract on the building, Stern lost his financial partner (a large institution he declined to name), and was still looking for an investor four days before the deal was set to close.

That’s where PMG came in. Now a national firm, PMG was founded in New York City in the 1990s by Kevin Maloney, along with Barnett and Ziel Feldman, who went on to form HFZ Capital Group.

Maloney recalled the first time he’d ever heard of Stern. “A friend of mine called me and said, ‘There’s a guy who has a contract on [the Verizon building]. I know you’ve never met him, but his financial partner fell out of bed and he’s looking for a new one. We’re recommending you guys at PMG.’ ”

In fact, PMG had already looked at the building, but decided against buying it after concluding that the square footage was smaller than advertised. But Stern, who had remeasured the space himself, convinced them otherwise.

It was a risk to partner with a relative unknown, acknowledged PMG executive director Elliott Joseph. But, he said, “We were willing to take a chance, because we liked the property and we liked him.”

Their bet seems to have paid off, with some help along the way from Starwood, which recapitalized Walker Tower in 2010, providing an equity injection. (Stern said Starwood “open[ed] up better financing options at a time when construction lenders were not very active.”)
Walker Tower is “one of the best new conversions I’ve ever seen,” said Robby Browne, a residential broker at the Corcoran Group who has shown units in the building to clients, but has no affiliation with Stern.

Stern’s background as a builder has been evident at Walker Tower, associates said.

Indeed, Stern insisted on moving every staircase andevery elevator in the building, and punching new windows to bring more light in.
This hands-on approach helped him wring the most possible value out of the building, Knakal said.

“The things that he did to make that development successful are things that a lot of other people didn’t see,” Knakal said.

“Re-measuring the space, figuring out ways to create additional FAR — he did a brilliant job of maximizing every square inch.”
Of course, the project has also benefitted from the current lack of high-end condo inventory downtown, brokers said.

JDS also has something of a unique approach among development firms in that it has an in-house construction division. That helps reduce tension between the construction manager, design team and owner, Cetra said.

“There’s always a certain level of adversity between the three,” he said. “With that eliminated, the team feels much more cohesive. Everybody’s on the same page.”

Walker Tower Gets a Sequel With Hell's Kitchen Conversion

CurbedAugust 01, 2012
Now that sales at Walker Tower, the conversion of a Chelsea building designed by Ralph Walker, are underway, developers JDS and Property Markets Group can move on to their next project—another conversion of a Ralph Walker building a bit further uptown. That building is 435 West 50th Street, and the Observer notes that the project just got $25 million in funding from Starwood Capital last week. Congrats, friend! Above, a before-and-after of the conversion. Seventeen stories of the building will get the condo treatment, for a total of 65 residential units. Chelsea's Walker Tower definitely has the edge when it comes to location, but perhaps it will help to inspire a more widespread Walker fever that will help its 50th Street sibling.

Meanwhile, JDS Development's Michael Stern chatted with The Real Deal about Walker Tower's sales so far. Prices on sold units have been as high as $3,400/square foot, according to Stern. The building is more than 25 percent sold.

Done Deals: 26 Sutton Pl. South #8N

Brokers WeeklyAugust 01, 2012
Sutton Place
26 Sutton Pl. South #8N
$1,172,250

Corner two bedroom and 2-bath home with north, east and south exposures. Double glazed, tilt-and-turn windows in the living and dining rooms. Entry foyer with clos¬ets, master bedroom with en-suite bath, second bedroom with double entry and home office built-ins, chef’s kitch¬en, and custom floor plan. Full-service, white glove co-op offers a parking ga¬rage, fitness room, children’s play room, and a resident’s private garden terrace on the river. Utilities are all includ¬ed in monthly maintenance. Asking price: $1,249,000. Time on market: 16 weeks. Brokers: Elizabeth Kee, CORE ; Roschel Stearns, Corcoran.

How to price trophy properties

Herald- TribuneJuly 30, 2012
The heady prices of some recent transactions -- including $88 million for a penthouse at 15 Central Park West in New York City and the more than $90 million contract for a penthouse at One57 -- are emboldening some owners to test the market with sky-high price tags.

Or, as Shaun Osher, the chief executive of CORE, likes to say, "A lot of high-end buyers and sellers want to get on the gilded bandwagon."

Because of these intoxicating numbers, brokers say a new handful of properties in Manhattan are about to come on the market with listing prices of $90 million or more.

In Miami, too, trophy condominiums and single-family homes are being listed and sold for record numbers.

On paper, a good part of the optimism is based on economic problems elsewhere in the world that have led buyers to high-end real estate as a financial safe haven from stagnant stock markets, low-return bank accounts and onerous tax regimes.

But precisely how do brokers set these prices, particularly since many of the usual formulas and calculations do not add up?

As it turns out, pricing so-called trophy properties is an art, not a science.

"What makes a trophy property is the fact that it really is an intangible, priceless object, like a piece of art," Osher said. "This part of the market is not a rational decision, it is an emotional one."

Those intangibles include a subjective measurement of factors like building quality, views, ceiling heights, finishes, light, air and layout.
Square footage and outdoor space are factored in, as are the history and "pedigree" of the building, brokers say.

Cathy Franklin, a broker at Brown Harris Stevens, says she typically brings in four to six of her peers to help her price a property.

"You always have to look at views," she said. "You could see double or triple the price with an apartment with views versus one that doesn't have views."

Jonathan J. Miller, the president of Miller Samuel, a real estate appraisal firm, doesn't think the soaring asking prices are based on much more than a high-end herd mentality.

"If they got it, I am going to get it," the thinking goes, Miller said. "It is all ego management."

Within the appraisal industry there is a term for listings based on loose associations to reality, he said: "P.F.A.," which stands for "Pulled From Air."

"Take the highest sale you can find and apply some methodology in a very subjective way to talk yourself up to this bigger number," Miller added.

Some analysts believe the sale of Sanford I. Weill's one-of-a-kind penthouse, at 15 Central Park West, to Ekaterina Rybolovleva has set a new benchmark, at more than $13,000 a square foot.

"They are citing it constantly," Osher said.

No subsequent sale has yet reached much more than $10,000 a square foot, but brokers and appraisers say they believe the Weill-Rybolovleva benchmark has allowed prices to soar higher.

Meanwhile, buzz and bravado often go a long way for a property.

Nick and Christian Candy, the brothers behind the One Hyde Park development in London, caught the attention of the real estate world when they set several high-water marks in that city with sales above $10,900 a square foot.

They built a development tailor-made for the tastes and whims of jet-setting billionaires, said Peter Bevan, head of the Mayfair office of U.K. Sotheby's International Realty, persuading buyers with "rarity, quality of finish, facilities, services" and a "take it or leave it" attitude.

Brokers in New York have been looking at One Hyde Park as an example of how one development can set new records.

"Here, everybody is speaking about that project," Franklin said.

But success ultimately may depend in part on how many other trophy properties are on the market.

Osher, for instance, said he believes there were still 15 to 20 such trophy properties in Manhattan that have not traded hands recently, with new ones, like the $50 million penthouse at Walker Tower in Chelsea, starting to become available.

Franklin, the Brown Harris Stevens broker, thinks there could be as many as 30 properties available, if the owners of rare Fifth Avenue and Park Avenue penthouse co-ops decided to sell.

But will international buyers become turned off by the aggressive pricing of New York and Miami real estate?

If there is something brokers agree on, Osher said, it is that "there are more billionaires in the world than trophy properties."

But Howard Lorber, the chairman of Prudential Douglas Elliman, a prominent brokerage, says the well-heeled are not fools, either.

"The dream of every person that has something to sell is coming up with some international person that is going to pay substantially higher than what the market really is," he said.

"I always tell them that if those people did that, they wouldn't be rich, and they wouldn't be able to afford to buy such an apartment."

The Scoop on New Development

The Huffington PostJuly 24, 2012
In 2008, we saw the peak of housing permits issued in New York City and with it, the peak of new construction. Over the past few years, it seems developers, along with everyone else, have been unsure where the market was heading and consequently highly reluctant to take on any new projects.

This is absolutely evident from the number of new development listings currently on the market, down 20 percent last quarter from the previous year. But, with tight inventory across Manhattan and a plethora of buyers clamoring for high-end new construction, developers across the city are finally starting to get the message. According to the most recent us census data there where 4,059 new residential permits issued in NYC through the first five months of 2012. As a total this represents a 39.4 percent increase over the same period in 2011. While it is still a 58 percent decline from the peak in 2008 when there were 9,723 units permits issued, we are now going to see many more new development projects on the horizon. January to May 2012, Manhattan alone issued 1,422 permits, which was almost 10 times the 146 permits issued during the same period in 2011.

There has been a lot of talk about the new developments hitting the market; we've seen some amazing things including some record-breaking sales. As we all know the world has changed and so have the concepts for some of these developments. I am hearing about a lot of high-end projects hitting the market. If you think about it there have not been a ton of super high-end homes that have been developed. There have been really really nice finishes but not necessarily to the level you would use if you were picking the materials yourself. However that is rapidly changing. You can see this trend toward uber-luxury in the new Walker Tower (in what was the Verizon building) and Extell's One57. Crestron systems (a complete home remote control system), heated floors, high-end central heating/air conditioning systems, French herringbone oak flooring, and marble bathrooms with Waterworks fixtures, are just the some of the bells and whistles in these highly sought after buildings. I can't imagine the people who are buying here will rip out anything and start new, as I have seen happen in many cases over the last 10 years. And there's only more coming. I'm watching new developments closely and here are some of my favorites that will be hitting the market soon:

11 East 68th St

150 Charles St

301 East 50th St

290 West St

445 Lafayette St

Brokers expect more $90M-plus listingsBrokers expect more $90M-plus listings

The Real DealJuly 20, 2012
It’s been more than seven months since reports of the $88 million sale of Sanford Weill’s 15 Central Park West penthouse emerged, yet, combined with the recent $90 million-plus contract on a One57 penthouse and Steve Wynn’s $70 million purchase at the Ritz-Carlton, it continues to reverberate through the city’s real estate market. Brokers told the New York Times that they expect a slew of high-priced homes, including a handful asking more than $90 million, to hit the market in the near future.

“A lot of high-end buyers and sellers want to get on the gilded bandwagon,” Core CEO Shaun Osher told the Times. Sellers figure that with much of the globe mired in financial troubles, the world’s wealthiest are looking for investments in high-end cities, like New York.

But for the brokers listing these properties, setting an asking price can prove difficult. They factor in building qualities, views, ceiling heights, finishes, layout, and outdoor space. However, it’s still largely based on emotion, not ration.

As appraiser Jonathan Miller told the Times, sellers “take the highest sale [they] can find and apply some methodology in a very subjective way to talk [themselves] up to this bigger number.”

Though there are more billionaires in the world than trophy apartments, Prudential Douglas Elliman Chairman Howard Lorber said brokers must remind sellers who look to billionaires to pay above-market prices that those prospective buyers didn’t make their money by overestimating markets.

Shooting for the moon

The New York TimesJuly 20, 2012
A crowd is gathering around the silver punch bowl.

The heady prices of some recent transactions — including the $88 million sale of a penthouse at 15 Central Park West, the contract to sell a penthouse at One57 for more than $90 million and the recent $70 million sale of a duplex penthouse above the Ritz-Carlton to the casino magnate Steve Wynn — are emboldening owners to think this is the moment to see if some sky-high price tags will entice rather than scare off potential buyers. Or as Shaun Osher, the chief executive of CORE, likes to say, “A lot of high-end buyers and sellers want to get on the gilded bandwagon.”

Because of these intoxicating numbers, brokers say that a new handful of properties in Manhattan are about to come on the market with listing prices of $90 million or more.

They are also partying in Miami, where apartments and single-family homes in and around Miami Beach are being listed and sold for record numbers.

Is this wishful thinking on the part of property owners, or do they have reasons for their surging confidence to start setting prices that would have been considered outrageous only two years ago?

On paper, a good part of their optimism is based on economic problems elsewhere in the world that have sent buyers — and there are a lot of billionaires out there ready to wire over the cash — rushing to high-end real estate in cities like New York and Miami as a financial safe haven from stagnant stock markets, low-return bank accounts and onerous tax regimes.

That helps explain a lot of the frenzy, but precisely how do brokers set these prices, particularly since, at this level, a lot of the usual formulas and back-of-the-envelope calculations don’t add up?

As brokers tried to beat into my head this week, the pricing of so-called trophy properties is an art, not a science.

“What makes a trophy property is the fact that it really is an intangible, priceless object, like a piece of art,” Mr. Osher said. “This part of the market is not a rational decision, it is an emotional one.”

Those intangibles include a subjective measurement of factors like building quality, views, ceiling heights, finishes, light, air and layout. Square footage and outdoor space are factored in, as are the history and “pedigree” of the building, brokers say.

Cathy Franklin, a broker at Brown Harris Stevens, says she typically brings in four to six of her peers to help her price a property. “You always have to look at views,” she said. “You could see double or triple the price with an apartment with views versus one that doesn’t have views.”

Brokers try to rein in owners’ often lofty expectations. But they acknowledge that they haven’t cornered the market on wisdom, either. Howard Lorber, the chairman of Prudential Douglas Elliman, recalled a situation a few years ago in which he helped someone sell a house in the Hamptons. He told the seller it was worth $27 million or $28 million. The seller wanted $35 million. They agreed to list it at $33 million. “The first offer was $31 or $32 million,” Mr. Lorber said. “When I called the owner with the offer, they hung up on me.”

Jonathan J. Miller, the president of Miller Samuel, a real estate appraiser, doesn’t think the soaring asking prices are based on much more than a high-end herd mentality. “If they got it, I am going to get it,” the thinking goes, according to him. “It is all ego management.”

Within the appraisal industry there is a term for listings based on loose associations to reality, he said: “P.F.A.,” or “Pulled From Air.” As Mr. Miller explains it, “Take the highest sale you can find and apply some methodology in a very subjective way to talk yourself up to this bigger number.”

Of course, most people need appraisals to get mortgages, but not the rich. They pay cash.

With few comparable sales to go by, many would-be owners in New York are thinking P.F.A. They continue to see the sale of Sanford I. Weill’s one-of-a-kind penthouse at 15 Central Park West to Ekaterina Rybolovleva as a new benchmark at more than $13,000 a square foot. “They are citing it constantly,” Mr. Osher said. No subsequent sale has yet reached much more than $10,000 a square foot, but brokers and appraisers say they believe the benchmark has allowed prices to soar higher.

Some in the industry don’t see the seeming obsession with the $88 million sale as a bad thing. “It lifts the whole high end,” Mr. Lorber said. Mr. Osher, on the other hand, believes it is having a “negative ripple effect,” because “not all apartments in that building are created equal.”

Leroy Schecter, the steel magnate, was set to test that theory last week. He was planning to list his 15 Central Park West home — two apartments that take up the entire 35th floor of the building’s south tower — for $95 million, which would have been the highest-priced listing in the building. Last year he tried to sell the uncombined residences together for $55 million.

Alex Rodriguez of the New York Yankees previously rented one of the apartments from the 85-year-old Mr. Schecter, who has pledged to give 90 percent of his wealth to charity.

Mr. Schecter was in the process of combining and renovating the apartments but decided to halt the process and put the property on the market uncompleted. The idea was for Mr. Schecter to pay to finish the apartment to the buyer’s specifications, said Beth McBride, a spokeswoman for CORE. “It will be interesting to find a buyer at this price point that has an imagination and is willing to buy off of floor plans,” she said last week.

This week Mr. Schecter decided not to list the residence — for now. A Schecter Foundation spokeswoman did not return a call seeking further explanation.

Still, buzz and bravado can go a long way. Nick and Christian Candy, the brothers behind the One Hyde Park development in London, caught the attention of the world when they set several high-water marks in that city, topping off above £7,000 a square foot ($10,900 a square foot). They built a development tailor-made for the tastes and whims of jet-setting billionaires, said Peter Bevan, head of the Mayfair office of U.K. Sotheby’s International Realty, persuading buyers with “rarity, quality of finish, facilities, services” and a “take it or leave it” attitude.

Brokers in New York have been looking at One Hyde Park as an example of how one development can set new records. “Here everybody is speaking about that project,” Ms. Franklin said.

But as more people throng around the punch bowl, their success may depend in part on how many of their trophy properties are on the market.

Mr. Osher said he believed there were still 15 to 20 such properties in Manhattan that haven’t traded hands recently, with new ones, like the $50 million penthouse at Walker Tower in Chelsea, starting to become available. Ms. Franklin thinks there could be as many as 30 properties if owners of rare Fifth Avenue and Park Avenue penthouse co-ops decided to sell.

Will international buyers whom brokers in Manhattan and Miami so covet these days get turned off by the aggressive pricing?

If there is something brokers agree on, as Mr. Osher said, it is that “there are more billionaires in the world than trophy properties.”

But Mr. Lorber says they aren’t fools, either.

“The dream of every person that has something to sell is coming up with some international person that is going to pay substantially higher than what the market really is,” he said. “I always tell them that if those people did that, they wouldn’t be rich, and they wouldn’t be able to afford to buy an apartment.”

Behind the Scenes: Kevin Jonas at One Museum Mile

Kevin Jonas CentralJuly 20, 2012
We’re not the only admirers of the views from One Museum Mile: The new Fifth Avenue luxury development has also caught the eye of editors at the glossy magazines. Last week the building had a brush with fame as Kevin Jonas (of the Jonas Brothers) and his wife Danielle took part in a cover photo shoot for Social Life magazine, which will hit newsstands soon. The couple will soon star in the reality show “Married to Jonas” on the E! Network. As you can see from the photos above, the shoot wasn’t limited to the apartments — the young Mr. and Mrs. Jonas even took a dip in the rooftop pool while fully clothed. That’s one way to beat a New York heatwave! For more on One Museum Mile, click here.

BEHIND THE SCENES: KEVIN JONAS AT ONE MUSEUM MILE

Jonas WorldJuly 20, 2012
We’re not the only admirers of the views from One Museum Mile: The new Fifth Avenue luxury development has also caught the eye of editors at the glossy magazines. Last week the building had a brush with fame as Kevin Jonas (of the Jonas Brothers) and his wife Danielle took part in a cover photo shoot for Social Life magazine, which will hit newsstands soon. The couple will soon star in the reality show “Married to Jonas” on the E! Network. As you can see from the photos above, the shoot wasn’t limited to the apartments — the young Mr. and Mrs. Jonas even took a dip in the rooftop pool while fully clothed. That’s one way to beat a New York heatwave! For more on One Museum Mile, click here.

Manhattan Sellers Hop On the Money Train: Three Listings Over $20 M. in One Day - 2012-07-20

The New York ObserverJuly 20, 2012
It seems that all the money flowing through Manhattan’s luxury market these days is encouraging owners of extravagant abodes to try and cash in. After all, buyers keep signing decadent deed after decadent deed, even with the dog days of summer approaching.

Today, three properties hit the market in the $20 million to $29 million range. Which, after the recent debut of a $50 million listing at the Ritz-Carlton and the impending debut of Walker Tower’s $50 million penthouse listing, seems almost modest. And, according to The New York Times, we should all brace ourselves for the arrival of some more listings in the $90 million range in the near future.

As Shaun Osher, the chief executive of CORE told The Times: “A lot of high-end buyers and sellers want to get on the gilded bandwagon.”

Well, hop on! The most expensive listing of the day is a six-bedroom duplex penthouse at 1125 Park Avenue that is asking $29 million. A combined unit made from apartments 15 and 16A, the co-op boasts some 6,000 square feet. Apparently, after an extensive renovation to combine the two units, the owners decided that they no longer wanted “the ultimate Park Avenue penthouse,” as the listing held by Prudential Douglas Elliman broker Sabrina Saltiel boasts.

So what does $29 million get you these days? A master bedroom that is “a private sanctuary” with wood burning fireplace, own sitting room, marble bath, mahogany-lined double dressing room, walk-in closet and our favorite amenity of all: “endless hidden storage.” It must be so hidden that no one can find it! Also, there’s a large paneled laundry room (drywall in the laundry room is so low-end).

Next up is duplex 5/6 at 950 Fifth Avenue, which is asking a staggering $27.5 million (5 bedrooms, 4.5 baths). Listed with Stribling brokers Cindy Kurtin and Jessica Vertullo-Maher, the co-op has a library with built-ins, a fireplace and a dry bar and a south-facing dining room with travertine floors.

If course, not everyone loves a co-op, and the third listing of the day—a former carriage house at 184 East 64th Street—offers more than just two floors. At $20 million, it’s something of a fixer-upper that’s currently divided into two condos. But not to worry, those units “can be combined seamlessly to create a magnificent home or embassy,” the listing gushes. The house is being co-brokered by held by Corcoran’s Robb Saar and Peter Ashe’s Asher Alcobi and Meiray Gavrielov.

Like the other places, the buyer will get antique paneling, wood-burning fireplaces, pre war splendor, etc. And, if someone does convert it to a single-family, the carriage house will no doubt be asking $40 or $50 million the next time it hits the market.

Will these properties get their lofty asks? Only the future can say for sure, it isn’t only fashionable to sell high-end apartments at the moment, but to ask unheard of highs for them.

As Jonathan Miller, the president of Miller Samuel real estate appraisal firm told The Times , the term for listings based on loose associations to reality is P.F.A., a.k.a. pulled from the air: “Take the highest sale you can find and apply some methodology in a very subjective way to talk yourself up to this bigger number.”

Real Estate Feature-425 East 13th Street, PHFG

Modern NYCJuly 18, 2012
Step into your new penthouse duplex apartment with floor-to-ceiling windows featuring open city views in every direction, and a custom sculptural slide that combines the two floors. This convertible 4-bedroom, 4-bathroom home with over 2700-square feet is accessed through a private keyed elevator. Features include a media/game room, home office, 18-foot double height atrium, two large glass walled terraces, a private roof deck, along with a beautiful Italian-made Rintal staircase, as an alternative way down to the first floor. The kitchen features a Liebherr integrated refrigerator, Bosch oven and dishwasher, Celador Oyster Stone countertops with glass and lacquer cabinetry and white maple hardwood floors throughout. Located in Manhattan's East Village, the A Building is a full service luxury condominium with a 24-hour doorman and concierge.

Inside New Chelsea Luxury Conversion Walker Tower

CurbedJuly 17, 2012
Shortly after we checked out the views from new Chelsea conversion Walker Tower, photographer Will Femia returned to photograph the building's interiors, giving us the perfect excuse to discuss the place once again. There are 10 active listings, priced between $6.25 million and $13.495 million, with another eight units already in contract. The apartments with the most eye-popping prices have yet to be listed; we'll probably all be able to feel the earth shaking in Chelsea when they are.

In the meantime, the model unit is a 3BR, 3.5BA pad with a home office and a private terrace. There are a few fun custom features: Smallbone fixtures, French herringbone floors, the world's largest tilt-and-turn windows, and a powder room floor pattern based on an Art Deco wallpaper. (That's one of several throwbacks to architect Ralph Walker's Art Deco building design.) Wall switches control automatic shades that roll up into the doors and windows. The terrace wall was shortened (and glass added on top) to make the building a little more resident-friendly.

As for the building beyond the model unit, a few Verizon workers—the whole placed used to be Verizon property—remain on the building's lower floors, but their access is completely separate from residents' access. Sadly, we didn't get a look into the amenities spaces, which will include a roof deck with cabana room, fitness center, sauna and steam room, library lounge, and playroom designed like a miniature village. Hopefully complete with child-sized luxury condos!

Tapping the Last Central Park Addresses

The Epoch TimesJuly 17, 2012
NEW YORK—There are few luxuries greater than a parkside property in the city. Living adjacent to a park in Manhattan means having access to urban conveniences, as well as a bigger backyard than you could ever keep yourself. Properties along the west, east, and south sides of Central Park have long been some of the most coveted Manhattan real estate, and in the last decade, properties along its northern edge have come into vogue too.

“It is the last parkside neighborhood,” said Tom Postilio, managing director of CORE Group, the marketers of One Museum Mile.
A model home at One Museum Mile, with views overlooking the Dutch Meer in northern Central Park.

One Museum Mile is the newest condominium overlooking Central Park North. The 116-unit building is dubbed “One Museum Mile” for its location at the top of Fifth Avenue, after the city extended that honorary name, which originally referred to Fifth Avenue from 82nd Street to 105th Street, up to 110th Street.

To “anchor” the northernmost point of this culturally significant corridor, the developers built the Museum for African Art on the ground floor of One Museum Mile. The museum is set to open next year.

The area is rapidly changing, said Joyce Gold, New York historian and the giver of daily tours. “Ten to 15 years ago, you wouldn’t go into this part of the park,” she said. “It was derelict. Now there are new restaurants, jazz clubs, and hip clothing stores.”

Gentrification is undoubtedly a contentious issue, but is a growing reality in Manhattan and many parts of New York.

A small handful of luxury condos already populate Central Park North, and two more are under proposal, according to Postilio. Referring to the transformation of Columbus Circle at the southwest corner of Central Park, Postilio said that a similar change in Central Park north is “inevitable.”

Sofia Song of Streeteasy.com, a property listing and New York City real estate research website, said there has been a “notable rise in property values along this corridor [upper Fifth Avenue].” Their site and many others now call the area “Upper Carnegie Hill” rather than East Harlem.

“This area is distinct from the area to the east of it,” said Song. “It’s very much driven by new development.” According to Streeteasy.com, properties in Upper Carnegie Hill have a median price of close to $1.6 million, and a median price per square foot of $1,172.

The building’s amenities include a 24-hour doorman/concierge, gym, children’s play room, teen game room, live-in super, parking, roof deck, and swimming pool. Units range from studios to three-bedrooms with the option to purchase and connect adjacent units. New tenants have already moved in, and as of this writing, 20 listings are in contract, and 40 are active.

$1.795M for a Flatiron Con—Hey! A Puppy!

CurbedJuly 15, 2012
This 1.5BR in 141 Fifth Avenue might not have the cachet of its upstairs neighbor, the creamy cupola penthouse, but it makes up for it by having an adorable little dog that watches you while you check out the listing photos (well, one of them.) The apartment is asking $1.795 million and even if the little guy doesn't come with it (which, honestly, should knock the price down a few hundred thousand at least), it's still a very nice place—open and spacious at 1,203 square feet, with two bathrooms and a little home office. And you know you're in a fancy place when the toilet seat is made out of wood. The listing doesn't mention whether or not the building allows pets, but we're going to go with yes.

Tips of the Trade: Design with Joshua Cain

NBC:LXTVJuly 15, 2012
This episode of Open House was hosted from 72 Reade St., 4th Floor, New York, NY. For more information on this property, please contact Michael Graves of Core NYC at 212-932-2222. View the listing.

One Murray Park Condos Are Selling Fast

Boro MagazineJuly 13, 2012
One Murray Park, the first condominium development project in LIC in over a year, already has 33% signed contracts after being on the market for less than two months. The building, located at 11-25 45th Ave, has 45 units (10 studios, 25 one-bedrooms, and 10 two-bedrooms.) Murray Park/Playground is just outside the building, offering green space and a great area for children to play.

Hemali Lakhani, who purchased a unit along with her husband, says “One Murray Park has a pretty special meaning to my husband and me. We moved into the neighborhood almost five years ago and have been fortunate enough to see this property being built. Five years later, here we are purchasing a two-bedroom apartment in this wonderful new development. First and foremost, it was truly refreshing to see a building designed with such great consideration. The living space automatically feels so comfortable and bright, you can imagine yourself reading the morning paper and enjoying the comforts of home.

The gorgeous view of Murray Park adds the final touch to this space; we can watch our child run across the playground and we can enjoy the beautiful view. We cannot wait to call One Murray Park home.”

Love Letters: New Construction, High Prices and a Younger Crop of Renters and Buyers hit Alphabet City

New York PostJuly 12, 2012
New Yorkers who know their ABCs know to keep away from the D’s.

Naturally, we’re talking about Alphabet City. Those two words have an uncanny ability to summon up sordid images of Tompkins Square Park in the 1980s, with its infamous homeless encampments and crack vials. And violent crimes and graffiti. And the musical “Rent.”

Like in every neighborhood in lower Manhattan, real estate developers flirted with the idea of gentrification, but observers had three assumptions about the neighborhood:

1) Prices would never get too crazy.

2) It might lure hipsters, but you could forget about well-heeled professionals.

3) While Avenue A or B might be OK, no luxury developer would put up anything past Avenue C.

But it also looks like all three notions were seriously flawed. Take Arabella 101. The brand-new rental building is opening its leasing office next week and happens to be on Avenue D, across the street from public housing. Arabella 101 has 78 apartments (half of which are market-rate, the other half affordable) set atop the new Lower Eastside Girls Club.

“Starting prices [for market-rate units] are about $2,500 for a studio, $2,900 for one-bedrooms,” says Drew Spitler, director of development for the Dermot Company, Arabella 101’s developer. “And they’re going up from there.”

And the building isn’t a mere shiny box: The eco-friendly development is shooting for LEED certification, and it promises amenities like a gym and a roof deck.

Dermot is not alone in tackling this heretofore unloved part of Alphabet City.

At 316-318 E. Third St., which hugs Avenue D, the Brody Amirian Group is putting up an eight-story, 33-unit building with studios and one- and two-bedrooms; it should be finished in the fall of 2013. Yearly rents are going to be north of $50 per square foot (probably around $52 to $54 per square foot), which works out to over $4,300 a month on a 1,000-square-foot apartment.

“We were told you could get $58 to $62 per square foot if you really hit the market right, with the proper finishes,” says David Amirian, co-principal of the development firm. “But we’re not looking for those kinds of aggressive numbers.”

Amirian says that a deal was in the works for the empty lot directly across the street by a developer, and another project adjoining his (with frontage on Avenue D) is going to be a rental with both market-rate and affordable units.

Older, walkup apartment prices are also on the upswing.

“We were [trying] to stay under $3,800,” says Rebecca Newman, 22, a recent Barnard graduate, who went looking for an apartment in Alphabet City with two friends at the beginning of the month.

After seeing a few two- and three-bedrooms in the neighborhood, “our expectations changed,” says Amy Moroz, 21, who was looking with Newman and their friend Ashley Rose Stumbaugh, 21. “We definitely lowered expectations.”

Fortunately, their broker, Josiah Hyatt of Citi Habitats, found them a three-bedroom, two-bathroom walkup within their budget just off Avenue C.

“It was almost like a gem in the rough,” Stumbaugh says.

Indeed, professionals looking for a deal might find themselves startled by how much rents have risen in the area.

“I would say it was much more expensive than I thought it would be,” says Solaiman Futuri, 32, a doctor who went looking for a two-bedroom with a colleague. Both were excited by the area’s nightlife and restaurants and wanted to be on Avenue A or in the East Village.

“When I first started out it was difficult, very difficult,” says Futuri, who worked with broker Mariko Miyake of Citi Habitats. “Two-bedroom, two-bath apartments were going anywhere from $4,500 to $5,000.” (The two doctors finally lucked out and got a two-bedroom duplex for around $4,000 on Avenue A.)

While a $4,000 apartment might sound pricey if you’re thinking of the Alphabet City of yore, that figure is small fry in comparison to what some of the more tricked-out apartments are asking.

Danny Davis and Vladimir Luzader of Town Residential have a $25,000, four-bedroom rental in a former synagogue on East Eighth Street between Avenues B and C.

“It’s an incredibly unique property,” Davis says. “It’s a former synagogue, and in addition to being very cool architectural space, it has a great history. There were squatters. And if I remember, a rabbi [who worked and squatted there] was busted for dealing pot. But apparently, none of the transactions were out of the house.”

After a moment, Davis adds, “He claims it was for medicinal purposes.”

The 3,200-square-foot property is a beaut. There are custom-made stained-glass windows (one of which includes a Star of David), as well as Brazilian hardwood floors, cathedral ceilings, an Italian marble fireplace and more than 900 square feet of outdoor space.

“We’ve been getting a lot of good feedback,” he says. “A lot of interested people want to purchase the house.” (The owner isn’t interested in selling, Davis says.)

Davis has gotten nibbles from renters including an actress in town for a show.

Of course, the real estate gets more expensive as you move west, toward Avenue A. Potential buyers might want to check out another Town property on the market with Wilbur Gonzalez and Adam Taylor: a 6,000-square-foot, $8.5 million, four-bedroom, 2 1/2-bathroom townhouse on East Fourth Street between Avenues A and B, with 11-foot ceilings, Sub-Zero, Wolf and Miele appliances, a 900-square-foot patio and much more.

“It really is a trophy house,” Gonzalez says. “Which made it sort of difficult to price. If it was West Fourth Street, not East, it would be in the $12 to $15 million range.”

The big question is how Alphabet City went through such a transformation where properties could fetch high prices. Some, like Gonzalez, attribute it to the hotels and restaurants that cropped up around the neighborhood in the East Village and the Lower East Side.

“Inventory is so limited and so many people want to be in the neighborhood,” says Elizabeth Kee, a broker for Core who lived in the neighborhood in the early 2000s. “Never in our wildest dreams did we ever imagine [prices would be this high], but it’s a simple supply and demand curve.”

Kee has a listing at the A Building on East 13th Street between First Avenue and Avenue A, a $3.99 million penthouse, which is owned by poker pro Phil Galfond.

Galfond combined two units to make this 2,700-square-foot, four-bedroom, four-bathroom duplex, and added one quirk: He connected the top and bottom floors with a big metal slide in the middle of the apartment.

Kee reports that traffic at the open houses in the condo has been pretty good.

“This kind of property usually get gobbled up immediately,” Kee says. “Unless they have a slide.”

Upper Fifth’s Coveted One Museum Mile Hosts “Discover Our Neighborhood”

July 12, 2012
Lush Views of Central Park Frame a Rooftop Conversation About the Area’s History, Evolution and Offerings

New York, NY – Soaring above Central Park’s verdant landscape, One Museum Mile at 1280 Fifth Avenue– future home to the highly anticipated Museum for African Art – is grabbing headlines once again. Yesterday, between 5:30 and 7:30 p.m., the premier luxury residential development hosted members of the Foreign Press Association at an event titled “Discover Our Neighborhood.”

The evening kicked off with a walking tour led by historian Joyce Gold, who shared insight about the history of Upper Fifth and neighboring Central Park, as guests toured the park’s famed Conservatory Gardens and Harlem Meer. Later, the group returned to the exquisite 21-story structure, designed in part by noted architect, Robert A. M. Stern, for a panel discussion held on the building’s rooftop overlooking the northern end of Central Park.

With New York City’s skyline as a backdrop, expert panelists, including Gold, CORE managing director, Tom Postilio, and StreetEasy vice president of research, Sofia Song, discussed the history and evolution of the neighborhood, as well as trends in the local real estate market. Moderated by Katherine Clarke of The Real Deal, the event also allowed the audience to interact with the panel and ask questions.

“With condominiums and high-rise developments emerging rapidly in Upper Carnegie Hill and along Upper Fifth, there has been a tremendous uptick in foreign interest,” said Bruce Brickman, principal of real estate private equity firm, Brickman, the property’s developer. “The team at One Museum Mile is pleased to host and partake in a dialogue about this dynamic neighborhood and its attractive qualities.”

To conclude the night, guests were treated to a sumptuous cocktail reception at Red Rooster Harlem, comprising signature dishes by James Beard award-winning chef Marcus Samuelsson.

"The event was a great success,” said Shaun Osher, co-founder and CEO of CORE, the building’s exclusive sales and marketing team. “Our international guests enjoyed the panel discussion and walked away with insight about why foreign buyers, in particular, have been drawn to this area.”


One Museum Mile offers studios, one-, two-, and three-bedroom homes as well as penthouses ranging up to 2,118-square feet, which are available for immediate occupancy. The property also offers residences with outdoor terrace space.
For more information, please contact the sales office at (212) 996-1280 or visit the website at http://onemuseummile.com/

ABOUT BRICKMAN
Brickman is a private equity real estate firm that invests in debt and equity with the perspective of an owner-operator. Brickman combines its owner-operator expertise with deep experience in debt to produce excellent risk-adjusted returns for its investors. Brickman was formed in 1992 and has over $700 million of equity assets and $3 billion of portfolio value under management. Brickman owns and operates office and multi family properties in these markets, applies opportunistic and core plus / value-added investment strategies, and invests across the entire capital structure of real estate assets. Through its investment vehicles, the firm owns and manages over 3.5 million square feet of office, hotel and residential real estate.

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.

###
1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 / 18 / 19 / 20 / 21 / 22 / 23 / 24 / 25 / 26 / 27 / 28 / 29 / 30 / 31 / 32 / 33 / 34 / 35 / 36 / 37 / 38 / 39 / 40 / 41 / 42 / 43 / 44 / 45 / 46 / 47 / 48 / 49 / 50 / 51 / 52 / 53 / 54 / 55 / 56 / 57 / 58 / 59 / 60 / 61 / 62 / 63 / 64 / 65 / 66 / 67 / 68 / 69 / 70 / 71 / 72 / 73 / 74 / 75 / 76 / 77 / 78 / 79 / 80 / 81 / 82 / 83 / 84 / 85 / 86 / 87 / 88 / 89 / 90 / 91 / 92 / 93 / 94 / 95 / 96 / 97 / 98 / 99 / 100 / 101 / 102 / 103 / 104 / 105 / 106 / 107 / 108 / 109 / 110 / 111 / 112 / 113 / 114

ARCHIVES