News

A Three-Bedroom; Anywhere Is Fine

The New York TimesJune 01, 2012
IF they’d had two boys or two girls, Jon and Charlene Simonian might have stayed in their two-bedroom co-op on Sutton Place. As it was, the children shared a room until they were almost teenagers. Then the Simonians went on the hunt for a three-bedroom.

At that point, 15 years ago, two-bedrooms in Manhattan were selling in the $300,000s, while three-bedrooms ran twice that, Mr. Simonian said. “I just couldn’t get over the fact that an extra bedroom was going to cost us an extra $300,000,” he said.

So the couple sold their apartment at a small loss and rented a two-bedroom with a convertible dining room at the Brittany, a high-rise rental building on York Avenue. After some years there, with the rent rising and the children grown and gone, the Simonians moved to a three-bedroom in the then-new Hampton Court on 102nd Street and First Avenue. The apartment was slightly larger than their old one, with a big terrace and a rent three-fifths of what they would have paid farther south, Mr. Simonian said. (Three-bedrooms at Hampton Court currently rent for around $3,600 a month.)

The Simonians loved the apartment, where they grew flowers and vegetables outdoors, and the building, where services included a shuttle to the 86th and 96th Street subway stops. A few drugstores and delis were nearby. The dearth of restaurants was no problem. “We are not big ordering-in people,” Ms. Simonian said.

Nor did they mind that “there was nothing charming” about living in that particular area, with its littered streets and housing projects, Mr. Simonian said. The management company, Glenwood, calls the neighborhood Gracie Point, but others call it East Harlem.

The Simonians hunted off and on for a permanent home to buy. “We just didn’t feel that push to do it,” Ms. Simonian said. “We were always sort of open to things. It was an ongoing-saga kind of thing.”

With prices high, they considered leaving for Florida, where they had friends, or Westchester, where they play golf. “I like city life,” Ms. Simonian said, “though I’m a pretty easygoing person and could probably be happy anywhere.” She is on staff at a small private elementary school in Midtown East. Mr. Simonian, now retired, worked in the investment field.

The couple, both in their 60s, decided to remain in the city. “I haven’t been bored one day in 45 years of living here,” Mr. Simonian said. “And since we can afford to live in New York we said, heck, why are we spinning our wheels looking elsewhere?”

They weren’t intending to downsize, but apart from that they weren’t sure what they were after. “I am 69 years old,” Mr. Simonian said. “I want some elbow room.” Their home could be in any neighborhood; it could have amenities or not. Yet, unwilling to pay more than $1,000 per square foot, they found that most nice Manhattan apartments were just too expensive.

“I look at a square foot,” Mr. Simonian said, “and I say to myself, how can this possibly be worth $1,000?” And renovating would bolster the price to “way the heck over my magic mark of $1,000 a square foot, which I had a mental thing about,” he said.

He often asked agents, “Would you spend this money on this apartment?” Usually they dodged the question, Ms. Simonian said. Most apartments they saw were perfectly fine, but “too expensive for what they were,” she recalled. And they were already living in a beautiful rental, so it was hard to give that up.

Mr. Simonian was intrigued by an adorable single-family row house, with three floors and a basement, on East 101st Street. “It had historical charm, it had a backyard, it had space,” he said. The listing price was $1.695 million. He even priced elevators, which cost around $75,000 to install.

But his wife preferred the security and services of a doorman building. (The house did not sell and was taken off the market.)

The Brompton, a 22-story condo on East 85th Street, was one of their favorite new buildings but, again, pricey. A three-bedroom is currently on the market for $2.695 million, or $1,500 a square foot, with monthly charges around $2,300.

One day last fall, with time to kill, Mr. Simonian stopped by the newly built 1280 Fifth Avenue, at the northeast corner of Central Park near 110th Street. He saw several condos there, and loved a three-bedroom, well above the treetops, with around 1,600 square feet of space. He arranged a return visit with his wife, requesting that she be shown his favorite apartment last.

“My eye was not cluttered,” he said, “and the way the whole building was put together was very attractive to me.” The price came in around $950 a square foot, thereby overcoming his main hurdle.

Ms. Simonian was taken with it, too. “I didn’t realize I had a checklist,” she said, “but after I looked I thought, this is everything I could possibly want. And we were in agreement. It was like when we met — it was meant to be.”

They signed on within days, paying $1.525 million. The common charge and taxes run a little more than $2,000 a month.

The building, which will house the Museum for African Art, was recently renamed One Museum Mile. It is about 30 percent sold, said the director of sales, Tom Postilio of Core Group Marketing.

The Simonians arrived in the spring. “There is absolutely no buyer regret,” Mr. Simonian said. “I wish I had an extra million dollars, because I would have bought the corner apartment that overlooks the park.”

They are now exploring the northern end of Central Park. “All I did was play baseball in Central Park with my kids,” Mr. Simonian said. “I never crossed it, I never sat in it and looked at the trees.”

The neighborhood, which some call Upper Carnegie Hill but others call East Harlem, still has a dearth of services, but the Simonians are used to that. “I will pick up something on my way home from work,” Ms. Simonian said.

They enjoy the rooftop pool and the roof deck with a view over the park. “It calms me down,” Mr. Simonian said. “I may not miss my huge terrace on 102nd as much as I thought I might.”

Former NAACP Head Lists Tribeca Apartment

The Real DealMay 30, 2012
Bruce Scott Gordon, the famed executive and former head of the National Association for the Advancement of Colored People, has listed his apartment at 166 Duane Street in Tribeca for $5.75 million.

Gordon, who served as president of NAACP between 2005 and 2007, listed the apartment with Core broker Michael Graves yesterday, according to Streeteasy.com. The asking price is significantly more than $4 million the $1.38 million Gordon paid for it in 1998, public records show.

Gordon was ranked No. 6 on Fortune magazine’s list of the “50 Most Powerful Black Executives” in 2002. He currently serves as a corporate director of CBS, defense company Northrop Grumman, and manufacturing firm Tyco International.

Gordon’s moderate political views famously led President George W. Bush in 2006 to make his first appearance at an NAACP event. He had previously declined all invitations to NAACP events, because of its leadership’s negative comments about his presidency.
But Gordon ultimately resigned from his position as head of the NAACP.

“I stepped into the role to understand as best I could the needs of the African American community and then to propose strategies and policies and programs and practices that could improve conditions for African Americans,” he said at the time. “The things I had in mind were not consistent with what some — unfortunately, too many — on the board had in mind.”

The 2,670-square-foot apartment, with three bedrooms and 2.5 bathrooms, features 11-foot ceilings and four walk-in closets. The building, on the corner of Hudson Street, has a 24-hour doorman and a roof deck.

While Graves declined to comment on the ownership of the listing, he said that the current owners are avid art collectors and that the property is ideal for art lovers because of its open floor plan and high ceilings.

“I’m getting pounded with requests to see this apartment and it’s only been on the market for a few hours,” he said. “There’s a real lack of inventory in this area.”

New Listings: 125 W21st Street

Brokers WeeklyMay 30, 2012
Chelsea
125 W21st St. #6D
$1,365,000

Residence 6D at The Indigo is a south-facing one-bedroom home. Five apartments on this floor. 973 s/f condo with high ceilings, 1.5 bathrooms, loft-like living room, casement
windows, cherry hardwood flooring, vented washer and dryer, open chef's Poggenpohl kitchen. Master bath with soaking tub, separate steam mist steam shower, double sinks, radiant heated floors. Listing agent: Michael Rubin, CORE.

In the News: 15 Renwick Street

Tribeca CitizenMay 29, 2012
“News at last out of our old, stalled friend The Renwick, the condo planned for 15 Renwick Street: a new firm has taken over the development site and chosen CORE to handle sales and marketing. [...] The building will break ground this fall, and it shall be a condo.” —Curbed

Harlem’s Real Estate Renaissance

MetroMay 29, 2012
As the summer approaches and the market catches its post-recession bearings, no area in Manhattan has heated up as quickly as Harlem. The media has paid close attention as new condos along Central Park North and towers rising over Frederick Douglass Boulevard have led the way in the neighborhood's real estate renaissance. While residents have benefited from new restaurants and amenities brought in by these projects, new measures are being sought by community leaders to make sure that an area with a rich heritage stays that way.

In an effort to preserve the history of the brownstone-dominated area, a report released last week from Community Board 10 has outlined a plan to establish or expand nine historic districts across Harlem. While it still needs to be approved by the Landmarks Preservation Commission, some of the main intentions for the proposal lie in the fear of having glass condos arise between rows of classic townhomes. The plans may help maintain Harlem's historic charm, but new data on market trends indicate that prices could push longtime residents out either way.

A recent report from StreetEasy.com's VP of Research Sofia Song has shown that while prices across Manhattan have remained relatively flat since last year's first quarter, Central Harlem has seen a 6.6 percent increase in median closing price -- the highest of any neighborhood in the city. Even more telling is the shrinking inventory in the area, as the supply of available apartments is down 17.7 percent from 2011.

One of the big shifts has also been in the buyers. "When federally backed lending programs started supporting home ownership for end-users, homeowners started replacing investors as the top purchasers in 2008," explains Robb Pair, the president of local brokerage Harlem Lofts. "The downturn caused some stress for many, but it was the best thing for Harlem." Despite these trends and rising prices, luxury buyers and renters are still coming to the area for better value and amenities than they can receive anywhere else on the island. On the sales side, conversion projects such as One Museum Mile, which houses condos above the Museum for African Art at 1280 Fifth Ave., have seen success -- even selling some of their pricier units, such as the $3.1 million penthouse that sold this past month.

Down the street, The Related Companies have started marketing 1214 Fifth Ave., Mount Sinai's newest tower, which features 30 floors of rentals and the amenities of a luxury condo, including a pool, fitness center and a screening room. If the rapid growth of Harlem highrises is limited as a result of new zoning restrictions, the neighborhood will need to rely on multifamily conversions to condos to keep buyers coming in. But if interest rates stay low and rents around the city continue to rise, the "renaissance" could continue for years to come.

New LIC Condo One Murray Park Officially Hits the Market

CurbedMay 29, 2012
Location: 11-25 45th Avenue in Long Island City Size: 45 units Prices: Starting at $340,000 Developer: 11-25 Realty LLC Architect: Fogarty Finger Sales & Marketing: CORE A happy on-sale date to One Murray Park, the first new condo project to hit the Long Island City sales market in more than a year. We've already peeked at some renderings of the Fogarty Finger-designed building, and now the CORE blog has a few shots of the model unit. In addition to the 45 apartments, the building has a gym, indoor parking, library, and pet washing area, and construction is "nearly complete." Floor plans, photos in the gallery above.

There are only five listings online, but the building page gives us a sense of overall pricing. Studios start at $340,000, 1BRs at $450,000, and 2BRs at$740,000. Sizes of units listed so far: 479 square feet to 1,085 square feet.

On the Market: 418 Central Park West (at 102nd Street), #8

The New York TimesMay 27, 2012

Unarrested Development: 15 Renwick Street

CurbedMay 25, 2012
News at last out of our old, stalled friend The Renwick, the condo planned for 15 Renwick Street: a new firm has taken over the development site and chosen CORE to handle sales and marketing. Which sounds like a real comeback! The building will break ground this fall, and it shall be a condo.

Developers Tap Core to Market New Condominium at 15 Renwick Street

The Real DealMay 24, 2012
New York-based residential real estate firm Izaki Group Investments USA has taken control of a development at 15 Renwick Street in partnership with real estate investment firm Glacier Global Partners, it announced following a foreclosure auction on the Soho property yesterday, and has tapped residential brokerage Core to head sales at the property.

The partnership is planning a boutique condominium development on the site and plans to break ground this fall, Izaki said; Core will oversee sales at the property as well as another luxury condominium project at 93 Worth Street, which will feature the 90 apartments, six penthouses and 10,000 square feet of commercial space.

“It’s an exciting time in New York City for development,” said Eldad Blaustein, CEO of IGI USA, in a statement. “I believe in the state of the market and we are committed to delivering the highest quality product in this prime location.”

Shaun Osher, CEO of Core, called the site “one of the last remaining undeveloped lots in [the] neighborhood.”

It appears that Harch Group founder Harry Jeremias still maintains a financial interest in the success of the Renwick Street development. The 4,523-square-foot development site was previously approved for a 65,000-square-foot, 12-story luxury building with 44 condominium units under Jeremias, who, having faced a foreclosure lawsuit in 2010 from U.S. Bancorp for allegedly defaulting on a $55.3 million loan to develop a condominium on the site, partnered with Glacier to reposition the debt. The partnership purchased the non-performing loan from U.S. Bank at a discount last April but had to participate in the foreclosure auction in order gain clean title of the property.

A call to Jeremias’ attorney, Terrence Oved of Oved & Oved, was not returned by press time.

IGI declined to comment further on the specifics of the development, including the number of units, size of the units, or pricing. It did confirm however, that it will be opting to go with a new design for the property.

As previously reported, Glacier, a real estate investment firm, revived other projects stalled in the recession in the last year. It purchased the $40 million first mortgage on the stalled condo project Five Franklin Place in Tribeca last year and has plans to revive the project with partner Fishman Holdings, an Israeli private investment firm.

New York Real Estate- Luxury Properties

PromenadeMay 24, 2012
Located at the crown of Fifth Avenue along Museum Mile is One Museum Mile, a new luxury residential development designed by a renowned team including Robert A.M. Stern Architects, LLP, Andre Kikoski Architects and SLCE Architects. Residence 12 B, listed at $2,825,000, is a 1,756-square-foot three-bedroom, three-bathroom home, featuring white oak flooring, teak cabinetry, deep brown granite countertops in the kitchen, and stainless steel appliances by Thermador, GE and Bosch.

In addition, it boasts unparalleled views of Central Park and the Manhattan skyline.

One Museum Mile amenities include 24-hour concierge, live-in super, a children’s playroom, teenage game room, a roof deck and rooftop pool with a grass and barbecue area.

New York Real Estate - Luxury Properties

PromenadeMay 24, 2012
Located at 233 West 20th Street in Chelsea is a magnificent 25-foot wide townhouse originally built in 1824, featuring six-bedrooms, six bathrooms and four half-bathrooms that have been re-designed for a 21st Century lifestyle. This home spreads over seven beautifully designed floors with terraces to the north and south providing a sun-soaked solarium feel with iconic views of buildings such as the Empire State Building.

With 7,000 square feet of interior space, the home boasts a grand foyer with a passenger elevator and spacious, bright living rooms. On the second floor is the grand master suite featuring two full bathrooms and an oversize windowed dressing room. This home features a private roof top retreat as well as phenomenal garden patio that adjoins a custom-designed Neff kitchen.
This home is priced at $10.95 million.

Meg’s House Hunt

New York PostMay 23, 2012
Meg Ryan is house hunting in Chelsea after putting her Bel Air mansion on the market. Ryan was spotted touring a $10.95 million townhouse at 233 W. 20th St. The seven-floor home features a rooftop terrace, a garden-level solarium and patio, two kitchens and a wet bar. Listing agent Tom Postilio of Core had no comment. Ryan has listed her six-bedroom Bel Air estate for $11.4 million, and has been looking at downtown pads with rocker boyfriend John Mellencamp.

New Listings: 257 Berry Street

Broker's WeeklyMay 23, 2012
CORE's Vickey Barron and Doug Bowen have just listed this newly constructed Williamsburg townhouse, which is for sale for the first time priced at $3,795,000. The 5,000 s/f four bedroom, 2-bath house at 257 Berry Street is described by the pair as a “ single family, mixed-use home” that offers a gallery space. The residential portion is 3,780 s/f and has four — count them — four terraces. Ceilings are double-high, it has a “sculptural steel” staircase, and commercial grade oven/stove/broiler/ salamander. The gallery space is 1,150 s/f and has a loading dock at grade level. This space includes a skylight, bath and cellar below. The home is fully wired for audio and has central A/C, storage, a laundry area and intercom system.

Gallery: Jennifer Gilbert at One Museum Mile

Broker's WeeklyMay 23, 2012
One Museum Mile in collaboration with the DivaMoms Book Club hosted “I Never Promised You a Goodie Bag” – an event celebrating the exciting new memoir penned by socialite and event planner Jennifer Gilbert.

Founder of the award-winning event management company Save the Date, Jennifer Gilbert is a well-known entrepreneur and true survivor. During the private event, Jennifer read selections from her new book, “I Never Promised You a Goodie Bag: A Memoir of a Life Through Events — The Ones You Plan and the Ones You Don’t,” sharing her life story with guests on the rooftop of One Museum Mile. After listening to selections from her memoir, Jennifer encouraged guests to ask questions, both personal and professional. Guests enjoyed a cocktail reception and views over Central Park from the rooftop of One Museum Mile.

CORE Announced as Exclusive Sales and Marketing Agency For IGI USA'S 15 Renwick

May 23, 2012
NEW YORK, N.Y. (May 23, 2012) – Izaki Group Investments USA (IGI USA) is pleased to announce that they have taken over 15 Renwick, a coveted residential asset in New York City. 15 Renwick, a boutique condominium development, is located on a one-block street in West SoHo – where TriBeCa, SoHo and the West Village converge. This area, also known as Hudson Square, is positioned to attract the interest of discerning buyers as it is an established and exclusive living destination choice.

“It’s an exciting time in New York City for development,” said Eldad Blaustein, CEO of IGI USA. “I believe in the state of the market and we are committed to delivering the highest quality product in this prime location.”

In addition to 15 Renwick, IGI USA will be delivering a luxury condominium project at 93 Worth, Tribeca, later this year. CORE has been signed as the exclusive sales and marketing agency for both projects.

About IGI USA
Founded more than 60 years ago in Israel, IGI USA is a fully integrated New York City-based real estate company. While the IGI primary investments are in conversion and new residential real estate development, IGI is looking to invest in Manhattan multi-family real estate where the firm has expertise. For more information about IGI-USA please visit www.IGI-US.com.

About CORE
CORE is a real estate sales and marketing firm delivering the best in brokerage, communications and advisory services for the luxury residential segment. In addition, CORE’s elite group of highly experienced and successful professionals service developers who value efficient, no-nonsense results. CORE was founded by Shaun Osher as a full-service boutique firm with a strict adherence to the principles of integrity, efficiency and results. For more information visit www.corenyc.com.

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Best Properties on the Market: One Museum Mile

The WeekMay 18, 2012
Central Park/East Harlem This 870-square-foot condominium is located in a new Robert A.M. Stern building on Fifth Avenue that overlooks the northeast corner of Central Park. The building is home to the Museum for African Art. Building amenities include a 24-hour concierge, a gym, a children’s playroom, a roof deck, and a pool. $855,000. Tom Postillo, CORE, (212) 996-128

$90M Midtown Penthouse Tops Mark for Priciest New York City Apartment

NY Daily NewsMay 18, 2012
The record for the city’s priciest apartment shattered like a fallen chandelier when a buyer agreed to pay more than $90 million for a penthouse duplex at One57 in midtown.

The deal follows two mega sales: $52.5 million for a 740 Park Ave. duplex owned by the widow of late Time Warner chairman Steve Ross, and the $70 million casino owner Steve Wynn paid for a Central Park South condo.

"New York has never seen a week like this," said CORE associate broker Jarrod Guy Randolph. The exact price for the six-bedroom pad at the unfinished One57 building opposite Carnegie Hall was not disclosed, but the developer told the New York Times it surpassed the $88 million Russian magnate Dmitri Rybolovlev paid at 15 Central Park West.

The buyer was described as “someone people would recognize.”

Just Sold! - 15 W. 20th Street

New York PostMay 16, 2012
15 W. 20th St.

Two-bedroom, two-bath condo, 2,322 square feet, with 10-foot beamed ceilings, home office, fireplace, laundry room, audio system, electric window shades and keyed-elevator access; building features doorman, gym, roof deck and storage. Common charges $2,177, taxes $2,285. Asking price $3,295,000, on market seven weeks. Brokers: Adrian Noriega, Core and Debra Weiner, Halstead Property

Done Deals: 303 Mercer Street, A608

Brokers WeeklyMay 16, 2012
GreenwichVillage
303 Mercer St. #608
$2,975,000

Two bedroom 2.5 bath triplex with private roof terrace. Gut renovated loft with high ceilings and cast iron structural columns. Separate dining room with custom lighting fixtures. Laundry room with washer dryer. Bedrooms on the lower level, both with custom closets and en-suite bathrooms. Oak floors, Serret-designed staircase leading to 850 s/f roof deck with outdoor lighting, electrical outlets, water and gas. Asking price: $2,995,000; Weeks on the market: 41; Agents: Maggie Kent, CORE; Tom Postilio and Mickey Conlon, CORE.

New Listings: 405 East 63rd Street, 8A

Brokers WeeklyMay 16, 2012
MANHATTAN
Lenox Hill
405 East 63rd Street, 8A
$360,000

Renovated studio. Foyer with closet opens to a northern city exposure. Custom Murphy bed, dressing area with closet, windowed kitchen. The York Gate is full-service building with good financial and maintenance histories. Listing Agent: Lawrence V. Treglia, CORE.

Gallery: REBNY NYRS graduates

Brokers WeeklyMay 16, 2012
Thirty-four top performing real estate agents from six leading brokerage firms achieved the esteemed designation New York Residential Specialist (NYRS) in April, bringing the ranks of the elite NYRS network to over 200 in number. Following an 8-week sold out series offered by The Real Estate Board of New York (REBNY), graduates joined with instructors and program sponsors for a celebratory reception. The NYRS credential identifies Associate Brokers who have met qualifying criteria and have successfully completed an advanced course of study designed specifically for the nuances of the NYC market. First awarded in 2007, the designation is REBNY’s highest professional credential for residential agents.

Spend a Day Looking Out the Windows of the Blue Penthouse

CurbedMay 15, 2012
The penthouse at LES condo Blue, the building beloved by everyone from theJersey Shore cast to Nicolai Ouroussoff, has been on the market at $14,000/month since early April. The unit was recently staged, so Curbed videographer David Sherwin toted his camera over for a visit. And not just any visit—a time lapse of a whole day spent in the Blue penthouse. Since today's weather is, yep, still cloudy, the apartment probably looks much the same right now.

The Makings of MVP

OWNMay 11, 2012
CORE Real Estate Group celebrates their recent prize winning acquisition, however not in the form of property but of new agent, Jarrod Guy Randolph. Although, he bears a most youthful demeanor, this gentleman has 10 years of experience under his belt and a sales record of over $500 million, which is what got him named on the prestigious Forbes list of "30 under 30." Mr. Randolph's amicable persona will soon air on HGTV’s hit series, "Selling New York," where all can view exactly how he moves multi-million dollar lux Manhattan real estate without breaking a sweat and maintaining a smile. When asked about his sentiments on making the list, Mr. Randolph said:

“I cannot express how honored I am to be a part of the coveted Forbes '30 Under 30' in real estate. With this exciting acknowledgement, I have no choice but to take my business to the next level and knock it out of the ball park!”

The commemoration was hosted in CORE's exclusive Blue Penthouse at 105 Norfolk Street. Many of the diverse mix of attendees were Mr. Randolph's friends and ranged from stylish downtown types to the upper crust. Interestingly enough, the congregation reflected Mr. Randolph's varied clientele, which consists of celebs, musicians, and designers. DJ Michaelangelo L’Acqua (Global Music Director
for the W Hotels) kept hitting the right spots with a familiar musical selection mirroring one's own ipod play list. Staging came courtesy of celebrity interior designer, Lauren Stern.

Additionally, on display were the melodic works of Mr. Randolph's dear friend, Conor Mccreedy. The ambiguity and indecisiveness of Mccreedy's movements are complimented by his clear direction and bold commentary on race, sexuality and social identity. As an Aquarius, his "blue period" definitely coincides with the water bearer aspect of his astrological sign and coincide with the indigo tinted windows of the CORE's Blue Penthouse.

'Burg's New Most Expensive House Comes With Loading Dock

CurbedMay 11, 2012
Is the Williamsburg townhouse market about to see a Pat Kiernan-inducedpricing bump? Actually, the neighborhood's newest townhouse listing, at 257 Berry Street, is already way above Kiernan territory—it's asking $3.79 million, making it, judging by a quick search, the most expensive single-family townhouse currently listed in Williamsburg. It's new construction, according to the broker babble, and looks it. But the interior's got some cool stuff: a sculptural steel staircase, four terraces, and a 1,150-square-foot (non-commercial) gallery with a loading dock. Maybe Kiernan should have held out for this one
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