News

2012 Residential Market Predictions: As Clear as Eggnog

The Real DealDecember 02, 2011
Lack of good product and pricing tensions are top of mind at year’s end, as brokers look ahead toward unclear 2012

As the year draws to a close, the future seems as opaque as a glass of eggnog. Some real estate professionals say pent-up demand in the residential market could foster a busy 2012, while others predict that a sluggish economy will keep prices and activity in check.

Citi Habitats vice president Jay Molishever said the high rents, relatively low sales prices and increasing activity he is seeing in the current market are good signs for the New Year.

"At some point," he said, "the kindling is going to burst into flames again," bringing high prices and high volume.

Michael Signet, executive director of sales at Bond New York, anticipates a "very busy year," with rising prices bringing inventory to market, and buyers feeling "compelled to make a decision faster, as the competition for quality apartments increases."

But there are still a few significant X-factors that could keep the market from taking off in 2012, brokers said.

Chief among them is enduring unease about the economy. Without a strong recovery in the New Year, prices will likely remain flat, said Kenneth Scheff, managing director of Stribling & Associates.

Others agreed. "It is precisely the feeling of unease that slows our market down and anesthetizes any new activity," said Joseph Barbaccia, director of brokerage Essential New York Real Estate.

Then there's the lack of new product and the still-difficult mortgage market, which are "the two things holding back the market from being smoking hot," according to Doug Bowen, a senior vice president at Core. "The demand is definitely there."

Brokers said the continuing lack of high-quality, well-priced inventory has been a particular problem in the recent weeks, especially at the upper end of the market.

Simply put, there are more active buyers than there are good apartments, said Scheff, who described a recent eight-way bidding war for a desirable prewar co-op on the Upper East Side.

Hearing about the lack of inventory, sellers are getting bolder with their asking prices, brokers said. But most of today's buyers are still looking for a steal.

"Price is very important in making a sale in this market," said Paula Del Nunzio, a senior vice president at Brown Harris Stevens, adding that if a seller wants to put a property on the market at a "vanity price," he or she will "sit on it."

(Del Nunzio is famously handling the most expensive listing in the city, the Upper East Side's Woolworth mansion, priced at $90 million, as well as the nearby Stanford White mansion, priced at $49 million.)

"Sellers, when pricing their apartments correctly, are selling quickly," said Barbara Fox, president of Fox Residential Group. "However, overpriced apartments are not selling well at all. ... Well-priced, renovated properties continue to sell more quickly than overpriced ones, or those that need massive renovation."

For example, a fully renovated townhouse at 87 Cambridge Place in Clinton Hill, Brooklyn, went into contract last month at $2.16 million -- a near-record for the neighborhood -- a week after the owners listed it at $2.05 million. The broker, Jerry Minsky of Elliman, said that he wanted to price it higher, but the sellers were adamant about pricing it lower.

As they wait to see how these factors shake out, sales brokers are sleeping off their post-Thanksgiving, tryptophan-induced hang overs, and settling in to what is, between the chilly weather and the string of holidays, typically the slowest season of the year.

"Once the weather cools down, only the real estate 'addicts' take advantage of what's on the market," said Todd Lewin, managing director of Miami-based real estate services firm Good Property, which recently expanded to New York City.

Meanwhile, on the rental side, buyers on the sidelines continue to power the market, which is evidence that people still have money to spend, according to Scheff.

In the rental market, "we haven't seen the beginning of the usual slow season as we used to see [at] this time of the year in the last few years," said Dmitry Daniel Kramp, a senior agent at City Connections Realty.

Jason Fien, director of leasing at the brokerage Platinum Properties, said he observed a drastic increase in demand for luxury rentals, as would-be buyers fail to find a "steal" and settle for renting. But he urged discouraged buyers to keep looking.

"If you can afford to buy, buy," he said. "You are only flushing hard-earned money down the really flashy and expensive self-cleaning toilet that your $20,000 rent affords you."

Broker Exchange

The Real DealDecember 01, 2011

Just Listed: 509 East 88th Street, 4-D

Brokers WeeklyNovember 30, 2011
Upper East Side
509 East 88th Street, 4-D
$315,000

One bedroom, pre-war home with hardwood floors. Located on fourth floor of a co-op building. Windowed kitchen and bath, Storage space in living room and the bedroom plus basement unit. Co-op has renovated laundry room, new carpeting, bike storage. Co-purchasers, guarantors and pieds-a-terre allowed. Small pets also allowed and 10% down payment is permitted. Listing agent: Limor Nesher, CORE.

Core Real Estate Will Handle 1280 Fifth in East Harlem

Harlem Condo LifeNovember 28, 2011
According to the Real Deal, East Harlem’s new 116-unit tower on Central Park, 1280 Fifth Avenue will be marketed through Core, which is featured on HGTV’s Selling New York.

The edifice was built to complement its next door neighbor, the Museum for African Art, and launched sales in October 2010.

Prices at the Robert A.M. Stern-designed building, between 109th and 110th streets, range from $595,000 to approximately $3.25 million, according to Core.

The amenity-rich tower offers studios and one-, two- and three-bedroom pads, as well as penthouse units — some as large as 2,118 square feet. Tom Postilio, Natalie Rakowski, Parul Brahmbhatt of Core will be handling sales for the building, under the direction of Core CEO Shaun Osher.

Core to Market 1280 Fifth Ave for Brickman

Citybiz Real EstateNovember 28, 2011
New York City real estate brokerage CORE will spearhead property sales and marketing efforts at 1280 Fifth Ave, a new Upper East Side condominium project above Central Park from Brickman, a real estate private equity firm.

1280 Fifth Avenue is a project of architect Robert A.M. Stern, and is designed according to his "modern traditionalist" brand. Featuring 116 condominiums, the 21-story tower is near Carnegie Hill and Museum Mile and the future home to Manhattan's newest museum, The Museum for African Art.

Amenities include a rooftop pool with grass and barbecue area. Inside, an entire floor of amenities will include a private dining room, children's room, teen game room, lounge, catering kitchen, and card-and-game area.

1280 Fifth Avenue 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.

Core Takes Over for BHS at 1280 Fifth

The Real DealNovember 28, 2011
East Harlem's new 116-unit tower on Central Park, 1280 Fifth Avenue, will no longer be marketed through Nancy Packes and Brown Harris Stevens Project Marketing. The developer, Brickman, has opted instead for Core, The Real Deal has learned.

"We appreciate the initial involvement and contribution from Brown Harris Stevens on the pre-development and initial marketing of 1280 Fifth Avenue," Brickman's principal Bruce Brickman said, though he declined to give any specifics on why the company made the switch. Nancy Packes declined to comment, citing confidentiality arrangements.

The edifice was built to complement its next door neighbor, the Museum for African Art, The Real Deal reported last year, and launched sales in October 2010. Prices at the Robert A.M. Stern-designed building, between 109th and 110th streets, range from $595,000 to approximately $3.25 million, according to Core. The amenity-rich tower offers studios and one-, two- and three-bedroom pads, as well as penthouse units -- some as large as 2,118 square feet.

Tom Postilio, Natalie Rakowski, Parul Brahmbhatt of Core will be handling sales for the building, under the direction of Core CEO Shaun Osher.

Developers of 1280 Fifth Avenue Tap New Exclusive Sales and Marketing Team

November 28, 2011
Brickman Joins Forces with CORE for Museum Mile Architectural Gem

New York, NY – November 28, 2011 – Brickman, a preeminent real estate private equity firm, and developer of 1280 Fifth Avenue, a new luxury condominium on the Upper East Side that soars above Central Park, announced today that CORE, New York City’s most innovative real estate brokerage, will now spearhead the iconic property’s sales and marketing efforts.

“We’re looking forward to partnering with an esteemed organization like CORE for 1280 Fifth Avenue,” said Brickman’s principal, Bruce Brickman. “We are pleased to bring CORE on board to market this exceptional property.”

1280 Fifth Avenue is a brand new building created by renowned architect Robert A.M. Stern, and is designed according to his signature “modern traditionalist” brand. Featuring high-quality sustainable materials, this masterpiece boasts 116 luxury condominiums. The 21-story tower is mere steps away from the famed Carnegie Hill and Museum Mile while benefiting from its amazing views of Central Park and East River bridges.

Not only is 1280 Fifth Avenue located at the city's artistic and cultural epicenter, on Museum Mile, but it is also the future home to Manhattan's newest museum, The Museum for African Art.

“We’re incredibly excited to lead this development,” said Shaun Osher, co-founder and CEO of CORE. “1280 Fifth Avenue offers unparalleled architecture, layout and design – set in one of the most beautiful neighborhoods in New York City.”

The interiors at 1280 Fifth Avenue are outfitted with the finest high-quality finishes and premium appliances, including lush white oak flooring; teak cabinetry; deep brown granite countertops in the kitchen; stainless steel appliances by Thermador, GE and Bosch; and polished Dolomitti marble countertops in the bathroom.

In addition, residents will enjoy a full array of exceptional family-friendly amenities, including a rooftop pool with grass and barbecue area. Inside, an entire floor of amenities will include a private dining room, children’s room, teen game room, lounge, catering kitchen, and card-and-game area.

1280 Fifth Avenue 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.

Home prices range from $595,000 to approximately $3.25 million. For more information, please contact the sales office at (212) 996-1280 or visit the website at www.1280fifth.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.

# # #

Just Listed: 859 60th Street, 5-C

Brokers WeeklyNovember 23, 2011
Sunset Park
859 60th Street, 5-C
$499,000

Two bedroom, 2-bathroom apartment with private balcony. Brand new condominium features kitchen with granite counter tops, mosaic tile back splash, stainless steel appliances and wine cooler. Panoramic city views, floor-to-ceiling windows, marble bathrooms and a washer/dryer. 15-year tax abatement. Listing agent: Jennie Ma, CORE.

Just Listed: 188 East 75th Street, 6-AB

Brokers WeeklyNovember 23, 2011
This renovated two bedroom home off Lexington has been listed at $1.195 million by CORE's Adrian Noriega. The top floor apartment in the pre-war elevator building at 188 E75th has renovated kitchen and bathrooms, living room and dining room. There is a custom-built laundry room in the unit and the building has a bike room and additional storage.

'Selling New York' Recap: Harlem and Chelsea

GatherNovember 21, 2011
This week on Selling New York, Warburg goes to Harlem and CORE takes a risk on a huge single-family residence in Chelsea.

Shaun Osher, CEO of CORE, works with Bruce Gallagher, the developer, to complete a beautiful construction of a single-family home located at 233 West 20th Street in Chelsea. The bottom two and a half floors of this home are original build, and the top three floors are new construction.

Laurie Messman, interior decorator, is brought in to create an inspiring minimalistic approach. She creates an art gallery entrance including statues and paintings. The theme of the décor is fun, lively, and functional.

Bruce Gallagher wants to launch the open house immediately just as the construction is complete. CORE only has a very tight schedule to pull the event together.

The Chelsea house is priced at $13.65 Million. It has 7,000 sq. ft., 5 bedrooms, and 6.5 bathrooms, an elevator, plus a nice courtyard.

The Open House seemed to be a great event. However, after nine weeks there were still no offers. I'm sure Shaun wasn't too happy with the outcome.

"Selling New York" Recap: Deck-o-Rate The Halls

CurbedNovember 18, 2011
Selling New York came down with a ragin' case of stagin' last night when two very different habitats required their rooms to be re-imagined. First, a broker works with a designer to doll up a tres cher Chelsea townhouse for a long-awaited open-house. Then, a pair of agents must convince a Harlem luxury building developer to pony up some cash so they can convert a model apartment into a supermodel sale. Will fists fly over a far-out sculpture? Will brokers literally wrestle a developer for a few grand? Yes and yes (in my SNY dreams). Take my hand as I lead you through the land of tricked out tables and tastefully decorated terraces. Oh, and p.s. we're on a T-day break next week, so I'll catch you post-gravy on 12/2!

FIRST-WORLD CRISIS #1: BROKER MUST MAKE $$$ CHELSEA TOWNHOUSE LOOK LIKE A MILLION BUCKS
CORE boss Shaun Osher is meeting up with project manager, Bruce Gallagher, at this towering Chelsea townhouse:
So! Tall! This pre-war building at 233 West 20th Street was originally a 2.5 story, but the developer decided to bump it up to 6 stories over the last five years. Shaun explains that he helped Bruce "identify" what the property should be, and they agreed it should be positioned as a humungous single-family residence—topping out at 7,000 square feet. With a $13.65 million price tag, Shaun says "there will be hell to pay if we don't sell it."

As construction finishes up, Shaun enlists CORE broker Tom Postilio to gussy up the guts. Tom hires designer Laurie Messman to sprinkle her furnishing talents all over the joint.

Laurie's mind crackles with thoughts of harvest tables and an in-home art gallery:

Her design secret? She visualizes the space by sending style savvy lightning bolts from her hands. Those bolts totally reveal all:

Next, Tom and Laurie have a decorating date in a groovy Soho home store to look at pieces Laurie's picked out:

With a mere touch of her hands, Laurie makes a table multiply!

Laurie's key piece of staging advice for you wannabes? "You want to connect the potential buyer emotionally to the space," she says. If that's true, than if anyone wants me to buy a place, there better be fresh nachos on the kitchen table. WITH ALL THE FIXINS!

Back at CORE HQ, Shaun delivers some not great news to Tom. He just learned that he has a green subway station light growing out of his head (but he's cheerful about it):

So sad. Oh, and Tom's deadline for finishing up the interior design has been pushed up to Eeeksday! Bruce wants to launch the building nuh-nuh-nuh-now!!

It's Staging Day and the movers are hauling in haute furnishings inside the townhouse. Laurie doesn't love the time constraints, stating that "nothing is easy about New York." She speaketh of the trutheth.

Uh-oh, it looks like a couple big-drinking penguins have crashed Staging Day. I wonder if they're gonna hook-up:

What holiday comes after Staging Day? Open House Day! I always mix them up. It's OHD and the townhouse is in full furnished glory. Replete with art gallery!

Ooh, and there was on-the-spot graffiti creation! By artist Malt:

Not my cuppa drawing, but an interesting open house idea. And some of us were there! Bruce is happy with the outcome of the staging and the swells of peeps there to peep around. Yay! But Naaaaay because, according to the update, the 5 bed/6.5 bathroom property's been on the market for 9 weeks and still no offer. Sorry Laurie, maybe plastic furniture is the way to go?

Episode Grade: Did this episode eat T-day turkey early and fall asleep at the table? A dash of snazzy style, but overall a bit of a snoozer with one dull sale makes me give this one 2.5 out of 5 cackling sleepy Kleiers!

Walker Tower: The Newest Very Old Chelsea Building

New Construction ManhattanNovember 18, 2011
The Chelsea neighborhood is in the interesting position of being one of the hippest and most modern neighborhoods in all of Manhattan, while still being decked out in equally hip and desired pre-war buildings. As we've written about before, developers often address this position by renovating old pre-war apartments to fit with a modern style and sensibility. We’ve seen this often enough, developers will buy an old apartment building, raise the ceilings, expand the windows, and put the new luxury condos back on the market, describing them as a combination of the new and the old.

Walker Tower is the most recent building to be subjected to this transformation. A massive skyscraper located on West 18th Street, Walker Tower is renowned in architect circles because of the architect who designed it: Ralph Walker, a peer and companion of Frank Lloyd Wright who contributed to several notable aspects of the New York skyline, including One Wall Street and the Barclay-Vesey Telephone Building. His namesake, the Walker Tower, has never been available as an apartment complex before, but in 2009 New York developers Michael Stern and Elliot Joseph bought space in the building with an eye towards opening it up to the public.

Another thing: Stern and Joseph have fitted the tower with 55 housing units, a number considerably bigger than these renovation projects usually yield, which they’ve used, along with the Ralph Walker legacy, to generate buzz. So far Curbed and the New York Observer have picked up the story, and a somewhat cryptic photo of the construction that CORE, the real estate company that’s handling the business side, has released has begun making rounds on the Internet. We’re interested to see how this newest addition fits into Chelsea.

Real Estate Featured Q&A - With Shaun Osher of CORE, from "Selling New York"

NYC ResidentNovember 16, 2011
In Manhattan, where you live can define your status amongst the finest of all things. Many will claim the Upper East Side and TriBeCa hold their place as home to some of the priciest properties in the city, and that would be accurate. There are those properties that are now fetching top dollar downtown in the Financial District in anticipation of the new 1 World Trade building. However you view your status, New York City is a “real estate city” so, why not create a television show that gives you a birds eye view of the ins and outs of how NY residential real estate gets done, and some of the major players behind what moves those million dollar properties.

I have to admit that I am not the biggest fan of reality TV, although there are a couple of shows that I will from time to time take a few moments to catch, for the drama, suspense and occasional surprise episode. There is, however, one reality show that I have followed since its premiere: “Selling New York,” which airs on HGTV and is about to begin its 4th Season. Now I may be a bit biased here, since I have been involved in the real estate industry for some time, mostly on the media side; nevertheless, I live to see new buildings being erected and how our skyline takes new shape, and learning about the people who make these things happen.

The 4th season of “Selling New York” premiered on October 13th in the 10:30pm slot, to much fanfare. The show follows three prominent NYC real estate brokerages as they usher buyers and sellers through some of Manhattan’s priciest pads. We had the chance to sit one on one with Shaun Osher, CEO of CORE, which is one of the three featured real estate companies, and a businessman who sure knows his way around the sometimes tough NY real estate world. Shaun and I had what seemed to be a very relaxed conversation where the answers just flowed from him in an unassuming way. When all was said and done, Mr. Osher had to make room for one more person on his "new way of doing real estate" bandwagon. The passion that was eagerly displayed on his face with each and every answer to my questions was testiment to this trailblazer’s mission to redefine the way that real estate is done in Manhattan and beyond.

Resident (NYR): When did you start CORE?

Shaun Osher (SO): We started the company in April of 2005 after realizing that the way real estate is done needed to be changed and redefined.

NYR: How has being featured on the TV show ‘Selling New York’ affected you and your company?

SO: Well, it certainly has given us more visibility, but I am still the same simple person I was before.

NYR: Since being featured on ‘Selling New York’ have you noticed people recognizing you from the show?

SO: Yes.

NYR: Do you feel a bit of celebrity setting in to your personality?

SO: Nope. I'm still the same person I've always been.

NYR: What can people expect when doing business with a CORE agent?

SO: An expert with a company that is going to deliver the highest level of service with more resources than any other company in the industry.
company in the industry.

NYR: What are your thoughts on the state of the real estate market over the previous three years to today, and going forward?

SO: The industry as a whole has taken a tremendous downturn; with that said, I believe that there will always be sales taking place, namely in
NYC, and I see considerable growth happening over the next five years.

NYR: Where does CORE sit among the many NYC real estate brokerages?

SO: First and foremost, we consider ourselves a marketing company that happens to sell real estate. We have built a brand that has become synonomous with luxury and high level service; in doing so we have the top producing and most knowledgeable agents in the city.

NYR: Compared to other real estate companies, what makes CORE Agents different?

SO: I give my agents more resources than any other company. We have an incredibly active blog (www.coretalks.com), we have an in-house PR team dedicated to our listings and agents, we as well have in-house photographers who have been trained under our brand to deliver the level of photography and imagery that our clients have come to expect.

NYR: What are your thoughts on social media/networking in regards to your business?

SO: We have a social media marketing expert in-house who will sit with the entire CORE team, including myself, and come up with ways to virally spread the message, so, to answer your question, I believe that it is a very important part of doing business in today’s business world.

NYR: Being in real estate for almost 20 years, how has the business changed, or has it?

SO: Well, for one I am very much for transparency in the industry and that was almost non-existent when I first became an agent. Brokers are now relied upon for service and insight, not data. Much of the data that only the professionals had access to many years ago, prior to the evolution of the internet as we now know, is available with a few keystrokes by pretty much anyone.

NYR: Is being a real estate broker in NYC as tough as it is perceived by many?

SO: One of the most difficult accomplishments is building a great reputation in this city and I believe that a real estate company is only as good as its weakest agent, which is why we have to focus our culture as a company on consistency and transparency so, we can learn how to get better and better from one another.

On The Market...Select Listings

NYC ResidentNovember 16, 2011
The building has a splendid Tudor style lobby and charming English courtyard garden, but all of the apartments have been updated by noted designer, Victoria Hagan. Located on a beautiful, quiet block of 10th Street, this classic pre-war condominium is steps from University Place in the ever vibrant Greenwich Village. Apartment 9C offers abundant light through western exposure and custom Pella windows. Additional features are custom moldings, millwork and 4-inch white oak hardwood floors throughout. Composite glass-topped counters with marble tiled backsplash and polished nickel hardware by E.R. Butler, grace the open kitchen along with appliances by Sub-Zero, Wolf and Bosch. The sunny bathroom offers marble counters, fixtures by LeFroy Brooks, Thassos tile floor and bathtub by Waterworks. Amenities include a full-time doorman, fitness center, children's playroom, individual storage units, bike room, cold storage, resident superintendent and landscaped rooftop terrace.

'Selling New York' Recap: Trump World Tower Takes a Spotlight

GatherNovember 13, 2011
This week on Selling New York, a pricey renovation in Trump World Tower needs some ingenuity to find a target sales price. Then a stubborn woman does not want to drop the price of her condo ($1.775 million) after six months on the market without serious offers.

The Trump Towers condo has had over $1 million in renovations and custom work. Margaret Wailes, Jay Glazer, and David Jacobs of Warburg are the social media mavens and are challenged with marketing this project with a tech edge. Everything in the apartment can be remotely controlled.

The comp apartment is listed for $3.39 million but it is not a techy apartment. It is not customized like their listing. The comp does have more square footage, 2087 v 1600 sq ft. It is on a higher floor with slightly better views. But it is not customized.

The Warburg group invites brokers to a cocktail party to teach them new ways to research properties using technology. The party is a huge success. However, after four weeks of increased traffic the condo still has no offers.

Michael Graves of CORE needs to help a woman sell her condo, after six months without any offers. She refuses to lower her price. The views from the apartment are about to change. There will be an obstruction caused by a tower going in across the way. He tells her that he may drop her listing. She counters him with bate of three possible commissions: her current home, the one she will be purchasing, and another in a few years. Now Michael is hooked!

Michael finds an amazing property for his client to purchase. It's 1,221 sq ft., 2 bedrooms/2 bathrooms and is listed for $1.885 million. He needs to sell her existing place and try to make a deal on both ends, selling and purchasing. The client falls in love with the apartment!
Michael meets with Shaun Osher, CEO of CORE, to discuss new tactics to sell his client's current apartment. The suggestion: "You're not selling a view, you're selling a neighborhood." The new towers that are going in will bring new movie theaters within walking distance, new high-end restaurants, three and half of green space, underground parking and more.

Michael takes Shaun's advice and hits a home run! The condo is sold for the $1.75 million, and he is able to get a great deal on the purchase ($1.65 million) for his client. It's a win-win for everyone!

Selling New York airs on HGTV Thursdays at 10:30p/9:30C.

$849,000 for an 1830s 1BR With a Very Cozy Footprint

CurbedNovember 11, 2011
Price: $849,000
Address: 47-49 King Street #13, in the no man's land west of Sixth Avenue and south of Houston
Size: Unlisted and cozy
Maintenance: $969

You know that row of Federal-style brick rowhouses on King Street, now surrounded on each side by the pervasive traffic snarls of Varick Street and Sixth Avenue? Well, this is one of those. The landmarked 1830s home at 47-49 has been remade into twelve co-op units; #13 is on the third floor and overlooks the building's lush central garden. OMG, cute. The apartment is pretty tiny, though its original wide plank floors, 10-foot beamed ceilings, wood-burning fireplace and exposed brick walls make up for it in the looks department. The kitchen, for its part, is rather roomy and has a skylight. There isn't a ton of storage in the unit, though the building offers communal space in the basement.

"Selling New York" Recap: Sky High Strategies

CurbedNovember 11, 2011
Holy Heights, you guys! Last night's episode of Selling New York was all about atmospheric apartments with matching sky high price tags. Oh, and all the agents featured were juvenile non-liquents (as in way young and successful, as in under 30 but over 26). First, a baby-faced real estate buck grows some antlers when he tells the owner of a not-selling Lincoln Square apartment that she needs to lower the price or he's dropping the listing. Then, a trio of under-30-year-old brokers band together to help one of their own market his parent's trumped-up condo in Turtle Bay. Will the real estate youth of today elevate their income or languish in listing limbo? Strap on your parachute and hold onto your stomachs as we fling feet-first into this head-spinning recap!

Continue reading "Selling New York S4E5: Sky High Strategies"

CRISIS #1: BROKER BATTLES WITH ORNERY OWNER ABOUT PRICING FOR HER WEST SIDE WATER VIEW APARTMENT

CORE agent Michael Graves is in a tizzy over his client's 1,329-square-foot pad at 10 West End Avenue. He's been showing it for the past six months and no one's plunked down the firm $1.775 million asking price yet. Could it be because of the blinding sunlight or pervasive odor of truffle oil?

The main ish is that the Riverside Center megaproject is being built and will block river views from the 21st-floor windows. Way to obstruct, Riverside Center. So uncool of you. And also, the same pad a few floors up is selling for $100,000 less. So uncool of you to undercut, higher apartment!

Michael hosts yet another showing just to prove the overall negative reaction he must bear:

Anguished with the absence of interest, Michael takes a moment to contemplate his future and his connection to nature on the balcony:
Then, he meets up with owner Rosalind Rodbury to talk some lowering-the-price sense into her. But Ros is resolute. "I cannot drop the price and I don't want to drop the price," she insists. She is not going to let trifling truffle oil spoil her spoils!

Displeased, Michael counters that he'll need to lose the listing if she doesn't drop the price. He's got no time for Miss Stubborntrufflebury.
Like all good ultimatums, this one worked! Sorta. Ros shoots back with a tantalizing offer-matum. If Michael promises to sell her apartment at asking price, he'll get her business for the new place she buys AND commission for that place when she retires and moves out of Manhattan.

Who's going to pass up the exclusive on three commissions? Not Mikey. "I'm gonna dig deep," he says about re-approaching the listing. Will he find gold in the mines of his mind?

Next, Michael takes Ros to a pre-market listing at 300 East 23rd Street's Tempo building in Gramercy. We're quite familiar with ol' Tempo. Ros is hesitant to look at another place when hers isn't sold, but Michael is hoping she'll fall in love with it and want to move quickly on a sale.

Ros' temperature on the Tempo is 98.6 degrees of LOVE IT:

She's digging the $1.885 million digs, but not enough to lower the price because the lady does not waver unless it's in her favor.

Every ambitious youngster has a mentor, and for Michael that's James Bondy boss Shaun Osher. During their sunglassed sidewalk saunter, Shaun advises him to "breathe new life into the listing" and to pretend like he just got it. Sell the neighborhood, kid, not the effed-up view.
Note the matching hands in pocket action—way to mirror your mentor, Mikey!

Michael heeds the advice and rassles up another showing—this time with knowledge about the growing nabe and brochures to hand out:
Shaun was right! When Mikey emphasizes the Riverside Center amenities (3.5 acres of greenspace! A movie theater! Other crap!), he gets smiles instead of frowns:

So much so that...

...an offer comes in! Mikey negotiates the numbers up to $1.7 million, which is still $50,000 less than Ros requires. He gets Ros to meet with him in person to sway her into the deal...

But c'mon! We know Ros by now. She's not going for it. Though Michael does get her to put in an offer of $1.5 million on the Tempo unit so she doesn't miss out on it before it hits the market AKA so he can nail down at least one of the promised commissions.

And hey! The updater shares that Michael scored a second commission from Ros when he sold her apartment for $1.75 million. And Ros scored her Tempo for $1.65 million. Hurrahs for patience, persistence and pocketing that cash!

CRISIS #2: BABY BROKER STRUGGLES TO SELL PARENT'S HEFTY-PRICED CONDO, EVEN WITH HELP OF CO-BABY BROKERS
Meet Warburg's "3 under 30" triumvirate of wrinkle-free agents: David Jacobs, Margaret Wailes, and Jay Glazer.

Dave's trying to unload his parent's condo in the Trump World Tower at 845 U.N. Plaza in Turtle Bay. He brings Mags and Jay along to get some feedback on the 23rd floor property and to help him with pricing. The challenge? His parents sunk a million (!!) bucks into fancy renovations that need to be reflected/recouped in the market price. No wall-creeping carpet in this unit, darn!

A tour of silly hi-tech sound systems and overpriced custom cabinets awaits!

The triad agrees that the price should veer towards $3 million, even if comparable non-reno'd pads are going for $2.4 million.

Oooh, look! A boat view! For people who like to wave at boats, or maybe just space out the window watching them go by:

Now that they've nailed down a price range, the brokers have to figure out a marketing strategy to pump up their Trump. Off they elevate to the 39th floor (in the same building) to look at a comparable unit, priced at $3.39 million:


The brokers bond brains to figure out an alluring hook for an open house...something useful that the youngsters can teach the elders...JACKPOT! They come up with the idea to have a "tech seminar" for their fellow Warburg colleagues to school them on the latest real estate internet tools. It...makes...no...sense. But they all seem committed to the idea.

Before the open house party, there's a pit stop at the Central Park Boathouse. Warburg Prez Fred Peters and his wife are being honored for their work with the Neighborhood Coalition For Shelter. Way to give back, Freddie! There, Fred advises the threesome to "get the feet of the brokers who work the neighborhood" into the open house. But aren't they just inviting their co-workers?! Just send an e-mail blast for crying out loud. Maybe there is a need for a tech seminar!

AnyI'vestoppedtryingtomakesenseofthismessways, it's open house time and the hosts are whipping out iPads and teaching the old folks which end is up:

So now that fellow Warburg brokers are aware of Dave's $2.95 million parent's pad, I know you're foaming to know what happened. In a word: Nothing. In five words, courtesy of Dave: "Traffic's strong, but no offers." I'd link to the listing, but it's nowhere to be found...was it even on the market?!

Episode Grade: Points for Ros finally packing her duffels and fleeing the truffles. But annoyance with Dave and broker buds for boring ideas means these aspirers get only 2.5 out of 5 cackling Kleiers.

Less Than $1M For a Pre-Civil War House in Fort Greene

CurbedNovember 09, 2011

If the pre‐Civil War houses of the West Village are a bit out of reach, financially, consider this Fort Greene charmer, a detached two‐and a‐hal story home "sporting Greek Revival and Italianate architectural details." (Looks like a modified saltbox to us, but hey, we're no broker.) 141 Clermont Avenue comes with itsoriginal wide‐plank floors intact and lots of wood: beams, floors, lofted bedroom upstairs. It's currently configured as two one‐bedroom apartments (squeezed into 1,324 square feet!) but would be easy enough to renovate into a single family residence. Side bonus: the lot is 25'x100' and it's got a driveway. · Three of a Kind: Historic Houses That Are Decorators' Dreams [CORE Blog] · Listing: 141 Clermont Avenue [CORE]

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 / 115 / 116 / 117

ARCHIVES